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Economy / Mongolia News / Others / July 18, 2016

China writes off Mongolia’s 18 million USD debt

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In the margin of the general agreements on cooperation between Mongolia and the People’s Republic of China, Minister of Finance of Mongolia B.Bolor signed seven cooperation documents on July 14. Among them were an agreement on remission of debt payment of Mongolia to the Chinese Government.

On the sidelines of the visit of the Premier of the State Council of PRC Mr Li Keqiang to Mongolia, the governments of the two countries discussed about remaining amount of credit service payment for 1958 and 1960 credits, and the repayment of balance for 1991, 1992 and 1994 credits allowed from the Government of China to the Government of Mongolia.

As a result, the sides inked an agreement to write off Mongolia’s above remaining debts to China, which amounts to 38 billion MNT (18.83 million USD).

SOURCE: Montsame

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