Ulaanbaatar
Prime Minister Tasks the Ministry of Finance to Create a Plan for Improving Credit Ratings
Economy
Ulaanbaatar, September 26, 2024 /MONTSAME/. On September 25, 2024, Minister of Finance of Mongolia Javkhlan Bold presented Cabinet Members a general overview of the country’s credit ratings, noting that Fitch Ratings upgraded Mongolia’s credit rating to “B+ Stable.”
In this regard, Prime Minister of Mongolia Oyun-Erdene Luvsannamsrai tasked Minister of Finance of Mongolia Javkhlan Bold to draft a Medium-Term Plan for further improving credit ratings of Mongolia and establish a Working Group.
In recent years, due to adverse conditions caused by the global pandemic and geopolitical conflicts, credit ratings of more than 70 countries have dropped in a short period of time, while credit ratings of over 50 countries have since improved. During these challenging years, the Government of Mongolia has implemented fiscal discipline, budget policies, and debt management strategy, maintaining a stable credit rating without downgrading. Thereby, for the first time in the past decade, Mongolia's credit rating improved to a level "B+ Stable."
