Ulaanbaatar
B.Javkhlan: The "Gerege" bond has been fully paid off
Economy
Ulaanbaatar, May 1, 2023 /MONTSAME/. Minister of Finance B.Javkhlan announced today that the outstanding balance of the "Gerege" bond has been fully paid off, totaling USD 368 million.
Minister B.Javkhlan stated "- The total amount of this
bond is USD 800 million. The Government of Mongolia has entered into
multilateral loan agreements since 1990. Seven Government bonds have been
issued so far. The first bond, called "Chinggis" was issued in 2012
to finance largest projects. Since then, one bond was issued in 2015 and two
bonds in 2016, which were spent for offsetting
the budget deficit. While, we have issued "Khuraldai", "Gerege",
and "Nomad" bonds since 2017 for refinancing the previous bonds due
to the repayment difficulties.
“The Government has received a total of USD 2.9 billion of
debt from the six bond packages. These bond payments have been made through two
methods. The Government has made a direct payment when the amount is affordable
for the state budget, otherwise, we have refinanced, extending the repayment
period and reducing the bond interest rate,” said Minister Javkhlan.
