S.Bayartsogt: USD 3 million is small amount

Oct 18 • Government, News • 529 Views • No Comments on S.Bayartsogt: USD 3 million is small amount

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S.Bayartsogt reports about the great debt formed between Russia and Mongolia.

The great debt was formed mainly due to money borrowed from Russia during 1949-1991.

Q: What did the Mongolian Government plan after finding out that the great debt was not solved completely?

S.Bayartsogt: We held a meeting with the President, Speaker of the Parliament and the Prime Minister and came to the conclusion that the issue must be solved. The main thing was that the concept should be the same as before which is to ease the 97.8 percent and pay the rest. The total debt is USD 172.5 million and the Finance Ministers of the two countries came to an agreement to finalize the debt with great discount. Now the Governments of the two countries should agree on this. This matter was supported and approved by the Mongolian Government during the regular meeting. Now the Mongolia’s side should make payment of USD 3 million as the final settlement. USD 3 million is small amount compared to the whole debt. The debt issue is solved in a favour of the Mongolian Government.

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