Minister of Finance Ch.Ulaan announced that the tax prepayment + bond USD250 million and interest USD27 million from OT LLC will be included in the 2014 budget. Mongolians remember the government officials who accepted these debts and explained about the generosity of Rio Tinto back in 2009. Also, we know that these debts were distributed along with the USD350 million pre-payment form Chalco to the public – each receiving USD16 dollars every month for nearly 2 years. The government officials at the time, didn’t bother to mention that these are debts. Probably, they believed that OT and TT will boom and we would become Asian Qatar by now.
We also have to remember that the OT related government officials’ annual revenue have been growing rapidly since then. For example, former OT-Agreement era PM S.Bayar’s income increased 20 fold from MNT5.3 million to MNT109 MNT in 2009. His savings rose from MNT94 to MNT156 million. Former Finance Minister S.Bayartsogt, who has also been accused of having offshore company that has an account in Switzerland, had his income risen from MNT249 million to MNT665 million. The family revenue decreased but his income was increasing. It is odd to find out that their income was increasing when the whole country or world was in crisis and recession.
Mongolians dreamt of becoming Shahs of steppes after founding OT and TT. Be it mismanagement of the government, be it stupidity of the officials. Nonetheless, we are following the path of becoming debt ridden resource-rich country that has planted a debt tree.