“2023 is the most stressful year related to the government’s debt,” Governor B.Lkhagvasuren  told lawmakers in October. “Debt management in 2023 seems to be the number one task to be done.”

Mongolia’s public debt amounted to 70 percent of gross domestic product, the central bank said in a June report. The World Bank estimates that the overall debt ratio, including off-budget items, amounted to 92 percent for the full year in 2021.

Mongolia External Debt reached USD 33.3 billion in Jun 2022, compared with USD 33.9 billion in the previous quarter.

Over USD 1 billion in public external debt matures next year except for contingent liabilities under the Development Bank of Mongolia.

Mongolia’s central bank has been using the yuan credit line with the People’s Bank of China since 2011 and will likely roll it over before its expiration in July 2023.