On the repayment of Development Bank of Mongolia’s US$580 million bond maturing on March 21, Mr. Batbayar Balgan, CEO of Development Bank of Mongolia, has confirmed that Mongolia will pay its outstanding debt on time. Prime Minister and Ministry of Finance both assured investors that Mongolia will honor its obligations on time.

Mr. Batbayar also emphasized recent positive developments in the secondary markets compare to December of last year. On top of that, a draft amendments to the existing Law on DBM is currently being discussed at the Parliament. According to Mr. Batbayar, a draft amendment to the existing legislation is to ensure and improve corporate governance of the bank.

Mongolia must repay US$ 1.7bn-1.8bn over the next two years, including a swap agreement with China’s Central Bank.