Vice Director of Development Bank of Mongolia: 580 million dollars loan can be repaid out of domestic resource

Ch.Enkhbat, Vice director of the Development bank of Mongolia said the bank  are working on  3 options to deal with the upcoming repayment of $ 580 mill dollars, 1^st, 100% cash payment, 2^nd, re-financing, 3^rd, repay some of the loan and delay the rest.

Enkhbat  emphasized Ministry of Finance and Development bank are  assessing potential impact of these options on the economy.

Development bank of Mongolia set aside $ 200 million dollars for the debt repayment and short of $ 380 million dollars.

The 2^nd option is re-financing of the loan with long-term, low interest loan. Currently, mission team of IMF is working in Mongolia and continuing the negotiation on possible enrollment of Mongolia in Stand-by-Arrangement of IMF.

Enkhbat said Gov’t have resources to pay back the loan 100% in cash, however,  they are careful about its impact on the economy and working on getting currency from IMF and other countries.