PR Newswire
13 Jan 2023, 00:30 GMT+10
ULAANBAATAR, Mongolia, Jan. 12, 2023 /PRNewswire/ -- Mongolia's flagship New Recovery Policy has ensured that the country has eliminated the risk of a default, the country's Minister of Finance has announced.
In a press briefing, B. Javklan said that due to the implementation of the country's New Recovery Policy, the budget deficit had decreased by 60%, exports had increased and economic growth was measured at 4% at the end of 2022, higher than its neighbouring countries and returning to pre-pandemic levels.
This has come on the back of the debt regulation measures implemented in 2020 and 2021, which allowed the country to pay off its Chinggis Bond debt of USD$136.6m in December 2022. The Development Bank of Mongolia also intensified its repayment of loans, ensuring that the financial status of the state budget will present no barrier to the repayment of the Samurai bond on time.
Commenting, the Finance Minister said: "the economic outlook for 2023 is positive [and so] foreign investors trust our government and our foreign debt management. In these difficult times, when the global economy is adversely affected by the Covid-19 pandemic, inflation is rising sharply worldwide, the conflict between Russia and Ukraine and China's zero-Covid policy are complicating the situation, Mongolia's credit rating has a 'stable outlook'".
The economic figures demonstrate that despite the global slowdown in trade during the Covid-19 pandemic, the coal-rich country steadily boosted its exports globally, including coal exports to China, its closest neighbour and its largest target market. International exports are expected to increase by between 10-15% in 2023 as additional border ports are opened up.
The country now aims to create a diversified, sustainable economy to ensure that Mongolia is shielded from the external shocks that have affected it over the past few years. A heavy focus on agriculture, tourism and renewable energy, through the implementation of the New Recovery Policy, is expected to further boost the country's economic growth further between 2023 and 2030. 117m hectares of land have been allocated for agricultural purposes, presenting a substantial number of growth opportunities in the sector.
Get a daily dose of Singapore Star news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Singapore Star.
More InformationHONG KONG: This week, Ronson Chan, chairman of the Hong Kong Journalists Association, was sentenced to five days jail for ...
WASHINGTON D.C.: In an interview with Reuters this week, U.S. commander General Chance Saltzman said the United States Space Force ...
As it did last year, the 2023 United Nations General Assembly has been debating what role the United Nations and ...
BATON ROUGE, Louisiana: Authorities said that Greg Lawson, who fled his 1991 trial in Louisiana for attempted murder 32 years ...
OTTAWA, Canada: During a joint news conference with Ukrainian President Volodymyr Zelenskyy in Canada's capital, Ottawa, Prime Minister Justin Trudeau ...
BEIJING, China: A respected Uyghur scholar, known for her extensive work in studying Uyghur folklore and traditions, has been sentenced ...
OTTAWA, Canada: As part of its plan to capitalize on strong travel demand and deploy fuel-efficient airplanes, this week, Air ...
LONDON, UK: This week, Adidas' newest running shoes, the Adizero Adios Pro Evo 1, went on sale for US$500. Worn ...
NEW YORK, New York - U.S. stocks remained on a slippery slope on Wednesday as interest rates continued to hover ...
SAN FRANCISCO, California: In a major update that will move it closer to popular artificial intelligence (AI) assistants, such as ...
YOKOHAMA, Japan: Joining a growing number of carmakers that are shifting to electric vehicles (EV) by the end of the ...
NEW YORK, New York - There was a major bust on Wall Street on Tuesday as investors continued to fret ...