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 Philippine Times 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 Philippine Times.
More InformationWASHINGTON D.C.: The US State Department has said that in the latest fiscal year, US military equipment exported to foreign ...
MACAU CITY, Macau: Over the Lunar New Year holiday, Macau, the world's largest gambling hub, witnessed a resurgence of tourists ...
WASHINGTON D.C.: Republican US Senator Josh Hawley has said that he plans to introduce a bill to ban the use ...
WASHINGTON D.C.: This week, the US Food and Drug Administration (FDA) proposed significant limits on levels of lead in processed ...
WASHINGTON, D.C.: Finland and Sweden are prepared to join the NATO alliance, the U.S. State Department announced this week.The move ...
WASHINGTON D.C.: The US Justice Department has filed an antitrust complaint claiming that Google is abusing its dominance in digital ...
WASHINGTON D.C.: US Senate Energy and Natural Resources Committee chair Joe Manchin has introduced legislation that imposes battery sourcing requirements ...
SINGAPORE: In December, Singapore saw its key consumer price gauge rise 5.1 percent, higher than predicted, official data said. However, ...
RESTON, Virginia: Amidst labor and supply shortages, US defense contractor General Dynamics forecasted weak 2023 results, though strong demand for ...
ATLANTA, Georgia: In light of its significant debt, the slowing economy and rising interest rates stifling consumer demand, US mattress-maker ...
BENTONVILLE, Arkansas: To attract and retain employees in a tight domestic labor market, Walmart has announced that it it will ...
NEW YORK, New York - U.S. stocks hesitatingly continued higher Friday, reflecting widespread gains, albeit modest ones, across the globe."We're ...