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Prime Minister Ch.Saikhanbileg addressed the plenary session today providing update on the foreign debt of Mongolia.

Prime Minister highlighted that he is delivered the speech as the issue of foreign the debt is getting too politicized recently and public is being mislead and were provided wrong and negative understanding about the foreign debt of the Government and the State through social and mass media.

In his speech he had said that in accordance with the Law on Central Bank, the Central bank is responsible to register and report the private sector and bank system debt.

Based on the data the Finance Ministry prepares debt overview of the Government.

The reports are available for public and published on the websites of the Central bank and Ministry of Finance. Therefore, he called the political parties, politicians, interested parties and experts to use official data to prevent from misunderstanding.

Prime Minister also called the members that he hopes that members had read and being introduced the statistics on Government debts.

According to Prime Minister Mongolia’s foreign total debt reached US$21.6 by end of 2015, US$4.9 b or 22.9% of which is the foreign debt and guarantees of the Government. As for the loans, investment of the private sector, the investors are supposed to carry their own risks and if there is no Government’s pledge, the Government does not carry any responsibilities.

As information that every Mongolia has a debt of MNT15 m is intensively spread around and words that your debt is increasing day by day is a psychological pressure which is directly related to the upcoming Parliamentary elections creating anxiety among the public and misleading them which PM believes an unethical action.

International investors, evaluation companies focus more on the payback capability rather than the amount of the debt PM said.

With regards of the debt burden, he explained the five main criteria to define the foreign debt stability whereas Mongolia fully meets all five and not under debt burden.

Further, he provided update on future actions of the Government which to be based on strategy document of 2016-2018 on Government debt administration.

At the end of his speech PM once again called the public to be calm and not get to be mislead.

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