B.JAVKHLAN: THE “GEREGE“ BOND HAS BEEN FULLY PAID OFF

Ulaanbaatar, May 1, 2023 /MONTSAME/. Minister of Finance B.Javkhlan announced today that the outstanding balance of the "Gerege" bond has been fully paid off, totaling USD 368 million.

Minister B.Javkhlan stated "- The total amount of this bond is USD 800 million. The Government of Mongolia has entered into multilateral loan agreements since 1990. Seven Government bonds have been issued so far. The first bond, called "Chinggis" was issued in 2012 to finance largest projects. Since then, one bond was issued in 2015 and two bonds in 2016, which were spent for offsetting the budget deficit. While, we have issued "Khuraldai", "Gerege", and "Nomad" bonds since 2017 for refinancing the previous bonds due to the repayment difficulties.

“The Government has received a total of USD 2.9 billion of debt from the six bond packages. These bond payments have been made through two methods. The Government has made a direct payment when the amount is affordable for the state budget, otherwise, we have refinanced, extending the repayment period and reducing the bond interest rate,” said Minister Javkhlan. 

Source: https://montsame.mn/en/read/318015