Mongolia pays off Chinggis bond
The Prime Minister of Mongolia, L. Oyun-Erdene, announced that the Mongolian government has repaid in full its inaugural USD 1.5 billion Chinggis bond in a bid to manage its debt profile. Before the meeting with the press, the Prime Minister authorized the Minister of Finance to transfer the remaining USD 136 million of Chinggis Bond debt and signed the relevant order. In 2012, the Government of Mongolia issued Chinggis Bond, raising USD 1.5 billion with a condition to repay USD 500 million in 2018 and the remaining USD 1 billion in 2022. According to the condition, the first part of the debt and its interest were repaid on January 5, 2018.
Direct flight to continental United States will start from 2024
Minister of Road and Transport Development S. Byambatsogt presented the decisions made at today’s regular meeting of the Cabinet. He stated that, “At its meeting today, the Cabinet supported the issue of establishing an agreement with the United States in air transport. With the establishment of the agreement, an opportunity will be opened up to conduct direct flights between Mongolia and the United States after one-year preparatory work is completed within 2023. Thus, it will become possible to conduct regular flights to the United States in 2024. For Mongolia, the United States is the third most sought travel destination after Beijing and Seoul. In 2019, more than 60 thousand people spent over USD 40 million to travel between the two countries through Beijing and Seoul.
Coal export reached to highest level
According to “Erdenes Tavantolgoi” JSC, 108,123 tons of coal were transported from the company’s deposit by 1052 vehicles between 00:00 and 24:00 on December 7. This is the highest performance of coal shipment in one day since the company was established. It has been more than a month since the government appointed Special Plenipotentiary Representative to “Erdenes Tavantolgoi” JSC to make the company’s activities transparent and open and to make a plan to increase consignment and sales. Special Representative J. Ganbat, appointed by the government at the company, announced that “Erdenes Tavantolgoi” JSC has sold 4.2 million tons of coal worth USD 369.5 million in the past. Thereof, 2.3 million tons of coal worth USD 205 million were sold last November, and 1.5 million tons of coal were exported through the Gashuunsukhait border checkpoint. The company sold USD 143 million to the Bank of Mongolia. The company announced that it will collect the outstanding payments in a short period and no more offtake contracts will be made as it puts strain on the currency reserve of the country.
