Overview

Chinese Government partially cancels the Government of Mongolia’s outstanding obligations

Commitments (Constant USD, 2023)$19,632,988

Commitment Year•2016Country of Activity•MongoliaDirect Recipient Country of Incorporation•MongoliaSector•Action Relating To DebtFlow Type•Debt forgiveness

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Jul 14, 2016

Start (actual): Jul 14, 2016

End (actual): Jul 14, 2016

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Funding agencies

Government Agencies

China Ministry of Commerce

Receiving agencies

Government Agencies

Government of Mongolia

Loan desecription

Chinese Government partially cancels the Government of Mongolia’s outstanding obligations

Narrative

Full Description

Project narrative

On July 14, 2016, the Chinese Government and the Government of Mongolia signed a debt exemption protocol, which cancelled $18 million (or approximately 38 billion MNT) of the Government of Mongolia’s outstanding obligations under previously contracted loans. The debt relief was from overdue debt in 1958 and 1960, as well as loans contracted in 1991, 1992, and 1994.

Staff comments

The Mongolian translation of the debt exemption protocol is Монгол Улсын Засгийн газрын өрийг чөлөөлөх тухай Монгол Улсын Засгийн газар, БНХАУ-ын Засгийн газар хоорондын хэлэлцээр. This debt forgiveness project is not marked as an umbrella project since the original loans were contracted before 2000, so there is no risk of double counting.