Project ID: 86277

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

Commitment amount

$ 21254481.15045241

Adjusted commitment amount

$ 21254481.15

Constant 2021 USD

Summary

Funding agency [Type]

China Ministry of Commerce [Government Agency]

Recipient

Mongolia

Sector

Action relating to debt (Code: 600)

Flow type

Debt forgiveness

Infrastructure

No

Category

Intent

Development (The next section lists the possible statuses.)

Commercial

Development

Representational

Mixed

Financial Flow Classification

ODA-like (The next section lists the possible statuses.)

Official Development Assistance

Other Official Flows

Vague (Official Finance)

Flows categorized based on OECD-DAC guidelines

Project lifecycle

Status

Completion (The next section lists the possible statuses.)

Pledge

Commitment

Implementation

Completion

Suspended

Cancelled

Milestones

Commitment

2016-07-14

Actual start

2016-07-14

Actual complete

2016-07-14

Description

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 2960, as well as loans contracted in 1991, 1992, and 1994.

Additional details

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.

Number of official sources

1

Number of total sources

5

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Details

Cofinanced

No

Direct receiving agencies [Type]

Government of Mongolia [Government Agency]