The coronavirus pandemic is taking a huge economic toll on emerging-market economies, including Mongolia. The country is the most in debt compared to other highly-indebted emerging-market economies. As shown above Mongolia owe more than it produces a year.
Although there's no local transmission (yet) Mongolia faces collapsing foreign (read: Chinese) demand for commodity exports, and the evaporation of outside investment (except Rio Tinto's investment).
The Finance Minister has appealed to international creditors, including the World Bank and IMF, to delay or even cancel their debt payments while the country focuses on the pandemic.
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