AKIPRESS.COM - Prime Minister of Mongolia Oyun-Erdene Luvsannamsrai made remarks to the people of Mongolia, foreign and domestic investors, and international cooperation partners on December 25, Montsame reports.

Mongolia has paid off "Samurai" bond, amounting to JPY 30 billion (approximately $200 million), solely from its own sources, the Prime Minister stated. The country also fully repaid the $500 million debt of the "Euro" bond of the Development Bank on October 23.

The recent Cabinet meeting discussed a proposal for comprehensive legal reform to transform the Development Bank into a classic Exim bank to elevate the Bank's governance and proficiency to international standards. The proposal was submitted to the Parliament of Mongolia, the Prime Minister stressed.

"Thanks to the anti-corruption measures implemented at the Development Bank and Erdenes Tavantolgoi JSC, we, Mongolians, have succeeded in extricating from a protracted debt cycle that lasted for 12 years. The irresponsible practice of taking loans in the name of the country, dividing them among specific groups, and passing amnesty laws for themselves, with the belief that "our children will pay one day", will not be repeated in Mongolia," Oyun-Erdene Luvsannamsrai noted.

In the past, the government of Mongolia has spent 13.3 trillion tugriks to repay $1.5 billion for "The Chinggis" bond, $500 million for the "Mazaalai" bond, $800 million for "Gerege" bond, $430 million of "Khuraldai" bond, $500 million of "Euro" bond, $200 million of "Samurai" bond, and other debts.