Mongolia Renews Debt Ceiling Debate to Boost Infrastructure
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Mongolia’s Ministry of Finance presented a plan to parliament that would raise the nation’s debt ceiling, paving the way for the government to sell more foreign debt to pay for infrastructure development.
The government plans to increase the debt ceiling to 70 percent of gross domestic product from 40 percent, Gantsogt Khurelbaatar, the State Secretary for the Ministry of Finance, said yesterday at a meeting with diplomats and foreign press. The change is part of a new debt management plan he said was introduced to Parliament yesterday.