Mongolia – Foreign debt, a second pandemic to afflict Mongolia after Covid
Covid, the global economic downturn, as well as the debts accumulated by the Mongolian government to China, have had an impact on its economy. According to the economist, Erdenebileg.T, during the pandemic, China pressured Mongolia to recover its debts through its companies that invest in developing countries, especially his country. According to the researcher Delgertsetseg, China accounts for 96% of the country’s exports and 41% of its imports. These Chinese actions came after the Chinese government was affected by the pandemic. New data published by the World Bank show that China’s net financial flows (debt and equity investments) turned negative in 2019, at -US$1bn, compared with a peak of U$16bn in 2016.
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