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Cash-strapped Mongolia borrows 250 million USD from Credit Suisse

Xinhua, March 17, 2016 Adjust font size:

The Mongolian government borrowed 250 million U.S. dollars from a Swiss bank to help reduce the country's growing budget deficit, local media reported on Tuesday.

The money borrowed from the Credit Suisse would be transferred to the Ministry of Finance, Prime Minister Chimed Saikhanbileg was quoted as saying.

He did not disclose any terms or conditions for the loan.

According to official statistics, as of last month, the landlocked country had a budget deficit of 12.7 million dollars, the largest one for the past five years.

Mongolian officials said there is no other way to fix the deficit except borrowing from international financial institutions and banks, said the report. Endi