1 RIO TINTO AGREES NEW FINANCIAL TERMS FOR $18BN COPPER MINE PROJECT WWW.FT.COM PUBLISHED:2026/07/01      2 RIO TINTO'S OYU TOLGOI RESET: MONGOLIA PUSHES FOR A BIGGER SHARE OF ITS MINING WEALTH WWW.CAPITALMARKETS.MN PUBLISHED:2026/07/01      3 PRIME MINISTER UCHRAL: GOVERNMENT ACHIEVES HISTORIC BREAKTHROUGH IN OYU TOLGOI NEGOTIATIONS WWW.MONTSAME.MN PUBLISHED:2026/07/01      4 STATE BUDGET RECORDED A MNT 1 TRILLION DEFICIT IN 2025 WWW.GOGO.MN PUBLISHED:2026/07/01      5 JAPAN TO SUPPLY DIAGNOSTIC EQUIPMENT TO NATIONAL CANCER CENTER WWW.MONTSAME.MN PUBLISHED:2026/07/01      6 MIAT - MONGOLIAN AIRLINES MULLS 10 AIRBUS JETS WWW.CH-AVIATION.COM PUBLISHED:2026/07/01      7 MONGOLIAN PRESIDENT HAILS CHINA-AIDED CENTRAL SEWAGE TREATMENT PLANT WWW.NEWS.CGTN.COM PUBLISHED:2026/07/01      8 RIO TINTO AND GOVERNMENT OF MONGOLIA AGREE TO ADJUST OYU TOLGOI SHAREHOLDER LOAN INTEREST RATE WWW.MARKETSCREENER.COM PUBLISHED:2026/07/01      9 CENTRAL WASTEWATER TREATMENT PLANT SUPPORTS CITY EXPANSION, CUTS POLLUTION WWW.MONTSAME.MN PUBLISHED:2026/07/01      10 MONGOLIA SECURES USD 545 MILLION IN INVESTMENT AGREEMENTS AND MOUS WWW.MONTSAME.MN PUBLISHED:2026/07/01      НОТАРИАТЫН ҮЙЛЧИЛГЭЭГ 100 ХУВЬ ЦАХИМД ШИЛЖҮҮЛНЭ WWW.MONTSAME.MN НИЙТЭЛСЭН:2026/07/01     ЯПОН УЛСЫН 980 САЯ ИЕНИЙ БУЦАЛТГҮЙ ТУСЛАМЖААР ХСҮТ-ИЙН ТОНОГ ТӨХӨӨРӨМЖИЙГ ШИНЭЧИЛНЭ WWW.CNBC.MN НИЙТЭЛСЭН:2026/07/01     МОНГОЛ УЛС АЯЛАЛ ЖУУЛЧЛАЛЫН ӨСӨЛТӨӨРӨӨ ДЭЛХИЙД ДӨРӨВДҮГЭЭРТ ЭРЭМБЭЛЭГДЛЭЭ WWW.MONTSAME.MN НИЙТЭЛСЭН:2026/07/01     “ГАЗРЫН ТОСНЫ ТУХАЙ ХУУЛЬД ӨӨРЧЛӨЛТ ОРУУЛАХ ТУХАЙ” ХУУЛИЙН ТӨСӨЛ ОЛОНХИЙН ДЭМЖЛЭГИЙГ АВЛАА WWW.CNBC.MN НИЙТЭЛСЭН:2026/07/01     ЗАСГИЙН ГАЗАР: ЗЭЭЛИЙН ХҮҮГ БУУРУУЛЖ, ОЮУТОЛГОЙН ХЭЛЭЛЦЭЭРТ ТҮҮХЭН АМЖИЛТ ГАРГАЛАА WWW.GOGO.MN НИЙТЭЛСЭН:2026/07/01     “НЭЭЛТТЭЙ ПАРЛАМЕНТ” ЦЭС И-МОНГОЛИА СИСТЕМД ШИНЭЭР НЭВТЭРЛЭЭ WWW.MONTSAME.MN НИЙТЭЛСЭН:2026/06/30     ГАШУУНСУХАЙТ-ГАНЦМОД БООМТЫН ХИЛ ДАМНАСАН ТӨМӨР ЗАМЫН БҮТЭЭН БАЙГУУЛАЛТ 35 ХУВЬД ХҮРЧЭЭ WWW.GOGO.MN НИЙТЭЛСЭН:2026/06/30     МОНГОЛ УЛС, ЕВРОПЫН ХОЛБООНЫ ХАМТЫН АЖИЛЛАГААНЫ ХАМТАРСАН ХОРООНЫ XXIV ХУРАЛДААН БОЛОВ WWW.MONTSAME.MN НИЙТЭЛСЭН:2026/06/30     ҮАБЗ ОЮУ ТОЛГОЙН АСУУДЛААР ӨНӨӨДӨР ҮРГЭЛЖЛҮҮЛЭН ХУРАЛДАНА WWW.EGUUR.MN НИЙТЭЛСЭН:2026/06/30     УНГАРЫН OTP БАНК МОНГОЛЫН ЗАХ ЗЭЭЛД НЭВТРЭХ СОНИРХЛОО АЛБАН ЁСООР ИЛЭРХИЙЛЛЭЭ WWW.CNBC.MN НИЙТЭЛСЭН:2026/06/30    
Англи амин дэм Монгол улсад албан ёсоор бүртгэгдлээ.

Research Announcement: Moody's - Reform commitments and backing from creditors key to managing Mongolia’s upcoming debt obligations www.moodys.com

Moody's Investors Service says in a new report that the pressure on Mongolia's (B3 stable) credit profile will rise from 2021, as bonds worth $2.3 billion mature during 2021 – 2023. The country's ability to contain risks hinges on continued support from international creditors.

"Stronger commodity prices, disbursements from international lenders, and a steady flow of FDI have all supported Mongolia's debt payments over recent years," says Anushka Shah, a Moody's Vice President and Senior Analyst.

However, refinancing needs will begin to mount in 2021 and spike in 2023, as bonds worth $2.3 billion mature.

"Assuming a broadly stable current account deficit and continued financing from international creditors, external risks should remain in line with the recent past," adds Shah.

Tighter fiscal and monetary policies have resulted in a significant build-up in buffers since 2015, with the current account deficit narrowing to 12.6% of GDP in 2019 from over 40% of GDP in 2011-13, and in an increase in foreign reserves. In addition, the country continues to benefit from a number of external funding agreements from both multilateral and bilateral lenders.

However, prospects for refinancing will hinge on the government's adherence to, and continued implementation of reforms, particularly on the fiscal front.

Moody's sees a likelihood of a loss of reform momentum, at least over the course of 2020, as parliamentary elections in June 2020 have already spurred an expansionary budget. There are also risks that the government's ongoing program with the IMF will lapse, given prolonged delays of tranche disbursements following the sixth review. The IMF program has anchored reform progress over recent years.

Strong growth dynamics remain a credit support. The coronavirus outbreak and a moderation in commodity prices will curb Mongolia's growth in 2020. But Moody's expects activity to recover in the second quarter and says that fundamental demand and supply dynamics for key mining exports of coal and copper should remain healthy, supporting growth and alleviating fiscal risks.

Subscribers can access the report "Government of Mongolia: External vulnerabilities continue to dominate credit profile" at: http://www.moodys.com/researchdocumentcontentpage.aspx…

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This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history.

Anushka Shah
VP-Senior Analyst
Sovereign Risk Group
Moody's Investors Service Singapore Pte. Ltd.
JOURNALISTS : 852 3758 1350
Client Service : 852 3551 3077

Gene Fang
Associate Managing Director
Sovereign Risk Group
Moody's Investors Service Singapore Pte. Ltd.
JOURNALISTS : 852 3758 1350
Client Service : 852 3551 3077



Published Date:2020-02-27