The horse and Bactrian camel are common modes of transport in Mongolia © PA Images
The horse and Bactrian camel are common modes of transport in Mongolia © PA Images

The 'nomad's ATM' and Mongolia's growth challenge

8 February 2017

There’s a Mongolian folk saying that “A person in debt can’t rise up, and an animal with worms can’t get fat”.

Rising above debt is the immediate challenge facing the country’s government with a $580m bond to the Mongolia Development Bank due for repayment next month. With the nation's finances in crisis, one MP has donated three months salary to save the economy, another has chipped in with $40,000 and a leading economist has given $4,000, 10 horses and his golden ring. 

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