🇲🇳 Mongolia
Public Sector Debt · 2026
Total Debt
62.2%
of GDP
Global Rank
#82
of 192
S&P Rating
B
Credit rating
SOE Debt
+12.5%
4 categories
Where the Debt Sits
Central Government
Central Government: 44.0%Subnational: 5.7%Dev Banks: 3.0%Energy SOEs: 1.5%Infrastructure: 2.5%Public Corps: 5.5%
Full Debt Breakdown
Central Government44.0% of GDP
Central GovernmentIMF WEO — General Government Debt
44.0%Subnational / Regional5.7% of GDP
SubnationalIMF WEO — General Government Debt
5.7%Energy SOEs1.5% of GDP
Energy SOEs (ETTO, CHP-4)IMF Art IV 2024State power utilities
1.5%Infrastructure SOEs2.5% of GDP
Mongolian Railway (UBTZ)IMF Art IV 2024Claims debt-free after railway completion
1.5%MIAT Mongolian AirlinesIMF Art IV 2024National carrier
1.0%Public Corporations5.5% of GDP
Erdenes Mongol (mining holding)NRGI Debt Policy ReportMining SOE liabilities $2.3B (15% GDP) in 2021
4.0%Erdenet MiningNRGI / IMFCopper/molybdenum mining
1.5%Development Banks3.0% of GDP
DBM (Development Bank of Mongolia)IMF Art IV 2024Key quasi-sovereign borrower
3.0%Total Corporate Debt29.8% of GDP
NF corporate debt (est.)WB WDI 2020
29.8%Household Debt16.0% of GDP
Household debt (est.)WB WDI 2020
16.0%All Layers Total108.0%
Credit Ratings
S&P
B
Moody's
B3
Fitch
B
Data Sources
IMF WEO — General Government Debtgeneral_government · Updated semi_annual
Dec 202649.7% GDP
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