China’s Belt and Road Initiative (BRI) -and specifically, the China-Mongolia-Russia-Economic Corridor (CMREC)- promises to facilitate trade between Mongolia and its neighbors, as well as granting Mongolia access to overland routes to the European Union and seaports in Asia. According to researchers, the country has great hopes for the BRI. However, Mongolia has a high debt level – 244.8 % of the country’s Nominal GDP in 2020. Getting more Chinese debt for infrastructure could make Mongolia unable to serve its debt and endanger it into default.
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