Private citizens in Mongolia are donating cash, jewelry, gold and even horses to help the government make a near US$600 million payment to bondholders next month.
The cash-strapped nation has been embroiled in an economic crisis brought about by a collapse in foreign investment, slowing growth in China and weak commodity prices.
Its currency, the tugrik, lost nearly a quarter of its value last year.
The government has been in talks with China and the International Monetary Fund for assistance, but investors are worried that any bailouts might not be negotiated in time, with the Development Bank of Mongolias US$580 million of bonds due i…
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