Mongolia's foreign debt has reached 12.9 billion U.S. dollars, according to a new report.

According to a third-quarter report released by the Mongol Bank, debt of the government and private sector increased nearly 44 percent year on year, making the total debt 1.4 times that of the same period last year.

The private sector borrowed the majority of the debt, amounting to 9.9 billion dollars. The remaining debt was borrowed by the government and the central bank.

In addition, debt related to recent trading in the 1.5 billion-dollar bonds, known as "Chingis Bonds," has been excluded from the debt estimation, the report said.

The Mongolian government hopes to sell bonds to raise another 3.5 billion dollars to invest in the country's infrastructure and mining sectors. Endi

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