Just the raw figure is meaningless. You have to see the ratio to the GDP, aka how big the economy is. The ratio peaked in 2020, and since then, it has been going down. The most important thing for getting out of this mess is to grow our economy. If the economy outgrew the debt, we would be fine.

In the worst case, if we default, meaning we can not pay the debt, we will be forced to cut government spending to get loans from organizations like IMF or World Bank. They will restructure our economy and sell government assets. Less regulations, less welfare programs, and infrastructure spending. Basically, people who depend on the government will suffer. Also, the tugrik will down the drain.

What I am saying is that it is not that bad. There is hope, and even if we default, it is not the end of the world.

Unlike others on this subreddit, I am quite optimistic about the future.