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November 22, 2016
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S P O N S O R
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Program to Stabilize the Economy to be renamed Program to Revitalize the Economy
Summary: The MPP caucus convened to discuss Cabinet’s proposed program to address current fiscal and economic challenges. The working group headed by MP Ya. Sodbaatar tasked with researching the program presented their findings during the meeting. The working group proposed changing the name of the program to “Program to Revitalize the Economy" In the program proposed by Cabinet, the number of business licenses issued is set to be twice as low as previous years, but the working group proposes setting the quota for licenses three times lower. They also proposed making the privatization of state-owned companies more transparent, and to involve the public. The working group also proposed renewing the state's Gold and Cashmere programs. By implementing the proposed changes, the government estimates that economic growth will reach 5.1% in 2018 and 7.1% in 2019.
Keywords: MPP, Cabinet, economy
The Official Gazette /page 2/
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Ulaanbaatar's 2017 income set at 656.2 billion MNT
Summary: Deputy Mayor of Ulaanbaatar P. Bayarkhuu presented 2017’s city budget. The income for 2017 is set at 656.2 billion MNT, 12.5% higher than last year ( 73 billion MNT); 58% of budget income will come from personal income tax, and in the mid-term, no new taxes will be created and tax rates will not increase. The use of information technology in tax collection will be more widely applied to monitor tax collection and to realistically assess risk.
Keywords: capital budget, Ulaanbaatar
The National Post /page 1/
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ECONOMY
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Mongolian Mortgage Corporation to release bonds
Summary: Mongolian Mortgage Corporation has sent a request to the Financial Regulatory Commission to release bonds. They plan to release bonds backed by 200 billion MNT in assets. Mongolian Mortgage Corporation has successfully released bonds nine times, and in April 2016, Mongolian Mortgage Corporation released 106 billion MNT in bonds. In total, Mongolian Mortgage Corporation has released bonds worth 2.5 trillion MNT, with 90% of their bonds purchased by the Bank of Mongolia and the remaining bonds bought by commercial banks.
Keywords: Mongolian Mortgage Corporation, bond market
Today /page A1/
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MINING
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Mongolia ranks 6th in Asia in gold mined
Summary: China, Indonesia, Uzbekistan, Kazakhstan, the Philippines, and Mongolia have mined 91% of the gold mined in Asia in 2016. In the 2016 GFMS Gold Survey, Mongolia ranked 6th in gold mined in Asia with 31.3 tons mined. The report revealed that China produced 458.1 tons gold in 2015, an increase of 14 % compared to 2014, which is a record high. The report revealed that gold production worldwide in 2015 only increased by 1%, reaching 3,158 tons.
Keywords: mining, gold
Today /page A1/
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S P O N S O R
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Online Story
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Erdenet Mining Corporation set to collect 10 million USD owed by Kazakhstan
Summary: Erdenet Mining Corporation is set to receive a 10 million USD payment from Kazakhstan after shared of Erdenet Mining Corporation are fully transferred to Mongolian ownership. The 10 million USD is payment for copper concentrate supplied to a company in Kazakhstan in the 1990s.
Keywords: Erdenet Mining Corporation, receivables
news.gogo.mn
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