November 2, 2016
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Unemployment rate reaches a record high

Summary: Yesterday, the Democratic Party Caucus of Parliament held an open discussion on next year’s budget, the government’s monetary policy guidelines for 2017, and Minister of Finance B. Choijilsuren introduced Parliament’s draft of a program to address and to stabilize the nation's economic challenges. The discussion was moderated by Member of Parliament Z. Narantuya and representatives of the Ministry of Finance, the Bank of Mongolia, as well as economists and researchers, took part in it. The head of the Bank of Mongolia’s Research and Statistics Department, D. Gan-Ochir, stated, “The economic growth for the first half of the year slowed down to 1.4%, the unemployment rate reached 10.4%, an increase of 2.6 points compared to last year, reaching its all- time high in six years.” Economic growth is forecasted to be 0-1 % in 2016, and 2-3% in 2017 due to the development of Oyu Tolgoi’s underground mine. The Deputy Governor of the Bank of Mongolia, B. Lkhagvasuren, announced that World Bank and the IMF have forecasted Mongolia’s economic growth for 2016 at 0.7% and 0.4% respectively, and economic growth for 2017 is forecasted to be 2.7% and 2.5% respectively.

Keywords: Parliament, DP, unemployment   Today /page A2/

Parliamentary standing committee votes to discuss amendments to the Law on Pensions and Benefits

Summary: Proposed amendments to the Law on Pensions and Benefits paid from the Social Insurance Fun aim to make it possible for mothers who are raising children under the age of three to be eligible for retirement benefits with regular social insurance payments, and that every child a mother gives birth to will count as an additional 1.5 years of employment. The amendments also include lowering the retirement age for herders by five years, and the government would allocate 5.5 billion MNT for herder pensions. If an unemployed mother has not paid their social insurance fees while staying at home to raise their child and wishes to qualify for retirement benefits, half of the social insurance fees would be paid by government and other half would be paid by the individual. The current law dictates that a citizen must contribute to the Social Insurance Fund for at least 20 years, and men must be at least 60 years old and women must be at least 55 years old to have their pension calculated for collection. If the amendments are approved, the retirement age for herders would be lowered to 55 for men and 50 for women.

Keywords: Parliament, social welfare, pensions    The National Post /page 1/


Mongolia Investment Summit Hong Kong builds expectations of trust

Summary: The 7th annual Mongolia Investment Summit Hong Kong is now taking place. Over 130 investors have convened to discuss highly anticipated projects. The government says it has attracted investor interest by creating a working group to protect investors’ rights, and that Cabinet will introduce plans to overcome challenges and stabilize the economy. The organizers of the summit expect that negotiations with the IMF and foreign countries will bring about change and revive the economy, and ultimately draw investors to Mongolia.  Ulaanbaatar's leadership says they are focused on reviving public private partnerships for major city development projects that will be introduced by Ulaanbaatar  Development Corporation.  

Keywords: Mongolia Investment Summit, FDI, business   The Official Gazette /page 11/

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Enough wheat harvested in 2016 to meet domestic demands for flour

Summary: The Ministry of Food, Agriculture and Light Industry announced that Mongolian farmers harvested around 450,000 tons of wheat this year. Officials have stated that the amount is sufficient for a year’s supply of wheat for flour production. The Russian Federation reports harvesting an unprecedented 120 million tons of crops, 75 million tons of which was wheat, with 30 million tons designated for export. Analysts have stated that there is a surplus of wheat in the global market. The price for one ton of wheat stands at 150 USD in the global market, and wheat is selling for 400-440 thousand MNT per ton in Mongolia, depending on the quality of the wheat.    

Keywords: agriculture, commodities

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The American Chamber of Commerce in Mongolia · 8F Naiman Zovkhis Building 21 Seoul Street · Ulaanbaatar, 01 14251 · Mongolia