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AmCham Mongolia Daily Newswire

February 21, 2019

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Cabinet is conducting a detailed review of the DBM
Head of the Cabinet Secretariat L. Oyun-Erdene met with Development Bank of Mongolia (DBM) officials and is heading a working group to conduct a detailed review of the bank and its finances. The working group’s second meeting was held on Wednesday, and they decided  to conduct a 30-day investigation of the bank to examine issues with the DBM's government bonds, such as the Chinggis and Samurai bonds; the bank's domestic financing sources; the repayment status of its guarantees and warranties; its project selection process and financing; and the bank's repayment rate of loans.

The Century News /page 1/
Invest in Mongolia Center to open next Monday
The National Development Agency reported that the Invest in Mongolia Center, which will advocate for foreign investors, is officially opening next Monday. The services offered will include the resolution of complaints and inquiries submitted online, as well as the provision of advice and information on the nation's laws, regulations and taxes. The center will also assist with the registration of foreign investment companies, changes to policy, issuing investment cards, and applying for Mongolian visas, residency, and social insurance services.

Today /page B1/
Khanbogd-Oyu Tolgoi road opened on Tuesday
The 35.1 kilometer Khanbogd-Oyu Tolgoi paved highway officially opened on Tuesday, a project financed by Oyu Tolgoi and valued 46 billion MNT. Oyu Tolgoi finished the road project in two years and 26 local companies were involved in the project. An opening ceremony was held on Tuesday and ownership of the highway was presented to local government officials. The new road enables safe and comfortable travel for locals and Oyu Tolgoi employees, and will also support infrastructural development in the region.
The Official Gazette /page 12/
Over 100 billion MNT in loans from state funds are past due
The government reported that since 2012, it has provided 938.8 billion MNT to individuals and enterprises through the Agriculture Support Fund, the Livestock Protection Fund, and the Employment Promotion Fund. However, over 100 billion MNT of these loans are past due, with most of the debt owed to the Agriculture Support Fund. The Ministry of Finance reported these results during a Cabinet meeting, and Cabinet is expected to begin resolving the debt next week. Some companies currently in debt received loans from all three funds, and Minister of Finance Ch. Khurelbaatar said that there are 319 companies that received loans from two of the funds. It was explained that the reason for these oversights is that reports on loans issued through state funds are not registered with the Bank of Mongolia and are not subject to the Glass Account Law. The Ministry of Finance says it plans to make the funds more transparent and to close some of the government’s special funds.
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