December 28, 2016
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The Economic and Fiscal Standing Committee convenes to discuss measures for Development Bank

Summary: The Economic and Fiscal Standing Committee convened to discuss Parliament’s draft of measures to implement for Development Bank. Minister of Finance B. Choijisuren stated, “54.5% of the loans (3.2 trillion MNT) granted by Development Bank was issued under the condition of being repaid from the state budget. In the draft, the loan is set to be cancelled. Loans for companies will not be cancelled.” During the meeting, Head of the National Development Agency B. Bayarsaikhan reported on the current investment climate and the implementation of the Law on Concessions. B. Bayarsaikhan noted that the National Development Agency will work toward stabilizing investment policy and the legal environment to encourage  investment, and that the agency is cooperating with World Bank on creating a new system to resolve complaints from investors. 

Keywords: Parliament, Development Bank   Daily News /page 11/

G. Banzragch and B. Munkhuya nominated for Supreme Court seats

Summary: G. Banzragch and B. Munkhtuya were nominated for seats on the Supreme Court during Parliament’s Legal Standing Committee meeting. The Chairman of the Judicial General Council, N. Lundendorj, stated that both nominees are fully qualified to be Supreme Court judges. The Legal Standing Committee continued the meeting with a discussion of a draft resolution with guidelines for the development of the legal system through 2020. In the resolution authored by Cabinet, 260 draft laws will be submitted and  16 bills will be reviewed by Parliament.

Keywords: Supreme Court, Parliament, judicial system   The Official Gazette /page 1/


Livestock numbers reach more than 61.5 million

Summary: The National Statistical Office announced that based on preliminary reports, the number of livestock in the country has reached 61.54 million, an increase of 9.9% compared to last year. Mongolia has conducted an inventory of its livestock since 1918. According to the reports, the number of common livestock (horses, cows, camels, goats, and sheep) all increased compared to last year.

Keywords: livestock, agriculture   Daily News /page 1,11/

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Request for a 1.6 billion USD loan from Russia is denied

Summary: Interfax reported that the Mongolian government’s request for a soft loan of 100 billion RUB (1.6 billion USD) from the Russian Federation has been denied. The agency reported that the request for the soft loan was denied due to an unclear plan for the spending of the loan and insufficient financial data and calculations. 

Keywords: loan, bilateral relationship, Russia


Summary: Please note that there will be no Daily Newswire from December 29-30, 2016 due to holiday season. The Daily Newswire service will resume as usual on Monday, January 2, 2017. Happy Holidays and New Year!

Keywords: AmCham, Holidays

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