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Daily NEWSWIRE
October 28, 2016
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Government

PM looks back on his government's first 100 days

Summary: Yesterday, Prime Minister J. Erdenebat and his Cabinet ministers met with reporters and spoke about the work they've done in their first 100 days in office. The Prime Minister stated, “Our nation now has 3,104,200 and around 28 thousand children were born. Our government will implement the Mothers with Salary program. This government inherited the most difficult economic situation, and we are working toward solving the difficulties. The draft of the 2017 budget has been submitted to Parliament. The program to address economic challenges has been sent to the National Security Council. We have reopened the accounts of around 3,000 commercial entities that had been shut down because they were not able to pay taxes. We have decided to lower the interest rate for pension loans in stages. We are also planning to build apartments for 1,000 families with a promised grant from China.”      

Keywords: Prime Minister, Cabinet, governance   The Official Gazette /page 1,2/


Proposed 1% revenue tax for SME’s moves to final discussion

Summary: Yesterday, Parliament discussed a proposed amendment to the Law on Taxation which includes a provision to allow SME’s with revenue of less than 1.5 billion MNT to pay a revenue tax of one percent. MP L. Enkh-Amgalan stated, “Around 130,000 commercial entities will be eligible for the tax cut.” The majority of Members of Parliament supported the amendment, and it was sent to the Fiscal Standing Committee for final fiscal review. The MPs voted on whether or not to discuss a revised amendment to the Law on Arbitration and related bills. The majority of MPs in attendance voted to discuss the amendment further and it was sent to the Legal Standing Committee.   

Keywords: legal reform, SMEs, taxes   The National Post /page 2/


ECONOMY

Commercial banks have loaned 723 billion MNT to SMEs as of Q3 2016

Summary: Bank of Mongolia reports that commercial banks have issued 723 billion MNT in loans to 42,600 SMEs as of the third quarter of 2016. Commercial banks provided 491.9 billion MNT in loans with 1 to 5-year terms, with loan terms dependent on the SME's sector. Past due loans made up 6% of all commercial bank loans, totaling 45.1 billion MNT. Non-performing loans made up 5% of all loans, totaling 41.2 billion MNT.    

Keywords: loan, SME   The Official Gazette /page 11/


GoM raises 140 billion MNT from bonds

Summary: The Government of Mongolia raised 140 billion MNT from the stock market through 22 transactions. Last Tuesday, the government offered a bond with 6 and 9 month terms and raised 9 billion MNT. The 6 month bond had an interest rate of 16.897% and the 9 month bond had interest rate of 16.99%. 

Keywords: stock market, government bonds   The National Post /page 5/


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Online Story

The Philadelphia Orchestra to play in Ulaanbaatar  

Summary: Mayor of Ulaanbaatar S. Batbold met with the Ambassador of the Philadelphia Orchestra, Vladimir Petrovic, to discuss the orchestra's upcoming performance in Ulaanbaatar.During their meeting, Vladimir Petrovic stated, “In June of next year, we will play in Ulaanbaatar. This could be the biggest team coming from USA to Mongolia.” Petrovic asked for assistance from the Mayor in organizing the concert. S. Batbold replied, “It would be an honor if the Philadelphia Orchestra plays in Ulaanbaatar and we are ready to assist you.” Back in June, Mongolian Ambassador to the United States of America B. Altangerel met with the President and CEO of the Philadelphia Orchestra, Allison Vulgamore, to sign a memorandum of understanding to bring the orchestra to Mongolia.
 

Keywords: Philadelphia Orchestra   www.ikon.mn


Announcement

Summary: Please note that there will be no Daily Newswire on Monday, October 31, due to a National Holiday. The Daily Newswire service will resume as usual on Tuesday, November 1.

Keywords: Daily Newswire   www.amcham/dnw


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