May 9, 2018

International Treaty on Plant Genetic Resources for Food and Agriculture approved


During a May 8 session, the Security and Foreign Policy Standing Committee of Parliament approved a draft resolution to ratify the United Nations' International Treaty on Plant Genetic Resources for Food and Agriculture (IT PGRFA) created by the Food and Agriculture Organization of the UN. Since entering into force in 2004, 144 countries have joined in the IT PGRFA. After ratifying the IT PGRFA, Mongolia will be able to find and develop new crop varieties that can help intensify sustainable agricultural production, and will look to obtain financial assistance for carrying out agricultural projects. Deputy Minister of Food, Agriculture and Light Industry J. Saulye stated, “Ratification of the treaty will provide opportunities to conduct research on new sorts of plants which could be suitable for Mongolia’s climate conditions by opening access to the genetic materials of 64 crops".   

Keywords: international treaty, Parliament, FAO   Today /page A2/


IMF expects state revenue to reach 27 percent of GDP in 2018


International Monetary Fund (IMF) analysts have forecasted that Mongolia’s state revenue will total 27 percent of the GDP in 2018. This estimate represents a decrease of 2.2 percent compared to 2017. According to IMF analysts, the main reason for the lower revenue estimate is risk associated with a lower increase in the export volume of mining products in 2018. The Government of Mongolia is continuing to meet with the IMF staff who will conduct the 4th review of Mongolia’s enrollment in the IMF's extended fund facility (EFF) program. The Ministry of Finance announced that both parties will make a joint statement after the meetings end. Since the launch of the program, Mongolia has received 152.8 million USD in financing from the IMF in three phases. Total financing from all donor countries and organizations reached 728 million USD at the end of 2017. According to the Bank of Mongolia, the EFF's total 2018 financing will reach 836 million USD.        

Keywords: International Monetary Fund, EFF, GoM   The Official Gazette /page 12/

Bilateral cooperation agreement signed with Mongolian and South Korean construction associations


The Mongolian National Construction Association signed a memorandum of understanding on cooperation with the Construction Association of Korea. The two sides agreed to negotiate terms for Mongolian construction subcontractors to work in South Korea and for South Korean workers to  work in Mongolia. Furthermore, scientific conferences, training, and workshops regarding construction will be organized in Mongolia. The Vice President of the Construction Association of Korea noted that the organization is pursuing involvement in operations in foreign countries, as there is a relatively limited volume of projects being carried out in South Korea's construction sector.             

Keywords: construction sector, development, employment   The Century News /page 5/

online story  

Personal finance training being offered by the BoM and FRC


On May 8 to 9, the Ministry of Labor and Social Welfare, in cooperation with Bank of Mongolia and Financial Regulatory Commission, organized training for technical and vocational education training (TVET) center instructors and professionals from regional methodological centers to prepare them for teaching personal finance lessons. As part of a nationwide program to improve the public’s basic financial knowledge, the Ministry of Labor and Social Welfare approved the inclusion of lessons on personal financial knowledge and entrepreneurship in TVET curricula. TVET instructors in Ulaanbaatar participated in the training. In the future, instructors at regional TVET centers will be offered similar training.      

Keywords: personal finance, consumer debt, economic development

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