March 28, 2018

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State Housing Corporation of Mongolia’s unfinished projects to be financed by DBM


It was decided by Cabinet that Development Bank of Mongolia (DBM) would finance State Housing Corporation of Mongolia's unfinished projects. Due to a lack of financing, residential construction projects in Ulaanbaatar, Gobi-Altai, Dundgobi, Orkhon and Khuvsgul provinces have been stopped. As State Housing Corporation's maximum financial liability has been reached, it has become impossible for the state-owned company to obtain additional loan financing. DBM is expected to provide financing of 54 billion MNT for the unfinished projects. Minister of Construction and Urban Development Kh. Badyelkhan said, “The construction work will be completed by November 2018.”

Keywords: affordable housing, urban development, Development Bank of Mongolia   The Official Gazette /page 2/

Experts meet to discuss Mongolia’s national security challenges


On March 27, the Mongolia’s National Security of Existence – Local Defense conference was held. Officials from the Office of the President, Security and Foreign Policy Standing Committee of Parliament, National Security Council Office, Ministry of Defense, Mongolian Armed Forces, the General Authority for Border Protection, the National Emergency Management Agency, National Policy Agency, and the Institute for Strategic Studies took part in the conference. Attendees discussed the challenges faced in applying research results to actual national security and defense practices. It was noted that further research on potential defense measures and strategies for local and state organizations need to be carried out and that research data should be applied. 

Keywords: NEMA, Ministry of Defense, border security   Daily News /page 5/ 


Erdenes Tavan Tolgoi JSC completes principal repayment to DBM

Summary: The board of Erdenes Tavan Tolgoi JSC (ETT)  reported that a final payment of 50 million USD has been paid to Development Bank of Mongolia (DBM) for ETT's 200 million USD loan. A repayment of 100 million USD was completed on October 31, 2017, with another 50 million USD paid last February. In line with a 2012 Cabinet resolution, DBM granted the loan to Erdenes Tavan Tolgoi JSC. The company completed repayment of a loan from Chalco in 2017. ETT plans to export 10 million tons of coal in 2018, and roughly three million tons of coal has been sent to the Tsagaan Khad coal handling facility since the beginning of 2018.   

Keywords: mining, Development Bank of Mongolia, ETT   Today /page 1/

online story  

IMF Board of Directors to vote on third-phase financing for Mongolia


On March 28, the Board of Directors of the International Monetary Fund (IMF) will vote on issuing the third-phase of financing for Mongolia's extended fund facility program. The board's decision will be announced in Mongolia on March 29. If the program continues as planned, the Government of Mongolia will receive 314.5 million SDR (425 million USD). In February, an IMF delegation conducted a third review of Mongolia’s extended fund facility program, and a staff-level agreement to move forward with the program was reached. IMF analysts forecast that Mongolia’s economy will grow by five percent in 2018 and 6.3 percent in 2019.

Keywords: International Monetary Fund, EFF, GoM

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