March 26, 2018

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Three-pillar development policies to be implemented

Summary: On March 28, the Let’s Unite Strengths public-private dialogue will be held to introduce the government’s three-pillared development policy. Cabinet plans to make sure that every citizen benefits from economic growth and to focus on state governance reforms. In the upcoming years, state policies will be focused on diversifying the current economy, which has been too dependent on the mining sector and susceptible to dramatic fluctuations in prices for raw material exports. In line with this policy implementation, economic and legislative governance will be directed at ensuring stable growth, and social policy reforms will be carried out to bring visible economic benefits to citizens.

Keywords: Government of Mongolia, economic development   Today  /page B1/


Policy interest rate cut by one percent

Summary: Monetary policy council of the Bank of Mongolia made a decision to cut the policy rate by one percent and it is set at 10 percent. The council also renewed the required reserves at 10.5 percent and foreign currency reserves at 12 percent, respectively. The inflation rate expressed in terms of consumer price index reached 6.9 percent at national level and 8.1 percent in Ulaanbaatar last month. The inflation rate will be likely to gradually see an increase as the economy has been recovering. But it is estimated that the inflation rate will stabilize close to the target level. Hence, it is stated that the decision to decrease policy rate has been made. Bank of Mongolia viewed that the policy rate decrease will have impact on reducing banking sector’s short-term loan interests and supporting business activities.   

Keywords: Policy rate, Bank of Mongolia   Today /page A1/

ADB issues the GoM a 130 million USD loan

Summary: Asian Development Bank (ADB) has approved a loan of 130 million USD to be issued to the Government of Mongolia to improve air pollution reduction policiesto. The project officer of the East Asia Department of ADB,  Maria Pia Ancora, said, “Inappropriate planning, inefficient investment in infrastructure and the incoherent actions of state institutions have an effect on the current situation of hazardous air pollution levels in Ulaanbaatar. The ADB loan help will play a critical role in reforming key state polices related to air pollution reduction.” It is set out in the loan agreement that loan financing will be provided in two stages. After a review of the first stage of the installment, which amounts to 100 million USD, the second installment of 30 million USD will be made.

Keywords: Asian Development Bank, Government of Mongolia   The official gazette /page 11/

online story  

U.S.-Mongolia bilateral relations to continue developing

Summary: At the National Museum of Natural History in Washington, D.C., the Mongolia Society Annual Meeting was organized, where representatives held a dialogue on the topic of U.S.-Mongolia’s New Foreign Policy. Former U.S. ambassadors to Mongolia Pamela Slutz and Jonathan Addleton, American Mongolist Dr. Alicia Camp, current Mongolian Ambassador to Cuba Ts. Batbayar, and former Ambassador from Mongolia to Indonesia Sh. Battsetseg took part in the dialogue. Sh. Battsetseg emphasized that having mutually beneficial and economically valuable diplomatic relations with third-neighbor countries is critical to Mongolia’s foreign policy. It was concluded from the dialogue that in coming years, bilateral relations between the U.S. and Mongolia will continue expanding, with more concrete activities and outcomes.

Keywords: foreign relations, GoM

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