November 29, 2016
Sponsor logo

Democratic Party asks for budget revisions and to delay discussion of the Development Bank investigation

Summary: Parliament’s Democratic Party Caucus held a press conference regarding the state budget, the revised bill on domestic abuse and the findings of an  investigation of Development Bank. Member of Parliament Z. Narantuya stated, “The Democratic Party asked for  lower expenditure and for the deficit to be reduced as much as possible in next year’s budget. The deficit could have been lowered to 6.8%, but it was lowered from 9.9% to 9.1% of GDP. The Cabinet must work tirelessly to find ways to lower the budget deficit. The DP believes that the budget deficit has not been sufficiently lowered and we hold the view that the budget deficit needs to be lowered further, and to not allow any unnecessary expenses.” Vice Chair of the DP Caucus D. Purevdorj stated that the DP has asked to postpone the discussion of the findings of an investigation of Development Bank by one week, due to the fact that DP has not yet received the findings. D. Purevdorj stated, “The MPP only discusses the minor violations of Development Bank but never the major ones. Around 60% of loans issued by Development Bank went to the companies of MPP members." The Chair of the DP Caucus, S. Erdene, noted that the party has sent a formal letter to Cabinet regarding the lack of appointed officials in two provinces and in one district of Ulaanbaatar after the local elections.  

Keywords: Democratic Party, Development Bank, state budget   The Century News /page 2/

New head of the Energy Regulatory Commission appointed

Summary: Yesterday, Former Member of Parliament A. Tleihan was officially appointed Head of the Energy Regulatory Commission. A. Tleihan was twice elected a Member of Parliament, has served as an advisory engineer, and has worked in the energy sector for 32 years. The Energy Regulatory Commission is responsible for the regulation, generation, transmission, distribution, dispatch, and supply of energy, and for overseeing the financial and economic health of the sector. The Energy Regulatory Commission is responsible for protecting the rights of consumers and creating fair competition among energy creators and suppliers.  

Keywords: Energy Regulatory Commission, Parliament, energy   The National Post/page 2/


Mineral Resource Authority to increase its focus on attracting investment

Summary: The Head of the Mineral Resource Authority of Mongolia, B. Baatartsogt, noted that Mongolia has been ranked 85th out of 150 nations in mining sector investment appeal by the Fraser Institute. The Natural Resource Governance Institute ranked Mongolia 25th out of 55 countries in development of the mining sector. B. Baatartsogt said, "In order to attract FDI, we must pay special attention to these rankings and improve our competitiveness.” Many companies have suffered losses because provinces have rejected exploration licenses submitted by the Mineral Resource Authority, but B. Baatartsogt stated, “The licenses approved by the Mineral Resource Authority should be valid in the provinces, as it is a decision made at the government level. The coordination between state organizations and the legal environment must improve. On the other hand, it is up to investors to cooperate with the local residents in provinces. This year 9.3 billion MNT will be spent on basic geological research, and a similar amount is planned for next year’s operations. Exploration licenses will be granted by tender and we will announce the news next month. We are planning to increase the areas permitted for exploration, and starting in the first quarter of next year, we are expecting to receive tender offers. Currently, there are 2,100 exploration licenses and we are planning to increase the number of licenses by at least 15 -20%. By increasing the number of licenses, we will attract FDI and have thorough knowledge of the natural resources on our land.”    

Keywords: investment, mining. Mineral Resource Authority    The Official Gazette /page 11/

Sponsor logo
Online Story

1.1 billion MNT to be allocated to provinces suffering from harsh winter conditions

Summary: The government will allocate 1.1 billion MNT from the government's reserve fund for transportation to provide medical services and to clear roads in provinces with harsh winter conditions. The Deputy Prime Minister will be responsible for establishing a temporary emergency management site in Khuvsgul Province. As of today, snow covers 70% of the nation, and in some areas the snow is 9 to 13 inch deep, and in trenches, snow is 15 to 35 inches deep. International and professional organizations report that 13 provinces, 53 soums, and Ulaanbaatar's Nalaikh District are experiencing harsh winter conditions, and the situation could worsen for 38 soums.

Keywords: emergency management, agriculture

Facebook Twitter LinkedIn Website

This email was sent to <<Email Address>>
why did I get this?    unsubscribe from this list    update subscription preferences
The American Chamber of Commerce in Mongolia · 8F Naiman Zovkhis Building 21 Seoul Street · Ulaanbaatar, 01 14251 · Mongolia