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Daily NEWSWIRE
July 10, 2018
S P O N S O R 
online story

Cabinet sets up task force on Erdenes Tavan Tolgoi shares trading

Summary:

As part of Cabinet’s plan to accelerate the Tavan Tolgoi project, a task force has been set up to manage the trading of Erdenes Tavan Tolgoi (ETT) shares on local and international stock markets. Minister of Mining, Infrastructure and Heavy Industry D. Sumiyabazar will lead a working group to oversee trading procedures. The task force will undertake preparations for the trading of 30 percent of ETT’s shares, resolving pressing matters, monitoring the implementation of the trades, and reporting back to Cabinet about its progress and results.  ​

Keywords: mining, Cabinet, TT, coal exports, ETT   www.eagle.mn


Fitch Ratings upgrades Mongolia’s credit rating to ‘B’

Summary:

On July 9, Fitch Ratings upgraded Mongolia’s Long-Term Foreign Currency Issuer Default Rating (IDR) to "B" from "-B" with an outlook defined as "stable". Key rating drivers were ongoing improvements to fiscal and external indicators and progress in meeting the IMF’s EFF program targets. As of May, government revenue rose by 26-percent year-over-year. At the same time, government expenditure saw a modest increase of 6 percent, in line with the 2018 budget target. Fitch projects that the government debt to GDP ratio will fall to 75.3 percent by the end of 2018, down from 81.2 percent in 2017 and 91.4 percent in 2016. Fitch Ratings forecasts that Mongolia's real GDP growth will reach 5.2 percent in 2018 and 6.3 percent in 2019.​

Keywords: sovereign credit rating, government debt, Mongolia   www.ikon.mn


Ulaanbaatar Citizens Representative Khural approves proposal to relocate city administration to Yarmag

Summary:

During a regular session of the Ulaanbaatar Citizens’ Representative Khural held on July 10, Deputy Mayor of Ulaanbaatar J. Batbayasgalan presented a proposal to expedite the relocation of Ulaanbaatar's administrative offices to Yarmag. The proposal included a preliminary plan and designs for the city administration offices in Yarmag. According to the proposal, five office complexes would be built on 0.9 hectares on a five hectare lot. The city's authorities have been working to obtain a land permit from the Ministry of Nature, Environment and Tourism. The Citizens Representative Khural approved the project proposal.     ​

Keywords: urban planning, Ulaanbaatar   www.ikon.mn


notice

Summary:

Please note that Daily Newswire will resume from July 16, 2018 after the Naadam Holiday is over. Thank you for your subscription and Happy Naadam! 

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