On May 4, Parliament convened to discuss the issue of making changes to the 29th Parliament Resolution, submitted and approved along with 2017 Budget Amendment. The 11th clause of Parliament Resolution stated “Investors must pass their revenues, payments and transfers thorough banks operating in Mongolia.” In this regard, Oyu Tolgoi’s project implementer Rio Tinto contacted… Read more »
MPRP Conference was held in private today and former President N.Enkhbayar is decided to represent MPRP in 2017 Presidential Election. Although Sukhbaatar district court ruled that N.Enkhbayar cannot participate in the Election, MPRP did not return from its decision to nominate N.Enkhbayar. Also, there will be a protest at Sukhbaatar square, in order to… Read more »
Mongolian Mining Corporation or Energy Resources, operating at Tavan Tolgoi’s Ukhaa Khudag mine, reported on operational results of the first quarter of 2017. According to the company’s information, ER produced 1.64Mt coal in 2017Q1, which is a sharp increase compared to the same period last year. In the first quarter, ER processed 1.54Mt coal… Read more »
On May 3, DP selected its presidential candidate through votes from all members of the party nationwide. Member of Parliament L.Bold, former Prime Minister R.Amarjargal, former Minister of Justice and Internal Affairs D.Dorligjav, former Prime Minister N.Altankhuyag, former Agriculture Minister Kh.Battulga, and former Minister of Industry B.Jargalsaikhan have registered to run for the party’s nomination…. Read more »
On May 3, Cabinet Secretariat J.Munkhbat, met with delegates led by the Executive Director of World Bank representing Mongolia Jason Allford. Starting the meeting, J.Munkhbat mentioned that cabinet is working on establishing Council on Protecting Investors’ Rights under the PM J.Erdenebat’s decree. Also, he thanked World Bank and IMF for deciding to provide financial assistance… Read more »
MPP’s VIII Conference is holding today at Independence House with 208 members’ attendance. Attending members just voted for Presidential candidates from MPP, Speaker M.Enkhbold and Deputy Speaker Ts.Nyamdorj. From the MPP’s internal election, Speaker M.Enkhbold is selected as the candidate from MPP by taking 85% vote of total members. Specifically, M.Enkhbold received 222 votes or… Read more »
Today, MPP Caucus chairman D.Khayankhyarvaa and IMF’s Resident Representative in Mongolia Neil Saker held a press briefing about the MPP Caucus meeting. IMF’s Neil Saker said “IMF’s program has 2 goals. First is to overcome economic difficulties and secondly to sustain the economic growth in the long-term. We view that Mongolia has a lot of… Read more »
On April 28, IMF Executive Board convened to discuss Mongolia’s participation in the Extended Fund Facility Program. But IMF Board decided to postpone EFF program implementation indefinitely. IMF Board viewed some provisions on mining sector, included in the 2017 Budget Amendment, might present challenge during program implementation. Because, the provision that specified FX payment of… Read more »
An interview with ETT CEO D.Ariunbold was published on local newspaper National Post, where he talked about the price negotiation with Chalco following the US$350 million debt payment and recent developments at the company. “ETT’s daily coal mining volume is around 50-70 thousand tons, which are loaded to 600-700 heavy trucks. Under the technical… Read more »
The international credit rating agency Standard & Poor’s (S&P) will keep Mongolia’s long term credit rating at B-. Even though Mongolia has announced its plans to enroll in an IMF extended fund facility program, and its plans for restructuring a number of state programs, S&P cautions against the current status of the state budget. S&P… Read more »
