Mongolian Economy and Finance

The FINANCIAL -- A newly opened dry process cement plant is set to boost Mongolia’s domestic supply of building materials at a time when the country is looking to stimulate new investment and construction.

By the time the team returned to Belfast, they had travelled more than 16,000 miles

Balchig Baljinnyam, a small-time farmer in central Mongolia, is busy building a shelter for his dairy cows ahead of what is expected to be the most brutal winter in years. A summer drought has already cut traditional sources of fodder for his herd.

By Stuart Leavenworth • Tribune News Service / Published Sep 6, 2015 at 12:02AM KARAKORUM, Mongolia —

Despite all the hype about India’s booming startup culture, the World Economic Forum (WEF) says it is one of the worst places in the world for small business owners.

To conserve and sustainably manage the scarce water resources of Mongolia, it is imperative that permanent and robust measures are introduced to address these issues.

25 days until ITB Berlin 2015 By A. Ganbold February 6 (gogo.mn) Mongolia will be the official partner country of "ITB Berlin 2015", international tourism expo, taking place from 4 to 8 March 2015 at Berlin, Germany.

Official ceremony to honour the 3 millionth citizen and contemporaries By B. Ireedui February 6 (gogo.mn) First baby girl Mongoljin to father E.Khatanbold, natives of Dalanzadgad soum, Umnugobi aimag has been announced as the 3 millionth citizen of Mongolia.

Management changes at Erdenes Mongol LLC February 6 (news.mn) At the plenary meeting of the Government, on February 4, B.Byambasaikhan of Newcom LLC was appointed Executive Director of Erdenes Mongol LLC, a state-owned company.

Conference runs for environmental administrators By B. Amarsaikhan Ulaanbaatar, February 6 (MONTSAME) The Ministry of Environment, Green Development and Tourism held a conference for executives of its departments on February 5.

‘Modern time’ By B. Narantuya February 5 (UB Post) The “Modern Time” joint exhibition by artists J.Shijirbaatar and N.Nasanbat is on view through February 12, at Mongolian National Art Gallery. The opening of the exhibition was held on February 5, and the show includes over 20 pieces by the artists.

Singapore Cooperation Programme to Assist Ger-Districts Re-Structuring By B. Amarsaikhan Ulaanbaatar, February 5 (MONTSAME) A chairman of the Citizens’ Khural of Ulaanbaatar Mr D.Battulga received Thursday a delegation led by the Singapore Cooperation Programme manager for the Asia-Pacific Mr Kevin Chong.

J.Bayartsetseg: "This is not about Mongolia only, global economy slowed down" By B. Erdenechimeg February 5 (gogo.mn) We interviewed one of the participants of Young Global Leader program under WEF J.Bayartsetseg, State Secretary at Ministry of Justice, who was invited to the attend the WEF for the second year.

Fire at Khaan Ger extinguished after ten-hour firefight By M. Zoljargal February 5 (UB Post) A fire broke out at Khaan Ger restaurant on Wednesday afternoon, at around 3:30 p.m. Firefighters managed to prevent the spread of the fire by 8:30 p.m., and it was fully extinguished after a ten-hour firefight, at 1:49 a.m.

Resolution will be submitted on "Measures for overcoming economic difficulties" By B. Amarsaikhan Ulaanbaatar, February 5 (MONTSAME) The Cabinet of Ministers held an irregular meeting on Wednesday in regard to the completion of the public poll to choose Mongolia’s developmental way.

D.Enkhee, International Master won silver medal from "Winter World Masters Game" By B. Khuder February 4 (gogo.mn) Mongolian athletes have showed successful result at "Winter World Masters Game" hosted by Quebec city specially, in marathon skating category. At the first day, Mongolian marathon skating athletes received six medals. 

Governor of BoM to be asked to voluntarily resign By B. Ireedui (gogo.mn) (Feb, 04) Today, Reform Committee of MPP is to meet with N.Zoljargal, Governor of Bank of Mongolia (BoM) at 3pm. 

Prime Minister meets local authorities By B. Amarsaikhan Ulaanbaatar, February 4 (MONTSAME) At the workshop meeting, run by the Cabinet Secretariat with the localities' authorities, the Prime Minister has given a detailed information about current economic level, policies and actions taken by the government.

Boxers to compete in Hungary By B. Khuder Ulaanbaatar, February 3 (MONTSAME) Boxers of the national selected team left Tuesday for Hungary to take part in the international “A” class tournament named after Istvan Bockain to start Wednesday in Derbecen city, Hungary.

"New Ulaanbaatar International Airport" meets lack of funds By B. Erdenechimeg February 3 (gogo.mn) New Ulaanbaatar International Airport construction project funds of soft loan issued in 2008 is to finish in July. Thus, to ensure the normal construction work flow, additional loan issue needs to be resolved urgently.

River-Ice thickness decreased by 10-40 cm By D. Tuguldur February 3 (gogo.mn) Lake and river ice thickness is decreased by 10-40cm comparing to the same period of last year due to warming in air temperature in Dec, 2014 and Jan, 2015.

Energy Minister receives US Ambassador By B. Amarsaikhan Ulaanbaatar, February 3 (MONTSAME) The Minister of Energy D.Zorigt received Tuesday the Ambassador Extraordinary and Plenipotentiary of the USA to Mongolia Ms Piper Campbell.

Ambassador of United Kingdom to Mongolia Ends His Mission in Country February 2 (infomongolia.com) On February 02, 2015, the President of Mongolia Ts.Elbegdorj received in his office, the Ambassador Extraordinary and Plenipotentiary of the United Kingdom of Great Britain and Northern Ireland to Mongolia, Mr. Christopher Charles Stuart due to end of his mission in the country.

Mongolia and China Sign Agreement to Construct 2x135 MW Power Plant in Umnugovi Aimag February 2 (infomongolia.com) On January 27, 2015, representatives of Mongolia’s MAK Energy LLC and China’s Harbin Electric International Company Limited have signed an agreement to construct 2x135 MW power plant on a turn-key basis at the site of Gashuun Sukhait coal deposit in Umnugovi Aimag, Mongolia.

Public voting to continue until 10PM tomorrow February 2 (gogo.mn) Let's Choose Development Path for Mongolia 2015-2016 voting initiated by Government of Mongolia is collecting votes through SMS to special number.

Tsagaan attends Mega Project Development Forum By B. Amarsaikhan Ulaanbaatar, January 30 (MONTSAME) Chief of Staff of the President’s Office P.Tsagaan attended and delivered his remarks at the Mega Project Development Forum which took place at the Blue Sky Tower on January 29.

Performance agreement signed with heads of agencies By B. Amarsaikhan Ulaanbaatar, January 29 (MONTSAME) Deputy Prime Minister U.Khurelsukh signed performance agreement on Wednesday with the heads of six government agencies, included in his scope of responsibility. It was in light of setting up optimal plans of activities, thoroughly pursuing the laws and regulations on state services, conducting state activities fairly without contradiction of interests, and of determining roles and responsibilities of state budget administrators.

Third Millionth Citizen of Mongolia Born on January 24, 2015 and Declared Today January 28 (infomongolia.com) On January 28, 2015, the national working group members comprised of Minister for Population Development and Social Protection S.Erdene, Minister for Health and Sports G.Shiilegdamba, Advisor to the President of Mongolia R.Bold, Chairman of National Statistical Office of Mongolia (NSO) S.Mendsaikhan, Director General of Mongolian National Broadcaster Ts.Oyundari and Director of the National Authority for Children of Mongolia I.Narantuya chaired by the Chief of Staff of the President’s Office P.Tsagaan held its regular meeting and called a press conference regarding the announcement of birth of the third millionth citizen of Mongolia.

US Embassy greets on 28th anniversary of U.S.-Mongolia diplomatic relations By B. Khuder Ulaanbaatar, January 27 (MONTSAME) The year 2015 marks the 28th anniversary of the U.S.-Mongolian diplomatic relations.

President meets WEF chairman By B. Khuder Ulaanbaatar, January 25 (MONTSAME) The leader of Mongolia Ts.Elbegdorj Saturday met with Professor Klaus Schwab, the founder and executive chairman of the World Economic Forum (WEF), on the fields of the WEF’s annual meeting, held January 21-24 in Davos of Switzerland.

Draft resolution submitted on establishing diplomatic relations By B. Khuder Ulaanbaatar, January 23 (MONTSAME) The Minister of Justice D.Dorligjav Friday submitted to the parliament Speaker Z.Enkhbold a draft resolution on establishing diplomatic relations with some countries.

President addresses Mongolia-Czech business forum By B. Khuder Ulaanbaatar, January 22 (MONTSAME) In frames of his state visit to the Czech Republic, the leader of Mongolia Ts.Elbegdorj made opening remarks at a Mongolia-Czech business forum which was held Wednesday in Prague.

President of Mongolia Meets Prime Minister of Czech Republic January 21 (infomongolia.com) On the sidelines of a state visit to the Czech Republic, President of Mongolia Ts.Elbegdorj received the Prime Minister of the Czech Republic, Bohuslav Sobotka on January 20, 2015.

President Meets Speaker of Czech Senate By B. Khuder Ulaanbaatar, January 20 (MONTSAME) With a state visit to the Czech Republic, the President of Mongolia Ts.Elbegdorj Monday received Mr Milan Stech, the president of the Czech Senate (upper house of parliament), in Prague.

Premier meets youths By B. Khuder Ulaanbaatar, January 19 (MONTSAME) The Prime Minister Ch.Saikhanbileg Saturday received delegates who had taken a part in a general consultation of the Union of Mongolian Youths (UMY) in Ulaanbaatar.

Minister of Mongolia meets with Japanese Ambassador January 16 (news.mn) Minister of Mongolia M.Enkhsaikhan met with Ambassador Extraordinary and Plenipotentiary of Japan to Mongolia Takenori Shimizu at the Government House on Thursday.

President of Mongolia to Pay State Visit to Czech Republic from January 18, 2015 January 15 (infomongolia.com) President of Mongolia Mr. Tsakhia ELBEGDORJ will be paying a state visit to the Czech Republic upon an invitation of the President Mr. Milos Zeman on January 18-20, 2015.

Constitution authors hold their first assembly By B. Amarsaikhan Ulaanbaatar, January 14 (MONTSAME) In a scope of marking of the 23rd anniversary of the Constitution, the first assembly of the Association of Constitution Authors was held in the Great Chamber of the State House on January 13. Today, out of the 430 deputies of the People’s Great Khural of 1992, 289 constitution authors are alive and well.

Private sector to co-implement “Friendly Ulaanbaatar” program By B. Amarsaikhan Ulaanbaatar, January 13 (MONTSAME) The Tourism Council of Ulaanbaatar has held its first meeting. It has been chaired by the Mayor and the Governor of Ulaanbaatar E.Bat-Uul, and attended by the council members along with representatives of tour companies, hotels, restaurants, railways and airlines.

Minister Meets ADB Delegation By B. Khuder Ulaanbaatar, January 12 (MONTSAME) The Minister of Construction and Urban Development D.Tsogtbaatar last week received Mr Robert Schoellhammer, the Permanent Representative of the Asian Development Bank (ADB) to Mongolia.

'The government will not take out commercial loans anymore' By B. Khuder The state budget for 2015 is being discussed at the plenary session. Since the debt-ceiling was the main subject of controversy, Prime Minister Ch.Saikhanbileg said, “If we don’t want to raise our debt ceiling, we will move to another aid program and increase our debt in other ways. All decisions have a trade-off. The government cut the budget amendment by 900 billion MNT. If the State Great Khural  thinks that further cuts are possible, there will be no objections. The government will not take out any more commercial loans. But there is no guarantee that the private sector will be investing. There are only two choices: whether to do nothing and increase the debt-ceiling, or do something and lower it.”

FM Receives ambassador of UK By B. Amarsaikhan Ulaanbaatar, January 8 (MONTSAME) The Minister of Foreign Affairs L.Purevsuren met the Ambassador Extraordinary and Plenipotentiary of the UK to Mongolia Mr Christopher Stuart on Wednesday.

Standing Committee Head Gets Familiarized with Ministries’ Activities By B. Khuder Ulaanbaatar, January 7 (MONTSAME) Head of the parliamentary Standing committee on economy J.Batsuuri Tuesday got au fait with the Ministry of Construction and Urban Development, the Ministry of Road and Transportation.

Minister to "Surround" Otgontenger with Tourism By B. Amarsaikhan Ulaanbaatar, January 6 (MONTSAME) On the first weekend of 2015, the Minister of Environment, Green development and Tourism D.Oyunkhorol visited Zavkhan aimag, where she was born and was elected to parliament for three times.  The first leg of the visit was Otgon soum, located in front of the Otgontenger mountain.

Mongolian drivers take part in the 2015 Dakar Rally January 5 (news.mn) The 2015 Dakar Rally kicked off in Buenos Aires, Argentina, on Sunday, as 665 competitors took on the 37th edition of the world famous event.

New Year’s Greetings to His Nation by President of Mongolia, Ts.Elbegdorj January 1 (infomongolia.com) As customary, Presidents of countries across the world address to their people with New Year’s Greetings and this time, President of Mongolia, Mr. Tsakhia ELBEGDORJ delivered a speech from the factory of the "Erdenet" Mining Corporation, Erdenet City, which was broadcasted nationwide on the New Year’s Eve.

Ministries' Operational Strategies Adopted By B. Amarsaikhan Ulaanbaatar, December 31 (MONTSAME) The Cabinet at its meeting on December 30 adopted programs on function' strategies and structure changes of every of 14 Ministries.