Sep 26, 2024 57 min read Daily News Summaries

Mongolia News Summary for September 26, 2024

The following news articles are the opinions of their authors and publications. They are presented here as translations for informational purposes and do not necessarily represent the opinion of Mongolia Strategy Center or its members.

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Politics

International Scientific Conference on Combating Money Laundering Crime

Published: 2024-09-25 | Translated from: isee.mn

An international scientific conference titled “Combating Money Laundering Crime: Challenges and Solutions” is taking place today in Ulaanbaatar, initiated and organized by the Office of the Prosecutor General of Mongolia. This international scientific conference is organized in collaboration with the National Council for Combating Money Laundering and Financing of Terrorism, the Ministry of Justice and Home Affairs, the Financial Information Unit of the Bank of Mongolia, the Asia Foundation, and the Hanns Seidel Foundation's representation in Mongolia. At the opening ceremony, Deputy Prosecutor General M. Chingbat, Minister of Justice and Home Affairs and Chairman of the National Council for Combating Money Laundering and Financing of Terrorism O. Altangerel, the Asia Foundation's resident representative Sarah Taylor, and Hanns-Seidel Foundation's resident representative in Mongolia Felix Glenn spoke. Lectures on international best practices in combating money laundering crimes will be presented by Head of the Bavaria Division of Munich's Office of the Prosecutor General in Germany, Senior Prosecutor Hildegard Boehmler-Hoessl, Legal Advisor at the U.S. Embassy in China Patrick J. Suter, and Advisor Johannes Janssen van Vuuren from the United Nations Office on Drugs and Crime. Meanwhile, topics regarding challenges and solutions in Mongolia will be discussed by officials from the Bank of Mongolia, Ministry of Justice and Home Affairs, the Supreme Court, the Office of the Prosecutor General, the General Police Department, the Independent Authority Against Corruption, and researchers from the School of Law at the National University of Mongolia. The conference is attended by leaders and representatives from the Parliamentary Standing Committee on Law, the Presidential Office, the Bank of Mongolia, the National Audit Office, Police, Intelligence, Anti-Corruption Authority, Judicial Decision Enforcement, Border Protection, Forensic Examination, Customs, Registration and Statistics Office, the Academy of Management of the Ministry of Justice, the Mongolian Bar Association, as well as the Deputy Head of Mission at the U.S. Embassy and the local representatives of the International Development Law Organization (IDLO). About 150 people, including researchers, academics, judges, prosecutors, and law enforcement from both public and private sectors working in the field of combating money laundering and terrorism financing, are participating in the conference.

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Government Approves Decree to Keep "Erdenes Tavan Tolgoi" Apolitical

Published: 2024-09-25 | Translated from: itoim.mn

During a government meeting, N. Uchral, Chief of the Cabinet Secretariat, provided information on the matters discussed and resolved. The government approved a decree to manage Erdenes Tavan Tolgoi (ETT) JSC's leadership with international management and invited private sector strategic deposit holders to enter negotiations. N. Uchral stated: "Today, the government approved a decree on measures regarding Erdenes Tavan Tolgoi JSC. ETT JSC is 28% owned by the public, equivalent to a company with 3.4 million shareholders. Although its shares are not traded on the exchange, it is a transparent and open company. The government has decided to manage ETT JSC through international management. One of the best examples of management by external experts is Codelco, a state-owned copper producer in Chile that leads globally. Like us, they experienced a decrease in copper content in ore, rising production costs, and political interference, which disrupted management operations. Codelco employed a consulting firm and outsourced its management, resulting in increased revenue and positive outcomes. Similarly, Saudi Arabia's Ministry of Industry's Mining company improved upon being managed by an independent management company, which increased production capacity, reduced costs by 20%, and raised revenue. This approach is also found in some Chinese state-owned enterprises. Consequently, the government plans to open an international selection process to manage ETT JSC with a globally recognized management company. Starting today, we will conduct audits and assessments of ETT JSC. We will seek advisory services for preparing the terms of reference and for conducting an open selection process. We aim to make ETT JSC transparent and under public scrutiny. Previously, when calling for the selection of the executive director of ETT JSC, political influence was involved. The process of obtaining advisory services and management consists of four stages. In the first stage, we prepare the groundwork, but we will not participate in this. The advisory firm will identify the objectives. The second stage involves directly announcing an open tender. This is not content executed by anyone. Management aspects, including salary and leadership, will be agreed upon transparently in front of the public. We are making this decision to increase returns and improve productivity, leading to independence from political influence. Negotiations with private sector strategic deposit holders Strategic deposits, which produce and extract more than 5% of Mongolia's GDP from mineral resources, are deemed strategic. The income from strategic deposits should aim at increasing the effectiveness of the National Wealth Fund. The law on strategic deposits has not been updated in a long time. Of the 16 strategic deposits, 7 are state-owned, while 9 are privately owned. As such, invitations for negotiations will be extended to private sector strategic deposits. Additionally, under the Chief of the Cabinet Secretariat, an expert group including mining sector experts and researchers will be formed to participate in negotiations. If 34% of dividend income from the state's seven strategic deposits is concentrated in a Savings Fund, it is forecasted to reach 28 trillion MNT by 2040. If the minimum dividend income from privately held strategic deposits is concentrated similarly, an estimated 32 trillion MNT could accumulate by 2040. Moving forward, funds from the Savings Fund could enable citizens to obtain mortgage loans without an advance payment and allocate resources to health services.

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Licenses Become Restrictions: Streamlining Bureaucracy

Published: 2024-09-25 | Translated from: news.mn

The 2020-2024 term of the Ulaanbaatar City Council successfully completed its full term, culminating in a closing ceremony held yesterday. The meeting was attended by council representatives, those elected as members of parliament during this term, representatives from the government, the mayor of the city, and honored guests. Council Chairman J. Batbayasgalan reviewed the four-year operation of the City Council, highlighting that this session, along with the last parliament, government, and mayors, created a new legal and healthy environment in Ulaanbaatar. He noted, "The new legal environment in Ulaanbaatar has allowed citizens to reclaim their lost properties and lands. The sources of the Tuul and Selbe rivers, the Children's Park, and the Central Stadium have been returned to the city and its citizens. Green spaces, pedestrian paths, playgrounds, roads, and infrastructure development will all take place on this reclaimed land. We have approved a package of rules and regulations to create a healthy legal environment for land ownership and use. The chaotic and uncontrolled allocation of land has been regulated with direct public oversight established over the process. We also approved 52 standards across 15 categories to be followed within the city. Approval for 74 types of trade, manufacturing, and service can now be obtained with just a few clicks from a phone, eliminating the need for physical office visits and allowing businesses to start immediately. We have restored violated standards, significantly reduced the bureaucratic procedures that acted as special restrictions under the guise of licenses, transitioned to electronic forms instead of paper, and dismantled the artificial barriers of bureaucracy that fed corruption. All these measures support residents' aspirations to improve their lives through their hard work and dreams. Furthermore, instead of making decisions based on narrow office perspectives or a pen's edge, a new culture has emerged based on consulting with citizens and incorporating their ideas. For the first time in history, the city has traded securities on domestic and foreign markets, raising funds for development projects. The first phase of the Booroljuut power plant, with a capacity to produce 300 MW annually, is ready for operation, showcasing the tangible results of our legal reforms. The fear of "borrowing fire from strangers" during the cold in our capital city, as an independent nation's capital should never have to, is now a thing of the past. The idea of a city with multiple centers is no longer a distant dream but a reality coming to life. The concept of a 20-minute city where residents have all necessary services within reach is being realized with the benefits of independently issued city bonds. The trains of development have begun moving with funds raised for large projects in energy, infrastructure, engineering networks, road facilities, and housing. Additionally, while redefining its role in the country's development, the capital city has closely collaborated with the State Great Khural and the government. This collaboration will result in twice the investment in Ulaanbaatar over the next four years, compared to the past 30 years from the state budget. Under the overarching vision of the "Vision-2050 Long-Term Development Program," new urban renewal policies, including metropolitan and satellite city developments and "New Zuunmod," will unfold as part of the "New Ulaanbaatar" initiative.

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A Memorandum of Cooperation Established to Develop Electoral Law

Published: 2024-09-25 | Translated from: news.mn

The General Election Commission has decided to collaborate with the company 'Legal Data' to explain electoral legislation and legal documents to the public, increase academic research and scholarly works in the field of electoral law and election process law, train specialized researchers, and incorporate information from the integrated election database (www.e-election.mn) into research circulation. Additionally, it aims to provide electoral education to voters. As a result, D. Bat-Erdene, the Secretary General of the General Election Commission, and P. Battulga, the Executive Director of 'Legal Data' LLC, signed a Memorandum of Cooperation. Within the framework of this collaboration, an "Electoral Law" section will be opened on the digital library https://legaldata.mn/ with the purpose of informing, explaining, and promoting electoral legislation, legal documents, research works, books, brochures, journals, and videos of lectures, conferences, and discussions to the public. To develop electoral law and election process law, information centered in the integrated election database (www.e-election.mn) will be openly posted in the "Electoral Law" section of the digital library https://legaldata.mn/. Furthermore, the General Election Commission and 'Legal Data' LLC will jointly organize academic conferences, consultations, training sessions, and discussions, exchanging experiences and providing public information through the "Legaltalks" podcast as part of their cooperation. 'Legal Data' LLC is developing the digital library https://legaldata.mn/ aimed at bringing legal works into research circulation, providing a diverse range of information, research, unified search systems, data analysis, e-commerce, and training.

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Campaigning for Local Elections Officially Begins Tomorrow

Published: 2024-09-25 | Translated from: isee.mn

The campaign for candidates in the local elections will officially begin tomorrow. The elections for the provincial, city, district, and capital city councils for 2024 have been scheduled for Friday, October 11. In accordance with the law, the campaign will officially start tomorrow, the 26th of this month, when certificates are presented to the candidates. The local elections campaign will continue for 14 days and will be halted one day before the voting, as per the law. This local election is being conducted using the majoritarian system which was implemented in 2020. Nationwide, 2,230 polling committees have been established, and candidates will compete in 2,393 constituencies for a total of 8,031 mandates. Specifically, there are 751 mandates for 558 constituencies in 21 provinces, 6,922 mandates for 1,642 constituencies in districts, 45 mandates for 12 constituencies in the capital, and 313 mandates for 181 constituencies in the city districts.

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Economy

Mongolia's Credit Rating Upgrade Linked to Fiscal Discipline

Published: 2024-09-25 | Translated from: news.mn

Finance Minister B. Javkhlan provided information on some matters discussed at the government meeting. He detailed that Mongolia's credit rating has been upgraded by the Fitch Ratings agency, based on reasons related to fiscal discipline. There are three international agencies that assess credit ratings: Fitch Ratings, Moody’s Investors Service, and S&P Global Ratings. Fitch released its report last week and announced it through international media. The report detailed why the credit rating was being upgraded. Firstly, it was noted that the government has effectively managed its debt strategy, significantly reducing debt pressure. Secondly, the government’s stability and the outcome of elections were mentioned. Thirdly, financial and fiscal discipline was linked to growth in the mining sector. Fourthly, the country's foreign exchange reserves have steadily increased over the past four years. In addition, two more points were highlighted. In August, the government amended the fiscal rule when submitting a budget amendment. It was legally ensured that Mongolia would consistently pay its principal debt each year. This is considered to have had a positive effect. Looking at Mongolia's credit rating over time, we first established a credit rating in 2010 alongside the issuance of the Chinggis Bond. For Fitch Ratings, the highest rating Mongolia received was B+ stable in 2011. After that, the rating fell sharply. Now, ten years later, we have again received a B+ stable rating. It means we have returned to the high rating of ten years ago. In 2022 and 2023, we faced significant difficulties regarding finance, fiscal issues, and external debt, even to the point of requiring IMF assistance. Despite this, decisive actions were taken to address issues with the government's foreign exchange reserves and Development Bank's problems. In a short time, we even managed to increase coal exports, which in turn boosted foreign exchange reserves.

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ADB: Mongolia's Economy Will Grow Steadily in 2025

Published: 2024-09-25 | Translated from: itoim.mn

The Asian Development Bank presented its updated report on the economic outlook for Asian development. For Mongolia, the Asian Development Bank (ADB) has raised its economic growth forecast for 2024, citing increased external demand, domestic consumption, and government spending as factors contributing to overall economic expansion. Specifically, it has revised its previous forecast of Mongolia's economic growth from 4.1 percent, as projected in April, by 1.4 percentage points to an expected 5.5 percent growth. Mongolia's economic growth is strong this year, driven by faster-than-expected increases in mining output. As mining extraction increases, exports also rise; notably, coal exports grew by 37.6 percent in the first half of 2024 compared to the same period last year, contributing to increased budget revenue and growth in service sectors, particularly in freight transportation. Additionally, the inflation rate has decreased, and public sector wage increases have boosted domestic demand, supporting economic growth. However, the economic growth forecast for 2025 remains unchanged at 6.0 percent. Shannon Cowlin, ADB's Resident Representative for Mongolia, stated: "The continued economic growth in Mongolia in the first half of 2024 is good news. It is crucial to direct this growth cycle towards creating buffers against possible future shocks and to invest in broad-based, diversified economic growth." Inflation has noticeably decreased and is within the Central Bank's target range. Consumer prices are expected to rise by 6.8 percent in 2024, slightly below the April forecast. However, inflation is expected to increase to 7.2 percent in 2025, due to increased domestic demand and government spending. The report also warned that decreasing demand for Mongolia's raw materials exports to China, slower production at the Oyu Tolgoi mine, geopolitical tensions, and climate impacts affecting commodity prices and supply chain disruptions could potentially reduce the economic growth forecast. Source: Asian Development Bank

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Discussion on Turning "Erdenes Tavan Tolgoi" JSC into a Public Company

Published: 2024-09-25 | Translated from: montsame.mn

The regular cabinet meeting is ongoing in the State Palace. The agenda includes the draft government resolution on "Implementing certain measures regarding the National Wealth Fund Law," draft government resolution on "Certain measures regarding Erdenes Tavan Tolgoi JSC," and draft government resolution on "Approval of guidance and composition" (a comprehensive inspection and audit task force for the Development Bank's operations), as well as the draft parliamentary resolution on approving Mongolia's development plan for 2025. They are also discussing the country's credit rating and Fitch agency's upgrade of Mongolia's 2024 credit rating to "B+/Stable." In addition, some members of the cabinet who worked at the citizens' communication center 11-11 will present their reports. The meeting agenda includes a total of 27 issues.

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News Guide: Presentation of the 'Updated Outlook on Asian Development' Report

Published: 2024-09-25 | Translated from: news.mn

The summary of events happening today is provided. 09:30: The scientific conference "Maternal and Child Health-Research" on the topic "Reducing Preventable Maternal and Child Mortality" will take place at the Tuushin Hotel. 11:00: A briefing will be held in the meeting room of the Ulaanbaatar Police Department regarding complaints registered in connection with the 2024 regular elections of provincial, capital, district, and municipal councils, as well as related legislation. 11:00: The Asian Development Bank will present its "Updated Outlook on Asian Development 2024" report in the Jade Ballroom of the Blue Sky Hotel. Phone: 99007115. 11:30: A press conference regarding the 11th anniversary concert of "Ocean Grey" production will be held at the Corporate Hotel. 14:00: The "Autumn Green Days 2024" exhibition will be officially opened. 15:00-16:30: The Mongolian translation launch of the famous Chinese writer Liu Zhenyun's novel "A Single Day Longer than Three Autumns" will be held at the Chinese Cultural Center in Ulaanbaatar. 18:00: The solo exhibition "Egmim" of calligraphy will be opened at the Mongolian National Gallery of Art. The Government will meet. In celebration of the 70th anniversary of the establishment of the tourism sector in Mongolia and World Tourism Day, the 22nd "GRAND TOUR-2024" National Tourism Olympiad Autumn Contest will take place from September 25-27. The Mongolian Tourism Association will organize the "ITM" International Tourism Exhibition for the 25th consecutive year from September 25-27 in the exhibition hall of "Misheel Expo". The Criminal Police Department will organize and present to the public the special "Rescued Heritage" exhibition of historical and cultural artifacts confiscated as physical evidence in court-settled cases, which have been identified as heritage by expert evaluation, on the 9th floor of the Chinggis Khaan National Museum from September 25-27. Specialists from the Children's Center of the Anzhen Hospital in Beijing, China will conduct examinations and diagnostics for children with heart defects at the Bayanzurkh District General Hospital from September 24-26, providing necessary surgeries free of charge for eligible children.

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ADB: Mongolia's Economy to Grow Steadily Until 2025

Published: 2024-09-25 | Translated from: montsame.mn

The Asian Development Bank has highlighted in its September 2023 Asian Development Outlook report that Mongolia's economic growth is expected to reach 6% by 2025. The forecast for economic growth this year was revised upward from 4.1% as projected in April to 5.5%. The growth is expected to be supported by advances in the services, manufacturing, and notably the mining sectors. Moreover, the recovery of the agriculture sector, which experienced a sharp decline in the first quarter of this year, along with increased fiscal spending, is anticipated to boost economic activity next year, according to ADB's senior economist Maria Karina Tiniot. She further mentioned that "Mongolia's economic growth is high due to mining extraction increasing more rapidly than anticipated. In conjunction with the mining sector, coal exports in the first half of this year have surged by 37.6% compared to the same period last year. This has contributed to an increase in fiscal revenue and has influenced the growth of service sectors, particularly in the freight and transport industries. Additionally, inflation has decreased, and the salaries of public servants have increased, boosting domestic demand, which in turn has supported economic growth." The report also notes that inflation has visibly decreased, aligning with the central bank's target levels. Consumer prices are expected to rise by 6.8% this year, which is slightly below the April forecast. However, inflation is expected to increase to 7.2% next year due to rising domestic demand and fiscal expenditure. Risks that could potentially lower this projection include a decrease in demand for exports of raw materials to China, a slowdown in Oyu Tolgoi mining operations, geopolitical tensions, price reductions influenced by weather conditions, and disruptions in supply chains. "The growth of Mongolia's economy in the first half of this year is encouraging news. It is crucial to guide this growth cycle towards creating reserves to shield against future shocks, and to make investments that support broad-based and diversified economic growth," stated Shannon Cowlin, ADB's Country Director for Mongolia.

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ADB: Next Year's Economic Growth to Be 6%

Published: 2024-09-25 | Translated from: gogo.mn

The Asian Development Bank (ADB) presented the "Asian Development Outlook 2024" report today. During this event, they also introduced Mongolia's economic outlook. External demand is increasing, domestic consumption and government spending are rising, and our economy is growing steadily. Therefore, the Asian Development Bank has raised its growth forecast for this year's Gross Domestic Product (GDP). In the report "Asian Development Outlook" for September 2024, ADB predicted that Mongolia's economy will grow by 5.5% in 2024. This is higher than the forecast of a 4.1% increase made last April. However, they kept the forecast for next year's economic growth at 6.0%. Economic growth is expected to continue to be supported by the service and industrial sectors, particularly the mining sector. Meanwhile, the Ministry of Finance has stated that next year's economic growth will be 8%. Inflation is expected to reach 7.2%. Additionally, the agricultural sector is expected to recover from a sharp decline in the first quarter of this year, and increased budget spending is expected to boost economic activity next year. "Continued economic growth in Mongolia during the first half of this year is good news. It is crucial to guide the growth cycle towards creating reserves to protect against potential future shocks and investing in broad and diversified economic growth," said Shannon Cowlin, ADB's Resident Representative in Mongolia. Economic growth this year is higher than expected due to a faster-than-anticipated increase in mining production. Following the mining extraction, exports have increased, particularly coal exports, which grew by 37.6% in the first half of 2024 compared to the same period last year. This has contributed to increased fiscal revenue and growth in the service sectors, particularly in the freight transportation sector. Additionally, inflation has decreased, and the salaries of government employees have increased, supporting domestic demand and economic growth. Inflation has decreased significantly and is within the central bank's target level. Consumer prices this year are expected to rise by 6.8%, which is slightly lower than the forecast made in April. However, next year's inflation is expected to increase to 7.2%, higher than previously forecasted, due to increased domestic demand and budget spending. The risks that could potentially lower these forecasts include a decrease in demand for raw material exports to the People's Republic of China, a slowdown in the mining production of Oyu Tolgoi, geopolitical tensions, and environmental impacts leading to a decrease in commodity prices, as well as disruptions in supply chains.

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Mongolia's Credit Rating Upgraded Due to Fiscal Discipline

Published: 2024-09-25 | Translated from: gogo.mn

Finance Minister B. Javkhlan announced that the Fitch agency has upgraded Mongolia's credit rating. There are three agencies that set credit ratings. Fitch reviewed its report last week and announced it in international media. This report detailed extensively the reasons for the upgrade: - The government's debt management strategy has been well-maintained, leading to a sharp reduction in debt pressure. - The government’s stability and election outcomes. - Financial and fiscal discipline aligned with growth in the mining sector. - The country's foreign currency reserves have steadily increased over the last four years. Additionally, in August, the government submitted a budget amendment with changes to the fiscal rules, legislating that Mongolia will continuously pay its principal debt every year. This is believed to have had a positive impact. Looking at Mongolia's credit rating history, it was first set in 2010 in conjunction with the issuance of the Chinggis Bond. At that time, Fitch gave a B+ stable outlook in 2011, which significantly declined afterwards. Now, in 2024, a decade later, we have returned to the B+ stable rating. This means we are back to the high rating we had ten years ago.

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N. Uchral: Government to Negotiate for 34-50% State Ownership with Private Holders of Nine Strategic Deposits

Published: 2024-09-25 | Translated from: ikon.mn

During today's government meeting, a resolution on "Measures to Implement the National Wealth Fund Law" was approved. N. Uchral, Head of the Cabinet Secretariat, provided information on this matter. He stated, "When amending the Constitution, it was codified that the benefits from strategic deposits should be channeled to the people through the National Wealth Fund. Increasing the benefits of the National Wealth Fund is a goal included in the government's action program. Natural resources were not created by anyone; they are a legacy left by our ancestors through their sacrifices. Therefore, the people should have ownership of these natural resources. When we talk about strategic deposits, we are referring to those contributing more than five percent of Mongolia's annual GDP, or with the potential to do so. The revenues from strategic deposits are aimed at increasing the benefits of the National Wealth Fund. However, the list of mineral deposits with strategic importance approved by the State Great Khural (Parliament) in its 27th resolution in 2007 has not been updated since then. Currently, seven out of the sixteen state-approved strategic deposits are state-owned, while the remaining nine are privately owned. There are 39 mineral deposits with confirmed resources of strategic importance that have not been approved by the Parliament. The government has decided to classify these as strategic deposits and will submit this proposal to the Parliament for updating the list. This task has been assigned to Ts. Tuvshin, Minister of Industry and Mineral Resources. The fact that seven of the 16 strategic deposits are owned by the state means that state-owned companies within the "Erdenes Mongol" group account for 72% of the taxes, equivalent to 13.5 trillion MNT. Meanwhile, 9 private enterprises controlling the strategic deposits account for 28% of the taxes, totaling 4.6 trillion MNT. "Erdenes Tavantolgoi" company owns 25% of the coal reserves, while 75% is owned by private companies. Currently, 34% of dividends from strategic deposits are allocated to the Accumulation Fund. Since the National Wealth Fund Law was enacted, 500 billion MNT has been accumulated in the Accumulation Fund by state-owned companies managing the seven strategic deposits. This has enabled 5,000 households to participate in the housing program. According to the Minerals Law, the state can own up to 50% of the shares of a strategic deposit, whose resources were established with public funds, without compensation, and the state's ownership can be determined based on its investment contribution. It's inappropriate for some private entities and international investors to claim that a piece of paper labeled as a special license makes the deposit 100% their property. They should respect our country's legal framework. Today's government meeting is sending negotiation invites to the private owners of the nine strategic deposits. I have been tasked with leading these negotiations. We are inviting these private holders to negotiate a state ownership share of 34% to 50%. In some cases, boundaries of strategic deposits have not been established. The task of defining boundaries has been assigned to Minister Ts. Tuvaan. An invitation for negotiation will be sent to companies holding deposits with established boundaries. This does not mean direct intervention in private business. Negotiations with companies responding to the invitation will start next week, and any mutual agreements will then be submitted to the Parliament.

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Prime Minister Orders Plan to Raise Mongolia's Credit Rating

Published: 2024-09-25 | Translated from: montsame.mn

The Minister of Finance B. Javkhlan presented an overview and the Fitch agency's 2024 credit rating assessment for Mongolia, which has been increased to “B+/Stable,” to the members of the government. In connection with this, the Minister of Finance B. Javkhlan was instructed to develop a medium-term plan to increase our country’s credit rating and to establish the relevant working group. In recent years, due to the global pandemic and geopolitical conflicts, the credit ratings of more than 70 countries have decreased in the short term, whereas the credit ratings of over 50 countries have subsequently increased. During these challenging years, thanks to the implementation of prudent financial and budgetary discipline as well as effective debt management policies by the government, the credit rating was maintained without reduction and, for the first time in the last 10 years, improved to the “B+/Stable” level.

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Published: 2024-09-25 | Translated from: news.mn

The regular meeting of the government addressed and resolved the following issues: "Erdenes Tavan Tolgoi" will recruit professional management through an open international selection. A project of government decisions aimed at improving the governance, efficiency, and value of "Erdenes Tavan Tolgoi" JSC was developed for discussion, along with a comprehensive reform being implemented within the scope of "Erdenes Mongol" LLC. This includes making information public as outlined in the Public Information Transparency Law, creating a database based on big data to make informed decisions, and improving corporate governance. Prime Minister L. Oyun-Erdene tasked the government with taking action in a meeting. Consequently, the following resolution was discussed and decided upon: The improvement of governance, efficiency, and value enhancement measures for "Erdenes Tavan Tolgoi" JSC should be implemented based on international experience, tasking Minister of Mongolia and Chief of the Cabinet Secretariat N. Uchral, "Erdenes Mongol" LLC, and directors of "Erdenes Tavan Tolgoi" JSC with organizing related work to manage the company with a professional management team selected through an open international competition and report results. Consulting services from international organizations will be used to recruit professional management openly. Actions regarding "Erdenes Tavan Tolgoi" JSC shares were addressed with the 2024 Resolution of the State Great Khural outlining the registration of shares allocated to citizens as common shares of the company, thus necessitating the development and national organization of educational programs aimed at enhancing citizens' financial and stock market literacy. The government passed a resolution on implementing certain measures related to the National Wealth Fund Law: The government discussed and approved the draft resolution related to implementing certain measures related to the National Wealth Fund Law. The resolution covers: - Developing a proposal to amend the list of strategically important mineral deposits to fulfill the implementation of the third clause of the State Great Khural's 2007 Resolution No. 27 about the inclusion of specific deposits as strategic mineral deposits. - Preparing proposals to determine the boundaries of deposits whose borders have not been established yet and discussing them in a government meeting for resolution, tasked to Minister of Industry and Mineral Resources Ts. Tuvaan. As per the National Wealth Fund Law and the Law on Minerals, negotiations will be held to determine the state's ownership share of the legal entity using strategic mineral deposits and their derivatives, and the results will be reported in a government meeting. The necessity to implement legal measures for ensuring that the benefits of strategic deposits sustainably benefit the public fairly and equitably has arisen under the amendments to the Constitution, the National Wealth Fund Law, and the Minerals Law of Mongolia. The Prime Minister instructed devising a plan to improve Mongolia's credit rating. Finance Minister B. Javkhlan informed the Cabinet about an overview of the country's credit rating and Fitch's upgrade of Mongolia's 2024 credit rating to "B+/Stable." Consequently, Finance Minister B. Javkhlan was tasked with creating a mid-term plan to enhance Mongolia's credit rating and establish a working group. In response to global challenges like COVID-19 and geopolitical conflicts, over 70 countries saw a rapid drop in credit ratings, while more than 50 saw improvements. Despite such challenging circumstances, Mongolia has maintained its rating without downgrades due to the effective fiscal policies executed in recent years, reaching "B+/Stable" for the first time in a decade by improving fiscal discipline and strategic debt management. Brief News: The draft resolution of "Mongolia's Development Plan 2025" was discussed and reviewed before being submitted to the State Great Khural. A working group was set up and its composition approved to inspect and supervise whether Development Bank operates in line with relevant legislation, led by Mongolia's Deputy Prime Minister and Minister of Economic Development L. Gantumur. Based on requests, L. Byambasuren was relieved from the duty of Director of the General Office of Health Insurance, and S. Magnai was relieved from the duty of State Secretary of the Ministry of Industry and Mineral Resources.

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Resolution Adopted on Implementation of National Wealth Fund Law

Published: 2024-09-25 | Translated from: montsame.mn

In the government meeting, the draft resolution on certain measures to implement the National Wealth Fund Law was discussed and adopted. According to this resolution: - It is mandated that in order to ensure the implementation of the third provision of the 2007 resolution of the State Great Khural on "Assigning a Specific Deposit as a Strategically Important Mining Deposit," proposals to amend the list of strategically important mineral deposits should be developed; - The boundaries of deposits classified as strategically important mineral deposits outlined in the first annex of the resolution, yet lacking defined boundary areas, should be determined and discussed at the government meeting. This task is assigned to Minister of Industry and Mineral Resources T. Tuvaan; - Pursuant to the National Wealth Fund Law and the Law on Minerals, negotiations should be conducted to determine the state's ownership share of the companies utilizing strategically important mineral deposits and its derived deposits, and the outcomes should be presented at the government meeting. This has been assigned to Chief of the Cabinet Secretariat N. Uchral; - Within the framework of amendments and changes made to the Constitution of Mongolia, the National Wealth Fund Law, and the Minerals Law, there is a need to bring the strategic deposits into circulation and ensure that a significant portion of the benefits accrue to the people, providing them with fair and equitable returns through legal regulations. It is considered appropriate to develop proposals to amend the list of strategically important mineral deposits and present them at the government meeting, as reported by the Government Press Service.

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Fitch Agency Improves Khaan Bank's Credit Rating to B+

Published: 2024-09-25 | Translated from: news.mn

Fitch Ratings upgraded Khaan Bank's credit rating by one notch to "B+", with a stable outlook, confirming that the operating environment has improved and financial indicators are strong. "Khaan Bank has maintained its leading position in the market, leads in profitability, consistently keeps the quality of its loan portfolio at a good level, and ensures the stability of its capital adequacy, which were the main factors in improving the credit rating," Fitch noted. This assessment was made after Fitch Ratings revised Mongolia's credit rating to a stable "B+" outlook.

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Private Companies Holding Strategic Deposits Could Contribute ₮32 Trillion to the Accumulation Fund

Published: 2024-09-25 | Translated from: gogo.mn

The Mongolian government's strategic importance suggests that private companies holding 9 deposits could contribute at least ₮32 trillion to the accumulation fund by 2040. This development could enable citizens to receive housing loans without down payment, as well as increase allocations for education and health, reported ZGHEG director N. Uchral. He stated, “A government order was issued today to implement the National Wealth Fund Act. The income generated from strategic deposits aims to increase the benefits of the national wealth fund. The list of deposits with strategic importance has not been updated since its creation in 2007. Of the 16 deposits, 7 are state-owned while 9 are private. However, while some 39 deposits have established reserves, their boundaries have not been approved by the parliament. Therefore, a government decision has been made to include 39 strategically important deposits, and Minister Tuvan has been instructed to propose this to the parliament. State-owned law entities of 'Erdenes Mongol' hold 7 of these and contribute ₮13.5 trillion, or 72% of taxes. Meanwhile, 16 private companies holding 9 deposits account for ₮4.6 trillion, or 28% of taxes. Thus, under the National Wealth Fund law, the benefits of strategically important deposits are allocated to the public, with spending directed towards health, education, and housing. The accumulation fund receives 34% of dividends from these strategic deposits. Over the past period, state companies managing these 7 deposits have accumulated ₮500 billion, improving housing conditions for 5000 households. Therefore, increasing these benefits remains our main goal. It is estimated that by contributing 34% of these 7 deposits’ earnings, we could reach ₮28 trillion by 2040. If private sector dividends are calculated even at a minimum, this could increase to ₮32 trillion, providing opportunities for loans without housing down payments, education, and health allocations. Negotiations and decisions will be made, so official letters will be sent to the companies owning these 9 deposits. Looking at it more broadly, negotiations are necessary; starting incorrectly has led us to this situation. Thus, a shift towards determining state ownership percentages is required,” he added.

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This is how the global community evaluated the Mongolbank's work

Published: 2024-09-25 | Translated from: ikon.mn

Global Finance magazine recently published its "Central Banker Report Cards-2024," in which the President of Mongolbank, B. Lkhagvasuren, received an A- rating. This places him among the top 25 central bank governors from over 100 worldwide who received grades of A+, A, or A-. Alongside B. Lkhagvasuren, Jerome Powell of the U.S. Federal Reserve, Christine Lagarde of the European Central Bank, and the heads of Norway, Canada, and Sweden's central banks also received A- ratings. Global Finance, established in 1987 and headquartered in New York, USA, is published in over 180 countries, providing financial market news and information as an internationally recognized source. This achievement marks the first time that Mongolbank's leadership and the effectiveness of its monetary policy implementation have been evaluated so highly on an international level. The 2024 report reviewed the results of the 2023 operations of central banks. Since 2022, central banks worldwide have been grappling with high inflation due to the COVID-19 pandemic and geopolitical tensions. Mongolbank has not been exempt from these challenges. As of June 2022, inflation in Mongolia had reached 16.9%, but by the end of 2023, it was reduced to single digits. By the first half of 2024, inflation further dropped to 4.8%, achieving its primary target interval. Global Finance compiles this report by examining central banks' achievement of their main goals, which include maintaining the stability of the national currency, independence, financial system stability, and economic growth objectives. They evaluate these using a specific algorithm based on assessments from Global Finance's expert analysts and editors, as well as independent researchers, economists' opinions, and financial sector data. So, how did Mongolbank stabilize the economy and finance through 2023-2024, specifically in controlling inflation? Inflation Approaches Target The COVID-19 pandemic led to lockdowns and economic crises worldwide. During this time, central banks reduced policy rates sharply to support their economies, later needing to combat inflation driven by supply shocks. In 2022 and 2023, the world faced high inflation. For Mongolia, inflation, which started accelerating at the end of 2021, peaked in June 2022, reaching 12% annualized at the beginning of 2023. As inflation began rising, Mongolbank gradually raised its policy rate from 6% to 13%, maintaining a high level throughout 2023. The impact of this monetary policy gradually emerged, with inflation reduced to 8.6% by the end of 2023 and 4.8% by the first half of 2024. Simultaneously, the economic growth rate reached 7.2% that year, showing the central bank's focus on supporting economic growth policies. Foreign Exchange Reserves Reach USD 5.2 Billion Foreign exchange reserves reached USD 4.9 billion in 2023, growing by 44% from the previous year, and hit a historic high of USD 5.2 billion in the first quarter of 2024. With this reserve growth, Mongolbank successfully reduced the debt under the swap agreement with the People's Bank of China by paying RMB 1.5 billion in 2023 and RMB 3 billion in 2024, totaling a reduction of RMB 4.5 billion, a 50% decrease in the debt. Furthermore, in 2023, in cooperation with the government, approximately USD 800 million in foreign debt and interest payments were successfully made. Despite settling such foreign debts, by the end of August, foreign exchange reserves stood at USD 4.7 billion, a 19.6% increase compared to the same time last year. Stable foreign exchange reserves maintained the MNT/USD exchange rate relatively steady, appreciating by 2.5% against the USD in 2023 and by 3.7% in the first eight months of 2024. Banking Sector Reforms Major commercial banks in Mongolia raised approximately MNT 500 billion through IPOs on the stock exchange in 2023. As a result, bank governance reached international standards, transparency and openness increased, and banks came under public oversight, marking historic reforms in the domestic banking and financial sector, according to experts. Additionally, continuing these reforms, the Central Bank approved relevant regulations under the Investment Specialized Bank Law passed by Parliament that year. This opened up opportunities for attracting foreign investors to the banking sector and allowing foreign bank branches and representative offices to operate in Mongolia. The Central Bank has continuously worked not only on strengthening banking sector governance and institutional aspects but also on aligning its supervisory and inspection methodologies with international standards. In this regard, the banking sector began evaluating capital adequacy and liquidity metrics according to Basel standards, Group Two's specific requirements, in 2023. Leading the Digital Transition Mongolbank implemented a big data system to receive banking sector statistics and information in a unified format. Based on the DAM (Data Acquisition Model) framework, this system unified over 70 reports from the banking sector. With this big data system implementation, Mongolbank received "The Pioneer Award" from the Fintech Regtech Global Awards by the Central Banking Institute internationally. Moreover, Mongolia ranks competitively with global countries in reliable, secure, timely, user-friendly payment systems, even surpassing some developed nations' levels. In Mongolia, about 93% of all payments are made electronically and by card, with statistics showing 3.7 million payment cards issued, 2.5 million of which are in active use. To increase the usage of the national brand T-card, Mongolbank introduced a payment token service system in 2023, allowing people to link their cards to their mobile phones for payments. Additionally, efforts to launch the T-card internationally began with cooperation with South Korea and Kyrgyzstan, enabling Mongolian cardholders to make direct payments in these countries. Became the First Asia-Pacific Country to Fully Implement FATF's 40 Recommendations Under the leadership of Mongolbank's Financial Intelligence Unit, Mongolia became the first Asia-Pacific and fifth country globally to fully implement the FATF's (Financial Action Task Force) 40 recommendations. This achievement verified that Mongolia's regulatory measures against money laundering and terrorism financing meet international standards. Global Finance has been publishing the "Central Banker Report Cards" since 1994, applying a criterion that central bank governors must have been in office for at least one year. Ratings range from A- to F, with the top 25 bankers falling into the A+, A, A- categories, while the least performing ones are categorized under F. Additionally, Global Finance selects and honors the best in various forms among banks and financial service providers worldwide. These accolades are esteemed and provide acknowledged standards of excellence on the global financial stage.

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Consulting Services Notice from Millennium Challenge Account - Mongolia

Published: 2024-09-25 | Translated from: ikon.mn

Mongolia’s Millennium Challenge Account: Consulting Services Notice The Government of Mongolia and the U.S. Millennium Challenge Corporation (MCC) signed the Millennium Challenge Compact, providing a grant of 350 million USD to reduce poverty through economic growth. Through the Millennium Challenge Account-Mongolia (MCA-M), the Government will use part of the grant to finance this consulting services contract. Payments for this contract will strictly adhere to the terms and conditions outlined in the Compact and related documents. Only the Government and MCA-M have rights to the funding and Compact benefits. The Compact and related documents are available on the MCC website (www.mcc.gov) and MCA-Mongolia website (https://mca-mongolia.gov.mn/). This Compact includes a Water Supply Project designed to address Ulaanbaatar’s growing water needs. The project entails three interlinked activities: 1. Development of a new groundwater wells source with transmission lines, reservoirs, and an advanced water purification plant (AWPP). 2. Construction of a new wastewater recycling plant that provides high-quality treated wastewater. 3. A Water Sector Sustainability Activity to enhance long-term sustainability of Ulaanbaatar’s water supply, including policy reforms and capacity building. MCA-Mongolia invites eligible consulting entities to submit proposals for 'Consulting Services for Strengthening of the Water Services Regulatory Commission; Water Affordability and Customer Assistance Policy Development; and Tariff and Subsidy Modeling and Revision.' Details are specified in the Terms of Reference. The consultant will be selected through a Quality and Cost-Based Selection (QCBS) process according to the “Accountable Entity Procurement Policy & Guidelines” (PPG). The guidelines are available on the MCC website: (https://www.mcc.gov). To register and request the Request for Offers (RFO), interested parties should email the Procurement Agent at PA-Mongolia@charleskendall.com, copying procurement@mca-mongolia.gov.mn, with a subject line: "Request for RFO for Consulting Services for WSRC Strengthening, CAP Policy Development, and Tariff and Subsidy Modeling and Revision." Full contact information should be included in the email. A Pre-Offer Conference will be held as a webinar. Registration and participation can be done via this link: https://us02web.zoom.us/j/85681753029. Attendance is encouraged but not mandatory. Clarification requests should be sent to PA-Mongolia@charleskendall.com, cc to procurement@mca-mongolia.gov.mn. MCA-Mongolia will respond by the specified date. Offers must be submitted via an electronic link (provided in the RFO) by the specified date. Only electronic submissions are accepted, and late submissions will be rejected.

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Maria Carina Tinio: Stable Demand for Coking Coal Positively Impacts the Growth of the Mining Sector

Published: 2024-09-25 | Translated from: ikon.mn

The Asian Development Bank (ADB) has presented its "Outlook on Asian Development 2024" report. Shannon Cowlin, Country Director of the ADB office in Mongolia, stated that in the first half of this year, high demand and increased exports led to good growth in the Asia-Pacific region. Additionally, the positive performance of the artificial intelligence and semiconductor industries contributed to this demand. For Mongolia, revised estimates showed a slightly higher economic growth than previously forecasted, primarily due to a 37% increase in coal exports compared to the same period last year. This led to increased budget revenues and support for the transportation sector. It is expected that the mining sector will continue to expand through 2025, while the agricultural sector is expected to recover from last winter and spring. The positive outlook for Mongolia's economic growth is good news, but it is important to prepare for future shocks, invest accordingly, and diversify the economy. The Asian Development Bank is preparing a plan to cooperate with Mongolia between 2025-2028, focusing on three main areas: 1. Diversifying and strengthening the economy.
2. Increasing efforts in climate direction.
3. Building a resilient society.
This plan will be finalized after presenting it to the Board of Directors in the coming months. The senior economist at the ADB's Mongolia office, Maria Carina Tinio, presented the outlook for Mongolia's economy. According to her, the ADB's estimate for 2024 is based on strong performance in the first half of the year, indicating a slightly higher growth. The growth forecast for 2025 has not changed. Regarding inflation, the forecast for 2024 has decreased, while the 2025 forecast has increased, based on the first half of this year's results. In the first half of 2024, Mongolia's economy showed a 5.6% growth. The transportation service sector grew the most, by 7.6%. Conversely, the agricultural sector's growth decreased by over 20% due to harsh conditions, but growth in other sectors compensated for this decline. Moreover, stable demand for China's coking coal positively influenced the growth of Mongolia's mining sector. Additionally, government spending has risen, leading to increased consumption. It is expected that the budget expenditure will rise by 11% more than previously estimated. The economic growth of the mining sector is expected to continue through 2025. For instance, the production at Oyu Tolgoi is expected to increase significantly, followed by the expansion of services related to mining. Furthermore, it is anticipated that the agricultural sector will recover next year. The continuous increase in government spending is expected to have a lasting effect through 2025. Regarding the budget surplus, it equaled 5.5% of GDP in the first half of 2024, over 6 percentage points higher than the previous year's same period. There is a likelihood of an increase in energy tariffs by the end of the year, which could lead to increased price pressure. The inflation forecast for 2025 has been revised to 7.2%, up from the 6.8% forecast in April this year. Rapid economic growth and increased government spending suggest an increase in domestic demand, slightly raising inflation in 2025. Potential risks that could change the forecasts include lower growth in China, Mongolia's main raw material importer, which could pose risks for Mongolia. Furthermore, any slowdown in Oyu Tolgoi's production may draw back the mining sector's contribution to growth. Geopolitical tensions, such as those between China and the United States, might adversely affect Mongolia. Additionally, climate-related shocks could impact the agricultural sector, leading to changes in budget expenditure and influencing the economy.

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URGENT: "Ajnai" D. Bat-Erdene and "Tavantolgoi Trans" D. Dagvadorj Wanted for "Failing to Pay Legal Fees"

Published: 2024-09-25 | Translated from: isee.mn

Former member of parliament "Ajnai" D. Bat-Erdene is being searched for and has been registered in the police search database as per a court search order. We previously reported on this information. According to a source, he is being searched as a defendant in a civil case by order of a judge from the First Civil Court of Sukhbaatar District. To be specific, former member of parliament "Ajnai" D. Bat-Erdene and "Tavantolgoi Trans" LLC Director D. Dagvadorj received legal assistance from others but failed to pay for those services. Therefore, the victim, citizen E, has approached the court. As a result, the court initiated a civil case against D. Bat-Erdene and D. Dagvadorj and issued a summons to serve them with a claim notice. However, the defendants did not appear at the scheduled court date. As a result, the court instructed the police to forcibly summon them on September 6th, and an order was issued to begin searching for them. Former member of parliament "Ajnai" D. Bat-Erdene and "Tavantolgoi Trans" LLC Director D. Dagvadorj, who have been named as defendants in a civil case, are also defendants in the "Coal Case." Investigations related to their case are reportedly ongoing.

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Diplomacy

Discussing the Establishment of a Supply Warehouse in Mongolia and Delivering Humanitarian Aid Products in Northeast Asia

Published: 2024-09-25 | Translated from: isee.mn

The President of Mongolia, Ukhnaa Khurelsukh, met with the President of the International Committee of the Red Cross (ICRC), Mirjana Spoljaric Egger, during the 79th session of the United Nations General Assembly on September 24, 2024. At the beginning of the meeting, President Ukhnaa Khurelsukh congratulated on the 75th anniversary of the Geneva Conventions, the foundation of international humanitarian law. He highlighted the increasing importance of the ICRC's leadership, rapid response, cooperation, and timely delivery of humanitarian aid in the face of escalating global crises, armed conflicts, and natural disasters. During the meeting, both parties acknowledged the expanding and strengthening cooperation between Mongolia and the ICRC over many years, aimed at increasing understanding and significance of international humanitarian law and providing humanitarian assistance. They also exchanged views on the possibility of establishing a supply warehouse in Mongolia for Northeast Asia to support the ICRC's humanitarian activities and continued collaboration in delivering packages of humanitarian aid products. President Ukhnaa Khurelsukh noted the successful organization of the "World Women's Summit" held in Ulaanbaatar on August 22-23 this year, in which the ICRC participated, and invited ICRC President Mirjana Egger to visit Mongolia at a convenient time.

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Expressed Readiness to Act as a Bridge Connecting Mongolia with EU Member States

Published: 2024-09-25 | Translated from: montsame.mn

During the general debate of the 79th session of the United Nations General Assembly, the President of Mongolia, U. Khurelsukh, met with the Prime Minister of the Kingdom of Spain, Pedro Sanchez. During the meeting, President U. Khurelsukh expressed his desire to expand and develop mutually beneficial cooperation in all fields with the European Union's "third neighbor" member state, the Kingdom of Spain. The parties exchanged views on the possibilities of revitalizing cooperation by enriching bilateral relations with real economic and trade content, and implementing high-level visits. Prime Minister Pedro Sanchez expressed Spain's commitment to expanding and developing relations and cooperation with Mongolia at all levels, intensifying dialogue, and undertaking high-level visits. He also noted that as a member state of the European Union, the Kingdom of Spain is ready to contribute to strengthening EU-Mongolia relations and to act as a bridge connecting Mongolia with EU member states. The parties reaffirmed their commitment to strengthening the traditional cooperation between the two countries within the framework of the United Nations and international organizations.

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Prime Minister L. Oyun-Erdene Met with UN and FAO Resident Representatives

Published: 2024-09-25 | Translated from: news.mn

The Prime Minister of Mongolia, L. Oyun-Erdene, received the UN Resident Coordinator Tapan Mishra. The parties exchanged views on a wide range of issues, including the implementation of the "Cooperation Framework for Sustainable Development 2023-2027," which is jointly implemented by the Government of Mongolia and the UN, and its alignment with the Government's 2024-2028 action program, as well as cooperation in achieving international and national development goals. Prime Minister L. Oyun-Erdene emphasized that the Government of Mongolia attaches high importance to its relationship and cooperation with the UN and highlighted the importance of aligning the "Cooperation Framework for Sustainable Development 2023-2027" being implemented by the UN in Mongolia with the Government's 2024-2028 action program. He expressed his desire to further strengthen cooperation, increase its scope, and extend its reach. UN Resident Coordinator T. Mishra highly valued Mongolia's contributions and active efforts in addressing challenges facing the world and expressed support for the government's reform policies under the action program. Prime Minister L. Oyun-Erdene then met with the FAO Resident Representative, Vinod Ahuja, whose tenure is coming to an end. During the meeting, Prime Minister Oyun-Erdene expressed the government's interest in deepening its relationship and cooperation with the FAO and noted with appreciation that the FAO has played a significant role in implementing socio-economic development goals over the past 50 years with more than 200 projects and programs implemented in Mongolia.

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Discussion on Establishing a Supply Warehouse in Mongolia and Delivering Humanitarian Aid in Northeast Asia

Published: 2024-09-25 | Translated from: ikon.mn

The President of Mongolia, Ukhnaagiin Khurelsukh, met with the President of the International Committee of the Red Cross (ICRC), Mirjana Egger. President Khurelsukh emphasized the importance of ICRC's leadership in providing humanitarian assistance amidst global tensions and conflicts. During the meeting, it was noted that the cooperation between Mongolia and the ICRC has expanded over the years, focusing on the significance of international humanitarian law and joint humanitarian aid efforts. The parties discussed the potential establishment of a supply warehouse in Mongolia to support ICRC's humanitarian activities in Northeast Asia. President Khurelsukh acknowledged ICRC representatives' participation in the successful organization of the "World Women's Summit" held in Ulaanbaatar and extended an invitation to ICRC President Mirjana Egger to visit Mongolia. Note: Media outlets (TV, Radio, Social and Web pages) must mention the source (ikon.mn) when using our information in any form, either fully or partially.

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A Special Advisor from the European Union to Work in Mongolia Starting Next Year

Published: 2024-09-25 | Translated from: gogo.mn

The Ambassador of the European Union announced that from next year, a special advisor from the European Union will work in Mongolia. Specifically, Minister of Justice and Internal Affairs O. Altangerel met with Ina Marčiulionytė, the Ambassador Extraordinary and Plenipotentiary from the European Union stationed in Mongolia. The Minister expressed gratitude for the successful implementation and results of projects aimed at strengthening commercial mediation and improving the execution of civil court decisions in the legal sector, as the relationship and cooperation expand in various fields, with the European Union identified as a "third neighbor" in Mongolia's Foreign Policy Concept. Mrs. Ina Marčiulionytė expressed confidence that major legal projects, such as the Freedom of the Press law and the Process of Assembly law, which ensure human rights and freedoms, would be approved during the autumn session of the State Great Hural. Furthermore, it was announced that from 2025, a special advisor from the European Union would start working in Mongolia. The parties exchanged views on further expanding the Partnership and Cooperation Program between the Government of Mongolia and the European Union, inviting experts from member countries to work, and exploring opportunities to strengthen the capacity of staff in the legal sector, exchange mutual experiences, and provide technical and technological support. Source: Ministry of Justice and Internal Affairs

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United Nations Secretary-General António Guterres Officially Welcomes the President of Mongolia Khurelsukh Ukhnaa

Published: 2024-09-25 | Translated from: montsame.mn

The 79th session of the United Nations General Assembly began on Tuesday at the UN Headquarters in New York City. The President of Mongolia, Ukhnaa Khurelsukh, was welcomed by United Nations Secretary-General António Guterres and other officials upon his arrival at the UN Headquarters. During his opening speech, UN Secretary-General António Guterres emphasized the need to change the current world situation, which is unstable and developing chaotically. He also noted that there are solutions to common global challenges and called for world peace. The General Debate of the 79th session of the UN General Assembly, under the theme “No One Left Behind: Together for Peace, Sustainable Development and Human Dignity for Now and Future Generations,” will take place from September 24 to 30. The General Debate is attended by Heads of State from 88 countries, Vice Presidents from three countries, Heads of Government from 35 countries, and Deputy Prime Ministers from six countries, among other high-level representatives. On the second day of the General Debate, President Ukhnaa Khurelsukh of Mongolia will deliver a speech outlining Mongolia's position on pressing international issues, discussing the country's foreign policy priorities and objectives, as well as the policies and activities being implemented to overcome social and economic challenges. During the General Debate, several high-level meetings and events will take place, including a high-level meeting on Antimicrobial Resistance, a high-level meeting to commemorate the International Day for the Total Elimination of Nuclear Weapons, the Ministerial Meeting of the Group of 77 developing countries, the Ministerial Meeting of the Non-Aligned Movement, and the Ministerial Meeting of Landlocked Developing Countries. Prior to the General Debate of the 79th UN General Assembly, a “Summit on the Future” was successfully held on September 22-23.

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Discussed Establishing an International Red Cross Northeast Asia Supply Warehouse in Mongolia

Published: 2024-09-25 | Translated from: montsame.mn

During the UN General Assembly's 79th session, the President of Mongolia, U. Khurelsukh, met with Mirjana Spoljaric Egger, President of the International Committee of the Red Cross (ICRC), on September 24. At the start of the meeting, President U. Khurelsukh congratulated the ICRC on the 75th anniversary of the Geneva Conventions, which form the foundation of international humanitarian law. He highlighted the increasing importance of the ICRC's leadership, prompt management, cooperation, and humanitarian aid delivery amidst global tensions, armed conflicts, and natural disasters. During the meeting, the parties noted that the cooperation between Mongolia and the ICRC has expanded and strengthened over many years, working together to increase understanding and the importance of international humanitarian law and to provide humanitarian assistance. They also discussed the possibility of establishing a supply warehouse in Mongolia for Northeast Asia to support the ICRC's humanitarian activities and collaborating on the provision of humanitarian aid packages. President U. Khurelsukh noted the successful organization of the "World Women’s Congress" in Ulaanbaatar on August 22-23 of this year, attended by a representative from the ICRC, and invited ICRC President Mirjana Spoljaric Egger to visit Mongolia at a convenient time.

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President Khürelsükh Meets Spanish Prime Minister Pedro Sánchez

Published: 2024-09-25 | Translated from: isee.mn

The President of Mongolia, U. Khürelsükh, met with the Prime Minister of the Kingdom of Spain, Pedro Sánchez, during his participation in the General Debate of the 79th session of the United Nations General Assembly. During the meeting, President Khürelsükh expressed his desire to expand and develop mutually beneficial cooperation in all fields with the Kingdom of Spain, a member of the European Union, which is considered Mongolia's "third neighbor." The parties exchanged views on possibilities to enhance bilateral relations with substantive economic and trade content and to activate cooperation through high-level visits. Prime Minister Pedro Sánchez expressed that the Kingdom of Spain is committed to expanding and developing relations and cooperation with Mongolia at all levels, intensifying dialogue, and implementing high-level visits. He also noted that as a member state of the European Union, Spain is ready to contribute to the activation of relations between the EU and Mongolia and to act as a bridge connecting Mongolia with EU member countries.

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President U.Khurelsukh Meets with Japanese Prime Minister F.Kishida

Published: 2024-09-25 | Translated from: unuudur.mn

President U.Khurelsukh, during his participation in the "High-level Meeting on Future Issues" held before the 79th session of the UN General Assembly, met with Japanese Prime Minister Fumio Kishida. During the meeting, they discussed expanding the mutually beneficial cooperation between the two countries in all fields, deepening bilateral and multilateral dialogues, increasing their frequency, and working even more closely together on regional and international stages. At this event, President U.Khurelsukh emphasized that the relationship between our two countries, characterized by shared democratic values, is developing at a high level of Special Strategic Partnership and that they are actively cooperating within the frameworks of the UN and other international organizations.

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Expressing Cooperation for High-Level Visits from Vietnam

Published: 2024-09-25 | Translated from: montsame.mn

Minister of Foreign Affairs B. Battsetseg, during her participation in the General Debate of the 79th session of the UN General Assembly, met with Deputy Prime Minister and Minister of Foreign Affairs of the Socialist Republic of Vietnam Bui Thanh Son. During the meeting, Minister B. Battsetseg highlighted that this year marks the 70th anniversary of the establishment of diplomatic relations with Vietnam, an important partner in Southeast Asia for Mongolia. She emphasized that the traditional friendly relations between the two countries, based on the "Principle of Friendly Cooperation," have successfully expanded and strengthened over time. Vietnam's Minister of Foreign Affairs Bui Thanh Son expressed readiness to actively cooperate in implementing high-level visits from Vietnam to Mongolia in the framework of celebrating the 70th anniversary of diplomatic relations between the two countries. The parties discussed issuing a joint declaration to develop a comprehensive partnership between Mongolia and the Socialist Republic of Vietnam during high-level visits and agreed to make substantial efforts to enhance cooperation in multiple fields such as culture, tourism, trade, and investment between the two nations. Source: Ministry of Foreign Affairs

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Met with UN Resident Coordinator and FAO Resident Representative

Published: 2024-09-25 | Translated from: montsame.mn

Prime Minister of Mongolia L. Oyun-Erdene met with UN Resident Coordinator Tapan Mishra today. The parties exchanged views on a wide range of issues, including the implementation of the "Cooperation Framework for Sustainable Development 2023-2027" document jointly implemented by the Government of Mongolia and the UN, aligning it with the Government's 2024-2028 Action Program, and cooperating on achieving international and national development goals. Prime Minister L. Oyun-Erdene noted the high importance the Government of Mongolia places on its relationship and cooperation with the UN, and emphasized the importance of aligning the "Cooperation Framework for Sustainable Development 2023-2027" document implemented by the UN in Mongolia with the Government's 2024-2028 Action Program, expressing his desire to further strengthen cooperation and increase the scope and accessibility of its content. UN Resident Coordinator T. Mishra highly valued Mongolia's contribution and active participation in addressing the global challenges facing the world, and expressed support for the government's reform policies to be implemented within the framework of the government's action program. Later, Prime Minister L. Oyun-Erdene met with FAO Resident Representative Vinod Ahuja, whose term is coming to an end. During the meeting, Prime Minister L. Oyun-Erdene expressed interest from the Government of Mongolia in deepening relations and cooperation with the FAO, noting the significant role the organization has played in implementing socio-economic development goals pursued by the government, with over 200 projects and programs implemented in the country over the past 50-plus years.

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Infrastructure

The Prime Minister Expressed Willingness to Collaborate with the World Bank on Energy Reform

Published: 2024-09-25 | Translated from: itoim.mn

Prime Minister of Mongolia L. Oyun-Erdene received a delegation from the World Bank, including Mara Warwick, the director responsible for China, South Korea, and Mongolia, and Tae-Hyun Lee, the Resident Representative. They had in-depth discussions and exchanged views on cooperation between the Government of Mongolia and the World Bank. The Prime Minister expressed gratitude for the cooperation with the World Bank, which has contributed significantly to Mongolia's economy. He mentioned that the joint Government's operational plan for 2024-2028 has been approved and is now underway. Fourteen mega-development projects are planned, along with 14 social and economic reforms. In particular, energy reform will be undertaken in the near future, for which support from expert professionals is needed. The Prime Minister expressed the desire to work with the World Bank on this matter. During the meeting, Mongolia's First Deputy Prime Minister and Minister of Economy and Development, L. Gantomor, stated that the joint Government would focus on reducing air pollution and alleviating congestion. As part of this goal, a satellite city is being built in Khushig Valley. They expressed the wish to collaborate with the World Bank in developing this satellite city. The World Bank expressed its support for the joint Government's goals and policy priorities, particularly regarding energy reform, climate change, disaster preparedness, economic diversification, and competitiveness. The World Bank representatives praised the Mongolian Government for prioritizing human development and expressed willingness to collaborate in enhancing human resources and empowering civil servants. The parties agreed on drafting a comprehensive cooperation plan with the World Bank. Both sides emphasized the importance of accelerating preparations and ensuring the effective implementation of the proposed projects and measures, which are of great significance.

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J. BATBAYASGALAN: The Capital City Has Defined Its Role in Development in a New Way, Contributing to the Country's Growth

Published: 2024-09-25 | Translated from: itoim.mn

The members of the 2020-2024 composition of the Capital City Citizens' Representative Assembly successfully fulfilled their mandate and held their closing honorary meeting yesterday. Representatives of the Assembly, those who have been elected as members of the State Great Khural while working in this assembly, government representatives, the Mayor of the Capital, and the Governor of Ulaanbaatar City, along with honorable guests, attended the meeting. The Chairman of the Capital City CRK, J. Batbayasgalan, while summarizing the four years of operation of the Capital City CRK, highlighted that this city assembly, the last parliament with 76 members, and the government and governors together wrote a brand new history by creating a healthy new legal environment for Ulaanbaatar city. He noted, "... With the establishment of a healthy new legal environment for Ulaanbaatar city, the citizens have regained their lost land and property. The origins of Tuul and Selbe rivers, the Children's Park, and the Central Stadium have been returned to the capital city, to its citizens. On the recovered land, the development of green spaces, pedestrian paths, playgrounds, roads, and infrastructure will commence. We have deliberated and approved a package of rules and regulations to create a healthy legal environment for land ownership and use. We regulated the disorderly and unregulated distribution of land that had been happening without oversight. Citizens now have direct oversight in the land allocation process. We also approved 52 standards across 15 groups to be implemented in the capital. In the capital, citizens can request permits for 74 types of trade, production, and services without having to go anywhere — just a few clicks on their phones allow them to start their businesses. We restored violated standards, drastically reduced the bureaucratic hurdles that become special restrictions under the guise of special permits, transitioned from paper to electronic forms, and dismantled the artificial barriers of bureaucracy that were the soil for corruption. All of this serves as a lever supporting the citizens' desire and effort to improve their livelihoods with their own sweat and hard work. Instead of decisions being based on biased perceptions seen through office windows or pen tips, they are made by asking the citizens, growing new culture and times based on their thoughts and opinions. For the first time in history, the capital city started raising funds by trading securities on domestic and foreign markets, initiating development projects. The first phase of the Booroljuut Power Plant, with a capacity to produce 300 MW per year, is ready for operation; this is a tangible result of our legal reforms. The independent capital city is no longer in a position of dependence, "borrowing fire from foreigners" during the cold winter, nor living in fear of freezing. The transformation of the capital into a city with multiple centers is no longer a distant dream, but a reality under development. The prospect of having all human needs met within a 20-minute radius from wherever one lives in the city is being realized through the benefits of securities independently issued by the city. This engine of development is moving forward by raising and securing funds for major projects in energy, infrastructure, engineering networks, road facilities, and housing. Moreover, the capital city has defined its role in development in a new way and is planning to invest twice as much in the next four years as has been spent from the state budget in Ulaanbaatar over the past 30 years, in close collaboration with the State Great Khural and Government of Mongolia. Within the "Vision-2050" long-term development program and the "New Revival" policy aimed at effectively implementing it, development projects including metro, satellite cities, sub-centers, and the city of "New Zuunmod" will proceed as outlined in the goals of the revival of urban and rural areas and "New Ulaanbaatar."

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150,000 Target Group Families to be Included in Housing Program

Published: 2024-09-25 | Translated from: news.mn

The government has decided to use funds from the Savings Fund to finance mortgage loans to achieve the goal of providing housing to its citizens. This year, 500 billion MNT has been spent, and the 2025 state budget has been prepared to increase it to 650 billion. According to the Minister of Labor and Social Protection, L. Enkh-Amgalan, "The primary goal of the Government of Mongolia is to provide housing to its citizens. The issue of housing is not limited to a single sector, but is a comprehensive issue crossing multiple sectors, thus collaboration between the government and private sector is crucial. We are regularly holding working group meetings with the goal of increasing the availability of mortgage loans from the Savings Fund to provide housing for our citizens. Today we discussed stable mortgage loan implementation plans in a meeting with the Minister of Construction and Urban Development J. Batsuuri, the Governor of the Bank of Mongolia B. Lkhagvasuren, and relevant officials." Currently, mortgage loans totaling 8.9 trillion MNT have been issued to 130,000 households. The government has declared 2025 as the Year of Youth. Therefore, support will be given to young families by offering flexible down payment terms, and making mortgage loan sources readily available in remote districts and areas. In addition, housing for 150,000 target group families will be provided, preventing price inflation, and plans were discussed to efficiently implement loan sources in Ulaanbaatar and the 21 provinces in 2025. To reduce congestion in the capital and decentralize, conditions will be established so that as one moves farther from the city center, 6% mortgage loans are swiftly available in outlying districts, and 3% loans are quickly obtainable in rural areas in the upcoming years," said G. Khorol.

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The International Red Cross to Establish Supply Depot for Northeast Asia in Mongolia

Published: 2024-09-25 | Translated from: montsame.mn

The International Committee of the Red Cross (ICRC) will establish a supply warehouse for Northeast Asia in Mongolia. This initiative aims to enhance the efficiency and reach of humanitarian assistance in the region.

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J.BATBAYASGALAN: The Capital City Has Defined Its New Role in National Development and as a New Development Model

Published: 2024-09-25 | Translated from: itoim.mn

The 2020-2024 session of the Citizens' Representative Khural of the capital successfully completed its term and held its closing honorary session yesterday. The session was attended by representatives of the Khural, former representatives now elected as members of the State Great Khural, government representatives, the Mayor of Ulaanbaatar, and other distinguished guests. The Chairman of the Citizens' Representative Khural J.Batbayasgalan reviewed the four years of activities of the Representative Khural, emphasizing that this city's meeting, the last parliament with 76 members, and the work with the government and governors together created a very new history, which was the event of establishing a healthy new legal environment in Ulaanbaatar city. He remarked, "With the establishment of a healthy, new legal environment in Ulaanbaatar city, the citizens have reclaimed previously lost properties and lands. The sources of the Tuul and Selbe rivers, the Children's Park, and the Central Stadium have been returned to the city and its citizens. On these reclaimed spaces, green areas, pedestrian paths, playgrounds, roads, and infrastructure developments will thrive. We have discussed and approved a set of rules to make the legal environment for land ownership and usage healthy and proper. We have regulated the previously uncontrolled and disordered issuance of land, allowing citizen oversight in the land granting process. Additionally, we approved 52 standards divided into 15 groups to be enforced across the capital. In the capital, the approval for 74 types of trade, production, and services can be requested with just a few taps on a mobile device without going anywhere, making it a normal standard operation. We restored violated standards and reduced the steps that turned supposed special permits into special restrictions, transitioning from paper to electronic format, dismantling the artificial obstacles of bureaucracy that were a breeding ground for corruption. All these efforts support the aspirations of citizens to improve their living conditions through their own hard work. Decisions are no longer made based on narrow perspectives from office windows or pen strokes but are grounded in public opinion, laying the foundation for a new culture and era. For the first time in history, the capital traded securities in both domestic and international markets to raise funds, initiating development projects. The first phase of the Booroljuut power plant, with a capacity of producing 300 MW annually, is ready to be put into operation, showcasing the tangible results of our collaborative legal reforms. We are no longer in a situation where the capital city of a sovereign nation must "ask for fire from foreigners" in the cold of winter, leaving behind such fears. The capital city is beginning to develop as a city with multiple centers, not just a distant dream but a real task underway. The 20-minute city development, ensuring all human needs are fully available wherever you live in the city, is being realized through the benefits of securities the city independently issued. The development train for projects in energy, infrastructure, engineering networks, road facilities, and housing has commenced. Furthermore, in redefining the capital's role as a new model of development and its national developmental responsibilities, collaboration with the State Great Khural and the government has led to an investment over the next four years that is twice what was spent from the national budget in Ulaanbaatar over the past 30 years. Under the 'Vision-2050' long-term development program, developments will proceed in the framework of the 'New Revival' policy, supporting the revival of urban and rural areas, new Ulaanbaatar objectives, metro, satellite cities, sub-centers, and the construction of the 'New Zuunmod' city.

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J. BATBAYSGALAN: The Capital City Has Redesigned Its Development Model and Defined Its Role in National Progress

Published: 2024-09-25 | Translated from: itoim.mn

The Citizens’ Representative Assembly of the Capital City successfully carried out its 2020-2024 term and organized a closing ceremony yesterday. The meeting was attended by representatives of the Assembly, those elected as members of the parliament, government representatives, the Governor of the Capital, and distinguished guests. The Chairperson of the Capital City Citizens' Representative Assembly, J. Batbaysgalan, assessed the four-year activity of the Assembly and highlighted that this session marks a new chapter written jointly by the last parliament with 76 members, the government, and the governors, creating a healthy legal environment for Ulaanbaatar city. He stated, "With the establishment of a healthy legal environment in Ulaanbaatar, the city's residents have regained their valued properties and lost lands. The city reclaimed the sources of the Tuul and Selbe rivers, the Children's Park, and the Central Stadium for its citizens. On the reclaimed spaces, green zones, pedestrian paths, playgrounds, roads, and infrastructure developments will unfold. We discussed and approved a package of regulations to establish a clean and proper legal framework for land ownership and usage rights. The random and disorderly allocation of land has been regulated. Civil oversight has been established over the land allocation process. We also approved 52 standards in 15 groups to be enforced across the capital city. Now, businesses can obtain permits for 74 types of trades, productions, and services in the capital without leaving home, just with a tap on their mobile phones, and start their work immediately. We've resumed interrupted standards and drastically reduced steps and processes previously labelled as special permits but acting as bans. These have been moved online, tearing down the bureaucratic barriers and artificial obstacles that bred corruption. All these efforts serve as incentives supporting the citizens' aspirations to improve their lives through their own hard work. Decisions are no longer made with the narrow perspective from office windows or with the stroke of a pen, but by asking our citizens and building a new culture and foundational new era based on their input. The capital city, both domestically and on international markets, has raised funds by issuing securities for the first time in history, and development projects have kicked off. The first phase of the Boreruut hydroelectric plant, with a capacity to generate 300 MW of electricity annually, is ready to commence, marking the tangible result of our collaborative legal reforms. The dependency during cold winters, and fear of asking "foreigners for fire" is now left behind. The capital city is poised to develop as a polycentric city, which was once a distant dream but now turning into reality. The 20-minute city initiative ensures all necessities can be found where one lives, supported by the benefits of securities independent city has issued. Energy, infrastructure, engineering, road constructions, and housing projects have gathered momentum and began to move forward as a development train. Moreover, by closely collaborating with Mongolia's Parliament and the Government, the capital city has newly defined its role in national development. Over the next four years, an investment planned to be twice the amount spent from the state budget on Ulaanbaatar in the past three decades will be made. Under the long-term "Vision-2050" development program, the policies for a "New Revival," including urban and rural rejuvenation, and the "New Ulaanbaatar" project, will see the creation of metro lines, satellite cities, and sub-centers, as well as the "New Zuunkhmod" city developments. Source: Capital City Citizens' Representative Assembly's Communication Department

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Environment

Project to Reduce Air Pollution Using Renewable Energy to be Implemented

Published: 2024-09-25 | Translated from: montsame.mn

In Ulaanbaatar, the First Deputy Mayor N. Manduul held a meeting with Matilda Dimovska, the Resident Representative of the UN Development Program, along with other experts. During the meeting, they discussed implementing a project to reduce air pollution by utilizing renewable energy in collaboration with the UN. Specifically, it was decided to initially install solar panels for households in the ger district. By using solar panels, they aim to start an experiment this winter to insulate houses without burning fuel at night, as agreed by both parties. Furthermore, as a result of the project, it was mentioned by the Public Relations and Information Department of the Mayor's Office that they would organize the process of collecting carbon credits from households that stop burning fuel by using renewable energy and gradually selling them in the international carbon market.

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Illegal extraction of minerals using heavy machinery detected

Published: 2024-09-25 | Translated from: isee.mn

In an operation by the Environmental Police as part of the "Eco-2024" initiative, together with the Selenge province police department, a joint monitoring inspection was conducted in the territory of Khuder sum of this province. They discovered a group of individuals illegally extracting minerals in three locations using heavy machinery, seizing 10 excavators, 4 portable houses, 4 yurt tents, and 2 Zil-131 trucks from the area. Investigations are currently underway. The location where the inspection was carried out was surrounded by mountains, water, and forests creating significant natural obstacles, making it difficult for vehicles to reach. As a result, the police used advanced technology including satellite imaging, thermal sensors, and the “DJ Matrice 350” drone equipped with movement detectors to locate the areas damaged by illegal activities and the positions of the machinery. Such crimes are regulated under Article 24.2 of the special part of the Criminal Code of Mongolia, which punishes individuals involved in the illegal search, use, or extraction of minerals with fines ranging from 5.4 to 27 million MNT, or imprisonment of 1-5 years. Legal entities found guilty can have their business licenses revoked and face fines ranging from 20 to 120 million MNT.

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Innovation

Google Chooses 'Eco International Tower'

Published: 2024-09-25 | Translated from: ikon.mn

EITOWER: GOOGLE SELECTS ECO INTERNATIONAL TOWER The "Grow with Google Mongolia" initiative, set up at the Eco International Tower located in the center of Ulaanbaatar, successfully launched as Google's first official project in Mongolia, offering digital skills trainings for over 1,000 professionals. The initiative invited major representatives from Google for Startups, Google Cloud Partner, Google for Education, and Google Maps to Mongolia. The luxurious IL FIORE Italian restaurant located on the 25th floor of Eco International Tower successfully hosted the "Google AI Leaders Fellowship" event. The AI Leaders Fellowship program was organized to support Mongolia's technology ecosystem by providing new technological opportunities, necessary tools, experience, and networks to accelerate growth, development, and innovation in collaboration with leading companies, established startups, major conglomerates, and key governmental officials, specifically in finance, communications, and digital development sectors. Samuel Jeanblanc, Director for Asia Pacific at Google Maps, introduced ways to reduce global traffic congestion using Google's AI and data analytics. Esna Ong, Startup Manager for Asia Pacific at Google Cloud, showed how businesses can expand using the Google for Startups Cloud Program. Kathleen Chiu, Customer Engineer and Data Analytics and Generative AI expert representing Google Cloud Asia Pacific, was involved in technology-based collaboration and experience sharing among top managers and officials from various sectors in Mongolia. EITOWER – LOCATION ADVANTAGES Located in the heart of Ulaanbaatar along Peace Avenue, Eco International Tower is strategically situated near State Department Store, Sukhbaatar Square, Government House, the Embassy area, and other major establishments, making it a prime location that saves time. EITOWER – OFFICE ADVANTAGES Eco International Tower provides comprehensive facilities management services tailored to resident convenience, including reception, security, surveillance, general cleaning, and maintenance of public spaces both inside and outside the building. The premises are surrounded by relaxing green spaces and parks. The tower offers a grand lobby complete with guest reception services, a secure environment ensured by 24-hour surveillance, and a comprehensive property management service, making it safe and convenient. Spacious office spaces up to 1000 square meters are available, customizable to your needs. EITOWER – SERVICE ADVANTAGES The Eco International Tower houses various service providers to meet your comfort and needs. The 25th floor is home to the luxury Italian restaurant IL FIORE, the 26th floor to F CLUB, and the ground floor to the Korean chain TOM N TOMS BLACK coffee shop, along with Khaan Bank's business branch for convenient banking. IL FIORE Italian Restaurant offers the perfect setting for business meetings with a full panoramic view of the city. EITOWER – COMMERCIAL AND SERVICE CENTERS The first to sixth floors feature integrated commercial service centers offering a wide selection of brands in jewelry, eyewear, home goods, and clothing, including the prestigious Swiss brand SWISS LIFE, DANDY ATELIER VIP tailors, and Korea's HISTOLAB beauty salon. All venues provide locations that save your precious time. BLOOMBERG 2022 AWARDS "Best Building" – ECO INTERNATIONAL TOWER We invite you to expand your business and operations in the city’s top location at the "Best Building" EITOWER. Address: In front of State Department Store, ECO INTERNATIONAL TOWER Facebook: Eco International Tower Website: www.eitower.mn Phone: 77116767, 99308080, 90119988 Notice to media entities (Television, Radio, Social and Webpages): When fully or partially using our information in any format, be sure to mention (ikon.mn) as the source.

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Health

B. Javkhlan: Next Year We Will Obtain a Long-Term Concessional Loan from the Asian Development Bank to Cover the Deficit of the Health Insurance Fund

Published: 2024-09-25 | Translated from: ikon.mn

B. Javkhlan, the Minister of Finance, presented today the plan to cover the deficit of the Health Insurance Fund (HIF). He stated, "The deficit of the HIF emerged during the COVID-19 pandemic. The most difficult period was the third and fourth quarters of 2021 when the 'Omicron' variant appeared. During this time, state hospitals could not handle the load, and it was necessary to enlist private hospitals. Therefore, private hospitals provided services by increasing the tariff specifically for COVID-19 treatment. By the start of 2022, the most difficult period was essentially overcome. In other words, the expenses helped us get through the toughest and most significant loss we could have faced during COVID-19. We are gradually working to cover the deficit. Initially, the deficit started at 260 billion MNT and has been gradually reduced to around 220 billion MNT. Next year, we will obtain a long-term concessional loan from the Asian Development Bank. It will be used to cover the discrepancy in the HIF." Warning: Media outlets (Television, Radio, Social, and Web pages) must cite their source (ikon.mn) when using our information in any form, whether in full or in part.

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Today's Stories

Politics

Economy

Diplomacy

Infrastructure

Environment

Innovation

Health

Politics

International Scientific Conference on Combating Money Laundering Crime

Government Approves Decree to Keep "Erdenes Tavan Tolgoi" Apolitical

Licenses Become Restrictions: Streamlining Bureaucracy

A Memorandum of Cooperation Established to Develop Electoral Law

Campaigning for Local Elections Officially Begins Tomorrow

Economy

Mongolia's Credit Rating Upgrade Linked to Fiscal Discipline

ADB: Mongolia's Economy Will Grow Steadily in 2025

Discussion on Turning "Erdenes Tavan Tolgoi" JSC into a Public Company

News Guide: Presentation of the 'Updated Outlook on Asian Development' Report

ADB: Mongolia's Economy to Grow Steadily Until 2025

ADB: Next Year's Economic Growth to Be 6%

Mongolia's Credit Rating Upgraded Due to Fiscal Discipline

N. Uchral: Government to Negotiate for 34-50% State Ownership with Private Holders of Nine Strategic Deposits

Prime Minister Orders Plan to Raise Mongolia's Credit Rating

Resolution Related to the National Wealth Fund Law Passed

Resolution Adopted on Implementation of National Wealth Fund Law

Fitch Agency Improves Khaan Bank's Credit Rating to B+

Private Companies Holding Strategic Deposits Could Contribute ₮32 Trillion to the Accumulation Fund

This is how the global community evaluated the Mongolbank's work

Consulting Services Notice from Millennium Challenge Account - Mongolia

Maria Carina Tinio: Stable Demand for Coking Coal Positively Impacts the Growth of the Mining Sector

URGENT: "Ajnai" D. Bat-Erdene and "Tavantolgoi Trans" D. Dagvadorj Wanted for "Failing to Pay Legal Fees"

Diplomacy

Discussing the Establishment of a Supply Warehouse in Mongolia and Delivering Humanitarian Aid Products in Northeast Asia

Expressed Readiness to Act as a Bridge Connecting Mongolia with EU Member States

Prime Minister L. Oyun-Erdene Met with UN and FAO Resident Representatives

Discussion on Establishing a Supply Warehouse in Mongolia and Delivering Humanitarian Aid in Northeast Asia

A Special Advisor from the European Union to Work in Mongolia Starting Next Year

United Nations Secretary-General António Guterres Officially Welcomes the President of Mongolia Khurelsukh Ukhnaa

Discussed Establishing an International Red Cross Northeast Asia Supply Warehouse in Mongolia

President Khürelsükh Meets Spanish Prime Minister Pedro Sánchez

President U.Khurelsukh Meets with Japanese Prime Minister F.Kishida

Expressing Cooperation for High-Level Visits from Vietnam

Met with UN Resident Coordinator and FAO Resident Representative

Infrastructure

The Prime Minister Expressed Willingness to Collaborate with the World Bank on Energy Reform

J. BATBAYASGALAN: The Capital City Has Defined Its Role in Development in a New Way, Contributing to the Country's Growth

150,000 Target Group Families to be Included in Housing Program

The International Red Cross to Establish Supply Depot for Northeast Asia in Mongolia

J.BATBAYASGALAN: The Capital City Has Defined Its New Role in National Development and as a New Development Model

J. BATBAYSGALAN: The Capital City Has Redesigned Its Development Model and Defined Its Role in National Progress

Environment

Project to Reduce Air Pollution Using Renewable Energy to be Implemented

Illegal extraction of minerals using heavy machinery detected

Innovation

Google Chooses 'Eco International Tower'

Health

B. Javkhlan: Next Year We Will Obtain a Long-Term Concessional Loan from the Asian Development Bank to Cover the Deficit of the Health Insurance Fund

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