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August 1, 2016
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S P O N S O R
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Government
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Parliament approves new candidates for minister positions
Summary: On Friday, Prime Minister J. Erdenebat submitted the names of the new candidates for the four remaining minister positions to the Chairman of the Parliament M. Enkhbold. Afterwards, the PM presented the candidates to the Parliament and the majority of members voted in favor of PM’s decision. Therefore, the structure of new MPP cabinet is complete and ready to work. The final four ministers are: P. Sergelen, Minister of Food, Agriculture and Light Industry; A. Tsogtsetseg, Minister of Health; P. Gankhuu, Minister of Energy; and G. Munkhbayar, Minister of Construction and Urban Development.
Keywords: government stability, cabinet structure
The Century News /page 2/
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Ch. Gankhuyag – ‘MPP is not a party of directors’
Summary: The President of the CEO Club and member of the MPP Conference Ch. Gankhuyag shared his opinion on the current political and economic situation following the absolute victory of the MPP in the 2016 parliamentary election. He believes that first and foremost the MPP should reduce the instability and uncertainty and gain back the public’s trust. There should be a focus on figuring out the precise amount of debt and how to arrange repayment of loans. Economic diversification needs to discussed only after providing the business environment stability and reforming the banking and financial sector. Regarding public criticism towards the MPP’s lack of internal democracy, Ch. Gankhuyag said that he believes that the MPP is not a party of directors and is certainly not a party that is ruled by a single person or faction.
Keywords: government stability, election
Daily News /page 2/
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Economy
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5.4 billion MNT to be saved from reducing the number of ministries and agencies
Summary: The structure of the newly formed Cabinet was finalized last Friday and will operate with 13 ministries, 10 regulatory agencies and 17 implementation agencies. By reducing the number of ministries and agencies, the Government will be able to save 5.4 billion MNT annually. Through implementation of the new structure, 109 jobs from the ministries and 206 jobs from the agencies were cut. During times of severe economic crisis, the Ministry of Finance considers this to be a necessary step to save expenses.
Keywords: cabinet, employment
Daily News /page 2/
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Ch. Khashchuluun – ‘The new cabinet will run with a record budget deficit’
Summary: Ch. Khashchuluun, Ph.D. Professor in the Department of Economics at the National University of Mongolia revealed that the new Cabinet will face a record high budget deficit in 2016. He says that compared to GDP, the budget deficit will hit its highest level in history. The solution he offers to the issue is to join International Monetary Fund’s ‘Stand By’ project to receive a long-term, low interest rate loan from them to repay current loans. Ch. Khashchuluun highlighted the incompetent management of state-owned companies and stresses the importance of the new Cabinet’s policy in attracting new foreign investors.
Keywords: budget deficit, policy
The National Post /page 1, 5/
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S P O N S O R
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ONLINE STORIES
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USD rate reaches historical high level against MNT
Summary: As of July 31, the exchange rate of Mongolian Togrog (MNT) was 2,082 against 1 USD. The USD was being purchased at 1,995 MNT and was being sold at 2,005 at the end of June 2016. The Bank of Mongolia is trying to stabilize the rate by increasing the supply of money and 28.2 million USD was supplied to commercial banks at 2,071.51. The exchange rates of other currencies, such as RMB and EUR, have also increased substantially in the last month.
Keywords: currency rate, monetary policy
www.medee.mn
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