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Cabinet to discuss a three-year plan to address disability issues
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On Thursday, Prime Minister L. Oyun-Erdene met with representatives of people living with disabilities, to listen to their concerns and discuss ways to address the challenges they face. The meeting was held at the Development Center for Children with Disabilities.
The meeting attendees discussed establishing a fund to support the development of people living with disabilities, the availability of wheelchair-accessible buses, making sidewalks accessible to wheelchair users, having sign language interpretation available for all television programs, and other concerns regarding access to education, jobs, discounted loans, and social services. The Prime Minister said that the Cabinet would develop a three-year action plan to address the issues that were discussed during the meeting. The Prime Minister said that the plan will include offering fair government employment opportunities to people living with disabilities.
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The BoM sets new criteria for erasing bad credit history
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The Bank of Mongolia has set two new criteria for borrowers eligible for erasing bad credit scores. The borrower must have a history of up to one overdue or non-performing loan, and overdue and non-performing loans must be fully repaid before July 1, 2021, for their bad credit history to be erased.
The Bank of Mongolia Governor said that if a new loan becomes overdue and falls into the category of non-performing loans, the borrower’s erased credit history will be restored.
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Exports through Shiveekhuren-Ceke port limited
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A suspected case of COVID-19 in a Mongolian employee was discovered at Seke Port, and the Chinese side has tightened its control and inspection procedures. As a result, the number of coal trucks being processed at the port has been reduced from 200 to 92, according to SXCoal. In May, a daily average of 139 coal trucks passed through Shiveekhuren-Ceke Port, an increase of about 90 trucks per day compared to April. SXCoal points out that exports may decline in the future due to the increasing incidence of infections in Mongolia.
More than 90 percent of Mongolia's coal exports go through the Gashuunsukhait-Gantsmod and Shiveekhuren-Ceke ports. The decline in Mongolian exports is expected to increase the price of Mongolian coking coal.
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Total foreign debt reaches 32.4 billion USD
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The Bank of Mongolia reported that in the first quarter of 2021, the country's total external debt reached 32.4 billion USD, increasing by about 2 billion USD compared to Q1 2020. Total external government debt decreased by 203 million USD to reach 8.4 billion USD.
By the end of 2020, the share of government debt in the economy dropped to 62.3 percent. The government has set a goal to reduce the government debt percentage of GDP to 44.1 percent this year. It is expected to be reduced to 39.1 percent in 2022.
Last April, the balance of the Mazaalai bond was repaid. According to Fitch, there are no major foreign currency liabilities to be paid by the end of next year. Chinggis bonds will mature in December 2022, Gerege bonds in 2023, and Nomad bonds will mature in 2026.
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REWIND: Week of May 31, 2021
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June 3
- National Emergency Commission meeting update. The National Emergency Commission (NEC) stated it will not impose a strict lockdown in response to the COVID-19 and will impose partial lockdown necessary.
- Q1 economic performance data. The National Statistics Office reported that the nation's current account showed a deficit of 141.6 million USD in Q1 2021, decreasing by 581.7 million USD (80.4 percent) compared to Q1 2020.
- Foreign currency reserve reaches 4.9 billion USD. The Bank of Mongolia reported that official foreign currency reserves reached a record 4.9 billion USD in April, increasing by 2.45 percent month-on-month and by 27.2 percent year-on-year.
- May commodity exchange data. Goat cashmere accounted for 52 percent of all trade in May, with prices varying between 124,000-126,000 MNT per kg, depending on the color and type. Camel wool was the least traded commodity in May.
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