DAILY NEWS WIRE

The Head of the National Data Center, Ch. Batzorig, reported to Ulaanbaatar’s Development Committee on the construction of a light rail transit (LRT) system to reduce traffic congestion. He noted, “With the intention of introducing a new type of public transportation and reducing traffic congestion, we are working on building an LRT system.” The transport system will be bridge-based and have three routes. The first phase of construction is scheduled to start in May 2022. The first route will run from Buyant-Ukhaa 2 in Khan-Uul District to the Sansar roundabout in Bayanzurkh District, covering 18.1 km. The second route will be from Shar Khad to Tolgoit, covering 17.5 km. The third route will cover 14 km from the National Amusement Park to Zunjin. The first phase of the project is estimated to cost about 926 million USD, or 52.1 million USD per kilometer. About 85 percent of the funding will come from China and the remaining 15 percent will come from the Capital City Development Fund. Testing of the first line is scheduled for 2024.  

Analysts say the price of gold has stabilized. Rising inflation and continued conflict in Ukraine are making investments much riskier, but many investors consider gold to be a safe investment. Currently, gold is valued at 1,978 USD per ounce, its highest value since early March. According to CMC Markets analysts, the price of gold could reach an average mid-term value of 1,975 USD per ounce.

The Food and Agriculture Organization of the United Nations (FAO) has stated that the food price index is growing rapidly. The index has risen drastically due to the war in Ukraine and the COVID-19 pandemic. The price of grain increased by 17.1 percent in March, while the price of vegetable oil increased by 23.2 percent from the previous month. According to the National Statistical Office, overall food prices in Mongolia are 17.2 percent higher than they were in 2021. 

Today, Cabinet will discuss regulations on the 2022 state budget and energy tariffs. Cabinet is ready to submit proposed amendments to the state budget to Parliament. Prime Minister L. Oyun-Erdene is expected to present a report on the proposed amendments to the cabinet today.