AmCham Daily Newswire

The PM will introduce the ‪economic stabilization program soon

Summary: Yesterday, the former Ministers of Finance and Governors of the Bank of Mongolia, invited by Prime Minister J. Erdenebat, gathered at the Government House to discuss Mongolia’s economic situation. Head of Cabinet Secretariat J. Munkhbat and the current Minister of Finance B. Choijilsuren also joined the meeting to hear the opinions of the experienced professionals. The PM gave a presentation on the current economic situation and emphasized the challenges the Cabinet is facing right now and asked for valuable guidance to enhance the urgently needed ‪economic stabilization program.

Keywords: government stability, economic reforms Today /pages A4/

A. Tsogtsetseg – National Burn Center will start operating next year

Summary: The Minister of Health A. Tsogtsetseg highlighted that the health industry needs to be reformed on a structural level, including areas in legal and administrative law, financial mechanism, human resource and wage supply, service and communication, and ethics. The newly elected Minister announced that it is important to seek economically effective solutions considering the current state of the country. A. Tsogtsetseg also noted that she is planning to revise the current the system for emergency help in Mongolia, which is inefficient due to having an unqualified operator responsible for determining the severity of the health situations of patients. According to the Minister’s plan, the Mongolian National Burn Center will start operating next year in their new building.

Keywords: government stability, health industry Daily News /pages 1, 2/

State budget deficit reaches 2 trillion MNT

Summary: The deficit of the state budget for the first seven months of 2016 reached 1.97 trillion MNT, its highest point in history. Initially, the projected budget deficit expected by the end of 2016 was expected to 940.5 trillion MNT with the estimated revenue being 7.8 trillion MNT and expenditures at 7.95 trillion MNT. However, the actual revenue was 657.4 trillion MNT less than expected and expenditures exceeded the budgeted amount. The expenditures, which were 1.2 trillion MNT, increased by 800 billion MNT within just a little over one month due to the previous government’s decision to buy shares of Erdenes Tavan Tolgoi JSC from citizens. Furthermore, the previous government paid 66.5 billion MNT in foreign loans and 993.0 billion MNT to long-term government bonds.

Keywords: economy, budget deficit The National Post /pages 1/

Japan shows interest in purchasing coal from Mongolia

Summary: On August 8, Deputy Minister of Energy T. Gantulga met with the Governor of Shizuoka Prefecture of Japan Kawakatsu Heita. Mr. Heita revealed that coal from the Sharyn Gol, Alagtolgoi and Shivee Ovoo mines of Mongolia have shown compatibility for the operations of their power plants and presented a proposal to purchase coal from Mongolia. The Ministry of Energy accepted the proposal and is working on future advancements of the project.

Keywords: coal, international trade Today /page 1/

Minister of Finance issues an official report on the current economic situation to the public

Summary: The Minister of Finance B. Choijilsuren presented a comprehensive report of Mongolia’s current economic situation. From the report, the economic growth for 2016 is predicted to be 1.3% compared to 17.3% in 2012. The Minister highlighted that the incorrect monetary policy and incoherent decisions made during the past four years resulted in the severe economic crisis. The report included precise explanations of the following categories: money supply, risk assessment of the banking system, interest rates, foreign direct investment, international trade, balance of payments, foreign currency reserve, capital market, credit rating, business registration, Mongolia’s total foreign debt and more. In conclusion, from every 5 MNT of budget revenue, Mongolia needs to pay 4 MNT to foreign debts and finance all domestic expenditures with the remaining 1 MNT. In other words, with the current economic state, Mongolia cannot afford to even pay the salaries of government workers. You can see the full report here.

Keywords: economic crisis www.ikon.mn