AmCham Daily Newswire

DP – MPP caused an economic tsunami in two days

Summary: During a press conference held yesterday, the former Chair of DP Z. Enkhbold revealed that the Bank of Mongolia financed the Good Fence, Good Student, and Good Herder projects and the borrowers were expected to pay back the loans. Meanwhile, the Good Stock project was funded by a government loan from the Bank of Mongolia, and was supposed to be paid back with profits from the Tavan Tolgoi project. He insisted that by terminating these projects, the interest rate for herders’ loan will increase up to 30-40%. Z. Enkhbold also believes that the economic report made by the Minister of Finance D. Chojilsuren caused an abrupt decrease in government bond prices internationally, citing the recent increase of the USD rate as a proof. Former Mayor of Ulaanbaatar E. Bat-Uul added that the MPP should not sacrifice the country’s wellbeing in order to shade the DP.

Keywords: government stability, economic recession The Century News /pages 2/

MP J. Batzandan objects the decision the choose the new DP Chair through the National Consulting Council

Summary: MP J. Batzandan expressed that he is against choosing the next DP Chair at the National Consulting Council. The National Consulting Council is typically used as a means to settle issues within the DP, and the next meeting is scheduled to take place on August 25^th. He explained that the DP needs to organize a national meeting with their members and supporters and visit each and every province and district. J. Bantzandan believes that there are many reasons why the DP lost the 2016 election and noted that in recent years, the DP became more about individual fractions than about a united party. The MP emphasized that the DP needs a strong reformation in strategy that can eliminate the conflict between the fractions.

Keywords: government stability, election Today /pages A2/

Locating addresses in UB will become easier

Summary: CEO of What3Words LLC Chris Sheldrick met with the Mayor of Ulaanbaatar City and the Governor of the Capital City S. Batbold to introduce the new technology of referring to locations by a series of three-word phrases instead of house numbers and street names. The newly elected Mayor revealed that he is pleased to become the global pioneer of the What3Words application, which will be launched in Ulaanbaatar in Mongolian language. The new system was developed by a British startup called What3Words and assigns a three-word phrase to every point on the globe. The system is designed to solve the often-ignored problem of reaching 75% of the earth’s population, an estimated 4 billion people, who have no mailing address, making it difficult to open a bank account, receive deliveries, or be reached in an emergency. In What3Words’ system, the idea is that a series of words is easier to remember than the strings of numbers that make up GPS coordinates. Each unique phrase corresponds to a specific 9-square-meter spot on the map.

Keywords: infrastructure, development, addressing Daily News /pages 11/

Mongolia has 45 days of fuel reserves

Summary: Mongolia uses approximately 1.4 million tons of fuel annually. Of that, 90% is imported from the Russian Federation and the remaining 10% from China. The Petroleum Authority of Mongolia announced that Mongolia currently has enough supply of fuel for 45 days. The concern is raised because the Bank of Mongolia is extremely low on foreign currency reserves. Some specialists claim that this will not hinder the economy as long as the import duty rate for fuel remains at 0%. Meanwhile, others are worried about possible complications for petroleum companies if measures are not taken to regulate the situation soon.

Keywords: fuel price, import The National Post /page 5/

Former Prime Minister Ch. Saikhanbileg to make an official announcement next week

Summary: The 28^th Prime Minister of Mongolia Ch. Saikhanbileg announced that he will make an official statement regarding the recent economic report made by the Minister of Finance D. Chojilsuren and the Governor of the Bank of Mongolia N. Bayartsaikhan. The former Prime Minister plans to deliver a comprehensive report on the current economic situation, including the domestic and foreign debt, foreign currency reserves, and funding for the ‘Good’ projects, as he believes the statements made by the MPP are false and had the obvious intent of defaming the DP.

Keywords: government stability www.montsame.mn