Government

MPP warns about the strict accountability to governors

Summary: Yesterday, a two-day training seminar began for the Heads of the Citizens’ Representative Council and Governors of the Provinces and Ulaanbaatar at the Government House. The Speaker of Parliament M. Enkhbold, Prime Minister J. Erdenebat and Head of the Cabinet Secretariat J. Munkhbat attended the seminar to introduce and discuss governmental policy actions for the next four years and hear from attendees about the most urgent issues facing their respective provinces. J. Munkhbat reminded everyone that the matter of accountability will be taken seriously over the next four years and highlighted that the most important goal is to eliminate government bureaucracy and reduce public burden. In addition, Head of the Cabinet Secretariat announced that they plan to have regular online monthly meetings with each of the governors to hear their comprehensive reports. The Speaker stated that the irregular session of the Parliament will called by the end of this week to discuss and approve the 2016-2020 Cabinet Action Plan.

Keywords: government policy   The Century News /pages 2/

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The MPP approves the Cabinet’s Action Plan

Summary: During a meeting, the MPP Caucus discussed and approved the 2016-2020 Action Plan developed by PM J. Erdenebat’s Cabinet. The PM, as well as the DP Caucus, requested that the Speaker of the Parliament call for an irregular session as soon as possible. First and foremost, the Parliament needs to approve the 2016 budget amendments in addition to draft laws, such the Law on Defense and Criminal Law, which were submitted during the previous Parliament. In addition, the 100^th birthday celebration plans of Yu. Tsedenbal, who led Mongolia from 1940 to 1984, will be discussed during the session. The approximate dates for the session is revealed to be August 25-26^th.

Keywords: government stability, action plan, irregular session   The National Post /pages 2/

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ECONOMY

Mongolia able to supply the domestic crop market entirely

Summary: The Minister of Food, Agriculture, and Light Industry announced that the harvesting outlook is very positive this season. It is expected that 375,000 tons of wheat will be harvested, which will be supplied to manufacturing companies to produce flour. Mongolia uses 320,000 tons of wheat annually; therefore, this year’s crop is expected to exceed local consumption. The vegetable crop also increased by 60,000 tons compared to last year. The main reason for the increase in crops is attributed to the pleasant summer weather throughout the Selenge and Tuv Provinces. The technical preparatory work for fall harvesting is currently at 85%. The Minister of Food, Agriculture, and Light Industry stated that due to the prospect of rainy weather, the harvesting work for 2016 would start earlier.

Keywords: monetary policy, economic recession   The Official Gazette /page 11/

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ONLINE STORIES

The uncertain future of the mortgage loan

Summary: The future of the mortgage loan looks uncertain due to the Bank of Mongolia’s decision to increase the monetary interest rate to 15%. The 8% interest rate mortgage loan was not much of a burden to the overall economy when the monetary interest rate was 10.5%. However, now that the monetary interest rate has increased by 4.5 points to 15%, the mortgage loan is likely to have a greater impact on the economy. The Minister of Construction and Urban Development has already created a working group to devise solutions and an updated structure for the 8% mortgage loan. Moreover, due to rapidly increasing unemployment, more and more citizens are becoming unable to pay their mortgage loans. Additionally, economists consider the mortgage loan to be one of the obstacles if Mongolia decides to join the IMF Stand-By Agreement.  

Keywords: mortgage loan, monetary policy    www.medee.mn

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Keywords: draft law, pension   Google.com /page 2/

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