AmCham Daily Newswire

Draft Law on Domestic Violence to be introduced in the near future

Summary: The Minister of Justice and Internal Affairs S. Byambatsogt, Head of the Legal Standing Committee Sh. Radnaased, and Chief Commissioner of the National Human Rights Commission J. Byambadorj made an announcement regarding the Law on Domestic Violence. Sh. Radnaased explained that there is a misconception among the public that the Law on Domestic Violence is being repealed by the Parliament. J. Byambadorj noted that the law will be implemented through making amendments to the current Criminal Code Minister S. Byambatsogt announced that the Ministry of Justice will finish the draft in the near future and, if possible, the draft Law on Domestic Violence will be introduced during the irregular session of Parliament.

Keywords: draft law, government stability The Century News /page 2/

Mortgage loans to be continued and the interest rates of the pension loans to be decreased

Summary: The Minister of Labor and Social Welfare N. Nomtoibayar reported that the Social Insurance fund currently contains 577 billion MNT. The fund is deposited in seven different commercial banks with a 9% annual interest rate. The Ministry recently discovered that the interest rate of the pension loan that stood at 11.8% was lowered by 2.8% just before the elections. The difference between the interest rates is approximately 16 billion MNT. Minister N. Nomtoibayar stated that the interest rate of the pension loan will be decreased and the contracts with commercial banks will be renewed with a lower rate. The Minister of Construction and Urban Development G. Munkhbayar stated that the subsidized mortgage loans will be continued and the Government will soon introduce the new system, which will change the financing source of the mortgage loan. Currently, the subsidized mortgage loan is allowed for 80 square meters; but under the new system, 100-120 square meter apartments will also qualify for the mortgage loans. The recent study indicates that the average monthly payment of the mortgage loan is 460,000 MNT. The Ministry is working on the policy to reduce this amount.

Keywords: mortgage loan, pension loan, interest rate The National Post /page 2/

Capital owns assets worth 1.23 trillion MNT

Summary: The City Council assesses the capital’s assets every four years. This year, the assets of 733 organizations that are wholly or partially owned by the City Council were counted. The working group reported that assets totaling 167.2 billion MNT, including 16 buildings were included in the assessment. Additionally, roads, road expansions, crossroads, and road renovations financed by Mongolian Development Bank were not included in the previous report. Furthermore, 9 buildings worth 782 million MNT, vehicles worth 553 million MNT, and furniture worth 74.5 million MNT that were registered under 21 organizations were determined to be missing. The Chairman of the City Council Ts. Sandui commissioned to report and register the missing assets before the end of the year.

Keywords: government property, city council The National Post /page 1/

Prophecy Development LLC raises $770,393 in capital

Summary: Prophecy Development Corp, which is listed at the Toronto Stock Exchange, announced the non-brokered private placement of 150,000 units at a price of $3.80 per unit announced in August was oversubscribed. As a result, the private placement of 202,735 units for gross proceeds of $770,393. Prophecy Development implements the Chandgana and Ulaan-Ovoo projects in Mongolia and has already received the rights to Chandgana’s land and acquired a license to build a power plant.

Keywords: investment, capital Today /page B1/

The Government promises to improve the education environment of students

Summary: Prime Minister J. Erdenebat visited the opening ceremony of his former elementary school, Buyant-Ukhaa, located the in Khan Uul District for its 2016 academic year. Throughout the country, 560,000 students were enrolled in 790 secondary schools and 225,000 students were enrolled in 1,300 kindergartens throughout the country for the 2016-2017 academic year. The PM noted that improving the education environment and school’s conditions for students is a crucial part of the Government’s agenda. Currently, schools and kindergartens are overcapacity and overstrained. For example, the Buyant-Ukhaa school divides students into classes run in 3 shifts, and one of the Government’s goals is to enroll all children aged 2-6 years old in preliminary education and reduce the number of shifts in secondary schools to 2, so that children will be released from school at a reasonable time.

Keywords: education, government policy www.montsame.mn