Government

DP candidates will not be registered

Summary: During press conference yesterday, Director of Party Structure Department for the DP L. Urtnasan and lawyer B. Batkhuyag stated that over 100 DP candidates who were to compete in the upcoming local elections were not registered due to groundless reasons. According to their statement, the Election Committee did not register those candidates due to incomplete filing of registration documents, a missing signature, and failing of the DP's district party resolution to the Election Committee in nine provinces, including Arkhangai, Umnugobi, Uvurkhangai, Bayankhongor, and Dornogobi. L. Urtnasan and B. Batkhuyag accused of the Election Committee of falsely stating the reasons for not registering the candidates and announced that they will appeal to the Administrative Court and more senior officials of the Election Committee to resolve the issues.

Keywords: political stability, local election   The Century News /page 1/

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ECONOMY

Bank of Mongolia is no longer able to finance 5% mortgages

Summary: The BoM announced to the Parliament and commercial banks that they are no longer able to finance 5% mortgages. Financing of this program, one of several of the Government’s social welfare plans known as “Good Programs,” has negatively affected the stability of the MNT. Therefore, it is imperative to withhold large amounts of currency entering the market. The BoM raised the interest rate last month and is following a tight monetary policy. If a substantial amount of currency enters the market through the 5% mortgage program, the currency rate of the USD will rise, making the policy of BoM obsolete. Since the 5% mortgage program follows the guidelines created by the Government, the Government can continue the program with other forms of financing. Over 3,900 citizens were granted loans totaling 173 billion MNT through the 5% mortgage program.

Keywords: mortgage, BoM   Today /page 1/

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Soft loan requested from Turkey

Summary: During a meeting between the Minster of Roads and Transportation D. Ganbat, and the Ambassador Extraordinary and Plenipotentiary of the Republic of Turkey to Mongolia Murat Karagoz, D. Ganbat outlined the Government’s plan to connect 21 provinces to the capital with paved roads and requested a soft loan for the road development for the remaining 6 provinces. Ambassador Karagoz accepted the request and will work towards greater cooperation between the two countries.

Keywords: loan, infrastructure   The Century News /page 1/

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Online news

The Government proposes to increase debt ceiling to 105%

Summary: The government proposed a draft law to change the debt ceiling to 88, eventually reaching 105%.  Specifically, 88% in the fiscal year of 2016, 90% in the fiscal year of 2017, 97.5% in the fiscal year of 2018, and 105% in the fiscal year of 2018. The former Speaker of Parliament Z. Enkhbold said, “The MPP cannot distinguish between loan and credit and won votes with the promise to repay loans. Despite that, the current Parliament plans to receive 4 billion USD in foreign loans by the end of this year, which the same amount the Parliament received over the duration of 26 years.”  

Keywords: debt, legal reform   www.medee.mn

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