Daily Business News Mongolia

Chinese premier says to strengthen cooperation with Mongolia

Chinese Premier Wen Jiabao (R) shakes hands with Sanj Bayar, prime minister of Mongolia, which is an Shanghai Cooperation Organization (SCO) observer, in Astana, capital of Kazakhstan, on Oct. 30, 2008. (Xinhua Photo)

ASTANA, Oct. 30 (Xinhua) — Chinese Premier Wen Jiabao said here Thursday that China will further enhance its cooperation with Mongolia amid dramatically changing international situation and the current global financial crisis.

On the sidelines of the 7th prime ministers’ meeting of the Shanghai Cooperation Organization (SCO), the Chinese premier met with Sanj Bayar, prime minister of Mongolia, which is an SCO observer. During the meeting, Wen hailed the continued development of the good- neighborly partnership between the two countries.

Both China and Mongolia are experiencing an important stage of development, and the two sides should strengthen communication and coordination in a bid to cope with challenges and lift China-Mongolia good-neighborly friendship to a new height, Wen said. (more…)

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Our government will cooperate with the world community to overcome the crisis.

Economy Policy conference was jointly held by the Government of Mongolia and World Bank Resident Representative at the Government House of Mongolia. The main agenda of the conference was how to get through the crisis with the minimum loss and it was attended by the leading economists of the world and Mongolia. (more…)

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S.Bayartsogt, the Minister for Finance: If Government withdraws its money from banks, the risk fund will replace.

Budget of two deputy ministers is not wasteful expense
Copper price decreased and globalised crisis. Banking sector is under huge challenge of getting through it. If Government withdraw its money from banks, some small banks might be collapsed and bankrupted.

Q: Copper price is decreasing. So, the election promises are vanishing?
S.Bayartsogt: Due to the copper price fall, we had to amend the budget project of 2009. Also the Mongolia Development Fund, based on the windfall 60% tax, will be decreased and children and new family money will be decreased accordingly. But “Grant of the Motherland” will be distributed after the realization of the major mining projects. Of course, if it will be distributed by cash, then it surely fuel up inflation.  We decided to reconsider all the previously implemented welfare projects. We will take effective and optimal ones and drop out wasteful and ineffective ones. If we can do so, we can provide welfare.  (more…)

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