City election committee made statement and presented that the local self government election is scheduled for November 30, 2008 for Songinokhairkhan, Chingeltei and Bayanzurkh districts. This means the independent candidates will have to provide new statement for the re-election but political parties can resume with their current candidates unless there is any changes made. (more…)
A Consultative meeting was held between the foreign ministries of Mongolia and Hungary in Budapest, on November 3-4, 2008. The meeting was chaired by Secretary for the Ministry of Foreign Affairs and Trade of Mongolia, Mr. D.Tsogtbaatar and Secretary for the Ministry of Foreign Relations of Hungary, Mr.V.Laslo.
The sides exchanged views on the Mongolia-Hungary bilateral relations and cooperation as well as on multilateral and regional cooperation. (more…)
Former Minister of Foreign Affairs, Head of advisors’ group of World Growth International NGO in Mongolia Ts. Gombosuren is interviewed.
Q – What is World Growth organization? I understand that this organization is a place that gives a lot of advice. What are you advising to us?
A – World Growth is international NGO and non-profit organization. It runs an activity to give advice to world countries, in particularly, poor developing and developing countries. We do not have money to give you. Instead of that, we have world scale ideas and opinions. We have prospects to share these ideas and opinions, as well as, to contribute to the development of your country. World Growth wants to give advice to us in five key directions: Economic Freedom, Rule and Stability of Law, Good Governance, Property Rights, and Environmental Interdependence. They have called it “Mongolia’s Path to Prosperity Project.” (more…)
Millennium Challenge Corporation of USA issued its performance of the criteria on the countries. This criterion plays important role in selecting countries in getting assistance from the Millennium Challenge Corporation. Mr. S.Bayartsogt, the Minister for Finance, was presented with the report on how 93 countries satisfy 17 criteria of Millennium Challenge Corporation. The presentation was made by Mr. Nicolas Hill, Charge D’Affair of the Embassy of USA, and Mr. Robert Reed, Resident Representative of Millennium Challenge Corporation. Mr. Bayarbaatar, executive director of Millennium Challenge Corporation Mongolia, said that Mongolia has satisfied the criteria of Millennium Challenge Corporation.
The position is to grant the power to the Government to sign the investment agreement on Tavan Tolgoi and Oyu Tolgoi. MP Kh.Badamsuren, Head of the working group of drafting the amendment in the Mineral Law of Mongolia, has his view regarding the current development in mining legislation.
Q: Working group on drafting the amendment in the Mineral Law of Mongolia worked on it for quite long time. What is the result of your group’s work?
MP Kh.Badamsuren: According to the resolution of the Speaker of the State Great Khural, a working group was established and started its work. The working group is paying much attention on drafting the amendment. All in all, the working group presented its first draft to the party groups of the parliament. Basically, party groups principally supported it. But there were many comments during the discussion from MPs. Therefore, the working group will discuss these comments and insert them into the draft law. One thing need to emphasize here is MPs have visionary approach. (more…)
Prime Minister S.Bayar received Mr. Drew Fagan, Assistant Deputy Minister Strategy Policy and Planning, Foreign Affairs and International Trade of Canada.
On 30th of November, it is the 35th anniversary of the establishment of Mongolian and Canadian diplomatic relations. The Prime Minister stated the current development of the cooperation of two countries in all sectors. PM has said that “the Canadian vast experience in mining industry is very important to the development of legal environment in Mongolia.“ (more…)
During the state visit of Chairman Hu Jintao, People’s Republic of China in 2003, he offered 300 million US$ soft loan for the Government of Mongolia for its funding infrastructure. The Government of Mongolia stopped the funding of this loan to the water power plant of Eg river in January 2008 and made resolution to use this loan for funding programs and projects that are environmentally friendly and sound and can bring real impact in the economy of Mongolia. Therefore, the Government decided to fund in the following five directions and propose to the State Great Khural: (more…)
The draft law of placing some fund of the Mongolia Development Fund was initiated by MPs N.Batbayar, R.Amarjargal, G.Batkhuu, Ts.Bayarsaikhan, R.Bud, D.Damba-Ochir, G.Zandanshatar, O.Chuluunbat and proposed to the Speaker of the State Great Khural. Some more clarification was made from the initiator.
Q: What was the main reason of initiating this law?
MP N.Batbayar: World financial crisis is affecting countries of the world and countries are taking various measures to handle it. USA allocated 700 billion US$ and it is equal to its 5% of GDP. As for Mongolia, situation in economy is relatively healthy and potential. Therefore, there is a proposal of placing 300 US$ of the Mongolia Development Bank in commercial banks, if compares with USA, proportionally, it is about 200 million US$ for USA. The income from the windfall tax was divided into three different purposes and 1/3 of it or about 300 million US$ was reserved for the securing the domestic crisis. According to the law, it is kept at the Central Bank. Therefore, in order to support commercial banks and fund them, draft law on granting the right to place it at banks to the Government was proposed. (more…)
MAIN PRINCIPLE AND GUIDANCE OF MAKING THE INVESTMENT AGREEMENT ON JOINT EXPLOITATION OF OYU TOLGOI COPPER-GOLD DEPOSIT
1. The agreement must be built in accordance with the effective law and regulations of Mongolia
2. To study the possibility of inserting the provision to allow the Mongolian side to own up to 50%, but starting from 34% and additional take over for the Mongolian side when the initial investment is compensated.
3. To study the alternatives of making the investment agreement based on the product share principle.
4. To agree upon 34% direct ownership of a stock holding company to the Mongolian side and its investment to be replaced with the taxes, payments, fees, dividend and loan types. (more…)
MAIN PRINCIPLE AND GUIDANCE OF MAKING THE INVESTMENT AGREEMENT ON JOINT EXPLOITATION OF TAVAN TOLGOI COAL MINE
1. The agreement must be built in accordance with the effective law and regulations of Mongolia
2. To study the possibility of securing the Mongolian side ownership in a stock holding company which will be established on Tavan Tolgoi coal mine, not less than 51%.
3. To study the alternatives of making the investment agreement based on the product share principle.
4. To effectively implement the payment of mineral resource exploitation, its calculation and distribution in accordance with the mountain-geological condition and reserve size of the deposit, as stated in the provision 47 of the Mineral Law of Mongolia and to receive the certain portion of the payment of the mineral resource exploitation and taxes in advance. (more…)
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