Minister for Roads Transportation Construction and Urban Development Kh.Battulga shares his opinion on recent developments in the political and economy issues.
Q: What is your opinion on Olon Ovoot gold deposit, which was held in loan security of Zoos Bank, was transferred to Just Group?
Minister Kh.Battulga: It is pure company issue. The Government has no right to interrupt it.
Q: But, Zoos Bank was re-named into the State Bank and issued the government Bond, why? Read the rest of this entry »
Q: Political parties are talking about their election promises. Is it possible to make it happen?
MP D.Enkhbat: I am with MP Oyun, Altai, we are all against it from the very beginning. Mongolia has chosen democracy and market economy for over 20 years. As for me, if this law is adopted, we need to make historical choice of which to call justice. I think that it is fairy tale to get money during the term of this parliament.
Q: Why? Read the rest of this entry »
Q: Did you receive a letter from Ivanhoe mines?
A: Yes, I have received the letter yesterday. It asks if I have time to meet with them. I think we should have a meeting. This is a matter of the SGK so it is important that I express my opinion. Tax waive issue have generated some profits since 2007 but my view is that it lost more than it could have earned. For example, companies stopped exploring and it is the biggest problem of the OT IA as it slowed it for many years. Read the rest of this entry »
The State Great Khural discussed the budget prediction of year 2011, 2012 and budget environment of year 2010. The Government prepared the plan to boost the real growth of the economy of Mongolia up to 7% in time of crisis.
But MPs critisized that the Government should increase the growth upto 13% as it was stated in the Government portfolio.
Also MPs critisized widely that 1.5 million MNT as the Grant of the Motherland is not included in the budget prediction of year 2010. MP L.Gantumur commented that “this State Great Khural was established to provide 1.5 million MNT to its people. But it was not included in the budget environment of year 2010, and even in the budget prediction” Read the rest of this entry »
Working groups of Standing Committee on Economy and SGK combined their comments and conclusions on OT agreement and presented to the Government. In relationship with the event, working group chairmans MP Ts.Bayarsaikhan and MP G.Zandanshatar, MP D.Damba-Ochir, D.Baldan-Ochir made press conference. Read the rest of this entry »
MP Kh.Badamsuren, the head of the working group on the amendment of the Mineral Law of Mongolia has his word on the Grant of the Motherland of 1.5 million MNT.
Q: Being as the head of the working group. Mongolian political promised 1 million MNT and 1.5 million MNT during the election. But now they talked about after the implementation of the major mining projects. Therefore, can it be completed during this four years of time?
MP Kh.Badamsuren: Once it was promised, it has to be completed. But, the major political parties established coalition government. 3.5 billion US$ is required to reach this promise. It is huge amount of money. The main source of this promise is mining industry. But, as fro today, there is no processing factory in operation.
Today the spring session of the State Great Khural opens. The opening ceremony was held at 11.00 am and President, Speaker, Prime Minister and party group chairmans would deliver their speeches. President is the candidate for the election, party group chairman didn’t provide any speeches recently. According to the law, spring session begins April 5 of every year. Read the rest of this entry »
First Deputy Premier N.Altankhuyag visited to MM agency evening news. During the live interview , he answered some questions regarding the coalition government action plan, changes in people’s life and economy crisis.
The Government stated GDP per capita will be 5000 US$ in next four years, but it is 1800 US$ now. He also talked about the calculation for this estimation. Also the Government will be transparent and can listen its citizens. Read the rest of this entry »
Photo courtesy of www.gogo.mn
Mr. S.Sodkhuu, Director of the Mongolian Stock Exchange, has discussed with a journalist from Udriin Sonin.
Q: What is the situation now in Mongolia for stock exchange, the “engine” of the market economy?
S.Sodkhuu: … Capital market has 600 years of history, but we don’t need to wait for another 600 years to develop. We have position to avoid negative experiences and take good examples from it. At the moment 12 shareholding companies were established in classic way and operating in the market. Just few days ago, “Monfresh”, one of the largest food company, went into public. I can raise several billion US$ when we establish small office on our mining projects and announce to the world. If we do so, world capital market will be interested in us. In order to reach the world level, we need world class share-holding company… Read the rest of this entry »
Copper price is decreasing rapidly. It said that it set the record of downfall in last 22 years. According to the LME, cash buyer’s price for copper is 5030 US$. Just in month’s time, its price was decreased by almost 2000 US$. Mongolia is benefiting enormously from 68% windfall tax in last two years. As for the first 8 months, 180.6 billion MNT of the Mongolia Development Fund and its 177.2 billion came from windfall tax or copper sales.
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