Corruption, economic crisis overshadow Mongolian election www.longisland.news12.com

ULAANBAATAR, Mongolia (AP) - Mongolians will vote for a new president on Monday in a race pitting a horse salesman against a former judo star and a nationalist wanting to get more from the vast landlocked country's mineral wealth.

The three candidates are seeking to succeed Tsakhia Elbegdorj of the Democratic Party who has served the maximum of two four-year terms. While the nation of 3 million had been an oasis of democratic stability since the end of communist rule nearly three decades ago, its politics have grown increasingly fractious amid an economic crisis and accusations of corruption among the ruling class.

Speaker of the parliament and horse dealer Miyegombo Enkhbold is representing the Mongolian People's Party, which won a landslide victory in legislative elections last year. He faces off against judo champion and business tycoon Khaltmaa Batulgaa of the Democratic Party, with Sainkhuu Ganbaatar of the Mongolian People's Revolutionary Party rounding out the field.

It's unclear whether Ganbaatar will be eligible to run after a video surfaced of him accepting a campaign donation from a South Korean citizen.

Sandwiched between Russia and China, resource-rich Mongolia has been roiled by financial upheaval and the increasing draw of China's economic and political influence that competes with its ties with the democratic West, especially the United States.

"This election looks orchestrated from the very beginning, with nomination of candidates in a very strange way," said Sumati Luvsandendev, director of the liberal-leaning Mongolian think tank the Sant Maral Foundation. "I have never seen an election like it."

Enkhbold, campaigning under the slogan of "National unity; Mongolian pride," is widely seen as representing stability at a time when Mongolia is showing tentative signs of recovery from its economic crisis brought about by a dramatic drop in global commodity prices.

He has been tainted by allegations of corruption, however. Last month, an audio tape was leaked to the public purportedly of a 90-minute conversation in 2014 between Enkhbold and two of his party's officials discussing a $25 million bribe to reshuffle government positions.

Batulgaa has campaigned on a "Mongolia First" policy, borrowing the language of U.S. President Donald Trump. His manifesto promises "a patriotic president" seeking "equal cooperation" with neighbors like China, which he has criticized in the past.

His company, "Genco," is one of Mongolia's largest, with businesses including hotels, media, banking, alcohol, horsemeat and a Genghis Khan-themed complex. He was also minister of agriculture between 2012 and 2014 and a former member of parliament, as well as president of the Mongolian Judo Association.

However, he too has been tarnished following an investigation last year by the Independent Authority Against Corruption into an alleged misappropriation of funds for a new railway during his time as minister of transport. Batulgaa is also reported to have various offshore accounts, an increasingly sensitive topic.

Ganbaatar, who like Batulgaa failed to keep his seat in 2016, has been a vocal critic of mining giant Rio Tinto, earning him past popularity. The self-described feng shui master and "Robin Hood" has often claimed the country should get a better deal with the company over its copper and gold mine, Oyu Tolgoi. The mine, 66 percent held by Rio subsidiary Turquoise Hill Resources, will account for one third of Mongolia's gross national product by 2020, according to estimates.

Foreign investment in Mongolia has slumped in recent years following weaker commodity prices and high-profile disputes between the government and large investors including Rio Tinto. Mongolia's economy grew just 1 percent last year, down from 17.5 percent in 2011 when it was the world's fastest growing. It now has $23 billion in debt, more than double the size of its economy. Unemployment is roughly 9 percent, with about one in five Mongolians living in poverty.

"Business is difficult," said Erdenechimeg Gunhabaatar, a 26-year-old fruit vendor and father of two. "I really think my government is in a difficult situation, especially with the economic crisis."

"I really hope with the new president, things will get better," Gunhabaatar said.

The country recently secured a $5.5 billion International Monetary Fund-led bailout to stem its financial crisis, with a $500 million bond repayment due in January 2018. Enkhbold's party pledges to continue the IMF's program, including higher taxes and spending cuts, while Ganbaatar has criticized the IMF.

That bailout will likely limit any Mongolian government's room for maneuver over the next several years, said Julian Dierkes, an associate professor at the University of British Columbia.

"The IMF plays a huge role; it locks in certain budgets and raises taxes," Dierkes said.

While a Sant Maral poll earlier this year suggested a strong lead for Enkhbold of the MPP, Luvsandendev says the likelihood of low voter turnout makes the result now "impossible to predict."

At least 50 percent of eligible voters must cast ballots for the election to be valid.

"The youth don't see themselves in the candidates," said Lkhagva Erdene, executive producer of news at independent broadcaster MongolTV. "We and many others feel the only road ahead is the one we pave ourselves."

Saruul Enkhbold contributed to this report.

Ambassador to Mongolia Catherine Arnold at the Queen's Birthday Party 2017 www.gov.uk

The first Presidential debate will take place tomorrow www.mongolia.gogo.mn

Mongolian National Broadcaster announced to organize the first Presidential debate for 2017 election on Jun 24 at 9 p.m. The debate will be carried live nationwide across Mongolian National Broadcaster, Mongolian News, and Mongolian radio. 

All three presidential candidates; namely, a nominee of Mongolian People`s Party M.Enkhbold, a nominee of Democratic Party Kh.Battulga and a nominee of Mongolian People`s Revolutionary Party S.Ganbaatar will appear in the debate. 
People are able to send their questions until 12 a.m today through 318971, 328643, 7000-1630 and songuul2017_asuult@mnb.mn as well as http://election2017.mnb.mn
The questions will cover following issues;
Legal and Justice
Economic and social situation
Security and foreign policy
Personal.

Mongolia building three new roads www.worldhighways.com

Three build-operate-transfer road projects are being planned in Mongolia. The projects will be carried out between 2017 and 2020. One project is for a 272km link connecting Bichigt with Baruun-Urt. Another project will be carried out from 2017 to 2019 and involves rebuilding the 250km road joining Gashuunsukhait with Tavantolgoi. Widening of a 205km road from capital Ulaanbaatar to Darkan is also planned with the link being upgraded to having two lanes in either direction.

China May coal imports from Indonesia, Mongolia jump - customs www.au.investing.com

BEIJING, June 23 (Reuters) - China's coal imports from Indonesia in May rose 24.5 percent from a year ago to 3.86 million tonnes, the highest level since July 2012, customs data showed on Friday.
Mongolian arrivals during May rose 42 percent from a year earlier to 3.16 million tonnes, while supply from Australia, China's largest coal supplier, fell 5 percent from a year ago, the data showed.

Cuba and Mongolia sign Agreement for the Mutual Recognition of Academic Degrees www.misiones.minrex.gob.cu

Ulaanbaatar. June 22, 2017. His Excellency, Mr Gelegpil Chuluunbaatar, Minister of Education, Science, Culture and Sport of Mongolia, signed an agreement on Mutual Recognition of Programs of Studies, Diplomas and Degrees in Higher Education between Mongolia and the Republic of Cuba. On the Cuban side, the Agreement was signed by Cuban Ambassador Raúl Delgado Concepción, who emphasized in his words that this agreement will allow young Mongolian graduates in Cuba to validate their academic qualifications automatically upon their return to Mongolia to begin their professional life.

The Ambassador also pointed out that cooperation in educational matters remains one of the main aspects of the relationship between the two countries, which has allowed more than 160 young Mongols to study different university degrees in Cuba. Of the 20 young Mongolians currently in higher education in Cuba, 19 of them do so in the medical school.
Minister for his part highlighted the results achieved by Cuba in education and said he was happy to be with Cuba with whom he could sign such an important agreement for both countries, which laid the foundations for continuing to strengthen ties of cooperation.
The ceremony was attended representing the Ministry of Education, Science, Culture and Sport of Mongolia, by Mrs. Т.Amarjargalan, Director of Higher Education, Ms E.Enkh-Amgalan, Director of Foreign Cooperation and Ms L.Tsedewsuren , Head of the Department of Administration and Public Management. Representing the Ministry of Foreign Affairs of Mongolia was present Mr. Ganbold, Deputy Director General of the Department of America, Middle East and Africa. (EmbaCuba Mongolia)

Mongolian government starts granting scholarships to Cubans www.montsame.mn

Ulaanbaatar /MONTSAME/ The Mongolian Minister for Education, Culture, Science and Sports G.Chuluunbaatar and Ambassador Extraordinary and Plenipotentiary of the Republic of Cuba to Mongolia Raul Delgado Consepcion signed the Agreement on Mutual Acknowledgement of Tertiary Education Certification and Degrees between the Government of Mongolia and the Government of the Republic of Cuba.

Fed: US banks have money for crisis www.bbc.com

The 34 largest banks in the US have money on hand to withstand a severe recession, the US central bank said on Thursday.

The finding comes from an annual "stress test" conducted by the Federal Reserve.
The tests were put in place after the financial crisis to strengthen financial capacity in the event of a downturn.
Banks have been pushing to relax those rules.
Some said Thursday's results could make it easier to convince policymakers to do so.
"We see today's ... stress test results as a positive for Trump administration efforts to deregulate the banks," Jaret Seiberg, a policy analyst with Cowen & Co, told Reuters.
The Federal Reserve tested to see how banks with $50bn (£39.4bn) or more would respond in the event of a global recession, if unemployment increased to 10% and property values declined.
That would trigger combined losses of nearly $500bn over more than two years - including $383bn from loans - but the firms have enough of a cushion to handle such a blow, the Federal Reserve said.
Since 2009, the 34 firms have added more than $750bn in common equity capital, the Federal Reserve said.
Jerome H Powell, a governor of the Federal Reserve who has urged some regulatory reform, said the tests show that "even during a severe recession, our large banks would remain well capitalised".
"This would allow them to lend throughout the economic cycle and support households and businesses when times are tough," he said.
The firms reviewed included Bank of America, JP Morgan Chase and Wells Fargo.
A second, more closely watched component is due next week.

Unemployed rate decreased to 9.1 percent www.montsame.mn

Ulaanbaatar /MONTSAME/ The unemployment rate of Mongolia reached an all time high of 11.6 percent in the first quarter of 2016 with 143 thousand unemployed people.

Mongolia-Russia strategic relationship expands actively www.news.xinhuanet.com

ULAN BATOR, June 22 (Xinhua) -- The relationship between the law enforcement agencies of Mongolia and the Russian Federation have actively expanded in recent years, said Spokesman of the Parliament of Mongolia Miyegombyn Enkhbold on Wednesday.

Enkhbold emphasized the importance of deepening trade and economic relations between Mongolia and Russia at a meeting with Mukharbek Didigov, deputy chairman of the Federation Council Committee on Defense and Security.
After the formation of a new parliament and a new government following the previous parliamentary elections in Mongolia, bilateral relations between the two countries began to develop more intensively, said Enkhbold.
A number of mutual visits between the sectoral ministries of Mongolia and Russia have been carried out while several documents on expansion of bilateral cooperation were signed.
"All this confirms a new page opened in the strategic partnership between Mongolia and Russia," said Enkhbold.
The main task of law enforcement bodies is to create a favorable legal environment to attract investment, expand business ties and enhance regional and cross-border cooperation between Russia and Mongolia, said Didigov on a working visit at the invitation of the Parliamentary Standing Committee on Foreign Policy and Security.