1 PRIME MINISTER OYUN-ERDENE VISITS EGIIN GOL HYDROPOWER PLANT PROJECT SITE WWW.MONTSAME.MN PUBLISHED:2025/04/30      2 ‘I FELT CAUGHT BETWEEN CULTURES’: MONGOLIAN MUSICIAN ENJI ON HER BEGUILING, BORDER-CROSSING MUSIC WWW.THEGUARDIAN.COM PUBLISHED:2025/04/30      3 POWER OF SIBERIA 2: ECONOMIC OPPORTUNITY OR GEOPOLITICAL RISK FOR MONGOLIA? WWW.THEDIPLOMAT.COM PUBLISHED:2025/04/29      4 UNITED AIRLINES TO LAUNCH FLIGHTS TO MONGOLIA IN MAY WWW.MONTSAME.MN PUBLISHED:2025/04/29      5 SIGNATURE OF OIL SALES AGREEMENT FOR BLOCK XX PRODUCTION WWW.RESEARCH-TREE.COM  PUBLISHED:2025/04/29      6 MONGOLIA ISSUES E-VISAS TO 11,575 FOREIGNERS IN Q1 WWW.XINHUANET.COM PUBLISHED:2025/04/29      7 KOREA AN IDEAL PARTNER TO HELP MONGOLIA GROW, SEOUL'S ENVOY SAYS WWW.KOREAJOONGANGDAILY.JOINS.COM  PUBLISHED:2025/04/29      8 MONGOLIA TO HOST THE 30TH ANNUAL GENERAL MEETING OF ASIA SECURITIES FORUM WWW.MONTSAME.MN PUBLISHED:2025/04/29      9 BAGAKHANGAI-KHUSHIG VALLEY RAILWAY PROJECT LAUNCHES WWW.UBPOST.MN PUBLISHED:2025/04/29      10 THE MONGOLIAN BUSINESS ENVIRONMENT AND FDI: CHALLENGES AND OPPORTUNITY WWW.MELVILLEDALAI.COM  PUBLISHED:2025/04/28      849 ТЭРБУМЫН ӨРТӨГТЭЙ "ГАШУУНСУХАЙТ-ГАНЦМОД" БООМТЫН ТЭЗҮ-Д ТУРШЛАГАГҮЙ, МОНГОЛ 2 КОМПАНИ ҮНИЙН САНАЛ ИРҮҮЛЭВ WWW.EGUUR.MN НИЙТЭЛСЭН:2025/04/30     ХУУЛЬ БУСААР АШИГЛАЖ БАЙСАН "БОГД УУЛ" СУВИЛЛЫГ НИЙСЛЭЛ ӨМЧЛӨЛДӨӨ БУЦААВ WWW.NEWS.MN НИЙТЭЛСЭН:2025/04/30     МЕТРО БАРИХ ТӨСЛИЙГ ГҮЙЦЭТГЭХЭЭР САНАЛАА ӨГСӨН МОНГОЛЫН ГУРВАН КОМПАНИ WWW.EAGLE.MN НИЙТЭЛСЭН:2025/04/30     "UPC RENEWABLES" КОМПАНИТАЙ ХАМТРАН 2400 МВТ-ЫН ХҮЧИН ЧАДАЛТАЙ САЛХИН ЦАХИЛГААН СТАНЦ БАРИХААР БОЛОВ WWW.EAGLE.MN НИЙТЭЛСЭН:2025/04/30     ОРОСЫН МОНГОЛ УЛС ДАХЬ ТОМООХОН ТӨСЛҮҮД ДЭЭР “ГАР БАРИХ” СОНИРХОЛ БА АМБИЦ WWW.EGUUR.MN НИЙТЭЛСЭН:2025/04/30     МОНГОЛ, АНУ-ЫН ХООРОНД ТАВДУГААР САРЫН 1-НЭЭС НИСЛЭГ ҮЙЛДЭНЭ WWW.MONTSAME.MN НИЙТЭЛСЭН:2025/04/29     ЕРӨНХИЙ САЙД Л.ОЮУН-ЭРДЭНЭ ЭГИЙН ГОЛЫН УЦС-ЫН ТӨСЛИЙН ТАЛБАЙД АЖИЛЛАЖ БАЙНА WWW.MONTSAME.MN НИЙТЭЛСЭН:2025/04/29     Ц.ТОД-ЭРДЭНЭ: БИЧИГТ БООМТЫН ЕРӨНХИЙ ТӨЛӨВЛӨГӨӨ БАТЛАГДВАЛ БУСАД БҮТЭЭН БАЙГУУЛАЛТЫН АЖЛУУД ЭХЛЭХ БОЛОМЖ БҮРДЭНЭ WWW.MONTSAME.MN НИЙТЭЛСЭН:2025/04/29     MCS-ИЙН ХОЁР ДАХЬ “УХАА ХУДАГ”: БНХАУ, АВСТРАЛИТАЙ ХАМТРАН ЭЗЭМШДЭГ БАРУУН НАРАНГИЙН ХАЙГУУЛЫГ УЛСЫН ТӨСВӨӨР ХИЙЖЭЭ WWW.EGUUR.MN НИЙТЭЛСЭН:2025/04/29     АМ.ДОЛЛАРЫН ХАНШ ТОГТВОРЖИЖ 3595 ТӨГРӨГ БАЙНА WWW.EGUUR.MN НИЙТЭЛСЭН:2025/04/29    

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Events

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MBCC “Doing Business with Mongolia seminar and Christmas Receptiom” Dec 10. 2024 London UK MBCCI London UK Goodman LLC

NEWS

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Helmet found at Kyoto shrine thought to be Mongol invader’s www.asahi.com

KYOTO--An iron helmet believed worn by a Mongol warrior during a 13th-century invasion of Japan has turned up at a shrine here, which prayed for the nation’s victory.
The cone-shaped headgear was discovered in an “azekura-style” storehouse within the precincts of Kitano Tenmangu shrine here in November.
The helmet, which measures 22 centimeters in height and 23 cm in diameter, weighs about 2 kilograms.
It was apparently donated to commemorate Japan’s defeat of fleets from the Yuan Dynasty, which ruled present-day Mongolia, China and other regions between 1271 and 1368, shrine officials said in December.
The dynasty was established by Kublai Khan, a grandson of Genghis Khan, who founded the Mongol Empire.
Kublai twice attempted to invade Japan during the Kamakura Period (1185-1333). Japanese and Mongol forces fought the Battle of Bunei in 1274 and the Battle of Koan in 1281 in northern Kyushu.
The helmet found at Kitano Tenmangu is thought to be from the Mongol side due to its close resemblance with the Kurourushinuri Kawabari Kabutobachi (black-lacquered, leather-treated helmet), a government-designated important cultural property.
The celebrated iron headpiece is believed to have been dedicated to Oyamazumijinja shrine in what is now Imabari, Ehime Prefecture, by Kono Michiari, who led a navy from the Seto Inland Sea area during the Battle of Koan.
Kublai repeatedly demanded Japan become a tributary state to his dynasty, but the Kamakura Shogunate refused. It is believed that the Yuan Dynasty abandoned both attempts partly due to a storm, which is often called “divine wind.”
It remains a mystery which battle the helmet was used in or how it ended up at Kitano Tenmangu.
Sugawara no Michizane (845-903), who is enshrined as a deity at the shrine, was respected as a god of war, who was believed to cause a divine wind to destroy enemies.
Japan’s imperial government in 1268 asked 22 shrines, including Kitano Tenmangu, to pray for a victory in preparation for a war against Mongols, according to records.
In 1281, respects were paid at the shrine to pray for Japan’s triumph at the order of Emperor Go-Uda (1267-1324).
The helmet will be on display at the shrine’s treasure hall through Jan. 11 and also from Feb. 1 to March 14.
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Exploring the meaning of Tsagaan Sar www.jargaldefacto.com

There is a Mongolian myth about why the mouse came to symbolize the first sign of the Eastern zodiac. Long ago, a great competition amongst animals took place. Those who first saw the sunrise were to earn a prestigious title in the Zodiac. The little mouse wanted to participate too. But his competitors were large and strong. And there was no way he could win the race without some help. So, he asked the giant camel for support. The kind-hearted camel took pity on the tiny mouse and let him climb up on his hump. Together, they stood still in the dark, waiting patiently for the sun to rise. Gradually, the dawn brought a new day, and with it, a glimmering golden light that steadily began to hem the horizon. The quick little mouse sprang up on his hind legs, and then, perched on top of the camel’s hump, he saw the rays of the rising sun first. That is how, through the generosity of the noble camel, the mouse came to symbolize the first sign of the Eastern zodiac.
Many ancient cultures throughout the world have invented systems to organize the days and the cycles and rhythms of nature. Most of them have their own myths and traditions related to their timekeepers’ schedules. Some countries celebrate the New Year according to the solar (today predominantly the Gregorian) calendar. Other countries, many of which are also in Asia and the Middle East, celebrate the New Year according to the lunar calendar. Still others welcome the celebration of both.
Origin and the Event
As for the origin of the Mongolian traditional calendar, experts hold differing opinions. Upon brief examination, the Tibetan lunar calendar seems to be the closest source. But the question of exactly when, how or if the current lunar calendar was adopted, and what system was used prior to its acceptance, remains a subject of lively debate amongst historians, astronomers and religious leaders. Nevertheless, Friday, February 12, 2021 will be the beginning of the 35th year of the 17th sixty-year-cycle in Mongolia. And Mongolians would have celebrated this new year of the Ox during a nationwide holiday called “Tsagaan Sar,” or White Moon.
Due to the global pandemic, however, official celebrations have been restricted to small circles since last year. This limitation is particularly hard on the elderly that live far away from their children because it is the one holiday when family members from near and far gather to pay respects to them. Contrarily, those of us who belong to the younger category might admit, with a bit of reluctance, that the restriction comes as a relief. The plethora of rules, the elaborate etiquette, the chaos of preparations, and the intricate dance around ego-shells with a diversity of relatives in various phases of life can all sometimes have the tendency to create more stress rather than invigoration.
Reflection on the Meaning
Whether advantageous or unfavorable, Mongolia’s current quarantine restrictions around national holiday celebrations present an opportunity to reflect on the meaning of Tsagaan Sar. A unique lithograph from the permanent collection of the Mongolian National Modern Art Gallery in Ulaanbaatar titled, “The National Holiday Tsagaan Sar” (1977) by Ts. Dagvanyam can be helpful.
In an eventful scene, the artist presents a Tsagaan Sar morning in a countryside cooperative. Brown, white, and red colors prevail. They accentuate the hustle and bustle of the morning for herders, industriously putting out their cattle and sheep to graze on pasture for the day. Various modes of transport: horses, yak carts, camels, a tractor, and a motorcycle, protrude from the edges of the composition. There is a feisty yak, tied to a cart with canisters, impatiently raising his short fluffy tail while bowing his head and spectacular horns, wanting to get a move on. Behind him, a child with his new toy-airplane and a wand with a star in his hand is joyfully skipping toward his mother, who is placing freshly made traditional buuz (Mongolian dish similar to steamed dumplings) on top of the roof of her ger (Mongolian home) to freeze. At the center of the busy movement, two neighboring families embrace in a traditional Tsagaan Sar greeting (zolgokh yos). On the left side of the composition, a guest is arriving in his red new deel (Mongolian clothing) and is tying his finest horse to a post before going over to greet his hosts…
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Naming this picture, “The National Holiday Tsagaan Sar,” would have been a risky move in 1977. Until 1988, the nationwide celebration of Tsagaan Sar as an official holiday was forbidden. Since 1932, the government had proclaimed Tsagaan Sar a “feudal” ritual perpetuated by religious leaders who wished to continue the “enslavement” of the masses. On January 26, 1952, when Mongolia’s leader, Marshall Kh.Choibalsan, passed away, Tsagaan Sar became a national day of mourning. Then in 1960, the proclamation of the official holiday of herders’ cooperatives began to allow only people in the countryside to celebrate Tsagaan Sar. Since the 1990’s democratic revolution, Tsagaan Sar, once again became an official holiday, celebrated throughout Mongolia. And these days, on Tsagaan Sar’s eve, or Bituun, the nation can watch the president’s official greetings on television.
Bituun and New Beginning
In a way, Bituun is a farewell party for the old year. So, to the extent possible, Mongols strive to complete old projects, settle disputes or any debts, wrap up deals or repairs, and clean up old properties etc. Even closing the curtains at home could do the trick. Traditional buuz and dumplings symbolize the successful completion of a year. And no guest is allowed to leave the house hungry or dissatisfied for the sake of good luck for all. Children play traditional games that also represent the end of a good year, and the winners would be considered particularly lucky next year. Many families place ice cubes on the roof of their ger to water the horse of the swift goddess of luck, Baldanlkham, as she passes by in the sky and blesses everyone at the moment when New Year begins.
On Shiniin Negen, or the first day of the New Year, to rise with the sun and go on a refreshing walk in the direction best suited for one’s personal zodiac sign (for the details, Mongols consult Buddhist astrologers and calendars beforehand) is a ritual that increases the chances of success in the entire year. After this ritual, it is time for everyone to change into their best deels and go out to greet each other (zolgokh), starting with the eldest family member. With best wishes for the New Year, people give and receive symbolic presents of appreciation and respect. The color white is associated with peace, goodwill and new beginnings in Mongolia. Therefore, a New Year’s meal begins and ends with sweetened rice with raisins or any dairy snack (tsagaan idee) one prefers.
Purpose and Deeper Origin
The practical purpose of Tsagaan Sar is to meet and reacquaint with one’s old and new relatives. But more importantly, it is a tradition inherited from the Mongolian nomadic culture. It plays a significant role in passing on history to future generations.
Long ago, Mongols used to celebrate the Lunar New Year in autumn when livestock was abundant and harvest, plentiful. Then, in the spring of 1206, after having successfully united the disparate tribes of the Central Asian steppe, Temuujin was conferred the title of Chinggis Khaan at the council of chieftains and became the head of a new nation of Mongols. The birth of a nation coincided with the first day of spring of the Tiger month in the Tiger year. It was hailed as an auspicious sign by shamans. On that day, Chinggis Khaan is known to have pardoned all convicts, to give a chance for everyone to begin a new chapter in history from a clean slate. Chinggis Khaan also paid respects to the eldest members of his nation by sending them generous presents. Thus, he acknowledged the priceless contribution and sacrifice of those who came before him.
Travellers’ Notes
In Guillaume de Rubrouck’s account, Claude and René Kappler noted that in 1254, the New Year’s took place on January 21st. And in Marco Polo’s travels, it is described how Chinggis Khaan’s grandson, Khubilai Khaan carried on the tradition of New Year’s celebrations.
Exactly what system was used to organize the time and dates prior to the current lunar calendar in Mongolia remains to be agreed upon. But today, the celebration of the Lunar New Year in Mongolia continues to symbolize, in addition to the birthday of the Mongol nation, the kind union of families, the forgiveness for old wrongs, and the gratitude to those who once offered us their shoulder to lean on.
May the New Year of the tenacious White Ox be a bullish one for you!
References:
1) Burmaa, Ch. and Enkhjargal, D. Монгол Түмний Баяр Цагаан Сар. Ulaanbaatar: Empathy, 2017.
2) Choimaa, Sh. Монгол Ёс Заншил, Уламжлалт Ухаанаа Заан Сургагч Нарт Тус Дэм. Ulaanbaatar: Soyombo Press, 2015.
3) Kappler, Claude-Claire et René. Guillaume de Rubrouck, Envoyé de Saint Louis: Voyage dans l’Empire mongol (1253-1255). Paris: Payot, 1985. (Chp. 35)
4) Mongolian National Modern Art Gallery. Selected Works from MNMAG’s Collections. China: ICECE, 2008.
5) Rinchen, B. “Цагаан Сар.” Бямбын Ренчин, Vol. 5. Ulaanbaatar : Nepko Publishing, 2018.
6) Rustichello of Pisa. The Travels of Marco Polo, Vol. 1. Scotland: Yule-Cordier, 1902. (Book 2, Chp. 14)
7) Turmunkh, G. “Цагаан сарыг тэмдэглэхэд учир бий.” Tsahim-toli, February 04, 2016, http://www.tsahim-toli.mn/index.php?option=com_content&view=article&id=1601:tsagaan-sariig-temdeglehed-uchir-bii&catid=42:soyol&Itemid=401.
8) Tibet House Us. “Tibetan Calendar.” Date accessed: January 25, 2021. https://tibethouse.us/tibetan-calendar/.
By: Ariunaa Jargalsaikhan
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Transforming banks to joint-stock companies? www.jargaldefacto.com

At the beginning of this year, Mongolia is about to change laws to decrease the ownership concentration of commercial banks. Five systemically important banks (those accounting for more than 5% of combined bank assets) will become publicly traded banks by mid-2022. The remaining seven banks will become joint-stock banks by 2023 with shares of each owner not exceeding 20%. It is time that the public gains awareness and supports the reasoning behind its dramatic reform to “eliminate” the dominance of a few owners, and understand what challenges can arise, and why it is beneficial for the economy. The need for reforms The twelve commercial banks’ high interest rates for both savings and loans have led to a scarce availability of loans for business enterprises, which ultimately is a failure to fuel the economy. The main cause is that most banks are owned by one or two individuals, leading to poor governance, lack of transparency, and shortage of funds. The continuous degradation of their governance is attributed to the fact that banks’ external and internal monitoring was dependent from the owners for a long time. Banks have become the actors that manipulate the economy, block business competition, and feed into injustice. The owners, who possess only 10% of the total assets, have kept the bank activities secret from the customers and society that make up the remaining 90% of the assets. Commercial banks obtain confidential information from individuals and business enterprises to exploit them to the advantage of their owners’ various business interests. Mongolia’s major banks now primarily serve their owners’ businesses interests, eradicating fair competition. Large banks only use the cars and food that their owners import, operate on their properties, and provide loans for their construction projects. Besides, the owners embezzle public funds and conspire with the authorities to implement large infrastructure projects such as railways. Meanwhile, small banks have gone bankrupt after stealing funds from the state treasury. Consequently, non-performing loans make up more than 10% of the portfolio, while loan loss reserves and the bank’s equities have long been deficient. After being overwhelmed by foreign debt in 2017, Mongolia has borrowed money (EFP) from the IMF and made a commitment to improve the quality of the assets of commercial banks and to increase them. After the audit commenced by the reputable international company Duff & Phelps, it was concluded that 90% of the increased equity does not meet the international banking criteria. However, this report is still kept secret from the public by the Central Bank. As a result, only the initial funding of 450 million USD and half of the additional 5 billion USD worth of grants and loans were provided by the IMF. The program was unsuccessful. Mongolia was even enlisted in FATF’s grey list for a short period. Due to all these reasons, the Central Bank of Mongolia has lowered its key interest rate by 500 units, but still, commercial banks lack the funds to issue loans. Moreover, the global pandemic has interrupted businesses since the 2020 with consecutive lockdowns, inflicting damage to the national economy and health. The challenges Although the banking reform is heading towards the right direction, its implementation is set to face challenges such as valuating the assets correctly, preventing from causing undue losses to the current owners, and gaining trust from the investors in order to be able to sell its shares. To determine the fair valuation of banks, it is first necessary to cover bad and low-quality loans with the loan loss reserves and its own equity, in order to write them off the bank’s balance sheets. In South Korea, after the 1998’s crisis, the Korea Asset Management Corporation (KAMCO) was established, and the state was buying up collateral for bad loans to get out of the crisis. For Mongolia, if corruption still prevails (Mongolia ranked 111th out of 181 countries on the corruption index as of 2020), there is a high risk that politicians will influence the corporations and supply it with overpriced, low-quality properties. To earn the trust of investors, banks must be separated from businesses or loans affiliated to their owners entirely while ensuring professional and independent management is in place. Without trust, nobody will take a risk buying the bank’s stocks. There are many ways to assess a company’s value before the Initial Public Offering (IPO). The simplest one is to assume the current profit to continue for ten years. The total profit of Mongolia’s 12 commercial banks was 290 billion tugriks (Central Bank of Mongolia data) in 2020. The market capitalization of the system was almost 3 trillion. Therefore, if 80% of that is sold, the current owners will earn 2.4 trillion tugriks. This process would not be a confiscation or theft of their wealth, but rather a fair purchase with actual prices. The capital would make its way to the stock market through funds and would be used to buy shares in businesses other than banks. If all the steps are taken appropriately by international standards, even foreign investments can be attracted, bringing management know-how with it. If things go wrong, investors will not buy banks’ shares, and therefore, the requirement set by the Law of Mongolia on Commercial Banks to have more than five owners cannot be complied with. What measures can the Central Bank of Mongolia then take in that instance? The benefits Fair competition and low interest rates can be a reality only when commercial banks cease to serve a handful of owners and their businesses. Instead, they must have numerous owners, stay free of corruption, and maintain good governance and controlling that ensures transparency. Lower interest rates will allow citizens and business enterprises to expand their businesses and increase their consumption. The availability of low interest rates for loans is the most required condition for our economy to prosper. As businesses grow, more jobs will be created, poverty and unemployment will decrease, and new technologies will be introduced. Furthermore, companies will have increased competitiveness and greater ability to export their products and services. Therefore, limiting the shares of the shareholders is a beneficial decision for all - the banks, the bank owner, the businesses, and the country’s economic development. Currently, 50 countries limit the shares of bank ownership, of which 16 have 20%, 6 have 15%, 4 have 10%, 5 have 5%, and 2 have less than 5% (“Banks and Bank Systems” Journal. 06 February 2009) as the maximum share an owner can possess. 2021.02.03 By: D.Jargalsaikhan Trans. by Riya.T and Munkh-Erdene.D

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Mongolia adds 46 locally transmitted COVID-19 cases www.xinhuanet.com

Feb. 13 (Xinhua) -- Mongolia reported 46 new locally transmitted COVID-19 cases in the past 24 hours, taking its national tally to 2,293, the National Center for Communicable Diseases said Saturday.
"A total of 30,287 polymerase chain reaction tests were conducted across the country in the last 24 hours, and 46 of them were positive," the center said in a statement.
The latest cases were detected in the country's capital Ulan Bator, which is the hardest hit by the outbreak in the country, it said.
Meanwhile, 13 more COVID-19 patients recovered and were discharged from hospitals in Ulan Bator, taking the total recoveries to 1,653.
The Asian country has recorded four COVID-19-related deaths since it confirmed its first case in March last year. Enditem
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EAEU seeks free trade with Mongolia www.news.mn

The Eurasian Economic Union (EAEU) is considering an opportunity of establishing free trade zones with Mongolia, Russian Deputy Foreign Minister Alexander Pankin told TASS in an interview.
“Joint research groups have been formed to examine the feasibility of making free trade agreements with Indonesia and Mongolia,” the diplomat said.
“Comprehensive activities are being implemented within the EAEU framework to broaden trade and economic ties with third countries and create preferential conditions for access to foreign markets,” Mr Pankin noted.
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Mongolia to vaccinate 60 percent of its population www.news.mn

So far, the World Health Organisation has approved three COVID-19 vaccines from Pfizer, Moderna and AstraZeneca. Mongolia approved itself those vaccines on 10 January, 2021. The country of 3.3 billion has joined in Covax programme with support from UNICEF to obtain the vaccines.
Therefore, the government is planning to vaccinate 60 percent of its population – or over 2 million people above age 18 – from the beginning of March.
Firstly, health workers, people with chronic diseases and senior citizens will get 300 thousand jabs in cooperation between the Mongolian Government and the governments of China, Russia and India.
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L.Oyun-Erdene: Government policy will target to create jobs www.montsame.mn

Ulaanbaatar /MONTSAME/ Yesterday, February 10, the Cabinet convened and approved a plan worth of MNT 10 trillion to protect citizens’ health and recover the economy. Following the Cabinet meeting, Prime Minister L.Oyun-Erdene presented the plan to the public.
The new Cabinet has developed the plan within two weeks after its formation and it was projected to be implemented in partnership with the Parliament and the Bank of Mongolia.
“Core of the Government policy will target to create jobs, not for social welfare. The best welfare is a guaranteed job with high salary. Therefore, most part of the plan will aim to create more jobs,” the PM highlighted in the beginning of the briefing.
As of today, Mongolia’s economy shrank by 6 percent and GDP went down by 12 percent. Due to the situation, remaining securities of the central bank has reached MNT 7.9 trillion. In other words, commercial banks have deposited all their money as a form of risk fund, not issuing loans. As a result, cash flow has become stagnant leading to shortage of jobs and no economic turnover. Since the beginning of the pandemic, 68.9 thousand jobs have been lost in Mongolia. According to the study made by scholars, 130 thousand jobs will be lost in 2021 unless we implement the complex plan, the PM emphasized.
The Government is aiming to provide its population with housing accommodations and the housing program worth of MNT 3 trillion was included in the plan. MNT 1 trillion will be spent on giving land free of charge, building apartments under a unified blueprint, giving discounts on some building materials such as cement and iron armature and the Government will be responsible for credit guarantee and infrastructure.
The Government will also offer soft loan to construction companies. In other words, the Government will cooperate with construction companies on free land and free infrastructure, the PM emphasized.
The PM said “MNT 2 trillion will be spent on mortgage loan funding. It is most difficult for building companies to sell their apartments. Construction companies that are able to accept requirements by the Government and reduce their apartment price per square meter will be involved in mortgage loan. Financing of MNT 100 billion will be granted to mortgage loan monthly. As a result, construction sector will be activated, creating jobs and increasing opportunity for youth to live in apartment. ”
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World Bank Approves $50.7 Million for Affordable and Equitable COVID-19 Vaccine Access in Mongolia www.montsame.mn

WASHINGTON, February 11, 2021 – The World Bank Board of Executive Directors today approved additional financing in the amount of $50.7 million for the Mongolia COVID-19 Emergency Response and Health System Preparedness Project to enable affordable and equitable access to vaccines in the country.
The funding has been approved at a crucial juncture in the government’s response to COVID-19. Mongolia has taken strong measures to prevent and contain the COVID-19 outbreak since the beginning of 2020. Despite the relatively low number of cases in Mongolia, further community spread risks remain high. To reduce this risk, further preventive measures, supporting health system improvements, and providing access to COVID-19 vaccines are critical.
To support the Mongolian government’s strategy to vaccinate at least 60 percent of its population, the additional financing will help pay for purchase and deployment of COVID-19 vaccines. Given the urgent need to expand immunization capacity, it will support comprehensive measures for effective vaccine delivery, such as cold chain upgrade, logistics, national and local roll-out plans, public information campaigns, and staff training.
“Access to safe and effective vaccines will be critical to protecting lives and accelerating economic and social recovery in Mongolia,” said Andrei Mikhnev, World Bank Country Manager for Mongolia. “This additional financing approved today will enable affordable and equitable access to vaccines and play a critical role in further strengthening the health system in Mongolia.”
The World Bank is part of multilateral efforts such as ACT-A and COVAX and is cooperating closely with WHO and UNICEF who continue to play an integral role in supporting vaccine deployment and building capacity of health care workers.
The Mongolia COVID-19 Emergency Response and Health System Preparedness Project, approved in April 2020, is helping strengthen health system preparedness and diagnostic capacity through procurement of essential medical equipment and personal protective equipment for three tertiary hospitals as well as hospitals of 21 provinces and 9 districts of Ulaanbaatar city.
World Bank Group Response to COVID-19
The World Bank, one of the largest sources of funding and knowledge for developing countries, is taking broad, fast action to help developing countries respond to the health, social and economic impacts of COVID-19. This includes $12 billion to help low- and middle-income countries purchase and distribute COVID-19 vaccines, tests, and treatments, and strengthen vaccination systems. The financing builds on the broader World Bank Group COVID-19 response, which is helping more than 100 countries strengthen health systems, support the poorest households, and create supportive conditions to maintain livelihoods and jobs for those hit hardest.
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China Mars mission: Tianwen-1 spacecraft enters into orbit www.bbc.com

China says it has successfully put its Tianwen-1 mission in orbit around Mars.
It's the first time the country has managed to get a spacecraft to the Red Planet and comes a day after the United Arab Emirates accomplished the same feat.
Engineers will bide their time before despatching the wheeled robot to the surface but the expectation is that this will happen in May or June.
Wednesday's orbit insertion underlines again the rapid progress China's space programme is making.
It follows December's impressive mission to retrieve rock and soil samples from Earth's Moon - by any measure a very complex undertaking.
Its five-tonne spacecraft stack, made up of orbiter and rover, was launched from Wenchang spaceport in July, and travelled nearly half a billion km to rendezvous with the Red Planet.
Engineers had planned a 14-minute braking burn on the orbiter's 3,000-newton thruster, with the expectation that this would reduce its 23km/s velocity sufficiently to allow capture by Mars' gravity.
The manoeuvre was automated; it had to be. Radio commands currently take 11 minutes to traverse the 190 million km now separating Earth from Mars.
It should have put Tianwen-1 in an initial large ellipse that comes in as close as 400km from the surface and out as far as 180,000km.
This will be trimmed over time to become tighter and more circularised.
In contrast to the Emiratis' live TV coverage on Tuesday, China chose to report the orbit insertion at Mars only after it had occurred.
It was clear early on, however, that events were proceeding as they should because amateur radio enthusiasts could listen across Tianwen-1's signals, and they could see each milestone in the manoeuvre was being achieved.
China is following the strategy employed by the Americans for their successful Viking landers in the mid-1970s. The idea then was to make orbit first and only later send a robot to the surface.
A period of reconnaissance will now follow but Tianwen-1's primary choice for a touchdown is a flat plain within the Utopia impact basin just north of Mars' equator.
The rover, which has yet to be named, looks a lot like the US space agency's (Nasa) Spirit and Opportunity rovers from the 2000s. It weighs some 240kg and is powered by fold-out solar panels.
A tall mast carries cameras to take pictures and aid navigation; five additional instruments will help assess the mineralogy of local rocks and look for any water-ice.
A key experiment will be the ground-penetrating radar, which should be able to sense geological layers at tens metres' depth.
This surface investigation is really only half the mission, however, because the orbiter that has been shepherding the rover will also study the planet, using a suite of seven remote-sensing instruments.
Like previous satellites, this spacecraft will observe characteristics of the high atmosphere and examine the structures and composition of the surface. High- and medium-resolution cameras should return some impressive pictures.
Tinawen-1 is one of three missions arriving at Mars this February.
The UAE's Hope probe made it safely into orbit on Tuesday. Next week, Nasa will attempt to put another of its big rovers on the surface.
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Mongolia: Shift from Relief to Resilience Crucial to Economic Recovery www.montsame.mn

Hit by the COVID-19 crisis, Mongolia’s economy has experienced the worst contraction since its economic transition in early 1990s, but it is projected to rebound in 2021. Following a 7.3 percent decline in the first nine months of 2020, the World Bank’s latest Mongolia Economic Update estimates that the economy will grow by 4.3 percent in 2021 – as government stimulus measures prop up domestic demand, shockwaves to the global economy recede, and vaccines are introduced.
The COVID-19 shock to Mongolia’s economy has been severe and widespread, affecting the structure and conditions of the labor market, says the report. While employment increased in IT and health sectors, job declines occurred in various other sectors including hospitality and entertainment. The report cautions of the increased risk of low-skilled workers in the informal sectors and those living just above the national poverty line falling into poverty.
“Economic recovery from the COVID-19 shocks is likely to be slow and erratic. Mongolia’s policy focus needs to transition from short-term relief to accelerating recovery and building resilience,” said Andrei Mikhnev, World Bank Country Manager for Mongolia. “The immediate challenge is the limited fiscal space to continue the generous support provided in 2020, while an abrupt withdrawal could create significant difficulties for households and firms”.
The report notes that the government’s relief measures were successful in providing adequate support to households and firms and prevented a wave of business closures. The report estimates the size of the government’s fiscal support at around 9 percent of GDP in 2020.[1] The 2021 budget foresees a return to fiscal consolidation, which will be required to prevent a further increase in the country’s large public sector debt.
The report projects real GDP growth in 2021-22 to accelerate to about 5 percent, supported by a renewed drive of investment in the mining sector. Private finance backed by foreign direct investment (FDI) will remain a key contributor to growth, especially in mining, manufacturing, and transport services. Private consumption will also support growth in the medium-term.
However, the latest domestic outbreak has added considerable uncertainty to the economic recovery, according to the report. Other risks to the outlook include further coronavirus outbreaks, extreme weather, fragility in the financial sector as regulatory forbearance is withdrawn, and the possibility of new spending and overstretched public finance in the run-up to the presidential elections.
The report cautions that even in the face of persistent uncertainty Mongolia needs to signal a clear commitment to fiscal stability to avoid a recurrence of the traditional macro boom-and-bust cycles. Further exchange rate flexibility could help cushion additional external shocks and thereby preserve the limited policy room.
Beyond these short-term risks, the rollout of vaccines could help bring the COVID-19 pandemic under control and allow policy efforts to begin focusing on the critical medium-term agenda. An immediate priority are further efforts to implement structural reforms in the banking sector, says the report. Key elements of these reforms include strengthening capital buffers and improving corporate governance of banks (including ongoing reforms in ownership structure of banks), facilitated by the gradual exit from extraordinary regulatory forbearance.
The report says that the approval of the banking law is a good first step which should be followed by further measures to strengthen the independence of bank supervision and deal with the legacy of non-performing loans in the sector.
The report recommends that Mongolia adopt an integrated and fiscally sustainable approach to boosting medium-term economic prospects and job creation. This includes leveraging private sector investment in the mining and non-mining sectors to create higher productivity jobs and sustainable income opportunities for Mongolians. These efforts should be complemented by better targeted government investments in infrastructure and a more efficient and affordable social safety net.
World Bank Group
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