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

NEWS

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EBRD and GCF boost climate financing for Mongolia www.neweurope.eu

The European Bank for Reconstruction and Development (EBRD) and the Green Climate Fund (GCF) plan to make climate financing available for climate mitigation and resilience projects in Mongolia.
Smaller firms in Mongolia will benefit from new opportunities to make their businesses more energy efficient and productive thanks to a $4 million loan provided by the EBRD and GCF to XacLeasing, one of the country’s largest financial leasing companies, the EBRD said on September 21.
Hannes Takacs, EBRD Associate Director, Head of Mongolia, noted that for the first time the EBRD is making leasing loans for climate mitigation and resilience projects available to small businesses in Mongolia. “Broadening access to leasing, including widening the range of available leasing products, is one of the Bank’s priorities in the country. We are delighted to partner with our longstanding client, XacLeasing, a leasing company that has the expertise and reach to support that strategic goal,” he said.
The loan is being made available under the EBRD’s Green Economy Financing Facility (GEFF) in Mongolia and blends $1 million of GCF concessional finance with $3 million of EBRD finance, the bank said.
According to the EBRD, XacLeasing is the first leasing company to join GEFF Mongolia and will offer leases to micro-, small- and medium-sized enterprises (MSMEs) for investments in high-performing technologies that improve the use of energy and water resources.
The leases will cover investments in technologies such as energy-efficient production machinery, agricultural irrigation and rainwater harvesting equipment. Beneficiaries can identify climate-friendly technologies with the help of the Green Technology Selector and dedicated technical support is available through a consultancy team funded by the GCF and Japan.
GEFF Mongolia supports gender activities that aim to enhance equal opportunities for men and women to access finance for green technologies, the bank said, adding that it builds on the success of the EBRD’s previous Sustainable Energy Financing Facility in Mongolia that enabled small businesses to finance over 35 energy efficiency and renewable energy investments with a combined value of over to $20 million.
The EBRD GEFF programme operates through an aggregate network of more than 140 local financial institutions across 27 countries, supported by almost €4.2 billion of EBRD finance for 160,000 clients since it began. These projects have led to annual CO2 emissions reductions of more than 8.6 million tonnes.
The partnership between the Green Climate Fund and the EBRD has seen the GCF support seven EBRD programmes with US$ 1.08 billion, catalysing more than US$ 2.7 billion co-financing. The GCF is the largest climate fund in the world to support the efforts of developing countries to respond to the challenge of climate change.
In Mongolia, the EBRD works to help build a diverse economy by developing the private sector and supporting infrastructure improvements. The Bank has invested more than €1.8 billion in 113 projects in the country since it started operations there in 2006.
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IMF gives nudge on returning to sustainable spending and preparing for maturing debts www.ubposts.com

After several years of strong economic growth, Mongolia - like many countries across the world - has been hit by a major economic shock due to the COVID-19 pandemic. Thanks to prompt action by the government, Mongolia has avoided a domestic COVID-19 outbreak and limited the size of the economic downturn.
We interviewed Geoff Gottlieb, mission chief to Mongolia of the International Monetary Fund (IMF), to dive into issues concerning the Mongolian economy, financial sector, state budget, and policy rate.
Relaying that IMF stands ready to continue to help Mongolia fulfill its outstanding economic potential and improve living standards for all Mongolians, Gottlieb encourages the authorities to address the incomplete reform agenda from the last IMF-supported program by reducing deficits, building foreign exchange reserves, and strengthening the banking system
What is your outlook on Mongolia’s economy post COVID-19?
The economy has begun to recover due to a resumption in mineral exports, the increase in government spending, and the gradual lifting of measures aimed to prevent the domestic spread of the virus. Mongolia has also continued to benefit from substantial support from the international community, including the IMF’s Rapid Financing Instrument, which provided 99 million USD to Mongolia in June. As a result, we project a sharp rebound in growth in the second half of the year (a contraction of more than 1 percent on the year) and a return to positive annual growth in 2021.
More broadly, Mongolia has fantastic economic potential, particularly in mining, agriculture, and tourism. Mongolia’s relatively small population, untapped resources, and access to a large and fast-growing market on its border is a combination that many countries would envy. To make the most of this, the investment climate would benefit from less volatile fiscal and monetary policy, a more predictable regulatory environment for investors, and better transport infrastructure for key commodities. The IMF stands ready to help Mongolia reach its potential in any way we can.
What were the key successes Mongolia achieved through the IMF’s Extended Fund Facility?
The Mongolian authorities, with support of the Extended Fund Facility, successfully averted a default on public debt and laid the foundation for a sharp recovery in Mongolians’ living standards. The key policy change behind this success was a decisive turn away from excessive budget deficits and off-budgetary spending. This helped reduce public debt from 88 percent of GDP to 70 percent of GDP in three years, thereby freeing up resources to support the economy and the Mongolian people, as it has during the pandemic this year.
Parliament approved the 2020 state budget amendment on August 28, with a record high deficit of 4.8 trillion MNT (12.5 percent of GDP). Regarding this, would you say that the government is backtracking from all of the progress it made through the Extended Fund Facility?
It is important to give the government credit for avoiding a domestic outbreak of COVID-19. In addition, the government made the right decision in allowing a temporary rise in the deficit this year. A bigger deficit can help reduce the size of the recession and limit the social impact of the pandemic. At the same time, the size of the increase in the deficit this year was very large for a country with still high debt. Going forward, it will be important to ensure that budget deficits return to sustainable levels so that the government can help the Mongolian people on a lasting basis.
How are you assessing the government’s expenditure for this year? What expenses could the government cut down on?
When the pandemic hit, the government appropriately acknowledged new priorities, including health-related spending. This has helped reduce the social impact of the pandemic. Nonetheless, government spending has now risen almost 70 percent in two years. We would encourage the government to return to more sustainable spending levels as the pandemic recedes. Ultimately, the government of Mongolia, Parliament, and the Mongolian people are best placed to decide which government programs are most essential.
Mongolia has upcoming debts. With the growing uncertainty in the local and global economies, what should Mongolia focus on now?
Indeed, the global environment remains highly uncertain and the government of Mongolia has large external bonds coming due. To successfully manage these maturing debts, the key priorities for the government are to work toward smaller deficits starting with the 2021 budget and to steadily increase the Bank of Mongolia’s foreign exchange reserves.
The government has raised the monthly cash allowances to children (children’s money) from 20,000 MNT to 100,000 MNT until end-2020. Many experts speculated that this could flatten the welfare system. What is your opinion on this?
Mongolia’s Child Money program has several positive aspects to it: it can have broad coverage of the poor, it is relatively easy to administer, and there is broad social and political support for it. Nonetheless, we would encourage the government of Mongolia to seek more ways to use the budget overall to reduce inequality. The current system in Mongolia – with a flat personal income tax rate (as opposed to higher rates for the wealthy) and a similarly flat social transfer system (as opposed to providing larger sums to those most in need) benefits the wealthiest Mongolians more than the poorest Mongolians.
What are you most concerned about in the financial/banking system and what do you propose to do?
The two key priorities are determining whether banks have enough capital and ensuring that the Bank of Mongolia can credibly require banks to address any capital shortfalls. A 2019 forensic audit confirmed that most of the capital that select banks claimed to have raised in recent years was not found to be legitimate. And the pandemic has likely reduced banks’ health further given the contraction in the economy. Ensuring banks have enough capital both protects Mongolians’ deposits and allows banks to lend to the private sector in a sustainable way.
Inflation is well below the Bank of Mongolia’s 8 percent target and the exchange rate continues to depreciate. Do you agree with the recent decision to reduce the policy rate? What do you think are the monetary policy priorities for Mongol Bank?
We are not worried about inflation being below the Bank of Mongolia’s target. The current target of 8 percent is among the highest in the world and too high for Mongolia. Moreover, inflation of 2 to 3 percent is not a problem for the economy. Instead, we believe the Bank of Mongolia should focus in the near-term on building foreign exchange reserves. Having a stronger balance sheet is critical if the Bank of Mongolia wants to achieve low and stable inflation over time.
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US election: Trump won't commit to peaceful transfer of power www.bbc.com

US President Donald Trump has refused to commit to a peaceful transfer of power if he loses November's election.
"Well, we'll have to see what happens," the president told a news conference at the White House. "You know that."
Mr Trump voiced concern about ballots, an apparent reference to postal voting, which he argues is susceptible to fraud even though he has voted in this way.
More states are encouraging mail-in voting, citing the need to keep voters safe amid the coronavirus pandemic.
Mr Trump was asked by a reporter on Wednesday evening if he would commit to a peaceful transfer of power "win, lose or draw" to Democrat Joe Biden.
"I've been complaining very strongly about the ballots," Mr Trump, a Republican, said. "And the ballots are a disaster."
When the journalist countered that "people are rioting", Mr Trump interjected: "Get rid of the ballots, and you'll have a very - you'll have a very peaceful - there won't be a transfer, frankly, there'll be a continuation."
Back in 2016, Mr Trump also refused to commit to accepting the election results in his contest against the Democratic candidate, Hillary Clinton, which she characterised as an attack on American democracy.
He was eventually declared the winner, although he lost the popular vote by three million, an outcome on which he still cast doubt.
Earlier on Wednesday, the president defended his decision to seek the appointment of a new Supreme Court justice before the vote to fill the vacancy left by the late Ruth Bader Ginsburg, saying he expects the election results to end up before the court.
"I think this [the election] will end up in the Supreme Court, and I think it's very important that we have nine justices," the president said.
"I think it's better if you go before the election, because I think this scam that the Democrats are pulling, it's a scam, the scam will be before the United States Supreme Court."
Mr Trump was apparently referring again to his much-disputed claims that mail-in ballots are vulnerable to fraud.
The president has said he will name a female nominee for the court this Saturday. She would replace Justice Ginsburg, who died last Friday.
Mr Trump's supporters hope his nominee, if confirmed by the US Senate, will cement a 6-3 conservative ascendancy on the nation's highest court for the forseeable future.
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Eleven charter flights to be organized in October www.montsame.mn

Ulaanbaatar/MONTSAME/. According to the decision of the State Emergency Commission, 11 charter flights will be organized in October to repatriate about 2700 Mongolian citizens from abroad as follows:
Nur-Sultan-Ulaanbaatar on October 4
Seoul-Ulaanbaatar on October 8
Tokyo-Ulaanbaatar on October 10
Seoul-Ulaanbaatar on October 12
Seoul-Ulaanbaatar on October 16 /transit/
Seoul-Ulaanbaatar on October 17
Seoul-Ulaanbaatar on October 18
Seoul-Ulaanbaatar on October 19
Seoul-Ulaanbaatar on October 20
Frankfurt-Ulaanbaatar on October 23
For the 11th flight in route of Seattle-Ulaanbaatar, its date is not clear yet.
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Lake Khuvsgul and the dangers of uncontrolled tourism www.news.mn

Last year, the Mongolian Cabinet approved a project for establishing an eco-zone at the Khuvsgul Lake National Park with the assistance of the Asian Development Bank; it also decided to limit the number of tourism licenses for the area. However, there are still a total of 98 tourist camps operating in banks of the lake. In addition, some 500 locals and 30 enterprises make money from providing horse riding and boat trips. This affects the eco system of Lake Khuvsgul which holds 70 percent of Mongolia’s fresh water reserves.
Khuvsgul is one of the 17 oldest lakes in the world. It is 1,645 metres (5,397 feet) above sea level, 136 kilometres (85 miles) long and 262 metres (860 feet) deep.
Ger and chalet camps have increased around the lake due to the sharp rise in the number of local and foreign tourists. In 2013, Lake Khuvsgul was visited by 23000 tourists – within five years this had tripled to 120000.
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Cooperation between Mongolia, United Nations discussed www.montsame.mn

Ulaanbaatar /MONTSAME/. On September 23, Prime Minister of Mongolia U.Khurelsukh received delegates led by United Nations Resident Coordinator in Mongolia Tapan Mishra.
At the beginning of the meeting, the Prime Minister stressed the solid support of the United Nations to Mongolia for its combat and prevention against the COVID-19 pandemic and asked to continue working together for economic recovery and repatriation of Mongolian nationals abroad.
The UN Mongolia Resident Coordinator conveyed to the Prime Minister that COVID-19 revealed that government of Mongolia could strongly benefit from a comprehensive and coherent program to maintain and deepen the relationship between the country and its citizens abroad. Moreover, he highlighted that the Mongolian government’s decision to increase monthly allowance for children to MNT 100,000 was an adequate solution as strict restrictions had been imposed in the country in the wake of the pandemic.
After introducing about the UN measures being taken to overcome the economic and social difficulties caused by COVID-19, the UN delegates also pledged to give wide-ranging assistance to Mongolia in the future. The sides also agreed to cooperate on establishing a multilateral partnership platform for a complex financial solution to ensure nationwide implementation of the Sustainable Development Goals.
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Coordination for domestic cement market competition to be discussed by cabinet www.montsame.mn

Ulaanbaatar /MONTSAME/. At today’s meeting of the cabinet, Chair of the Cabinet Secretariat L.Oyun-Erdene delivered a presentation on the recent working trip by Prime Minister U.Khurelsukh to Dakhan-uul and Selenge aimags. Concerning the report, the cabinet has given following orders to corresponding cabinet ministers, agencies and local governors, and assigned them to submit proposals and drafts for cabinet discussion once ready.
- To coordinate the market competition for domestic manufacturing of cement and provide necessary support to cement export.
- To conduct the selection of a consulting service for Bogdkhan Railway project in cooperation with the Asian Development Bank
- To intensify expansion and renovation of the 204.11 km long auto road between Ulaanbaatar and Darkhan cities, and settle needed funding for ensuring safety until the re-selection is performed on the sections, of which construction contracts have been withdrawn
- To complete repair and maintenance of roads around the harvesting areas in the nearest future
- To allow only intensive livestock husbandry in agrarian areas
- To tackle issues related to infrastructure investment and other issues of Darkhan Leather Complex project.
- To integrate Darkhan-Urgoo Polytechnic College and Polytechnic College for Mining and Energy into a Vocational Training Center for Agriculture and Industry.
- To extend the working period of students who are being mobilized in the harvesting campaign until October 15, 2020 and resolve pressing issues.
Also, during the session, the cabinet decided to cut nighttime electricity cost in aimag centers, soums and other residential areas with 10,000 inhabitants or more by 100 percent. Previously, the residents in these regions were enjoying 50 percent discount on their nighttime electricity bill.
The cabinet also approved the geographic coordinate of areas for widespread mineral exploration and exploitation required for the construction of 18.82 km auto road by Ulgii city on the Asian Highway 4 route and a 201-meter concrete bridge.
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Tavantolgoi-Gashuunsukhait and Tavantolgoi-Zuunbayan railroads to be connected www.montsame.mn

Ulaanbaatar /MONTSAME/ At its regular meeting on September 23, the Cabinet authorized Tavantolgoi Railway company to construct the basic track structure of a 22 km railroad connecting Tavantolgoi Gashuusukhait and Tavantolgoi-Zuunbayan railroads and assigned relevant Ministers to develop the engineering design, carry out environmental impact assessment, and begin the project within this year. The necessary estimated funding will be provided by Erdenes-Tavantolgoi company.
It is estimated that the exploitation of coal, copper, coal, tungsten, zinc and fluorspar deposits of Tavantolgoi, Tsagaansuvarga, Aduunchuluun, Chandgana, Talbulag, and Khuut will increase annual exports to around 50 million tons and rail freight volume 3.5-fold.
The Cabinet also instructed relevant Ministers to approve a plan coordinating Tavantolgoi coal deposit mining and infrastructure development projects and programs and to oversee its implementation.
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81.3 thousand tons of hay prepared at national level www.montsame.mn

Ulaanbaatar /MONTSAME/ According to a report on progress of harvesting, 81.3 thousand tons of hay has been prepared on the national level as of the beginning of this month and it is a decreased performance by 167.5 thousand tons or 67.3 percent compared to the same period of previous year, reports the National Statistics Office.
Furthermore, 12.5 thousand tons of vegetable, 8000 tons of potatoes have been harvested and 0.2 thousand tons of fodder has been prepared. The amount of manually prepared fodder went down by 84.7 percent or 1000 tons, vegetable by 10.6 percent or 1.5 thousand tons and potatoes by 20.4 percent or 2000 tons respectively compared to the same period of last year.
The amount of harvested potatoes increased by 5.0-236.2 tons in Selenge, Khuvsgul, Dornod, Orkhon, Bayankhongor, Sukhbaatar and Gobisumber aimags compared to the same period of last year while its amount decreased by 1.0-1063.0 tons in Ulaanbaatar city and other aimags.
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Gold windfall heading for investors with miners vowing restraint www.bloomberg.com

Gold companies are vowing to give investors a greater share of the windfall from surging prices, without losing the fiscal discipline that’s returning to the industry.
Even as bullion bounces around near record heights, helping lift miners’ cash flow and share prices, the mood — at least virtually — at the Denver Gold Group’s annual Americas conference this week was conspicuously cautious. The tone was exemplified by executives including Agnico Eagle Mines Ltd. Chief Executive Officer Sean Boyd, who put it this way: “It’s not party time.”
“It’s not the time to blow up capex budgets and introduce risk,” Boyd said in a presentation. “Our view is to keep the risks low, keep the share count down, and focus on taking advantage of the current gold price in generating that free cash flow and returning it to shareholders.”
The gold industry descended into a dark phase about a decade ago after disastrous acquisitions and over-expansion bloated balance sheets and sent generalist investors scurrying elsewhere. While the sector has since restored a large measure of fiscal discipline, there are lingering concerns that the restraint could quickly dissipate if gold prices remain high.
Still stinging
The memory of deals gone bad in the last cycle still lingers in the minds of many investors. Those include Barrick Gold Corp.’s 2011 multibillion-dollar acquisition of copper producer Equinox Minerals Ltd. Barrick saw debt swell and took a $3 billion writedown on the Zambian mine it bought after the top-of-the-cycle purchase.
Big gold producers have indicated at the Denver Gold show this year that they remember the lessons of the downturn, said Rick Rule, CEO of Sprott U.S. Holdings.
“The last decade was punctuated by a lot of idiocy, and I think that both investors and managers at the biggest companies have come to understand that,” Rule said Tuesday in a phone interview. For a time at least, he expects “new investments in terms of putting a project in production or doing acquisitions will be measured against returns of capital to shareholders.”
Amid the rising gold prices, Barrick CEO Mark Bristow said his company is considering a more formal structure for its dividend policy. The timing will depend on its net-cash position and how the global pandemic develops, he said in a live presentation. He also said the global miner intends to keep a minimum cash balance.
“You don’t want to be held ransom by the capital markets,” Bristow said. “So you need to be able to manage crises in the full gold-price cycle.”
To be sure, different companies in the sector will have different priorities for the free cash flow that’s expected to pour in. For Franco-Nevada Corp., a royalty and streaming company, the plan is to spend the bulk of the cash to acquire more deals, CEO Paul Brink said in a Denver presentation. “And then obviously the second use for it is paying dividends.”
Whatever Franco does, though, the question is by all vantage points a pleasant one. “That’s always a high-class problem: to discuss what to do with your cash,” Brink said with a smile.
(By Steven Frank, with assistance from Yvonne Yue Li)
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