IFC, a member of the World Bank Group, has issued its first Mongolian tugrik (MNT) bond, the largest bond denominated in the Mongolian currency issued by a supranational to date.

The three-year bond, which raised 102.5 billion Mongolian tugriks—equivalent to approximately $30 million—creates additional liquidity in the Mongolian currency offshore market and supports IFC’s ongoing efforts to finance projects that drive economic growth and improve livelihoods.

Danish investment bank Global Evolution was the sole investor and Standard Chartered was the arranger. The bond will be listed on the Luxembourg Stock Exchange. TCX served as the swap provider.

"Liquid and well-developed capital markets are essential for the flow of financing from investors to borrowers," said Flora Chao, Global Head of Funding at IFC. "The issuance provides increased visibility of the Mongolian tugrik in the global markets and allows investors to gain exposure to this currency.”

"Global Evolution is optimistic about Mongolia’s impressive rebound, driven by a significant commodity boom in 2023, which has proven sustainable into 2024 and beyond,” said Christian Mejrup, deputy CIO, Emerging Market Sovereign Debt at Global Evolution. “We greatly appreciate how this boom, combined with high nominal growth and strong fiscal performance, has facilitated critical changes to the fiscal stability law. These changes are highly positive for debt consolidation and highlight the strength of Mongolia’s structural development."

“Standard Chartered are thrilled to have worked on this inaugural, landmark size offshore MNT issuance for IFC,” said Annemarie Ganatra, Head of Structured Macro Solutions at Standard Chartered. “With only hard currency (US dollar) bonds issued by the government of Mongolia, this MNT issuance provides unique AAA-rated access for local currency investors.”

“It was our pleasure to partner with IFC on the largest-ever offshore bond issuance denominated in MNT,” said Xander Goudriaan, Head of Trading at TCX. “The issuance allows us to support more local currency financing flows to the country at attractive levels for borrowers. This protects them from currency risk and stimulates domestic capital market development for MNT assets at the same time. The size of the bond also demonstrates investor appetite, which is key to developing the market further. We look forward to partnering on many more of IFC’s impactful issuances.”

Over the past decade, IFC has been actively supporting the development of Mongolia's financial markets, advising the Mongolian government on green bond regulations and investing in the country’s first green bond in 2023.

To date, IFC has issued bonds in 48 currencies. A number of these are emerging-market currencies such as in Rwandan franc, Uzbek som, and Zambian kwacha. IFC has often been among the first non-domestic issuers to borrow in these markets, helping to develop local capital markets and expand liquidity in local currencies.

About IFC

IFC — a member of the World Bank Group — is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2024, IFC committed a record $56 billion to private companies and financial institutions in developing countries, leveraging private sector solutions and mobilizing private capital to create a world free of poverty on a livable planet. For more information, visit www.ifc.org.

Mongolia officially began a nationwide vaccination campaign against human papillomavirus (HPV) on Thursday, aiming to combat cervical cancer, the country's National Center for Communicable Diseases (NCCD) announced.

Hospitals across Mongolia will provide free HPV vaccinations to 11-year-old girls and boys, with parental or guardian consent, according to the NCCD statement. This follows the government's decision in December 2023 to include the HPV vaccine in the National Immunization Schedule for all 11-year-olds.

The initiative is part of a broader strategy to reduce HPV-related cancers, particularly cervical cancer, which is a significant health concern in Mongolia.

Cervical cancer ranks as the second most common cancer among women in Mongolia, as well as the fourth most prevalent cancer in the country overall, according to the NCCD.

In 2023, Mongolia recorded 425 new cases of cervical cancer and 165 related deaths in its population of 3.5 million. Currently, approximately 4,700 women in the country are undergoing treatment for the disease.

The first meeting to launch negotiations on a social security agreement between Mongolia and the Commonwealth of Australia was held online.

Representatives from the Australian Government Department of Social Services, the Ministry of Foreign Affairs of Mongolia, the Ministry of Family, Labor and Social Protection of Mongolia, and the Australian Embassy in Mongolia participated in the meeting and shared information on the social security systems of the two countries and exchanged views on holding the first round of negotiations in next January and developing a draft agreement.

The Government concludes social security agreements with countries, where a large number of its citizens are residing, to ensure the social security rights for citizens living and working abroad. According to the Ministry of Foreign Affairs of Mongolia, as of 2023, about 16.6 thousand Mongolian citizens are residing in Australia, of which about 10 thousand are employed.

Mongolia has concluded social security agreements with the Russian Federation, the Republic of Korea, the Republic of Hungary, the Republic of Poland, the Republic of Turkiye, and the Czech Republic. The Ministry of Family, Labor, and Social Protection reported that negotiations are underway to renew social security agreements with the Russian Federation and the Republic of Korea and to establish new agreements with the Republic of Kazakhstan and the Republic of Austria.

India is in talks with Mongolia to set up a preliminary pact that will focus on mineral shipments between the two Asian nations, an Indian government source with direct knowledge of the developments said on Thursday.

“The pact with Mongolia will focus on transit of minerals” such as coal and copper, said the source, who did not want to be identified as the deliberations are not public.

The federal mines ministry did not immediately respond to a request for comments.

The talks come at a time when multiple domestic steelmakers, such as JSW Steel and SAIL, are also in talks with the landlocked nation to import coking coal, an essential ingredient for making steel.

Separately, the source said India is exploring lithium in the Himalayan region of Jammu and Kashmir, and expects it to be ready to be auctioned in two months.

Beyond domestic borders, India is exploring critical minerals in Russia, Mongolia, Chile and Zambia, the source added.

The government has launched multiple auctions of critical minerals as a part of its push toward cleaner energy alternatives and also plans to offer financial incentives for extraction of such minerals.

(By Neha Arora; Editing by Bill Berkrot)

As the world gears up for COP16 in Riyadh, Saudi Arabia, one of the most urgent global conversations will be about desertification, land degradation, and the future of our ecosystems. Under the theme “Our Land. Our Future,” the conference aims to heighten global ambition and accelerate action for land restoration.

This is particularly relevant for countries like Mongolia, where desertification is a growing challenge, exacerbated by climate change and human activity. To support Mongolia’s efforts in addressing these challenges, the Ensuring Sustainability and Resilience of Green landscapes in Mongolia (ENSURE) project, funded by the Global Environmental Facility (GEF) and implemented by Ministry of Environment and Climate Change and UNDP, with the partnerships with local governments and herders, is providing vital support to restore ecosystems, improve livelihoods, and secure a future where both people and nature can thrive together by working closely with herders and local communities.

A Land Under Pressure

Mongolia, a vast country of rugged terrain and extreme climate, has been identified as one of the top ten nations most impacted by climate change. With an average temperature increase of 2.26°C over the past 80 years and a significant decrease in annual precipitation, the country is increasingly vulnerable to desertification. As of 2020, over 76.9% of Mongolia's land area is affected by degradation, and many of the regions worst hit by desertification are also home to Mongolia’s nomadic herders, who rely on the land for their livelihood.

The southern Gobi, a unique and ecologically rich area, lies at the heart of this challenge. For generations, nomadic herders have grazed livestock across this region, but with the ongoing impacts of climate change and unsustainable land management practices, the pastureland is showing signs of severe stress. Thus, providing support to local communities while focusing on land restoration and conservation efforts became vital as these initiatives not only help herders sustain their livelihoods but also preserve centuries-old nomadic tradition, culture and way of life.

One of ENSURE’s key initiatives in combating desertification is its focus on sustainable pasture management. In particular, the project worked with 120 herder groups (sub-provincial administrative units) in the southern Gobi region to implement the “5-Year Rangeland Management Plan,” which aims to reduce livestock numbers to the carrying capacity of the land.

In 2023, participating herder groups managed to reduce livestock numbers by 23.4%, a significant achievement compared to the 13.3% reduction seen among non-participating herders. These reductions contribute to healthier rangelands and help mitigate the harmful effects of overgrazing. Also, they set aside pooled funds for fodder during times of drought, which directly supports their livestock during harsh weather conditions.

Donoinyamba, a member of the local herders’ group, says “With support from the project, our group, in collaboration with the soum’s environmentalist, established the boundaries of our pastures, developed a plan for their sustainable use, and began working together to protect the wildlife in our pastures. We were also able to dig wells, and fence off the sources of springs and streams together.”

This kind of people-centered and community-driven approach is crucial for ensuring greater equity in land use and ownership. Of the 1,899 herders involved in the herder group initiative, a significant percentage are women, who are playing key roles in pasture management, biodiversity conservation, and improving livestock quality. The establishment of local herder groups has also created a strong sense of community and collective responsibility, with participants regularly meeting to discuss and plan sustainable land-use practices.

In addition to rangeland management, the ENSURE project promotes biodiversity conservation expanding the protected area network for ecological corridor areas. In total, 1.2 million hectares of land have been taken as protected areas of which 18 new protected areas covering nearly 850,000 hectares in the southern Gobi region have been designated as vital biodiversity corridors. These efforts are not just about protecting the environment, but also ensuring the survival of endangered species such as the endangered snow leopard, argali sheep, and black-tailed gazelles that are vital to the ecosystem.

"One of the most effective ways to protect our environment and nature is by safeguarding the land—designating it as a specially protected area," says renowned Mongolian nature scientist Oyungerel.

Another vital and unique natural asset is the saxaul tree - the only tree species found in the vast Gobi Desert region of Mongolia, making it a vital part of the ecosystem. It plays an essential role in stabilizing sand dunes, preventing soil erosion, and supporting biodiversity. However, over the past 20 years, the distribution of saxaul forests have significantly declined, leading to increased desertification and a loss of natural resources. This decline threatens not only the land’s health but also the livelihoods of local communities who rely on the land for grazing and other resources.

To support Mongolia in addressing this pressing issue, the project has been implementing community driven restoration measures since 2020 focusing on the regeneration of saxaul forests over 400 hectares, having an encouraging result. In the protected areas, saxaul trees have started to regenerate, with improved biomass, carbon storage, and tree density. These activities are vital for halting land degradation, increasing the region’s carbon sequestration capacity, and restoring the Gobi’s natural balance.

Sustainable Livelihoods

Another crucial area of focus is creating long-term solutions that can help support herders diversify their income sources for reducing their reliance on the land. Among the various initiatives, the lamb fattening initiative is proving effective help to reduce the number of animals grazing on rangelands, allowing the land to regenerate more quickly. The result? A reduction in the number of animals on rangeland by 15-20%, allowing the grasslands to recover.

Furthermore, ENSURE has worked to add value to wool production, which has long been a staple of Mongolia’s agriculture economy. By providing training on the use of electric sheep shears, herders have increased their wool production significantly. For example, in 2022, a total of 7,080 kg of wool was produced through these improved methods, which were then sold to local wool processing factories. It was a significant improvement of productivity with electric shears and grading which allows six times faster shearing than current hand-clipping methods (200 sheep/day vs current 30 sheep/day) and harvesting of much more wool from each sheep. The training also included international internships in New Zealand, where Mongolian herders learned advanced techniques, further improving their skills and income potential.

“Land. We walk on it every day. It feeds, clothes, and shelters us. It sustains our economies, our lives, and our livelihoods. Today, the future of our land is on the line. But we have the power to bring the land back to life. For this, we need to scale up ambition and investment.” – COP 16

As COP16 approaches, Mongolia’s progress through projects like ENSURE sends a rallying call to the international community. By combining community-driven conservation efforts with sustainable land management practices, the project is not only contributing to desertification challenges but is also paving the way for a greener, more resilient future.

The tangible results—from restored pastures to improved livelihoods—show that with the right support, it is possible to reverse the damage of desertification and create a sustainable balance between human development and environmental preservation. It also demonstrates that land restoration is not just a technical issue but a human issue, deeply intertwined with the livelihoods and well-being of local communities.

Mongolia’s Gobi Desert and its surrounding steppes, home to a vast array of globally significant plants and wildlife and the largest steppe ecosystem in the world, is truly a global public good that requires protection. But national actions, braving this phenomenon alone, are not enough. Coordinated global action is critical as well.

The total confirmed number of HIV-positive individuals and AIDS patients in Mongolia has reached 388, according to a report released by the National Center for Communicable Diseases (NCCD) on Thursday.

The NCCD estimates that the actual number of people living with HIV in the country may be as high as 667. This data was shared in a statement issued in observance of World AIDS Day, marked annually on Dec. 1.

Mongolia, with a population of 3.5 million, is classified as a country with a low prevalence of HIV among the general population. However, the infection is concentrated within high-risk groups, emphasizing the need for targeted prevention and intervention efforts, the NCCD noted.

To date, 66 individuals diagnosed with HIV or AIDS in Mongolia have died. Sexual transmission accounts for approximately 99 percent of all infections, with males comprising about 85 percent of the confirmed cases.

The first HIV case in Mongolia was reported in 1992.

According to the third quarter of the 2024 Labor Force Survey, conducted at the national level, 1.4 million people of the total population aged 15 and above are part of the labor force, while 849.6 thousand people are categorized as outside the labor force. The labor force participation rate rose to 63.0% in the third quarter of 2024, which showed an increase of 1.4 percentage points from the same period of the previous year. By gender, the labor force participation rate was 72.0 percent for men and 54.8 percent for women.

The widest gender gap in labor participation is observed in individuals aged 25-29. The employment rate reached 59.2%, a 0.8 percentage point increase from the previous year. By gender, 67.3% of men are employed, compared to 51.8% of women– a disparity of 15.5 percentage points.

The growth of the labor force participation rate can be largely attributed to a 2.6% (34.1 thousand) increase in the number of employed individuals compared to the same period last year. Simultaneously, the population outside the labor force decreased by 52.8% (23.0 thousand people), driven primarily by a decline in the number of individuals categorized as “potential labor force”---those not actively seeking work or not yet prepared to join the labor force.

In the third quarter of 2024, 52.9% (719.5 thousand people) worked in the service sector, 24.5% (332.8 thousand people) in the agricultural sector, and 22.6% (308.1 thousand people) in the industry and construction sector. Among workers under the age of 65, the majority are employed in the services sector. In comparison to the same period in 2023, employment in wholesale and retail trade, motor vehicle and motorcycle repair services, increased by 16.4% (26.4 thousand people) while sectors in agriculture, forestry, and fishery saw the largest decline, with a decrease of 13.0% (49.8 thousand people).

Labor underutilization affects approximately 79.8% (88.0 thousand) persons in unemployment, 18.6% (20.6 thousand) potential labor force participants, and 1.6% (1.7 thousand) underemployed workers due to time constraints. Compared to 2023, the unemployment rate increased by 0.8 percentage points, while both time-related underemployment and the combined unemployment rate rose by 0.4 percentage points. Meanwhile, the combined rate of unemployment and potential labor force decreased by 0.7 percentage points, and the composite labor underutilization rate declined by 1.1 percentage points.

The indicators of labor underutilization are split into four age groups: people aged 14 to 24 (those entering the labor market after education), people aged 25 to 54 (the core working-age population), and people aged 55 to 64 (those approaching retirement).

The National Statistics Office of Mongolia provides the following definitions of labor market terms:

Labor Force: is the current supply of labor for the production of goods and services in exchange for pay or profit, either as employed, or as unemployed persons.

Persons outside the labor force: are those of working age who are either employed or unemployed in the short reference period for reasons of either being in education, stay-at-home people, seniors, retired, persons with developmental challenges, or discouraged from seeking employment.

Status in employment: Employment status is the classification of employed persons with respect to the type of explicit or implicit contract of employment with other persons, organizations, or economic units.