On the other hand, the total expenditure and net lending were MNT 7.4 trillion in the first seven months of 2020, resulting in a deficit of MNT 2.5 trillion in the equilibrated balance. In July 2020, the total revenue and grants of general government budget were MNT 902.8 billion, increased by MNT 108.1 billion or 13.6%, while the total expenditure and net lending were MNT 1.1 trillion, decreased by MNT 308.5 billion or 22.4%, compared to the previous month. In July 2020, the equilibrated balance of the general government budget was in deficit of 267.6 billion, decreased by MNT 351.6 billion or 56.8% compared to the previous month.

The General government budget revenue was comprised of 85.5% of tax revenue, 7.7% of non-tax revenue, 6.5% of the future heritage fund and 0.3% of the stabilization fund. In the first seven months of 2020, tax revenue reached MNT 4.5 trillion, decreased by MNT 989.6 billion or 18.0% compared to the same period of the previous year. This decrease was mainly due to MNT 358.1 billion or 23.6% decrease in income tax revenue, MNT 155.6 billion or 29.1% decrease in other taxes revenue, MNT 192.3 billion or 17.6% decrease in social security revenue, MNT 163.9 billion or 12.7% decrease in value-added tax revenue, MNT 71.8 billion or 14.2% decrease in excise tax revenue and MNT 39.2 billion or 8.9% decrease in foreign activity revenue.

In the first seven months of 2020, 25.8% of the total tax revenue was accumulated from income tax, 20.0% from social security contributions, 25.1% from value-added tax, 9.7% from excise taxes, 8.9% from foreign activities and 10.6% from other taxes.

In the first seven months of 2020, general government budget expenditure and net lending were MNT 7.3 trillion, increased by MNT 1.9 trillion or 33.9% compared to the same period of the previous year. This increase was primarily affected MNT 1.3 trillion or 29.5% increase in current expenditure and MNT 613.8 billion or 70.7% increase in capital expenditure. However, interest expenditure decreased by MNT 2.6 billion or 0.6% and net lending decreased by MNT 82.4 billion or 45.0%, compared to the same period of the previous year.

Source: National Statistics Office of Mongolia

In July 2020, 4.4 million pieces of securities worth of MNT 7.1 million were traded at the national stock market, decreased by 823.4 thousand (10.4%) pieces of securities or MNT 11.8 billion (72.8%) compared to the same period of the previous year.

The total turnover of stocks decreased by MNT 2.8 billion (38.7%) and traded pieces of securities decreased by 51.3 million (87.9%) from the previous month.

In July 2020, the average of top 20 financial market indices was 16450.5 units, increased by 330.2 units from the previous month, while it decreased by 4075.7 units from the same period of 2019.

In July 2020, the total value of joint-stock companies operating at stock markets reached MNT 2.5 trillion, increased by MNT 38.4 billion (1.5%) from the previous month and MNT 23.8 billion (0.9%) from the same period of the previous year.

Source: National Statistics Office of Mongolia

Ivanhoe’s co-chairmen Robert Friedland and Yufeng Sun said the strategic partnership would also see the companies, both active in Democratic Republic of Congo, exploring production, smelting, and logistics opportunities.

Friedland hinted at possible mergers arising from the agreement with CNMC, saying the partnership would begin by “examining the synergies between the operations currently owned by our two companies”.

CNMC Chairman Wang Tongzhou said: “I strongly believe that cooperation is the best way to achieving the goals of both companies.”

Ivanhoe has previously said it is in talks with companies over its Kipushi and Western Forelands projects in the Congo, and its Platreef project in South Africa.

CNMC in January launched Congo’s first large-scale copper smelter, the Lualaba Copper Smelter, 45km from Ivanhoe’s Kamoa-Kakula copper joint venture with Zijin Mining in the country’s southern copperbelt.

CNMC is also the majority owner of Deziwa copper and cobalt mine and processing plant, a joint venture with Congo’s state mining company Gécamines which started producing in January.

(By Helen Reid and Tom Daly; Editing by Kirsten Donovan)

The Evaluation Committee will visit the two cities bidding to host the 2030 Asian Games, Doha, Qatar and Riyadh, Saudi Arabia, to get acquainted with the planning of the Asian Games and make evaluation.

The Asian Games has grown into the biggest multi-sport event in the world. During Jakarta-2018 Asian Games, 11,300 athletes from 45 countries competed in 465 event of 40 sports.

The company noted that its exploitation licence (EL) application for Block XX continues to progress.

A reserves report for the Heron-1 oil discovery has been reviewed by government appointed auditors and has been forwarded for final review by the authorities – Mongolia’s Mineral Resource Professional Council.

It added that it is pushing for the council to meet, and, is hopeful such a meeting could take place before the end of the third quarter.

Progress in permitting is delayed amidst the coronavirus (COVID-19) pandemic and also due to the country’s parliamentary election which was held in June. Petro Matad noted, however, its position in Mongolia remains in good standing as the licence award process progresses.

The company is also working on certain land access issues which delayed previous field operations in 2019. These issues were related to new legislation.

In terms of financial results, Petro Matad reported a US$2.35mln loss for the six months ended June 30 and it ended the half with US$2.08mln of cash.

“The company has strategically put in place cost saving measures without sacrificing its operational capability, which in the absence of new sources of financing, will enable it to remain in an operationally ready state until mid-2021,” it said.

With Academy award winning actor Mark Rylance as well as Johnny Depp and Robert Pattinson as the main characters, the film also casts several Mongolian actors, such as State Honored Actor P.Tserendagva, D.Gursed and G.Dulguun-Erdene, as supporting characters.

About a Magistrate that works at a remote colonial outpost beginning to question his loyalty to the Empire, the plot brings forth the looming issue of who the “real” barbarians are.

The film is based on the novel, ‘Waiting for the Barbarians’, by a South African-born novelist J. M. Coetzee. Alongside the novel that won him the 2003 Nobel Prize in Literature, all of his works revolve around the theme of protecting the wildlife and environment as well as ethnic heritage.

The 112-minute film is the sixth film directed by Columbian director Ciro Guerra. He previously won an award at the Cannes Film Festival with his films ‘The Wind Journey’ and ‘Embrace of the Serpent’ and both films also were nominated for Academy Awards

The Government of Mongolia extended the partial undertaking of high-alert preparedness through 31 August 2020 and issued precautionary measures.

Charter flights will be organised to:

Frankfurt: 21, 26 August
Istanbul: 20 August
Seoul: 22 August
Tokyo: 24 August
Sydney: 27, 29 August
For reservations, prices and other information regarding the flights, EU citizens can directly contact MIAT Mongolian Airlines, tel.: (11)333999 or Central Tower, tel.: (11) 313385 or Encanto Tower tel.: (11) 322118; or AirTrans ticketing agency City Plaza, tel.: (11) 303030.

EU citizens are advised to contact their Embassy or the Embassy representing their country for consular issues in Ulaanbaatar for additional information.

For information on the possibilities of onward travel to the European Union, EU citizens are advised to contact their national authorities, the authorities of transit countries and to review visa requirements for entry and transit.

Travel

Mongolian authorities suspended the entry of all passengers through all border checkpoints through 31 August 2020.
Subject to further implementation modalities, this restriction does not apply to:

Accredited staff and their direct family members of diplomatic missions and offices of international organisations in Mongolia (to be quarantined at facilities for 21 days upon arrival as per Mongolian citizens, followed by a 14-day home-isolation);
Foreign nationals who are direct family members of Mongolian nationals (to be quarantined at facilities for 21 days upon arrival as per Mongolian citizens, followed by a 14-day home-isolation);
International freight transport drivers and railway personnel of Mongolia, Russia and China.
This restriction entails:

Suspension of all regular passenger flights;
Suspension of international passenger train travel;
Closure of all land borders of Mongolia with China and Russia.
Public Places

Everyone is required to wear a facemask at public places. Non-compliance is subjected to a fine up to MNT 150 000.
Visitors can be subject to temperature screenings.
Quarantine

Upon entry, foreign and Mongolian citizens are subject to a 21-day quarantine at a government facility at their own expense, followed by a 14-day home-isolation.
Authorities might issue further travel restrictions, recommendations and updates.

If stranded in Mongolia, EU citizens are advised to keep regular contact with their representing Embassy and consult the travel advice issued by EU Member States as well as local resources.

The Mongolian economy amounted to 16.8 trillion Mongolian tugriks (5.9 billion U.S. dollars) in the January-June period, the NSO said in a statement.

The decrease in the GDP is largely related to restrictive measures to contain the spread of COVID-19, said experts of the statistical agency.

As of Monday, Mongolia has confirmed 298 COVID-19 cases, all of which were imported. Among those infected, 276 people have recovered.

There are no local infections or deaths reported in the Asian country so far. Enditem