The President’s
Office last week organized a two-day conference on proper development of the mineral
sector under the auspices of Davos Economic Forum, an organization set up under
suggestions from President Ts.Elbegdorj. It was attended by representatives
from the Government, investors, civil unions and
Parliament
discussed on Friday morning the government proposal on railway transportation,
as slightly modified by a working group led by MP R.Rash. The main issue to be
debated is the width of the gauge. This was the first reading, so no conclusion
was reached.
Central
Bank directors have decided to keep the policy rate unchanged at 11 percent. With
inflation threatening to go up there has been talk of a tighter monetary policy to restrict money
supply, and to support the proposed revision to the budget.
The
First Maternity House, closed since January 18, was re-opened on Friday after
undergoing general repairs. The hospital was closed after the outbreak of
infection among new born babies that was traced to defective sewage pipes. Prime
Minister S.Batbold met the hospital officials and
Friday’s
Parliament meeting was the first ever when the President spoke to and exchanged
views with MPs on national security behind closed doors. The event gains in significance
as some Foreign Ministry and Parliament employees are being interrogated for passing
on to foreign countries
Having missed the previously
announced date to reopen Children’s Park to the public, Ulaanbaatar Mayor
G.Munkhbayar has now announced that people will be able to visit the partially
renovated park, under renovation for three years, before Naadam. It was
expected to be ready before
TenGer Financial Group has acquired
50% of Prime General Insurance LLC, a leading insurer of the country.
The remaining half is owned by Petrovis LLC. The acquisition is expected to
help Prime Insurance strengthen its business position and become the leader in
the field.
Pending approval by the Board of
Oyutolgoi LLC, BNP Paribas and Standard Chartered Bank will work on structuring
the proposed USD1.2 billion B loan for the Oyutolgoi project as part of the debt financing backed by the EBRD
and the IFC, according to
State Property Committee Chairman
D.Sugar has told Bloomberg in an interview that Mongolia’s plan to privatize
its state-owned assets will allow international investors access to some of the
world’s largest untapped mineral resources through initial public share sales,
most likely in Hong Kong. No
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