Khan Bank receives Euromoney award for tenth time
Euromoney Magazine, which assesses developments and trends in the global banking and financial industry, has named Khan Bank the Best Bank in Mongolia for the tenth time.
Scaling up support for sustainable development: Mongolia on the rise
Op-Ed by Ms. Armida Salsiah Alisjahbana, Under-Secretary-General of the United Nations and Executive Secretary of the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP).
A 'victory' for Mongolian foreign policy
Last week marked an important milestone for not only US-Mongolian relations, but also for Mongolian foreign policy. The declaration on strategic partnership between Washington and Ulaanbaatar was signed during President Kh. Battulga’s visit to the US on July 31, 2019, making Mongolia the 17th country to sign such an agreement with the US.It has often been argued Mongolia is a small, developing country with an annual GDP of only USD 12 billion, sandwiched between two huge authoritarian regimes with nuclear capabilities; hence, the nation is in no position to attract the interests of the US at a level high enough to warrant a strategic partnership. Nonetheless, Mongolia succeeded in securing its biggest and most crucial step to date in consolidating its Third Neighbor Policy focused on expanding relations with the Western world.
Strengthening Human Resources of the Civil Service
Mongolia is implementing Civil service law from the beginning of this year. Experiences of the other countries with advanced Civil service is exampling for us. The Cabinet Secretariat of Mongolia and the Ministry of Personnel Management of the Republic of Korea signed a Memorandum of Understanding on March 14, 2019. Before the MoU signing ceremony, the Minister of Mongolia, Chief Cabinet Secretary Luvsannamsrai Oyun-Erdene and Minister of Personnel Management of the Republic of Korea Hwang Seo-chong exchanged their views on the human resource management in the civil service.
Sustainable Tourism as a driver of growth
Globally, international tourist arrivals are expected to reach 2.44 billion by 2030, a 75 percent increase over 2018, with Asia and the Pacific projected to account for a third of this number.The fact shows how important role tourism can play in the economic development of countries. Therefore, Asian Development Bank, largest multilateral development bank in Asia and the Pacific is focusing on tourism and one of topics of the 52nd Annual Meeting of ADB's Board of Governors was sustainable tourism as a driver of growth.
ADB to raise private business loans
Mongolian private companies have possibility to borrow loans up to a combined USD1 billion from Asian Development Bank, underlines Finance Minister of Mongolia Ch.Khurelbaatar. The Finance Minister took part in the 52nd annual meeting of ADB Governors held on May 1-6, sharing Mongolia’s views and positions with representatives of ADB, its largest development partner, and other partners.
Open Editorial: A better alternative to interest rate caps
The Mongolian Parliament is currently discussing the introduction of interest rate caps on lending rates by financial institutions. An interest rate cap is a ceiling on lending rates with the purported aim of lowering the cost of borrowing and protecting borrowers from predatory lending practices. The appeal of such controls on lending rates is understandable. However, international experience suggests that interest rate caps often do more harm than good.
Heeding the Zeitgeist
Just as the Parliament was about to discuss the amendment bill to the Law on the Legal Status of Judges, the current and former leadership of the Democratic Party held a hasty press conference at late hours of the night, vehemently opposing the legislative process.
D.Sumiyabazar: licenses of Eco Altan Zaamar will be cancelled
Minister D.Sumyabazar informed the ministry’s decision to cancel all of four mining licenses of Eco Altan Zaamar Company, adding that the Ministry is waiting for a conclusion to be issued by the State Professional Inspection Agency.
Under the eternal blue sky: Lessons from the period of the Pax Mongolica
The ancient wisdom of indigenous tribes and first nations peoples around the world has been devalued for too long. Our think tanks and universities with their research specializations that narrowly focus on particularities have their place, but we need synthesizers too. We also need a revaluing of the concept of big history something the Mongolians know something about.
Education Minister removed from her post
Today’s plenary meeting of the Parliament discussed and approved removal of Ts.Tsogzolmaa from the post of Minister of Education, Culture, Science and Sports. 71.4 per cent of the attended MPs voted in favor of her removal.
Transport Minister Ya.Sodbaatar resigns
Ya.Sodbaatar, the Minister of Road and Transportation Development has been resigned. Today’s plenary meeting of the Parliament discussed his resignation issue and 69.1 per cent of the attended MPs voted for it.
Clause regarding restriction on right to travel suggested to come into force from 2021
The Parliamentary Standing Committee on Legal Affairs discussed and supported the Amendment Bill to the Criminal Procedure Code. According to the article 5 of the Criminal Procedure Code, a clause about the restriction on the civilian right to freedom of movement should have come into force from January of this year, however the draft amendment to the law suggests to postpone it till 2021.
Electronic Information Center opens in Khovd
The Health Department of Khovd province has established an Electronic Information Center with the aim of exchanging information promptly with soum health centers and providing knowledge and skills to doctors and professionals based on electronic technology.
A.Gansukh: From the very beginning I have told the President “Not to go for the bargain if a horse-trade will be proposed for the case that I am being investigated by the IAAC and the Prosecutors”
I had an interview with the former Minister of Roads and Transport A. Gansukh. I had this interview on the preconditions that we would not talk about politics and also I would not ask questions related to the present job he is doing.
Mohammad Faisal Al-Mutairi: Transportation is the main problem in the expansion of Mongolia-Kuwait trade