1 ERDENES TAVAN TOLGOI REVENUE SURGES DUE TO HIGHER COAL PRICES WWW.NEWS.MN PUBLISHED:2018/09/20      2 RUSSIA AND MONGOLIAN BORDER CROSSING NO. 487 WWW.NEWS.MN PUBLISHED:2018/09/20      3 WORLD ECONOMICS REPORTS THAT MONGOLIA’S EMPLOYMENT RATE HITS A FIVE-YEAR HIGH WWW.GOGO.MN PUBLISHED:2018/09/20      4 USD HITS RECORD HIGH IN MONGOLIA DUE TO HIGHER IMPORTS WWW.CHINA.ORG.CN PUBLISHED:2018/09/20      5 READOUT OF VICE PRESIDENT MIKE PENCE’S MEETING WITH PRIME MINISTER UKHNAA KHURELSUKH OF MONGOLIA WWW.WHITEHOUSE.GOV PUBLISHED:2018/09/20      6 MONGOLIA LAUNCHES EU-FUNDED PROJECTS TO PROMOTE GREEN DEVELOPMENT, ENVIRONMENTAL PROTECTION WWW.XINHUANET.COM PUBLISHED:2018/09/20      7 COAL EXPORTS FROM TOP SHIPPER HOBBLED WITH MINERS FACING CONSTRAINTS WWW.MINING.COM PUBLISHED:2018/09/20      8 FRONTIER'S "INVEST MONGOLIA TOKYO 2018" WWW.MONGOLIANBUSINESSDATABASE.COM PUBLISHED:2018/09/19      9 U.S.-CHINA TRADE TUSSLE IS CREATING WINNERS IN SOUTHEAST ASIA WWW.BLOOMBERG.COM PUBLISHED:2018/09/19      10 YUSAKU MAEZAWA: THE JAPANESE BILLIONAIRE WHO WANTS TO FLY TO THE MOON WWW.BBC.COM PUBLISHED:2018/09/19      ШЕНГЕНИЙ БОГИНО ХУГАЦААНЫ ВИЗИЙН МЭДҮҮЛГИЙГ УЛААНБААТАР ХОТОД АВНА WWW.MEDEE.MN НИЙТЭЛСЭН:2018/09/19     2018 ЭХНИЙ 7 САРД МОНГОЛЧУУД ГАДААД РУУ ЭМЧИЛГЭЭНД ЯВАХДАА 19.5 САЯ АМ.ДОЛЛАР ЗАРЦУУЛЖЭЭ WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2018/09/19     ӨНӨӨДӨР ТӨВ ТАЛБАЙД 4000 АЖЛЫН БАЙРАНД БҮРТГЭНЭ WWW.DNN.MN НИЙТЭЛСЭН:2018/09/19     ЗАЛУУЧУУДЫН ГАРААНЫ БИЗНЕСИЙН ШАЛГАРСАН ТӨСӨЛД 10,0 САЯ ТӨГРӨГИЙН ДЭМЖЛЭГ ҮЗҮҮЛЛЭЭ WWW.MONTSAME.MN НИЙТЭЛСЭН:2018/09/19     WORLD ECONOMICS: МОНГОЛЫН АЖИЛ ЭРХЛЭЛТИЙН ТҮВШИН СҮҮЛИЙН 5 ЖИЛИЙН ДЭЭД ТҮВШИНД ХҮРЛЭЭ WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2018/09/19     ERD: "ХӨНДИЙ" АЛТНЫ ТӨСЛИЙН ТОГТООГДСОН НӨӨЦ 751 МЯНГАН УНЦ АЛТ WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2018/09/19     ХЯТАДЫН $200 ТЭРБУМЫН ИМПОРТОД ТАРИФ ТОГТООВ WWW.ZGM.MN НИЙТЭЛСЭН:2018/09/19     ШИВЭЭХҮРЭН БООМТООР ХОНОГТ 60-80 МЯНГАН ТОНН НҮҮРС ЭКСПОРТОЛЖ БАЙНА WWW.GOGO.MN НИЙТЭЛСЭН:2018/09/19     БНХАУ-ЫН 200 ТЭРБУМ АМ.ДОЛЛАРЫН ИМПОРТОД 10 ХУВИЙН ТАРИФ НОГДУУЛАХ ШИЙДВЭР ИРЭХ 7 ХОНОГООС ХЭРЭГЖИНЭ WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2018/09/18     ӨВӨЛ ЦАХИЛГААН СААТВАЛ ХОТ ДӨРВӨН ЦАГИЙН ДОТОР Л ХӨЛДӨНӨ WWW.ZGM.MN НИЙТЭЛСЭН:2018/09/18    

Events

Name organizer Where
Frontier's "Invest Mongolia Tokyo 2018" Frontier Securities Tokyo Japan
"Open to Export" ICC WTO International business award ICC WTO London

NEWS

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IMF Executive Board Approves Financial Arrangement for Mongolia www.imf.org

Mongolia's economic reform program aims to stabilize the economy, restore confidence, and pave the way to economic recovery.

The total financing package amounts to about $5.5 billion, including support from the Asian Development Bank, the World Bank, Japan, Korea and China.
The program also lays the foundation for sustainable, inclusive growth in the future, and end the boom-bust cycles of the past.
The Executive Board of the International Monetary Fund (IMF) today approved a three-year extended arrangement under Extended Fund Facility (EFF) for Mongolia in a total amount of SDR 314.5054 million (about US$434.3 million, or 435 percent of quota) to support the country’s economic reform program. Other financing partners, including the Asian Development Bank, the World Bank, Japan, and Korea, have also committed to provide budgetary and project support, and the People’s Bank of China has agreed to extend its swap line with the Bank of Mongolia. In sum, the total financing package amounts to about $5.5 billion. The Board’s approval of the arrangement enables the immediate disbursement of an amount equivalent to SDR 27.9560 million (about $38.6 million).

The authorities’ program aims to stabilize the economy, restore confidence, and pave the way to economic recovery. A critical pillar of the program is fiscal consolidation, to reduce the pressure on domestic financial markets, stabilize the external position, and restore debt sustainability. The program includes important safeguards to protect the most vulnerable during this period of adjustment as well as institutional reforms to make sure the fiscal adjustment is durable. Another pillar of the program is a comprehensive effort to rehabilitate the banking system and strengthen the Bank of Mongolia. A broad set of structural reforms is designed to support private-sector led growth.

The Executive Board also concluded the 2017 Article IV consultation with Mongolia today. A separate press release will be issued shortly.

Following the Executive Board’s discussion, Mr. Mitsuhiro Furusawa, Deputy Managing Director and Acting Chair, issued the following statement:

“Mongolia was hit hard by the sharp decline of commodity prices and the slowdown in key export markets. Efforts to mitigate these shocks through expansionary policies were unsuccessful and resulted in unsustainable public debt, falling international reserves, and lower growth.

“Against this background, the Mongolian authorities are implementing a program to maintain macroeconomic stability, pave the way to economic recovery, and protect the most vulnerable during the adjustment process. Fiscal consolidation is a critical element of this program, including cuts of non-essential expenditures, a move to progressive taxation, pension and public financial management reforms, and steps to strengthen and better target the social safety net. A number of structural fiscal reforms, including an independent fiscal council, will help to bolster budget discipline. Sizable fiscal adjustment, coordinated concessional external financing from development partners, and continued engagement with private creditors will help restore debt sustainability and rebuild international reserves. The commitment to a market-determined exchange rate will strengthen the economy’s resilience to external shocks, supported by prudent monetary policy and the program’s favorable impact on confidence and private sector capital flows. A new central bank law is envisaged to strengthen the governance and independence of the Bank of Mongolia. In addition, implementation of a comprehensive strategy would rehabilitate the banking sector, improve the supervisory and regulatory framework, and strengthen the AML/CFT regime. The program also includes structural reforms to achieve sustainable and inclusive growth. These reforms aim to improve the business environment, promote economic diversification, and encourage foreign direct investment.

“Determined implementation will be critical to the success of the program. Together with Mongolia’s development partners, the IMF will assist the authorities in their effort with an arrangement under the Extended Fund Facility.”

ANNEX

Recent Economic Developments

With minerals accounting for up to 90 percent of total exports, the sharp drop in commodity prices from 2011 onward severely affected the balance of payments and fiscal position. Macroeconomic policy easing to buffer the economy from external shocks supported growth for a while, but at the cost of increasing public debt, weakening the balance of payments, and reducing banks’ asset quality. By end-2016, the large fiscal deficit and the depreciation of the currency together pushed general government debt up to nearly 90 percent of GDP.

The authorities recognized these economic difficulties and prepared an “Economic Recovery Program” that would largely reverse past policies. They also approached the Fund for assistance.

Program Summary

The authorities’ program supported by the extended arrangement aims to stabilize the economy, restore confidence, and pave the way to economic recovery. A critical pillar of the program is fiscal consolidation to reduce the pressure on domestic financial markets, stabilize the external position, and restore debt sustainability.

The program also lays the foundation for sustainable, inclusive growth in the future. To end the boom-bust cycles of the past, the reform program will: (i) discipline fiscal policy; (ii) improve the central bank’s independence, governance, and focus on core responsibilities; (iii) strengthen the financial sector; (iv) foster economic diversification and inclusive growth; and (v) protect the most vulnerable in society.

Fiscal Policy. The fiscal adjustment, combined with the projected growth recovery, a gradual normalization of domestic yields, and the authorities’ access to concessional financing under the program, is expected to restore debt sustainability.

Monetary and Exchange Rate Policies. A new Bank of Mongolia (BOM) law will be adopted to clarify the BoM’s mandate and strengthen its governance and autonomy. The monetary stance will need to remain tight for the time being, and the exchange rate flexible.

Financial Sector reforms. As a first step, the authorities will undertake a comprehensive diagnosis of the banking system to assess institutions’ financial soundness and resilience. This will be followed by recapitalization and restructuring as needed. The regulatory and supervisory framework will be strengthened.

Growth-enhancing structural reforms. Given the country’s large mineral resources, mining will always be a key sector for the economy, but agribusiness and tourism have strong potential as well. The program includes structural reforms to promote economic diversification and improve competitiveness.

Social protection. The program includes important safeguards to protect the vulnerable groups, and gives priority to health and education. For instance, the savings from better targeting the Child Money Program will be used entirely to increase spending on the food stamp program for the most vulnerable.

Program financing. Other international partners also plan to support the government’s program: the Asian Development Bank (ADB), World Bank, and bilateral partners including Japan and Korea are together expected to provide up to $3 billion in budget and project support; and the People’s Bank of China is expected to extend its RMB 15 billion swap line with the Bank of Mongolia for at least another three years.

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OSCE/ODIHR opens observation mission for presidential election in Mongolia www.osce.org

ULAANBAATAR, 24 May 2017 – The OSCE Office for Democratic Institutions and Human Rights (ODIHR) today formally opened a limited election observation mission for the 26 June presidential election in Mongolia. The mission’s deployment follows an official invitation from the Mongolian Government.

The mission is led by Ambassador Geert-Hinrich Ahrens and consists of a core team of 10 experts based in Ulaanbaatar and 20 long-term observers to be deployed in teams of two across the country.

The mission will assess the elections for compliance with OSCE commitments and other international obligations and standards for democratic elections, as well as with national legislation. Observers will follow the implementation of election-related legislation, campaign activities, the work of the election administration and relevant government bodies, the media environment and the resolution of election-related disputes. As part of the observation, the mission will also monitor the media coverage of the campaign.

In the course of its observation, the mission will meet with representatives from state authorities, political parties and candidates, and with representatives from civil society, the media, and the international community. While the mission will visit a limited number of polling stations on election day, systematic observation of voting, counting or tabulation of results is not envisaged.

The day after the election, the mission will join with the observer delegation from the OSCE Parliamentary Assembly to issue a statement of preliminary findings and conclusions at a press conference. A final report on the observation will be published approximately two months after the completion of the electoral process.

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Kuwait donates USD eight million for national centre for burns www.gogo.mn


KFAED said in a statement the centre, to be built in the capital Ulaanbaatar, would be offering specialised medical aid for burns, fractured bones, cosmetic surgeries and rehabilitation. The donation will be disbursed to build, equip and maintain the centre, which is expected to complete in December 2018, it noted. 
The center will cost USD 10 million. Kuwait contributes USD eight million. 
Currently, the only national centre for burns of the country is operating in buildings of National center of traumatology. The construction of the centre has delayed due to a financial source.
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IMF Board to approve Mongolia's aid programme www.news.mn

The executive board of the International Monetary Fund (IMF) will meet later today, 24th of May, regarding approval of Mongolia's request to be included in the Extended Fund Facility (EFF) programme. The meeting will be held in Washington DC, at midnight Mongolian time.

A staff team from the IMF,">IMF, led by Koshy Mathai, has visited Ulaanbaatar twice since March. In order to comply to IMF conditions, the Government of Mongolia has amended its State Budget. Mongolia has reached an initial agreement with the IMF for a three-year programme that includes a $440 million loan package as part of a $5.5 billion bailout to help the north Asian country with its looming debt repayments.

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Discussion held on improving the quality of higher education www.theubpost.mn

 
The Ministry of Education, Culture, Sciences, and Sports and the Standing Committee on Social Policy, Education, Culture and Science (SCSPECS) organized a discussion of the challenges facing the higher education system on Monday at the State House.
 
Minister of Education, Culture, Sciences, and Sports J.Batsuuri, MPs, state education officials, and directors, lecturers, and researchers from universities participated in the discussion to talk about how to improve the quality of higher education.
 
Head of the SCSPECS L.Enkh-Amgalan stated that developed countries concentrate on educating their students to help them become globally competitive and competent citizens, and they evaluate the job placement rates of universities.
 
L.Enkh-Amgalan said Mongolia needs to enhance the legal and regulatory environment to raise the number of students who graduate to become globally competitive and to enroll new students based on the demands or the job market.
 
Minister J.Batsuuri pointed out that the ministry is working on developing university-based research, and that the ministry would work to include the initiatives, recommendations, and conclusions from the discussion in the higher education policies developed by the government.
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Nalaikh to focus on water conservation and mining rehabilitation www.theubpost.mn

A working group led by Mayor of Ulaanbaatar S.Batbold reviewed wastewater treatment, freshwater resources, and mining operations in Nalaikh District last Friday.
 
Officials consider new wastewater treatment facilities
 
The working group discussed increasing the number of wastewater treatment facilities around Ulaanbaatar after seeing the stable and steady operations of a wastewater treatment facility in Gorodok Town in 5th khoroo.
 
Officials said they were impressed with the facility’s efforts to manage the local wastewater problem and to reduce the workload of the Central Wastewater Treatment Plant in Ulaanbaatar.
 
Mayor S.Batbold underlined that wastewater treatment is becoming a serious issues as more people settle within the capital and said, “This wastewater treatment facility in Gorodok Town uses the same kind of technology used by large treatment facilities worldwide. We need to expand it. I believe that districts and ger areas near the suburbs need to have this kind of facility.”
 
The Mayor also touched on waste management problems, emphasizing the need to process industrial and household waste separately.
 
G.Chuluunbat, the director of the locally-owned company Chandmani Nalaikh, which manages the facility, responded, “Our treatment facility utilizes biological treatment methods. The greywater that comes out of our facility can be used to irrigate trees and a large agricultural field. In other words, it’s possible to establish an authority in charge of nurseries and reforestation here. I believe that this will be very beneficial to the economy of Nalaikh District.”
 
The wastewater treatment facility in Gorodok Town was commissioned in July 2015, to prevent wastewater from flowing into the Tuul River. The facility is capable of treating 1,000 cubic meters of water a day using biological methods and microorganisms, but right now, it treats a daily average of 300 cubic meters of wastewater.
 
Mayor to resolve land issues for reservoirs
 
Afterward their visit to the wastewater treatment facility, the working group visited the district’s main freshwater generator, located north of Gorodok Town. The generator supplies 30 percent of Ulaanbaatar’s freshwater and is capable of extracting 72,000 cubic meters of water a day. Currently, the generator extracts around 50,000 cubic meters of water a day.
 
“The city authority will pay special attention to water supply and its conservation. We will resolve issues related to the ownership of land in protected zones for water reservoirs,” Mayor S.Batbold assured.
 
Nalaikh mine to undergo rehabilitation
 
Mayor S.Batbold ordered Deputy Mayor J.Batbayasgalan to immediately make a reclamation plan for the Nalaikh mine, as the surrounding area is in urgent need of rehabilitation.
 
Locals have complained that mining operations have degraded the nearby area, to the extent that they can’t distinguish whether it is a residential area, mining site, or a dumpsite. Representatives from the Nalaikh District Mayor’s Office asked Mayor S.Batbold to pay more attention to mining operations and their negative impact.
 
Nalaikh mining operations are said to be responsible for many deaths and significant damage to people’s health over the past 10 years. Last year, eight people died while working at the Nalaikh mine, and another person died during a mine collapse earlier this year, Nalaikh officials stated.
 
Due to these accidents, local authorities were said to have closed 18 mine entrances.
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Government debt amounts to MNT 20 trillion, below the threshold www.en.montsame.mn

 
Ulaanbaatar /MONTSAME/ As of the first quarter of this year, the Government debt is around MNT20 trillion, comprised of foreign debt of MNT13 trillion, internal debt of MNT5 trillion and Government guaranteed outstanding loan of MNT1 trillion. At the end of 2016, the Government debt totaled to MNT22 trillion, including foreign debt of MNT12 trillion, domestic debt of MNT6 trillion and Government guaranteed loan of MNT3 trillion.
 
“It means the Government debt amount satisfies requirement of debt threshold, indicated in law on Budget stability. In other words, according to performance, the debt amounted to 79 per cent of GDP in 2016, below the threshold of 88 per cent and by the first quarter, it was equal to 72.7 per cent of GDP, which is also below the threshold of 85 per cent” said Deputy Finance Minister Kh.Bulgantuya.
 
Today, the Parliamentary Standing Committee of Economy discussed the Government foreign and domestic debt and measures being taken with a regard to funding and repaying Government bonds and officials of the Finance Ministry made a briefing on the issue, answering questions from MPs.
 
The Development Bank’s “Euro” bond of USD580 million, which had a scheduled repayment on March 21, was refunded successfully. The refunding was carried out in a way that favorable to investors and to the market, not causing negative effects to the economy and not drastically fluctuating foreign exchange reserves, the Deputy Finance Minister said.
MP Kh.Davaasuren expressed his position that it is improper to refund to repay debts and MP B.Battumur noted that due attention should be paid on satisfying balance of market when issuing Government securities.
 
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Mongolia to host Asian Judo Championships 2020 www.en.montsame.mn

 
Ulaanbaatar /MONTSAME/ During the Executive Committee meeting of Judo Union of Asia /JUA/ held on May 23 in Hong Kong, Mongolia became eligible to host Asian Judo Championships in 2020 the same year the Tokyo Olympic Games to be held. The meeting was attended by Director of Disciplinary Committee of JUA B.Pagva and Olympic-class judo referee M.Munkhbat from Mongolia.
 
The Asian Judo Championships 2017 will take place on May 26-28 in Hong Kong and Indonesia and United Arab Emirates will host the event in 2018 and 2019 respectively.
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Trump wants to sell half of emergency US oil reserve www.money.cnn.com

 
The country dipped into the US strategic oil reserve, during several recent disruptions such as the 2011 turmoil in Libya and Hurricane Katrina in 2005.
Now, President Trump wants to sell off half of the oil sitting in the strategic reserve, which is made up of a complex of tanks and deep underground storage caverns.
Except for the fact that the sale would be done over time, little is known about the exact timing of the move. But Trump's fiscal 2018 budget estimates the it would generate roughly $16.6 billion over the next decade.
It's true that the US shale oil boom has dramatically altered the global energy landscape, turning America into a leading producer and reducing dependence on imports. The surge of American oil has also created a huge glut that OPEC is still struggling to mop up.
All of this is a huge change from the early 1970s when the Arab Oil Embargo sparked long gas lines and hurt the American economy so much that it inspired the creation of the strategic petroleum reserve, which today is the largest stockpile of government-owned emergency oil on the planet.
Yet some energy analysts warn that selling half the SPR could backfire, especially in today's uncertain world.
"It's a bit concerning. You're reducing the government's budget deficit, but you're putting more risk onto the consumer. That's who is going to pay for it," said Carl Evans, senior crude oil analyst at Genscape, an energy market research firm.
"It does seem like a short-term cash grab," he said.
Evans pointed to the risk posed by the political strife in Venezuela and Nigeria that has caused production to tumble in those OPEC nations.
To justify the proposed sale, the Trump administration pointed to the surge in US oil output.
The national security "risk goes down dramatically when we have increased production like today," Mick Mulvaney, the director of Trump's Office of Management and Budget, told reporters on Tuesday.
But Jason Bordoff, director of Columbia University's Center on Global Energy Policy, warned that even though US oil imports are down "prices at the pump will spike" if there's a supply disruption.
"The national security asset of the SPR helps provide a cushion. It would be foolish to sell it off because of a domestic oil production boom, the longevity of which remains somewhat uncertain," said Bordoff, who served as an energy adviser to President Obama and has testified before Congress on energy policy issues.
It's not clear if Trump wants to sell 50% of the strategic reserve from current levels, or on top of the reductions Congress recently agreed to. Those cuts would already wipe out more than 150 million barrels from the SPR, according to S&P Global Platts.
Other analysts think now is the perfect time to unload some of the strategic oil reserve, especially because there are costs linked to maintaining this complex that is located in Texas and Louisiana.
"It makes a lot of sense for the US to reduce these rather massive holdings," said Michael Dei-Michei, head of research at JBC Energy.
Selling the oil could generate a nice profit at today's prices of around $50 a barrel. The average price paid for oil in the reserve is just $29.70 a barrel.
The 688 million barrels currently sitting in the reserve are enough to cover 149 days worth of America's import needs, according to the Energy Department.
That means the US is well above the 90-day minimum required by the International Energy Agency (IEA). However, cutting half of the strategic reserve would obviously lower that cushion, potentially to below the IEA threshold. The Energy Department website notes that in the past the US has met this commitment by combining SPR stockpiles with private-sector inventories.
Bordoff, the Columbia professor, acknowledged that the dramatic changes in the world since the 1970s mean it would be wise to take time to think about the purpose and size of the SPR going forward.
"But to propose in the budget to slash it in half seems premature given that I don't know the full analysis has been done," he said.
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Two resolutions sponsored by Mongolia adopted by ESCAP 73rd session www.en.montsame.mn

 
Ulaanbaatar /MONTSAME/ The 73rd session of the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) convened from 15 to 19 May 2017 in Bangkok, Thailand. Delegations from 45 member-states of the Commission attended the session, which was held under the theme of the “Regional Cooperation for Sustainable Energy” and discussed the issues related to enhancing cooperation on inclusive and sustainable socio-economic development in the region.
 
The Mongolian delegation to the session was headed by His Excellency Mr. Tsend Munkh-Orgil, Minister for Foreign Affairs, and the Foreign Minister of Mongolia took part as a main speaker at the High-level Exchange of the Special Body on Least Developed, Landlocked Developing and Pacific Island Developing Countries, which discussed infrastructure and sustainable development in these countries with special needs. During the session, H.E. Mr. Tsend Munkh-Orgil met with H.E. Dr. Shamshad Akhtar, Under-Secretary-General of the United Nations and Executive Secretary of ESCAP and exchanged views on the issues pertaining to Mongolia-ESCAP cooperation.
 
Moreover, H.E. Mr. Tugsbilguun Tumurkhuleg, Ambassador Extraordinary and Plenipotentiary and Permanent Representative of Mongolia to ESCAP delivered a statement at the plenary meeting of the session and introduced actions taken by the Government of Mongolia to achieve the SDGs, as well as Mongolia’s views on regional cooperation in energy and infrastructure.
 
In addition, two resolutions sponsored by Mongolia, namely, on Strengthening the Regional Mechanism for Implementing the Vienna Programme of Action for LLDCs for 2014-2024 and on Enhancing Regional Cooperation for the Sendai Framework for Disaster Risk Reduction 2015-2030 in Asia and the Pacific, with the latter having been sponsored together with the Kingdom of Thailand, were adopted by the session.
 
In the course of the session, the Embassy of Mongolia in Bangkok in collaboration with the International Think Tank for Landlocked Developing Countries, based in Ulaanbaatar, hosted a High-level Luncheon for representatives of the Group of Landlocked Developing Countries to inform them of the activities of the International Think Tank for LLDCs and its operationalization, as well as objectives and current status of the “Multilateral Agreement on the Establishment of an International Think Tank for LLDCs”.
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