Emerging markets have become a major force in driving development and fighting climate change as 34 countries have initiated banking reforms to expand sustainable lending, says the report, issued on February 26.

“Eight countries—Bangladesh, Brazil, China, Colombia, Indonesia, Mongolia, Nigeria, and Vietnam—have reached an advanced stage, having implemented large-scale reforms and put in place systems for results measurement. These reforms require banks to assess and report on environmental and social risks in their lending operations and put market incentives in place for banks to lend to green projects,” it said.

The report was introduced on February 27 at a press conference in Ulaanbaatar, where IFC Resident Representative to Mongolia Tuyen D. Nguyen appreciated Mongolia’s efforts and progress in sustainable banking.

The Sustainable Banking Network was formally launched in 2012, since when Mongolia has been an active member. The Mongolian Bankers’ Association introduced the Mongolian Sustainable Finance Principles in 2014.
source: IFC
Kh.Aminaa

The index is conducted by Fraser Institute each year with the inclusion of an annual survey of mining companies. Mongolia was ranked 101st out of 104 countries in 2016.

Fraser noted that Mongolia's higher ranking on the index was influenced by the enhancement of the nation's professional workforce and other factors.

The institute also pointed out that the status of some regulations, the legislative environment, and political instability have had a negative impact on foreign investment.

In February, gold price stood at MNT 102,833.87 on average per gram, this is considered a low rate on the London Metal Exchange. The decrease in gold purchase is linked to the low prices and gold mining output.

The most important source of air pollution comes from coal-burning stoves in the “ger” districts (informal settlements) during the cold season. Rapid urbanization continues to cause a problem of unplanned settlements and increased air, water and soil pollution.

Unless concrete efforts are made address this situation, exposures will increase in the coming years with significant health consequences for the city`s population, especially for children.

Children are the most vulnerable to adverse health effects of air pollution from the day they are conceived.

Pregnant women`s exposure to air pollution can affect growing baby`s lungs and respiratory system causing pre-term birth and spontaneous abortion.

In Mongolia, a 3.5-fold increase in fetal deaths have been documented between winter and summer. Air pollution is also inked with diseases that can be highly damaging for children, such as bronchitis and asthma, causing children to miss school and other important learning and development opportunities.

Toxic chemicals in the air harm unborn baby`s brain development and contribute to behavioral and cognitive problems later in childhood, evidence suggests.

According to UNICEF in last 10 years, incidents of respiratory diseases in Ulaanbaatar alarmingly increased including a 2.7-fold increase in a respiratory infections per 10,000 population.

IEA Executive Director Fatih Birol said at an event in Tokyo the United States would overtake Russia as the biggest crude oil producer “definitely next year”, if not this year.

“U.S. shale growth is very strong, the pace is very strong ... The United States will become the No.1 oil producer sometime very soon,” he told Reuters separately.

U.S. crude oil output C-OUT-T-EIA rose above 10 million barrels per day (bpd) late last year for the first time since the 1970s, overtaking top oil exporter Saudi Arabia PRODN-SA.

The U.S. Energy Information Administration said early this month that U.S. output would exceed 11 million bpd by late 2018. That would take it past top producer Russia, which pumps just below that mark C-RU-OUT.

Birol said he did not see U.S. oil production peaking before 2020, and that he did not expect a decline in the next four to five years.

The soaring U.S. production is upending global oil markets, coming at a time when other major producers - including Russia and members of the Middle East-dominated Organization of the Petroleum Exporting Countries (OPEC) - have been withholding output to prop up prices LCOc1.

U.S. oil is also increasingly being exported, including to the world’s biggest and fastest growing markets in Asia, eating away at OPEC and Russian market share.

Meanwhile, U.S. net imports of crude oil USOICI=ECI fell last week by 1.6 million bpd to 4.98 million bpd, the lowest level since the EIA started recording the data in 2001, reflecting further erosion in a market OPEC has been relying on for decades.

Birol said production growth was not just strong in the United States.

“Canada, especially the oil sands, and Brazilian offshore projects. These are the two major (non-U.S.) drivers,” he said.

On the demand side, Birol said the IEA expected growth of around 1.4 million bpd in 2018.

During the official talks, the Foreign Minister of Mongolia confirmed that Mongolia prioritize the development of relations with Japan as a third neighbor and close strategic partner that shares values in respecting democracy, human rights and freedom. Sides then held discussions on implementing Mid-term Strategic Partnership Program (2017-2021) and Economic Partnership Agreement, and deepening Mongolia-Japan relations in wide range of sectors such as politics, defense, economy, trade, culture, education and etc.

Mongolian side expressed gratitude towards the Japanese Government and people for rendering generous support and assistance to the country in strengthening democracy and structuring market economy system. In the framework of International Monetary Fund’s program and Japan’s Official Development Assistance (ODA), the Japanese Government has been providing several important aids.

Starting from the coming spring, Mr Tara Kono has informed that Japan will workout a Masterplan on developing VAT included productions in Mongolia’s agricultural sector. Mr Tsogtbaatar Damdin made a request on implementing the third step of the Two-Step Loan Project for SMEs and Environmental Protection that was implemented with the soft loan of the Japanese Government.

The sides confirmed that they will implement the Memorandum of Interministerial Program on Apprentices that was signed between the labour ministers.

The memorandum is considered vital for Mongolia’s sustainable socio-economic developments.

Mr Tsogtbaatar also noted that it is important to create conditions for visa-free travel between the two countries. The sides agreed to create consultative mechanisms between the consulates of the foreign ministries on easing citizens’ travel conditions and protecting their interests.

The Minister noted that Mongolia-Japan relations had been strengthening not only in the bilateral frames, but also in the regional and international levels, and agreed to strengthen firmly in this aspect as a strategic partner.

Oyunbayar.N

The regular meeting of the Intergovernmental Commission on Trade, Economic, Scientific and Technical Cooperation will be led by Mongolian Deputy Prime Minister U.Enkhtuvshin and Russian Minister of Natural Resources and Environment Sergey Donskoy, Montsame news agency reported.

The 11th meeting will review the implementation of the protocol of the 10th meeting and address bilateral cooperation on construction of a power plant at Eg River, border region development, road and transport, energy, environment and agriculture sectors.

Moreover, the Sub-Commission on Regional and Cross Border Cooperation will meet to discuss the implementation of the Mongolia-Russia-China Economic Corridor program and bilateral cross border cooperation.

The Sub-Commission meeting will be led by Deputy Minister of Foreign Affairs B.Battsetseg from Mongolian side and Deputy Minister of Economic Development Alexey Gruzdev.

Archbishop Alfred Xuereb

Archbishop Alfred Xuereb was born in Gozo, Malta on October 14, 1958.

He was ordained a priest on May 26, 1984, and incarnated in Gozo.

After obtaining a degree in theology he began his administrative service at the Secretariat of the Rector of the Pontifical Lateran University in September 1991.

He was transferred to the General Affairs Section of the Secretariat of State on 1 September 1995; to the Prefecture of the Papal Household in November 2000 and to the General Affairs Section of the Secretariat of State (the Special Secretariat of Benedict XVI) on September 11, 2007 and to the Special Secretariat of Pope Francis on March 15, 2013.

He was appointed as delegate for the Pontifical Commission for Reference on the Institute for the Works of Religion and for the Pontifical Commission for study and guidance on the organization of the economic-administrative structure of the Holy See on 28 November 2013.

He was appointed as prelate secretary general of the Secretariat for Economic Affairs on March 3, 2014.

He knows Italian, English, German, Portuguese and French.

Specifically, a total stock market value reached MNT 2.4 trillion in 2017 which showed the highest indication in its history. In 2016, the stock market value was MNT 1.4 trillion and it was raised by 65 percent within one year period. Thus, the stock market equals to 9 percent of Gross domestic product (GDP). Newly issued securities were traded well showing that market demand has increased in the sector.

As of 2017, a total asset of savings and credit cooperatives, non-bank financial institutions (NBFI) and insurance field amounted to MNT 1.4 trillion. It was went up by 23 percent compared to 2016 and makes up 5 percent of the GDP.

A total capital of insurance was MNT 244.7 billion as of the end of 2017, showing 17.4 percent rise than the previous year. A total premium income went up by 26.1 percent, insurance compensation by 31 percent and net profit raised by 15.7 percent compared to 2016.

Amount of total capital of non-bank financial sector reached MNT 969.2 billion in 2017, equalling to 3.6 percent of GDP. As a result of raising threshold of NBFI share capital, loan supply went up and monthly weighted interest rate decreased to 3.4 percent from 4 percent. FRC considers the interest rate can be declined down to 2.1 percent by 2020.

Moreover, savings and credit cooperatives' capital totals MNT 151.3 billion, having 55.624 members and a total net profit of MNT 5.5 billion. It is the highest growth since 2012 and also amount of total credit of the sector reached MNT 105 billion.

B.Batchimeg

The National Statistics Office reported that the inflation rate was 6.9 percent in January.

Food price inflation increased in 2017 due to price increases for meat and vegetables. According to the report, even though non-grocery inflation tends to increase in the first few months of the year, the inflation rate is expected to be sustainable thanks to a decreased impact of currency exchange rates.

The report also noted that production in non-mining sectors will grow, which will support GDP, but growth in the agriculture sector may be lower. The International Monetary Fund’s extended fund facility program has played a role in increasing foreign financing and reducing the budget deficit, which has positively impacted economic growth and will bring about more private sector loans.