Events
Name | organizer | Where |
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MBCC “Doing Business with Mongolia seminar and Christmas Receptiom” Dec 10. 2024 London UK | MBCCI | London UK Goodman LLC |
NEWS
Europe day event organized for the third time www.eeas.europa.eu
The Delegation of the European Union to Mongolia (“the Delegation”) celebrates the richness and diversity of European culture through Europe Day, an exhibition featuring the European Union, its member States, cultural institutes and European companies. All the projects co-funded by the European Union and its Member States in Mongolia displayed their activities that are benefiting people around Mongolia. The event took place on Sukhbaatar square on Sunday 14 May for one day.
The one-day cultural event was officially opened by the EU Ambassador to Mongolia Ms Axelle Nicaise, the Vice Minister for Foreign Affairs Mr Amartuvshin and the Governor of Ulaanbaatar Mr Tumurtumuu Dolgorsuren, Deputy Governor of the Capital City.
Throughout the day, more than seventy booths showcased Europe’s unique heritage, vibrant culture, distinctive charms, tourism and educational opportunities and visa information. Visitors were able to taste Europe through many authentic European products on display. Musicians and performers brought the richness of Europe’s heritage to the eyes and ears of the Mongolian audience with live music and cultural exhibitions.
EU Ambassador Nicaise comments on the event: “What better way could there be to celebrate Europe Day in Mongolia? We are very pleased to bring a day of authentic cultures, experiences, and products from Member States of the European Union to Mongolia’s capital city for our Mongolian friends to experience. With this unique festivity we hope to build stronger ties between Europe and Mongolia and celebrate our long and rich histories together. Visitors will also be able to discover what the EU is doing in Mongolia by visiting the various projects funded by the EU.”
About the Delegation of the European Union to Mongolia
The Delegation of the European Union to Mongolia was established in 2017. It conducts official relations between the European Union and Mongolia, seeks to deepen EU-Mongolia cooperation, and exchanges in all fields.
Mongolia’s Complex Relationship with Wolves: Balancing Tradition and Modern Conservation www.culture.org
In Mongolia, a country where nomadic pastoralism is deeply rooted in the culture, wolves (chono) occupy a variety of ecosystems, ranging from steppes and semi-deserts to mountainous regions.
Throughout history, wolves have been both demonized and romanticized in Mongolian culture. In fact, the nation’s most renowned figure, Chinggis Khan, is said to have descended from a wolf.
The Secret History of the Mongols, commissioned by Chinggis’ grandson Möngke Khan, details Chinggis’ lupine ancestry while also portraying wolves as adversaries.
The 17th-century historical chronicle, the Golden Summary, perpetuates the depiction of wolves as threats.
However, there are instances in poems and manuscripts from the 16th to the 19th century that evoke sympathy for wolves and thieves, as they both stole to survive.
Wolf Hunting and Socialism
Wolf hunting persisted in Mongolia despite these calls for compassion. In the 1950s, the Mongolian People’s Revolutionary Party implemented collectivization and wolf extermination campaigns.
Professional wolf hunters with pelt quotas were introduced, and hunting was regarded as a legitimate form of Marxist production.
Hunters were celebrated and experienced, writing handbooks and attending conferences to share their knowledge.
These handbooks often began with a history of Mongolian hunting, emphasizing the idea that hunting was a valid form of Marxist production.
Throughout history, wolves have been both demonized and romanticized in Mongolian culture. In fact, the nation’s most renowned figure, Chinggis Khan, is said to have descended from a wolf.
Conservation Efforts and Pro-Wolf Advocacy
Conservation efforts in Mongolia have been inconsistent, with the end of socialism in 1991 leading to the elimination of wolf pelt quotas.
Although provinces still hold wolf hunts and offer socialist-style bounties, there is a growing number of pro-wolf voices advocating for conservation.
Books supporting wolves are sold alongside works by older hunters who worked for the socialist government.
Some advocate for American-style conservation efforts, but these proponents remain a minority compared to the prevailing anti-wolf sentiment.
The Complexity of Mongolia’s Relationship with Wolves
Mongolians have a complex relationship with wolves, simultaneously respecting their cultural significance and killing them to protect their livestock.
While herders grapple with wolf depredation, they express concern and disbelief over the extermination of wolves in other countries.
Mongolia’s relationship with wolves is multifaceted, reflecting both admiration and animosity.
Conservationists like Tumursukh Jal, the director of the Ulaan Taiga Strictly Protected Areas Administration, dedicate their careers to wildlife protection while acknowledging the challenges herders face in protecting their livestock.
Moving Forward: Balancing Tradition and Conservation
This intricate relationship underscores the need for a balanced approach to preserving tradition and promoting modern conservation efforts.
Increased dialogue between herders, conservationists, and policymakers may help bridge the gap between cultural reverence for wolves and the need to protect livestock.
Educational programs could also play a vital role in raising awareness about the importance of wolves in maintaining ecosystem balance, as well as promoting alternative, non-lethal methods of protecting livestock from wolf predation.
Ultimately, Mongolia’s complex relationship with wolves offers a unique opportunity to explore the intersection of tradition, culture, and conservation, and the delicate balance necessary to protect both wildlife and human livelihoods.
Karakorum: Mongolia’s ancient capital is a cultural delight www.cnn.com
Karakorum is known by many names and even more reputations. Once the home of the world’s most famous Khan, this ancient city quickly became one of the Silk Road’s most important – and progressive – convergence points.
Located in Mongolia’s Övörkhangai province, Karakorum and its surrounding landscapes are among the best places to visit in Mongolia today.
Located just 350 kilometers from Ulaanbaatar, the country’s modern-day capital city, the road to Karakorum is an essential drive on any Mongolia travel itinerary not only for its beauty, but for its history.
It’s this same East meets West route that was once traveled by Turks, Chinese, Uighurs, Sogdians, Hungarians, Greeks, Armenians, Alans and Georgians. By diplomats, traders, artisans and merchants all looking to trade silk, spices, tea, ivory, cotton, wool and precious metals, as well as ideas.
Why 2023 is the year to visit Mongolia
Because of this, Karakorum quickly became a place where cultures would intertwine and learn to live in harmony with one another. Despite many of the connotations about Genghis Khan and his empire many of us hold today, Karakorum was a city built on understanding and acceptance.
It was a place where different religious practices were accepted, with at least 12 different pagan temples, two mosques, a church and at least one Buddhist temple located inside the city’s walls.
The city’s glory was, however, short lived. Kublai Khan eventually moved the empire’s capital to Beijing only 50 years after development first began. With harsh temperatures and a vulnerability to attacks, the city’s inhabitants didn’t stay around for long after that, and Karakorum quickly turned into a pile of rubble.
The Karakorum we see today may be nothing like it was in the days of the Great Khan, but with a recent vow from the president of Mongolia to revitalize this culturally significant city in the coming years, there’s a brighter future on the horizon.
Until then, there are still plenty of reasons to visit.
As a country with a nomadic culture Mongolia doesn’t have many traces of its past still standing. Even today, much of the Mongol’s history as one of the largest and most powerful empires in the world is a mystery still being pieced together.
Besides “The Secret History of the Mongols,” not many written accounts from the Mongolian Empire, as told by Mongols, remain. Archeological sites around Karakorum are still filling in many blanks.
Excavations in and around Karakorum have discovered paved roads, remains of brick and adobe buildings, floor-heating systems, bed stoves, evidence of the processing of copper, gold, silver, iron, glass, jewels, bones and birch bark, as well as coins from China and Central Asia, ceramics and four kilns.
Many of these discoveries, and the stories around them, can be found in the Karakorum Museum, a sleek and modern attraction in the heart of the city.
None of the artifacts and exhibitions, however, are as enthralling as the tale of the Silver Tree – a once ornate fountain that was the centerpiece of the Mongol capital.
According to the legend, the tree was adorned with silver fruit and flowing with various alcoholic drinks, including wine, fermented mare’s milk (airag), rice wine and honey mead, all for the grandsons of Genghis Khan and his invited guests.
The Silver Tree hasn’t been discovered and was most likely dismantled during one of the city’s raids, but the tale of it is enough to fill our own cups just like it once did those of the Mongol royals.
Back in 1585 when Karakorum was abandoned and falling into ruin, the city’s salvation came in the form of a Buddhist monastery commissioned by the then Khalkha-Mongolian prince.
It was the prince’s meeting with the third Dalai Lama, and his declaration of Tibetan Buddhism as the state religion of Mongolia, that would make Erdene Zuu Monastery the first Buddhist monastery in Mongolia.
During the Soviet purges of the 1930s, Stalin himself saved a few of the main temples from being destroyed, calling them symbols of religious freedom. The monastery complex was eventually converted into a museum.
After the fall of the Soviet Union, the monastery again became active, but nothing like its former days. At its peak, the monastery was home to more than 100 temples, around 300 yurts, and 1,000 monks in residence.
Today, Erdene Zuu Monastery is one of Mongolia’s most sacred Buddhist temples, with Buddhist-practicing Mongols vowing to visit the complex at least once in their lives.
The Laviran Temple at the back of the complex is where monks can be found chanting, practicing musical instruments and providing sacred readings daily.
Erdenesiin Khuree Mongolian Calligraphy Center
Another Karakorum highlight is the Erdenesiin Khuree Mongolian Calligraphy Center – among the best reasons to visit Mongolia, especially this summer.
With a recent expansion and the ability to offer a wider array of workshops and exhibitions that go beyond Mongolian calligraphy, the center focuses on promoting all aspects of Mongolian heritage.
Concerts featuring traditional Mongolian music as well as masterclasses on khoomei, or traditional Mongolian throat singing, will be held throughout the summer.
In September, the center plans to open a ceramic workshop.
Silver Tree Guest House
While Karakorum is often considered a stop along the route to somewhere else, this culturally rich city deserves closer attention. Visitors should plan to spend at least two days exploring this ancient area, booking at least one night at one of these hotels, guesthouses or tourist ger (yurt) camps.
The modern and clean Ikh Khorum Hotel and Restaurant stands out as one of the city’s most elegant choices. The hotel features 27 rooms, a sauna, restaurant, bar and lounge. The hotel is within walking distance to Erdene Zuu Monastery, Karakorum Museum, and the Erdenesiin Khuree Calligraphy Center.
While Silver Tree Guest House is still in its opening phases, staying here feels like you’ve been invited into someone’s home. And that’s also because it is. Silver Tree Guest House is a family-run guest house offering yurt stays, rooms with toilets and showers, and a restaurant that can accommodate both meat eaters and vegetable lovers.
It’s also the first building in Mongolia to utilize a biogas heating system and can speak several languages, including English, French, Russian, Polish, and Mongolian.
For the real yurt experience, Anja Camp makes the list as one of the best in Karakorum, offering ecologically healthy and natural meals from their three-season greenhouse as well as having a focus on environmental projects.
The camp and its founders have started initiatives to grow sea buckthorn to stop soil erosion, using the trees to create creams, liqueurs, organic juice, organic oil, and – a Mongolian favorite – sea buckthorn tea. They also have a sister lodge in Elsen Tasarkhai, the Sweet Gobi Geolodge, an hour outside of Karakorum that’s worth checking into if you’re in the area.
Shift in Mongolia's Buddhist leadership to determine its relationship with China www.devdiscourse.com
An immediate shift in Mongolia's Buddhist leadership was seen after Tibetan spiritual leader Dalai Lama recognised an 8-year-old US-born Mongolian boy as one of the highest spiritual leaders in Buddhism in March this year, according to several media reports. As a result, this shift in Buddhist leadership which became visible also holds the potential to shift the direction of Mongolia's relationship with China, according to a report of Modern Diplomacy.
In an opinion in Modern Diplomacy, Victoria Jones, a Senior Research Fellow at the Asia-Pacific Foundation, an international policy assessment group based in London writes that the young boy will serve as the representative of Mongolia's dominant religion, Tibetan Buddhism, and he would become a much more significant figure if the current Dalai Lama were to unexpectedly pass away. "The move also reverberates more widely in terms of the future of Tibetan Buddhism at large, especially when it comes to the selection of the next Dalai Lama. It is yet another reminder to Beijing that the Tibetan resistance movement is alive and well--and it now has a fresh new figurehead who holds meaningful religious authority," she writes.
"The Mongolian government itself has not yet commented on this latest announcement, perhaps to avoid upsetting China, as Beijing has repeatedly punished Mongolia for previously hosting the Dalai Lama throughout the past decades," opines Jones. China closed a border crossing with its neighbour after the spiritual leader's 2002 visit, and during his 2006 tour, flights from the Chinese capital to Mongolia were halted.
China's most recent and severe retaliation against Mongolia for a Dalai Lama visit took place in 2016. The Dalai Lama allegedly recognised the 10th Khalka Jetsun Dhampa Rinpoche that year, but due to his youth, he reportedly felt it was too soon to properly present him to the world, Modern Diplomacy reported. "Beijing did not merely hit Mongolia with a scolding and stern word, but real, practical consequences as well. One week after the Dalai Lama's visit, China imposed fees on Mongolian commodity imports and extra transit costs on products crossing into Inner Mongolia. Moreover, Beijing closed a key border crossing with Mongolia, leading to congestion and serious traffic jams and leaving truck drivers stuck in freezing temperatures for days on end," Jones writes.
Moreover, Beijing also meddles actively in the religious issues of Mongolia in addition to using its economic influence over that nation. China encourages interactions with Mongolian Buddhist clergy as a means of strengthening its hold; more specifically, it does so by focusing on and supporting sects that are antagonistic to the Dalai Lama. It's also important to take into account China's worries over Mongolia's ethnic composition. In reality, Beijing faces additional friction because there are more Mongols living inside China than in Mongolia.
"The CCP's response to this perceived problem has been to crack down on Mongol culture in Inner Mongolia, for instance, by passing a law in 2020 prohibiting teachers from using the Mongolian language--a policy reminiscent of the one instituted in the so-called night-stay schools in Tibet-- as part of an effort to make Han Chinese and Mongol culture indistinguishable," Jones writes in Modern Diplomacy. This action sparked protests in Inner Mongolia, as China's crackdown was unaccepted by the Mongolians.
In terms of Tibetan Buddhism, both historically and currently, Mongolia is of utmost significance. The word "Dalai" actually comes from the Mongolic language and means "ocean," "vast," or "great," Jones said. The Dalai Lama acknowledged the 8-year-old as Khalkha Jetsun Dhampa Rinpoche's reincarnation during his visit to Mongolia a few years ago in 2016.
The Mongolian boy named the 10th Khalkha Jetsun Dhampa Rinpoche had visited Dharamshala along with a group of Mongolian devotees and attended the teachings of the Dalai Lama and preliminary Chakrasamvara empowerment on March 8-9 this year. The Office of the Dalai Lama in early this March released a photograph of the young boy Lama with a caption that read, "The reincarnation of Khalkha Jetsun Dhampa Rinpoche of Mongolia presenting traditional offerings to His Holiness the Dalai Lama at the start of the preliminary Chakrasamvara Empowerment at the main Tibetan temple in Dharamshala."
Moreover, while reading a paper/ letter on March 8 during the teachings, Dalai Lama said, "Khalkha Jetsun Rinpoche is here with us today. He came here to receive the Chakrasamvara empowerment, the previous Jetsun Dhambas practice mainly Chakrasamvara and it's an auspicious occasion." (ANI)
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
Fitch Affirms Mongolia at 'B'; Outlook Stable www.fitchratings.com
Fitch Ratings - Hong Kong - 15 May 2023: Fitch Ratings has affirmed Mongolia's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'B' with a Stable Outlook.
A full list of rating actions is at the end of this rating action commentary.
KEY RATING DRIVERS
Strong Growth, External Vulnerabilities: Mongolia's ratings are underpinned by favourable medium-term growth prospects and high per capita income relative to 'B' rated peers. The ratings are constrained by the country's high reliance on external funding and commodity exports to China amid high external debt and low foreign-exchange reserves. Mongolia scores well on World Bank Governance Indicators relative to 'B' peers, but has suffered from political volatility around issues of resource nationalism.
Growth Rebound: We forecast real GDP growth of 5% in 2023, similar to 2022, on stronger mining activity and steady domestic demand. Growth will likely accelerate in 2024. Coal exports are rebounding after China's removal of border pandemic controls. Export capacity will rise further once cross-border rail links become fully operational in the next one-two years. The strategic Oyu Tolgoi copper mine's underground phase started production in March 2023, although most of the volume gains will only come from 2025. Other mining and infrastructure projects could support medium-term growth.
External Finances Stabilising: The export rebound is helping rein in the current account deficit (CAD), which we expect to shrink to about USD1.7 billion-1.8 billion (about 9% of GDP) in 2023-2024, from about USD2.3 billion (over 13% of GDP) in 2022. We expect inflows of FDI to cover the CAD. Official foreign-exchange (FX) reserves recovered to USD3.7 billion in April 2023, from a trough of USD2.7 billion in August 2022, while bank deposit dollarisation stabilised at 37% of total deposits in March 2023, having risen from 24% at end-2021.
External Finances Remain Precarious: Net external debt, at 160% of GDP in 2023 will be around 6x the 'B' median, although over 30% of this is intercompany lending (FDI), and over 20% is the government's bilateral and multilateral loans on concessional terms, both of which we expect will continue to be stable sources of funding. Reserve coverage ratios, though improved, remain weaker than the 'B' median. Gross reserves are supported by about USD1.7 billion in swap liabilities to the People's Bank of China, which we expect to be rolled over, and similar amounts of FX liabilities to domestic banks.
Maturity Management: Just over USD150 million in government external debt is due in the rest of 2023, with the proceeds of a USD650 million issuance in January mostly used to repay and exchange bonds maturing in May. The Development Bank of Mongolia (DBM) has set aside reserves to repay a JPY30 billion (USD220 million) government-guaranteed bond in December. The government is authorised to guarantee DBM bonds maturing in October (about USD437 million outstanding), which we assume will be used to roll them over. Government external debt maturities in 2024 are USD680 million.
Narrow Fiscal Deficit: We forecast general government fiscal deficits at under 1% of GDP in 2023-2024, after a surplus of 1% of GDP in 2022, reflecting our expectation that higher spending will offset the boost to revenue from the mining sector and inflation. Last year's fiscal outturn marked a significant turnaround from the 3% of GDP deficit in 2021. The government originally budgeted a deficit of under 2% of GDP in 2023, but has since raised its projection for mining revenue by over 1% of GDP.
Underlying Fiscal Stance Expansionary: We estimate that the non-mineral primary deficit will remain at around 11%-12% of non-mining gross value-added (GVA), down from 21% in 2020, but 4pp-5pp worse than in 2017-2019, largely a result of increases to pensions and child support payments legislated in a 2022 supplementary budget, costing over 3% of GDP (5% of non-mining GVA). In our view, there are no credible fiscal anchors, and impetus for fiscal consolidation will be limited in the run-up to legislative elections in June 2024.
Commodity Dependence, Risks: The outlook for external finances is highly sensitive to commodity revenues, which account for 90% of total external receipts and 30% of government revenue. For example, a 10% shortfall in coal volume relative to our baseline would imply a USD500 million (4% of GDP) hit to the CAD in 2023 and a USD100 million hit to government revenue.
Debt Declining; Sizeable Contingent Liabilities: Government debt edged down to 60% of GDP in 2022 from about 61% of GDP in 2021 on strong nominal growth and an improved fiscal balance. We expect debt to continue on a downward path broadly in line with the 'B' median, reaching about 55% of GDP by 2024, including DBM debt assumed to be rolled over with a government guarantee. However, the government has significant potential contingent liabilities, including unguaranteed state-owned enterprise debt of over 15% of GDP and the Bank of Mongolia's (BOM) negative equity position of about 7% of GDP.
Inflation Peaking; Monetary Stance Mixed: We expect headline inflation to average 12% yoy in 2023, from an average of over 15% in 2022, before moderating to 9% in 2024, slightly above the BOM's 4%-8% target. Full normalisation of trade with China and lower global commodity prices should exert a downward pull on inflation, although international sanctions on Russia are still leading to elevated import costs.
The BOM raised its policy rate to 13% in December, bringing cumulative hikes in 2022 to 700bp. However, the impact of this could be blunted by nearly MNT3 trillion (6% of GDP) in liquidity injections from the redemption in central bank bills in 2022. Government-approved customs exemptions for diesel and gasoline imports in 2Q23 appear to run contrary to the BOM's moves to tighten policy.
Banking System Stable: Non-performing loans have remained steady at about 10% of total sector loans, although underlying asset quality issues may be masked by high nominal growth, ongoing subsidised lending programmes and a moratorium on mortgage repayments, which only ended in December 2022. The BOM completed an asset quality review of domestic systemically important banks (D-SIBs), and three of the five D-SIBs have already launched IPOs to reduce shareholder concentration, meeting a BOM requirement to do so by June 2023.
ESG - Governance: Mongolia has an ESG Relevance Score of '5[+]' for Political Stability and Rights and '5' for the Rule of Law, Institutional and Regulatory Quality and Control of Corruption. Theses scores reflect the high weight that the World Bank Governance Indicators have in our proprietary Sovereign Rating Model. Mongolia has a medium World Bank Governance Indicator ranking at the 47th percentile.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade
- External Finances: Heightened external stress, which may be evident from restricted access to external-financing sources or a marked decline in foreign reserves.
- Public Finances: Significant increase in the budget deficit or the government debt/GDP ratio.
- Structural Features: Political instability and/or major policy shifts sufficient to significantly disrupt strategic mining projects or FDI inflows.
Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade
- External Finances: The accumulation of larger foreign-currency reserve buffers and the implementation of a debt-management strategy that lowers refinancing risks and improves external debt sustainability.
- Macroeconomic: Strong and sustained economic growth and export without the emergence of imbalances, and the maintenance of a favourable business environment conducive to robust FDI inflows.
- Public Finances: Sustained reductions in the government debt/GDP ratio.
SOVEREIGN RATING MODEL (SRM) AND QUALITATIVE OVERLAY (QO)
Fitch's proprietary SRM assigns Mongolia a score equivalent to a rating of 'B+' on the Long-Term Foreign-Currency (LT FC) IDR scale.
Fitch's sovereign rating committee adjusted the output from the SRM score to arrive at the final LT FC IDR by applying its QO, relative to SRM data and output, as follows:
- Structural: -1 notch, to reflect lingering risk of political volatility around issues of resource nationalism, which could negatively impact foreign investment and mining sector exports.
- Macro: +1 notch, to reflect Mongolia's strong medium-term growth prospects, which are not fully reflected in the current SRM output and are stronger than that of peers.
- External Finances: -1 notch, to reflect Mongolia's vulnerability to external shocks, given its dependence on commodity exports to China, as well its high external financing needs and debt in the context of relatively low foreign-exchange reserves.
Fitch's SRM is the agency's proprietary multiple regression rating model that employs 18 variables based on three-year centred averages, including one year of forecasts, to produce a score equivalent to a LT FC IDR. Fitch's QO is a forward-looking qualitative framework designed to allow for adjustment to the SRM output to assign the final rating, reflecting factors within our criteria that are not fully quantifiable and/or not fully reflected in the SRM.
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Sovereigns, Public Finance and Infrastructure issuers have a best-case rating upgrade scenario (defined as the 99th percentile of rating transitions, measured in a positive direction) of three notches over a three-year rating horizon; and a worst-case rating downgrade scenario (defined as the 99th percentile of rating transitions, measured in a negative direction) of three notches over three years. The complete span of best- and worst-case scenario credit ratings for all rating categories ranges from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are based on historical performance. For more information about the methodology used to determine sector-specific best- and worst-case scenario credit ratings, visit https://www.fitchratings.com/site/re/10111579.
REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING
The principal sources of information used in the analysis are described in the Applicable Criteria.
ESG CONSIDERATIONS
Mongolia has an ESG Relevance Score of '5[+]' for Political Stability and Rights as World Bank Governance Indicators have the highest weight in Fitch's SRM and are therefore highly relevant to the rating and a key rating driver with a high weight. As Mongolia has a percentile rank above 50 for the Governance Indicator, this has a positive impact on the credit profile.
Mongolia has an ESG Relevance Score of '5' for Rule of Law, Institutional & Regulatory Quality and Control of Corruption as World Bank Governance Indicators have the highest weight in Fitch's SRM and are therefore highly relevant to the rating and are a key rating driver with a high weight. As Mongolia has a percentile rank below 50 for the respective Governance Indicators, this has a negative impact on the credit profile.
Mongolia has an ESG Relevance Score of '4[+]' for Human Rights and Political Freedoms as the Voice and Accountability pillar of the World Bank Governance Indicators is relevant to the rating and a rating driver. As Mongolia has a percentile rank above 50 for the Governance Indicator, this has a positive impact on the credit profile.
Mongolia has an ESG Relevance Score of '4[+]' for Creditor Rights as willingness to service and repay debt is relevant to the rating and is a rating driver for Mongolia, as for all sovereigns. As Mongolia has a record of more than 20 years without a restructuring of public debt and captured in our SRM variable, this has a positive impact on the credit profile.
Except for the matters discussed above, the highest level of ESG credit relevance, if present, is a score of 3. This means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or to the way in which they are being managed by the entity. For more information on Fitch's ESG Relevance Scores, visitwww.fitchratings.com/esg.
"Mongolia-Japan Tourism Forum-2023" in Tokyo www.montsame.mn
With the Government of Mongolia declaring 2023 through 2025 the “Years to Visit Mongolia”, “Mongolia-Japan Tourism Forum-2023” is taking place in Tokyo, Japan on May 15-16 to revive the tourism sector in the post-pandemic era and expand the cooperation between the countries in this sector, bringing together over 100 Mongolian and Japanese tour operators’ representatives.
Opening remarks were delivered by Adviser to the Minister of Environment and Tourism O. Odbayar, Ambassador Extraordinary and Plenipotentiary of Mongolia to Japan D. Batjargal, and Chair of Toa Research Institute Takebe Tsutomu.
In his address, O. Odbayar, Adviser to the Minister of Environment and Tourism, emphasized the importance of organizing the Forum in strengthening business ties between the two countries, opening up new areas and opportunities for trade, investment, and cooperation, and attracting investment from large Japanese companies to Mongolia.
As part of the “Years to Visit Mongolia”, our country plans to receive 100 thousand tourists from Japan.
During the Forum, T. Monkh-Od, the Head of the Tourism Policy and Coordination Department of the Ministry of Environment and Tourism, gave a presentation on the policy and future activities of the Government of Mongolia in the tourism sector and the Mongolian airliane companies, MIAT and Air Mongolia, and "Juulchin", a tour company, presented their offerings to tourists.
Newcrest Mining accepts $19.2 billion Newmont takeover deal www.bloomberg.com
Newcrest Mining Ltd. has agreed to a takeover deal with Newmont Corp. worth about A$28.8 billion ($19.2 billion) to create the world’s biggest gold producer.
Newcrest shareholders will get 0.4 shares in Newmont for every Newcrest share they own, giving them 31% ownership of the combined group, the Melbourne-based company said Monday, confirming a Bloomberg News report Sunday.
The deal gives Newcrest an implied enterprise value of A$28.8 billion, which includes net debt.
Newcrest will also pay a franked special pre-completion dividend of up to $1.10 per share. Newcrest had earlier agreed to extend Newmont’s due-diligence rights to May 18 after an earlier deadline lapsed, it said Thursday.
“This transaction will combine two of the world’s leading gold producers, bringing forward significant value to Newcrest shareholders through the recognition of our outstanding growth pipeline,” Newcrest’s chairman, Peter Tomsett, said in the statement.
The enlarged Newmont will have gold assets in North and South America, Africa, Australia and Papua New Guinea. It will also expand its exposure to copper, a key metal in the clean energy transition.
A deal would likely mark the apogee of a furious five-year consolidation among the world’s largest gold miners that began with Barrick Gold Corp.’s $18 billion pursuit of Randgold Resources Ltd. and includes a $5.2 billion takeover of Yamana Gold Inc. that was completed in March. Newmont’s proposal comes just weeks after the spot trading price of bullion approached an all-time record amid a global stagflation watch.
Newmont first approached its Australian rival in February with a $17 billion non-binding bid that was rejected by Newcrest’s board. The US company sweetened that in April to $19.5 billion, and described it as the best and final offer. Newcrest chief executive officer Sherry Duhe said the board was prepared to recommend the proposal to its shareholders, subject to successful due diligence.
Gold miners worldwide are facing the prospect of stagnating production, harder-to-mine deposits and rising input costs. Such industry challenges are seen as a catalyst for more mergers and acquisitions, as companies seek to increase size to boost production and improve efficiencies through economies of scale.
It’s not just Newcrest’s five gold mines across three continents that are attracting Newmont, as the Australian company generates around a quarter of its revenue from copper. Newmont, in turn, is facing a decade-long gold rut and has said it wants more of the energy-transition metal in its portfolio.
(By Harry Brumpton and Dinesh Nair, with assistance from Jason Scott)
Comprehensive English Curriculum to be Introduced in Public Schools www.montsame.mn
While working in London, Minister of Education and Science L. Enkh-Amgalan visited Pearson, the world’s leading learning company.
Since the beginning of 2023, Mongolia started to test the Pearson English Learning Program in 38 public schools, and depending on the success of the testing, it plans to introduce the program to all public schools in the country.
The Draft of the General Law on Education, which stipulated that English should be the main foreign language to be taught in educational institutions of Mongolia, was supported at the first discussion of the plenary session of the State Great Khural. The Pearson company will play a crucial role in teaching English to students starting from the third grade of secondary school. Pearson English Program offers a variety of learning options for students, including online and classroom learning and teachers can also use the program to improve their English language or enhance their teaching skills.
In the light of the Minister's visit to the Pearson company, the parties signed a Memorandum of Understanding, agreeing to cooperate in the following directions:
To introduce a comprehensive English language program in public schools, stage by stage,
To enhance the competence of English language teachers,
To improve the evaluation system,
To introduce IT Certification learning solutions in five public schools,
To graduate students with Pearson English International Certificate.
Pearson, multinational publishing and education company headquartered in London, provides various educational products and services, including textbooks, digital learning tools, online courses, and certification programs. Pearson operates in over 70 countries and serves millions of learners worldwide. The company focuses on education technology and innovation, and it works closely with educators and institutions to develop effective and personalized learning solutions.
Minister of Foreign Affairs on Visit to the Republic of Slovenia www.montsame.mn
At the invitation of the Deputy Prime Minister and Minister of Foreign and European Affairs of the Republic of Slovenia Tanja Fajon, Minister of Foreign Affairs of Mongolia B. Battsetseg is on a Visit to the country on May 15-16.
Within the framework of the Visit, the Minister of Foreign Affairs B. Battsetseg will pay courtesy calls on the President and the President of the National Assembly of the Republic of Slovenia and hold official talks with Tanja Fajon, the Deputy Prime Minister and Minister of Foreign and European Affairs. Issues on enriching the relations and cooperation between Mongolia and Slovenia with trade and economic content and increasing the investment are expected to be covered during the meetings.
As part of the Visit, Minister B. Battsetseg will attend the Diplomatic Conference on the Draft Convention on International Cooperation in the Investigation and Prosecution of Genocide, Crimes against Humanity, War Crimes and Other International Crimes, which is being held in Ljubljana, Slovenia between May 15 and 26, as an honored guest.
Diplomatic relations between Mongolia and the Republic of Slovenia were established on February 18th of 1993, marking the 30th anniversary this year.
Hot Water Restrictions Imposed in Several Areas of Mongolia www.bnn.network
Mongolians in some areas will have to prepare for cold showers as hot water will be restricted starting from the 15th of this month. The announcement was made by the central heating company in Mongolia, Ulaanbaatar, which provides hot water and heating to households and businesses in the capital city.
According to the announcement, the hot water restriction will affect several districts in Ulaanbaatar, including Songinokhairkhan, Bayanzurkh, and Khan-Uul, as well as some parts of the city center. The restriction is due to maintenance work being carried out on the heating system, which will take approximately one month to complete.
The decision to restrict hot water has caused concern and frustration among the residents of the affected areas, especially as Mongolia is currently experiencing cold weather conditions. Some have criticized the timing of the maintenance work, arguing that it should have been done during the summer months instead.
The central heating company has assured residents that it will do its best to minimize the impact of the restriction by providing alternative sources of hot water, such as water trucks and public bathhouses. However, some have expressed doubt about the effectiveness of these measures and have called for more proactive solutions.
As the hot water restriction takes effect, residents are being urged to conserve water and take measures to stay warm during the cold weather. It is important to note that while the restriction may be inconvenient, it is necessary for the maintenance and improvement of the heating system in the long run.
Impact on Residents
The hot water restriction in some parts of Ulaanbaatar is expected to have a significant impact on residents, particularly during the cold weather conditions in Mongolia. Many households rely on hot water for basic daily activities such as cooking and cleaning, as well as for bathing and staying warm.
The restriction has caused concern and frustration among residents, who are calling for more proactive solutions to address the issue. The central heating company has assured residents that it will provide alternative sources of hot water, but some remain skeptical about the effectiveness of these measures.
As the restriction takes effect, it is important for residents to conserve water and take measures to stay warm. This includes using alternative sources of heating and insulation, as well as reducing water usage where possible.
The Importance of Maintenance
While the hot water restriction may cause inconvenience for residents, it is important to remember that maintenance work is necessary to ensure the efficient and safe operation of the heating system. Neglecting maintenance can lead to serious problems and even safety hazards in the long run.
The central heating company has stated that the maintenance work will take approximately one month to complete, and the hot water restriction is necessary to facilitate this process. As such, it is important for residents to cooperate and conserve water during this time to minimize the impact of the restriction.
It is also important for authorities and the central heating company to communicate clearly with residents about the maintenance work and its impact on their daily lives. This will help to ensure that residents are prepared and can take appropriate measures to minimize the inconvenience caused by the restriction.
BY:
Mamoon Alvi serves as an integral part of our global newsroom team. With a strong background in international news from his time at both BOL TV and Dharti TV, he came on board at BNN well-prepared to contribute. Mamoon's unwavering dedication to journalism drives him to relentlessly pursue the truth and deliver crucial stories to audiences around the world.
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