“Implementation of the blockchain platform ethereum opens the door for optimization of business processes for both the carrier and its partners. Speed of computation has revved up from 14 days to 23 seconds. Thus, the airlines don't delay payment to an agent which receives the money shortly after the ticket is processed,” Alfa-Bank said.

In turn, agents can do away with termination payment security (TPS), which is typically used to eliminate the risk of non-payment.

Automation of the procedures speed things up and reduced the paperwork for the airline and agent. The new system makes sure there is a balance in an account before drawing a payment.

Blockchain also eliminates the human factor and boosts system reliability and transparency of trade operations.

“We have made the world's first flight ticket purchase through an open api (application programming interface) blockchain to a bank. I’m sure that the system will soon be used by most companies globally,” said Deputy CEO of IT Solutions at S7 Group Pavel Voronin.

The geo-database is being established in frames of the Australia-Mongolia Program on Cooperation in Mineral Sector. “Unveiling geo-data will help lower the cost of mineral explorations. To provide information in globally compatible format, ‘Mongeokat” system is being developed”, said B.Baatartsog, Director of the Authority.

J.Batbayasgalan, Deputy Mayor of UIaanbaatar in charge of Green Development and Air Pollution met with Choudhury Rudra Charan Mohanty, Environment Programme Coordinator/ Expert and Ganesh Raj Joshi, Researcher of the UN Centre for Regional Development regarding the hosting of the forum. Sides discussed the forum theme, timing and side sessions.

More than 50 countries are likely to send delegates to the 11th ‘Environmentally Sustainable Transport’ forum which will take place in 2018. Forum preparations are expected to be finalized within the next six months. “We will include some issues challenging Mongolia’s transport and other sectors”, said Mr. Mohanty.

Deputy Mayor J.Batbayasgalan expressed delight at Mongolia’s hosting of the regional forum, emphasizing on the importance of the forum for Ulaanbaatar, a city with air pollution as a major issue in winter and soil pollution in the summer. “We are ready to cooperate and assist on organizational issues”, he said.

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As a system supplier, Schuler has provided the whole line including the dies and lubrication within seven months. The assembly began in November 2016, and configuration and testing of the machinery was completed on Dec. 14th, 2016. DMP has commissioned the lines. A new steel ball is produced by each line every eight seconds; the annual capacity of both lines is up to 25,000 tons per year.

According to DMP, the project will open new opportunities to the development of the metallurgical industry in Mongolia.

According to a statement on its website, Ukraine has been ordered: “to compensate a portion of costs related to legal proceedings to Russia in the amount of £2.8 million, with 50 percent to be paid by the debtor at the latest of September 20, 2017."

In March, the court ruled Ukraine failed to offer a “justifiable” or court-ready defense for not paying back the $3 billion lent by Russia in 2013 during the presidency of Viktor Yanukovich. The financial aid from Russia to Ukraine came in the form of a Eurobond governed by English law.

The court has ruled Kiev must pay Moscow the par value of Eurobonds, the coupon payment of $75 million and penalty interest on those amounts.

It also said it would consider Russia's demand for compensation - due to Kiev’s default on its debt - in 2018, after the case’s full hearing.

After Ukraine had failed to repay the notes following a 10-day grace period after the deadline in 2015, Russia brought the lawsuit in the English courts. Moscow offered Kiev a debt-relief plan, under which it could repay its arrears in three installments of $1 billion over three years.

However, Ukraine refused to pay, claiming the money was a political credit which the country was forced to take.

Ukraine insisted on a full hearing, citing the political nature of the case.

According to Kiev, in 2013 the Ukrainian government was subject to “massive, unlawful and illegitimate economic and political pressure.”

Koshy Mathai, chief of the IMF staff team in charge of Mongolia reported on the latest progress on the Extended Fund Facility program for the last time to the Prime Minister before taking on a different assignment.

Prime Minister J.Erdenebat said that the Mongolian Government was focusing on overcoming the economic difficulty, expressing readiness to consistently work with the IMF.

The IMF representative noted the important role the Prime Minister’s leadership played in overcoming the debt crisis, increasing budget income and improving some macroeconomic indicators.