Listen to Children Day declared to give voice to Mongolian children’s needs www.theubpost.mn

Mayor of Ulaanbaatar S.Batbold declared that every Wednesday of the last week of May will be Listen to Children Day, to give voice to children’s concerns and respect their opinions.

Top CEOs tell the CEO president: You're wrong on Paris www.cnn.com

General Electric CEO Jeff Immelt is not happy with President Trump. And he's not alone.
Dozens of top executives urged Trump not to pull the U.S. out of the Paris climate agreement. Now, many are voicing their displeasure.
"Disappointed with today's decision on the Paris Agreement. Climate change is real. Industry must now lead and not depend on government," Immelt said on Twitter shortly after Trump's announcement.
Elon Musk, the CEO of Tesla (TSLA) and SpaceX, announced that he's quitting the president's business advisory councils because of the decision.
"Am departing presidential councils. Climate change is real. Leaving Paris is not good for America or the world," he said on

Russia has no plans to privatize oil sector - Kremlin responds to Kudrin www.rt.com

The Russian government has no plans to sell the state’s share in major oil companies like Rosneft, according to the President’s press secretary Dmitry Peskov.

China expresses commitment to Paris deal www.nhk.or.jp

Chinese Premier Li Keqiang says his country will fulfill its commitments in the Paris Agreement on climate change.

EBRD finances expansion for Gobi cashmere in Mongolia www.ebrd.com

Funding facility with up to US$ 16 million will help company increase retail and production

In a boost to the local economy the EBRD is extending new financing to Gobi JSC, a leading cashmere garments maker in Mongolia. The funding facility, with a volume of up to US$ 16 million, will support the crucial sector and contribute to a more resilient and sustainable economy.

Cashmere is a key export commodity for Mongolia, second only to products from the mining industry. Developing a sustainable cashmere industry and value chains is one of the EBRD’s strategic priorities in Mongolia, where the Bank supports diversification from the mining sector.

Gobi JSC is the largest vertically integrated cashmere and camel wool processor and garments manufacturer in Mongolia. The EBRD financing will support the opening of a new flagship store in the Ulaanbaatar Galleria, a new shopping mall in the country’s capital. It will also finance a capacity increase and the modernisation of sewing equipment. Gobi JSC will increase purchases of raw cashmere from herders in remote areas to expand production of garments.

The company, a long-standing client of the Bank, will obtain a total of US$ 16 million in EBRD financing: a US$ 12 million six-year loan and a US$ 4 million working capital facility for up to three years. The working capital facility will provide Gobi JSC with more flexibility, allowing the company to access funds as necessary for seasonal purchases of raw material.

Irina Kravchenko, EBRD Head of Mongolia, said: “We are proud to support Gobi JSC’s expansion. The company shows that Mongolia can produce not only raw cashmere for foreign garments manufacturers, but that it can itself make desirable, quality clothes. We are also working with other stakeholders in the cashmere industry to improve sustainability and quality standards.”

Baatarsaikhan Tsagaach, CEO of Gobi JSC, added: “Firstly, we would like to express our appreciation to the EBRD team for contributing to the development of the manufacturing sector in Mongolia, specifically the cashmere industry. We are pleased that Gobi JSC has been successfully cooperating with the EBRD since 2009. In this period we have become the largest cashmere producer in Mongolia and the face of Mongolian cashmere on the international arena. We believe that the long-standing relationship with the EBRD is one of the important factors that contributed to our success.”

Mongolia produces about 50 per cent of the global supply of raw cashmere, which is a reliable source of income for nomadic herders, bolstering a traditional lifestyle threatened by rapid urbanisation. The EBRD is planning a technical cooperation (TC) project, with additional contribution from Gobi JSC, aimed at developing a sustainable cashmere supply. With this TC the suppliers and cashmere goat herders in remote areas will get educated and trained on how to increase the quality and sustainability of the fibre.

IMF Executive Board Concludes 2017 Article IV Consultation for Mongolia www.imf.org

On May 24, 2017, the Executive Board of the International Monetary Fund (IMF) concluded the 2017 Article IV Consultation[1] with Mongolia.

Mongolia’s longer-term prospects are promising given its large natural resources. In recent years, however, the economy has faced substantial challenges, as external shocks and expansionary fiscal and monetary policies have compounded structural weaknesses. The new government that took office in 2016 has expressed a strong commitment to strengthen macro policies and implement structural reforms in order to stabilize the economy and lay the basis for sustainable, inclusive growth in the future.

Mongolia remains heavily exposed to external shocks, given its export profile, and a key challenge will be to avoid the boom-bust cycles of the past. The discussions thus focused on improving the fiscal framework and strengthening policy discipline, complemented by structural reforms to boost diversification and competitiveness and by efforts to strengthen and better target the social safety net.

Executive Board Assessment[2]

Executive Directors noted that Mongolia had been hit hard by the fall in commodity prices and a slowdown in key export markets. Efforts to offset the impact of these external shocks through expansionary policies had proved unsustainable, leading to large fiscal deficits, high and rising debt and a fall in international reserves. Directors commended the new government for a strong commitment to restore stability and lay the foundations for sustained, rapid, and inclusive growth through sound macroeconomic policies and structural reforms, as reflected in its Economic Recovery Plan. Coordinated financial assistance from development partners, sizeable fiscal adjustment and continued engagement with private creditors will help restore debt sustainability as envisaged under the program to be supported by the IMF’s Extended Fund Facility Arrangement.

Directors stressed that fiscal consolidation and discipline are central to regaining durable debt sustainability. They supported plans to reduce non-essential expenditures, and increase tax revenues and pension contributions. Directors supported the commitment to implement the rules-based fiscal framework, including an end to quasi-fiscal operations of the Bank of Mongolia and the Development Bank of Mongolia, and the establishment of an independent fiscal council. They welcomed plans to strengthen public financial management and tax administration, and tighten the framework for public-private partnerships. Directors underlined the need to enhance the social safety net, strengthen the pension system, and improve program targeting to protect the most vulnerable sections of society.

Directors underscored that monetary policy should remain appropriately tight to contain inflationary pressures, even as there will be room to lower the policy rate from the current high level if inflation remains low and confidence is restored. The exchange rate should remain flexible and market-determined with intervention limited to addressing disorderly market conditions.

Directors stressed the need to strengthen the banking system through special audits and recapitalization of banks as well as upgrades to the regulatory and supervisory framework. Directors welcomed steps, including the new Bank of Mongolia law, to strengthen the independence and governance of the central bank. The renewed focus on implementing an effective anti-money laundering framework would help attract foreign investment.

Directors emphasized the need to promote inclusive growth through a focus on sustainable mining, economic diversification, and further regional integration. In addition, structural reforms should aim to improve the business climate, address supply-side bottlenecks, and deepen access to finance.

Final stage of project on mother and child health launched www.vom.mn

‘Innovation in maternal and newborn health services in Mongolia: from pilot to institutionalization’, the exit phase of the Telemedicine project is successfully launched.

Wind turbine installed in Gobi Desert www.vom.mn

The first steps towards erecting turbines at the 50MW Tsetsii wind farm in Mongolia have been taken as the unfavorable weather conditions have cleared said Vestas, a Danish wind energy company.

‘Achieving a New Balance on Global Stage’ at St. Petersburg International Economic Forum www.rt.com

Russia is ready to host the annual St. Petersburg International Economic Forum (SPIEF 2017) on Thursday. Among the issues to be discussed are problems in the global economy and Russia’s economic growth after the recession.

Mongolia's population is getting younger each year www.montsame.mn

Ulaanbaatar /MONTSAME/ The initiative to observe the first day of June as an International Day of protecting children's rights first came up as one of the results of the 1925 Assembly of the League of Nations, held in Geneva. Mongolia joined the UN Convention on the Rights of the Child in 1990 as its fifth member. The International Children's Day is observed every year since June 1 of 1996 in Mongolia.

Children under age of 18 constituted 34.6 percent (one million 79 thousand 730 children) of the total population of Mongolia by the end of 2016, making it a very "young" nation. A total of 79,382 babies were born last year, according to the National Statistics Office.
Under six-year-old children make up for 28 percent of all children, and 77.6 percent of them go to kindergarten.
Mongolian parliament amended the law regarding prizes for mothers who gave birth to and raised many children in 2011. Since then, the number of mothers with the "Glory of Mother" Order grew 1.6 times within just one year. The order is awarded to mothers, who gave birth to four or more children.
As of 2016, there were over 210 thousand awardees of Glory of Mother Order. The number is forecast to grow in the coming years.
Likewise, the population is estimated to get younger year by year.