At the regular Cabinet meeting today, August 24, the Minister of Food, Agriculture and Light Industry reported on the preliminary harvesting balance of 2022 and the export of meat and meat products.

According to the preliminary balance, it is expected to harvest 470.3 thousand tons of grain, of which 441.4 thousand tons are wheat; 234.1 thousand tons of potatoes, 125.8 thousand tons of vegetables, 55.7 thousand tons of oil plants, and 104.4 thousand tons of fodder plants. Moreover, 49 thousand tons of wheat will be reserved. As a result, it is possible to fully meet the wheat and potato needs, and 70 percent for vegetables, which is 12 percent more than last year.

At the cabinet meeting, Minister Z.Mendsaikhan was assigned to organize harvesting within a short period, stock up a sufficient quantity of seeds of grain and fodder plants for next year's sowing, and support the storage and sale of potatoes and vegetables.

In this regard and in order to keep the prices of potatoes and vegetables stable, the Ministry of Agriculture and Light Industry is working together with the Office of the Capital City Governor to organize the sale of potatoes and vegetables at 31 locations in Ulaanbaatar city.

The 15th consultation meeting and the first strategic dialogue between the Ministry of Foreign Affairs of Mongolia and the U.S. State Department were held on August 24, 2022 in Ulaanbaatar.

The meeting was chaired by Secretary of State of the Ministry of Foreign Affairs of Mongolia N.Ankhbayar and Assistant Secretary of State for East Asian and Pacific Affairs of the U.S. State Department Daniel J. Kritenbrink.

At the meeting, the parties exchanged views on a wide range of issues, such as further strengthening the strategic partnership between Mongolia and the United States, deepening economic cooperation, cooperating in the post-pandemic economic recovery, and organizing high-level reciprocal visits.

The Mongolian side during the meeting presented the latest political, economic and social situation of the country, measures aimed at economic recovery, the long-term development policy ‘Vision-2050’ and the ‘New Revival Policy’, as well as the measures being taken by the government to attract foreign investors and restore their confidence.

Reaffirming that the relations with the U.S. occupy an important position in Mongolia’s foreign policy as a key third neighbor, the Mongolian side expressed its commitment to further expanding and deepening cooperation in all fields.

In turn, the U.S. side reaffirmed its commitment to supporting Mongolia’s efforts to be stable, economically successful, and have a strong democratic system, while expressing readiness to cooperate in several areas. For instance, the parties are working to establish an Air Transport Agreement that will allow direct flights between Mongolia and the U.S. and ensure the implementation of the Water Compact Agreement.

Assistant Secretary of State Daniel J. Kritenbrink emphasized that the U.S. attaches great importance to the strategic partnership relations that are being developed with Mongolia, and emphasized that Mongolia-U.S. relations have successfully strengthened in all fields of cooperation in the past thirty years and that there are ample opportunities for further development.

Based on the results of the meeting, a joint statement was issued and it was agreed to hold a Mongolia-U.S.-Japan tripartite meeting, a regular Mongolia-U.S. consultative meeting on economic policy, and a regular meeting of the Mongolia-U.S. intergovernmental trade and investment committee in the near future.

This meeting was unique in that it took place within the framework of the 35th anniversary of the establishment of diplomatic relations between the two countries.

US President Joe Biden will cancel up to $10,000 (£8,474) in federal student loans for millions of Americans who earn less than $125,000 each year.

Mr Biden will also forgive $20,000 of debt for students on Pell Grants, which applies to those in greatest financial need.

"People can finally crawl out under that mountain of debt," he said.

An estimated 43 million Americans owe a combined total of $1.6tn in federal student debt.

Nearly one-fifth owe less than $10,000.

The temporary student loan pause, first put in place in March 2020, will also be extended a final time until 31 December of this year.

Speaking from the White House on Wednesday, Mr Biden said his plan would give more "breathing room" to working and middle class families.

"The burden is so heavy that even if you graduate you may not have access to the middle class life that the college degree once provided," he said, recalling the shame his car salesman father felt when he struggled to pay for his children's education.

About one-third of borrowers have student debt but no degree, Mr Biden said. "The worst of both worlds."

The announcement follows more than a year of intense internal White House debate and mounting pressure from progressive Democrats. Top Democrats Senate Majority Leader Chuck Schumer of New York and Senator Elizabeth Warren of Massachusetts, are among those who had pushed Mr Biden to use his executive power to wipe out borrower debts.

Wednesday's plan falls short of the $50,000 per borrower plan that Mr Schumer and Ms Warren had asked for.

A one-time cancellation of $10,000 for each borrower earning a maximum of $125,000 will cost the federal government around$300bn, according to an estimate from the Penn Wharton budget model at the University of Pennsylvania.

Mr Biden addressed this criticism on Wednesday, saying his student forgiveness plan is the "economically responsible course".

"I will never apologise for helping working Americans and the middle class," he said, adding that "no high-income individual or high-income household will benefit from this action".

Republicans and some moderate Democrats have said debt cancellation will add to inflation by giving Americans more money to spend. And others say that blanket debt forgiveness is unfair to those who have already paid off students loans.

House minority leader Kevin McCarthy, a Republican from California, quickly criticised the plan on Twitter: "Who will have to pay for Biden's debt transfer scam? Hard-working Americans who already paid off their debts or never took on student loan debt in the first place," he wrote.

Some Democratic lawmakers have pushed back, saying that cancelling student loans helps address economic racial disparities.

Black students are more likely to borrow federal student loans and at higher amounts than other Americans. Four years after earning bachelor's degrees, black borrowers owe nearly $25,000 more than their white peers on average, according to a Brookings Institution study.

There is a strong Central Asian theme this week and especially with Uzbekistan, where reforms and infrastructure developments are transforming the BRI supply chains. That is spilling over into Turkmenistan also. In China, we look at the practical issues of importing goods from Taiwan and the benefits of the Mongolia Double Tax Treaty. Elsewhere we look at how Turkiye is taking on the role as distributor of EU and US products to Russia, and India’s hopes of highway links deep into ASEAN.

CHINA

Practical Issues in Handling China-Taiwan Trade and Supply Chains

Import bans and stricter labeling requirements for Taiwanese goods imported to mainland China have raised concerns over delays for companies engaging in import-export and those sourcing components from the Taiwan region and integration into the BRI. We discuss practical steps that companies can take in handling China-Taiwan trade and how to mitigate against future risks.

China-Mongolia DTA: What Are the Key Elements?

In recent years, the comprehensive strategic partnership between Mongolia and China has developed rapidly, leading to accelerated investment and trade activities between the two countries.

CENTRAL ASIA

Uzbek INSTC Routes to Europe and South Asia Given a Logistics Boost

The Uzbekistan Ministry of Transport has agreed to simplify the regulations for international freight traffic with Iran and Turkmenistan. This is significant as Uzbekistan is a double-landlocked country and needs to reply on neighboring states to facilitate trade.

Uzbekistan Asks Shanghai Cooperation Organisation to Establish Mutual Investment Action Plans

The move is significant because it brings the SCO into sharper focus as a developing regional trade and investment bloc as opposed to being seen as a security grouping. The SCO currently comprises eight member states: China, India, Kazakhstan, Kyrgyzstan, Russia, Tajikistan, Pakistan, and Uzbekistan, while Iran is due to join next month. Observer states include Afghanistan, Belarus, and Mongolia, while Armenia, Azerbaijan, Cambodia, Nepal, Sri Lanka and Turkiye are dialogue partners.

Chinese imports of Russian energy have jumped 75% since the start of the conflict in Ukraine and the ensuing sanctions war between Moscow and the West, Bloomberg reported on Monday, citing China’s latest customs figures.

According to the data, covering the period from March to July, Beijing’s purchases of Russian crude, oil products, gas and coal rose to $35 billion from about $20 billion a year prior.

The increase comes as China takes advantage of Russia’s discounts on energy exports, introduced to draw in new buyers after many Western states started to shun Russian commodities due to Ukraine-related sanctions.

China imported a record amount of Russian coal in July – 7.4 million tons – 14% more than the same time last year. This made Russia China’s top supplier of the fuel last month, relegating Indonesia to second place.

Russia is China’s top oil supplier for third straight monthREAD MORE: Russia is China’s top oil supplier for third straight month

Crude imports from Russia to China in July dropped slightly from June, but were still 8% higher than in the same month last year at 7.15 million tons.

Shipments of liquefied natural gas (LNG) showed a 20% increase year-on-year. This figure does not include LNG imports via pipelines, which are the main transport route for the fuel from Russia to China, which means the actual import volume may be much larger.

Overall, China spent $7.2 billion on Russian fuel imports in July, up from $4.7 billion in the same month last year.

Mongolia released a set of guidelines to help listed companies, prospective issuers and other interested companies disclose their sustainability practices.

The ESG and Sustainability Reporting Guidance for Mongolian Companies provides an overview of global sustainability reporting frameworks and trends, followed by an eight-step outline of how listed companies and other issuers can build the capacity to report on sustainability. Also included in the document are lists of indicators that companies can select from to fulfill their sustainability disclosure requirements.

“By introducing this ESG disclosure and sustainability reporting guidance in line with international standards, we hope to harness good ESG management and disclosure market practice and help issuers and other financial institutions in creating long-term value that benefits Mongolian financial market as a whole. We also believe that the public, investors, and stakeholders will benefit from improved transparency and disclosure practices,” says Mr. Bayarsaikhan Dembereldash, Chairman of the Financial Regulatory Commission (FRC).

Efforts to integrate sustainability in financial analysis and investment globally are often hindered by a lack of quality ESG reporting data. This is also the case in Mongolia where, according to the analysis of a recent study, only 13% of companies listed on the stock exchange publicly disclosed their environmental indicators.

A recent survey of 42 companies listed on the Mongolian Stock Exchange (MSE) revealed that current reporting practices on sustainability issues is limited, with more information being disclosed on governance-related indicators compared to environmental and social ones (such as greenhouse gas emissions reduction and climate risks) due to lack of the technical knowledge and skills. The survey, however, noted that companies were willing to engage on sustainability reporting and believe the relevant information can be collected and disclosed if given the right guidance and capacity-building support.

“The goal of business and investors has shifted towards creating long-term stakeholder value and sustained growth,” says Orkhon Onon, Chairman of the Mongolian Sustainable Finance Association (MSFA). “This guidance will be key to aligning Mongolia’s financial system with sustainable development.”

The guidance suggests a set of key ESG indicators that companies should consider reporting on, and provides practical resources that companies can explore when preparing their sustainability reports. MSE-listed companies are expected to submit their first sustainability reports in 2023.

Listed issuers are strongly encouraged to refer to the guide in the implementation of sustainability practices, as well as annual reporting. Organizations that are not listed on the stock exchange can also use this document as a guide to assess their sustainability reporting practices and identify and address any gaps.

Mr. Altai Khangai, CEO of Mongolian Stock Exchange (MSE) says “Adoption of ESG reporting standards in the capital market is a critical step in aligning business activities and private financing with the SDGs. The Mongolian Stock Exchange fully recognizes the role of the capital markets in mobilizing required financing for accelerating sustainable development and will continue working on creating an enabling market environment for ESG investment.”

“We know from our global and regional experience that investors are increasingly interested in the sustainability agenda. They are actively looking to see how companies are tackling issues such as climate change, gender diversity, or biodiversity and supply chain risks, all factors which impact a company’s bottom line. Regulators too are driving the agenda, as we’ve seen in Mongolia, as they recognize increased disclosure of environmental and social impacts is key to supporting the creation of sustainable capital markets, especially in today’s challenging environment,” said Kate Lazarus, IFC Senior ESG Advisory Lead for Asia Pacific. IFC has contributed to the adoption of 145 codes, laws, and regulations, 40 scorecards on corporate governance and sustainability, and 11 ESG reporting guidelines worldwide.

“The Government of Mongolia is taking important initiatives to revive the local economy and transform it in-line with sustainable development principles. As a main driver to thrive economies, businesses and private sector entities must commit to sustainable corporate practices, including improving its transparency and alignment with the Sustainable Development Goals. Therefore, the UN in Mongolia strongly encourages the Government of Mongolia to demonstrate its leadership in implementing the Integrated National Financing Framework and strategy with its reporting mechanism to catalyze transformative change and accelerate implementation of the SDGs for inclusive and sustainable development for all, which is envisaged in Mongolia’s Vision 2050,” said Mr. Tapan Mishra, UN Resident Coordinator in Mongolia.

UNDP Mongolia’s Resident Representative Ms. Elaine Conkievich emphasized the importance of the Sustainability Reporting Guidance and stated, “The adoption of ESG and sustainability reporting standards provides the private sector with the possibility to unlock a variety of opportunities and access potential investment opportunities while integrating sustainability factors into their business decisions and thus contributing towards achieving the SDGs.”

Sustainability reporting is an organization’s practice of reporting publicly on its significant economic, environmental and/or social impacts, in accordance with globally accepted standards. Such disclosures enable organizations to measure, understand and communicate their environmental, social and governance (ESG) goals as well as a company's progress towards them.

"Sustainability reporting offers a solution to the financial community's growing demand for transparency and accountability. Targeting both listed and non-listed companies, this Guidance offers a practical reference, including frameworks and indicators, to assess their sustainability reporting practices, identify and address any gaps, and plan for continuous improvement. It highlights the relevance of true commitments through assigning roles and keeping these accountable at the firm level. In this way, its application will enable transparently informing external stakeholders and investors on ways in which a company is creating value over time and whether it is making a positive contribution to society" says Ms.Florencia Baldi, Head of FC4S & SIF Knowledge Hub.

The guidance was developed through a partnership between the FRC, MSE, MSFA, International Finance Corporation (IFC), UNDP-hosted Financial Centres for Sustainability Network (FC4S), United Nations Environment Programme (UNEP), United Nations Development Programme (UNDP) and United Nations (UN) Resident Mission in Mongolia, with support from the Global Environment Facility (GEF) and UN Joint SDG Fund.

The Green Finance Platform will support Mongolia’s efforts to build dialogue and engagement around sustainability disclosure guidelines as part of the GEF-funded Aligning Finance Policies project. In addition, the project will support Mongolia’s efforts to advance the Mongolia Sustainable Finance Roadmap, which was approved by the Financial Stability Council (Ministry of Finance of Mongolia, Central Bank of Mongolia, Financial Regulatory Commission, Deposit Insurance Commission) at Mongolia’s first Green Finance Regional Forum in March 2022.

“This guidance will help Mongolia’s capital market players adequately price sustainability risks and allocate capital accordingly,” says Camille Andre, Manager of the Green Finance Platform. “The Financial Stability Council’s endorsement reflects its commitment to transparency and market discipline.”

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Under Global Environment Facility (GEF) funded Aligning Finance Policies project, the Green Finance Platform is working with six countries – China, India, Kazakhstan, Mexico, Mongolia and Nigeria – to help them develop and implement sustainable finance roadmaps to align the financial system and capital markets with sustainability goals. The Green Finance Platform provides a clearinghouse of market, policy and regulatory innovations for the financial system to contribute to the transition towards a low-carbon, resilient and inclusive economy.

On occasion of 50th anniversary of establishment of relation between Mongolia and Japan, a delegation from Tokushukai Medical Group visited in Ulaanbaatar at invitation of Prime Minister of Mongolia L.Oyun-Erdene. After working at four State Hospitals in Ulaanbaatar, Dr.Shinichi Higashiue, President of the Tokushukai Medical Group expressed his intention of constructing a Cardiology Center in Mongolia to reduce morbidity and mortality from cardiovascular diseases, and to strengthen the primary health care system in the country. The Japan group is expected to invest USD 50-60 million for construction of the center.

The Tokushukai Medical Group is leading medical group in Japan, including 71 hospitals nationwide from Hokkaido to Okinawa.

In Mongolia, cardiovascular diseases have been the single biggest cause of mortality, accounting for 34.4% of all deaths in 2018. Tertiary health facilities are overwhelmed with heart disease patients, whereas primary health centers lack the capacities – and sometimes simple yet necessary tools – to provide preventive care for conditions like hypertension and diabetes.

Prime Minister of Mongolia L.Oyun-Erdene received a delegation headed by Moto Hayashi, a member of the House of Representatives of the Japanese Parliament and Chairman of the Japan-Mongolia Parliamentary Friendship Group.

Expressing gratitude to the delegation for paying a visit to Mongolia in a large group on the occasion of the 50th anniversary of the establishment of diplomatic relations, the Prime Minister noted that cooperation between the parliaments of the two countries has made a valuable contribution to the development and expansion of the relations between Mongolia and Japan. Moreover, the Prime Minister expressed interest in implementing big projects and programs in the next 50 years and further expanding cooperation.

The Prime Minister expressed his deepest condolences over the death of former Japanese Prime Minister Shinzo Abe, while underscoring his valuable contribution made to the development of Mongolia-Japan bilateral relations. He then noted that he will be attending the state funeral for Shinzo Abe which will be held on September 27.

The Prime Minister also expressed his desire to implement a project to extract hydrogen from coal and build a hydrogen power plant, and during his visit to Japan, he expressed his interest in meeting with representatives of companies in this area and exchanging ideas.

For his part, Mr. Moto Hayashi thanked Prime Minister Oyun-Erdene for expressing his solidarity through his attendance at the opening ceremony of the Tokyo-2020 Summer Olympics amid the difficult situation of the pandemic.

The meeting also touched on the expansion of cooperation in the infrastructure, education, and tourism sectors.

On the occasion of the diplomatic anniversary, more than 80 people arrived in Mongolia representing the Japanese House of Representatives, Japan-Mongolia Parliamentary Friendship Group, and the business sector.

Following the meeting, Prime Minister Oyun-Erdene received President of Tokushukai Medical Group Shinichi Higashi.

During the meeting, Mr. Shinichi Higashi expressed his desire to establish a Cardiovascular Center in Mongolia. He also said that he will pay attention to the training of doctors and the exchange of mutual experience.

Tokushukai Medical Group, which is famous in Japan for endoscopic surgery and cardiovascular surgery, donated medical equipment such as hemodialysis machines to our country in the past.

HOHHOT, Aug. 22 (Xinhua) -- North China's Inner Mongolia Autonomous Region has achieved high-quality growth over the past decade, focusing on ecological and green development, according to a press briefing on Monday.

Over the past ten years, Inner Mongolia's GDP increased from 1 trillion yuan (about 146 billion U.S. dollars) in 2012 to more than 2 trillion yuan in 2021, said Sun Shaocheng, Party chief of Inner Mongolia.

Meanwhile, 1.57 million impoverished residents in Inner Mongolia were lifted out of poverty in the past decade. The per capita disposable income of residents in the region increased from 42,000 yuan in 2012 to 85,000 yuan in 2021.

The region had planted about 8.13 million hectares of forests and 19 million hectares of grass during the period amid its sand-control efforts, according to Sun.

The grassland vegetation coverage and forest coverage increased from 40.3 percent and 20.8 percent to 45 percent and 23 percent over the past decade, respectively. As the area of desertification and desertified land continued to decrease, the number of sandstorm days in the region fell from 4.9 days to 0.6 days per year.

Inner Mongolia has made great efforts to develop a modern energy economy during the period, with a total installed power capacity reaching 156 million kilowatts, including 56 million kilowatts from new energy.