The price of wheat has jumped on international markets after India banned the export of the staple cereal.

The benchmark wheat index rose as much as 5.9% in Chicago, the highest it has been in two months.

The export ban comes after a heatwave hit India's wheat crops, taking domestic prices to a record high.

Wheat prices have soared by around 60% on world markets this year, pushing up the cost of everything from bread to noodles.

India's government said it would still allow exports backed by letters of credit that have already been issued, and to countries that request supplies "to meet their food security needs".

Government officials also said the ban was not permanent and could be revised.

However, the decision has been criticised by agriculture ministers from the Group of Seven (G7) nations meeting in Germany.

"If everyone starts to impose export restrictions or to close markets, that would worsen the crisis," German food and agriculture minister Cem Ozdemir said.

The G7 is an organisation of the world's seven largest so-called "advanced" economies, which dominate global trade and the international financial system. They are Canada, France, Germany, Italy, Japan, the UK and the United States.

Although India is the world's second-biggest wheat producer, it has not previously been a major exporter as most of its crop is sold on domestic markets.

But Ukraine's wheat exports plunged after the Russian invasion. And with droughts and floods threatening crops in other major producers, commodity traders were expecting supplies from India to make up for part of the shortfall.

Before the ban, India had aimed to ship a record 10 million tonnes of wheat this year.

Just a week ago, senior officials from India's commerce ministry told me that they were bullish about increasing the country's wheat exports to meet the surge in global demand. They echoed Prime Minister Narendra Modi's statement that "India was ready to feed the world".

So, the ban does seem like a major policy U-turn. It also hints at the government's concerns over rising prices at home. But the decision could cause what one expert described as a foreign policy challenge for India.

Delhi had been making noises to get a waiver from a World Trade Organization rule that makes it difficult for countries to export grains that - as the Indian government routinely does - are bought at a fixed price from farmers for official reserves. And some countries seemed willing to help India find a way to export wheat to the world.

The same countries are now likely to be upset.

Global food prices hit a fresh record high in March after the Ukraine war caused a "giant leap", according to the United Nations (UN).

That came as the conflict cut off supplies from the world's biggest exporter of sunflower oil - Ukraine - which means the costs of alternatives also climbed. The country is also a major producer of cereals such as maize and wheat, which have risen sharply in price too.

The UN said that global food prices eased slightly in April but remain almost 30% higher than the same time last year.

Rising food prices, along with a jump in the cost of energy, have been pushing up inflation around that world.

That has forced major central banks, including the US Federal Reserve and the Bank of England, to raise interest rates in an attempt to rein in rising prices.

That, in turn, has triggered concerns that the higher cost of borrowing could hit global economic growth, with some high-profile commentators warning of a recession.

On Sunday, Lloyd Blankfein, the senior chairman of Wall Street investment banking giant Goldman Sachs, said there is a "very, very high risk" of recession in the US, the world's biggest economy.

Mr Blankfein's comments on CBS's Face the Nation came on the same day as Goldman Sachs economists cut their US economic growth forecasts for this year and next.

UK-Hungary-Mongolia co-production 1242 Gateway to the West, starring Kevin Spacey, Eric Roberts and Terence Stamp, is set to shoot in Hungary and Mongolia from October.

The two-time Oscar winner will direct this historical drama in an international co-production with capital from the United Kingdom, Hungary and Mongolia. Veteran Hungarian director Peter Soos will helm the film, which is scripted by Aron Horvath and Joan Lane and produced by Bill Chamberlain and Kornel Sipos. The Mongolian co-producers are Bayar Banzragch and Battushig Batbold.

The film tells the story of Genghis Khan’s grandson Batu Khan, who was elected commander in chief of the western part of the Mongol empire. A skilled military commander, he won battles from China to Persia and was given responsibility for the invasion of Europe but in 1242 Khan is confronted by a deeply spiritual man and a castle in Hungary that halts his invasion of Europe and ultimately causes his downfall.

Mongolia has officially launched a national program to promote the development of football under the auspices of President Ukhnaa Khurelsukh, the presidential press office said on Saturday.

The national program is being implemented across the country, within the framework of developing public sports reflected in the president's policy and the government's "Healthy Mongolians" program, according to the press office.

"We hope that the national program will help increase the number of children and youth involved in football, create professional high-ranking footballers and pave the way to promote the country's name internationally through the sport," Khurelsukh said at the program's launch ceremony on Saturday.

"I also hope that under this program, the number of professional teachers and sponsors will significantly increase," he added.

According to the program, Mongolia will organize an annual football competition called "Dream Goal" for students of all ages, build standard football fields in all 21 provinces, and implement the "Cooperation and Partnership" program to promote domestic products and services around the world through football.

On April 21, the High-level consultation meeting "Challenges and solutions for water sector of Mongolia" was held under the auspice of the President of Mongolia at the Government House in Ulaanbaatar.

The meeting was organized by the Country Water Partnership of Mongolia and the Water Agency of Mongolia. This meeting was attended by the high-level persons from the Government of Mongolia, Parliament, ministries, as well as representatives of water sector, academicians, NGOs, scientists, researchers and various experts.

They all gathered to discuss current water problems of Mongolia and exchange views and propose its solutions. The President of Mongolia U. Khurelsukh, in his speech at the meeting, said: "I am glad to meet with you today to discuss water policy in Mongolia. An essential part of Mongolia's policy is the environment and water. Scientists and researchers know that 76% of the territory of our country is decertified, degraded, and rivers have dried up, and natural and ecological difficulties have arisen. Therefore, I am glad that the "Billion Tree" national campaign initiated by the President of Mongolia has been supported and is becoming a nationwide movement. From the United Nations platform, Mongolia has announced that it will plant billions of trees by 2030. I am glad that citizens, businesses, and organizations supported this campaign and started organizing and working with the initiators to plant and protect trees in our country. Hundreds of years of scientific research have shown that "forests are the most reliable protectors and natural water reservoirs." Hence, water supply needs to be addressed first to grow forests. Our water sector was established in 1938 and is now on its 84th anniversary. In 2020, the Law on Water was amended, and the Water Authority was reorganized. Today, it operates under the Ministry of Nature, Environment, and Tourism. According to the 2021 water assessment, 6767 rivers, 4057 lakes and ponds, 13222 springs, and 635 mineral springs were counted in our country. In the last three years, 1586 rivers and streams have been restored, and 2452 rivers, streams, and springs have dried up. It shows the current natural condition of Mongolia and climate change impact on our environment.”

During the meeting, the Country Water Partnership of Mongolia's Chairman Prof. Basandorj Davaa presented a letter of appreciation to the President of MongoliaFrom left to right: Minister of Environment and Tourism, CWP-Mongolia Chairman and the President of Mongolia with the Letter of Appreciation Ukhnaagiin Khurelsukh. He said: "I appreciate your authentic leadership in Mongolia's water sector. I am pleased to give you a letter of appreciation on behalf of the Country Water Partnership. We want to emphasize your contribution to Mongolia's water security, which is adaptable to climate change and has a sustainable future. Accept this letter of appreciation from the Country Water Partnership, as our wish to continue our long-term cooperation with you.”

The meeting presentations covered the following topics: - Prospects for water demand in Mongolia and solutions to meet growing water needs; - Transboundary accumulation and use of surface water (foreign experience); - Approaches to strengthening water governance.

Participants came to conclusions followed presentations:

The best solution to meet most of the growth in water demand is from available resources in the Arctic Ocean basin and the Selenga River catchment area.

Implementing the Orkhon-Gobi and Orkhon-Ongi surface water reuse projects will address the short-term low water demand. However, obstacles to these activities include transboundary water issues and environmental and social impact assessments.

The fact that many ministries are responsible for water issues is a severe obstacle to a unified approach to the further development and policy of water sector and finding appropriate solutions to current and future situations.

Water resources and river basins, protection, rational use, rehabilitation, construction of water facilities, and ownership, use, and services should be considered comprehensively and based on water governance and management.

The working group involving NGOs on water problems in Mongolia has to be established.

The IWRM approach and establishing river basin councils are coming a target for water sector of Mongolia.

The Updated Draft Water law of Mongolia has been passed by Prof. Basandorj to the President office. The President of Mongolia came to the conclusion that the improvement of water governance as a strategic direction should attract serious attention from the government and parliament, as well as civil society.

Mongolian Prime Minister Oyunerdene Luvsannamsrai has instructed the Development Bank of Mongolia (DBM) to explore potential options, including an early payment, to settle its outstanding Samurai Bond obligations. Following this, the Bank says it will be able to further manage its future obligations and improve its overall debt profile. The move will reduce Mongolia's general government debt as the sovereign guarantee on the bond will concurrently mature.

According to Mr. Manduul Nyamdeleg, CEO of DBM, the Bank is waiting on potential options to make an early payment on its first-ever Samurai bond of JPY 30 billion (US $231 million) before its maturity date of December 2023. DBM is the only policy-oriented financial institution in the country with a mandate to finance large-scale, strategically important development projects in Mongolia. DBM serves a unique role in the local economy by filling the gap created by the emerging domestic banking sector, which remains unable to finance large development projects. Since its inception in 2011, the Bank has financed energy, transportation, affordable housing, agriculture, processing factories and mining projects in the country.

Due to its policy nature and the Government backing, DBM has maintained a strong funding base with a longer tenure and lower cost compared to those of the commercial banks in Mongolia.

In 2013, the Bank issued Mongolia's first-ever Samurai bond in the amount JPY 30 billion with a 10-year maturity and coupon rate of 1.52%. The guarantee from the Government of Mongolia and Japan Bank for International Cooperation (JBIC) made it possible to secure the long-term funding with a lower interest rate at the time. The proceeds from the bond have been used to finance affordable housing, processing factories, and agricultural projects in Mongolia.

Founded in 2011, Development Bank of Mongolia is wholly owned by the Government of Mongolia. Its principal objectives are ensuring sustainable economic growth in Mongolia, fostering value-added, export-driven production, and introducing financial solutions designed to implement Government development policies. As of May 10, 2022, total assets are MNT 4,196,004.38 million (US$1,351 million). Total loans and advances represent MNT 2,592,042 million (US $834.7 million), with the loan portfolio focusing on key sectors such as mining, agriculture and energy. Though the Bank was only established 11 years ago, it has successfully issued a number of notes in the international capital markets.

For more information, please contact: spilcher@atticuscomms.com

This content was issued through the press release distribution service at Newswire.com.

As part of his working visit to Ulaanbaatar on 10 May 2022, CICA Executive Director Ambassador Kairat Sarybay held a meeting with Minister of Foreign Affairs of Mongolia Ms. Battsetseg Batmunkh and full-format consultations at the Ministry of Foreign Affairs of Mongolia on a wide range of CICA-related issues.

Minister of Foreign Affairs of Mongolia Ms. Battsetseg Batmunkh reaffirmed Mongolia's commitment to the principles and goals of CICA, as well as support for the initiatives of the Kazakh Chairmanship to transform the Conference into a full-fledged international organization, and expressed readiness to actively participate in the process. In turn, Ambassador Kairat Sarybay informed the Minister about preparations for the Sixth CICA Summit to be held on 12-13 October 2022 in Nur-Sultan. Kairat Sarybay noted the importance of the principles of multilateralism in the context of the evolving geopolitical situation in the world and emphasized the role of CICA as an effective mechanism for multilateral cooperation on the Asian continent. The head of the Secretariat paid special attention to the opportunities that CICA could provide to increase connectivity in the region with a number of landlocked developing countries. The Executive Director encouraged Mongolia to implement its potential in the priority area of environment protection coordinated by Ulaanbaatar.

During the consultations of Ambassador Kairat Sarybay in the Multilateral Cooperation Department of the Ministry of Foreign Affairs of Mongolia, the parties had a thorough discussion on the ways to step up cooperation on confidence building measures under all five dimensions of CICA, as well as through the advisory bodies of the Conference: Business Council, Youth Council, Think Tank Forum and Council of Eminent Persons. Environmental Dimension Expert Dr. Ugur Turan presented the Secretariat's vision on topical issues of the environmental dimension, including the introduction of advanced green technologies. The Mongolian colleagues expressed their readiness to study the topical issues within the framework of environmental cooperation and give the necessary impetus to the development of that priority area.

During a meaningful conversation with the candidate to the CICA Council of Eminent Persons from Mongolia – Director of the Diplomatic Academy of Mongolia Ambassador Khasbazaryn Bekhbat, the sides discussed the future substantive work of the new CICA advisory body and its membership.

In order to enhance environmental cooperation, Expert in the Environmental Dimension of the CICA Secretariat Dr. Ugur Turan held a meeting at the Climate Change Department of the Ministry of Environment and Tourism of Mongolia. The Ministry’s specialists confirmed their interest in developing an updated concept in the priority area of environment protection and in organizing appropriate events to implement CICA confidence building measures.

During the visit, Executive Director Kairat Sarybay delivered a lecture to students of the National University of Mongolia and experts of the Mongolian association of researchers, which included the 30-year history of the development of CICA, the priorities of the Kazakh Chairmanship, as well as the activities of the Conference planned for the near future. The Executive Director emphasized the importance of interaction between the academic and research communities in the search for joint solutions to the challenges facing the CICA Member States, urging Mongolia to join the CICA Think Tank Forum.

As part of the visit, Ambassador Kairat Sarybay was also introduced to the activities of the International Think Tank for Landlocked Developing Countries, which was established by the United Nations at the initiative of Mongolia in Ulaanbaatar in 2009. The parties agreed to identify areas for future cooperation in order to meet the special needs of landlocked countries, as well as to consider the possibility of implementing joint projects.

At the close of the visit, Ambassador Kairat Sarybay was interviewed by the Montsame news agency, where he presented the activities of CICA.

The Development Bank of Mongolia (‘DBM’) to look into potential prospects, including an early payment before maturity, to pay off the outstanding bond obligations of the JPY 30 Billion Samurai Bond. The Samurai Bonds are unconditionally and irrevocably guaranteed by the Government of Mongolia and Japan Bank for International Cooperation (JBIC) with a maturity date of December 2023.

In 2013, the Bank issued Mongolia’s first-ever Samurai bond when the Mongolian balance of payments was at stake with foreign trade deficit rising to $1.4 billion and foreign investment falling by 47 percent. But the Government of Mongolia and the Japan Bank for International Cooperation (JBIC) made it possible to secure long-term funding with a lower interest rate.

DBM is steeped in controversies surrounding the credibility of its financial capabilities; being the only policy-oriented financial institution in the country with a mandate to finance large-scale, strategically important development projects in Mongolia. However, despite public questioning of the credibility Mr. Manduul Nyamdeleg, CEO of the DBM, states the bank’s potential to make early payments of the Samurai bond.

Since 2011 DBM has mandated 60% of its loans to finance large-scale domestic industrial projects in Mongolia and facilitate Mongolia’s overall development, and the rest to diversify the Mongolian economy to better insulate the economy against future macroeconomic changes in the demand and price for Mongolia’s commodities exports. Over the past five years, the trade turnover for Mongolia averaged $13.2 billion. Despite the pandemic, the foreign trade turnover has been positive since 2014; the trade balance was negative $2 million in 2013 and increased to $9.25 billion in 2021.

DBM’s issuer credit ratings from Moody’s, S&P, and Fitch are B3, B, and B, respectively, corresponding to Mongolia’s long-term sovereign credit rating outlook. This reflects a vital link to ongoing Government support for the Bank’s critical policy-oriented role in the Mongolian economy. Though the Bank was established 11 years ago, it has successfully issued several notes in the international capital markets and has a healthy risk fund through its 2% origination fees.

Despite the controversy and some non-performing loans, DBM’s performance and allocation of funds to repay the Samurai Bond reflect its perseverance. If the recent turnaround of the bank is anything to go by, stricter measurements on loan processing and the correct allocation of funds enable the bank to fulfill its initial purpose. It seems DBM is set to rebound after some setbacks.

Media Contact

Company Name: Freelancesoc.org

Contact Person: Phil McBright, Independent Journalist

Email: Send Email

City: Chicago

State: Illinois

Country: United States

Website: https://freelancesoc.org/

As of today, companies and entities are using 130.5 hectares of land out of the 500 hectares of land available at Altanbulag free trade zone. While licenses are possible to be issued for 34.6 hectares, there are 188.4 hectares of land that have been reserved. Licenses were issued for most of the land between 2018 and 2019.

Although a readiness assessment is currently being carried out in the trade zone, corresponding feasibility studies have yet to be conducted. In 2003, a detailed environmental assessment was completed. And previously, general and master plans were also developed for the trade zone - yet, both of the plans were not approved at the time. Thus, the Ministry of Economy and Development and the Ministry of Construction and Urban Development are jointly developing new plans.

The Tsagaannuur free economic zone has a total area of 708.5 hectares Of the nine entities registered in the zone, four have been issued licenses for 101.3 hectares. Despite developing a general development plan and conducting a detailed environmental assessment in 2008, the documents were also not approved.

With 81 entities registered, 101.9 hectares of land are in use out of the 900 hectares available in the Zamiin-Uud free economic zone. Some documents were developed for the zone’s development in 2011. However, they are still in the final stage of receiving approval at the moment.

As for Khushig Valley free economic zone, it was decided to establish the zone with a territory of 1,000 hectares of land in Sergelen soum, Tuv aimag per the resolution issued by the State Great Khural. Infrastructure works have yet to be completed for the zone, and corresponding studies and research are being carried out.

The current state of free trade and economic zones in the country were noted as such during a presentation by Acting Head of the Border Checkpoint Development and Free Zone Policy Department at the Ministry of Economy and Development Kh.Erdenebulgan at the discussion, ‘Development Policy of Free Economic Zones’, which took place at the Mongolian National Chamber of Commerce and Industry on May 12.

During the discussion, it was highlighted how there are certain common issues such as insufficient policy on workforce and human resources in the free economic zones, and the lack of corresponding agreements reached with neighboring countries. Noting the necessity to take the appropriate measures by taking these issues into account, the participants highlighted the opportunity to launch the works for Khushig Valley based on sufficient planning. Currently, there are several pressing issues being faced in successfully developing the free economic zones, such as:

• reaching a mutual agreement with the neighboring countries on establishing free economic zones, and reflecting the suggestions put forth by investors,

• ensuring the stability of policy,

• transitioning into a public-private system,

• deciding on the model of investment and governance by holding discussions with investors.

During the discussion, President of the Mongolian National Chamber of Commerce and Industry O.Amartuvshin put forth a suggestion to establish a consortium of private entities in order to resolve the issues that have not been resolved by the state in the last 25 years. He also noted how the establishment of the Ministry of Economy and Development is giving a certain degree of hope to those in the private sector.

Deputy Minister of Economy and Development S.Narantsogt said, “Today, the factors limiting the development of free economic zones are different in each case. During the event, we discussed implementing corresponding works in partnership with the private sector. The past has shown how the state should not be solely in charge of the development of free economic zones.”

IFC has signed an agreement with the Ministry of Mining and Heavy Industry (MMHI) today to build the digital skills of people, including those in the public sector, to spur greater use and understanding of existing data for the benefit of local mining communities.

Under the signing of a memorandum of understanding (MoU), IFC will provide technical assistance to MMHI on open data best practices, which can meet the information needs of local communities about mining and build the digital skills of local officials, communities, civil society organizations, and others to use the available data. Information sharing is critical to the government of Mongolia’s goal of continuously building a transparent and responsible mining sector in line with the nation’s long-term development policy Vision 2050.

G.Yondon, Mongolia’s Minister for Mining and Heavy Industry, noted: “Last year, mining made up 24 percent of Mongolia’s gross domestic product (GDP), 77 percent of foreign direct investment, and 93 percent of exports. Sharing more information with local communities is essential for the industry to gain the social license to operate and prosper. Additionally, it will allow Mongolia to attract more long-term investors and rebuild the economy in a sustainable and inclusive way.”

IFC’s work is part of its global initiative called “From Disclosure to Development Program” (D2D).

Rufat Alimardanov, IFC’s Resident Representative in Mongolia, said: "Effective disclosures and data use practices are vital to help ensure that all stakeholders can share in the benefits generated from investments in the mining sector. It especially helps local communities better understand the benefits mining operations can create —jobs, and supply chain opportunities for local businesses, among others —as well as environmental and social risks that impact their lives. We are optimistic that this initiative will contribute to building trust between investors and communities, paving the way for sustainable and inclusive mining development in Mongolia”.

Since 2019, IFC’s D2D program has been promoting better disclosure and open data usage in Mongolia in partnership with the BHP Foundation. So far, the program has reached over 500 infomediaries in the private and public sectors – such as civil society, media, academia, and youth – through over 15 data capacity-building sessions and data competitions.

International Finance Corporation

The movement of herders and livestock into the eastern steppe is of great interest to researchers, but few scholars have linked the introduction of herds and horses to the rise of complex societies.

Now, a new study in the journal PLOS ONE provides interdisciplinary support for connections between livestock dairying and the rise of social complexity in the eastern steppe. Using proteomic analysis of human dental calculus from sites in the Mongolian Altai, the researchers demonstrate a shift in dairy consumption over the course of the Bronze Age.

By tracking the consumption of dairy among populations in the Altai Mountains in Mongolia, researchers revealed the critical role of domesticated sheep, goats and cattle in ancient economies. The adoption of ruminant livestock eventually led to population growth, the establishment of community cemeteries and the construction of large monuments. While these pronounced changes occurred in tandem with the earliest evidence of horse dairying in Mongolia, the consumption of horse dairy remained a relatively novel practice until later periods.

Thus, the spread of herds into the Mongolian Altai resulted in immediate changes to human diets, with a delay in subsequent social and demographic transformations, said study lead author Alicia Ventresca Miller, assistant professor of anthropology at the University of Michigan.

“As we push back the dates of the introduction of livestock, we need to rethink the pace of social change, which may occur on much longer timescales,” she said.

Ventresca Miller and colleagues from U-M and the Max Planck Institute for the Science of Human History in Germany extracted proteins from calculus samples to identify caseins and whey associated with ruminant and horse dairy. Results were interpreted in consultation with researchers from the National University of Mongolia and National Museum of Mongolia, in an effort to clarify how ancient societies changed after the adoption of domesticated livestock.

Dramatic social changes and monumental constructions were fueled by a long-term dependence on sheep, goats and cattle, Ventresca Miller says. This is supported by finds of mostly ruminant bones in large monumental Khirgisuurs in the Altai Mountains, while in other areas of Mongolia horse bone deposits have been identified along with ruminants.

“These new results might allow for a shift in our understanding of Bronze Age dynamics,” said Tsagaan Turbat, professor of archaeology and anthropology at the National University of Mongolia.

Turbat believes that Deer Stone-Khirgisuur complexes, the most studied in the region, may have originated from Sagsai groups in the Altai Mountains.

The current study pushes back the earliest date of horse dairying in the eastern steppe associated with Sagsai burials to about 1350 B.C. As initial evidence of horse milk consumption is rare, this may have been a novelty since horses were an important feature of ritual life, the researchers say.

Story Source:

Materials provided by University of Michigan. Note: Content may be edited for style and length.