Ulaanbaatar
Economic council meets
PoliticsUlaanbaatar /MONTSAME/ The government of Mongolia has commenced investment works to underground mine of the Oyu Tolgoi, parliament has finally resolved a matter on putting the Gatsuurt deposit into economic circulation.
The PM Ch.Saikhanbileg noted as such at the first this year meeting of the Economic Council, on Thursday, in presence of his advisor B.Delgermaa and other officials. Mr Saikhanbileg added that an issue of the economic circulation for the Tavan Tolgoi will be tackled soon.
“Several works have launched to maintain a policy on supporting the private sector-based economy and to abolish black economy, for example, the law on economic transparency has come into force and high officials started submitting their income reports, plus, some 14 trillion Togrog has been accumulated, and the newly-passed law on VAT payback has contributed to making the national economy more transparent,” the Premier said.
The Bank of Mongolia has reduced the policy rate, while the government intends to adhere to a policy on supporting mortgage loans, the credit for industries and herders, transmitting into a policy on the economy of accumulation, he said.
A head of the General Authority of Customs and Tax S.Purev highlighted reforms in the taxation system and further actions, stressing that some unclear terms of taxes have been resolved, uncertain/ambiguous regulation of the laws have been abolished by new versions of the package laws on tax.
The PM of India Narendra Modi said his country can give a loan of one billion US dollars to Mongolia while visiting Mongolia with state visit in May of 2015. India’s Exim Bank maintains a policy, preferring projects on supporting the potential, transferring skills and developing trade and infrastructure.
In the course of the Economic Council meeting, a group chaired by the cabinet secretariat said it reached a concurrence with this Exim Bank over general terms of the credit, "we have agreed to finance projects of over USD 50 million in six spheres--heavy industry, infrastructure, water supply, finance, construction and tourism". A total of 63 projects have been offered by Ministries and entities.
Executive director of the “Mongolian Economic Forum” NGO and member of the Economic Council of Mongolia B.Lakshmi said the 2016 Mongolian Economic Forum will run this March 30-31 under a theme “Challenge, lessons and solutions”.
