Prime Minister of Mongolia Ch.Saikhanbileg addressed to the public via Mongolian National Public Television. We delivered the shortened version of his full speech, which consists of five main parts.
First. We have made a great progress in adopting an integrated state budget, reducing budget deficit, managing budget-saving policies, planning expenses and revenues accurately and targeting welfare policies to beneficiaries during two parts of amendments to 2015 state budget and the discussion and approval of 2016 state budget. So, we are able to approve deficit free state budget from next year, but we must follow principles and maintain what we have achieved.
Second. Mega projects have commenced, whereas development works have been underway. I have new and positive news for you. International banks have agreed this week to provide USD 4.2 billion of financing to Mongolia.
We are planning to officially announce about the financing on December 16 in Ulaanbaatar. Oyu Tolgoi underground mine set to re-start its development works, which leads to contribute the state budget with USD 70 million or MNT 140 billion tugrugs.
We have constructed the road within last three years, as long as the road established for 25 years.
Third. We have given a great deal of attention into reforming business environment for investors; we finalized disputes around 106 licenses, which had been a burden on the reputation of Mongolian business environment.
Also, we eliminated troubles surrounding the law with the long name, as well as we erased the bad nickname “Hotel Mongolia” where investors are believed not to able to get out once invested.
Exploration works halted for numerous years have been reinstated, as the law, which is poised to benefit local residents from mining revenues, was approved.
More tax revenues from mining operations are poised to go to local administration, more supportive local administration and residents are towards mining entities. In regards, over 600 exploration licenses have been currently issued, while foreign investors give more attention to Mongolia.
Fourth. We have intensified policies towards business enterprises and wealth creators. During the period of economic difficulties, extended supervision and examination have been terminated, and the law of refunding 20% of VAT to businesses will be effective from January 1.
What legal entities are required is to deliver four financial reports per year instead of 34 financial reports. 25 types of public services can be received via online. Moreover, online method of delivering public services without additional cost and bureaucracy will be broadly applied in the government agencies in the future.
167 public services will be online by next year and eventually be included in automate machine of public service. Online signature will be soon effective and applied in documents.
Mongolia climbed up to 56th place from previous 76th place and 5th place in Asia for the first time on “business-friendly environment” survey released annually by World Bank. Economic Council under PM, which consists of representatives from private sector, is also working to help decision-makers.
Fifth. Mongolia has been successful in international relations with other countries. We have established first free-trade agreement with Japan.
President, Speaker and Prime Minister have successfully paid official visits to two neighboring countries and others.
Mongolia has become the member of UN Human Rights Council with the vote of majority.
Prime Minister of Mongolia Ch.Saikhanbileg addressed to the public via Mongolian National Public Television. We delivered the shortened version of his full speech, which consists of five main parts.
First. We have made a great progress in adopting an integrated state budget, reducing budget deficit, managing budget-saving policies, planning expenses and revenues accurately and targeting welfare policies to beneficiaries during two parts of amendments to 2015 state budget and the discussion and approval of 2016 state budget. So, we are able to approve deficit free state budget from next year, but we must follow principles and maintain what we have achieved.
Second. Mega projects have commenced, whereas development works have been underway. I have new and positive news for you. International banks have agreed this week to provide USD 4.2 billion of financing to Mongolia.
We are planning to officially announce about the financing on December 16 in Ulaanbaatar. Oyu Tolgoi underground mine set to re-start its development works, which leads to contribute the state budget with USD 70 million or MNT 140 billion tugrugs.
We have constructed the road within last three years, as long as the road established for 25 years.
Third. We have given a great deal of attention into reforming business environment for investors; we finalized disputes around 106 licenses, which had been a burden on the reputation of Mongolian business environment.
Also, we eliminated troubles surrounding the law with the long name, as well as we erased the bad nickname “Hotel Mongolia” where investors are believed not to able to get out once invested.
Exploration works halted for numerous years have been reinstated, as the law, which is poised to benefit local residents from mining revenues, was approved.
More tax revenues from mining operations are poised to go to local administration, more supportive local administration and residents are towards mining entities. In regards, over 600 exploration licenses have been currently issued, while foreign investors give more attention to Mongolia.
Fourth. We have intensified policies towards business enterprises and wealth creators. During the period of economic difficulties, extended supervision and examination have been terminated, and the law of refunding 20% of VAT to businesses will be effective from January 1.
What legal entities are required is to deliver four financial reports per year instead of 34 financial reports. 25 types of public services can be received via online. Moreover, online method of delivering public services without additional cost and bureaucracy will be broadly applied in the government agencies in the future.
167 public services will be online by next year and eventually be included in automate machine of public service. Online signature will be soon effective and applied in documents.
Mongolia climbed up to 56th place from previous 76th place and 5th place in Asia for the first time on “business-friendly environment” survey released annually by World Bank. Economic Council under PM, which consists of representatives from private sector, is also working to help decision-makers.
Fifth. Mongolia has been successful in international relations with other countries. We have established first free-trade agreement with Japan.
President, Speaker and Prime Minister have successfully paid official visits to two neighboring countries and others.
Mongolia has become the member of UN Human Rights Council with the vote of majority.