The last session of the current Parliament is in its last days. For the first two years of its term, Mongolia received support from international financial organizations as a developing country, but thereafter, its credit rating was upgraded and it is no longer in the list of developing countries. Business loans are now easier to get, and national companies have been getting huge amounts as investment loans from international banks and financial organisations.
The four years of this Parliament have been marked by several significant developments as Mongolia meets the challenges of growth. Once Members of Parliament began to understand the intricacies and nuances of international contracts and negotiations, they realised the urgent need to revise and amend existing legislations and regulations in accordance with international standards. That is how the Fiscal Stability Law and the Budget Law were adopted. The annual Budget is now prepared under new principles and surplus income is now deposited in a fund, an essential step if income from mining is to be distributed equitably among all citizens.
This issue of the Mongolian Mining Journal, particularly its Mongolian-language section, focuses on the proposed Foreign Investment Law for strategically important companies. A new mindset is essential to meet the new demands of the changing times which make the foreign investment policy in force for the last 20 years obsolete. Editor N.Ariuntuya’s piece in this issue explains the MMJ position on this topic. Incidentally, we shall in the coming issues discuss how the job of overseeing IPOs of Mongolian mineral deposits at the international stock exchanges is to be properly overseen.
The outgoing Parliament has passed many landmark laws but I now mention one that was not discussed and that should be an absolute priority of the new Parliament when it convenes in July. This sets out the draft national mining policy and includes amendments to the present mining-related laws. The changes proposed are many and far-reaching, and the MMJ will begin analysing them starting from the July issue. That will be in keeping with our record of assessing changes taking place in the State policy and the evolution of a new approach.
Coincidentally, the current Parliament and the Mongolian Mining Journal both began life in 2008. We are proud of the way in which we have written about the challenges facing this nation in the last four eventful years. Our achievement gives us the confidence that we shall continue to be unbiased in our commitment to positive development for our country in the coming four years. Looking back encourages us to look forward to the future of this country and we hope to play a meaningful role in the inevitable development of Mongolia.
L.Bolormaa
The last session of the current Parliament is in its last days. For the first two years of its term, Mongolia received support from international financial organizations as a developing country, but thereafter, its credit rating was upgraded and it is no longer in the list of developing countries. Business loans are now easier to get, and national companies have been getting huge amounts as investment loans from international banks and financial organisations.