PRESIDENT ABOUT RECOMMENDATIONS REGARDING BONDS

Ulaanbaatar /MONTSAME/ On Thursday, the President Ts.Elbegdorj called some high officials to share views on the "Chingis"-called government's bonds of USD 1.5 billion. Present were the Speaker Z.Enkhbold, the PM N.Altankhuyag, the Minister of Economic Development N.Batbayar, the Minister of Finance Ch.Ulaan, the head of the parliamentary Standing committee on economics B.Garamgaibaatar, and the head of the Standing committee on budget Ts.Davaasuren. The State Head introduced the gathered to the open recommendation released December 3 by the National Security Council (NSC) about issuing the governmental bonds, its consumption and warnings about repayment. The recommendation has two clauses. Accordingly, the autumn session of parliament must create an additional legal environment for consumption of the governmental bonds, its repayment and monitoring, for which a draft law must be worked out by the government on responsibilities and submitted to the autumn session. The parliamentary Standing committee on economics must put control over the bonds usage and an implementation of selected projects, whereas the Standing committee on budget must control over the bonds repayment and budgetary sources. An issue of selecting and financing projects and programmes with capital, earned from the bonds trade, must be tackled at the cabinet's meeting every time. The Speaker must be introduced to this work by written documents. In order to calculate possible risk and to make a risk management mechanism, a council of bonds is to be set up with representatives of the Ministries on economic issues, the Bank of Mongolia and related Standing committees of parliament. The secretary of the NSC has been obliged to control an implementation of the recommendations and decisions on the governmental bonds and provide information needed. On Thursday morning, the money from the bonds trade came to the Bank of Mongolia's account. The bonds' interest is USD 70 million a year. B.Khuder