http://en.news.mn/news/3315

With both party caucuses in Parliament agreeing to discuss in the special session of Parliament draft amendments to four laws proposed by the Government, another step was taken on Wednesday towards signing the investment agreement on Oyu Tolgoi. The laws which are sought to be amended relate to the windfall profits tax, use of water, building roads, and corporate income tax.

Before taking the decision, the Democratic Party MPs asked questions of Prime Minister S.Bayar, Minister for Finance S.Bayartsogt and members of the working group that has been negotiating with the investors.

There was one lone dissenter in DP ranks but the major partner in the ruling coalition, the MPRP, was unanimous in favoring the amendments to be discussed in a plenary session of Parliament, accepting the Government’s contention that the changes will facilitate reaching an agreement on the project.

However, the drafts do not go to Parliament immediately. They will now be discussed by standing committees under whose purview the laws fall.

Earlier, in his speech welcoming members to the extraordinary session, Speaker D.Demberel noted that with 100 years of exploitable resources the Oyu Tolgoi deposits would play a significant role in Mongolia’s economic resurgence, so a decision has to be taken both quickly and carefully.

Parliament now has 74 members and 56 or 73.7% of them were present on Wednesday.