Working teams set up to implement Government’s complex plan of MNT 10 trillionSociety
Ulaanbaatar /MONTSAME/ At its irregular meeting
convened on February 14, the Cabinet discussed a complex plan of MNT 10
trillion to protect citizens’ health and recover the economy and set up working teams to manage the plan.
Specifically, working team for recovering the economy will be headed by Minister of Finance B.Javkhlan while working team for health will be led by Minister of Health S.Enkhbold. Reminding that “One door-One testing” measure is a foundation for the realization of the complex plan, Prime Minister L.Oyun-Erdene noted, assigning the Cabinet members and relevant officials to pay special attention on it.
Due to the pandemic, Mongolia’s economy, which had growth of 5.2 percent in 2019, has shrunken by around 6 percent as of preliminary performance of 2020. Following it, the number of employees in over 46 thousand entities decreased by 70 thousand in the third quarter of 2020. Taking into consideration of these situations, the Cabinet has decided to simultaneously implement policy and goal to protect citizens’ health and recover the economy until 2023.
Following measures will be taken within the complex program.
- To issue loan of MNT 2 trillion with annual interest rate of 3 percent with 3 years of term to small and medium enterprises
- To Implement a plan to support youth employment with financing of MNT 500 billion. Within the program, youth will be involved in two-month scholarship training that equips them with the required knowledge and skills for implementing large-scale projects. Following the training, the participants will receive a certificate and MNT 1 million alongside having priority for job positions at entities implementing large-scale projects.
- To implement housing program. MNT 3 trillion will be spent on giving land free of charge for building “Youth I, II, III” apartment complexes in Ulaanbaatar city in the first turn, develop their infrastructures, building the apartments under a unified blueprint and issuing mortgage soft loans.
- MNT 2 trillion to be spent for realizing large scale projects and programs that are of strategic significance
- To grant loan of MNT 500 billion with a view to support agricultural production, herders’ income and livelihood
- To increase the amount of repo financing by the Bank of Mongolia reaching to MNT 2 trillion from MNT 1 billion In doing so, it was reflected to increase the loan amount to SMEs from MNT 300 million to MNT 500 million as well as to increase the loan amount for non-mining export product manufacturers from MNT 1 billion to MNT 3 billion.