U.Khurelsukh: MNT 5.1 trillion will be used for recovering economy

Translator E.Oyun-Erdene GoGo.mn

2020-03-27 16:50 GMT+8

Today, Prime Minister of Mongolia U.Khurelsukh made following reports related to economic support during this emergency situation.

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16:51 2020-03-27

Today, Prime Minister of Mongolia U.Khurelsukh made following reports related to economic support during this emergency situation. 

He said “It’s been a while since Coronavirus outbreak was reported worldwide. As for today, the virus case is registered in 201 countries. Total 530 thousand people infected and 23970 death cases registered. During this period, the government of Mongolia is focusing on protecting health of Mongolian citizens and keeping Mongolian economy stable.

As for Mongolia, the situation is under control. MNT 17 billion has been spent from State Fund, and additional finance of MNT 20.6 billion has been resolved. Finance of MNT 200 billion has been made to health sector”.

In order to support the economy, the government has made following decisions:

  1. Release Social insurance fee of entities starting from April 1 until October 1. All companies and entities will be released from 26% tax
  2. No income tax will be deducted from salaries during this period. The Government will be responsible for the difference
  3. Between April 1 and October 1, no income tax will be received from enterprises with income less than MNT 1.5 billion
  4. For 3 months, the government will pay monthly MNT 200,000 to each employee of private companies keeping their workers on their job despite the difficulties in their businesses and declining revenues
  5. In order to support herders’ livelihood, MNT 300 billion loan with interest of 3% will be disbursed to manufacturers for purchasing cashmere
  6. Related to school and kindergarten suspension, MNT 10 thousand will be added to Children allowance of MNT 20 thousand for 3 months starting from April 1.
  7. PM obliged to decrease fuel price by MNT 300-400 in relevant to world market price reduce. 

Total MNT 5.1 trillion will be used for above actions.

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