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Events
L.Oyun-Erdene: Government policy will target to create jobs www.montsame.mn
Ulaanbaatar /MONTSAME/ Yesterday, February 10, the Cabinet convened and approved a plan worth of MNT 10 trillion to protect citizens’ health and recover the economy. Following the Cabinet meeting, Prime Minister L.Oyun-Erdene presented the plan to the public.
The new Cabinet has developed the plan within two weeks after its formation and it was projected to be implemented in partnership with the Parliament and the Bank of Mongolia.
“Core of the Government policy will target to create jobs, not for social welfare. The best welfare is a guaranteed job with high salary. Therefore, most part of the plan will aim to create more jobs,” the PM highlighted in the beginning of the briefing.
As of today, Mongolia’s economy shrank by 6 percent and GDP went down by 12 percent. Due to the situation, remaining securities of the central bank has reached MNT 7.9 trillion. In other words, commercial banks have deposited all their money as a form of risk fund, not issuing loans. As a result, cash flow has become stagnant leading to shortage of jobs and no economic turnover. Since the beginning of the pandemic, 68.9 thousand jobs have been lost in Mongolia. According to the study made by scholars, 130 thousand jobs will be lost in 2021 unless we implement the complex plan, the PM emphasized.
The Government is aiming to provide its population with housing accommodations and the housing program worth of MNT 3 trillion was included in the plan. MNT 1 trillion will be spent on giving land free of charge, building apartments under a unified blueprint, giving discounts on some building materials such as cement and iron armature and the Government will be responsible for credit guarantee and infrastructure.
The Government will also offer soft loan to construction companies. In other words, the Government will cooperate with construction companies on free land and free infrastructure, the PM emphasized.
The PM said “MNT 2 trillion will be spent on mortgage loan funding. It is most difficult for building companies to sell their apartments. Construction companies that are able to accept requirements by the Government and reduce their apartment price per square meter will be involved in mortgage loan. Financing of MNT 100 billion will be granted to mortgage loan monthly. As a result, construction sector will be activated, creating jobs and increasing opportunity for youth to live in apartment. ”
Published Date:2021-02-14
