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Unprofitable state-owned companies to be replaced www.montsame.mn
At the cabinet meeting held on March 9, Minister of Finance B.Javkhlan delivered a presentation on actions being taken to improve and optimize the ownership type, functions and organizational structures of wholly or partially state owned enterprises.
The cabinet is seeking to tackle issues related to state owned enterprises that have been unprofitable and operating with large expenses for many years within the first 100 days of the current government, formed on January 29, 2021.
As of 2019, 107 state-owned enterprises and locally owned 339 companies were holding debts totaling MNT 37 trillion and gained profits of around MNT 1.5 trillion. In particular, Erdenet Mining Corporation earned MNT 1.1 trillion and Erdenes Tavantolgoi earned MNT 440 billion and the remaining enterprises operated at a loss.
The government will further take following measures;
- Publicly disclose the strategically important companies and ensure their stable operation under 100-percent government ownership,
- Dissolve and merge loss-making and unprofitable companies whose roles can be fulfilled by the private sector,
- Ensure greater control and establish good governance by publicly trading up to 34 percent of stocks of some companies, and
- Necessary measures will be taken to fully implement the Law on Glass Accounts, which aims to improve transparency of decision-making processes and activities regarding state and local budgets.
Published Date:2021-03-11
