Light industry minister instructed to establish on-lending loan agreement

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During the weekly meeting of Cabinet on April 14, Minister of Food, Agriculture and Light Industry was instructed to establish an on-lending loan agreement for the Tractors and Other Agricultural Equipment and Machinery Supply Project within the framework of Mongolia-Belarus Intergovernmental General Agreement on the Provision of Export Loan, in line with relevant laws and regulations.

Cabinet was introduced to the 2020 general report of the Mongolian Land Unified Fund and implementation progress of the general plan for the State Land Management, respectively.

During the meeting, Cabinet also discussed the 2022 budget framework statement, bill on budget assumption from 2023 to 2024, and the revised bill on digital signature. Cabinet decided to submit the bills and statement to Parliament.

Moreover, a draft parliamentary resolution on measures to protect the security of the Mongolian gene pool and support population growth, which was initiated and developed by lawmaker G.Temuulen, was discussed, with Cabinet members agreeing to combine recommendations for the draft resolution and convey them to the initiator.

In addition, Deputy Prime Minister S.Amarsaikhan briefed on the current situation of the COVID-19 pandemic and ongoing responsive measures.

The implementation progress of the comprehensive response plan worth 10 trillion MNT for economic recovery and health protection was introduced during the meeting.

Within the framework of job support, banks provide loans of up to 2 trillion MNT with an annual interest rate of 3 percent and a term of three years to businesses and individuals engaged in production and services.

As of April 12, a total of 34,200 loan applications worth 4.2 trillion MNT have been received, of which 525.6 billion MNT has been disbursed to 7,356 borrowers. Of these, 1,146 are businesses and 6,210 are individuals. The remaining 12,049 applications worth 1.8 trillion MNT are under review, while 7,882 applications were rejected. The average amount of loans received by individuals is 37.4 million MNT, while that of businesses is 256.1 million MNT.

Misheel Lkhasuren