Government announces more measures to stimulate economy

2020-05-07 13:09:46

At its regular meeting on May 6, the Cabinet approved more measures to stimulate the economy and provide support to public livelihoods amid the COVID-19 pandemic. 

1. The ‘Child Money’ monthly allowance, given for a total of 1.14 million children in Mongolia, will be raised to MNT 100,000 until October 1, 2020. As the previously-increased MNT 30,000 from initial MNT 10,000 within the framework of the government’s first package of measures, was already granted to children in April 2020, the leftover amount MNT 70,000 will be compensated in the coming days.

2. The monthly food stamps, granted to people in high necessity for food provision, will be doubled for five months from May 1 to October 1, 2020. This measure will involve 240.2 thousand citizens of low-income households. The food stamps worth MNT 16,000 was given to adults and MNT 8,000 to children.

3. Around 32.6 thousand people, including 3.6 thousand senior citizens who are not entitled to pension benefits, 42.5 thousand citizens with disabilities, 16.5 thousand orphaned or half-orphaned children and single parents will receive additional MNT 100,000 in the next five months until October 1, totaling their monthly allowance to MNT 280,000.  

4. In compliance with directive given by the parliament to support the herders’ revenue and domestic production of cashmere industry, a subsidy of MNT 20,000 will be given for each kilogram of cashmere supply.

As announced by Prime Minister U.Khurelsukh, the total cost of the four measures is around MNT 793 billion, and MNT 593 billion of which will finance the cost for the additional social welfare allowances and MNT 200 billion is for cashmere subsidy payment.

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