Speaker acquainted with implementation of one-time repayment of pension-secured loans

2021-01-08 12:56:48

Ulaanbaatar /MONTSAME/. On January 7, Speaker G.Zandanshatar received Governor of the Bank of Mongolia B.Lkhagvasuren, and CEO of Erdenes Silver Resource T.Munkhbayar on the implementation of the law on a full and one-time repayment of all pension-secured loans. 

Since the law was approved last year, elders’ pension loans were paid off through issuing bonds by putting the income for the government share to be earned from the Salkhit silver and gold deposit of Erdenes Silver Resource LLC as collateral.

229 thousand citizens’ pension-secured loans up to MNT 6 million - a total of MNT 763 billion were forgiven in the framework of the measure.

The aforementioned law also states that vouchers of MNT 1 million will be distributed for elders that did not have such loans. “The measure must begin to be funded from May 21 this year. The work to prepare the financial resource for MNT 210 billion necessary for the measure is currently underway, and will be carried out on time,” said CEO of Erdenes Silver Resource T.Munkhbayar.

Furthermore, the funds of the Social Insurance Fund is no longer the collateral for the 5-year-bond worth about MNT 725 billion that had been placed by Erdenes Mongol LLC at the central bank, reported Governor of the Bank of Mongolia B.Lkhagvasuren. 

The Speaker obliged the officials to report the law’s implementation at the regular spring session of the Parliament.