Meeting held to develop proposals on establishment of Central Provident FundSociety
Ulaanbaatar /MONTSAME/ On May 14, 2021, the working group held its first online meeting with the Singapore Cooperation Enterprise to study and develop proposals on the establishment, formation and financing of the Central Provident Fund.
The Mongolian side was represented by H.E. A.Ariunzaya, Working group leader, Minister for Labour and Social Protection, H.E. T.Lkhagvadorj, Ambassador of Mongolia to Singapore, N.Ankhbayar, State Secretary of the Ministry of Foreign Affairs, Kh.Batjargal, Director of the National Development Agency, B.Gunbold, Head of the Policy and Planning Department of the Ministry of Construction and Urban Development, A.Enkhjin, Director of Resource Management and Financial Markets Department, Bank of Mongolia, L.Sonor, Head of Financial Markets and Insurance Division, Financial Policy Department, Ministry of Finance, T.Tserenbadral, Deputy Chairman of the Financial Regulatory Commission, A.Khishigbayar, Director of Policy and Planning Department, B.Batjargal, Head of Social Insurance Division and Z.Khuslen, Head of Foreign Cooperation Division of the Ministry of Labour and Social Protection.
From the Singaporean side, Tan Poek, Director for Northeast Asia and the Middle East, and Eric Lee, Director for Southeast Asia, Central Asia and International Partnerships, Huey Khey Wong, Senior Manager and Zhang Yedi, Senior Manager, Middle East and North East Asia
of the Singapore Cooperation Enterprise attended the meeting.
At the beginning of the meeting, B.Gunbold, Director of the Policy and Planning Department of the Ministry of Construction and Urban Development, gave a brief presentation on the current situation and challenging issues of housing sector in Mongolia.
Moreover, H.E. A.Ariunzaya, Working group leader, Minister for Labour and Social Protection, emphasized that the main obstacle to the implementation of the public housing program in Mongolia is not the construction related process, but the financial situation. Therefore, it is vital to learn from the best practices of Singapore's Central Provident Fund system, in particular how it successfully finances healthcare, medical services, social security and public housing programs.
Mr. Tan Poek, Director for Northeast Asia and the Middle East of the Singapore Cooperation Enterprise, concluded: “The success of Singapore's Public housing program is not only to provide housing for most citizens, but also to provide an environment in which people can live, play and learn comfortably. Currently, 80 percent of the population has been successfully enrolled in the Housing Program. We are ready to share our best practices to Mongolia.”
For the first phase, the working group agreed to conduct an in-depth study of the current situation, requirements and target group of the housing sector in Mongolia in cooperation with the Singapore Cooperation Organization.
Source: Ministry of Labor and Social Protection