Prime Minister presents new revival policy of economy during the pandemic

2021-09-13 21:11:08

Ulaanbaatar/MONTSAME/. Today, September 13, a consultative meeting between the government, the private sector and investors on ‘Intensifying economic recovery amid the pandemic’ initiated by the President of Mongolia was held in the State House.

The consultative meeting aims at hearing the views and initiatives of entrepreneurs and the private sector on the legal environment for economic recovery, fiscal reform, public-private partnerships, intensification of investment, and creation of a favorable business environment.

During the meeting, Prime Minister L. Oyun-Erdene made a presentation ‘A new revival policy to stimulate economy in a pandemic era’. At the beginning of his presentation, the Prime Minister briefed on the current international situation of the COVID-19 pandemic, the global transport and logistics crisis and delays, and stressed an importance to protect and support the economy along with protecting health during the pandemic.

A new revival policy to stimulate economy in a pandemic era aims at ensuring political and macroeconomic stability, accelerating public-private partnerships, creating a favorable business environment, improving the environment for foreign and domestic investment, as well as implementing fiscal reforms. The PM said, “The government must look at it through the eyes of business people. We are trying to get rid of red tape through the digitalization of public services. It is important to improve the environment for foreign and domestic investment, maintain its stability and build a barrier-free environment.”

Moreover, the PM introduced about the fiscal reform. Within this frame, the reform towards increasing the efficiency, transparency, accountability and benefits of state-owned companies will be carried out.

The ‘from welfare-to-labor’ reform aims at supporting low-income people and people, who are able to work, through the employment rather than welfare.

Required financing will be resolved to reduce traffic congestion in the capital city, decentralize and ensure the urban and rural development balance.

Adhering to a principle that the government will not perform functions, which can be executed by the private sector, it will move to a system where the government procures standard-quality-competition based services.  

The civil service structure will be reformed and salaries and social securities of civil servants will be improved through authorizing health, education, arts and culture and scientific organizations to spend total funding based on results, performance and quality.