Legal Document

Title: Measures to ensure financial and economic stability, risk prevention, and electronic transition to public services during the outbreak of coronavirus infection (COVID-19), 2020
Type: Resolution
Issuing Agency: Parliament of Mongolia
Responsible Agency: Ministry of Health
Issuing Date: 29-04-2020

 

RESOLUTION OF THE PARLIAMENT OF MONGOLIA

 

April 29, 2020           Government House, Ulaanbaatar

Number 32

 

Measures to ensure financial and economic stability, risk prevention, and electronic transition to public services during the outbreak of coronavirus infection (COVID-19)

Pursuant to Article 43.1 of the Law on the State Great Hural of Mongolia, the State Great Hural of Mongolia shall:

1. To approve the directions and measures to ensure financial and economic stability, prevent risks, stimulate the economy, and make electronic transition to public services during the outbreak of coronavirus infection (KOVID-19).

2. To instruct the Government of Mongolia /U.Khurelsukh/, the Bank of Mongolia /B.Lkhagvasuren/ and the Financial Regulatory Commission /D.Bayarsaikhan/ to take prompt measures in the following areas and report on the implementation process to the State Great Hural on a monthly basis:

1 / to develop a healthy, reliable, transparent, open, publicly controlled and accessible banking system and to reform the banking sector;

2 / reduce bank loan interest rates and borrowing costs;

3 / to create a legal environment to protect the rights of borrowers by restricting money transfers;

4) to intensify the activities of the loan guarantee fund and increase its accessibility in order to support the business activities of small and medium enterprises and service providers;

5) to develop the non-bank financial sector;

6) to develop and implement a special housing program in the form of lease and ownership within the framework of launching new mortgage loan products for public services and special civil servants, and to increase access to mortgage loan financing;

7) to increase the country's foreign exchange reserves;

8) to establish a joint working group with the General Prosecutor's Office, the Anti-Corruption Agency, the Judicial Enforcement Agency and the receivers of the bank to expedite the liquidation of non-performing assets of liquidated banks; to put into circulation and use for hospitals, schools and the state;

9 / electronic transition to public services;

10) to release funds from the social insurance fund placed in a bank as part of a one-time payment of a loan secured by a pension;

11) to stimulate the economy and establish a special anti-crisis fund.

3. To instruct the Government of Mongolia /U.Khurelsukh/ to take the following measures to increase the income of herders and protect the domestic production of cashmere:

1 / to urgently organize activities to provide soft loans to cashmere producers in connection with the creation of raw materials for cashmere and the export of cashmere products;

2 / in order to support the export of cashmere, to resolve the issue of unimpeded access of cashmere through all border crossings and to set the amount of related fees to “0”;

3 / to provide a premium of MNT 20,000 / twenty thousand / per kg at the base market price of cashmere to each herder and person with livestock specified in the Law on Livestock Genetic Resources for the purpose of supporting herders' income and national enterprises;

/ This sub-clause was amended by Resolution No. 58 of May 15, 2020 /

4) to promptly involve foreign buyers in cashmere production activities in order to create competition in the cashmere market and set realistic prices.

4. To instruct the Standing Committee on Economic Affairs /J.Ganbaatar/ and the Standing Committee on Budget /B.Choijilsuren/ to monitor the implementation of this resolution.

5. This resolution shall come into force from the date of its adoption.

CHAIRMAN OF THE PARLIAMENT OF MONGOLIA G.ZANDANSHATAR

 

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