The Cabinet of Ministers got introduced with the implementation procedures of a resolution to allocate shares to public and sell the shares to private entities. At the meeting the Minister for Finance D.Khayankhyarvaa said, "The one million MNT to elders and disabled civilians who have submitted their request to the Government will be distributed from next week firstly in Ulaanbaatar".
Earlier at the regular Cabinet meeting held on March 28, 2012, it has been resolved to distribute state shares up to one million MNT
from the Human Development Fund to elders and disabled civilians in three parts: 333,000 MNT in April, another 333,000 MNT in May and 334,000 MNT in June, 2012 respectively. But for some reason the money wasn’t distributed in April. Hence the 333,000 MNT for April and 333,000 MNT for May will be distributed together.
The Ministry of Social Welfare and Labor clarified in which form the elders and disabled citizens are preferred to receive the proposed amount in a form of shares or in a form of cash. According to their report as of May 15, 2012, a total of 272,582 elders and disabled citizens have submitted their request and claim to receive the welfare in a form of cash.
The Ministry of Social Welfare and Labor has started to accept civilians request to sell their allocated shares of Erdenes Tavan Tolgoi to the Government of Mongolia from May 07, 2012. As of May 15, there are 738,917 citizens who are willing to sell their shares to the Government, whereas 97% or 717,748 people have requested to receive cash, 21 thousand people requested to transfer the money into their mortgage loan account and 394 thousand people requested to receive the amount in the form of medical treatment and education service payment.
The Cabinet also discussed issues relevant to setting the nominal value for the Erdenes Tavan Tolgoi shares and the matter is proposed to be concluded at the irregular Cabinet meeting next week. After the finalization of the nominal price the shares will be released for sale to private entities from June 01, 2012.
By next week, in order to provide the civilians with a possibility to apply for 6% interest rate soft mortgage loan
, the Government is to deposit 50 billion MNT to the State Bank and another 50 billion MNT to the Development Bank in order to support small and medium scale industries. The Minister for Finance D.Khayankhyarvaa also introduced at the meeting that the demanded fund for financing the construction of vertical axis road and railway infrastructure has been solved respectively, informed the Press and Media Department of the Government of Mongolia.