Ulaanbaatar /MONTSAME/. On March 27, Prime Minister of Mongolia U.Khurelsukh delivered an address to the people and entities of Mongolia to introduce the government’s new measures concerning the economic impact of the COVID-19 pandemic. Prime Minister U.Khurelsukh announced that the Government decided to take the following measures to be financed with MNT 5.1 trillion to support the country’s economy weakened by the coronavirus outbreak.

1. All entities and companies are exempt from paying social insurance contributions for six months from April 1 until October.

2. Income tax will be waived for six months from April 1 until October 1.

3. Entities with revenues of less than MNT 1.5 billion are entitled to exemption of corporate tax for six months from April 1 until October 1.

4. For 3 months, the government will pay monthly MNT 200,000 to each employee of private companies keeping their workers on their job despite the difficulties in their businesses and declining revenues.

5. Loan with 3-percent interest rate, totaling MNT 300 billion, will be granted by the government to national cashmere companies for purchasing cashmere from herders. Cashmere for price will be set at less than MNT 100 thousand. This measure is expected to directly benefit 233 thousand herding families,

according to the PM.

6. For 3 months, the monthly ‘Child Money’ allowance of MNT 20,000 to children aged under 18 is raised to MNT 30,000.

7. Necessary measures will be taken so that retail price of fuel per liter would be cut by MNT 300-400, starting April 15.