S.Bayartsogt: Businesses follow the footsteps of large projects

Mar 3 • Economy, Government, News • 572 Views • No Comments on S.Bayartsogt: Businesses follow the footsteps of large projects

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Interview of Finance Minister S.Bayartsogt

Q: What are the expected results when you provide the budget for the provinces?

S.Bayartsogt: We have made a huge reform in the last four years in terms of budget revenue and expenditure and approved a law on budget. We are providing MNT 800 million on top of the investments. Additionally, to support small and medium enterprises, we are providing MNT 50 million for each soums but the amount depends on the population of the soums.

Q: What policies are being implemented to increase employment and improve the living standards of the citizens?

S.Bayartsogt: Businesses follow the footsteps of large projectsWe have taken 3 steps to increase employment. MNT 50 million for soums, MNT 800 million for provinces and MNT 100 billion for the whole state to support small and medium enterprises. If we provide this amount of money through the commercial banks, people aren’t able to get the money because they don’t have deposits to get loans from banks so we are going to approve a law on deposits. For example, instead of providing MNT 30 billion for loan we can use the same amount for securing the deposits and therefore the commercial banks can loan out more the businesses.

Q: How to implement the projects that you have talked about?

S.Bayartsogt: Businesses follow the footsteps of large projectsSmall enterprises and businesses always follow the footsteps of the larger projects. We have Oyu Tolgoi, Tavan Tolgoi, agricultural complex factory of Sainshand and new railways will be built which means opportunities for small and medium enterprises will be open and more job places. For example, Oyu Tolgoi IA was approved in late 2009 but in the year 2010 total orders of Oyu Tolgoi reached USD 887 million or near MNT 1 trillion. 2400 small and medium enterprises took part and benefited.

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