MNT 2.4 trillion to be distributed to citizens by HDF reports Finance Minister

Nov 9 • Finance, Government, News • 595 Views • No Comments on MNT 2.4 trillion to be distributed to citizens by HDF reports Finance Minister

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Parliament’s Standing Committee on Budget discussed next year’s Human Development Fund (HDF) allowance.

The MPP and DP will fulfill their 2008 election promise, meaning MNT 2.4 trillion will be distributed to citizens in 2012. According to Finance Minister S.Bayartsogt’s speech, the HDF will allocate an allowance of MNT 128,000 to every citizen by July 2012.

Additionally, women 55 and over, men 60 and over, and disabled people will receive a one-time allowance of MNT 1 million, which some 600,000 people will collect. S.Bayartsogt said the remaining 2.2 million citizens will receive their choice of MNT 1 million in cash or an equivalent in shares in Erdenes MGL LLC and 15 other mining companies. The Government predicts half the citizens will take the cash and half will take the shares.

S.Bayartsogt noted that political parties have agreed to not promise citizens cash in the 2012 election.

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