Mongolia passes 980-mln-dollar stimulus package: report

The Mongolian parliament on Tuesday approved a 1.5-trillion-tugrik (980-million-dollar) stimulus package to help the landlocked nation through the global crisis, Chinese state media reported.

By Space War Editorial Team · Editorial process

Published March 2, 2009

The Mongolian parliament on Tuesday approved a 1.5-trillion-tugrik (980-million-dollar) stimulus package to help the landlocked nation through the global crisis, Chinese state media reported.

The money will be spent on stabilising the financial sector, creating jobs and promoting agriculture, the Xinhua news agency reported from Mongolia's capital Ulan Bator, quoting Prime Minister Sanjaagiin Bayar.

Due to the global financial crisis, Mongolia has seen a growing trade deficit since the third quarter of 2008, Xinhua said.

To finance the package, Mongolia hopes to boost government revenues and seek support from other countries, according to the agency.

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