A regular meeting of the government of Mongolia was held today, and the repayment of the herdsmen’s loan was discussed. Amarbayasgalan.D, Head of the Government Secretariat, presented the decisions made at the meeting.

Amarbayasgalan.D, Head of the Government Secretariat: 

-First of all, we decided that the government will bear the interest payment for the herdsmen’s loan.

While working in the local area, the herdsmen did not want the loan to be canceled, but asked to postpone the loan payment. The government officials considered this request and decided to postpone the repayment period by one year and the payment of interest by one year. By delaying the repayment of the loan interest for one year, the interest accrues. The interest rate on the herdsmen’s loan is 20.5 percent. Six percent of it will be paid by the herdsmen themselves, while the remaining 14.5 percent will be paid by the government. There is herdsmen’s loan equal to 1.3 trillion MNT in the country. Interest savings is about 280 billion MNT. The government will settle the remaining 220 billion.