Some measures to be taken for “Good stock” campaign

Ulaanbaatar /MONTSAME/ At its irregular meeting held Thursday, the cabinet discussed certain actions to be taken for realizing the “Good stock” campaign and then made pertinent decisions. As of today, 650 thousand people have expressed their willingness to sell some parts of their 1,072 units of the Erdenes Tavantolgoi stocks (322 units or 30% of the sum) to the government out of a total of one million and 650 thousand citizens who are owning the stocks. “Initially, the applied people will receive MNT 100 thousand in cash which equals to one third of the stocks to sell through their accounts within the next week,” said Ts.Tuvaan, head of the Social Welfare and Service Department of City. In order to finance the “Good stock” campaign, the Minister of Finance B.Bolor was tasked to issue governmental securities with up to 15-year term on the domestic market in several phases and to establish a relevant contract on funding the bond payments with revenues from the sales of state-owned "Erdenes Tavan Tolgoi" stocks and its dividends. Remaining part of the TT stocks owned by the individuals will be sold to the Government through the Mongolian Stock Exchange (MSE) in accordance with the cabinet decision. After the cabinet meeting, the Finance Minister informed that the cabinet made some amendments to the “Good stock” campaign’s rule. “Some media said this program violates the laws, causing burdens over the government budget. It is completely groundless information. There will be no problems emerging in pension fund and current expenses due to the campaign,” the Minister stressed.