Wednesday, March 4, 2009

1.5 trillion Tugrik stimulus plan

I've been trying to find a breakdown of the 1.5 trillion ₮ stimulus plan. So far nothing very detailed. What the International Herald Tribune article here has is about as much detail I've been able to find in Mongolian. To raise the 1.5 trillion Tugriks for the stimulus plan, the boys upstairs might turn to China for the USD 3 billion loan earlier discussed. Business Times, Malaysia also has an article titled "Even Mongolia has to unveil stimulus plan". The editors at Business Times, Malaysia sound surprised to learn that Mongolia has an economy. Even Mongolia? Or perhaps they meant it in a good way, like even the strong and sturdy economy of Mongolia now requires a stimulus plan. But I doubt it.

According to, the government is also requesting a loan of USD 300 million from World Bank to cover the budget deficit, and are negotiating over the terms. The World Bank loan will most likely be used to save the construction industry, which is on the brink of a collapse after the banks stopped giving out housing loans.