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Mongolia passes 980-mln-dollar stimulus package: report

Ulan Bator - capital of Mongolia.
by Staff Writers
 Beijing (AFP) March 3, 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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POLITICAL ECONOMY
US outsourcer Accenture cuts 500 jobs in Manila
 Manila (AFP) March 4, 2009
 US-based outsourcing firm Accenture is laying off 500 people from its Manila-based operations due to the effects of the global financial crisis, the Labour Department said Tuesday.






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