AKIPRESS.COM - The National Security Council of Mongolia led by the country's president has decided to write off the loans of all pensioners in the country, Xinhua reports.

President Khaltmaa Battulga announced the decision on Tuesday night while extending New Year greetings to his people via media.

"I am happy to announce that the National Security Council of Mongolia has decided to pay off the loans of all pensioners ... with the aim to help them get out of debt," he said.

It is not yet clear when the decision will be implemented.

There are over 380,000 seniors who receive retirement pensions in the country, and more than half of them have taken out loans, according to statistics.