EU and World Bank support Mongolia’s efforts to address COVID-19 ImpactEconomy
Ulaanbaatar /MONTSAME/. The European Union and the World Bank will reprioritize the use of EUR 680,000 within the Strengthening Governance in Mongolia Project, funded by the European Union, to support the Government’s efforts to respond to the COVID-19 (coronavirus) emergency and help mitigate its impact in the short and medium term.
The reprioritization of funds will enable the Ministry of Finance to take more targeted just-in-time measures to mitigate the effects of COVID-19 such as assessing the potential impact of the pandemic on the economy; planning and monitoring of fiscal resources; and better tracking allocation and expenditure on response measures.
“The Ministry of Finance is one of the key actors in the COVID-19 response efforts of the Government of Mongolia, not only for the short-term, but also for the long-term. We stand ready to support the Ministry and the Government in their efforts to address macroeconomic and public finance management challenges caused by the COVID-19 impact,” said European Union Ambassador to Mongolia H.E. Traian Hristea.
“The just-in-time technical assistance will support the Ministry of Finance in designing and implementing adequate emergency measures that are both responsive to the local context and informed by international good practices,” said Andrei Mikhnev, World Bank Country Manager for Mongolia.
The Strengthening Governance in Mongolia Project, funded under the EU Trust Fund with the World Bank, has since 2018 supported the government’s efforts to improve fiscal discipline, public finance management, and transparency and accountability for strengthened governance in Mongolia.
With total grant financing of EUR 4.8 million by the European Union, the project has been providing technical assistance to the Ministry of Finance, the Fiscal Council, and the Mongolian National Audit Office to implement the priority actions in the government’s Public Financial Management Strategy and Action Plan (2018-2022).