Ulaanbaatar
Social protection project to be implemented with ADB in pandemic response
Society
Ulaanbaatar /MONTSAME/ At its irregular meeting on June 19,
the Cabinet decided to implement a social protection project with the Asian
Development Bank (ADB) in pandemic response and the Prime Minister issued an
order authorizing the Minister of Finance to sign a loan agreement for the
project.
A need has arisen to handle the budget deficit with policy support
in order to reduce the adverse impacts of Covid-19 on the country’s
economy, budget, and vulnerable groups in the society. Therefore, the Cabinet developed
the above-mentioned project with ADB to support the second package of measures to
stimulate the economy and contribute to the incomes of citizens.
The USD 26.4 million soft loan has a repayment term of 40
years, interest rate of 1 percent and a moratorium period of 10 years. The project
will be implemented under the General Funding Program for Rapid Response
between Mongolia and ADB, approved by the Parliament on April 23.
