ADB to allocate US$1.2 Billion for Mongolia for next three years

Oyundelger 2017-10-16 07:10

Economy

The Asian Development Bank (ADB) has decided to allocate US$1.2 billion to support Mongolia's development in 2017-2020 quoting the member of the ADB Board of Directors responsible for Mongolia.

ADB to allocate US$1.2 Billion for Mongolia for the next three years. The Asian Development Bank (ADB) has decided to allocate US$1.2 billion to support Mongolia's development in 2017-2020 quoting the member of the ADB Board of Directors responsible for Mongolia. The fund aims to help the country's economy, infrastructure, agriculture, tourism, renewable energy, small and medium-sized enterprises, as well as to support employment for people with disabilities, the ADB director, Muhammad Sami Saeed, said at a meeting with Mongolian Prime Minister Khurelsukh Ukhnaa. Khurelsukh, for his part, stressed that his country will continue to implement the government's Action Plan for 2016-2020 and the Programme for the Restoration of the Mongolian Economy, noting that the political situation will remain stable regardless of the formation of a new cabinet of ministers. The prime minister also expressed his gratitude to the ADB for the decision to grant Mongolia a loan of US$900 million and for the allocation of the first part of the loan totalling US$250 million as part of the IMF's program. Having agreed with the policy of the prime minister on Mongolia's economic diversification, the ADB official expressed his hope that Mongolia would maintain its achievements in the field of budgetary discipline and ensure macroeconomic stability.