Ulaanbaatar
Two loan agreements with ADB ratified
Politics
Ulaanbaatar /MONTSAME/ During the last day of the Parliamentary spring session held on July 6, the parliament ratified two loan agreements with the Asian Development Bank.
Social Welfare Support Program Phase 2 is a part of the funding portfolio of the Extended Fund Facility of the International Monetary Fund. 18 policy measures are planned to be taken in two phases, including lowering budget deficit, making social welfare program more efficient and upgrading database of targeted groups. USD 150 million ADB loan will have a 15-year term, including a grace period of three years.
The "Banking Sector Rehabilitation and Financial Stability Strengthening Program" aims to ensure financial stability, make changes in its infrastructure, increase competitiveness of banks, resolve non-performing loans and improve control on it and to strengthen governance.The parties agreed to implement the program with finance of USD100 million ADB loan. The loan repayment term is 15 years, also including a grace period of three years.
Draft law on ratification of the agreement on establishment of the Institute for the Central Asia Regional Economic Cooperation (CAREC), which was submitted by the Cabinet on July 5, was also discussed during yesterday’s plenary meeting and approved.
The Central Asia Regional Economic Cooperation (CAREC) Program is a partnership of 11 countries (Afghanistan, Azerbaijan, China, Georgia, Kazakhstan, Kyrgyzstan, Mongolia, Pakistan, Tajikistan, Turkmenistan and Uzbekistan) and six multilateral development partners (ADB, the World Bank, the European Bank for Reconstruction and Development, the International Monetary Fund, the United Nations Development Programme, and the Islamic Development Bank) established in 2001 to work to promote development through cooperation, leading to accelerated economic growth and poverty reduction. Mongolia joined the program in 2002.
To guide the CAREC Program in the next 10 years, ministers of all 10 CAREC countries endorsed the CAREC 2020: A Strategic Framework for the Central Asia Regional Economic Cooperation Program 2011-2020 at the 10th Ministerial Conference in Baku, Azerbaijan in November 2011. The strategic framework identifies the CAREC Institute (CI) to be one of its seven operational priorities to achieve the goals and objectives of trade expansion and improved competitiveness.
Established in 2007, CI has been providing web-based information and knowledge products, and supporting trainings and events. It aims to generate world-class knowledge resources in CAREC's priority areas of transport, trade, and energy. A year later, to ensure effective and timely achievement of the strategic objectives laid out in CAREC 2020, the 11th CAREC Ministerial Conference held in Wuhan, People's Republic of China in October 2012 endorsed the Wuhan Action Plan. The action plan has emphasized three priority areas of actions: operational priorities of the four sectors, the CAREC Institute Work Plan 2013–2017, and the Transport Facilitation Action Plan.
Social Welfare Support Program Phase 2 is a part of the funding portfolio of the Extended Fund Facility of the International Monetary Fund. 18 policy measures are planned to be taken in two phases, including lowering budget deficit, making social welfare program more efficient and upgrading database of targeted groups. USD 150 million ADB loan will have a 15-year term, including a grace period of three years.
The "Banking Sector Rehabilitation and Financial Stability Strengthening Program" aims to ensure financial stability, make changes in its infrastructure, increase competitiveness of banks, resolve non-performing loans and improve control on it and to strengthen governance.The parties agreed to implement the program with finance of USD100 million ADB loan. The loan repayment term is 15 years, also including a grace period of three years.
Draft law on ratification of the agreement on establishment of the Institute for the Central Asia Regional Economic Cooperation (CAREC), which was submitted by the Cabinet on July 5, was also discussed during yesterday’s plenary meeting and approved.
The Central Asia Regional Economic Cooperation (CAREC) Program is a partnership of 11 countries (Afghanistan, Azerbaijan, China, Georgia, Kazakhstan, Kyrgyzstan, Mongolia, Pakistan, Tajikistan, Turkmenistan and Uzbekistan) and six multilateral development partners (ADB, the World Bank, the European Bank for Reconstruction and Development, the International Monetary Fund, the United Nations Development Programme, and the Islamic Development Bank) established in 2001 to work to promote development through cooperation, leading to accelerated economic growth and poverty reduction. Mongolia joined the program in 2002.
To guide the CAREC Program in the next 10 years, ministers of all 10 CAREC countries endorsed the CAREC 2020: A Strategic Framework for the Central Asia Regional Economic Cooperation Program 2011-2020 at the 10th Ministerial Conference in Baku, Azerbaijan in November 2011. The strategic framework identifies the CAREC Institute (CI) to be one of its seven operational priorities to achieve the goals and objectives of trade expansion and improved competitiveness.
Established in 2007, CI has been providing web-based information and knowledge products, and supporting trainings and events. It aims to generate world-class knowledge resources in CAREC's priority areas of transport, trade, and energy. A year later, to ensure effective and timely achievement of the strategic objectives laid out in CAREC 2020, the 11th CAREC Ministerial Conference held in Wuhan, People's Republic of China in October 2012 endorsed the Wuhan Action Plan. The action plan has emphasized three priority areas of actions: operational priorities of the four sectors, the CAREC Institute Work Plan 2013–2017, and the Transport Facilitation Action Plan.
B.Ooluun
