JPY 25 billion loan from Japan supported at Standing Committee meeting

2020-12-01 12:22:06

Ulaanbaatar / MONTSAME /. The Standing Committee on Security and Foreign Policy of the Parliament discussed and approved the draft law on ratification of the COVID-19 Crisis Emergency Support Loan Agreement between the Government of Mongolia and the Japan International Cooperation Agency (JICA).

The JPY 25 billion or about USD 233 million, will be used to stimulate the economy amid the pandemic, protect public health, support livelihoods, sustain incomes and improve social security. Minister of Finance Ch.Khurelbaatar informed at the meeting of the Standing Committee that the loan repayment period is 15 years with the interest rate of 0.01 per annum.

71.4 percent of the members of the Standing Committee supported the draft law and set to submit the decision to the plenary session of the Parliament to be held this week for a final approval.