MONGOLIA TO GET LOAN FROM INDIA

Ulaanbaatar,/MONTSAME/ The State Great Khural has approved the agreement of "Stability loan" of USD 25 million to be granted from the government of the Republic of India to the government of Mongolia.
Mongolia will take out the loan in frames of the program of stabilizing the budget and policy measure for financing the deficit, with the key aim to overcome the global financial crisis and its difficulties. Recently, a working group of the Mongolian side has worked in India in order to make negotiations with the India's side on general credit terms. In accordance with the general credit terms, the loan will be granted to the Mongolian government with credit period of 30 years. Furthermore, Mongolia will be freed from the payment of both basic loan and interest for 10 years. The interest on the loan is one per cent per year.
In comparison to other loan and credit, the "Stability loan" does not have political, social and military purposes and conditions, and aims to reduce the budgetary deficit of Mongolia. It has more preferential terms than other loan programs of international organizations and donor countries.
The negotiations were made between the sides by D.Battor, State Secretary of the Ministry of Finance of Mongolia; and Kumar Sanjei Krishna, Secretary of the India's Ministry of Finance in charge of Economic Cooperation.

Reported by B.Khuder





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