Mongolia to receive additional financing from ADB for child allowances www.news.mn
The Asian Development Bank (ADB) has approved a USD 73 million loan to improve social welfare support for the poor and vulnerable, especially women and children, to mitigate the socioeconomic impacts of the coronavirus pandemic in Mongolia.
The project will specifically expand the child money programme, which provides universal cash grants to all children aged 0–17. The ADB will finance a share of the extended shock-responsive increase in the monthly child grant benefits until June 2021. This follows on from the earlier top-ups supported under an emergency assistance loan from April to September 2020. The total project cost is $259.64 million, which includes government financing of $186.64. It is expected to be completed in 2023.
However, the Mongolian Government has already approved MNT 864 billion for monthly childallowances in the 2021 State Budget.
As early as May 2020, nearly three-quarters of all Mongolian households and 85% of poor households reported experiencing some sort of economic shock. Nearly two-thirds (64%) of all households reported an increase in food prices, while nearly three-quarters (73%) of self-employed workers experienced income loss. About 70% of farmers and herder households reported a decline in income compared with the previous year.
Published Date:2021-03-31