Mongolia borrows from India

Aug 19 • State Affairs • 311 Views • No Comments on Mongolia borrows from India

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25 million USD will be loaned to the Mongolian Government from the Indian Government. This was approved by the SGK in accordance with project of “Budget Balance.” Working group of the Mongolian side had paid a visit to India in relation with the loan. The loan of 25 million USD has a period of 30 years which the first 10 years are free of interest. This loan provides softest of the loans as the interest rate is 1% per year. In addition, the loan has no political, social or defensive aims but the only objective is to balance the budget during the current economic recession says the officials. The agreement was reached by the D.Battur, Director of the Office of Ministry of Finance and Kumar Sanjei Krishna, Director of the Office of Economy cooperation.

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