Monday, the finance minister S. Bayartsogt and U.S. Ambassador to Mongolia Jonathan S. Addleton signed a bilateral grant agreement worth USD 10 million. The purpose of this donation is to assist Mongolia in overcoming the negative impacts of the global financial crisis.
By the request of the government of Mongolia, the US AID secured approval from the US Congress for USD 10 million cash transfer to Mongolia’s state budget. This support will help the government to cut its budget deficit and maintain the welfare programs that involve those who have suffered the most from the crisis.
At the signing ceremony which took place at the government house, the US Ambassador stated that he was pleased that the people of America could contribute in recovering process of Mongolia from the economic crisis. “The USD 10 million will be transferred directly to the budget” said the finance minister S. Bayartsogt.