Mongolia

No amount/estimate: The BOM reduced the policy rate twice - 11 March 2020 by 100 bps to 10% and 13 April 2020 by 100 bps to 9%. 26 June 2020, BOM announced that it will keep its policy rate unchanged. 14 September 2020, The BOM announced the lowering of its policy rate to 8%. On 23 November 2020, the BOM announced further reduction to 6%. 18 December, 24 March 2021, 23 June 2021, and 16 September 2021 , the BOM announced that it will keep the current policy rate of 6% unchanged.

No amount/estimate: 18 March 2020, The BOM and the Financial Regulatory Commission implemented temporary financial forbearance measures on prudential requirements, loan classifications, and restructuring standards.

(i) 20 March 2020, support to vulnerable businesses and fiscal stimulus measures, which includes (a) Exemption on social insurance (USD288.2 million); (b) Social insurance penalty exemption (USD4.2 million); (c) Corporate Income Tax exemption (USD10.8 million); (d) Exemption for tax penalties and fines (USD5.4 million); (e) Import tax and duties exemption of food products (USD3.6 million); (ii) 31 December 2020, The government approved the cancellation of penalties for late payment of social security contributions due between 1 October and 31 December 2020 (estimated at MNT30 billion, about USD10.8 million).

(i) March 2020, Measures supporting citizens (USD154.6 million), which includes (a) Personal Income Tax exemption (USD63.2 million); (b) Job retention allowance (USD18.4 million); (c) Child money program (USD12.4 million); (d) VAT refunds (USD14.4 million); (e) Erdenes Tavan Tolgoi Dividends Payout (USD46.2 million). Erdenes Tavan Tolgoi is a state-owned enterprise where each Mongolian citizen owns a share; (ii) 8 April 2021, The government announced that every citizen will receive a one-time grant of MNT300 thousand as part of a lockdown relief initiative to ensure that those who have been vaccinated stay home and keep from going outside until their vaccines take full effect within 14 to 21 days as recommended by the World Health Organization. The fund will be coming from Oyu Tolgoi LLC’s taxes. A total of MNT1.26 trillion (about USD460 billion) has been accumulated in the state fund under the tax act imposed on Oyu Tolgoi.

March 2020, Support to vulnerable businesses and fiscal stimulus measures, which includes (a) Rental relief (USD7.2 million); (b) Cashmere sector support (USD118.1 million); (c) Discount on agricultural equipment (USD12.3 million); (d) Capital projects (of which two-thirds does not yet have financing) (USD1,079.1 million).

13 December 2020, The government decided to write off payments of utility bills (electricity, heat, water, and waste bills) of households and some enterprises for seven months with MNT650 billion (USD235.8 million) funding from Erdenet Mining Corporation, one of Mongolia's biggest state-owned enterprises, from 1 December 2020 to 1 July 2021.

(i) 13 February 2020, Fifth Health Sector Development Project (USD1.20 million); (ii) 12 March 2020, Regional Improvement of Border Services Project (USD0.08 million); (iii) 2 March 2020, Improving the Preparedness and Response to Novel Coronavirus Outbreak (USD0.23 million); (iv) 25 March 2020, Asia Pacific Disaster Response Fund and Technical Assistance - COVID-19 Emergency Response (USD1 million); (v) 22 April 2020, Enhancing Gender Equality Results in East Asia (USD0.05 million); (vi) 30 April 2020, Supporting the Credit Guarantee System for Economic Diversification and Employment Project (USD24 million); (vii) April 2020, Nonsovereign Operations: Trade Finance Program (Additional Financing) - guarantee (USD7.42 million); (viii) April 2020, Nonsovereign Operations: Trade Finance Program (Additional Financing) - loan (USD0.29 million); (ix) April 2020, Country Support under TA 9950-REG: Regional Support to Address the Outbreak of COVID-19 and Potential Outbreaks of Other Communicable Diseases (USD0.95 million) ; (x) 7 May 2020, Fifth Health Sector Development Project - additional financing (USD29.88 million); (xi) 12 May 2020, COVID-19 Rapid Response and Expenditure Framework CPRO (USD100 million); (xii) 3 June 2020, Developing a Disaster Risk Transfer Facility in the Central Asia Regional Economic Cooperation Region (Additional Financing) (USD0.07 million); (xiii) 25 June 2020, Addressing and Preventing Domestic Violence in Mongolia during the COVID-19 Crisis (USD0.40 million); (xiv) 2 July 2020, Shock-Responsive Social Protection Project (USD26.4 million); (xv) 14 July 2020, Strengthening Integrated Early Warning System in Mongolia (USD0.55 million); (xvi) 24 July 2020, Due Diligence and Capacity Development of Trade Finance Program Banks (Subproject 3) (USD0.21 million); (xvii) 17 August 2020, Strengthening Institutional Capacity to Respond to COVID-19 (USD0.35 million); (xviii) September 3, COVID-19 Emergency Response (USD1.50 million); (xix) 29 September 2020, Wheat Supply Chain and Food Security Project (USD15 million); (xx) 27 October 2020, Managing the Risks of Food Insecurity in Mongolia during the COVID-19 Crisis (USD0.40 million); (xxi) 18 November 2020, Supporting Startup Ecosystem in the Central Asia Regional Economic Cooperation Region to Mitigate Impact of COVID-19 and Support Economic Revival (USD0.05 million); (xxii) 26 November 2020, Addressing Health Threats in the Central, West and East Asia Region (Additional Financing) (USD0.04 million); (xxiii) 11 February 2021, Supporting Micro, Small, and -sized Enterprises in the Ger Areas of Ulaanbaatar during COVID-19 Crisis (USD0.30 million); (xxiv) 22 March 2021, Second Shock-Responsive Social Protection Project (USD46.40); (xxv) 30 March 2021, Strengthening Health Security Program, Subprogram 1 (USD100 million); (xxvi) 28 May 2021, Support for COVID-19 Vaccine Delivery in Mongolia under the Asia Pacific Vaccine Access Facility (USD9.5 million); (xxvii) 23 June 2021, Advancing the Transformative Gender Equality Agenda in a Post-COVID-19 Asia and the Pacific (USD0.08 million); (xxviii) 29 June 2021, Strengthening Rapid Epidemic Response Capacity of Health Systems in Mongolia (USD5 million); (xxix) 7 September 2021, Due Diligence and Capacity Development of Trade Finance Program Banks (Subproject 4) (USD0.16) [update]; (xxx) 22 September 2021, Fostering Regional Cooperation and Integration through Knowledge and Capacity Building of Trade and Supply Chain Finance Program Banks (USD 0.06 million).

(i) 25 March 2020, The World Bank mobilized USD2.2 million to help strengthen Mongolia’s hospital services in the wake of the COVID-19 pandemic. The funding will be used to purchase the most needed medical diagnostic equipment in the country (loan); (ii) 2 April 2020, The World Bank’s Board of Executive Directors approved USD26.9 million for the Mongolia COVID-19 Emergency Response and Health System Preparedness Project to meet emergency needs in the face of the pandemic and to better prepare for future health crises (loan); (iii) April 2020, UN COVID-19 Response and Recovery Fund, a UN inter-agency fund mechanism established by the UN Secretary-General to help support low and middle income programme countries to respond to the pandemic and its impacts including an unprecedented socio-economic shock, has allocated USD1 million to Mongolia (grant); (iv) May 2020, The World Bank is reprioritizing USD15 million under the existing Employment Support Project to support certain relief measures of the government’s economic stimulus package in response to COVID-19. This support will cover out-of-pocket social insurance contributions for an estimated 120,000 individuals-including the self-employed, micro-entrepreneurs, and those informally employed-for a period of five months (loan); (v) May 2020, USAID provided nearly USD1.2 million for health assistance to the Mongolian Government to prepare laboratory systems, activate case-finding and event-based surveillance, and support technical experts for response and preparedness, and more (grant); (vi) 3 June 2020, The IMF has approved the request for emergency financial assistance under the Rapid Financing Instrument (RFI) of about USD99 million. This emergency financial assistance will help support foreign exchange reserves, create fiscal space for essential pandemic-related expenditure, and catalyze donor support (loan); (vii) 12 June 2020, the Government of Japan has decided to provide JPY1.2 billion (about USD11.6 million) as part of the non-refundable assistance to promote economic and social development, and carry out human resources development program to the Government of Mongolia; (viii) 15 June 2020, Germany's Federal Ministry of Defense will grant EUR1 million (about USD1.1 million) to Mongolia to procure medical devices, medicines, and protective equipment for Central Military Hospital; (ix) 16 June 2020, Asian Infrastructure Investment Fund (AIIB) approved financing under COVID-19 Rapid Response Program (USD100 million); (x) 19 June 2020, USD20 million IDA credit for the Mongolia Emergency Support and Employment Support Project; (xi) No amount/estimate: 8 July 2020, WHO presented personal protective equipment, diagnostic tests, and other medical equipment to the Ministry of Health in aims of providing assistance in the fight against the coronavirus infection; (xii) 21 July 2020, The European Union announced that it will provide EUR37.5 million (USD39.5 million) to Mongolia for its COVID-19 response through short-, medium-, and long-term projects; (xiii) August 10, The International Atomic Energy Agency (IAEA) donated medical equipment, worth MNT511.6 million (USD0.18 million), such as portable X-Ray machine, real time RT-PCR test kits, reagent, etc. to Mongolia under the framework of inter-regional technical cooperation project INT0098, ‘Strengthening Capabilities of Member States in Building, Strengthening and Restoring Capacities and Services in Case of Outbreaks, Emergencies and Disasters’; (xiv) 9 October 2020, The Japanese government will provide Mongolia with JPY25 billion (USD230 million) of loan with an interest rate of 0.01%; (xv) 18 January 2021, In partnership with the World Vision, European Union launches an 18-month, EUR1 million (USD1.1 million) project "Recovering Together" to contribute to limiting the spread of COVID-19 and reduce its negative impact on the vulnerable population in Mongolia, particularly mothers, children, and people under medical observation; (xvi) 11 February 2021, The World Bank Board approved an additional financing of USD50.7 million for the Mongolia COVID-19 Emergency Response and Health System Preparedness Project to enable affordable and equitable access to vaccines in the country; (xvi) The World Bank hands over personal protective equipment worth USD1 million to the Ministry of Health; (xvii) No amount/estimate: 25 August 2021, Mongolia received 113,490 doses of Pfizer/BioNTech (BNT162) vaccines under the ‘COVID-19 pandemic and Public Health Emergency Capacity Building Project’. The procurement of the vaccines are funded through non-refundable aid from the Government of Japan. The project is being implemented by UNICEF in Mongolia.