The Asian Development Bank (ADB) has approved USD 100 million in emergency support to Mongolia to help it weather the impacts of economic shocks.

The Countercyclical Support Facility (CSF) loan agreement was signed by Pavit Ramachandran, the ADB’s country director for Mongolia, and B.Javkhlan, the Mongolian finance minister.

The program will reach 1.2 million children in 64 percent of the country’s households through direct cash transfers.

The program is also expected to support key government measures including 50-percent reimbursements of social security premium contributions for lower-paid employees for the rest of 2022 and 8.5-percent salary increases for lowest-earning public service employees.

It will also provide about 16,000 new kindergarten spaces for young children in poor areas.