The Government and the World Bank negotiated a new COVID-19 emergency response project. The total cost of the project that is to be financed with lending resources of the International Development Association is of €52.9 million. The project’s development objective is to prevent, detect and respond to the threats posed by the COVID-19 pandemic, IPN reports.

In a press release, the Ministry of Finance said the proposed project will have two components. The emergency response to COVID-19 component will include the following subcomponents: confirmation of cases, strengthening of healthcare system, informing activities and social and financial support for households. The second component refers to the management, monitoring and assessment of implementation.

The project will be implemented by the Ministry of Health, Labor and Social Protection through a specially created unit. The implementation deadline is April 30, 2022. The loan repayment period starts on October 15, 2025 and ends on April 15, 2050. The cumulative interest rate (including service tax) is 0.75% a year.

According to the Ministry of Finance, the largest part of the given loan will go to finance the needs specified in the 2020 state budget amendment bill. The financing agreement takes effect when all the necessary procedures are performed, including signing and ratification.