ULAANBAATAR (GoGo Mongolia) Today, Mongolian Parliament approved the State Budget of 2018, Social Insurance Fund Budget of 2018 and Health Insurance Fund Budget of 2018.
Regarding the budget approvals, Minister of Finance Ch.Khurelbaatar answered journalists' questions and introduced the key changes to the State budget at the Government House.
Some indicators of the State budget of 2018:
- 4.2 percent GDP growth
- 8 percent budget deficit share in GDP in 2018, decreased from 9.5 percent of 2017
- Cabinet plans to bring this indication down to 4.5 percent in 2020.
Minister of Finance emphasizes the importance of decreasing the state budget deficit share in GDP as a good sign. In 2018, the Cabinet plans to:
- Improve economy and reduce debt induced pressures
- Supplementary revenue will be transferred to the previous debt payments
- Increase investors' involvement in stock exchange
- Reduce interest rates of commercial banks
- Reduce Government bond trade and improve debt management
- Continue fiscal stability
- Revive foreign investors' faith and accelerate big project implementations
- Support private sector by flexible tax policy
- Reform the tax system to become more transparent, simple and fair.
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