Parliament reviews outcomes of 2017's targets for growth and development

The American Chamber of Commerce in Mongolia

2018-05-07 17:42 GMT+8

On May 4, Parliament discussed the implementation of the state's General Guidelines on Economic and Social Development of Mongolia in 2017.

Deputy Prime Minister U. Enkhtuvsin reported that the implementation of the 2017 General Guidelines currently stands at 79 percent. The guidelines for 2017 forecasted  that economic growth would be three percent, but Mongolia's GDP grew by 5.1 percent in 2017, owing to mining sector growth, particularly coal.

Parliament members expressed concerns about concrete benefits for citizens from the nation's economic growth. Minister of Finance Ch. Khurelbaatar stated, “GDP per capita rose to 8.77 million MNT in 2017 and is estimated to grow further. Mongolia's economic growth in 2019 is forecasted to reach eight percent. Our country spends one-third of its state revenue on paying external debt. In 2019, 2.6 trillion MNT will be paid for a principal payment and 1.2 trillion MNT for interest, a total amount equivalent to half of the state's revenue.

Minister of Labor and Social Welfare S. Chinzorig noted, “In 2017, a 5 billion MNT loan was issued to create new jobs and support SMEs. In 2019, the ministry will implement three programs to grant a small number of loans to citizens based on youth skills and expertise.”

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