Parliament reviews a new children's welfare program and state debt

The American Chamber of Commerce in Mongolia

2018-05-28 09:37 GMT+8

During its regular session on May 25, Parliament approved the 2019 budget framework statement and 2020-2021 budget projections.

According to the approved 2019 budget framework, state revenue is projected to total 8.8 trillion MNT and expenditure will be an estimated 10.9 trillion MNT. GDP growth is forecasted to reach eight percent in 2019, and six percent in 2020 and 2021.

Consolidated proposals from Cabinet and the President of Mongolia regarding monetary allowances for children were discussed. MPs J. Munkhbat and B. Bat-Erdene stated that allowances should be given to all Mongolian children, but the majority of MPs voted to provide allowances to 80 percent.

Minister of Finance Ch. Khurelbaatar noted, “Economic growth is continuing and tax income and foreign currency reserves are increasing due to good policies, but we still have pressing problems with debt repayment. In the last seven months, nearly 2.82 trillion MNT was paid for debt repayment. It is estimated that another 1.4 trillion MNT for bond debt and interest will be paid this year, and more than 700 billion MNT will be paid in 2019.”

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