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Economy

Allowance MNT 100 thousand to children until 2021

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E.Oyun-Erdene
2020-08-06
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Allowance MNT 100 thousand to children until 2021

The regular cabinet meeting was held this morning. The 2020 budget amendment was discussed during the meeting. The Minister of Finance Ch. Khurelbaatar has made the following report.

Mongolia's 2020 budget amendment was introduced at a cabinet meeting today. State budget revenue is currently cut by MNT 2.1 trillion. By the end of the year, the loss is expected to be MNT 3.8 trillion. It is equal to 10 percent of  Mongolian GDP. Deficit of MNT 1.6 trillion will be covered by foreign loans and grants.

The government will issue a bond based on blockchain with the purpose of increasing income. The government of PM U.Khurelsukh hasn't issued any bonds and securities in the international market until now. Preparation work to issue bonds based on blockchain has been
finished. Also a budget loan will be received.

The world economy will fall by 5-7% this year according to the research, but it will grow by 5-7% next year. Therefore, these calculations were used in the measures against Covid-19. The budget has also been revised relevant to China's economic growth. Several principles were adhered.

Many of the ongoing activities will continue. 

  • Expenses to the Health sector increased by MNT 115 billion. MNT 71 billion will be spent on masks, medical equipment and protective clothing, and MNT 22 billion will be spent on seasonal flu vaccines. MNT 110 billion will be allocated for overtime pay to staff working with infected people (including NEMA, the General Agency for Border Protection, GASI and the General Police).
  • The NCCD has allocated an additional MNT 3 billion for the purchase of equipment.
  • Measures to increase export will be taken.
  • Digital transformation will be made.
  • Investment projects without any contract this year won’t be implemented. It will save MNT 520 billion. Costs such as furniture, goods and services were cut by MNT 118 billion.
  • Children allowance of MNT 100 thousand will continue until 2021. 
  • Food vouchers will be issued until the end.
  • Allowance to children with permanent care increased by MNT 100 thousand. 
  • Social insurance fee is set at 5 percent from employers, 5 percent from employees, and a total of 10 percent. An additional 144 billion MNT will be allocated from the state budget. SIF was zeroed until October 1. Before that, employers and employees used to pay 20%. 
  • If the annual sales revenue is 1.5 billion MNT or less, corporate income tax will be zero until the end of the year. This will cover 105 thousand enterprises.
  • The decision to cancel the CIT of enterprises that reduced their rent will continue.

The regular cabinet meeting was held this morning. The 2020 budget amendment was discussed during the meeting. The Minister of Finance Ch. Khurelbaatar has made the following report.

Mongolia's 2020 budget amendment was introduced at a cabinet meeting today. State budget revenue is currently cut by MNT 2.1 trillion. By the end of the year, the loss is expected to be MNT 3.8 trillion. It is equal to 10 percent of  Mongolian GDP. Deficit of MNT 1.6 trillion will be covered by foreign loans and grants.

The government will issue a bond based on blockchain with the purpose of increasing income. The government of PM U.Khurelsukh hasn't issued any bonds and securities in the international market until now. Preparation work to issue bonds based on blockchain has been
finished. Also a budget loan will be received.

The world economy will fall by 5-7% this year according to the research, but it will grow by 5-7% next year. Therefore, these calculations were used in the measures against Covid-19. The budget has also been revised relevant to China's economic growth. Several principles were adhered.

Many of the ongoing activities will continue. 

  • Expenses to the Health sector increased by MNT 115 billion. MNT 71 billion will be spent on masks, medical equipment and protective clothing, and MNT 22 billion will be spent on seasonal flu vaccines. MNT 110 billion will be allocated for overtime pay to staff working with infected people (including NEMA, the General Agency for Border Protection, GASI and the General Police).
  • The NCCD has allocated an additional MNT 3 billion for the purchase of equipment.
  • Measures to increase export will be taken.
  • Digital transformation will be made.
  • Investment projects without any contract this year won’t be implemented. It will save MNT 520 billion. Costs such as furniture, goods and services were cut by MNT 118 billion.
  • Children allowance of MNT 100 thousand will continue until 2021. 
  • Food vouchers will be issued until the end.
  • Allowance to children with permanent care increased by MNT 100 thousand. 
  • Social insurance fee is set at 5 percent from employers, 5 percent from employees, and a total of 10 percent. An additional 144 billion MNT will be allocated from the state budget. SIF was zeroed until October 1. Before that, employers and employees used to pay 20%. 
  • If the annual sales revenue is 1.5 billion MNT or less, corporate income tax will be zero until the end of the year. This will cover 105 thousand enterprises.
  • The decision to cancel the CIT of enterprises that reduced their rent will continue.
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E.Oyun-Erdene
Category
Economy
Published
2020-08-06


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