On August 27, 2024, the third discussion of the budget amendment took place, during which Finance Minister B.Javkhlan provided key updates.
The Minister highlighted that the Budget Stability Law mandates that the government's total debt must not exceed 60% of the GDP. Any future foreign loans will require parliamentary approval. The session was attended by 110 members of parliament.
Since the formation of the new parliament, technical issues have plagued voting procedures, such as malfunctioning voting devices and incorrect vote displays. These issues have led to frequent requests to re-conduct votes, contributing to delays in the assembly's proceedings.
The 2024 budget law for Mongolia was discussed and approved, alongside a bill on the National Wealth Fund, which was sent to the Standing Budget Committee for further preparation for its fourth discussion.
A significant topic of discussion was the draft resolution to transfer the "Tavan Tolgoi Fuel" company from state ownership to the capital's ownership. Previously, 51 percent of the company was under the jurisdiction of "Erdenes Tavan Tolgoi" (ETT) JSC. This resolution aims to reduce Ulaanbaatar's air pollution by shifting responsibility for the company's expenses to the capital.
Uyangakhishig Gonchigdorj, the Member of the Parliament, questioned the legality of transferring ownership of ETT JSC, which is not wholly state-owned. Minister N.Uchral clarified that the resolution does not affect the share ownership of ETT JSC.
Members of Parliament sought clarification on whether the board of directors of "ETT" JSC should be involved in discussing and resolving the transfer of ownership of the "Tavan Tolgoi Fuel" company. Key concerns were raised, particularly about the handling of the company's debts. O.Nominchimeg, the Member of the Parliament, highlighted these issues, noting the importance of a clear resolution process.
In June, the government issued Resolution No. 248, tasking "Erdenes Mongolia" and ETT with implementing the resolution.
Additionally, the majority of parliament members did not support the law regarding the purchase of goods, works, and services using state or local property, along with the associated compliance procedure. Due to strong public opposition, which feared the government would make large purchases without a tendering process, the project was returned to the Ministry of Finance for further review.
On August 27, 2024, the third discussion of the budget amendment took place, during which Finance Minister B.Javkhlan provided key updates.
The Minister highlighted that the Budget Stability Law mandates that the government's total debt must not exceed 60% of the GDP. Any future foreign loans will require parliamentary approval. The session was attended by 110 members of parliament.
Since the formation of the new parliament, technical issues have plagued voting procedures, such as malfunctioning voting devices and incorrect vote displays. These issues have led to frequent requests to re-conduct votes, contributing to delays in the assembly's proceedings.
The 2024 budget law for Mongolia was discussed and approved, alongside a bill on the National Wealth Fund, which was sent to the Standing Budget Committee for further preparation for its fourth discussion.
A significant topic of discussion was the draft resolution to transfer the "Tavan Tolgoi Fuel" company from state ownership to the capital's ownership. Previously, 51 percent of the company was under the jurisdiction of "Erdenes Tavan Tolgoi" (ETT) JSC. This resolution aims to reduce Ulaanbaatar's air pollution by shifting responsibility for the company's expenses to the capital.
Uyangakhishig Gonchigdorj, the Member of the Parliament, questioned the legality of transferring ownership of ETT JSC, which is not wholly state-owned. Minister N.Uchral clarified that the resolution does not affect the share ownership of ETT JSC.
Members of Parliament sought clarification on whether the board of directors of "ETT" JSC should be involved in discussing and resolving the transfer of ownership of the "Tavan Tolgoi Fuel" company. Key concerns were raised, particularly about the handling of the company's debts. O.Nominchimeg, the Member of the Parliament, highlighted these issues, noting the importance of a clear resolution process.
In June, the government issued Resolution No. 248, tasking "Erdenes Mongolia" and ETT with implementing the resolution.
Additionally, the majority of parliament members did not support the law regarding the purchase of goods, works, and services using state or local property, along with the associated compliance procedure. Due to strong public opposition, which feared the government would make large purchases without a tendering process, the project was returned to the Ministry of Finance for further review.