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Economy

2023 budget of Mongolia approved

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E.Oyun-Erdene
2022-11-11
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2023 budget of Mongolia approved

The 2023 budget of Mongolia was finally approved at the general session of the Parliament.

Features of 2023 budget include:

- This is the first budget to implement the law on budget, and there is an opportunity to save a trillion by not making new investments and limiting luxury spending.

- The budget deficit was reduced to target level of MNT -1,906.8 billion or reduced from 3.6 percent from GDP by MNT 481.1 billion to be 2.6 percent of GDP. 

- Investment and business environment will be supported by tax policy, and budget reforms in the health and education sectors will be intensified.

- By implementing the new recovery policy, the major projects in the mining and industrial sectors will be completed and new projects will be implemented in the energy sector.

- Ulaanbaatar's public transport reform and service quality issues will be comprehensively resolved and traffic jam will be reduced.

- Tax and wage policies to support migration from urban to rural areas will be implemented.

- By the implementation of the 2023 budget policy, the economy will stabilize and inflation will move to single digits by the end of the year.

The 2023 budget of Mongolia was finally approved at the general session of the Parliament.

Features of 2023 budget include:

- This is the first budget to implement the law on budget, and there is an opportunity to save a trillion by not making new investments and limiting luxury spending.

- The budget deficit was reduced to target level of MNT -1,906.8 billion or reduced from 3.6 percent from GDP by MNT 481.1 billion to be 2.6 percent of GDP. 

- Investment and business environment will be supported by tax policy, and budget reforms in the health and education sectors will be intensified.

- By implementing the new recovery policy, the major projects in the mining and industrial sectors will be completed and new projects will be implemented in the energy sector.

- Ulaanbaatar's public transport reform and service quality issues will be comprehensively resolved and traffic jam will be reduced.

- Tax and wage policies to support migration from urban to rural areas will be implemented.

- By the implementation of the 2023 budget policy, the economy will stabilize and inflation will move to single digits by the end of the year.

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E.Oyun-Erdene
Category
Economy
Published
2022-11-11


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