MP Ch.Khurelbaatar today delivered a serious report in regards to the state budget. He said: "Mongolia set to pay MNT 663 billion for accumulated loan interests and MNT 2.4 trillion for the loan payment. Its total sum is up to more than MNT 3 trillion. But Mongolia is projected to generate revenues worth of MNT 6.9 trillion and set to spend nearly half of it for the loan payment.
Moreover, the budget expenditures are estimated as more than MNT 7 trillion as we are expected to be left with just MNT 4 trillion to spare for other matters.
Ironically, we have become familiar with the report of the loan payment a day prior to the state budget discussion, thanks to the opposition party in the parliament. It is that we are not used to conduct an independent financial management system in the government activities.
Actually, Mongol Bank emphasized about the matter last year when it submitted the draft parliament resolution of "Primary Guideline on 2015 State Monetary Policies". In other words, the government was assigned to develop and implement the independent financial management system. Accordingly, Ministry of Finance developed the plan which guides when and how to pay off internal and external state debts and to manage financial activities. The draft plan was discussed but failed to be approved by parliament.
Thus, Ministry of Finance have not reported about the matter, justifying that the plan was not approved. On the other hand, we clearly see that the parliament resolution which previously assigned government to independently manage its operations has not been achieved.
Parliament will hold its regular session tomorrow at noon. But the discussions over the draft laws of 2015 state budget amendment and 2016 state budget will be held with the absence of the independent financial management system.
Photo source; B.Byamba-Ochir
MP Ch.Khurelbaatar today delivered a serious report in regards to the state budget. He said: "Mongolia set to pay MNT 663 billion for accumulated loan interests and MNT 2.4 trillion for the loan payment. Its total sum is up to more than MNT 3 trillion. But Mongolia is projected to generate revenues worth of MNT 6.9 trillion and set to spend nearly half of it for the loan payment.
Moreover, the budget expenditures are estimated as more than MNT 7 trillion as we are expected to be left with just MNT 4 trillion to spare for other matters.
Ironically, we have become familiar with the report of the loan payment a day prior to the state budget discussion, thanks to the opposition party in the parliament. It is that we are not used to conduct an independent financial management system in the government activities.
Actually, Mongol Bank emphasized about the matter last year when it submitted the draft parliament resolution of "Primary Guideline on 2015 State Monetary Policies". In other words, the government was assigned to develop and implement the independent financial management system. Accordingly, Ministry of Finance developed the plan which guides when and how to pay off internal and external state debts and to manage financial activities. The draft plan was discussed but failed to be approved by parliament.
Thus, Ministry of Finance have not reported about the matter, justifying that the plan was not approved. On the other hand, we clearly see that the parliament resolution which previously assigned government to independently manage its operations has not been achieved.
Parliament will hold its regular session tomorrow at noon. But the discussions over the draft laws of 2015 state budget amendment and 2016 state budget will be held with the absence of the independent financial management system.
Photo source; B.Byamba-Ochir