Ulaanbaatar
Amendments to the Budget Law to be submitted to the Parliament
Politics
Ulaanbaatar/MONTSAME/. At its regular meeting today, the
Cabinet discussed the Bills to amend the 2022 Budget Law of Mongolia, the 2022
Budget Law of the Social Insurance Fund, the 2022 Budget Law of the Future
Heritage Fund, the Law on Budget Framework Statement for 2022 and Budget
Assumptions for 2023-2024 and accompanying bills such as Bill on Budget Saving
and Bill on Repayment of 50 percent of Social Insurance Contributions to Some
Insured Persons, and others. After discussing the bills, the Cabinet decided to
submit them to the Parliament.
When planning the fiscal adjustment measures, the Government
is considering all possible measures to reduce the negative impact of global
situations on the Mongolian economy and society, to implement cost-saving
measures, to prevent food shortages and price increases, protect citizens'
incomes, and to resolve other social issues.
- Bill on budget cuts sets obligatory restrictions on the
activities of all levels of budget organizations, state-owned and partly
state-owned legal entities.
- At a time when commodity prices are rising due to external
factors, funds raised by the budget cuts will be spent on measures to protect
citizens' incomes.
-A fiscal policy will be implemented in phases to
decentralize and support regional development.
- To organize works to improve the efficiency and governance
of state-owned enterprises as stated in the New Revival Policy, to bring them
under direct public control, and to carry out restructuring of state-owned
companies
As a result of abovementioned measures, the equilibrated revenue of the general
government budget will be reduced by MNT245.3 billion to MNT15.5 trillion,
whereas the total expenditure will be cut by MNT245.3 billion to MNT17.9
trillion, resulting in a deficit of MNT2.4 trillion.
