Finance Minister submits draft laws

2015-10-06 14:25:01

Ulaanbaatar /MONTSAME/ The Minister of Finance B.Bolor MP Tuesday submitted to parliament draft amendments to several laws on budgets.

The package of drafts included draft amendments to the laws on the 2015 budget, on 2015 budgets for the Social Insurance Fund (SIF) and the Human Development Fund (HDF), the 2015 budget frameworks of the master budget of Mongolia and on the 2016-2017 budget assumption.

The Minister said the laws on 2015 budget framework of the master budget and on the 2016-2017 budget assumption need changes because this year's budget revenue is likely to be lower than the budget frameworks for 2015 due to assumptions of the next year’s macroeconomic indicators, forthcoming performance of the 2015 budget, domestic and foreign economic situations, prices and sizes of exporting mineral products.

Moreover, he went on, the 2015 performance of the master budget’s revenue is likely to be cut by one trillion Togrog against the expected due to economic difficulties and minig products' prices decline at the world market.

As reflected in the draft amendment to the law on the 2015 budget for SIF, its revenue increased  1,222.4 billion Togrog, the SIF’s expenditure--MNT 1,484.8 billion, and its balance--MNT 61.8 billion, becoming MNT 1,546.6 billion, the Minister said.