Finance Minister reports at weekly meeting

2015-10-08 13:18:39

Ulaanbaatar /MONTSAME/  The draft law on the 2016 state budget has been permeated with a spirit of minimizing expenditures.

This was stressed by the Minister of Finance B.Bolor at a “Hour of Minister” weekly meeting on Wednesday while he was highlighting a draft amendment to the law on 2015 budget and a submitting of a bill on the 2016 budget.

Expenditure of the 2016 budget is expected to be 7.8 trillion Togrog which is lower than the present expenditure by 0.9 trillion, therefore a size of the balanced revenue of the state budget will be 6.9 trillion, he said. Some 900 billion Togrog will be saved from current expenses, he added.

Mr Bolor also pointed out that a number of agencies and their staffers, expected to get involved in  structural changes, will be tackled by the government. "We cannot afford py rise for state servants next year, moreover, salaries of state servants and of political servants will be reduced by 30%, and of state administrative officials--by 10% this year," he said.

Revenue of the state budget could be increased by intensifying investment works of the mining biggest projects in 2016. In addition, buildings, vehicles and technical facilities that will become free due to the above structural changes will be privatized and the income will go to the state budget, he said.

The revenue from taxes is expected to rise thanks to the law on economic transparency adopted by the irregular session of parliament in August of 2015, he added.