Parliament adopts 2018 State Budget Bill

2017-11-14 15:04:30
Ulaanbaatar /MONTSAME/ During its irregular plenary meeting on November 14, the Parliament made the final hearing on the 2018 State Budget Bill and adopted with 92.3 percent vote.

The Bill on the 2018 State Budget was submitted to the Parliament by Prime Minister U.Khurelsukh on October 27. In compliance with the relevant law, the 2018 Budget Bill must be adopted within November 15, therefore, the plenary meeting convened on Tuesday, a day designated for meetings of Parliamentary standing committees.

In the beginning of the discussion, Speaker M.Enkhbold introduced the bill to the Parliament. In the 2018 Budget, revenue is projected to be MNT 7.2 trillion, constituting 23.8 percent of GDP, expenditures MNT 9.6 trillion, or 31.8 percent of GDP, whereas the deficit amounts to MNT 2.4 trillion or 8 percent of GDP.

When drafting the bill, the Cabinet focused on assessing possible risks in budget revenue, taking a realistic approach to revenue, utilizing every possible source and broadening revenue base.

The 2018 State Budget reflects major expenditures including rebuilding of Central Wastewater Treatment Plant, implementation of ‘Mothers with salary’ program, increase of pensions in correlation with inflation rate and granting bonus to public servants for their accountability and excellence.