Irregular session of the parliament opens to discuss amendment to State Budget 2022

2022-01-28 17:52:55

Ulaanbaatar/MONTSAME/. State Great Khural (Parliament of Mongolia) opened its irregular session today on January 28 to discuss amendments to State Budget 2022.


“As the Covid-19 pandemic that has been raging across the world for the past two years is negatively affecting the country’s economy and people's livelihoods, the Parliament and the Government of Mongolia is pursuing a policy to protect citizen’s health and restore businesses,” highlighted Speaker of the Parliament G.Zandanshatar at the opening ceremony of the session.


"Mongolia's economy revived in 2021, with the export reached USD 9.2 billion and the foreign trade balance was in surplus of USD 2.4 billion. Despite these positive indicators, one of the problems facing the world is the increase in commodity price. Retired citizens who make a living from their pension and citizens who are in need of welfare are suffering the most due the increase in commodity prices. Therefore, in accordance with the President's directions, the Cabinet made a decision to amend the law on State Budget for 2022 to increase the amount of pensions and submitted the bill today," the Speaker said.

Regarding the matter, plenary meeting of the irregular session started discussions of bills on Budget Framework Statement for 2022, amendments to the budget assumption for 2023-2024, amendments to the budget for 2022, amendments to the budget of the Social Insurance Fund for 2022.

Following the directions given by President U.Khurelsukh, the Government reflected on the amendment bill the minimum pension to be MNT 500 thousand. For pensioners having more than MNT 500 thousand, their pension will be raised by 15 per cent. A total of MNT 637 billion is required for the pension increase and it plans to source it by cutting some expenditure in the State Budget for 2022. The bill also reflects actions to stabilize consumer goods price, said PM L.Oyun-Erdene in his presentation.


"As a result of the implementation of the Government's MNT 10 trillion plan to protect public health and recover the economy, we managed to have economic growth of 3.6 percent since 1992, which has fallen to -5.3 per cent," highlighted the PM, noting that budget revenue for 2022 outperformed by 2.7 per cent.