Ulaanbaatar, December 12, 2024 /MONTSAME/. The State Great Khural discussed and approved the 2025 Budget Law of Mongolia for the second time on December 12, 2024, as the President of Mongolia vetoed the initial law in its entirety and the Government submitted a new version of the draft law, following the Parliament’s acceptance of the veto.

Chairman of the State Great Khural Amarbayasgalan Dashzegve emphasized that this budget discussion, which was a major challenge occurring in the first regular session of the newly formed parliament, was notable and salutary. “The President of Mongolia, within the scope of his authority, vetoed the 2025 state budget and the previous decisions of the Parliament related to it. The Parliament accepted this veto as fully justified in terms of the policy and legal ground, and directed the Government to reformulate a budget without deficit. The issue attracted public attention.”

The Speaker noted, “This is not a reflection of Parliament’s weakness or inefficiency, but rather a demonstration of the balance and mutual oversight of state powers. It upholds the fundamental principle of the rule of law and reintroduces important issues, concerning both public and state interests, into national discourse. This reflects a positive trend in parliamentary governance. Following the directives issued by both the President and Parliament, the Government reworked the budget proposal in its entirety. The State Great Khural then promptly and efficiently reviewed it through a structured four-stage discussion process, involving broad participation and constructive debate. Parliament members approached the matter with diverse perspectives. As a result, the revised budget ensures that the daily lives of citizens, businesses, and operations of government institutions will continue without disruption.”

Chairman of the State Great Khural Amarbayasgalan also stressed the importance of swiftly implementing related measures following the approval of the 2025 State Budget Law. Specific measures include:

• Standing Committees of Parliament should address issues, unify the understanding of Parliament members, and follow relevant procedural rules, particularly regarding the unique aspects of budget discussions.

• The Government should establish a tangible foundation for counter-cyclical economic policies, consider the suggestions made by Parliament members during the budget review process, and focus on overlaps in the operations of government organizations and the cohesion of their functions and structures.

• Local legislative bodies, such as provincial, municipal, and district councils, must urgently approve their respective 2025 budgets.

• The sequence and timelines for budget execution, framework statements, drafting, submission, discussion, and approval should be standardized and relevant laws clarified.

In connection with the approval of the Law on the Budget of Mongolia for 2025, Chairman Amarbayasgalan asked relevant institutions and officials to take the next urgent actions, including approving local budgets of aimags, the capital, soums, and districts.