Irregular session of parliament opens to take actions for overcoming economic difficulties

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jp_montastudio@montsame.mn
2016-08-29 11:44:38

Adjourned after results of the parliamentary elections, the irregular parliamentary session opened on Thursday by ordinance of the Speaker. The special session is projected to discuss some vital issues, and one of the main agendas is a clarification of the 2016 budget.

Last four years, the economic indicators of Mongolia have been constantly lowering, and the national economic growth is expected to be 1.3 per cent by end of this year, said Speaker Enkhbold in his opening remarks at the session.
When talking about worsening of the economic situation, the Speaker said a deficit in the balance of payment has deepened, foreign investments plummeted, the Togrog rate has fallen and people’s purchasing power dramatically decreased.
In just a year, the master budget revenue cut by over one trillion Togrog, therefore the state budget has been clarified 2-3 times already. The master budget has experienced large amount of deficit for the past four years, he said, and explained a cause of the problems.
According to the master budget performance by July of this year, the budget deficit reached 1.9 trillion. The cabinet concluded that the national economy and financial situation have become much worse than expected.
In 2011, Mongolia received foreign investments of 4.6 billion US dollars, but it has steadily declined to 35 million US dollars by first half of 2016. International institutions also said the country’s credit rating has lowered. In order to overcome the hurdles in economy, parliament plans to adhere to a tough policy on the budget, said the Speaker.

 

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