Ulaanbaatar
Five Percent of GDP of Mongolia to be Spent in Education Sector
Economy
Ulaanbaatar, January 4, 2024 /MONTSAME/. The Ministry of Education and Science of Mongolia is set to finance 442 educational and science projects worth MNT 744.8 billion in 2024. This year, the overall budget allocated to the education sector is MNT 4.2 trillion, five percent of the gross domestic product.
Major financing in the education sector in 2024 will be as follows:
Expanding education facilities: To construct 142 schools, 149 kindergartens, and 40 dormitories.
Investment in education initiatives: To allocate MNT 330.5 billion to launch 173 projects.
Support for teacher education: To provide MNT 14.5 billion for teacher education scholarships and MNT 6.9 billion to cover tuition fees for children of teachers and employees with at least 15 years of service, who will study in leading professions.
Boosting rural education: To grant a six-month bonus to rural teachers for every five years of service (awarded every three years in the future), totaling MNT 105.3 billion.
Funding for vocational education: To allocate MNT 196.8 billion to finance variable costs of vocational institutions.
Enhancing student well-being: To implement the "Lunch" program for secondary school students with MNT 87.4 billion.
