2017 public budget for Mongolia approved
According to the 2017 public budget, revenue is expected to make 23.3 percent of GDP, expenditure – 32.3 percent, and deficit – 9.1.
2017 public budget for Mongolia approved. According to the 2017 public budget, revenue is expected to make 23.3 percent of GDP, expenditure – 32.3 percent, and deficit – 9.1. The Cabinet of Ministers expects to reach a three-percent economic growth in 2017 by moving forward on mining mega-projects. The government of Mongolia says that taxes will not be increased, to help create stability in the tax environment. The Cabinet is aiming to improve infrastructure in mining sector and to generate budget revenue by developing construction and investment to accelerate mega-projects. Funds to promote healthcare, sports, arts and culture that have been included in the 2017 welfare and education programs did not see significant budget cuts. The state will only fund critical projects in education and healthcare, and repairs for heating pipes requiring upgrades in Ulaanbaatar will be funded. The operating expenses of state organizations will be cut from 10 to 100 percent, depending on their duties. The state will not fund any new construction projects through concession agreements in 2017. The Parliament approved reducing the quantity of domestic bonds issued, subject to budget deficit, and says it will promote economic growth by ensuring the effective spending of foreign loans and aid, and funding only cost effective projects. A measure to reduce interest expenses to 2016 levels by using more optimal methods of debt control was also approved by the Parliament.
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