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Bills on general budget for 2020 ready for submission to parliament www.montsame.mn
Ulaanbaatar /MONTSAME/. At its meeting on September 25, the Cabinet approved bills on 2020 Budget law of Mongolia, 2020 budget of social insurance fund, 2020 budget of health insurance fund, budget framework of 2020 general budget, amendments to the budget assumptions of 2021-2022 and revised version of Government special fund and other draft laws regarding these documents and decided to submit them for parliament debate.
In the first half of 2019, the economic growth reached 7.3 percent and prices of mining commodities except copper remained stable, which led to growth in the mining and related industries and helped business entities to raise their sales and profits. Also, efforts have been made to improve legal environment, including tax and customs reforms, thanks to which budget revenue for 2020 is expected to exceed the planned amounts.
In this regard, the equilibrated revenue of general budget of Mongolia is set at MNT 11,797.8 billion, 29 percent of GDP, the total expenditure at MNT 13,872.6 billion, 34.1 percent of GDP and the equilibrated balance is estimated to be in deficit of MNT 2,074.7 billion, which equals 5.1 percent of GDP.
Published Date:2019-09-26
