Budget stability law is supported

Jun 2 • Finance, Laws, State Affairs • 536 Views • No Comments on Budget stability law is supported

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Last Friday, the State Great Khural discussed the draft law on Budget Stability. According to Minister S.Bayartsogt, the Mongolia Development Fund was one of the efforts to provide stability of budge and due its implementation, when short run surge in commodity price occurs, unexpected revenue is spent for social welfare programs, budget investment in order to sustain and support the growth of economy and collected at the risk fund in order to secure budget stability.

It was one of the main reasons for Mongolia to soundly overcome the financial crisis in 2008. Considering possible expansion of the Mongolian economy thanks to the mineral deposits, the general policy of stable development of economy is required by the Mongolian Government through successful implementation of the good governance in budget spending and responsibility system. Therefore, the Government initiated Law on Budget Stability.

Also the Government structure will be changed in accordance with the law and it will help to limit growth of administrative expense. In the last 10 years, the number of state employees has increased by 30-50 thousand people.

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