During the Cabinet meeting last Thursday, Minister for Finance S.Bayartsogt reported about Mongolia’s budget expenditure and Government’s financial report for the year 2010. Total budget revenue reached 3122.5 billion MNT and is 15.8% greater than predicted. Total budget expenditure reached 3080.7 billion MNT, 3% less than predicted and the statistics show budget surplus of 41.8 billion MNT which is equal to 0.5% of GDP.
The Finance Minister reported that predicted price of copper per ton was 5800 USD but actual price was 7538.37 USD. High copper price resulted into increased revenue from income tax and increment value duty on some products said S.Bayartsogt. Number of tax payer businesses increased after the end of the economic recession and enterprises generated 498.4 billion MNT more compared with the statistics of the year 2009. The total budget expenditure was equal to 37.3% of the GDP which is less compared to the previous year.
27.6 billion MNT to pension, 14.1 billion MNT to veterans, 16.1 billion MNT to newly born mothers, 15.7 billion MNT to honored mothers and 23.9 billion MNT to other pension and funds were spent respectively from the Welfare Fund.
The government also spent 31 billion MNT to stabilize the economy during the economic and financial recession period. In addition, the government spent 473.2 billion MNT on investment in the year 2010 which is 98.5 billion MNT greater than the previous year, reports the Finance Minister S.Bayartsogt.