Prime Minister S.Batbold presents Budget 2012

Oct 27 • Economy, Finance, News • 811 Views • No Comments on Prime Minister S.Batbold presents Budget 2012

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The budget projects revenues of MNT 6.4 trillion (35.4 percent of GDP) and expenditures of MNT 7.1 trillion (39.5 percent of GDP). The projected deficit is MNT 0.7 trillion (4.1 percent of GDP).

Per capita GDP is projected to be MNT 6.4 million or USD 5,362 in 2012. Noting that the coalition government had promised to increase per capita GDP to USD 5,000, S.Batbold said that promise will be fulfilled.

The Government suggests four major goals for revenue, which is increasing due to mining development. First, to stabilize revenue. Second, to equitably share mining revenue among the people. Third, to increase investment in the education and public health sectors, because the Government believes that economic growth must support human development. And fourth, to transfer more administrative authority and responsibility to local settlements.

The proposal would continue the MNT 21,000 monthly allowance to each citizen from the Human Development Fund (HDF) until July 2012, and MNT 1 million would be allocated to elderly and disable persons. MNT 334.2 billion has been allocated for HDF allowances.

MNT 83.6 billion has allocated for tuition fees of MNT 500,000 per student for 170,000 students.

Parliament is discussing the budget proposal, and some MPs raised the issue of funding repairs to schools and kindergartens in their electoral districts.

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