Parliament passed the 2012 state budget on Wednesday. The budget projects revenues of MNT 4.63 trillion and expenditures of MNT 4.86 trillion.
According to the budget, the President’s Office will be responsible for collecting MNT 20 million in revenues, the Speaker MNT 100 million, the Prime Minister MNT 830 billion, the State Property Committee MNT 814 billion, and the Nuclear Energy Authority nearly MNT 2 billion.
Finance Minister S.Bayartsogt said the budget implements the platform of the coalition government, which was established in 2008. He said the first budget proposed included high expenditures, which led the International Monetary Fund and Asian Development Bank to criticize the proposal. Therefore, the MPP and DP caucuses decided to cut expenditures by MNT 900 billion. And after Mongol Bank recommended MNT 1 trillion in cuts, Parliament cut that amount.
The Minister said the 2012 budget provides for increases in individual incomes and the country’s overall economic growth. He said salaries and pensions will increase by 53 percent, costing about MNT 450 billion.
He added that the budget’s investment priorities are roads and railroads, though overall investment will be reduced.
He said the Human Development Fund has been allocated MNT 800 billion and citizens will receive share dividends beginning in July 2012.