Law on Special funds to be updated

Mar 25 • Business, Economy, Government, News • 745 Views • No Comments on Law on Special funds to be updated

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Since, it has been not clear the status of Specials funds, which is the one of the crucial part of the Governments, the Government decided to run several work related Government`s special funds. The Minister for Finance, Ch. Ulaan has been tasked to develop new draft on Specials funds by the Cabinet meeting held on last Saturday. He has also been told to introduce the draft law on next Government meeting. Within this framework, the Cabinet decided to set up working group to discuss “Introduction of Government Special funds”, improve these funds relations, remove overlapping activities, improve fund management and its utilization and develop legal environment of funds.
Government Special Fund is a part of income of the country’s general budget, donations, and grant aid accumulated into a special account with the purpose of implementing particular functions and objectives of the government and it includes number of funds such as Tourism fund, Nature protection fund, Contingency fund, Public liability fund, Immunization fund, Small and Medium Enterprise, Government reserve fund, Livestock protection fund, Development Fund of Mongolia /annulled on November 25, 2009/, Social insurance fund, Social welfare fund, National road fund, Fund for Children and Renewable energy fund.


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