Parliament reviews the state budget and a possible IMF bailout

Parliamentary session

Parliament reviewed a draft of the 2017 state budget and the 2017 budget for the Social Insurance Fund on Thursday, and also discussed the possibility of an IMF debt bailout.

At the beginning of the session, Prime Minister J.Erdenebat spoke to the MPs in attendance about the 2017 state budget.

The Prime Minister highlighted that the government is planning to kick off the implementation of mega projects, including the development of the underground mine at Oyu Tolgoi, the Tavan Tolgoi Power Plant, Gatsuurt gold mining, and the expansion of Thermal Power Plant III in 2017, in an effort to overcome economic challenges.

MP J.Batzandan asked the PM about rumors that Mongolia will be receiving a standby credit facility from the International Monetary Fund (IMF).

The Prime Minister said that representatives from the IMF are coming to Ulaanbaatar this month to evaluate Mongolia’s current economic situation. After reviewing the IMF’s studies, the Cabinet will make a decision about pursuing credit.