Budget Standing Committee discusses an economic overview of the next three years

A meeting of the Budget Standing Committee on November 8

During Tuesday’s meeting of the Budget Standing Committee (BSC), MPs reviewed the first discussion of 2017’s state budget framework and an overview of the budget from 2018 to 2019.

They approved a proposal put forwarded by a task force working on the budget drafts. The final decision of the task force included expected percentages of revenue and expenditure against GDP. Revenue is expected to be 23.3 percent of GDP in 2017, 23.8 in 2018, and 23.7 in 2019. Limits on expenditure will be 32.3 percent of GDP in 2017, 31.3 in 2018, and 29.2 in 2019.

MP Battumur will present Parliament with proposals and conclusions from the first discussion by the BSC.

Members of the BSC voted on bills submitted with the draft of the 2017 state budget and the 2017 budget for the Social Insurance Fund, as well as amendments to laws on pensions, Cabinet’s special fund, senior welfare, labor, the rights of people with disabilities, child welfare, childcare, court administration, mineral resources, enterprise certification, banknote tax, investment, and public service.

They also approved Parliament’s resolution to review the salaries of prosecutors, members, and the head of the Constitutional Court, and to privatize state assets in 2016.

At the end of the meeting, Head of the BSC Ch.Khurelbaatar asked Minister of Finance B.Choiljilsuren to specify when projects concerning Oyu Tolgoi, Tavan Tolgoi, and Gatsuurt will be launched, in an effort to better manage revenue in 2017. B.Choiljilsuren said that the megaprojects will begin implementation in 2017.