Chair of Standing Committee on Budget discusses 2020 budget amendment

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On August 11, Chair of the Standing Committee on Budget B.Javkhlan met with the relevant officials of the Ministry of Finance to discuss the current economic situation and 2020 state budget amendment.

Head of Fiscal Policy and Planning Department of the ministry J.Ganbat said, “Mongolia's 2020 state budget deficit has been approved at 2.1 trillion MNT. However, by the end of 2020, the budget deficit is expected to reach 3.4 trillion MNT. Therefore, it is necessary to amend the budget and reduce the budget deficit.”

He also noted that the amendment to the 2020 General Budget of Mongolia will support citizens and businesses amid the pandemic, stimulate the economy, continue some measures to protect citizens' incomes, promptly implement measures to increase exports, and provide public services to citizens and businesses.

B.Javkhlan emphasized that the price of copper, one of Mongolia's main exports, has fallen sharply due to the COVID-19 pandemic, but it has been slowly recovering.

“Particularly, the price of gold is rising constantly. It is necessary to implement measures to increase the export of mining products, pay special attention to increasing budget revenues, and work closely with other government agencies,” he added.

Misheel Lkhasuren