PREMIER INTRODUCES BILL ON 2015 BUDGET

Ulaanbaatar /MONTSAME/ The Prime Minister N.Altankhuyag introduced a draft law on the 2015 budget at a plenary meeting of the parliamentary session on Tuesday. Comparing to the previous version of the bill on the 2015 budget, the draft law on the budget that is introduced this time reflects the reducing of total deficits. It has been formulated under a prediction that the economic growth of the 2015 budget will be 7.1%, and the unemployment rate will be seven per cent. Moreover, the bill reflects an extra source of finance of MNT 500 billion for augmenting the sizes of salaries and pension. For instance, balanced revenue of the master budget will be MNT 7.1 trillion, whereas the expense will be MNT 7.6 trillion, to the balance is bound to have a deficit of MNT 478.4 billion. 80 per cent of the budgetary expenses is made from current expenses, which shows an increase of MNT 833 billion or 15.7% against the budget clarification of 2014. But the tax environment will be stable in 2015, the Premier underlined. The tax pressure over the national economy is expected to decline in next three years, reaching 23.7%. The Premier also pointed out that parliament should back an issue of a long-term credit source of USD 1 billion to be given from China. The President of China Xi Jinping has promised to grant the loan to Mongolia during his visit here. The Premier emphasized that a condition will be created to finance vital projects and measures with capitals of bonds to be issued next year from the capital city.