Finance Minister submits draft amendments to parliament

Ulaanbaatar /MONTSAME/ The Minister of Finance Ch.Ulaan MP Monday submitted to the Speaker draft amendments to the laws on the 2014 budget framework, on the 2015-2016 budget assumption and on the 2014 budget for social insurance. In accordance with the law on budget stability, the State Great Khural approved in November of 2013 the 2014 budget framework and the draft law on the 2015-2016 budget assumption. The draft amendment’s main objective is to ensure stability in master budget of Mongolia, and it is estimated that the size of balanced revenue by the 2014 budget framework will be MNT 6,883.9 billion which equals to 33.6% of the national Gross Domestic Product (GDP); the total size of budget expenditure--MNT 7,293.9 billion (35.6% of GDP); and the balance of the master budget--MNT 410.0 billion (2.0% of GDP). A clause regarding formulation of the budget clarification at the budget law in case of performing budgetary regulations among general managers of budget; and another clause on submitting the budget clarification for 2014 to parliament within the #30 parliament resolution on giving guidelines to the cabinet have caused legal requirements to work out a bill on the 2014 budget and a draft amendment to the law on the 2014 social insurance fund. So, it is required to adopt the drafts of the 2014 budget framework and the 2015-2016 budget assumption in order to draw up the documents pursuant to the law on budget stability, the Minister said.