Draft resolution on 2016 basic guidelines for fiscal policy submitted

2015-09-30 18:30:24

Ulaanbaatar /MONTSAME/ The president of the Bank of Mongolia (BoM) N.Zoljargal submitted Wednesday to the Speaker a parliamentary draft resolution on approving the 2016 basic guidelines for the fiscal policy.

A drop in raw materials' prices at the world market has affected the Mongolian economy causing considerable declines in the external trade and in a flow of international investments to Mongolia. In view of this the BoM launched policy measures from 2012 in several phases to ensure a stability of the macro economy within the traditional and non-traditional policies, to keep the financial stable condition and to realize a measure of “soft-landing” for the national economy. All this has resulted in achieving some positive moves in economic and financial sectors of Mongolia.

According to the 2016 basic guidelines for the fiscal policy, keeping the payment balance by increasing the currency flow into Mongolia in a mid-term will enable us to create conditions for constantly augmenting the national economic growth. To free the state budget from deficit and to implement a proper management of debt will also help to ensure the economic growth.

As the reasons, the basic guidelines aim to maintain a balance of the macro economy of Mongolia and will focus on a banking and financial stability.