Ulaanbaatar
Democratic Party group's position against IMF program
PoliticsUlaanbaatar /MONTSAME/ Democratic Party group in Parliament considers that International Monetary Fund has underestimated the situation of Mongolia and it has a position against receiving IMF’s Extended Fund Facility program. On February 22, DP group held extended meeting and discussed some pressing issues relating to IMF’s program and Development bank.
“ - Raising rates of individual income tax and contributions of social insurance is not acceptable amid economic difficulties. They paid much more attention in increasing the budget revenue rather than saving the budget expenditure. We observe that IMF has underestimated the situation of Mongolia. Total external financing package within the program will be around USD 5.5 billion, while, the DP - we took a total loan of USD 1.5 billion when in power. They should explain for what the remaining USD4 billion would be spent. Stage budget was sustained within MNT6-7.6 trillion, now it reached to MNT9 trillion, when MPP is in power. It shows there is possibilities to cut expenses.” said DP group head D.Erdenebat. The group considers Mongolia can overcome economic difficulties through proper management of state budget, when price of mining products is growing back in the world market.
