Goal set to maintain government debt within 60 percent of GDP

2017-06-02 14:22:43
Ulaanbaatar /MONTSAME/ Report on the current state and perspective of the country’s economy, government budget and financial situation was uncovered during today’s parliament session. The information was presented by the Minister of Justice and Home Affairs S.Byambatsogt.

Mongolia saw economic growth of 11.6 percent in 2013, 7.9 percent in 2014, 2.4 percent in 2015 and 1.0 percent in 2016. The main factor of decreasing economic growth was the fall of minerals on the world market, as well as the economic declines in neighboring countries. Other causes can be named, such as the repugnant monetary policy and irresponsible and costly actions conducted by the previous government and the Bank of Mongolia, of which actions did not comply with the Government Budget Plan. The authorities, however, have been taking immediate measures including tightening monetary policy and amending some laws and regulations.

“Today, actions are being taken to slow down the economic decline. The International Monetary Fund has been collaborating in this effort. The government debt is intended to be limited within 88 percent of the country’s GDP in 2016, 85 percent in 2017, 80 percent in 2018, 75 percent in 2019, 70 percent in 2020 and 60 percent in 2021”, said the Minister.