Ulaanbaatar
Parliamentary spring session closed
Politics
Ulaanbaatar /MONTSAME/ The Parliamentary spring session of 2017 closed yesterday on July 6. The session continued for 55 working days and adopted 18 independent laws, 113 law amendments and ratifications of 9 loan agreements and 30 resolutions.
Parliament Speaker M.Enkhbold delivered a closing speech underlining positive changes in the economy. “- Positive results of our discussions and policy actions have begun to come out. At the beginning of the spring session, the parliament made amendments to the state budget for 2017 to improve the key indicators of the budget, create a stable income source, tighten fiscal discipline and accountability, and improve expenditure efficiency. These positive changes are due to start of the implementation of IMF's Extended Fund Facility and restoration of our partners' confidence”. The speaker pointed out several positive changes in the economy as follows:
· The national economic indicators have been steadily falling since 2012, but the economy has grown by 4.2 percent in the first quarter of 2017.
· Compared to the first quarter of 2016, 29.0 thousand people were employed, lowering the unemployment rate by 2.5 percent.
· Mining exports increased by 42 percent compared to the same period of last year and foreign trade surplus reached USD1 billion in the first half of this year.
· The exchange rate against the USD dropped to MNT2350 while it had reached MNT2600 in November 2016.
· State budget revenue has surpassed the plan by 3.1 percent with complete monthly performance since November 2016, totaling MNT2.6 billion in the first five months or MNT581 billion increase (27.9 per cent) compared to the same period of last year.
· Foreign investment reached USD130 million, grew by 4.3 times against USD30 million in the same period of last year.
· The budget deficit dropped to MNT412 billion as of May, 2017 while it was MNT877 billion in May 2016.
Speaker M.Enkhbold also mentioned some issues that, due attention should be paid and resolved by legislators as well as the government. “- We should give particular attention to that there is still criticism that loss and damage caused by mismanagement and improper policy has not yet completely recovered and burdens and pressures on businesspeople and people have not been reduced. In the future, it is necessary to increase investors 'confidence, to stimulate mining sector production, to back other sectors' growth, and to make every family and citizen enjoy the benefit” he underlined.
