Revised bill on Government Special Funds approved

Politics
unurzul@montsame.gov.mn
2019-11-14 12:36:42

Ulaanbaatar/MONTSAME/. During its plenary meeting on November 13, the Parliament passed the revised bill on Government Special Funds and related bills and draft resolution with 66.7 percent votes.

 

Government submitted this bill to the parliament together with the bill on State Budget for 2020.  The bill on Government special funds was worked out for a purpose to streamline government special funds that make up about 30 percent of the general government budget, make its financing and expenses transparent and controlled and improve its impact on socio-economy by means of ensuring public involvement.

 

In connection with the revised bill on Government Special Funds, 15 bills including the bill on annulling the law of Support for Industrialization, amendments to the Law on Credit Guarantee Fund were formulated. According to the amendments to the Law on Credit Guarantee Fund, a statement in the Law, saying “Up to 60 percent of the total guaranteed credit disbursed from the Small and Medium Enterprise Development Fund shall be double guaranteed by the government” was considered indispensable to be annulled in order to reduce possible debt risk to the state budget.