State budget for 2020 approved with revenue of MNT 11.8 trillion

2019-11-14 14:07:21

Ulaanbaatar /MONTSAME/. Yesterday, during its plenary session, the Parliament adopted Bills on State Budget for 2020, Budgets of Social Insurance Fund 2020 and Health Insurance Fund 2020.

In the 2020 Budget, equilibrated revenue is projected to be MNT 11.8 trillion and total expenditure MNT 13.9 trillion which means the deficit amounts to MNT 2.1 trillion or 5.1 percent of GDP. Next year, the Government will implement a policy to promote sustainable economic growth, maintain budget discipline and reduce deficit at stages. The budget also targets to completing projects that started and got investment in previous years, launching some necessary social projects and programs and implementing tax reforms that support business, investment and employment.

75.4 percent of MPs, who attended the plenary meeting supported to approve the Bill on State Budget for 2020.

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