Ulaanbaatar, September 2, 2024 /MONTSAME/. The first meeting of the Economic Policy Council under the Prime Minister was held on August 31, 2024.

The regulation and composition of the Economic Policy Council was renewed according to the Government Resolution No. 34 on August 14, 2024. The session was organized in connection with the State Great Khural’s approval of the Mongolian Joint Government’s Action Program for 2024-2028, 2023 State Budget performance, amendments to the law on the State Budget for 2024 as well as the submission of the draft law on State Budget for 2025 to the State Great Khural.

In his speech at the session, Prime Minister of Mongolia Oyun-Erdene Luvsannamsrai highlighted that the Joint Government developed its first State Budget draft, which aims at launching regional development and increasing investment. “The features and strengths of the Joint Government should be used to rapidly advance the development of the country, thereby, we are consulting the 2025 State budget draft on the first session of the Economic Policy Council. Numerous discussions will be held relating to the 2025 budget further. The Gross Domestic Product (GDP) of Mongolia has reached MNT 75 trillion, which was MNT 36 trillion in 2021. We have full potential to lift GDP per capita income of USD 7500 by increasing GDP to MNT 95 trillion next year,” noted Prime Minister Oyun-Erdene.

Moreover, the Premier stated that the activities of the Economic Policy Council will be aimed at increasing the GDP per capita to USD 10 thousand in a short period.

Minister of Finance Javkhlan Bold presented the 2025 budget draft in detail under the theme “Investment for Development”. The 2025 State Budget features that It is developed according to the Regional Development Concept for the first time. The 2025 budget draft reflects that 38 major infrastructure projects will be financed. ”The Government aims at financing construction of large-scale facilities that have been stalled for years. Furthermore, funding sources for solving pressing issues in Ulaanbaatar city are earmarked. We also intend to comprehensively solve an enduring issue of housing in coordination with the National Wealth Fund. Energy sector reform is planned to be intensified, underlined Finance Minister Javkhlan. The Finance Minister emphasized that the 2025 Budgetary policy entirely aims at launching mega development projects, reducing state participation, and supporting the private sector.

At the meeting, members of the Economic Policy Council who are Parliament members, Cabinet members, representatives from economic, finance, and business sectors, private sector, scholars, and researchers expressed their positions on the 2025 budget draft.