Mongolia Economic Forum discuss state budget spending
Mongolia Economic Forum 2015 is now taking place under the slogan "Building Credibility".
Prime Minister of Mongolia Ch.Saikhanbileg gave the opening speech of the forum, and afterwards the discussion panel of the first day began at the Main Hall of the Government House under the topic “Present condition of the macro economy in Mongolia”.
Famous economist D.Jargalsaikhan served as the moderator of the panel with Minister of Economy J.Erdenebat, President of Mongol Bank, advisor to the President on economic issues L.Dashdorj, publisher B.Batbayar, researcher Dr.Ragchaasuren, and Senior Economist of World Bank Lee Taehyun.
The panel began with a presentation by D.Jargalsaikhan, who introduced the present macro economic situation and statistics in dynamic formats.
Minister of Economy J.Erdenebat
“This year’s budget of Mongolia was created with optimistic assumptions. These kinds of years are past. This year, the government has aimed to create a budget in conjunction with the present economic conditions.
"As of today, budget losses have continued at 10 percent. In order to reach five percent, it can’t be denied that budget amendments will be made.
"The amount of money to be allocated to the economy from the state budget is increasing by each year.
"Mongolia has split budgets and there are a lot of criticisms that we need to integrate into this budget. We have worked to make corrections to the budget in 2015. We are adhering to the principle that we need to move forward by correcting our mistakes."
The President of Mongol Bank N.Zoljargal
“We have no savings and we haven’t adhered to a savings policy in the Mongolian economy. We have accumulated 400 billion MNT in the stabilization fund. Now we are using these savings.
"Taking experiences from past, and within the frame of the policy to move forward before the Lunar New Year, Parliament created a list of the changes to macroeconomic policy.
- To substitute integrated budget policy
- To direct monetary policy to maintain the foreign trade balance
- To enhance and improve state loan management
- To increase foreign currency flow and to create a payment balance without losses
- To maintain economic structural renovation