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AKIPRESS.COM - Parliament of Mongolia adopted the 2018 state budget bill with 92.3% of votes on November 14, Montsame state news agency reported.
The draft law was submitted by Prime Minister U.Khurelsukh on October 27. In compliance with the relevant law, the state budget for 2018 must be adopted until November 15, therefore, the plenary meeting convened on Tuesday, a day designated for meetings of Parliamentary standing committees.
In the beginning of the discussion, Speaker M.Enkhbold introduced the bill to the parliament.
According to the document, the budget revenue is projected at MNT 7.2 trillion or 23.8% of Mongolia's GDP, expenditures - MNT 9.6 trillion or 31.8% of GDP.
Budget deficit is projected at MNT 2.4 trillion or 8% of GDP.
When drafting the bill, the cabinet focused on assessing possible risks in budget revenue, taking a realistic approach, utilizing every possible source and broadening revenue base, the Speaker said.
The 2018 state budget reflects major expenditures including rebuilding of Central Wastewater Treatment Plant, implementation of ‘Mothers with salary’ program, increase of pensions in correlation with inflation rate and granting bonus to public servants for their accountability and excellence.