Master budget for 2016 adopted

Ulaanbaatar /MONTSAME/ After passing the 2016 budget frameworks, 2017-2018 budget assumptions and other laws, submitted together with a bill on 2016 master budget, the plenary meeting of the parliamentary session last Friday passed the draft law on 2016 master budget. By the 2016 master budget law, economical regime will be maintained in budgetary organizations of all levels, and tolerant current expenses such as money for domestic and foreign traveling, receptions of guests, trainings, seminars and publishing, were cut by MNT 16.4 billion. In connection with minimizing expenses to be financed from the Development Bank of Mongolia (DBM) for projects and measures, the credit interest payment was cut by 26.6 billion Togrog. In addition, projects and measures of 149.9 billion have been removed from the investments expenses. In place of this, other projects and measures of 79.2 billion Togrog have been reflected in the expenses. Due to the changes in the budget, a net revenue of the master budget is expected to be 7,0139 billion Togrog, which is equal to 25.4% of the GDP, total expenses--MNT 7,954.4 billion equal to 28.8% of the GDP, and total deficit--940.5 billion equal to 3.4% of the GDP in 2016. The Standing committee on economy considered as necessity to take some measures in conjunction with the master budget’s adoption.