Parliament adopts vital documents

Ulaanbaatar /MONTSAME/ The plenary meeting last Friday passed a draft resolution of parliament on approving the 2016 basic directions of the fiscal policy after running its final discussion. Proposals and conclusions from the Standing committee on economy about a preparation of the draft resolution for this discussion were presented by Ts.Bayarsaikhan MP. Then, a majority of MPs (75.5%) adopted the resolution of parliament on approving the basic directions of the fiscal policy. The same day, the MPs passed budget frameworks of the 2016 budget and a draft amendment to the law on the 2017-2018 budget assumptions. According to the draft amendment to the law on budget assumptions, a size of balanced revenue of the master budget expected to stand at MNT 7,013.9 billion, a maximum size of total expenses of the master budget--at MNT 7,954.4 billion for the next year, and it will be an equivalent to 28.8% of the national GDP. In addition, a growth size of the master budget’s total expenses expected to be MNT 701.1 billion in 2016 and MNT 833.4 billion in 2017. A balanced size of the master budget is expected to be MNT 940.5 billion in 2016, its amount in the GDP--3.4%, and a size of master budget’s expenses--MNT 1,930.5 billion in 2016. In connection with this, the plenary meeting passed some bills submitted together with the draft laws on the 2016 budget, on 2016 budgets of the Social Insurance Fund (SIF), Human Development Fund (HDF), after their final discussions.