ID :
161156
Tue, 02/15/2011 - 12:59
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http://m.oananews.org//node/161156
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STANDING COMMITTEE ON BUDGET GIVES REPORT ON ITS WORK
Ulaanbaatar, Mongolia, /MONTSAME/ Head of the Standing committee on budget D.Khayankhyarvaa; and the Standing committee's member S.Oyun gave Monday a report on works done by the Standing committee within the autumn session of parliament for 2010.
The Standing committee has played a main role in discussing and approving draft laws on the government budget of 2011, on the social insurance fund, and the on Human Development Fund (HDF).
The State Great Khural has calculated that total revenue of the 2011 government budget of Mongolia will be MNT three trillion and 304.6 billion, whereas the total expenditure will be MNT four trillion and 84.1 billion. Thus, the total deficit will be MNT 779.5 billion which is equality to 9.9 per cent of the Gross Domestic Product (GDP) showing an increase by 1.3 per cent compared to the same period of the previous year.
In conjunction with an approval of the law on the HDF, parliament has decided to distribute cash and non-cash handouts of MNT 805 billion to the people. The Standing committee considers that the handouts were striking contribution to raise size of the budget deficit.
Although the country has experienced hardship such as inflation and other problems, the outer environment was good for Mongolia. For instance, price of copper has reached over USD 10 thousand per ton at the world market. This trend is useful for the budget because the master plan has been approved in a calculation of the copper price at USD 8,425 per ton.
The stabilization budget fund will derive MNT 183 billion this year from a difference of the copper price in accordance with law on the related law approved June of last year. According to S.Oyun, there is no legal regulation to use the money of the difference for other purposes. So, the Standing committee has proposed to use the money at the stabilization budget fund for necessary things in times of emergency situations.
Generally, the State Great Khural has avoided cash handouts for the people. For example, the law on parliamentary election initiated by D.Lundeejantsan MP has reflected a clause on banning the promises of cash money. In addition to it, the law on budget stability has had provisions on banning various promises. S.Oyun MP has emphasized an importance of implementation of these laws.
B.Khuder
The Standing committee has played a main role in discussing and approving draft laws on the government budget of 2011, on the social insurance fund, and the on Human Development Fund (HDF).
The State Great Khural has calculated that total revenue of the 2011 government budget of Mongolia will be MNT three trillion and 304.6 billion, whereas the total expenditure will be MNT four trillion and 84.1 billion. Thus, the total deficit will be MNT 779.5 billion which is equality to 9.9 per cent of the Gross Domestic Product (GDP) showing an increase by 1.3 per cent compared to the same period of the previous year.
In conjunction with an approval of the law on the HDF, parliament has decided to distribute cash and non-cash handouts of MNT 805 billion to the people. The Standing committee considers that the handouts were striking contribution to raise size of the budget deficit.
Although the country has experienced hardship such as inflation and other problems, the outer environment was good for Mongolia. For instance, price of copper has reached over USD 10 thousand per ton at the world market. This trend is useful for the budget because the master plan has been approved in a calculation of the copper price at USD 8,425 per ton.
The stabilization budget fund will derive MNT 183 billion this year from a difference of the copper price in accordance with law on the related law approved June of last year. According to S.Oyun, there is no legal regulation to use the money of the difference for other purposes. So, the Standing committee has proposed to use the money at the stabilization budget fund for necessary things in times of emergency situations.
Generally, the State Great Khural has avoided cash handouts for the people. For example, the law on parliamentary election initiated by D.Lundeejantsan MP has reflected a clause on banning the promises of cash money. In addition to it, the law on budget stability has had provisions on banning various promises. S.Oyun MP has emphasized an importance of implementation of these laws.
B.Khuder
