CABINET SUBMITS DRAFT BUDGET CLARIFICATION TO PARLIAMENT

Ulaanbaatar, Mongolia /MONTSAME/ The Minister of Finance S.Bayartsogt submitted Wednesday to the Speaker draft amendment to the law on state budget for 2011, draft amendment to the law on budget of social insurance fund for 2011, and draft amendment to the law on budget of Human Development Fund (HDF) for 2011. According to the Finance Minister, the total balanced revenue of the state budget for this year was MNT 3.304.6 billion which is equal to 42.2 per cent of the Gross Domestic Product (GDP); the overall expenditure was MNT 4.084.1 billion which is equal to 52.1 per cent of the GDP; and the total deficit was MNT 779.3 billion which is equal to 9.9 per cent of the GDP. By first seven months of this year, the gross revenue overfulfilled by MNT 400.1 billion, and the revenue of state budget-by MNT 248.8 billion. In the period, productions of the industrial sector increased by MNT 69.3 billion or 6.8 per cent against the previous year, and it contributed to increasing of the budgetary revenue. Moreover, size of the commodity turnover increased by 80.3 per cent against the previous year. Thus, it is calculated to increase the budgetary balanced revenue by MNT 615.3 billion at the draft budgetary clarification. In addition to it, the budgetary clarification reflected additional revenue of MNT 282.1 billion dedicated to projects and measures to be implemented with budgetary capitals.

B.Khuder