From January, every citizen will get MNT 21,000 per month

Minister of Finance S. Bayartsogt has said the draft budget for 2011 may not have a smooth passage in Parliament as it has been proposed in compliance with the new Fiscal Stability Law and may not meet traditional expectations. However, it also reflects the fact that Mongolia is coming out of the crisis and that its economy is rapidly developing. If all goes as envisaged, the budget will henceforth be responsible for providing funds for public service, while finance for economic development will come from the Development Bank.

The coalition government is committed to meeting the election pledges of political parties, as it begins collecting revenue from strategic deposits. The technical basis for this is almost ready to be put in place. This year’s draft budget has MNT780 billion for wages and pensions, and MNT805 billion to be spent from the Human Development Fund. The amount distributed among people will rise by MNT500 billion this year. Every Mongolian will receive MNT21,000 per month in 2011. Besides MNT82.5 billion will be spent on allocating MNT500,000 towards the tuition fee of every post-school student, MNT10.9 billion to health insurance, and MNT9.3 billion to those without health insurance coverage now.