SOCIO-ECONOMIC GUIDELINES FOR 2013 APPROVED
Ulaanbaatar, Mongolia /MONTSAME/ A plenary meeting of the parliamentary session on Tuesday discussed and then approved the basic guidelines on the socio-economic development of Mongolia for 2013.
About it spoke R.Bud, a head of the parliamentary Standing committee on economics, and Ch.Khashchuluun, a head of the National Development and Innovation Committee (NDIC) the same day.
The basic guidelines consist of 26 goals and 171 measures. To realize them, a total of 4.4 trillion togrogs are required.
R.Bud said the guidelines continue this governmental action program for 2008-2012 and lay a foundation for the activities of next cabinet but can be clarified in harmony with policies of newly elected parliament and cabinet. The NDIC head added that a majority party at parliament will have a right to adjust the guidelines to its program.
The guidelines say the economic growth of Mongolia would reach 19 per cent by 2013, the size of the Gross Domestic Product would be MNT 19 trillion. It means the GDP per capita is to be USD 4,900. The exchange reserves would reach USD 4.1 billion. The population is expected to increase two per cent, so the government intends to keep an unemployment rate at 6.1 per cent. The rate of Mongolian togrog (MNT) against US dollar would stand at MNT 1,326.4.
According to Ch.Khashchuluun, it has been projected that 38 per cent of all investments will be made by domestic sources. The budgetary deficit will not exceed two per cent of the GDP, and the policy rate of the Bank of Mongolia will reduce as well.
In respect of the law on budget, the guidelines' draft has been worked out in a close connection with the budgetary framework report for 2013. The economic growth is expected to reach a high level thanks to implementation of the biggest projects in mining sector, to starting of extraction from the next year, and to the rise of investments for the infrastructure sector.
The main economic balances such as budgetary, external trade and payment will have positive indicators, a stability of the macroeconomics will be kept. The inflation rate might increase following a high growth of demands. The rate of Mongolian togrog is expected to be strong against foreign exchanges due to a flow of the exchanges to Mongolia.
To ensure the economic stability, the guidelines reflect a policy on keeping the inflation rate in nine per cent. A program is to be realized on developing industries, and some measures are expected for boosting the infrastructure, creating reserves of meat and fuels, launching an agricultural exchange.
To support a supply, actions are to be taken to continue a construction of oil refinery, to establish factories of meat, milk, construction materials, and to provide the country with vegetables.
Sine a weak development of the infrastructure affect Mongolia's competitiveness index, the biggest infrastructural works will start from next year based on the state budget for 2013, the Development Bank of Mongolia (DBM), direct foreign investments, assistance, loans, and a state-private sector partnership. For example, major parts of construction of a railway between Tavan tolgoi and Sainshand and 30 per cent of the construction of a railway in a route Tavan tolgoi--Gashuunsukhiat, Nariin sukhait--Shiveekhuren are expected to be completed by 2013. In addition, a construction will start from 2013 of a 400 Megawatt power plant, electric lines of 220 Kilowatt and sub-stations will run between Mandalgobi and Tavan tolgoi, and Choir--Tsagaan suvarga.
As a support to renewable energy production and the eco-development, a construction will start of a wind farm of 50-52 Megawatt in Tov aimag and in Sainshand, and of a hydroelectric power station in basin of Selenge river.
Within am aim to improve the economic structure and to ensure a sustainable growth of long-term economics, an infrastructural construction will start of heavy industrial complex in Sainshand, economic free zones will be developed, a preparation will launch for the Altanbulag free zone, a first-phase infrastructure of Zamyn-Uud border checkpoint will begin, and a policy is to be realized on facilitating the commerce trade with partner-countries.
It is expected that the economic partnership agreement will be made with Japan in 2013, and a measure will be taken for establishing an agreement of transparency with the USA. Policies will be implemented to reduce tax for small- and middle-sized businessmen, to augment loans for them, to support employment, and to increase salaries and pensions.
B.Khuder
About it spoke R.Bud, a head of the parliamentary Standing committee on economics, and Ch.Khashchuluun, a head of the National Development and Innovation Committee (NDIC) the same day.
The basic guidelines consist of 26 goals and 171 measures. To realize them, a total of 4.4 trillion togrogs are required.
R.Bud said the guidelines continue this governmental action program for 2008-2012 and lay a foundation for the activities of next cabinet but can be clarified in harmony with policies of newly elected parliament and cabinet. The NDIC head added that a majority party at parliament will have a right to adjust the guidelines to its program.
The guidelines say the economic growth of Mongolia would reach 19 per cent by 2013, the size of the Gross Domestic Product would be MNT 19 trillion. It means the GDP per capita is to be USD 4,900. The exchange reserves would reach USD 4.1 billion. The population is expected to increase two per cent, so the government intends to keep an unemployment rate at 6.1 per cent. The rate of Mongolian togrog (MNT) against US dollar would stand at MNT 1,326.4.
According to Ch.Khashchuluun, it has been projected that 38 per cent of all investments will be made by domestic sources. The budgetary deficit will not exceed two per cent of the GDP, and the policy rate of the Bank of Mongolia will reduce as well.
In respect of the law on budget, the guidelines' draft has been worked out in a close connection with the budgetary framework report for 2013. The economic growth is expected to reach a high level thanks to implementation of the biggest projects in mining sector, to starting of extraction from the next year, and to the rise of investments for the infrastructure sector.
The main economic balances such as budgetary, external trade and payment will have positive indicators, a stability of the macroeconomics will be kept. The inflation rate might increase following a high growth of demands. The rate of Mongolian togrog is expected to be strong against foreign exchanges due to a flow of the exchanges to Mongolia.
To ensure the economic stability, the guidelines reflect a policy on keeping the inflation rate in nine per cent. A program is to be realized on developing industries, and some measures are expected for boosting the infrastructure, creating reserves of meat and fuels, launching an agricultural exchange.
To support a supply, actions are to be taken to continue a construction of oil refinery, to establish factories of meat, milk, construction materials, and to provide the country with vegetables.
Sine a weak development of the infrastructure affect Mongolia's competitiveness index, the biggest infrastructural works will start from next year based on the state budget for 2013, the Development Bank of Mongolia (DBM), direct foreign investments, assistance, loans, and a state-private sector partnership. For example, major parts of construction of a railway between Tavan tolgoi and Sainshand and 30 per cent of the construction of a railway in a route Tavan tolgoi--Gashuunsukhiat, Nariin sukhait--Shiveekhuren are expected to be completed by 2013. In addition, a construction will start from 2013 of a 400 Megawatt power plant, electric lines of 220 Kilowatt and sub-stations will run between Mandalgobi and Tavan tolgoi, and Choir--Tsagaan suvarga.
As a support to renewable energy production and the eco-development, a construction will start of a wind farm of 50-52 Megawatt in Tov aimag and in Sainshand, and of a hydroelectric power station in basin of Selenge river.
Within am aim to improve the economic structure and to ensure a sustainable growth of long-term economics, an infrastructural construction will start of heavy industrial complex in Sainshand, economic free zones will be developed, a preparation will launch for the Altanbulag free zone, a first-phase infrastructure of Zamyn-Uud border checkpoint will begin, and a policy is to be realized on facilitating the commerce trade with partner-countries.
It is expected that the economic partnership agreement will be made with Japan in 2013, and a measure will be taken for establishing an agreement of transparency with the USA. Policies will be implemented to reduce tax for small- and middle-sized businessmen, to augment loans for them, to support employment, and to increase salaries and pensions.
B.Khuder
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