THE FIRST MEETING OF THE PRIME MINISTER’S ECONOMIC POLICY COUNCIL WAS HELD ON AUGUST 31
On August 14 of this year, the working procedure and composition of the council was approved by Resolution No. 34 of the Government. The meeting of the council was organized in connection with the 2024-2028 action program of the joint government, the execution of the 2023 budget, the amendment of the 2024 budget discussed and approved by the parliament, and the 2025 budget draft prepared by the government and submitted to the parliament.
The members of the Economic Policy Council include representatives of the Parliament, members of the Government, the Mongolian economy, finance, business sector, government, private sector, scientists and researchers, as well as representatives of the Mongolian National Mining Association, the Tourism Association, and the Mongolian Wool and Cashmere Association.
In the opening of the meeting, Prime Minister Oyun-Erdene.L gave a speech and he prepared and presented the first budget to the government to “move” regional development and increase investment. Since it is time to use the features and strengths of the joint government to speed up the country’s development, the first discussion of the 2025 budget is being held at the first session of the Economic Policy Council. In the future, there will be many discussions related to the budget proposal.
The gross domestic product of Mongolia was 36 trillion MNT in 2021 and will increase to 75 trillion MNT. Next year, by increasing it to 95 trillion, it is possible to make GDP per person 7500 USD. The Prime Minister expressed that he will direct the activities of the Economic Policy Council to bring this indicator to 10 thousand US dollars in a short period of time.
Minister of Finance Javkhlan.B presented the budget draft for 2025 in detail under the theme “Investment for development”. The special feature of this budget is that it is the first budget presented according to the concept of regional development. 38 major infrastructure projects will be financed. It was intended to finance a large-scale development that had been stalled for many years and politicized. Funding sources for boldly solving the capital’s problems are provided. It was intended to comprehensively solve the issue of providing housing to citizens, which has been discussed for many years, in coordination with the National Wealth Fund. It is planned to intensify the reform of the energy sector. It was emphasized that the entire budget policy of 2025 is aimed at starting big development projects, reducing state participation and supporting the private sector.
During the meeting, the representatives of the Economic Policy Council expressed their position on the 2025 budget.
