PM addresses the public on Mongolia’s socioeconomic conditions

By N.SOLONGO

On November 26, Prime Minister of Mongolia Ch.Saikhanbileg addressed the public with an overview on the nation’s social and economic conditions.
Beginning his statement, the PM said that the government has been working in a difficult political, economic, business, and investment conditions for a year. He noted that there were several projects successfully completed during these difficult times.
He announced that financing for Oyu Tolgoi’s underground mine development project will be finalized at the end of this week, and an agreement on the project will be signed on December 16 in Ulaanbaatar.
Thr PM highlighted that Mongolia has made great progress in adopting an integrated state budget, reducing budget deficit, managing budget-saving policies, planning expenses and revenues accurately, and targeting welfare policies for beneficiaries during two rounds of amendments to the 2015 state budget and the discussion and approval of the 2016 state budget. He said, “We are able to approve a deficit-free state budget starting from next year, but we must follow principles and maintain what we have achieved.”

The PM also stressed the start of mega projects. He noted that international banks have agreed to provide 4.2 billion USD in financing to Mongolia.

Saikhanbileg emphasized that the Cabinet paid special attention to reforming the business environment for investors. He said that Mongolia has finalized the resolution of disputes for 106 licenses, which he said were a burden for the reputation of the Mongolian business environment. The PM added that the Cabinet eliminated troubles affiliated with the “long-named law” on mineral resources, and erased the nickname “Hotel Mongolia”, where investors are believed to be unable to leave once invested. He added that more tax revenue from mining operations will be generated for local administrations the more supportive local administrations and residents are towards mining entities.
“We have intensified policies towards business enterprises and wealth creators. During the period of economic difficulties, extended supervision and examination have been terminated, and the law on refunding 20 percent of value-added tax to businesses will be effective from January 1,” added the PM.
Legal entities are now required to deliver only four financial reports per year instead of 34. The PM pointed out that online access to public services without additional cost and bureaucracy will be broadly applied to more government agencies in the near future.

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Posted by The UB Post on Nov 29 2015. Filed under Politics, Онцлох мэдээлэл. You can follow any responses to this entry through the RSS 2.0. You can skip to the end and leave a response. Pinging is currently not allowed.