GENERAL BUDGET REVENUE AMOUNTS TO MNT 67.2 BILLION IN JANUARY

In January, state budget revenue reached MNT 67.2 billion which had a deficit in 2019. Budget revenue increased however, its surplus declined compared to the previous year. Government expenditure turned MNT 40 billion eliminating budgets of local, social insurance and human development. The total of grants and income amounted to MNT 767.7 billion while expenditure and net lending reached MNT 641.3 billion. The tax revenue went upward mainly affected by budget exceed expenses. Tax revenue reached MNT 656.4 billion, increased by 4.8 percent compared to the same period of the previous year. This growth was mainly driven by a rise of 63.9 percent in value-added taxes, and 4.1 times increase in the property tax year on year. It is estimated that the budget deficit is MNT 2 trillion to 5.1 percent of GDP in 2020. After that new risk has followed up. According to the government’s decision, coal export completely suspended through ports of Gashuunsukhait, Shiveekhuren, Bichigt, and Bulgan until March 2, 2020. In the first two months of 2019, Mongolia exported 1.9 million tons of coal, gaining export revenue of USD 163.4 million. Both Mongolia and China’s traditional celebrations occurr in February. Same as last year, it is estimated that Mongolia will lose USD 163.4 million in coal exports due to government sanctions.

Source: https://zgm.mn/general-budget-revenue-amounts-t