T.Ochirkhuu: We have to accept what the IMF says

Deputy Minister for Finance T.Ochirkhuu answers questions on the state budget.

Is it possible to agree to the IMF demand to keep the budget deficit within five percent of GDP?

We are still working on it. There is no other option but to accept the IMF requirement because we cannot do without loans from IMF. There will be no money in the budget if the loans do not come.

The IMF has said that expenses can be raised by only MNT150 billion. Can you do this?

IMF said it was possible to raise the budget expense by MNT 150 billion. But we planned to spend MNT 600 billion more which means we need to cut MNT 450 billion. It means less investment and less constant expense. Job cuts may also be considered. The two party groups and Standing Committees are discussing it. It is too early to say anything now.

It seems there will be an extensive cut in the number of government employees.
There will be some structural change but not anything big. Abolishing one agency saves only about MNT 400-500 million. Abolition of 10 agencies will mean MNT 4 billion. But we are talking about MNT 600 billion. Many countries do not cut jobs during a crisis, but reduce salaries. We could also do this but Parliament will decide.

Does the IMF think that Mongolia overestimated income from mining?

The IMF does say the estimated income is unrealistic. It also wants all extra income to be put into a special fund. They are offering the examples of Greece, Spain, Portugal and Hungary and cautioning Mongolia.

Is it possible to give the Child Money from next month?

Parliament will make the decision but it will not be easy to give the money.
source: www.news.mn
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1 comment:

  1. Greece, Spain, and Portugal have problems, because they bought the fraudulent Goldman Sachs get rich quick derivative investments. I don't think Mongolia was getting into that. Maybe Goldman Sachs will try to give every Mongolian a credit card with a $10,000 credit line.

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