The Prime Minister of Mongolia, L. Oyun-Erdene, presented the amendments to the 2024 budget law of Mongolia, the draft law on the 2024 budget of the National Wealth Fund, as well as the submitted draft laws and resolutions to the State Great Khural session today.

"COURAGE FOR RAPID DEVELOPMENT" joint government action program was supported by the State Grand Khural. The government is making amendments to the 2024 budget in order to create a comprehensive legal framework for the technical and economic basis of the issues included in the program, the budget, the issues of international consulting services.

Prime Minister L. Oyun-Erdene mentioned the need to effectively implement and urgently start major energy, infrastructure, and industrialization projects to solve the problems and challenges of Mongolia's development and expand the economic base. He pointed out that reforms are underway to maintain budget stability in the medium and long term, laying the basic foundation for starting and actually implementing mega projects.

885.2 billion MNT for 15 projects, 378.3 billion MNT for 3 projects within the framework of economic policy objectives and measures, 222.6 billion MNT for 3 projects within the framework of human development policy are included in the budget notes.

First, within the framework of the Regional Development Policy, the over-concentration of government power in the major and minor suburbs of the capital was dismantled, and the "Go Mongolia" steel cable-stayed bridge, Khushig Valley Tunnel, integrated government and administrative building in Khushig Valley, provincial capital, sumad and "Five Circles of New Revival" highway project to connect border ports, New Kharkhorum project, New Zuunmod city, and Tuul highway are planned to be implemented during the term of office of the Government, and the feasibility study and budget funding for preparatory work are reflected in the budget statement.

Second, to increase the use of infrastructure and development projects and measures of the Regional Development and Renewal Policy financed by external credit sources by 984 billion MNT,

Thirdly, the transition costs to start the price and tariff reform in the energy sector without delay, increase market competition, create opportunities for the private sector to invest in the sector, and support the establishment of a stable financial and economic foundation for the sector,

Fourth, expenses related to the formation of the new government.

Fifthly, due to the submission of 13 draft laws and 2 draft resolutions of the National Assembly along with the budget amendment draft, the budget is being amended.