President of Mongolia Ukhnaigi Huralsukh completely imposed a veto on the law on the state budget of Mongolia for 2025 and related laws.
This was announced by the head of the Presidential Administration Gombozhalyan Zandanshatar, reports Montsame. The decision was made on the basis of the relevant provisions of the Constitution and the Presidential Law.
The President of Mongolia believes that the state budget should ensure an increase in resources and savings in order to minimize damage from possible economic difficulties, help increase savings, restrain price growth, maintain economic stability and ensure the normal activities of citizens, enterprises and taxpayers.
According to the head of state, the budget for 2025 should be effectively and competently developed in such a way that it is not only economical, but also childless, ensuring sustainable development of the national economy.
In addition, the Great State Khural approved in the first reading a decision on some measures that must be adopted in connection with the approval of the law on the state budget for 2025.
In accordance with this resolution, the Government of Mongolia was instructed to make amendments and additions to the law on the state budget over the next month and submit them to the parliament.
“This Decision of the Parliament is one of the main reasons for the veto of the president. Amendments to the adopted law on the state budget for the next year are introduced in cases where there is a decrease in state revenues and a significant increase in expenses in this fiscal year and there is a need to make changes in the cost approved projects and programs.
He added that to accept or not to accept the veto of the President of Mongolia is a matter of the competence of the great state Khural.
“Mongolia must go to the principle of spending income received. In the context of a change in the external situation, the country should pursue a safer and fundamental budget policy. All financial indicators of the budget are interconnected. Therefore, that the great state Khural and the government be able to correctly balance all indicators of income and expenses , it was decided to impose a veto on the law on the state budget of Mongolia for 2025, ”said the adviser to the president of Mongolia on Economic Policy B. Davaadalai.