Mongolia adopts 2024 budget for capital city

Mongolia
Photo credit: MONTSAME

The 2024 budget of the capital was approved at the 20th regular meeting of the Citizens' Representative Khural of Ulaanbaatar on December 5, 2023, MONTSAME reports.

The projected revenue of MNT 2,598.9 billion for 2024 represents an increase of MNT 652.8 billion planned for 2023. According to the estimates, 93.1 percent or MNT 2,418.5 billion of the capital's budget revenue in 2024 will be generated from tax revenue, and the remaining 6.9 percent or MNT 180.4 billion will be non-tax revenue.

As for budget revenue contribution by Ulaanbaatar city and its districts, MNT 884.7 billion or 34 percent of the total budget revenue of the capital city will be accumulated directly while the districts will concentrate MNT 1,714.2 billion or 66 percent of the capital city budget revenue.

The capital city budget for 2024 projects to spend MNT 1,109.6 billion or 46.3 percent of the total expenditure for current expenses, MNT 964.8 billion or 40.3 percent for capital expenditure, MNT 85.2 billion for loan repayment, and 0.3 percent for financial support to two districts.

P. Sainzorig, the First Deputy Governor in charge of Economy and Infrastructure, emphasized that the capital city’s budget for 2024 targeted the development of infrastructure.

First Deputy Governor P. Ganzorig noted that the budget aims to create the basic infrastructure to solve pressing problems of Ulaanbaatar city, and a priority will be given to intensify the construction of the Selbe and Bayankhoshuu subcenters, and consequently to establish residential apartment towns for the households in the ger districts. Ulaanbaatar city will accumulate MNT 230.3 billion for the state budget.

During the meeting, a draft resolution on renewing the capital city tax rate was discussed and supported. According to the newly approved resolution

  • excise tax on all types of tobacco products and alcoholic beverages will be raised to 2.0 percent
  • 2.0 percent tax will be also levied on bars, restaurants, hotels, resorts, car washes, and auto repair shops.

The tax increase to 2 percent will accumulate MNT 32 billion in the city budget revenue for 2024.

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