The Standing Committee on the Budget approved the Bill on the Glass Account submitted by President Ts.Elbegdorj on Wednesday as it was backed by the majority of Committee members. 

The Bill was formulated with the intent to make the State transparent and open to the public, to guarantee their civil rights by providing information, and to make the state finance healthy and stable and disciplined providing a transparent budget.

The Bill on the Glass Account is focused on making information associated with budget income, expenditure, cash flow, and statements as well as debt, loans, bail, property and real estate transparent to public. It is also designed to release definite and immediate information to the public, and regulate relations, auditing, and responsibilities among organizations and officers.

The law initiators say that transparent resolutions and functions related to government and local budget, expenditure, cash flow, statement and debt, loan bail, property and real state will begin to establish public monitoring system, and a smart management system of tax payers payments.