The draft Law to make amendments to the Fiscal Stability Law has been approved.

The afternoon session of Parliament started at 2:50 p.m. and the final discussion of the draft to make amendments to the Fiscal Stability Law was approved with 90.2 percent of the vote from Parliament members. Forty-one Parliament members participated in the session, and 31 members voted to approve the proposed changes to the law.

The law now calls on the government to keep the debt limit at 58.3 percent of gross domestic product (GDP).

Within the framework of the amendments to the Fiscal Stability Law, the Government of Mongolia submitted a proposal to establish the state debt limit at 60 percent of gross domestic product, but Parliament insisted that the debt limit not exceed 58.3 percent of gross domestic product (GDP).

Before the approval of the draft, MP J.Batzandan noted, “If the Government of Mongolia breaches the law like the previous government, exceeding the debt limit, we will raise the issue of firing all ministers of the government." 

The final discussions of the amendments to the Fiscal Stability Law, a draft to make amendments to the 2016-2017 law on fiscal conceptualization, and the Law on Notification within the 2015 general budget of Mongolia have been approved for today’s Parliament session. 

After the approval of these issues, the plenary session of Parliament ended up on today’s session agenda.