Deputy
Speaker G.Batkhuu has expressed happiness at the way the Government has revised
the draft budget for 2011, following criticism and suggestions from the
Speaker’s Council and the DP group in Parliament. The revenue estimate is now
MNT227 billion higher and its sources have also been
confirmed. Much of the expenditure will also create employment, especially in
the SME sector. With no decision yet on how the Tavantolgoi deposit will be
operated, advance payment from investors could not be incorporated in the
budget and Batkhuu said MPs will have to choose between foreign loans and
selling bonds in the domestic markets. He personally preferred the latter as
the Central Bank has enough money to guarantee repayment of bonds issued.

A petroleum refinery is a
priority as this would reduce dependence on imports and also lead to export
earning. Building a thermal power station and developing infrastructure under
the Concession Law were also important but, said Batkhuu, these should be
discussed separate from the budget.