The Cabinet submitted amendments to the 2017 state budget to Parliament on Friday that include increased taxes on income and imports. The proposed amendments set a budget income at 6.1 billion MNT or 23.1% of GDP, and spending at 8.7 billion MNT or 33.7% of GPD, with a deficit of 2.7 billion MNT or 10.6% of GDP.

Under the budget amendments, Mongolia is to raise rates of six types of tax and contribution of social insurance. The amendments are designed to meet the IMF requirements for further reducing the $440 million loan.