Mongolian budget deficit soars - News.MN

Mongolian budget deficit soars

Mongolian budget deficit soars

Due to the COVID-19 pandemic, Mongolian economy is frozen as many businesses had to close in order to prevent the spread of the coronavirus infection. The budget deficit sharply rose in the first five months of 2020 amid spending increases and revenue shortfalls. The deficit reached MNT 1.6 trillion or over USD 500 thousand in Jan-May. Budget revenues stand at MNT 3.6 trillion for the same period, reflectingfalls of taxations income. Tax revenue fell to MNT 3.1 trillion – a decrease of MNT 533.3 billion or 14.9 percent compared to same period of 2019.

Parallel to this, budget spending rose to MNT 4.9 trillion due to repayments of loans and bonds and the unprecedented increase of unemployment benefits.

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