Source: News.mn       June 11, 2010

Deputy Minister for Finance T.Ochirkhuu has said Mongolia has to heed IMF warnings on the budget revision for if the Fund does withhold its loan, there will be no money for the Government to spend. The two party groups in Parliament and Standing Committees are discussing how to reduce expenses so that the budget deficit can be kept within stipulated limits.

There will be some structural change, but not anything as big as abolishing one government agency which does not really save much money. He did not rule out job cuts, but thought it would be better to keep jobs and reduce salaries. Mr. Ochirkhuu hinted that the IMF felt Mongolia had overestimated income from mining, but was also insisting that whatever the amount of the extra revenue, it should be put into a special fund.