The first meeting of the Economic Policy Council under the Prime Minister of Mongolia took place on August 31. The Government Resolution No. 34, approved on August 14, confirmed the council's working procedures and composition. This meeting was held to discuss the coalition government's action program for 2024-2028, the amendment of the 2024 budget, and the submission of the 2025 draft budget to parliament.
In his opening remarks, Prime Minister Oyun-Erdene Luvsannamsrai highlighted the government's focus on regional development and increased investment in the new budget submitted to parliament. He emphasized the importance of using the strengths of the coalition government to speed up the country's development.
The Prime Minister also shared that Mongolia's gross domestic product (GDP) has increased from 36 trillion MNT in 2021 to 75 trillion MNT. He expressed confidence that GDP per capita could reach USD 7,500 by raising the GDP to 95 trillion MNT next year, with a goal of reaching USD 10,000 in the near future.
Finance Minister Javkhlan Bold highlighted that the 2025 state budget is the first to be based on the concept of regional development. He announced that 38 major infrastructure projects would receive funding next year. The minister also stated that the government plans to support large-scale development projects that have been on hold for many years.
Additionally, he noted that next year's budget would address the capital city's urgent issues and aims to solve the housing shortage in partnership with the National Sovereign Wealth Fund. The budget also includes plans to start reforms in the energy sector.
