Altan San Securities - Mongolia Investment - Standing committee favors new power station in Khuvsgul

Standing committee favors new power station in Khuvsgul

The Standing Committee on the Economy met yesterday to discuss the draft changes to the law on the Mongolia Development Fund. MP D.Gankhuyag said at least 20 percent of budget expense is needed to be cut if the state income falls by 40 percent. Unless such cuts are made, the deficit will be uncontrollable. Tax revenue in the last six months is likely to be less than estimated.
Some members criticized some wrong decisions, such as the one to spend MNT300 million on finishing the construction of a jail for 1,000 prisoners at a time when more than 7,000 citizens in Songinokhairkhan district lived without electricity.
There was majority support for a proposal to allot MNT3.8 billion for building a power station in Khuvsgul province which will supply Govi-Altai and Zavkhan provinces. A private company may be found to share the total expenses.

Source: www.news.mn

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