A training session was held in collaboration with the Standing Committee on Ethics and Law, and the Standing Committee on Budget of the Parliament and the Parliamentary Institute for Research and Development. The session aimed to provide valuable insights to members of the parliament (MPs) on rational and ethical decision-making, as well as oversight and accountability in the areas of budget and monetary policy.
The training opened with remarks from MP B.Bayarbaatar, Chairman of the Standing Committee on Ethics and Law. In his speech, he emphasized the vital role of the parliament which, under the Mongolian Constitution, holds exclusive authority over key state financial decisions. These include determining the direction of state finance, credit, taxation, monetary policy, and approving the government's action program, state budget, and performance reports. These policies are aligned with national development and security objectives and are crucial for ensuring a balanced control over budgetary and monetary matters.
B.Bayarbaatar highlighted the importance of refining the knowledge and understanding of parliamentary members regarding the state budget and monetary policy. He stressed the need to improve the legislative process by fostering greater accountability, ethics, and transparency. The goal is to establish a more ethical, progressive, and future-oriented parliament that upholds democratic values and is accountable to the electorate.
Furthermore, he pointed out that the training is particularly important given the specific procedures outlined in the Law on the Rules of the Session of the Mongolian Parliament. These procedures guide the discussion of key documents like the state budget, monetary policy, and development plans. B.Bayarbaatar explained that the development, approval, implementation, and reporting of these documents are ongoing processes that require continuous updates and informed decision-making. He emphasized the importance of ensuring that decisions on the state budget and monetary policy are transparent, scientifically sound, and politically neutral, focusing on the long-term, people-centered development of the country and its citizens.
The session continued with a presentation from N.Uuganbaatar, a member of the Fiscal Stability Council and the Supervisory Board of the Bank of Mongolia. N.Uuganbaatar focused on the topic of "Macroeconomics and Budget," providing insights into three key macroeconomic indicators: gross domestic product (GDP) growth, inflation, and employment. He also discussed the impact of global economic trends, referencing the economic policies of former U.S. President Donald Trump. Moreover, N.Uuganbaatar introduced several sources where international economic data and information could be accessed, further emphasizing the importance of keeping informed on global economic developments.
The session also featured key presentations from several prominent experts. B.Bayardavaa, Director of the Monetary Policy Department at the Bank of Mongolia, delivered a comprehensive presentation on fiscal policy. He explained its objectives, methods, and challenges, highlighting the impact of budget revenues and expenditures on the economy. B.Bayardavaa also discussed the implementation of monetary policy, the monitoring of policy decisions, and the central bank's role in financial regulation.
M.Sanjaadorj, Director of the Department at the Ministry of Finance, followed with a presentation on "Coordination and Management of Fiscal Policy and Financial Management." He emphasized Mongolia's improving credit rating and the government's efforts to reduce its debt burden. Sanjaadorj provided insights into the coherence of the country’s development policies, the unified budget structure, fiscal discipline, fiscal balance, and the effective use of fiscal investments. He also discussed the sequence of activities related to projects financed by foreign loans.
L.Enkh-Amgalan, Director of the Department of Macroeconomic Policy at the Ministry of Economy and Development, addressed "Coordination and Challenges of Economic, Budget, and Development Policies." His presentation highlighted the complex coordination required between economic, budget, and development policies, and the challenges involved in ensuring their alignment for sustainable national development.
Following these expert presentations, MPs were invited to engage with the speakers through a Q&A session. Parliamentarians raised questions, expressed their opinions, and gained further clarification on critical aspects of fiscal and monetary policy.
J.Batjargal, a member of the Standing Committee on Budget, who co-organized the training, made a closing speech. He emphasized the importance of the training and the need for continuous participation from not only parliament members but also ministries, academics, and the public in discussions related to budget and monetary policy. J.Batjargal stressed that these policies are essential for shaping the economic development of the country. He also noted the ongoing 2025 budget reform and suggested that regular training sessions be held in the future to provide parliamentarians with more focused, detailed information on specific topics.
