Government abolishes its seven funds www.montsame.mn
Ulaanbaatar/MONTSAME/ Today’s Cabinet meeting approved a resolution to abolish seven special funds: Future Pension Reserve Fund, Risk Fund, Government Debt Guarantee Fund, Production Development Fund, International Cooperation Fund, Mongol Studies Promotion Fund and Anti-Air Pollution Fund. Moreover, it reads to merge Farmers’ Promotion Fund, Livestock Protection Fund and SME Promotion Fund and to improve functions of State Auto Road Fund, Education Loan Fund and Employment Promotion Fund. For another 15 funds, their activities are considered necessary to be remained unchanged, reported Minister of Finance Ch.Khurelbaatar.
“Since 1997, Education Loan Fund has granted loans worth USD52.3 million to 1893 students who studied abroad, of which USD37.7 million has been refunded so far. Farmers’ Promotion Fund was found to have breaches of MNT140 billion, of which MNT47 billion was connected with procurement bids. For instance, Darkhanii Guril Tejeel Company which has debts worth MNT5.2 billion won the bid on procuring a grain elevator. As a result, the grain elevator which was bought by MNT8 billion does not meet quality requirements and is impossible to be used. Also, a regulation on granting wheat incentives was annulled in 2012. However, wheat incentives were issued by using this annulled regulation since then. Other violations have been also found that entities which have debts to government were selected in tenders. Therefore, the funds' activities have to be upgraded. In common, the Cabinet assigned to make funds’ activities transparent, ensure involvement of professional associations in decision making and enforce the Law on Glass Accounts,” added the Finance Minister.
Published Date:2019-02-28