According to Government estimates, the Mongolian economy is expected to grow by 1.5 percent while inflation will remain at 5.4 percent by the year-end.

Mongolia’s Parliament has started discussing general guidelines for socio-economic development during 2010, and lawmakers had asked about realizing the 2009 general guidelines at Parliament’s October 22 plenary session.

First Deputy Prime Minister N.Altankhuyag told the lawmakers “During 2009, the country’s real economic growth sector has slow down with some sectors even at a standstill due to the global economic crisis and this has become a factor reducing Government revenue, as well as reducing possibilities to increase investments. However, Mongolia has seen some positive outcomes in its economic and social development.

Mr. Altankhuyag said “The harvest is expected to meet 80 percent of the country’s domestic demands for wheat, 100 percent for potato, and 60 percent for vegetables. The foreign trade deficit is expected to be down to USD 485 million against last year’s USD 710 million. These achievements are due to Government’s policies to support export and agriculture.”

He also confirmed that, in order to promote exports, the Government has made efforts to increase capacities at its border points, for instance at Gashuun Sukhait and Shivee Khuren, by lengthening border point working hours and easing checking procedures.

The Deputy Prime Minister reported that the Government had invested a considerable amount to increase necessary medical equipment supplies and materials at national and rural hospitals. However, legislators remain concerned about escalating maternal mortalities. Health Minister S.Lambaa explained that the reason for maternal mortalities being more than during the same period last year could be due to the increased number of births. So far this year, 52,024 births have been recorded, 5,000 more than during the same period last year. According to statistics covering last 5 years the average annual birth number is 41,819. The number of mortalities recorded as at September 2008 was 23 but has increased to 34 this year.

Some MPs criticized the general socio-economic development guidelines for 2010 as being a ‘list of dreams’ that, similar to previous guidelines had not been prepared well and the tasks set could not possibly be realized. Discussion is, however, continuing.

Besides this, Parliament is also discussing a Bill to revise the Banking Law.

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