Mongolian Government enters full austerity measures

The Mongolian government announced on Wednesday that it is entering a full austerity phase, as the national economy faces severe challenges and budget revenues have fallen by more than 560 million USD.

According to the Minister of Finance, until economic conditions improve, the use of budget funds for New Year’s celebrations, commemorative events, and the purchase of souvenirs is strictly prohibited. It has been confirmed that the national budget will be reduced by 588 million USD.

In light of the funding shortfall, ministers and heads of state institutions have been instructed not to use public funds for any holiday-related activities. They have also been ordered to suspend all expenditures related to furniture purchases, official receptions, fuel and transport, overseas missions, incentive payments, and the organization of meetings and seminars.