State-owned companies are facing deficits

The Parliamentary Standing Committee on the Economy instructed the Government Agency for Policy Coordination on State Property (GAPCSP) to carry out a financial review for state-owned enterprises, which resulted in findings suggesting that the majority of the enterprises are operating with deficits.

GAPCSP set up a task force in charge of the audits and performed reviews of 18 limited liability companies, three shareholding companies, one partnership, and 138 enterprises across Mongolia.

According to their findings, these state- owned companies generated a combined revenue of 105.6 billion MNT, but their expenditures reached 111.9 billion MNT, so their consolidated deficit was 7.9 billion MNT.

Ninety-four percent of the state-owned enterprises the task force reviewed are facing deficits.