Every child to receive money allowances with approval of budget amendment
With the approval of the 2017 state budget amendment on November 9, all children will be receiving child money allowances for the month of August until the end of 2017.
The approval of the budget amendment allocated the 104.5 billion MNT required to provide the allowances to every child. The government had not been able to provide child money since August, and now 1,043,180 children will be receiving their monthly allowances until the end of 2017.
While, the budget amendment was approved in Parliament earlier, a veto exercised by President Kh.Battulga postponed the approval of the budget amendment. With Parliament members discarding the veto, the child money allowances began to be transferred on November 9.
Immediately after the approval, the treasury fund of the Ministry of Finance began transferring the money through 13 commercial banks that mediate the child money distributions.
For the months of November and December, the monthly allowances will be distributed after the 20th.
In the first half of 2017, faced with an economic crisis, Cabinet made the decision to expend 76.1 billion MNT to provide the child money allowances to a target group of 660,000 children whose families were classified as low-income.
In the second half of 2017, in light of a four to 4.5 percent GDP growth and the budget revenue exceeding expectations by 500 billion MNT, Cabinet made the decision to provide the allowances to every child on July 4. As a result, 400,000 children who did not receive their child money allowances for the first seven months of 2017 each received 140,000 MNT as compensation.