Members of Budget Stability Council appointed

The Parliament’s Budget Standing Committee met on September 3 to form the Budget Stability Council and appoint its new members. All members of the standing committee in attendance agreed to form the council.

Parliament made a decision to form the council to enhance fiscal discipline and avoid budget deficit. The council was made up of nine members, including six permanent and three independent members.

Under the law, several government organizations have the authority to nominate the council’s members, and the government nominated former Prime Minister Sh.Gungaadorj and economist and senior diplomat E.Byambajav; Mongol Bank nominated Head of its Monetary Policy Department B.Bayardavaa and Head of Financial Markets Department A.Enkhjin; and the Budget Standing Committee nominated senior diplomat and financier D.Davaasambuu and senior economist Yo.Munkhbaatar.

The standing committee’s members agreed to appoint the six nominees as the council’s new members.

By a selection process based on qualifications, experience, and other essential requirements, economists U.Erdenebayar, J.Delgersaikhan and G.Altanzaya were selected as independent members.

The nine members are experienced economists who graduated from top international universities in economics or finance, and worked in civil service as economist, financier or in other leading positions for many years.

Several lawmakers including O.Batnasan, J.Batzandan and J.Munkhbat reminded the newly appointed members to ensure their responsibilities for avoiding further deficits and strengthening fiscal discipline.