The Mongolian parliament approved the 2019 state budget on Friday with a deficit of 1.9 trillion Mongolian tugriks (762.7 million U.S. dollars), Xinhua reported.
In the state budget, revenue is projected to be about 9.7 trillion Mongolian tugriks, or 27.4 percent of the GDP, and spending is intended to be around 11.6 trillion Mongolian tugriks, or 32.8 percent of the GDP.
The budget deficit is largely linked to projects to be implemented with foreign loans including the construction of a waste water treatment plant in the capital Ulan Bator and roads along the Ulan Bator-Darkhan-Uul routes, according to the government.
The Mongolian government expects the economy to grow by about 5 to 8.5 percent and the inflation rate to be around 8 percent.