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Economy

Oyu Tolgoi’s ₮3 trillion stays in Mongolia’s 2027 draft after the spending bill is dropped

Prime Minister N. Uchral told residents of Sukhbaatar district in Ulaanbaatar on Saturday, a day after his cabinet withdrew a bill to spend ₮2 trillion of the Oyu Tolgoi dividend, that the 2027 budget draft still counts on the ₮3 trillion and will pay it into the Savings Fund. He listed stockpiles of 20,000 tonnes of meat, 100,000 tonnes of wheat and 12,000 tonnes of vegetables.

By CAW Staff26 October 2026
A horizontal bar chart of Mongolia’s planned food stockpiles in tonnes: wheat 100,000 in amber, meat 20,000 and vegetables 12,000 in slate blue.

Mongolia is about to receive a dividend from the Oyu Tolgoi project for the first time in seventeen years, by Uchral’s count, and the 2027 draft counts on ₮3 trillion of it. He was speaking at the “Ask the Prime Minister directly” meeting in Sukhbaatar district on 24 October, Montsame reported, and said the dividend will be paid into the Savings Fund in line with citizens’ proposals.

The 2026 budget revision cut ₮1.4 trillion from state spending, and the savings go to a 50 percent pay rise for education, health and public-service workers, he said. A further ₮1.6 trillion of state-owned companies’ net profit was drawn into the budget, and a basic pension of ₮100,000 to ₮300,000 for the elderly starts on 1 November. Pensions are indexed to inflation from January 2027.

Mongolia is about to receive a dividend from the Oyu Tolgoi project for the first time in seventeen years, by Uchral’s count, and the 2027 draft counts on ₮3 trillion of it.

For 2027 he said the share of taxes in budget revenue falls to 79 percent from the 90 percent of past budgets. Tax relief for citizens and companies comes to ₮1.3 trillion, and a citizen earning up to ₮36 million a year keeps ₮948,000 a year more under the income tax reform. The VAT threshold rises from ₮50 million to ₮400 million, the average pension is to reach ₮1.3 million as the pension reform continues, and civil servants are to get 10 to 20 percent more.

Stockpiles of 20,000 tonnes of meat, 100,000 tonnes of wheat and 12,000 tonnes of vegetables are to stabilise prices, and ₮186.2 billion is budgeted for energy repairs and upgrades so that households do not bear the rise in energy prices, he said. The oil refinery is to start in 2028 and cover half of domestic fuel consumption, and generating capacity is to reach 3,199 megawatts by 2030.

On Friday the cabinet withdrew the one-off bill that would have spent ₮2 trillion of the dividend on energy and education, with the rest going to ports, agriculture and other sectors, Montsame reported. The bill had been submitted together with the budget, and the withdrawal followed an e-Mongolia poll in which most participants preferred to route the dividend through the Savings Fund.

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