AKIPRESS.COM - The Law on Public-Private Partnership, previously regulated by the Law on Concession, came into force on January 1, 2024, Montsame reports.

The main goal of the Law on Public-Private Partnership is that the government will not compete with the private sector, but will provide long-term support to the implementation of infrastructure projects, Minister of Finance Javkhlan Bold said.

Deputy Minister of Economy and Development Tuvdendorj Gantumur highlighted multiple gains as a result of the implementation of the Law on Public-Private Partnership. These are the promotion of competition in the public services sector by attracting the private sector, introduction of financial instruments to meet growing needs, and reduction of the budget burden in the long term.

"To improve Mongolia's economic competitiveness, many projects aimed at improving and accelerating the development of infrastructure such as power plants, roads, railways, and public transport are included in the medium-term development policy document "New Revival Policy." It requires improving the business environment and state potential through approving new laws and revising or amending laws. In this context the Law on Public-Private Partnership was approved," stated Deputy Minister G. Tuvdendorj.

Deputy Minister G. Tuvdendorj stressed that the Law on Public-Private Partnership brings the legislative framework into line with international standards by eliminating violations of financial discipline, not properly regulated in the Law on Concession.