AKIPRESS.COM - The second session of the 20th irregular meeting of the Ulaanbaatar City Council was held on June 18, Montsame reports.

The session participants discussed draft resolutions amending the capital city's budget, issuing and trading securities for 2024 and land management plan.

Trading of capital city securities in the domestic market warranted the change to the 2024 budget. The funds raised from trading the securities will be used to finance certain projects in line with "Vision 2050" long-term development policy, New Revival Policy, and Ulaanbaatar's medium-term development plan.

The projects to be financed from the funds generated from securities trading include energy storage facilities, infrastructure pipeline networks for the reconstruction of public apartments to be demolished and other projects, repair and renewal of road networks and related blueprint and planning, and construction of eco-districts at the Selbe Sub Center.

Mayor of Ulaanbaatar Nyambaatar Khishgee said at the meeting that the amendments to the budget are necessary to reflect the income sources from domestic and foreign trading of the capital city securities and to increase the expenditures of public utility services.

"Short bus route lines have been introduced in public transport in Ulaanbaatar since this January. Although this decision faced widescale objection, we continued 70% of the shortened bus route lines. As a result, the public transportation sector has saved 25 billion tugriks, which is being allocated to the public utility sector. Furthermore, the performance of procurement with Ulaanbaatar city budget investment reached 93%. This year, we are working to increase the capital city budget efficiency and boost the benefits of the investments from the city budget," he noted.