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Economy / Featured News / Mongolia News / Politics / November 24, 2014

New Mongolian Prime Minister Approved With Vow to Revive Growth

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Mongolia’s parliament approved a new prime minister today, weeks after ousting his predecessor over plunging foreign investment and slower growth in the resource-rich nation.

Lawmakers voted 42-2, enough for a majority in the 76-seat Great Hural, to name acting Cabinet secretary Saikhanbileg Chimed to the job. The ruling Democratic Party submitted his name to parliament yesterday.

Saikhanbileg has promised to recharge an economy that slowed to an annualized 7 percent in the first nine months from 12.8 percent last year. Plunging commodity prices and a dispute with Rio Tinto Group over the expansion of the Oyu Tolgoi copper mine have contributed to the slowdown.

Rio Tinto last year raised cost estimates to expand Oyu Tolgoi. Economic recovery depends on breaking the deadlock, “so hopefully that is priority number one,” Nick Cousyn, chief operating officer of Mongolian brokerage BDSec, said in an e-mail.

Altankhuyag Norov was ousted as prime minister in a no-confidence vote Nov. 5. The World Bank last month cut Mongolia’s growth forecast for this year to 6.3 percent from the 9.5 percent projected in July.

SOURCE: Bloomberg

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