ULAN BATOR (AFP) – Mongolia’s parliament Friday chose a new prime minister to head its fractured government, an official website said, as the sprawling, resource-rich nation struggles with stalling economic growth.
The Democratic Party’s Chimed Saikhanbileg was overwhelmingly voted in after the opposition Mongolian People’s Party (MPP) boycotted the vote.
Land-locked Mongolia enjoyed world-beating growth in recent years – peaking at 17.5 per cent in 2011 – on the back of a boom in resources exports, mainly of coal, copper and iron ore.
But a collapse in commodity prices slowed economic expansion to 5.3 per cent in the first half of this year, at a time when the country faces rising inflation and a falling currency.
The Mongolian legislature, which is also known as the Great Hural, voted earlier this month to dismiss DP leader Norov Altankhuyag after he was accused of cronyism and failing to address growing economic problems.