New Mongolian Prime Minister Aims for Economic Growth

New Mongolian Prime Minister Aims for Economic Growth

Resolving the issues around the recent removal of the Prime Minister, a new Prime Minister was appointed by Parliament as expected. U.Khurelsukh, appointed the 30th Prime Minister of Mongolia. A key question of Members of Parliament before confirming U.Khurelsukh’s appointment is the plan for creating a better economic environment for small and medium businesses.

The new Prime Minister has pledged to implement Parliament’s 2016 action plan, and has promised to support and develop mining, agriculture, energy, tourism, and information technology capabilities. Another key goal of the Prime Minister will be to increase exports of Mongolian products.

In one of his first actions, U.Khurelsukh held a meeting with the Resident Representative of the International Monetary Fund (IMF), Neil Saker on October 5. It was pointed out at that meeting that the Mongolian economy has improved in the last year, with inflation decreasing to below 10%. The Prime Minister promised that Mongolia will continue adhereing to its obligations to secure the IMF extended fund facility.

In other recent news, Parliament has met to discuss amendments to the 2017 national budget, and a Mongolian delegation met with counterparts from European Free Trade Association (EFTA) to discuss trade issues. EFTA is an intergovernmental organization including Iceland, Liechtenstein, Norway, and Switzerland designed to promote free trade.

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