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Mongolia Ousts PM Amid Economic Slump

Mongolia Ousts PM Amid Economic SlumpMongolia Ousts PM Amid Economic Slump

Mongolia’s parliament voted on Wednesday to remove Prime Minister Norov Altankhuyag amid concerns about a serious economic downturn as gold, copper and coal prices and foreign direct investment slump.

Out of 66 members of parliament who voted, 34 were in favor of ousting Altankhuyag, Mongolian television showed. Ten members of parliament, including eight members of his own coalition government, did not show up.

It will now be up to the coalition government to select a new candidate, who will have to be approved by the president and confirmed by parliament, Reuters reported.

The government has been in turmoil over the past month, as seven ministers, including the ministers of mining and foreign relations, resigned after Altankhuyag won parliamentary approval to consolidate ministries from 16 down to 13.

That led to calls from the opposition Mongolian People’s Party for the prime minister to stand down, and finally people from his own government demanded his resignation.

The political fight has distracted the government of the resource-rich country, landlocked between Russia and China, from passing a budget.

 

Financialtribune.com