Mongolia's newly appointed Prime Minister Zandanshatar Gombojav has committed to tackling the economic issues underscored by recent public protests, which resulted in the resignation of his predecessor. Lawmakers overwhelmingly supported his election amidst concerns over high inflation, a budget deficit, and potential power shortages. He plans to propose significant budget cuts of $640 million to prevent a revenue shortfall. Zandanshatar's experience in banking and politics positions him to address the economic challenges and public discontent stemming from perceived corruption and inequality related to the nation’s mineral resources.
Zandanshatar stated that significant budget cuts of around $640 million are essential to avert a substantial revenue shortfall, emphasizing the urgent need for a revised budget.
In addressing the economic crisis, Zandanshatar acknowledged high inflation and fears of winter power shortages, pledging to prioritize the economic concerns raised during recent protests.
The fall of Oyun-Erdene Luvsannamsrai, his predecessor, followed protests triggered by alleged indiscretion, with citizens feeling excluded from the benefits of Mongolia's mineral wealth.
As a leader with a banking background and experience in parliament, Zandanshatar signifies potential stability in Mongolia's leadership amidst ongoing economic challenges.
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