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Yearbook 1999

Mongolia. According to Countryaah official website, the economic shift has led to severe political convulsions in Mongolia. In July, the government under Janlavijn Narantsatsralt was forced to resign after a conflict over the privatization of the copper mine Erdenet, owned by 51% of the Mongolian state and 49% of the Russian. The opposition questioned the Prime Minister's legal right to approve a Russian private company purchase of the Russian stake, which would have made it difficult for Mongolian interests to increase their ownership. The Government Narantsatsralt took office as late as December 1998 after a five-month crisis triggered by a contentious bank merger.

1999 Mongolia

Former Prime Minister Rintjinnjamijn Amarjargal was appointed new Prime Minister. Like the representative, he belonged to the bourgeois Mongolian Democratic Union (Mongolyn ardtjilsan cholboo evsel). He promised to stimulate foreign investment, restructure the heavily subsidized energy sector and privatize the large state-owned companies.

The impatience of the poor population with the new system was hinted at by the reformed Communist Party victory in local elections in three provinces in June. Parliamentary elections will be held in 2000.

In order to reduce the budget deficit, the government reintroduced customs duties on a number of import goods and reduced government spending. However, an important explanation for the deficit was said to be that many newly privatized companies ignore the fact that they pay taxes. A new law on freedom of the press meant that a number of state media were privatized.

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