Tag Archives: Mongolia Politics

Mongolia, Japan to Launch Free Trade Talks

Mar. 14 – Japan and Mongolia agreed on Monday to launch talks on a bilateral free trade agreement and to provide Ulaanbaatar with economic aid, officials said. Japanese Prime Minister Yoshihiko Noda and his Mongolian counterpart Sukhbaatar Batbold, who is on a six-day visit to Japan from Saturday, also agreed that the two countries will boost cooperation in the development of natural resources and infrastructure, according to a joint announcement released after their meeting in Tokyo. The matter was on the agenda last year as well, but it was stalled when Japan’s prime minister at the time, Naoto Kan, had

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Mongolia May Face Financial Crisis

Mar. 6 – The European debt crisis may lead to a financial crisis in Mongolia, according to a report released by the World Bank last week. A global economic slowdown may lead to a sharp drop in mineral prices, which will greatly impact the Mongolian government’s revenue, as it is highly dependent on mineral resources. “Sharply rising government spending is the root cause of overheating: government spending rose by 56 percent in 2011 and is budgeted to rise by a further 32 percent this year, fueled by sharply rising resource revenues,” the report says.

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Mongolia’s 2012 State Budget Largest in History

Feb. 8 – Mongolia has set a record for the largest budget in the history of the country at MNT4.63 trillion, amounting to more than half of GDP, which experts’ identify not only as a sign of economic development, but also as a symptom of election syndrome. “We have to mobilize all of our resources to fully fulfill the election promises,” Prime Minister S. Batbold said when presenting a draft budget to Parliament last fall. Mongolia’s legislative elections will be held in June 2012.

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