Saudi Arabia takes part in Ministerial Meeting in New York in support of Yemeni government    Saudi Arabia is keen on continue working with US Princess Reema attends inauguration of President Trump    Saudi FM meets Libyan PM in Davos    Saudi Arabia congratulates Trump; lauds distinguished relations with US    Arcapita & Parkway invest in a portfolio of high-growth Artificial Intelligence companies    "Dar wa Emaar" generates more than SR900 million in sales of "Tala al Khuzam" units within 2 months Unique housing and investment opportunity in north Riyadh    Saudi Aramco chief expects oil demand to rise by 1.3 million bpd this year    Saudi Minister of Economy and Planning meets with Schneider Electric chairman in Davos    Trump makes 'two genders' and anti-DEI policy official    Princess Hessa bint Salman attends launch of fashion design exhibition in Riyadh Princess Noura Al-Faisal: Art of Heritage showcases Saudi identity with a modern vision    Mexican border town declares state of emergency as Trump pledges mass deportations    Trump vows to leave Paris climate agreement    Trump declares border emergency and scraps asylum app in immigration crackdown    Weight-loss drugs may boost health in many ways    Interior ministry introduces drone to enhance road security    Sir Anthony Hopkins mesmerizes Riyadh with his first live musical performance 'Life Is A Dream'    Yazeed Al-Rajhi wins Dakar Rally 2025: A historic first for Saudi Arabia    Bollywood star Saif Ali Khan 'out of danger' after attack at home in Mumbai    Al Ittihad secure 4-1 victory over Al Raed to maintain pressure on Al Hilal in RSL title race    Marcos Leonardo shines with hat-trick as Al Hilal thrash Al Fateh 9-0 to equal RSL record    Saudi's first pro boxer Ziyad Almaayouf set for monumental Riyadh return during Riyadh Season    Order vs. Morality: Lessons from New York's 1977 Blackout    India puts blockbuster Pakistani film on hold    The Vikings and the Islamic world    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    









Mongolians vote for new parliament with economy on the rocks
Published in The Saudi Gazette on 30 - 06 - 2016

Mongolians voted on Wednesday for a new parliament, with slowing growth topping the list of concerns for many, while the main opposition party promised to rein in spending and the ruling party looks to diversify a resource-reliant economy.
With just three million people, the remote country best known as the birthplace of Mongol emperor Genghis Khan has stood as an oasis of democracy, surrounded by single-party dominated regimes.
Mongolia's political transformation since a peaceful revolution in 1990 has been a big draw for foreign investors eyeing its rich mineral resources, unleashing a boom from 2010 to 2012.
But an abrupt economic slowdown since 2012 has stirred controversy over the role of global mining firms such as Rio Tinto , which last month finally approved a $5.3-billion extension plan for the Oyu Tolgoi copper mine.
Polls suggest that voters, fed up with four years of slowing growth under the ruling Democratic Party, are likely to give more seats to the main opposition Mongolian People's Party, which ruled from 2008 to 2012.
"We've had enough of the older guys," said Badral Bayasal, a candidate for the Civil Movement Party. "Our generation of millennials are making a change, and it's our time to express our voices."
Both parties have promised higher wages for workers and a cut in government liabilities.
Stability during the MPP's rule helped lure investors to Mongolia, nicknamed "Mine-golia" in the boom years. But it has since struggled to adapt to giant neighbor China's reduced appetite for coal and copper, which has hit commodities prices.
Economic growth is projected at 0.4 percent this year by the IMF, a steep fall from 17.5 percent in 2011, the year before the Democratic Party took power.
Since 2012, Mongolia has borrowed billions of dollars in sovereign debt. In March, rating agency Moody's gave it a negative outlook, citing the rising debt burden, a projected widening of budgetary imbalances and mining revenue shortfalls.
The MPP, which has held power most often since the 1990 reforms, has criticized the Democrats' economic management and the borrowing spree, promising to reassess spending and tighten fiscal management.
"I'm thinking let's support the Mongolian People's party, when we vote for that party our lives, our future, our destiny will be much better,"
Batsaikhan, a resident of the grasslands around Ulaanbaatar, the capital, said in comments aired on television.
For their part, the Democrats have defended the use of bond proceeds to help start new industries aiming to replace imports with domestic products and have pitched a plan for a wealth fund to make the economy resilient, and decentralize the government.
Election results are expected from Thursday.
At an appearance at a polling station in the capital, President Tsakhia Elbegdorj urged citizens to vote.
"Every person has the right to vote in the elections, but coming to the polling station is also the citizen's duty," he added.


Clic here to read the story from its source.