Mongolia’s opposition MPP returns to power in landslide victory

By bne IntelliNews June 30, 2016

The main opposition Mongolian People's Party (MPP) won a landslide victory in parliamentary elections held on June 29, luring back disillusioned voters amid a sharp economic slowdown and rising unemployment.

The MPP won 65 of the 76 seats in the national parliament, the State Great Khural, according to preliminary results. The capital Ulaanbaatar’s election committee said the voter turnout stood at 70.4% - 593,999 Mongolia citizens voted out of the registered 843,689, state-run Montsame news agency reported on June 30. MPP secured 34 out of 45 seats represented by Ulaanbaatar. The capital accounts for roughly half of the country’s population. Official results will be available later on June 30.

MPP is taking back power from the Democratic Party, which has ruled the country during the past four years presiding over an economy that has gone from booming to flat. The country has struggled to adapt to neighbouring China's shrinking appetite for copper and coal, which has hit commodities prices. Mongolia has borrowed billions of dollars in sovereign debt since 2012, resulting in a negative outlook from Moody’s rating agency.

The MPP, which has led the country for most of its quarter of a century as a democracy, was credited for luring investors to Mongolia. 

Read in IntelliNews Pro
Get IntelliNews Pro

Related Articles

Fitch says RWN placed on Mongolia’s only policy bank DBM may take more than six months to resolve

Fitch Ratings said on November 30 that the rating watch negative (RWN) it ... more

Mongolia moves to redeem $600mn Khuraldai bond

Mongolia on November 30 announced debt regulation measures to refinance its $600mn Khuraldai bond. Ulaanbaatar extended an offer to investors for a cash buyback of the 8.75% interest rate, with ... more

Fitch places Development Bank of Mongolia on rating watch negative

Fitch Ratings on October 18 placed Development Bank of Mongolia (DBM’s) Long-Term Issuer Default Ratings ... more

Follow Us On

Most Read

  1. Ukraine's birth rate plummets to 300-year low as country’s population collapses
    6 days ago
  2. Russia’s war economy boosted by rising oil prices
    7 days ago
  3. Fresh evidence suggests that the April 2022 Istanbul peace deal to end the war in Ukraine was stillborn
    6 days ago
  4. Iran vs Israel: Who is better equipped for war?
    9 days ago
  5. Oil continues to flow to Israel via Turkey despite Erdogan’s vehement speeches on plight of Gaza
    5 months ago
  1. Russia could pay off its entire external debt tomorrow, in cash
    24 days ago
  2. Speculation swirls of “Men in Blue” in Crocus City Hall terrorist attack linked to FSB
    28 days ago
  3. Albanians campaign on social media to keep bus bridge created in freak accident
    1 year ago
  4. BRICS announce a blockchain-based payment system to create a common currency
    26 days ago
  5. UBN: Russia could take the Baltic states in 48 hours
    1 month ago

Reports

Dismiss