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. 

Related Articles

World Bank raises growth forecasts for Kazakhstan and Azerbaijan

The World Bank’s latest “Global Economic Prospects” report issued on January 10 offers a mixed picture when it comes to the GDP growth prospects of countries across Central Asia and the ... more

Mongolia risks defaulting on $580mn bond after talks on Chinese loan stall over Dalai Lama visit

Mongolia is currently courting Russia, India and the United Arab Emirates for a loan on favourable terms to repay a state-issued $580mn bond that matures in March, CNBC reported on December 21. ... more

Mongolia wants to use $1bn loan from Indian Exim Bank for oil refinery, pipelines

Mongolia will seek the approval of India's Export- Import (Exim) Bank to use a $1bn loan negotiated last year to finance a project for the construction of an oil refinery and oil pipelines, Bloomberg ... more

Register here to continue reading this article and 2 more for free or purchase 12 months full website access including the bne Magazine for just $119/year.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

To continue viewing our content you need to complete the registration process.

Please look for an email that was sent to with the subject line "Confirmation bne IntelliNews access". This email will have instructions on how to complete registration process. Please check in your "Junk" folder in case this communication was misdirected in your email system.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

If you have any questions please contact us at sales@intellinews.com

Subscribe to bne IntelliNews website and magazine

Subscribe to bne IntelliNews website and monthly magazine, the leading source of business, economic and financial news and commentary in emerging markets.

Your subscription includes:
  • Full access to the bne content daily news and features on the website
  • Newsletters direct to your mailbox
  • Print and digital subscription to the monthly bne magazine
  • Digital subscription to the weekly bne newspaper

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

bne IntelliNews
$119 per year

All prices are in US dollars net of applicable taxes.

If you have any questions please contact us at sales@intellinews.com

Register for free to read bne IntelliNews Magazine. You'll receive a free digital subscription.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

IntelliNews Pro offers daily news updates delivered to your inbox and in-depth data reports.
Get the emerging markets newswire that financial professionals trust.

"No day starts for my team without IntelliNews Pro" — UBS

Thank-you for requesting an IntelliNews Pro trial. Our team will be in contact with you shortly.

Dismiss