Mongolia's New Prime Minister: Zandanshatar Pledges Economic Reforms
Zandanshatar Gombojav has been elected as the new Prime Minister of Mongolia, promising economic reforms following protests that led to his predecessor's resignation. With an agenda focused on addressing inflation, budget deficits, and equitable economic growth, Zandanshatar aims to overhaul tax systems to favor the middle class.
- Country:
- Mongolia
Zandanshatar Gombojav has taken office as Mongolia's new Prime Minister, following a decisive parliamentary vote. His election concludes weeks of political instability after protests drove his predecessor out of office amid economic discontent.
The new leader, a former banker with a strong economic background, is tasked with addressing high inflation, an impending budget deficit, and potential power shortages. Zandanshatar has pledged to reduce government spending by about USD 640 million, aiming to avert a critical revenue shortfall.
He promises to ensure inclusive economic growth, advocating for tax reforms aimed at easing the middle class's burden while increasing taxes on luxury goods and high incomes. With a focus on utilising the nation's mineral wealth for broader national benefit, Zandanshatar aims to tackle the poverty persisting in Mongolia.
(With inputs from agencies.)
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