Mongolia names new PM, putting IMF package back on track

Reuters News
Posted: Oct 04, 2017 3:37 AM

ULAANBAATAR (Reuters) - Mongolia's parliament confirmed the nomination of Ukhnaa Khurelsukh as prime minister on Wednesday, putting the country back on course to receive funds from a $5.5 billion economic rescue package from the International Monetary Fund.

Khurelsukh, of the ruling Mongolian People's Party (MPP), received unanimous approval from the lawmakers in attendance for his confirmation as Mongolia's 30th prime minister.

He will face challenges in bringing back foreign investment to the mineral-rich former Soviet satellite and manage the country's heavy debt load.

The IMF has approved an economic bailout program to help relieve debt pressures and buoy the local currency, the tugrik, that includes austerity policies.

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A visit to review the program that included the disbursement of $37.82 million of the funds was delayed in September until a new government was formed.

(Reporting by Terrence Edwards; Writing by Ryan Woo; Editing by Nick Macfie)