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Mongolia forms new cabinet amid economic difficulty

Xinhua, July 30, 2016 Adjust font size:

The formation of Mongolia's 16-member cabinet concluded Saturday with the parliament approving the last four ministers.

The health minister, energy minister, minister of food, agriculture and light industry as well as the minister of construction and urban development were approved by a majority of lawmakers at a session that continued till early Saturday morning.

Mongolian Prime Minister Jargaltulga Erdenebat said that in the face of difficult social and economic conditions, the government will take concrete actions to restore investors' confidence, protect foreign investment and create a stable and legal environment for investors.

In parliamentary elections held on June 29, the Mongolian People's Party won 65 seats at the 76-seat parliament while the previously ruling Democratic Party of Mongolia (DPP) only won nine seats.

In the past few years, the land-locked country was trapped in economic difficulty amid plummeting commodity prices and a poor foreign investment environment. Endi