- Title: Mongolia: New Prime Minister
- Date: 24th July 1998
- Summary: Following the resignation of the cabinet headed by Mendsaikhanii Enkhsaikhan on April 20 Parliament elected Tshakhiagiin Elbegdorj as prime minister and on April 23. The mineral-rich pastoral country of Mongolia is scrapping central planning after the reformist coalition in 1996 routed the ex-communists from seven decades of power. Elbegdorj on April 28 told Reuters he would speed up economic reforms and cut red tape to boost foreign investment in the struggling former communist country. "I believe direct foreign investments are the best way to heal the Mongolian economy," Elbegdorj said in his first official interview since becoming prime minister of one of the world's poorest nations. Ulan Bator is seeking investment in the mining and infrastructure sectors. Elbegdorj said his cabinet, which was expected to be approved by parliament this week, would work to bring investment laws up to international standards, cut income tax and pare down the state bureaucracy. On July 24 1998, following a row about a bank merger, Elbegdorj and his cabinet resigned.
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- Location: MONGOLIA ULAN BATOR Ulaanbaatar
- Reuters ID: LDL001295SRP3
- Aspect Ratio: 4:3
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- Copyright Holder: Reuters Archive
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