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Yearbook 1997

Mongolia. According to Countryaah, the bourgeois government that took office in 1996 has accelerated the restoration of the public economy. Crisis-hit banks have been closed, government spending has been sharply reduced, and fees for electricity, water, etc. has been raised. In May, Mongolia was probably the first country to abandon all customs duties. The lenders pay tribute to the reforms, but the individual Mongols are severely affected and have seen their real wages fall by 30% in one year. Abolished price controls have led to rapid inflation and unemployment of about 28%. The United Nations Agricultural Organization FAO warned in October of food shortages. One fifth of the population is classified as poor and at risk.

1997 Mongolia

In the May presidential election, the former Communist Party candidate Natsagijn Bagabandi won by more than 60% of the vote before the bourgeois President Punsalmaagijn Otjirbat, who got just under 30%. Bagabandi, in February elected leader of the Mongolian Revolutionary Party, Mongol Ardyn Chuvisgalt Nam, promised to slow the pace of reform and focus more on social issues. However, privatization will continue and the government plans to sell more than 800 state-owned companies by 2000, among other things. the airline and the largest copper mine.

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