Mongolians will vote on Thursday to elect a new parliament which will have the task of distributing the spoils of a mining boom that has brought rapid growth but also rising inequality to the resource-rich nation. Mongolia’s economy has exploded in recent years, as a relatively stable political environment has drawn in foreign investors keen to exploit its vast untapped reserves of coal, copper and gold. Foreign investment quadrupled last year to nearly $US5 billion, according to government data, but little of that has trickled down to the poorest of Mongolia’s 2.8 million people. The ruling Mongolian People’s Party (MPP) and the main opposition Democratic Party both say they want to ensure a fairer distribution of wealth in the vast and remote nation, although neither has given any detailed indication of how.Full Article: Inequality to dominate Mongolia poll | Herald Sun.
Jun 26 2012