Chapter

Political and Economic Dislocations, 1997–2004

Morris Rossabi

in Modern Mongolia

Published by University of California Press

Published in print April 2005 | ISBN: 9780520243996
Published online March 2012 | e-ISBN: 9780520938625 | DOI: http://dx.doi.org/10.1525/california/9780520243996.003.0004
Political and Economic Dislocations, 1997–2004

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Even after the defeat of its candidate for president in May 1997, the Democratic Union did not revise its policies. Prime Minister Mendsaikhany Enkhsaikhan and Davaadorjiin Ganbold, the most enthusiastic advocates of the market economy, pressed forward with privatization for the remainder of their years in power. Despite indications of abuses in earlier privatizations, the international donor agencies lobbied hard to continue the process. The IMF pressed for the privatization of what it referred to as the Most Valuable Companies and threatened to withhold pledged loans if the Gobi Cashmere Company and NIC, an oil company, were not sold. By 2004, despite thirteen years of one of the highest per capita levels of foreign aid to any country in the world, the Mongolian economy still faced considerable difficulties. GDP was lower than the international donor agencies perennially predicted, although it increased in 2003 and the first half of 2004.

Keywords: Democratic Union; privatization; democracy; Mendsaikhany Enkhsaikhan; market economy; IMF; Mongolian economy

Chapter.  13944 words.  Illustrated.

Subjects: Asian History

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