Khaltmaa Battulga inauguration to take place on July 10

Khaltmaa Battulga inauguration to take place on July 10

Khaltmaa Battulga inauguration to take place on July 10

With Battulga Khaltmaa of Mongolia's leading opposition Democratic Party set to assume the presidency on Monday, the former communist state could begin to significantly restructure its economy, reducing its reliance on neighboring China and strengthening ties to other world powers.

Battulga was proclaimed as the victor, however the election's final results are yet to be announced by the country's General Election Commission.

M - Parliament Speaker M. Enkhbold officially announced the results of presidential election in Mongolia, Montsame state news agency reported.

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Election officials are still, however, waiting on a final count of votes from overseas.

Ganbaatar cried foul and demanded a recount, but the result was eventually confirmed.

"Although the MPP couldn't succeed in this election, the cabinet will keep working to complete our agenda of overcoming the financial crisis for the wellbeing of our people", said Enkhbold.

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During Battulga's tenure as Mongolian Judo Association President, the country won its first Olympic gold when Naidangiin Tuvshinbavar claimed the men's 100 kilogram title at Beijing 2008.

Battulga, 54, who is a real estate tycoon and former wrestling champion said, "I will start work straight away to resolve the economic difficulties" of the country.

The former Soviet satellite's economy grew by a measly one percent past year, a stark contrast from an impressive 17 percent in 2011.

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The country's main export commodity is copper, whose price has crashed in worldwide markets, plunging the country in a dire economic condition.

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