Mongolia Mining Windfall Masks Private Sector Problems
Mongolia is sitting on a record mining windfall, but a quiet crisis has left nearly 60% of its local businesses completely inactive. To halt the bleeding, the government is proposing its most significant tax overhaul in years.
The fiscal backdrop gives the Uchral administration room to act. Backed by surging export revenues, the nation’s balance of payments swung from a $602 million deficit to a $574.6 million surplus.
