<h1>Mongolia's New Leader Vows Economic Reform, Cuts $640M Spending to Tackle Inflation and Budget Challenges</h1> A new prime minister was elected in Mongolia after protests led to the previous leader's resignation. The incoming leader pledged to address economic challenges, including reducing government spending by $640 million, implementing tax reforms, and ensuring economic growth benefits all citizens. He was approved by parliament with an overwhelming majority, facing challenges of high inflation, budget deficit, and power shortages.