Mongolian Prime Minister Jargaltulga Erdenebat said on Monday that the newly-formed government will take various measures to tackle the current economic difficulty faced by the country.

Speaking at a press conference, Erdenebat said his government will soon submit an economic rescue plan to avoid further crisis during the parliament's non-regular session, which is expected to start in early September.

The government is also planning to revise the national budget to reduce the budget deficit and expenditures, and implement a two-phase plan to overcome the economic crisis.

According to him, in the near term or in the next 12-18 months, the government will take measures to stabilize macro economic conditions and make the government budget more realistic, and in the second phase, will take measures to support economic growth.

The resource-rich country recorded an eye-catching 17.3 percent growth rate in 2011. But later, the Mongolian economy stalled due to the global commodity downturn and unfriendly investment environment. The formation of Mongolia's 16-member cabinet concluded on July 30 with the parliament approving the last four ministers.

Source : XINHUA