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ULAN BATOR, Sept. 7 (Xinhua) -- Mongolian lawmakers have votedThursday night to dismiss Prime Minister Jargaltulga Erdenebat foralleged incompetence and corruption related to the signing ofgovernment contracts with companies tied to members of hisCabinet.

Out of 73 lawmakers present during voting, 31 lawmakers ofruling Mongolian People's Party (MPP) voted against dismissal and42 lawmakers including 33 lawmakers from the MPP and 8 lawmakersfrom opposition Democratic party and 1 independent lawmaker votedfor dismissal of Erdenebat and his cabinet. Erdenebat's cabinet wasformed in July Rasul Douglas Eagles Jersey , 2016 and will be dismissed after 14 months inoffice.

A bloc of lawmakers from the ruling Mongolian People's Partyjoined with opposition Democratic Party lawmakers demanding thatPrime Minister Jargaltulga Erdenebat resign for allegedly violatingparliamentary procedures through the granting of contracts worththe equivalent of 328 million U.S. dollars to companies linked tothree cabinet members.

Erdenebat said "in the past 25 years, Mongolia saw 13governments. From these governments, only 2 governments finishedits full four-year term and other 11 resigned in half-way or workedin 1-2 year period. Dismissal of the governments sets wrongpractice that delays development of nation and harms economy ratherthan an exercise of accountability mechanism" and defended hiscabinet actions during parliamentary discussion.

His cabinet members also refuted the allegations and said theyhave nothing to do with awarding of the government contracts tocompanies associated with their families.

Collapse of the Mongolian government who was in the midst ofimplementation of IMF bailout program poses risk for political andeconomic stability of the landlocked nation.

International investors and businesses always worry aboutpolitical stability in Mongolia and hoped that under governance ofMPP Sidney Jones Eagles Jersey , Mongolian government will be stable. This is the first time,that ruling party lawmakers from MPP which controls 65 seats in theparliament dismissed its own government for incompetence and closedshadow dealing with special interest businesses.

Dale Choi, an analyst at Altan Bumba Financial Group said in aresearch note assured investors that "forced resignation of PM isinternal party politics Derek Barnett Eagles Jersey , clearing the decks after presidential(elections) defeat in July. I hope new PM will offer ex-financeminiter his job back as it would be comforting to investors. buteven if not, there are plenty of technocrat MPs to continue IMFprogram adequately."

According to Mongolian law, new prime minister and cabinet areto be appointed by Parliament within 45 days. Nomination of new PMand his cabinet members have to be consulted and approved by thepresident. Until new P.