Mongolia’s prime minister resigns following tensions within the ruling party

ULAANBAATAR, Mongolia (AP) - Mongolia 's Prime Minister Zandanshatar Gombojav resigned Friday after rising tensions within the ruling Mongolian People's Party and a parliamentary boycott by the opposition.

The parliament accepted Zandanshatar's resignation.

The opposition Democratic Party earlier this month launched a boycott of parliamentary activity, citing concerns over the concentration of power within the ruling party. There have been months of corruption allegations against Justice Minister Enkhbayar Battumur, a close ally of Zandanshatar, who has not been accused.

In a statement on social media, Zandanshatar, who had been prime minister since June, said the political infighting would end up harming the economy and lead to rising prices.

Upon parliamentary approval, he is set to be replaced by party chairman Nyam-Osoryn Uchral, who is currently serving as parliament speaker.

The turmoil is likely to heighten concerns among foreign investors, who have been wary of Mongolia's political volatility and the short tenure of successive governments.

The country, heavily dependent on mining exports to neighboring China, has struggled with shifting regulations and corruption concerns.