Mongolians started voting for a new president on Monday, a media report said.

There are nearly two million voters in the country, which has a population of around three million.

The polls mainly involve candidates from three leading parties, who have offered different measures to ease the government's mounting debt pressure if elected to office, Xinhua news agency reported.

Voting began at 7 a.m. and would continue till 10 p.m. 

Miyegombyn Enkhbold of the ruling Mongolian People's Party and Battulga Khaltmaa of the opposition Democratic Party are considered the main contenders.

The new president would inherit a $5.5 billion International Monetary Fund-led bail-out aimed to stabilise the country's economy.