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Mongolia to establish sovereign wealth fund www.news.mn
Mongolia will establish a sovereign wealth fund next year as part of its strategy to manage growing revenues from its resources.
The government of Mongolia made the decision during a regular meeting on Friday in a bid to save money from natural resources for future generations.
Mongolia plans to transfer 553 billion Mongolian tugrik (217.3 million U.S. dollars) from its resource revenues into a fund called “Future Heritage” in 2019. Afterward, one trillion Mongolian tugrik (392.9 million U.S. dollars) will be put into the fund every year.
Mongolia’s economy is heavily dependent on mining and commodity exports. Currently, mineral products account for over 90 percent of the landlocked country’s total exports.
Published Date:2018-10-02
