BILL ON WEALTH FUND OR HERITAGE FOR FUTURE SUBMITTED TO PARLIAMENT

Ulaanbaatar /MONTSAME/ An advisor to the President on civil participation and economic policy L.Dashdorj Monday submitted to the Speaker Z.Enkhbold a draft law initiated by the President on “Wealth fund or heritage for future” and related to it bills. In case the bill on wealth fund is adopted, a current management system of the macro economy of Mongolia will be changed, therefore a new system will be formed in the economic management, Mongolia will have its own money accumulation from mineral wealth, devoted to next generations, and stable conditions will be created for Mongolia’s economy, said Dashdorj. He went on that a specific part of the revenue from mineral industry will be accumulated to form a financial heritage for the future. Moreover, a system will appear to run a correct management for this fund. In accordance with international experiences, the wealth fund will work as an independent corporation. A system of the Fund for Future is a next phase of the current Human Development Fund (HDF), Dashdorj said. The mining revenue to the HDF will start transmitting to the wealth fund from January 1 of 2018.