Bill to be developed to establish Sovereign Wealth Fund

Ulaanbaatar /MONTSAME/. The cabinet today, March 10, held its weekly regular meeting and assigned Minister of Mining G.Yondon and Minister of Finance B.Javkhlan to develop bills on Sovereign Wealth Fund and Minerals Exchange. This aims to collect benefits to receive from the underground wealth to the Sovereign Wealth Fund and achieve fair and just distribution to every citizen of present and future generations. In connection with the necessity to valuate mineral products in line with international market value, increase their benefits and take control on related sales and revenues, the cabinet deemed it is essential to have a law on Minerals Exchange. Mining and extractive industries make up 22 percent of Mongolia’s total GDP, 71 percent of foreign direct investment and 94 percent of exports, reports the cabinet secretariat.