Ulaanbaatar
Working group on establishment of sovereign wealth and unified accumulation funds meets
Politics
Ulaanbaatar /MONTSAME/. On April 29, Prime Minister L.
Oyun-Erdene held a consultative meeting with members of the working group in
charge of drafting frameworks for the Sovereign Wealth Fund and Unified
Accumulation Fund. Mongolia currently has the Future Heritage Fund and Fiscal
Stability Fund.
Deputy Minister of Mining and Heavy Industry O.Batnairamdal
introduced a proposed Development Fund, which will help to diversify priority
economic sectors, improve competitiveness with investment in infrastructure,
increase jobs and create a wealthy middle class with earnings.
The Development Fund will be operated in coordination with
the Future Heritage Fund and the Fiscal Stability Fund with a view to creating a
Sovereign Wealth Fund system.
The Unified Accumulation Fund aims to establish the proper
management of the Social Insurance Fund, bring the fund to a loss-free level,
establish an independent social insurance system, and source the pension
reserve fund from mineral resource income and subsidized mortgage
funding.
Minister of Labor and Social Welfare A. Ariunzaya introduced
a proposed policy on a gradual transition to a system of providing all citizens
with comprehensive education, healthcare, pensions, housing, and social
security through the Unified Accumulation Fund.
The working group members were instructed to revise their
drafts, incorporating more proposals and suggestions, and present them back to the
Cabinet.
