Mongolia sets up sovereign wealth fund.

Mongolia's parliament has approved the establishment of a National Wealth Fund, which aims to enhance the country's economic and social infrastructure. The fund is projected to reach a value of $2.9 billion by 2030. It will consist of three primary funds: the Future Heritage Fund, the Savings Fund, and the Development Fund. Similar to practices in Alaska, Norway, Kuwait, Kazakhstan, New Mexico, and Saudi Arabia, each citizen will receive a share of the fund's return on investments. The fund will support Mongolia's Vision 2050 plan and prioritize areas such as health, education, and housing. The Prime Minister highlighted the importance of prudent negotiations, such as the cancellation of significant debts related to projects like Oyu Tolgoi, in leveraging mineral revenues for transformative change and sustainable growth. In 2023, Mongolia's economic growth was 7%. [Extracted from the article]