Today, /2015.06.12/ Citizen Participation and Economic Policy Advisor to the President of Mongolia L.Dashdorj has submitted a draft Law on Future generation fund or future legacy fund to the Speaker of Parliament Z.Enkhbold.

The draft Law was submitted on October 13, 2014, and discussed at the plenary session of the Parliament on June 11, 2015, but Members of Parliament proposed to make changes due to the amendment of the relevant laws.

Law on Future generation fund was initiated by the President of Mongolia. A certain percentage of revenues from mining sector will be deposited in the fund for the future generation. The law creates an adequate legal environment for the fund management. Following the international standard, the fund will be independently administered. Law on Future Generation Fund is drafted to be the next phase of Human Development Fund. Every country has a unique name for their sovereign wealth fund, and Mongolia’s will be “Future Generation Fund”.