Mongolia to Create $600 Million Sovereign Fund in July

Mongolia plans to set up a new sovereign wealth fund with $600 million after the country’s June elections, Vice Minister of Finance Ganhuyag Chuluun Hutagt said at a conference in London today.

The country also plans to raise the size of its existing stabilization fund to $500 million from $200 million by the end of the year, he told reporters at the Mongolia Capital Markets Day conference at the London Stock Exchange.

The new fund, which will finance pensions, is set to be created on July 1, Ganhuyag said.

To contact the reporter on this story: Namitha Jagadeesh in London at njagadeesh@bloomberg.net

To contact the editor responsible for this story: Jacqueline Simmons at jackiem@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.