Ch.Saikhanbileg said that DP and MPRP implemented the four tens system together. Oyutolgoi agreement was established and the Human Development Fund Law was approved. MNT 116 billion will come to the fund from mineral resources. When the Oyutolgoi and Tavantolgoi deposits are used, we will earn more than just MNT 1.5 million.
Ch.Khurelbaatar: This fund is the biggest investment for Mongolians. Starting today, every Mongolian will be a shareholder of strategic mines.
Minister for Defense L.Bold:
The Parliament approved the Human Development Fund. Did the proposal of Bayanmongol Corporation which you initiated actualize?
Parliament discussed about the draft laws for a long time about Government initiated Motherland Allowance and Bayanmongol Corporation /Treasure Proportion/ which was initiated by MPs B.Baybayar, Ya.Batsuuri, D.Gankhuyag, D.Zorigt, D.Odkhuu and myself. During the discussion, MPRP and DP groups agreed to unite the draft laws and made the Human Development Fund. I’m happy that the standpoints of the proposal I’ve made six months ago was included in this law. I consider this as a decision that not only me, but all citizens of Mongolia must be happy for. Previously, several big mining projects were implemented, but most of them did not benefit the citizens because the officials shared the revenue. Human Development Fund has created a condition that each citizen can become the owner of the homeland’s treasure. In other words, Bayanmongol Corporation which was just a dream yesterday is now real.
Can you actually say that your proposal was accepted even though there is not a single word about Bayanmongol Corporation?
The Clause-3 of the law describes about sources of compounding the Human Development Fund. The money will come from Government share dividends of license holders of strategic mines, revenue of share sales, advance payment and deposit usage payments. The law said a national company with a special right will own the Government shares. Every Mongolian citizen will be the shareholder of this company. This is just like the Bayanmongol Corporation which I talked about. The name is not important.
Some politicians say that the promises of two parties to give money to each citizen were impossible. Did Human Development Fund Law answer the doubt?
I think so. A lot of money will come to the fund after Oyutolgoi and Tavantolgoi is used. This is the first time that Mongolian citizens and their families will possess valuable shares to guarantee their future. There were many who said it is impossible. There are also people who still doubt it. I believe that Human Development Fund will be valuable and beneficial like Alaska Fund of USA, Pension Fund of Norway and Investment Fund of Kuwait after 15 strategic and 39 other mines are used. The law is made. Everything now depends on how the fund will operate.
MPRP promised MNT 1.5 million while the DP promised to give MNT 1 million. Will the promises be unified?
I think we will have more potential than just giving MNT 1.5 million. Clause 15 says after the MNT 1.5 million is distributed in ways of allowances and shares, people will be given yearly dividends from the revenue starting the next financial year. The establishment of the coalition Government made it possible to make this law.
