How Mongolia Learned From Chile on Managing a Mineral-Rich Economy

A World Bank blog: The Chile-Mongolia dialogue paved the way for a series of landmark reforms from UlaanBaatar - including law-based structural budget balance rules, ceilings on net public debt and on yearly increases of public expenditures, the creation of a Fiscal Stability Fund to be invested overseas and diminish Dutch Disease risks, a Public Procurement Law, a revamp of the social welfare system that laid the ground for a more efficient and cost-effective social protection, and others. Implementation will certainly have its challenges, as legislative steps are only the beginning. But Chile's example has shown that moving along such a path may lead Mongolia to extract the largest bang from their natural-resource buck.

Link to full Policy Note.