Mongolia is experiencing a major economic transformation thanks to its vast mineral resources. It has been one of the fastest growing economies in the world registering economic growth of 17.5 percent in 2011 and 12.3 percent in 2012. The natural resource revenues—from the OyuTolgoi mine along with other major discoveries— provide a great opportunity to significantly enhance national wealth and share prosperity across all Mongolians. However, large revenue windfalls from minerals do not come without significant challenge. Increasing reliance on mineral resources with their highly volatile nature makes the Mongolian economy more vulnerable to abrupt mineral market downturn. So what can be learnt from international experience with managing natural resources?

This student forum organized by the World Bank will provide an opportunity to learn key issues on mineral resource management and international experiences to college students, who will eventually lead the country in the future. Specifically, the student forum will help answer key questions including:

• What types of fiscal management are appropriate for resource rich countries?
• What is a Sovereign Wealth Fund and how might one support Mongolia?
• What are other countries experiences with managing natural resources and how have they utilized Sovereign Wealth Funds?

Friday, March 23, 2013

09:00-09:10

Opening Remarks by Mr. T.Dorjkhand, Director General, Financial Policy and Debt Management Department, MoFand Ms. CoralieGevers, Country Manager, The World Bank

9:10-09:30

Fiscal Management and Resource Funds in Resource-Rich Countries.

Mr. Rolando Ossowski, Former Assistant Director, IMF

09:30-09:40

How has Chile managed revenues from Copper? And what role did the Sovereign Wealth fund play?

Mr. Eric Parrado, Former Head of the Chilean Economic and Social Stabilization and Pension Reserve Fund

09:40-09:50

How has Botswana managed revenues from Diamond mining? And what role did the Sovereign Wealth fund play?

Mr. Keith Jefferis, Former Deputy Governor of the Central Bank, Botswana

09:50-11:00

Questions and Conversation with the Presenters

Moderator: Taehyun Lee, Senior Economist, World Bank

The international speakers will be available for questions, provide clarifications from their presentations and discuss students’ ideas.