Mongolia digs in against doubts over fund to spread mining wealth

ULAANBAATAR -- Mongolia is counting on a new sovereign wealth fund system likened to Norway's to ensure its resource riches are fairly distributed, but some worry the program is more of a political move than a real force for equitable development.

Lawmakers in late April approved legislation for establishing and managing the wealth fund, just ahead of the country's parliamentary election in late June -- the first for a legislature expanded from 76 to 126 seats.