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Iraqi sovereign fund providing for the future

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1 Iraqi sovereign fund providing for the future on Thu Aug 25, 2016 1:35 am


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Iraqi sovereign fund providing for the future

25/8/2016 12:00 am
Baghdad-Mostafa Hashemi

Economist said: «sovereign Fund» financial economic experience Iraq needs to fight being universally supported was the best means for future generations investment savings, especially if circumstances require accelerated study this experience and apply consistent and indeed the country especially that increase in population by about 3 percent annually would require increased financial services and its destinations through time.

Academic stressed the economic almhaoili Essam Iraq desperately needs to create a sovereign Fund as soon as possible because such investment savings would be for future generations and not to the current generation.

Sovereign Fund-by almhaoili-a provision for the future of the country and the Government, often in the form of bonds and investments in real estate or companies or banks, and these are likely to be investment outside the country variations in the advanced capitalist countries, particularly if the country «owner» of Fund developing countries.

Almhaoili said in the interview for «morning» Iraq need to reflect this box day after day, especially to the country's economy REI and UNI funding, because of the circumstances of declining oil prices and war on terror ISIS and request it sustainability funding.

He noted that if Iraq's sovereign fund to resorted to external borrowing and seek support from donor countries and international monetary institutions, explaining the importance of having this box, under present conditions, for it will serve as the bumper of the crude oil price fluctuations and against limiting its repercussions on the country's budget.

He said if we know that Iraq's population grows by about 2.6 percent a year, that means the need to increase the supply of services and increased her payments customizations commensurate with size of population growth through time, hence the importance of this sovereign funds, which are investment portfolios (investment portfolios).

And almhaoili there are a number of constraints in the establishment of the Fund, at least for now, namely by deciding who will manage this Fund and chose his vocabulary of bonds and investments, as well as ensuring the independence and inviolability of Fund money is invested or direct them to some foreign investment in Exchange for kickbacks.

Academic stressed that the Fund is important and essential for Iraq and more importantly need managed by foreigners and Arabs (and some Iraqi authorities as the ministries of finance and Foreign Affairs, the Office of financial supervision, the Central Bank) but keep options when select Arabic and foreign parties and to stay out of politics in these options because they are not experienced.

Almhaoili concluded by saying not all States require such funds to the economies of some States and what characterizes the vitality and innovation rush gown and continuous production, making it goes like this, but that doesn't mean that they are excessive in their fortunes since it has a variety of methods to support their economies for the future.

Kuwait was the first sovereign fund experience began in 1953 as the encyclopedia.

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