Mazhar Saleh: The Generation Fund is an important step to secure the future of our children
Tuesday 07 September 2021 263
Baghdad: Shaima Rashid
The Economic Adviser to the Prime Minister, Mazhar Muhammad Salih, said: The government's intention to establish the "Generation Fund" is an important step that is applicable in all countries of the world and was supposed to be started a long time ago, indicating that
"this fund will protect future generations and provide wealth that helps them in prosperity and progress.".
In an interview with "Al-Sabah", Salih stated that "Iraq is one of the countries producing raw materials,
and it is the only country that does not have a supporting side wealth,
as all countries, when they have high surpluses, try to invest them with assets, either real or financial to generate returns and income,
and the goal of these wealth is be perpetuating for the next generation.”
He added that "future generations will either inherit prosperity and progress, or they will inherit ruin, debts and broken infrastructure, which is a great disaster," noting that
"all countries with high resources invest them properly for future generations and pass them on to those generations through funds."
And he indicated that “the Generations Fund is an investment fund whose function is diverse from bonds and shares, that is, real resources that can contain high and efficient income and management to maximize its resources at all times and be supportive of the future of income and wealth for future generations,” noting that
“the current generation if it squandered resources, it will create a deficit He bequeaths havoc to future generations,
and those generations are waiting for us to work.”
He continued: "All countries have sovereign funds for generations, and Iraq should turn to this matter," noting that
"the financing of this fund will be through raw materials such as oil or any other stocks, and also through deductions that will end, such as the deductions of the Kuwait war,
In general, banks contribute to its management, and the fund can have a special management and the use of international consulting companies to manage sovereign wealth funds to take instructions for diversifying and managing them.