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The House of Wisdom discusses the establishment of the Generations Fund

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The House of Wisdom discusses the establishment of the Generations Fund

Thursday 16 September 2021 169
Baghdad: Haider Falih Al-Rubaie


The participants in the economic symposium held by the House of Wisdom, entitled {Sovereign Wealth Funds - Iraqi Generation Fund, a necessary requirement} agreed on the importance of the government adopting the establishment of a sovereign wealth fund directed to real investment inward within the framework of exceptional strategic economic and social development and in a different administrative style.

Sovereign wealth funds, according to the chair of the virtual session, Dr. Falah Thuwaini, “represent special-purpose investment arrangements, owned and established by the general government for macroeconomic purposes, and that hold, employ or manage assets.” to achieve financial goals.

economic supremacy

The financial advisor in the Cabinet, Dr. Mazhar Muhammad Salih, told Al-Sabah that the main topics discussed in the issue of the sovereign fund focused on one dilemma, which is how a deficit economy over the past 40 years can establish a sovereign wealth fund,

Sovereign funds are a phenomenon that arose in surplus economies in general.

Saleh stressed the need to adopt a sovereign wealth fund directed to real investment inward within the framework of exceptional strategic economic and social development and in a different administrative style, noting that

this matter “requires the presence of the state’s economic sovereignty again in managing the economic project by moving the idle projects and idle wealth of the public and private sectors,

That is, in partnership with the market and foreign investment
.

investment activities

The financial advisor believes that these steps will lead to “moving and developing the national economy and transforming it into a sustainable surplus economy through investment activities that work on a real diversification of the sectors of the economy,”

pointing out the importance of “the proposed inward-oriented sovereign fund is managed through a system similar to holding companies.”

He indicated that the existing 40 sovereign funds around the world differ from country to country and from fund to fund. Box}.

In order to overcome legislative difficulties, Saleh pointed out that the symposium concluded with a proposal {that the Iraqi Fund for Foreign Development in the Ministry of Finance, be the legal basis for managing the next sovereign wealth fund for Iraq after agreeing on the fund’s style and nature, whose money will necessarily be from the state’s wealth outside the budget.

Mostly public and in financial and administrative partnership with the natural wealth of people
and morale}.

Various definitions

In turn, the chair of the session, Dr. Falah Thuwaini, presented a prelude to the sovereign wealth funds, noting that

{in view of the diversity of these funds in terms of their objectives, sources of funding and types, many concepts emerged from countries, international organizations and researchers, and each knows them according to a certain standard}, explaining that

{The International Working Group of Sovereign Wealth Funds (IWG), which is a group of (26) member states of the International Monetary Fund and owns the largest sovereign wealth funds, gives a concept of a kind of inclusiveness, as it defines the matter as special-purpose investment arrangements, owned and established by the general government For macroeconomic purposes,

it holds, employs, or manages assets to achieve financial objectives, using investment strategies that include investing in foreign financial assets.

Thuwaini explained that sovereign wealth funds are classified based on many criteria and indicators, such as the goals they seek, such as future generations savings funds, stability funds, reserve investment funds, development funds and retirement reserve funds, and are

also classified according to the scope of the fund's work, such as local sovereign funds, international sovereign funds and sovereign funds. Mixed,

as well as divided according to funding sources, such as funds financed by raw materials, funds financed by current payments surpluses, funds financed by privatization proceeds, funds financed by budget surpluses, and according to the degree of transparency.

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