Saleh: The sovereign wealth fund will see the light next year

Economy News _ Baghdad

The Financial Advisor to the Prime Minister confirmed the appearance of Mohammed Salih on Sunday that the sovereign wealth fund will be launched next year after the implementation of the law of the National Oil Company, noting that the fund will be used for development purposes directly.

Saleh said in an interview with "Economy News" that "most countries that achieve surplus balance of payments due to the export of natural resources are working to establish a sovereign fund," noting that "the Fund is used to diversify and absorb financial returns over time and for development purposes and reduce the unemployment rate and end the crisis Living ".

He noted that "the sovereign wealth fund will see the light after the implementation of the law of the National Oil Company during the next year."

He added that "the fund's resources will be diversified among stocks, bonds, real estate and others," adding that "the sovereign fund will be linked to the government in general, and the Supreme Finance Committee to take over under the supervision and control of the Office of Financial Supervision and the Finance Committee in the House of Representatives."

He noted that "there are more than 90 sovereign funds around the world at present, with a financial balance of 20 trillion dollars."

Saleh stressed the need to invest the funds of the Fund to run government companies that have been stalled since 2003 to take advantage of their revenues to rotate the Iraqi economy.

While the economist Abdul Jalil al-Rubaie, earlier through "Economy News", called on the government to establish a "generation fund" of the surplus of previous and subsequent budgets to address the economic and political crises in the country.

"The fund is implemented globally by Arab and foreign countries and the funds are allocated from the surplus of previous budgets to cope with economic crises," Rubaie said.

MP Majida al-Tamimi, revealed earlier, the total actual oil revenues achieved during the year 2018 for the period from January to the end of September, which amounted to (60.436) trillion dinars.




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