Setting up a sovereign wealth fund and industrial cities is an imperative

[yota691]

Consider mechanisms for establishing sovereign funds that achieve sustainable development

26/10/2017 12:00 am   In a workshop for the Baghdad Economic Forum in cooperation with the Secretariat of the Council of Ministers  Baghdad / Hussein Thugb  The Baghdad Economic Forum in cooperation with the General Secretariat of the Council of Ministers folded the second episode of a continuous series aimed at finding real development mechanisms that promote all sectors. The two sides discussed in the presence of a group of parliamentarians, economists, specialized institutions and international embassies on the subject of "sovereign funds in Iraq and their role in economic development". Challenges that limit the activation of projects and the implementation of projects in all cities of Iraq.  The workshop, which was conducted by economist Bassem Jameel Antoine, began with the speech of the secretary-general of the Cabinet, followed by Acting Representative Karrar Mohammed Abdul-Zahra. He said: "The need for sovereign funds in Iraq stems from the possession of natural resources that provide a financial surplus. Saving the surplus and investing it in the process of development and safeguarding the rights of future generations ». "The workshop represents a platform of ideas and visions that we need today and express a consistent approach that we are keen to spread and consolidate, which is to expand the participation of institutions of society and the state in decision-making and policy-making.  He stressed that «the outputs of the work within this series of seminars will be the subject of great attention and attention by those involved in the industry and decision-making at all levels» Reconstruction,   in turn the head of the Baghdad Economic Forum Fares Al-Salman that "the presence of leaders of thought and economy in Iraq, along with parliamentarians, academics and representatives Diplomacy to discuss this issue, is very important. " He pointed out that the workshop of the sovereign funds comes in conjunction with the Iraqi people's victories against the forces of darkness and terrorism and the start of the reconstruction phase. He pointed out that the Iraqi economy should be identified and strategic bases should be put in place to serve Iraqi national security and contribute to the success of the economic development process. The Prime Minister's financial advisor addressed the appearance of Mohammed Saleh, "the sovereign fund of the submersible and the guarantees of economic development, which is a means by which governments and institutions can put money and accumulate over time to extinguish debts." "Iraq is still at a safe level in its virtual capacities and has a standard rate of less than 60 percent in the ratios of public debt to gross domestic product," Saleh said, adding that "at the last consultation with the IMF, the possibility of Iraq establishing a subprime sovereign fund Financing by supplementary borrowing from the international market by the executive cohesion with the global contracting market to improve the ratio of fixed capital formation relative to gross domestic product to 50% instead of 25% currently and in the coming years.  Spokesman of the Central Bank of Iraq d. Bassem Abdul Hadi proposed "forming an administrative unit in the Ministry of Finance and under the supervision of the Central Bank to prepare the structure and staff and develop its capacity to establish a sovereign fund that performs its functions in such a way that it becomes an active contributor to the economic development process." Achieve development The academic d. "The experience of establishing the DFI was aimed at ensuring the transparent use of the Fund's resources to rebuild Iraq and meet humanitarian needs. Since its establishment under Security Council resolution 1483 (2003) until the end of 2013, Of the role of the Fund in financing various economic sectors aimed at achieving economic development, but did not achieve the desired development despite the funds spent from the Fund for this purpose and for several reasons, including the Fund's adoption of a clear development strategy. Investment Operations He added that the requirements for setting up the Iraq Fund are to define the objective of the Fund's general policy, to provide a legal framework that is the cornerstone of an institutional framework and an effective governance structure underpinned by the proposed fund, as well as to define the functions of responsible government agencies to ensure the professional and operational independence of the Fund The appropriate forms of investment and risk management aimed at promoting the safety of investment operations, as well as the separation between political ambitions and the interest of the economy to ensure economic decisions and implementation of investment operations, and comply with all the requirements of regulation and disclosure and Transparency applied in countries that invest in Iraq 's sovereign fund. Revenue flow "The objectives of the Fund are as a tool to finance economic and social development and contribute to achieving macroeconomic stability by planning spending through the strategy of the flow of oil revenues to the budget, and to maximize savings directed to future generations of depleted resource and achieve the principle of equity in the distribution of wealth, Activating the activity of the stock market through direct and indirect investment of the  Fund's financial assets  ".  He stressed that "the adoption of scenarios for the establishment of Iraq's sovereign fund (stability - investment - development - submersible subject to the priorities of the requirements of the Iraqi economy, which is almost integrated and interact among them, as can not separate the process of development and stability and investment from each other, and the model that may put Iraq at the top of the priority is Sovereign investment fund, because it will be the entrance to each development process and then a factor of economic stability. " Human development  Dean of the Faculty of Business Economics at Al-Nahrain University Star Al-Bayati discussed in his paper Future Fund, which is fully compatible with the concept of sustainable human development, which takes into account the right of future generations to the resources of the poor, then it is unreasonable that the country is going to borrow from abroad and the future generations to bear part of the burden of these loans and their increasing benefits? To the extent that the right of future generations to the underdeveloped resources is demonstrated, it represents an achievement of intergenerational justice and goes even further in its goal when it is a matter of belonging to the homeland.       An investment possibility  ,  explaining that it is "Fund financing through the deduction of a certain percentage of oil revenues are deposited in this fund with the possibility of investing its assets, and some might agree that this percentage be increased by 5 percent, permanently fixed , whether or of the increase in oil prices whenever necessary so "He said.       Al-Bayati pointed out that "the stability fund derives its importance and the obligation to create it from the deficit suffered by the general budget of Iraq since 2003, because of reliance on oil as the most important resource or source of income or public revenues," pointing out that "the main objective is to fill the budget deficit and protect the state To protect the economy as a whole and to stabilize the exchange rate of the national currency against fluctuations in the balance of payments resulting from fluctuations in commodity prices, especially oil, as explained above, as well as to face economic shocks and thus seek sustainable development. Sources of funding According to the Academy d. Hamdiya Shaker to the importance of sovereign wealth funds is more evident in the rentier economies, especially in the oil-dependent countries, one of the dependence on oil as the main source of revenue, and thus suffer from structural imbalances resulting from the high contribution of the oil sector in the generation of GDP and on exports and public revenues , Which may expose them to external shocks and periodic crises due to the continuous fluctuations in oil prices globally and unpredictability, so the biggest challenge facing the oil countries is how to diversify the sources of financing their economies and not rely on a resource and one The countries are creating sovereign wealth funds to guarantee the right of future generations to these wealth by converting a certain portion of oil revenues into medium- and long-term financial assets that benefit the generations.  Coming.

[Big_J]

4 hours ago, yota691 said:

the subject of "sovereign funds in Iraq and their role in economic development". Challenges that limit the activation of projects and the implementation of projects in all cities of Iraq.

One challenge 

[yota691]

Fahmy: Sovereign funds achieve stability and fund projects

30/10/2017 12:00 am   Baghdad / Hussein Thugb   organized the Baghdad Economic Forum in partnership with the Secretariat General of the Council of Ministers recently and his second workshop (within a series of workshops agreed upon between the parties), under the title of "sovereign funds and their role in the development of the Iraqi economy," and conducted by Vice Chairman of the administrative body of the Forum - Jamil Anton in the presence of a number of relevant officials, parliamentarians, local and foreign economic figures, academics and representatives of some embassies, international organizations, the World Bank and the United Nations. Sources of Income The Secretariat confirmed in its speech that "organizing the Baghdad Economic Forum for this workshop comes in support of the steps of the government and the private sector to unify the visions and procedures to develop the Iraqi economy and diversify sources of state income to face future economic shocks."   The head of the administrative body of the Baghdad Economic Forum Fares Al-Salman said in his speech that "one of the objectives of the workshop is to develop strategic bases that serve the economic security which is part of Iraqi national security in order to make the sustainable development process successful. On the identification of its objectives and mechanisms to manage and judiciously judging by benefiting from the experiences of other countries preceded us in this area with the national touch to suit the requirements of the Iraqi economy. Sovereign Funds The workshop included seven research papers, one of which will be discussed in detail, namely, the paper of former Minister of Science and Technology Raed Fahmi, entitled "Sovereign Funds", which dealt with the definition of the concept of sovereign funds, the main types of SWFs and their objectives. Social and financial funds of the potential pension reserve). The researcher also tackled the strategies of the work of these funds, and touched on the role of these funds in the macroeconomic, national (internal) and international levels. As well as the risks that may be faced, and the conditions for the success of investment funds development within the country, and also addressed the paper the pros and cons of each type of funds (The meaning here disadvantages are the risks arising from mismanagement or use of non-establishment goals and others ). The Dutch disease The  paper covered the phenomenon of the Dutch disease in the countries of financial abundance and the role of sovereign funds in mitigating this phenomenon.  The paper presented a successful model, the Texas Texas School Fund, a Texas fund designed to finance the construction of schools in the state.  The understanding of the fund's main objective, including strong financial performance, means that the expectation that the Fund's performance, ie its return on investment and its various functions, will outperform a normative portfolio in terms of the overall relationship between risk and return, including the benefits flowing from this performance and the ability to finance projects within the country And create greater savings for future generations, "he said." They help stabilize the local economy, earn returns beyond those traditionally earned on foreign exchange holdings, and sovereign wealth funds create diversification benefits for the country or country concerned. Diversification reduces risk in several ways, and the Fund's income can be used to finance socially desired social and economic projects. " Good governance   The head of the administrative board of the Baghdad Economic Forum, Fares Al-Salman, discussed the forum's vision, pointing out that Iraq is characterized by abundant sources of resources and natural, financial and human resources as well as the importance of its geopolitical location in the region. There is a rational management of its resources and economy. This requires the reorganization of the Iraqi economy in order to promote the foundations of sustainable development to create a dynamic economy, including the establishment of a package of sovereign funds managed by good governance and transparency as well as the development and support of the Iraqi Fund for Development etc. As one of the influence of the outer skin of the Iraqi state tools to secure the vital area within Iraq's national security theory. In conclusion, I concluded the requirements of the movement to establish a package of sovereign funds and their legal frameworks and methods of governance, management and financing and the implementation of its functions and control. A joint committee of experts from the General Secretariat of the Council of Ministers and the Baghdad Economic Forum was formed to write recommendations.

[yota691]

The General Secretariat of the Council of Ministers and Baghdad Economic emphasize the importance of sovereign funds of the national economy

 

Monday, October 30,

 

 

Alsumaria News / Baghdad confirmed the General Secretariat for the Council of Ministers for Economic and Baghdad, on Monday, the importance of sovereign funds of the national economy, as one of the tools of influence of the Iraqi state to secure the vital area within Iraq 's national security theory.  The Prime Minister's Advisor for Financial Affairs Mohammed Saleh's appearance during a workshop held by the Baghdad Economic Forum on sovereign funds and their role in the development of the Iraqi economy, "The sovereign fund submersible is one of the temporary sovereign funds for real investment, which is funded from the allocations of infrastructure projects in the federal budget available from the resources of self Country ".   Saleh added that "the resources in the Fund will be continuously compensated when withdrawn from it to extinguish the foreign loans provided by the foreign contractors, which are composed through the foreign government agencies guarantor and continuously to ensure the implementation and funding continuously to start contracting work in Iraqto ensure timely and efficient completion, The submersible fund will operate as guarantor and financier for infrastructure projects. "  For his part, the head of the administrative body of the Baghdad Economic Forum Fares Al-Salman said that "Iraq is characterized by abundant sources of resources and natural wealth, financial and human, as well as the importance of its geopolitical position in the region, which urgently requires that there is a rational management of its resources and economy." Al-Salman said that "to achieve this requires the implementation of the reorganization of the Iraqi economy to promote the pillars of sustainable development to create a dynamic economy, including the establishment of a package of sovereign funds managed by good governance and transparency as well as the development and support of the Iraqi Fund for Foreign Development as one of the tools of influence of the Iraqi state To secure the vital field within the Iraqi national security theory. "

[yota691]

The Baghdad Economic Forum and the Secretariat of the Council of Ministers organize a workshop on the importance of sovereign funds

12:04 - 30/10/2017

 

  

Information / Baghdad

The Baghdad Economic Forum, in partnership with the General Secretariat of the Council of Ministers, organized its second workshop under the title "Sovereign Funds and their Role in the Development of the Iraqi Economy," in the presence of a number of relevant officials, parliamentarians, local and foreign economic figures, academics and representatives of some embassies, international organizations, the World Bank and the United Nations.

"The workshop comes in support of the steps taken by the government and the private sector to unify the visions and procedures for developing the Iraqi economy and diversifying the country's sources of income to face future economic shocks," the statement said. The aim of the workshop is to come up with recommendations on the sovereign funds to be established as well as to define their objectives and mechanisms for managing and judging them rationally by taking advantage of the experiences of other countries that preceded us in this field with the development of National unity to suit the requirements of the Iraqi economy. "

The statement added that "seven research papers discussed during the workshop were presented by a number of researchers, including the paper of the Prime Minister's Advisor for Financial Affairs, the appearance of Mohammed Saleh, entitled" The Sovereign Fund and the Economic Development Guarantees. "It included the meaning of the Sovereign Wealth Fund and how to finance it. Allocations of infrastructure projects in the federal budget available from the country's own resources, and are constantly compensated by withdrawing them to extinguish the foreign loans provided by the foreign joint venture companies through the foreign government guarantee agencies, In order to ensure the implementation and funding on a continuous basis to start the work of contracting in Iraq to ensure timely and efficient completion and ongoing financing and thus will operate the submersible fund and the function of guarantor and financier of infrastructure projects.

The statement said that "the other research papers were respectively research by the name of Abdul Hadi Hassan / head of research / Central Bank of Iraq entitled (options available to build a sovereign fund in Iraq in the current circumstances and the prospect of future development) presented a vision to build a sovereign fund or more and addressed how Its administration, its governance, its financing and the obstacles that the Fund may face. It also discussed some of the successful global experiences, as well as a research presented by the former Minister of Science and Technology Raed Fahmi entitled (sovereign funds), in addition to other research by specialists in the field of economics and finance. Ending / 25

[yota691]

The Secretariat of the Council of Ministers emphasizes the importance of the sovereign funds of the economy

Bertha News Agency122 2017-10-30

 

The Secretariat General of the Council of Ministers and the economic Baghdad on Monday, the importance of sovereign funds of the national economy, as one of the tools of influence of the Iraqi state to secure the vital field within the Iraqi national security theory

The Prime Minister's Advisor for Financial Affairs, the appearance of Mohammed Saleh during a workshop held by the Baghdad Economic Forum on the sovereign funds and their role in the development of the Iraqi economy, "The sovereign fund submersible is one of the temporary sovereign funds for real investment, which is funded from the allocations of infrastructure projects in the federal budget available from the country's own resources "He said.

Saleh added that "the resources in the Fund will be continuously compensated when withdrawn from it to extinguish the foreign loans provided by the foreign contractors, which are composed through the foreign government agencies guarantor and continuously to ensure the implementation and funding continuously to start contracting work in Iraq to ensure timely and efficient completion, The submersible fund will operate as guarantor and financier for infrastructure projects. "

[yota691]

Launch of the workshop of sovereign funds and their role in the development of the Iraqi economy 30/10/2017 13:17

Baghdad / National Agency for Iraqi News / nina / The launch of a workshop entitled "sovereign funds and their role in the development of the Iraqi economy."  The workshop was organized by the General Secretariat of the Council of Ministers / Government Coordination and Citizen Affairs Department, in conjunction with the Economic Forum, the second of a series of panel discussions on the economic reality of the country and means of promoting it.  "The workshop, which was attended by members of the House of Representatives and specialists in economic affairs from the public and private sectors and civil society organizations, discussed the issue of sovereign funds, their importance and role in economic development, and the options available under the present circumstances and the prospects for their development, In the future". And the Deputy Director General of the Intergovernmental Coordination Department and the affairs of citizens, the need for funds sovereign in Iraq stems from the possession of a large and diverse natural resources provide a financial surplus, it requires policies and programs that encourage savings surplus and invested in the development process and save future generations rights and ensure its future status. "  He added : "This activity is considered an important resource at the moment, and reflects a consistent approach that the competent authorities are keen to spread and consolidate, which is to expand the participation of institutions of society and the state in decision-making and the formulation of public policies."

[NEPatriotsFan1]

Sovereign without an international currency!? 

 

👍 ok 

 

Let's show some sovereign former glory, 🇮🇶 

[yota691]

2017/11/01 (00:01 PM)   -   Number of readings: 81   -   Number (4056)

 

 

Financial and financial experts are considering creating a temporary sovereign fund

 Baghdad / Range 
 

The Financial Advisor to the Prime Minister proposes to establish a "sovereign fund" to ensure economic development in the country. The head of research at the Central Bank of Iraq confirms how the fund is managed, tried and financed, and the obstacles it faces, and the need to benefit from the experience of other countries to develop its capabilities. And risks arising from mismanagement or use other than the purpose of establishing such fund.

The proposed fund is intended to be both temporary and investment. It serves as the guarantor and financier of infrastructure projects. It is financed from the allocations of these projects in the federal budget. It is constantly compensated by the foreign government guarantee agencies for guaranteeing timely and efficient completion and ongoing financing. 
Sovereign Sinking Funds are known in modern finance as a means by which business organizations and governments can put together a portion of money and accumulate it over time to extinguish their debt, ie money or money deposited when needed to extinguish a debt, or money deposited aside to extinguish The cost of capital equipment when it is depleted, including technical or technological extinction. The sub-funds enable the said organizations to repurchase their debt or bonds issued in whole or in part at prevailing prices or at preferential rates.
Financial Advisor to the Prime Minister Dr. The appearance of Mohammed Saleh, presented his proposal in a paper with other papers presented by officials and specialists in economic affairs during the second workshop organized by the Secretariat General of the Council of Ministers, within a series of workshops to discuss the topic "sovereign funds and their role in the development of the Iraqi economy." In his paper, Saleh said that in order to solve that difficult financing equation, Iraq's leverage or public debt capacity, which represents the ratio of public debt to GDP as a measure of leverage, should be constantly identified to provide a benchmark for the ability to sustain debt, That affects the health or safety of economic growth in the country.
On the other hand, the head of research of the Central Bank of Iraq, in the name of Abdul Hadi Hassan, a paper in which he talked about the options available to build a sovereign fund in Iraq in the current circumstances and the prospect of future development, and presented the vision of building a sovereign fund or more, and how to manage and governance and financing and obstacles The paper also addressed some of the successful global experiences and types of assets that the Fund or the proposed funds might have and suggested forming a working group to establish a sovereign fund with a plan to develop its capabilities in the light of the experiences of other countries.
The former Minister of Science and Technology Dr. The paper discussed the forms and legal frameworks of the funds, their structures, management and governance, as well as the risks they may face and the conditions of success of the investment of development funds within the country. The advantages and risks of mismanagement or use other than the objectives of incorporation, in addition to addressing the model of the Deposit Fund and the secretariats of France and its functions and financing and the bodies that supervise and monitor the performance, Texas State School, a Texas fund that aims to fund state-run schools.
And explained the head of the Department of Economics at the Faculty of Management and Economics, University of Mustansiriya d. Falah Hassan Thueni, in his paper the possibilities of establishing a sovereign wealth fund in Iraq, citing the experience of the Development Fund for Iraq, which was established by the Security Council resolution, and talked about why it did not achieve the desired development, and reviewed sovereign funds in the world and the value of assets. His paper focused on the rationale for the establishment of an Iraqi sovereign fund and the missed opportunity for Iraq not to establish such a fund, when there was a financial abundance resulting from the rise in crude oil prices and to discuss the requirements of establishing the sovereign fund and its proposed organizational structure. His origins.
The head of the Iraqi Fund for Foreign Development in the Ministry of Finance, Hussein Jaber Al-Khakani, pointed out in his paper the role of the Iraqi Fund for Foreign Development in the development of the Iraqi economy and reviewed the historical role of the Fund and the stages of its time and structure as well as its objectives and role in supporting the national economy. And the nature and quality of the assets it owns.
The paper presented by the Dean of the Faculty of Business Economics at the University of Nahrain Star Al Bayati, sovereign wealth funds and successful international experiences and the possibility of benefiting from them in Iraq, through which the basic idea of the basic type of sovereign funds, with the obligations to develop a fund for sovereign wealth in Iraq, ) Types of proposed sovereign wealth funds, and recommendations adapted to the Iraqi situation. The head of the administrative body of the Baghdad Economic Forum, Fares Al Salman, said in a speech during the workshop that one of the objectives of the workshop is to develop strategic bases that serve economic security, which is part of Iraqi national security in order to make the sustainable development process successful.
The aim of the workshop is to come up with recommendations on the sovereign funds to be established, as well as to define their objectives and mechanisms to manage them and rationalize them through benefiting from the experiences of other countries preceded us in this area with the national touch in accordance with the requirements of the Iraqi economy in support of the steps of the government and the private sector to develop the Iraqi economy And diversifying sources of state income to face future economic shocks. The workshop was attended by a large number of concerned officials, parliamentarians, local and foreign economic figures, academics and representatives of some embassies, international organizations, the World Bank and the United Nations. .

[yota691]

Sinking fund

From Wikipedia, the free encyclopedia

 

A sinking fund is a fund established by an economic entity by setting aside revenue over a period of time to fund a future capital expense, or repayment of a long-term debt.

[yota691]

Quick search....IMF Working Paper Monetary and Capital Markets Department Strategic Considerations for First-Time Sovereign Bond Issuers

[DinarThug]

LINK

Experts: Sovereign funds provide a financial surplus that strengthens the stability of the national economy

 

31st October, 2017

Baghdad - Fatima Adnan 

The Secretariat of the Council of Ministers and the Baghdad Economic Forum stressed the importance of the sovereign funds of the national economy as one of the tools of influence of the Iraqi state to secure the vital field within the national security theory of Iraq. 

This came during the workshop organized by the General Secretariat of the Council of Ministers / Government Coordination and Citizen Affairs Department, in conjunction with the Economic Forum, the second of a series of seminars dealing with the economic reality of the country and ways to promote it. 

The workshop, which was attended by members of the Iraqi Council of Representatives and specialists in economic affairs from the public and private sectors and civil society organizations, discussed the issue of sovereign funds and their importance and role in economic development and the options available for establishing them under current circumstances and prospects for future development.

"The Sovereign Wealth Fund is one of the temporary sovereign funds for real investment, which is funded from the allocations of infrastructure projects in the federal budget available from the country's own resources," the prime minister's finance adviser said. 

Saleh added that "the resources in the Fund will be continuously compensated when withdrawn from it to extinguish the foreign loans provided by the foreign contractors, which are composed through the foreign government agencies guarantor and continuously to ensure the implementation and funding continuously to start contracting work in Iraq to ensure timely and efficient completion, The submersible fund will operate as guarantor and financier for infrastructure projects. "

For his part, the head of the administrative body of the Baghdad Economic Forum Fares Al-Salman said that "Iraq is characterized by abundant sources of resources and natural wealth, financial and human, as well as the importance of its geopolitical position in the region, which urgently requires that there is a rational management of its resources and economy." 

Al-Salman added that "for the purpose of reaching this, the reform of the Iraqi economy is required to promote the pillars of sustainable development to create a dynamic economy, including the establishment of a package of sovereign funds managed by good governance and transparency as well as the development and support of the Iraqi Fund for Foreign Development as one of the tools of the Iraqi state To secure the vital space within the Iraqi national security theory. "

He pointed out that the need for sovereign funds in Iraq stems from the possession of large natural resources and a variety of financial surplus, which requires the development of policies and programs that encourage saving this surplus and invest in the development process and preserve the rights of future generations and ensure their future.  He added that this activity is an important resource at the present time, and reflects a consistent approach that the specialized authorities are keen to spread and consolidate, which is to expand the participation of institutions of society and the state in decision-making and policy-making.

While the paper presented d. (The options available to build a sovereign fund in Iraq in the current circumstances and the prospect of its development in the future), the vision of building a sovereign fund or more and how to manage it, its governance, financing and obstacles that may face the Fund. She also referred to some successful international experiences and the kinds of assets that the Fund or the proposed funds may have, with the proposal to form a working group to establish a sovereign fund with a plan to develop its capabilities in the light of the experiences of other countries. . 

The paper of Dr. Raed Fahmi, former Minister of Science and Technology, entitled "Sovereign Funds", reviewed the main types of SWFs, their objectives, strategies, their economic role at the national level and the alleviation of the Dutch disease in the countries of financial abundance.

The paper also discussed the forms of legal frameworks for the funds, their structures, management and governance as well as the risks they may face and the conditions of success of the investment of development funds in the country. The paper also addressed the pros and cons resulting from mismanagement or use other than establishment goals. 

The paper dealt with the model of the French Deposit and Guarantee Fund, its functions and financing, and the entities that supervise and monitor its performance. The paper discussed the model of the Texas School Standing Fund, a Texas fund aimed at funding school construction in the state. 

The paper noted a. Dr.. Falah Hassan Thwaini, head of the Economics Department at the University of Mustansiriya, titled "The Possibilities of Establishing a Sovereign Wealth Fund in Iraq", referred to the experience of the Development Fund for Iraq, which was established under the Security Council resolution.

And reviewed the sovereign funds in the world and the value of assets, and then addressed the reasons for the establishment of an Iraqi sovereign fund and the opportunity missed on Iraq not to establish such a fund when there was a financial abundance caused by high crude oil prices, and discussed the requirements for the establishment of the sovereign fund and the proposed organizational structure, The Fund will ensure the achievement of its objectives and the protection of its assets, and will address the Fund's classification scenarios (stability, investment, development, and submersible). 

The fifth paper was presented by Dr. The role of the Iraqi Fund for Foreign Development in the development of the Iraqi economy was reviewed by Hussain Jaber Al-Khakani, head of the Iraqi Fund for Foreign Development, and the role of the Iraqi Fund for Foreign Development in the development of the Iraqi economy, in which he reviewed the historical role of the Fund and its time and structure as well as the Fund's objectives and role in supporting the national economy. And the quality of the assets it owns.

And eat a. Dr.. The main idea of each type of sovereign funds, the international experience in the field of sovereign funds with the obligations to develop a fund for sovereign wealth in Iraq, And presented (5) types of proposed sovereign wealth funds, and recommendations adapted to the Iraqi situation.

The research paper (The Iraqi Economy and the Development Track under the Development Fund for Iraq) M. Dr.. Hamdiya Shaker Muslim / University of Baghdad - Faculty of Management and Economics with a. M. Dr.. Khalid Shami / University of Mustansiriya - Faculty of Management and Economics, and dealt with the adoption of the idea of establishing an Iraqi sovereign wealth fund in line with the reality of the Iraqi economy. And dealt with the specificity, nature and indicators of the performance of the Iraqi economy, the sectoral structure of GDP, and the importance of the oil sector in the Iraqi economy. The paper presented a strategic vision for the development of Iraq's sovereign fund.

During the discussions and interventions, the head of the administrative board of the Baghdad Economic Forum Fares Al-Salman addressed the forum's vision, pointing out that Iraq is characterized by abundant sources of resources and natural, financial and human resources as well as the importance of its geopolitical position in the region, which urgently necessitates a rational management of its resources. And its economy, and this requires the measures to reorganize the Iraqi economy to promote the pillars of sustainable development to create a dynamic economy, including the establishment of a package of sovereign funds managed by good governance and transparency as well as the development and support of the Iraqi Fund for Foreign Development as a description One of the influence of the Iraqi state tools to secure the vital area within Iraq's national security theory.

In conclusion, I concluded the requirements of the movement to establish a package of sovereign funds and their legal frameworks and methods of governance, management and financing and the implementation of its functions and control. 
At the end of the workshop, a joint committee of experts from the General Secretariat of the Council of Ministers and the Baghdad Economic Forum was formed to write recommendations.

[yota691]

The assets of Arab sovereign funds are $ 2.99 trillion in October

 

Economy News _ Baghdad The value of the assets of Arab sovereign wealth funds reached $ 2.99 trillion in October, according to an official report released on Monday.  This was according to an Anatolian survey, based on the assets of Arab sovereign wealth funds listed in the SWF Institute report, which specializes in the study of sovereign investments by governments and sovereign wealth funds.  The Abu Dhabi Investment Authority (ADIA) is the leading Arab sovereign wealth fund with a total assets of US $ 828 billion and second in the world. Kuwait (KIA) ranked second in the Arab world and fourth with a total foreign assets of $ 524 billion. Saudi Arabia was the third Arab and fifth in the world with a total foreign assets of US $ 514 billion, which is affiliated with the Saudi Arabian Monetary Agency (SAMA). The assets of SWFs monitored by the report (78 funds), $ 7.518 trillion, issued by the Norwegian government pension fund, ranked first in the world, with total assets of $ 998.9 billion. The Qatar Investment Authority (QIA) ranked ninth in the world with a total assets of US $ 320 billion. The Saudi Public Investment Fund ranked 11th in the world with a total assets of US $ 223.9 billion and Dubai Investment Corporation ranked 12th globally with assets of 209.5 million. Billion dollar.   Views 242   Date Added 31/10/2017

[blueskyline]

Thank You Yota , GM DV’s ....the resources in the Fund will be continuously compensated when withdrawn from it........ "Iraq is characterized by (((((abundant sources )))))of resources and natural wealth, financial and human, as well as the importance of its geopolitical position in the region, which urgently requires that there is a rational management of its resources and economy." ... This investment to me has always held hope if not some form of a worldly promise . And then once in awhile they put out an article like this . Amazing .............

[mr.unlikely]

That's a lot of scrilla!!

[yota691]

2017/11/01 (00:01 PM)   -   Number of readings: 441   -   Number (4056)

 

 

Financial and financial experts are considering creating a temporary sovereign fund

 Baghdad / Range 
 

The Financial Advisor to the Prime Minister proposes to establish a "sovereign fund" to ensure economic development in the country. The head of research at the Central Bank of Iraq confirms how the fund is managed, tried and financed, and the obstacles it faces, and the need to benefit from the experience of other countries to develop its capabilities. And risks arising from mismanagement or use other than the purpose of establishing such fund.

The proposed fund is intended to be both temporary and investment. It serves as the guarantor and financier of infrastructure projects. It is financed from the allocations of these projects in the federal budget. It is constantly compensated by the foreign government guarantee agencies for guaranteeing timely and efficient completion and ongoing financing. 
Sovereign Sinking Funds are known in modern finance as a means by which business organizations and governments can put together a portion of money and accumulate it over time to extinguish their debt, ie money or money deposited when needed to extinguish a debt, or money deposited aside to extinguish The cost of capital equipment when it is depleted, including technical or technological extinction. The sub-funds enable the said organizations to repurchase their debt or bonds issued in whole or in part at prevailing prices or at preferential rates.
Financial Advisor to the Prime Minister Dr. The appearance of Mohammed Saleh, presented his proposal in a paper with other papers presented by officials and specialists in economic affairs during the second workshop organized by the Secretariat General of the Council of Ministers, within a series of workshops to discuss the topic "sovereign funds and their role in the development of the Iraqi economy." In his paper, Saleh said that in order to solve that difficult financing equation, Iraq's leverage or public debt capacity, which represents the ratio of public debt to GDP as a measure of leverage, should be constantly identified to provide a benchmark for the ability to sustain debt, That affects the health or safety of economic growth in the country.
On the other hand, the head of research of the Central Bank of Iraq, in the name of Abdul Hadi Hassan, a paper in which he talked about the options available to build a sovereign fund in Iraq in the current circumstances and the prospect of future development, and presented the vision of building a sovereign fund or more, and how to manage and governance and financing and obstacles The paper also addressed some of the successful global experiences and types of assets that the Fund or the proposed funds might have and suggested forming a working group to establish a sovereign fund with a plan to develop its capabilities in the light of the experiences of other countries.
The former Minister of Science and Technology Dr. The paper discussed the forms and legal frameworks of the funds, their structures, management and governance, as well as the risks they may face and the conditions of success of the investment of development funds within the country. The advantages and risks of mismanagement or use other than the objectives of incorporation, in addition to addressing the model of the Deposit Fund and the secretariats of France and its functions and financing and the bodies that supervise and monitor the performance, Texas State School, a Texas fund that aims to fund state-run schools.
And explained the head of the Department of Economics at the Faculty of Management and Economics, University of Mustansiriya d. Falah Hassan Thueni, in his paper the possibilities of establishing a sovereign wealth fund in Iraq, citing the experience of the Development Fund for Iraq, which was established by the Security Council resolution, and talked about why it did not achieve the desired development, and reviewed sovereign funds in the world and the value of assets. His paper focused on the rationale for the establishment of an Iraqi sovereign fund and the missed opportunity for Iraq not to establish such a fund, when there was a financial abundance resulting from the rise in crude oil prices and to discuss the requirements of establishing the sovereign fund and its proposed organizational structure. His origins.
The head of the Iraqi Fund for Foreign Development in the Ministry of Finance, Hussein Jaber Al-Khakani, pointed out in his paper the role of the Iraqi Fund for Foreign Development in the development of the Iraqi economy and reviewed the historical role of the Fund and the stages of its time and structure as well as its objectives and role in supporting the national economy. And the nature and quality of the assets it owns.
The paper presented by the Dean of the Faculty of Business Economics at the University of Nahrain Star Al Bayati, sovereign wealth funds and successful international experiences and the possibility of benefiting from them in Iraq, through which the basic idea of the basic type of sovereign funds, with the obligations to develop a fund for sovereign wealth in Iraq, ) Types of proposed sovereign wealth funds, and recommendations adapted to the Iraqi situation. The head of the administrative body of the Baghdad Economic Forum, Fares Al Salman, said in a speech during the workshop that one of the objectives of the workshop is to develop strategic bases that serve economic security, which is part of Iraqi national security in order to make the sustainable development process successful.
The aim of the workshop is to come up with recommendations on the sovereign funds to be established, as well as to define their objectives and mechanisms to manage them and rationalize them through benefiting from the experiences of other countries preceded us in this area with the national touch in accordance with the requirements of the Iraqi economy in support of the steps of the government and the private sector to develop the Iraqi economy And diversifying sources of state income to face future economic shocks. The workshop was attended by a large number of concerned officials, parliamentarians, local and foreign economic figures, academics and representatives of some embassies, international organizations, the World Bank and the United Nations. .

[yota691]

Iraqi sovereign fund

04/11/2017 12:00 am  Thamer Al-Hims  Official government trends in economic reform are becoming clearer and clearer, as we see through international institutions, which contribute in practice to their loans and grants to make Iraq better in the face of the destruction of the da'is and the consequences of projects destroyed by corruption.  The Iraqi sovereign fund may be considered by virtue of the fact that it is currently under establishment and may not be fully in accordance with international economic standards. However, it will be ready and highly flexible in the service of the national economy in order to prevent fluctuations in oil prices and free the Iraqi economy from dependence on international prices and negative effects on the budget. in general. The experiences of the world in different economies reflect the strength or weakness of the economy in the light of the strategies that define its level, such as the transformation of oil resources into an integrated project managed by the Fund's sovereign economists up to the Generations Fund to meet local and international prospects such as Norway and other countries that manage their funds.  The Iraqi experience may be unique. There are strategies on the table, but what distinguishes the Iraqi situation is that oil, despite being very depressed, there are those who say that it can not be betting to be financed by this fund and we are in the midst of loans and budget deficits.  Therefore, it is essential that the resources of the Fund, which will compensate for the shortfalls of financing the rest of the sectors, are essential for us to search at home through sources that are not activated. Neglecting this will have undesirable results, which over time will become a hindrance to the economy. There are steps to be taken in order to govern these inactive sources and to program them into the sovereign fund. These are the follow-up of public funds and imports and retroactively, and the fight against corruption in order to provide substantial sums to the sovereign fund.  It is also necessary to resolve the double salaries and subsidies, and to issue a unified civil service law that bridges the gap between the special salaries that started with special laws and the regular salaries. These figures are not modest as they appear in the operating budget.  It is also important to review the inputs and outputs of the three endowment offices and to draw up a policy of spending and transparent budgets, in addition to the importance of religious tourism for its prominent role in financing the sovereign fund because it is increasing with the days, and here we can bet on human and local resources as an alternative to or complementary to traditional resources.

[yota691]

In consultation with the International Monetary Fund .. Iraq is in the establishment of a “sovereign fund submersible” .. These goals

Number of reading 190

 

09:41 2017/11/10 Economy Baghdad today - Follow up

 

Al-Hayat newspaper reported that Iraq is in the process of establishing a “sovereign fund of the submersible”, while it said it contains guarantees of economic development.

He quoted the financial adviser to the Prime Minister appearance of Mohammed Saleh, “The sovereign fund submersible, contains the guarantees of economic development, which represents a means, by which governments and institutions to put money and collected over time to extinguish debt,” declaring that “Iraq is still at a safe level in its capabilities And has a standard rate of less than 60 percent in the ratio of public debt to output. ”

According to the newspaper, “In recent consultations with the International Monetary Fund, the possibility of Iraq to establish a fund for the sovereign fund, which uses financing supplementary borrowing from the international market, the executive cohesion with the global construction market to promote the proportion of fixed capital formation, relative to the gross output to be 50 Percent instead of 25 percent now, and in the coming years. ”

In the same context, the newspaper pointed out that the spokesman of the Iraqi Central Bank in the name of Abdul Hadi, he proposed, “the formation of an administrative unit in the Ministry of Finance to create the structure and staff and develop the capacity to establish a sovereign fund, performs its tasks in a form that makes an active contributor to the process of economic development.”

“The experience of establishing the Development Fund for Iraq aims to ensure that the Fund’s resources are used transparently to reconstruct Iraq and meet humanitarian needs,” the paper quoted academic Falah Hassan Thwaini as saying. “It did not achieve the desired development for many reasons. The Fund did not adopt a clear development strategy “He said.

He explained that “the objectives of the Fund is to be a tool to finance economic and social development and contribute to macroeconomic stability, through the planning of spending through the strategy of the flow of oil revenues to the budget, and promote savings destined for future generations of depleted resource, and the principle of justice in the distribution of wealth, , Activating the activity of the stock market through the direct and indirect investment of the Fund’s financial assets.

“The adoption of scenarios for the establishment of Iraq’s sovereign fund, subject to the priorities of the requirementsof the Iraqi economy, which is almost integrated and interact with each other, as can not separate the process of development and stability and investment from each other,” saying that “the model that may put Iraq at the top of priorities, Sovereign investment because it will be the entrance to every development process and then a factor of economic stability. ”

“The Future Fund is in line with the concept of sustainable human development and takes into account the right of future generations to scarce resources,” the paper quoted the Dean of the Faculty of Business Economics at Al-Nahrain University, Star Al-Bayati, as saying. “It is not reasonable for the country to borrow from abroad, The burden of these loans and their increasing benefits. ”

“The amount of proof of the right of future generations to the underdeveloped resources represents an achievement of justice between these generations,” he said.

Al-Bayati proposed financing the fund by deducting a certain percentage of the oil revenues deposited in this fund, with the possibility of investing its assets. And perhaps some would agree that this ratio is 5 percent either in a permanent and permanent form or from an increase in oil prices whenever necessary. ”

He pointed out to the newspaper that the proposed fund «derives its importance and the need to create it from the deficit faced by the budget since 2003, as a result of dependence on oil as the most important resource or source of income or public revenues».

He explained that «the main objective is to fill the budget deficit and protect from shocks as well as the economy as a whole, and stabilize the exchange rate of the dinar against fluctuations in the balance of payments arising from the fluctuation of commodity prices, especially oil, as well as face economic shocks and then seek to achieve sustainable development».

Al-Hayat said in a statement to the academy Hamdiya Shaker that “the importance of sovereign wealth funds stands out more clearly in the rentier economies, especially in oil-rich countries, because they rely on oil as the main source of revenue.” The contribution of the oil sector to the generation of GDP and to exports and public revenues, which may expose them to external shocks and periodic crises due to continuous fluctuations in world oil prices, and unpredictability, and therefore considered that “the biggest challenge facing the oil countries is how to Financing sources Aa economies, and not rely on a single resource is characterized by volatility. ”

[10 YEARS LATER]

On October 31, 2017 at 7:29 AM, NEPatriotsFan1 said:

Sovereign without an international currency!? 

 

👍 ok 

 

Let's show some sovereign former glory, 🇮🇶 

 

As always with the folks . . . the Truth is What They Say it IS . . . Never let the facts get in the way of Constructive Political   

[dinarham]

In order for a country to be "sovereign " , it needs to operate on a single currency basis , and the currency needs to have some value . Iran's currency is 10 more worthless { .00009 }than dinar .but they are  in the top five oil producing countries .  They must be dealing in Chinese Yuan ,which is over $6  to 1 USD .  Crap !

[yota691]

Sovereign funds are actively contributing to sustainable development

02/12/2017 12:00 AM  The rights of future generations are reserved  Baghdad / Al-Sabah  The search for identifying the paths that go to the Iraqi economy to the fields represent the keys to development and supports the trends aimed at achieving economic advancement continued by economic experts and interested.  The academic d. Star of Jabbar Khalil al-Bayati said: "Iraq needs to develop two types of sovereign wealth funds play a major developmental role, the first fund of stability, which derives its importance and the need to create it from the deficit suffered by the budget of Iraq since 2003, because of dependence on oil as the most important resource or source The main objective of the Fund is to bridge the deficit of the State budget, protect it from shocks, protect the economy as a whole, and stabilize the exchange rate of the national currency against fluctuations in the balance of payments arising from commodity price fluctuations, Of economic shocks and then seek to achieve sustainable development " in  order to achieve justice Adding that "the other fund is the fund of the future, and this fund is very important and is fully consistent with the concept of sustainable human development, which takes into account the right of future generations with the resources of the dead," pointing out that "it is unreasonable that the country is heading To borrow from abroad and to future generations to bear part of the burden of these loans and their increasing benefits, and to prove the right of future generations in the resources of the dead, it represents the achievement of justice between generations, and goes further in its goal when it is a reason to achieve belonging to the homeland.  Sovereign funds exist in many countries of the world and regional countries and have purely economic objectives that have a positive impact on all economic factors.  Revenue of the weak  As for the financing of the fund, he stressed that "a certain percentage of oil revenues are deducted and deposited in this fund with the possibility of investing its assets, and some may agree to be a ratio of 5 percent, whether permanently or permanently or from the increase in oil prices whenever required   . "He said. Traditional sources Al Bayati continued: "The mechanism to develop these two types of sovereign wealth funds and their requirements is technical and can be proposed with the administrative structure at the time, so that the appropriate administrative description can be found later. In terms of funding, the sources of funding of these funds can be through Traditional sources such as surpluses of surplus resources, balance of payments surpluses, trade surpluses (commodity exports), privatization proceeds, and so on, in which case a certain fixed rate is deducted or deducted when excess surpluses are increased. Investment Deposits The withdrawal of these funds between "it takes several forms, including withdrawal in the case of lower oil revenues from the estimates of the budget, or leave the decision to withdraw to the financial and legislative authorities, while the decision to invest deposits of these funds vary from state to state, some are limited to investment in So as not to compete with government investment and private investment, with tools and deadlines to be determined for the diligence of the fund managers, and some of the funds are invested deposits at home and abroad at agreed rates.

[yota691]

Sovereign Funds: Sustainable Economic and Social Development

17/12/2017 12:00 AM  Faris Al Salman  today and after the triumph of the will of the people and to defeat terrorism, we find that the Iraqi economy is exhausted because of the funding of military operations, lower oil prices, and corruption, so it became a duty to rebuild the Iraqi economy according to the foundations of development properly achieve social justice and create jobs to accommodate young energies Society as well as revitalizing national industry and maintaining market stability.   There has been an international trend of sovereign and large sovereign funds to promote the idea of public-private partnership with the aim of injecting direct strategic investments into public and mixed companies and private partnerships to support GDP, create jobs, transfer skills, techniques and secrets of knowledge. Should not go towards the acquisition of huge shares in the assets of other countries, but focus on the internal market, and the development of the national economy. Thus, the funds achieve a greater financial return than the investment in foreign markets, while taking into consideration that the foreign investment is aimed at diversifying the investment portfolio and not only when investing in the local economy. There are successful international experiences in this field, namely Asian development funds that focused on developing markets Through the promotion of the manufacturing sector and then to the services sector.  As a vision, we see that the goal is to rescue and develop government and mixed companies and develop them, as well as to help the private sector to build sustainable companies. There are 30 thousand industrial projects belonging to the private sector, which is suspended for many reasons including terrorism, corruption, lack of services, flooding markets with cheap imported goods And other reasons.  The revitalization of these projects will save about one million jobs, which in turn will stimulate the economy and ease demand for government jobs. GCC sovereign funds have recently injected $ 60 billion in investment into local development projects.  The idea of these funds is to facilitate the flow of private investments after building the citizen's confidence in the system of state administration and the financial system and cash, so that these flows flow through a government investment system has a scientific mind and a high flexibility in line with the need of the market, and there is a package of sovereign funds that we think it is due The establishment of the Iraqi economy, through the development or integration or joint projects called   (Joint Ventures). 1 - Fund for the future sovereign  (surplus fund): This fund is financed by surpluses of proceeds from the sale of oil, gas and other materials, proceeds from privatization and the sale of other fixed assets. It is financed by deducting 5% of the revenues of oil and gas to invest in the development fund listed in (4) below, as it enters the revenues of the holy shrines and endowments, revenues of rents of state properties and sale of properties belonging to the Ministry of Finance, and fees for the entry of archaeological sites other than museums, Rents and real estate, as it enters into fixed assets all the assets of endowments and thresholds and the Secretariat of Baghdad and state real estate guarantees this fund the rights of future generations with the wealth of the poor, as well as being a sovereign reserve supporting the government and  other sovereign funds  .  2. Stability Fund: It aims to bridge the budget deficit and achieve a fixed exchange rate for the national currency and to cope with economic shocks, emergencies and disasters, as it protects the economy as a whole, financed by the sovereign future fund (the so-called surplus fund). 3. The Social Security Fund: The Universal Declaration of Human Rights, issued by the General Assembly of the United Nations on 12 December 1948, states that social welfare is a human right. Article 22 states that sickness benefits, work accidents, lactation period, To support children and housing. The purpose of this fund is to achieve social peace, political stability, the ability to live together, security immunity, cohesion of society, and a sense of belonging to society and the homeland. This fund includes every citizen who does not have a guardian in the community. (Ie, the pension fund will be included under this fund). It also includes the disabled, the large families in need, those who do not have the pension, the beneficiaries under the poverty line, the victims of disasters. MDF Fund Who? : The funds of the Fund for the Care of Minors in relation to minors / pension fund funds in respect of pensioners / funds of the Police Martyrs' Fund for the families of police martyrs / and all other subsidy funds in the State. Centralization of information and simplification of administrative structures) Deduction of a percentage of the total income of employees in the public and private sectors / Revenues of charitable activities from concerts and activities, imports of sporting and artistic activities, etc. / Investment revenues of the fund imports / Zakat / donations and unconditional donations, for example (in Libya it is financed by a portion of customs revenues  ).  The duties of this Fund also .. Follow - up to the provision of health, education, housing and other services, as well as providing assistance and subsidies made in the limits and in accordance with the laws, and the management of social welfare institutions, take care of the disabled, nursing homes, orphanages, the role of public and private nursery, care institutions   women .  It also provides salaries and special bonuses or extra grants to citizens who have provided great services to the homeland, and salaries of this fund represents the basic salary for the decent living of the citizen  Iraq. This fund includes the unit (Social Welfare for the Poor and Sensitive Groups), a Shura-based development experience funded by UN and international aid, five funds, Zakat, donations and unconditional donations. The objective of this unit is to grant the loan to low- In case of death (God forbid), the loan will be repaid from the loan insurance fund in this unit, as an insurance fund will be established from the pensions of the borrowers. The unit will also provide a pension for the pensioner After a while passed T for a certain period of time, for example 10 years).  The loan is granted by credit and the solidarity of employees or borrowers together, and a convenient rescheduling of the insolvent borrower is possible.  * Chairman of the administrative body   of the Baghdad Economic Forum

[yota691]

Political Funds. Sustainable Economic and Social Development

20/12/2017 12:00 am   Faris Al Salman *   dealt with in the first part of three types of sovereign funds within the proposed establishment of the organization of the Iraqi economy funds package, and in the second part we will discuss a very important fund in creating economic and social sustainable development , a  4 - Development Fund , the National General:  known as the International Monetary Fund development funds as Funds that finance socio-economic projects, upgrade industries, stimulate industrial production growth, finance infrastructure, engage in industrial development partnerships or invest in strategic sectors (such as Singapore's Temasek Fund, Malaysian Treasury Fund, Qatar Investment Authority, Public Investment Fund of Saudi Arabia, Mubadala Fund in Abu Dhabi, and Dubai Investment Corporation (ICD). In the case of Iraq we see that this fund is the result of the integration of banks (industrial, agricultural, real estate, housing) and the purpose of this step is to tighten departments and capital inflate rather than fragmentation, as well as other sources of funding that I will mention.  This fund will provide a huge boost to the national economy in terms of its contribution to the diversification of sources of gross domestic product through the expansion, financing and development of local activities outside the raw materials sector and development such as tourism, agriculture and industrial activities, as well as the rescue of government, mixed and private companies. On the application of jobs and appointments in state institutions and the public sector in general, bearing in mind that the three dimensions of sustainable development are in harmony and harmony (economic dimension, environmental dimension, social and cultural dimension).  It is the duty of the Development Fund to seek to control the problems of the internal market and the provision of goods produced nationally, and the opening of internal markets, as well as prevent the fluctuation of prices of raw materials and thus will protect the national products from the fluctuation of prices compared to imported goods and will keep the future exports of goods produced nationally from the decline, And prevent the loss of foreign markets, and the government has the right to withdraw from the fund only to fill the budget deficit so that the withdrawal does not exceed 4 percent of the value of the assets of the Fund.  The fund will also contribute to the separation of state treasury revenues and tax and customs revenues from the economic cycle (as in the case of the Sovereign Fund of Singapore and the Algerian Resources Control Fund). There is a model that can be adopted and developed according to the specific situation of Iraq (National Fund for Investment and Infrastructure in India). The capital of the Fund consists of: Government Capital + Private Sector Capital + Cooperative Model for Long Term Investment.  The board of directors consists of representatives of the government + individual investors and companies + independent individuals (volunteers without financial or commercial interests) and non-profit civil society organizations.  The Fund's  investment is through the following companies: Platform Companies  , direct joint investments in assets or contracting with the State for the implementation of infrastructure projects. It also funds projects that were in the jurisdiction of banks (industrial / agricultural / real estate / housing) .  We propose amendments to the Indian model so that the Iraqi Fund (a specialized developmental development fund) aims to change the structure of the Iraqi economy and is funded by the surplus of the general budget + the funds of the DFI Fund + investments from the private sector + all citizens possessing wealth On the development savings and not hoarding money in the house as a result of lack of confidence in the banking system or engage in speculation buying the dollar), and this fund oversees the funds smaller than within its structure:  A - Fund for the development of small and medium enterprises. The fund finances production projects (agricultural, plant and animal), industrial production, etc. It also finances marketing projects (collection, sorting, processing, filling, storage, transport, distribution, etc.), as well as financing service projects with a financial return Waste treatment, agricultural mechanization, maintenance, specialized transportation, fuel stations, irrigation services, medical and veterinary clinics, private schools, training institutes and others.  It also funds small investors' projects (provided that there is a fast economic cycle not exceeding 3 years, including the grace period and loans not exceeding 10 million dinars at today's prices) such as craft workshops, small shops, restaurants, etc., but the loan does not exceed 80 percent of the value of the project Short-term loans will be for two years and medium for 3-4 years. The grace period will be according to the feasibility study for each project and on the basis of a grace cycle equivalent to one full production cycle. B- School Building Fund.  This fund is funded from the resources of each governorate and is due to part of the border crossing fees (if any). Part of the petrodollar revenues (if any) is part of the proceeds of traffic charges and fines, part of the tolls on highways, Official government departments, part of the fees for the transfer of ownership of real estate, selling and buying in the real estate registration services and the book of redress, as well as part of the proceeds of auctions auctions sale of state funds.  (C) The Hospital Construction Fund is   financed by similar revenues for the School Building Fund and the hospital construction lottery (which was in effect at the beginning of the 1970s) plus part of the compulsory insurance proceeds on vehicles.  Additional Notes Concerning the National General Development Fund: 1 - The housing fund should be developed and made a developmental investment fund. In Saudi Arabia, for example, the Fund's funds have been invested in waste management projects and the financing of high-value recreational projects.  2. We should think about the post-oil era by harnessing the resources of the Development Fund through a forward-looking Orientalism, strengthening the spirit of citizenship and enabling the Iraqi private sector to participate in leading economic development and improving opportunities in the non-oil sectors.  3. Private sector initiatives aimed at diversifying sources of income, focusing on competitive projects, supporting the private sector in investment in information technology and industrial R & D should be supported. The private sector should invest at least 5% of its annual profits in the above fields, , Chemical industries, and manufacturing industries with the aim of creating economic diversification that contributes to the creation of sustainable development. 4 - Reviewing the management and structure of chambers of commerce and the Federation of Iraqi Industries and inviting them to form special departments that encourage and develop and support trade, industry and investment, as well as prepare a study of the industrial map and investment opportunities.  5. The Fund should respect the principles of the Santiago Principles, which helped the World Bank establish an international working group in 2008. These principles are:  - The legal framework and objectives of IFAD and its alignment with macroeconomic policies / institutional framework and governance / investment framework and risk management.  One of the policies of the Sovereign Development Funds is the following: a)  Buying and holding securities for a long period of time, called Buy and Hold.  To provide an opportunity for the growth of institutions through the purchase of their shares and thus develop their production lines and move towards the approach of sustainable development.  C) Financing major projects in the   country. D. Financing high-return projects in developing countries (Singapore used 40 percent of its funds in developing countries). Of course, in the case of Iraq, the Iraqi External Development Fund will be under this sovereign fund (the National Development Fund) and the Fund will be used later (after the end of the first phase of the General Fund's work, And economic in foreign markets   6 - International experiences: a  - Quebec Development Fund in Canada: The Canadian province of Quebec has suffered from large indebtedness, as well as a huge investment gap in infrastructure. This fund was created and funded from the province's main salary and pension fund, an integrated model of public-private partnership contracts in the field of design, construction, Property) and called (DBFMT). The private sector selects projects and proposes solutions. These selected projects are removed from the government budget and thus reduce the burden on the government.  (B) Expansion of Highway 33 in the Netherlands: The Dutch government is trying to expand one of the highways and found that there is no allocation of this paragraph in the state budget, so a company was established between the public and private sector and took this company a loan from the Pension Fund and salaries supports the capital of the company to implement the expansion of the road to be paid the loan and its benefits from The collection of traffic fees on the road, and will announce a tender won by the consortium of companies (consortium) to implement.  * Chairman of the administrative body of the Baghdad Economic Forum

[yota691]

Sovereign sovereign fund and economic development guarantees

25/12/2017 1:56 AM    Dr. Mohammed Saleh appearance  First: Sovereign Sovereign Fund  Sovereign Sinking Funds in modern finance are a means by which business organizations and governments can put together and accumulate money over time to extinguish their debts, ie money or money deposited when needed to extinguish a debt or money that is put aside to extinguish the cost of capital equipment when it is extinguished. Where artistic extinction or  Technology.  The submarket funds also enable the said organizations to repurchase their debt or issued bonds at all or at their prevailing prices or at preferential prices. The balance sheet of the submersible funds is calculated on the basis that the Sinking Fund is equal to the assets,  liabilities.  As national infrastructure today represents net wealth of zero or low growth or what can be called negative marginal stock sometimes, the flow of national income and investment allocations from it, especially oil revenues are in a position to offset the elimination of negative energy reserves And the reconstruction of physical reserves (positive) requires the availability of financial accumulations higher than the current capacity of the country to save desired investment equivalent to the desired.  Borrow product  The realization of desirable savings equivalent to the desired investment or planned in the physical infrastructure and various production capacities must be paid to the productive borrowing to close the funding gap and strengthen the financial leverage of the country for two options that represent the difficult equation in the development of Iraq Namely:  The first option is to accept a foreign entrepreneurial sector that accepts the risk of countries  The repercussions of the security crisis and the war against terrorism, which makes the foreign contracting sector add the cost of its contracts called the cost of Iraq (which cost the most expensive cost of construction, sometimes amounting to between (35 - 45) percent of the cost of implementation of local entrepreneurship in the circumstances  Regular.  The second option: In order to avoid the constraints of the first option, the foreign contracting sector offers the financing of its transactions through an integrated financing cycle that represents (the cost of non-concessionary or semi-preferential financing, ie low or low interest, provided that it is executed by the joint venture companies with the financing institution and competitive basis and in accordance with international standards) The latter model provides unforeseen savings or profits to operators or financiers that may be less expensive than the first option due to the availability of acceptable liquid collateral at their borders and at lower cost due to the financing guarantees provided by the Sovereign Fund through allocations  The annual investment budget available in the general budget.  Thus, access to the right exit in development and investment in infrastructure requires overcoming the difficult equation of the current stage hard equation, which is based on the idea of creating a fund sovereign sinking fund Sovereign sinking fed periodically by the allocation of infrastructure projects in the federal budget available from the country's own resources and is constantly offset when withdrawn to extinguish loans The bridge loans provided by the foreign joint venture companies through the foreign government guarantee agencies and the guarantors to ensure continuous implementation and funding to start the contracting work in Iraq to ensure timely and efficient In completion and ongoing financing.  The Fund will act as an innovative model that generates liquid financing integration that is equivalent to the withdrawal of the gross loan entitlements provided by the international entities that execute the projects on a regular basis, thus reducing the cost of borrowing and converting it into a concessional concession debt that is closer to facilities secured by liquid flows The submersible box provides the subject of reference.  Second: The importance of the Sovereign Sovereign Fund and the indicators of infrastructure:  First, the economic thinking of development indicates that the wealth of nations is measured by three elements: human capital, investment and development; the second element is the social overhead capital, which is divided into: economic capital or so-called physical infrastructure,  And others.  The other part of these infrastructure goes to the so-called social capital and means the legal, health, educational, banking and other institutions, as well as the fixed physical capital formation related to the activities of direct production of goods and services such as factories and others.  While the third component of wealth measures goes to natural resources and their stocks, which are estimated in Iraq with a net present value of perhaps $ 16 trillion, thanks to the reserves of untapped oil wealth and other material resources, which are twice as high as Australia, while in the United States 45 trillion dollars and in the Russian Federation 76 trillion  Dollars.  Economic capital  While Iraq is rich in the third element, it is relatively lacking in the other two elements of wealth, especially the deterioration of fixed economic capital or the so-called physical infrastructure, indicating that the per capita share of that physical infrastructure at present may not exceed one fifth of the same per capita In those physical structures on the eve of the outbreak of war  When it estimated the cost of infrastructure at the time of 35 billion dollars, and to return to the same rates in light of the current demographic developments to fill the shortfall in these structures (for the population of Iraq, currently 38 million people) requires investment of not less than 250 billion dollars, The ratio of fixed capital formation to GDP is currently only 25 percent  from him .  2. The common direction of infrastructure in the national economy is characterized by the fact that it carries a very high fixed initial cost, while it has a low variable cost of production, as well as difficulties in pricing and obtaining material returns  directly.  Levels of national output  Investment in infrastructure does not naturally belong to investment in the normal market. However, its strategic importance leads to the development of levels and adequacy in direct production activities, because it provides the goods and services necessary to generate high levels of national output through direct or indirect connection to productive activity, Production resulting from the operation of investment in social capital feeds services for more than one economic activity and increases the efficiency of production and the optimal use of production capacity  Direct.  3. Notably, current GDP growth rates can not offset negative growth rates in the accumulation of material national wealth unless strong financial accumulations and at any level are required to accelerate rehabilitation rates and build stable social capital  Iraq.  The inflow of investment from natural resources is still offset by negative growth in the marginal stock and low investment in capital stock.  Difficulty of the financing equation  Such a situation has brought the country into a difficult financing equation that is pushing for recourse to financing from the international market under various forms required by legislation such as the sovereign sovereign fund.  4. In order to solve this difficult financing equation, the scale of Iraq's leverage or public debt capacity, which represents the ratio of public debt to GDP, should be continuously recognized as a measure of that leverage. The lesson is that a standard of debt sustainability That affects the health or safety of the country's economic growth, called the DSA-debt sustainability analysis and represents the ability to service debt and meet obligations without affecting the health and safety of economic growth or the need to reschedule debt or the accumulation of arrears that hinder growth  Economic development.  Maximum safety ceilings  The measurement adopted by the international multilateral financial institutions in the DSA analysis indicates that when the debtor country retains NPV (the expected return on debt investment discounted at the interest rate equal to or greater than the debt cost), the ratios Which reflect the maximum ceilings of economic safety  Which:  60 percent public debt / GDP  150 percent of the total debt / exports of the country  250 percent public debt / the country's income from foreign currency  The annual debt growth will be 3 percent of gross domestic product to ensure a growth economy and economic surplus  Together.  In conclusion: it can be said that Iraq is still at a safe level (cautiously) in its borrowing capabilities and has a standard rate of less than 60 percent in the ratio of debt to GDP (and according to  else)  Consultations with the International Monetary Fund (IMF) in September 2017), which exemplifies the country's ability to adopt a subprime sovereign fund that uses supplementary borrowing from the international financial market  In the executive cohesion with the global contracting market to improve the ratio of fixed capital formation to gross domestic product to be 50% instead of 25% currently during the years  Coming.

[ChuckFinley]

Merry Christmas Yota and thank you for posting.