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Official: Iraqis keep 70 trillion dinars outside the banking system


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31 minutes ago, markb57 said:

have allot of Rial too. curious to see if it ever does anything....

 

I Have IQD, VET Dong, Iranian Riel, and Icelandic Krona. The Krona is the only one so far to give me a decent return.

 

If any of the other 3 hit reasonably high then I will make a mitt full. As we all know so far... Zero, Zilch, Diddly, Nada...lol

 

   pp

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 Baghdad: Farah Al-Khafaf 
The financial advisor to the Prime Minister, Dr. Mazhar Muhammad Salih, reassured the citizens of the economic situation during the coming period, as Iraq possesses great resources and opportunities, expecting that 2021 and 2022 will be two years of prosperity in the oil sector. This comes in line with the expectations of the National Oil Marketing Company (SOMO) that crude oil prices will rise globally. Saleh told Al-Sabah: The current and next year will witness a breakthrough in the global economy during the post-Covid-19 phase, and the more growth in the global economy increases, the demand increases. On oil, i.e. an improvement in its prices.”
He added that «improving returns is an important opportunity to operate stalled projects, especially infrastructure projects and implement income-generating projects, including in the field of petrochemicals and projects.
 agricultural.”
 
Repair steps
Recently, Prime Minister Mustafa Al-Kazemi directed the seriousness of working to overcome obstacles to projects, and to constantly search for solutions to all problems, in a way that contributes to establishing a correct situation for the country, stressing that "this government possessed the will to make decisions and the courage to move forward with the steps of reform and combating corruption."
Saleh pointed out that “expectations for the next ten years indicate that they will be years of oil prosperity, after which renewable energies agreements will start to be activated, and the Paris Agreement to zero carbon in the atmosphere, and all of these will affect the demand for oil,” noting that “these ten years are an opportunity for development, and building Alternatives in the field of manufacturing industries, agriculture and the right strategic establishment with the resources available in Iraq, as well as the human resource and the enormous agricultural potential in Iraq.”
He also called for "not to be afraid of fluctuations in oil prices because Iraq has great resources and opportunities, but it needs economic management to review the situation correctly."
 
financial abundance
And on how to invest the current increase in crude oil prices, the financial advisor stated that “the increase in oil prices is calculated in the 2021 budget law, and while it contains a financial deficit, so this deficit will be financed from the financial abundance achieved in oil revenues after the rise in prices globally,” pointing to "This financial abundance or oil rent will compensate for any financial borrowing, and thus the indebtedness will be exceeded."
According to the 2021 budget law, the total expenditures amount to about 130 trillion dinars, and the planned deficit rate is 28.6 trillion dinars, while the ceiling of crude oil exports has been set at a rate of 3 million and 250 thousand barrels per day, including 250 thousand barrels from the fields of the Kurdistan region at a price of 45 dollars per barrel.
 
Partnership principle
Saleh supported entering into investment partnerships with countries and major international companies from the foreign private sector, as well as the local private sector, especially since all countries of the world are based on the principle of partnerships, and the state must be open to this field, as in the partnership of Basra Gas Company with two Shell companies (Shell) and Mitsubishi, which is a partnership between the government and the foreign private sector.
He believed that "these partnerships must develop and expand to implement projects in the manufacturing and agricultural industries and in other fields, so the government submitted a draft law on partnership between the public and private sectors to Parliament for the purpose of discussion and legislation."
 
the movement of the economy
In addition, the expert in economic affairs, Abdul-Hassan Al-Shammari, warned that “oil prices maintain acceptable levels during the coming period, and this matter can be felt by everyone who tracks the movement of the Iraqi economy, and the oil reserves around the world, which have retreated a lot from the previous, which necessitates compensating the shortage, and produces As a result, there is a high demand for crude in various global markets, in conjunction with the gradual return of activity to most of the world's economies. 
The director of the National Oil Marketing Company (SOMO), Alaa Al-Yasiri, had predicted a rise in oil prices.
Al-Yasiri said: "Iraq's oil exports currently exceed two million and 900 thousand barrels per day, by two million and 800 thousand through the ports of the south and 100 thousand barrels from Kirkuk through the Turkish port of Ceyhan."
Al-Yasiri added that "Iraqi oil is exported to all markets, and the Asian market is the most prominent, and we expect an increase in oil prices in the coming months after the return of commercial activity and global economic activity."
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1 hour ago, pokerplayer said:

 

I Have IQD, VET Dong, Iranian Riel, and Icelandic Krona. The Krona is the only one so far to give me a decent return.

 

If any of the other 3 hit reasonably high then I will make a mitt full. As we all know so far... Zero, Zilch, Diddly, Nada...lol

 

   pp

I have made more of crypto... when I launch my own sky’s the limit 

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14 hours ago, GreedyDinar07 said:

I hear ya RVmydinar but 18 years is beyond patience....

We know that 18 years are a long time. But what can we do about it, except wait patiently? Iraq is beyond our control and there is nothing we can do about it. We can't control what iraq says and does.

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An Iraqi warning of a price war due to the OPEC agreement

Economie07:31 - 05/07/2021

 
image
 
 

 

Baghdad - Mawazine News,
Mazhar Muhammad Salih, financial advisor to Iraqi Prime Minister Mustafa Al-Kazemi, warned, on Monday, that going to any increase in oil production within the OPEC + member countries without prior coordination could pave the way for a price war and serious market imbalances.
Saleh said, "The increases in production within the OPEC member countries must be done with caution and in high coordination among the member countries themselves, to avoid any potential glut in the crude oil supply market that may cause undesirable price imbalances."
He added that "
He added, "In the absence of coordination and understandings between the producers in OPEC, the beginnings of a price war will be formed again in order to seize opportunities at the expense of the return, for the oil-exporting countries to intervene again in a cycle of twists and turns that threaten the future of their public finances and oil investment programs in a way that should be commensurate with the return of gradual growth in the global economy, which is a stage Economic openness among nations after the Corona pandemic.
Oil prices rose, today, Monday, due to a disagreement within OPEC + over production policy that led to a third day of talks in an attempt to break the deadlock between the producers in the group, before announcing the postponement of the expected meeting of the countries of the organization without setting a new date.

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Via {Euphrates News}.. the government announces its position on the “OPEC Plus” agreement and increasing Iraq’s share
  
{Economic: Al Furat News} The financial and economic advisor to the Prime Minister, Mazhar Muhammad Salih, announced the government's position on {OPEC Plus} and increasing Iraq's share.
 

Salih told Al-Furat News that "raising Iraq's quota to 150,000 barrels per day is a good gain for the country and gives a fair and positive signal."
150,000 barrels are not small, and they are of great value, helping the budget to meet the needs and add revenues to the budget 
. Salih stressed "the importance of fairness to Iraq in the oil market."
And the member states of "OPEC Plus" had agreed to further ease production cuts, starting from next August.
Today, Sunday, the oil alliance agreed to increase the production of Iraq and Kuwait by 150 thousand barrels per day.
OPEC Plus also agreed to use the new production quotas from May 2022, while maintaining the extension of supply management until the end of 2022.

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Adviser to the Prime Minister: OPEC quotas are temporary and the latest agreement is positive for Iraq
  
{Economy: Al Furat News} Adviser to the Prime Minister for Economic Affairs, Mazhar Muhammad Salih, revealed that the current OPEC quotas are temporary, and the latest agreement has a positive impact on Iraq.

Saleh told {Euphrates News} that "the oil quotas in force in OPEC now are temporary, and the allocation is made according to the needs of the market," noting that "due to the Corona pandemic, an oil glut occurred in the global market, which led to the deterioration of prices as oil was sold at an average price. 60% below the average selling price in 2019 and 2020. 

Al-Kazemi's advisor confirmed, "Despite the restriction of exports, there is a development in prices and quantity on the part of Iraq, and this development has positively affected Iraq."

And the member states of the "OPEC Plus" agreed last Sunday to further ease production cuts, starting next August, and to increase Iraq's production by 150 thousand barrels per day.

Hazem

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Saturday, July 24, 2021 9:02 PM

Baghdad / National News Center

Today, Saturday, Adviser to the Prime Minister for Financial and Economic Affairs, Mazhar Muhammad Salih, identified the reasons for the decline in the country's gross domestic product, while revealing by numbers the decline in the unemployment rate and the poverty rate.            

Saleh said in a statement to the official agency, which was monitored by the National News Center. “The slowdown in economic activity in the year 2020 (in light of the closure of the national economy and the suspension of business for long months and the disruption of reciprocal entanglements in the labor and production markets, had the widest impact on the decline in the country’s gross domestic product, which was estimated by the economic circles of the international multilateral financial institutions at a rate of no less than Negative 9.5% to minus 11% as an average for the year 2020.”

He added that “2020 was one of the most difficult years in which the GDP lost important rates of value added and there was a decline in overall economic spending, whether at the level of the general budget or individual spending, accompanied by high rates of unemployment in the labor force and zero growth in prices, which is the triple. Which I mentioned that there is an economic stagnation in the national economy in the year 2020.”

He stressed that "were it not for the monetary policy position of the Central Bank of Iraq, which made the monetization of public debt tools as a quantitative facilitation in providing liquid monetary assets by monetizing public debt, supplementing government spending and sustaining payments to the banking system, the situation would have been very dangerous."

He pointed out that "the Central Bank of Iraq has provided cash liquidity by accepting government debt instruments for the benefit of total spending, whose value exceeded 41 trillion Iraqi dinars," praising "the successful role of monetary policy in moving the stagnant joints of the economy and lifting it from deterioration towards recession and preventing cases of poverty and unemployment in The year 2021, in order to make this year a year of truly economic recovery, especially after economic growth in GDP turned into achieving simple positive rates.”

He continued: "But it is still below the annual population growth rate, which means that the improvement in GDP growth is slow, but at least there is no deterioration in GDP, as unemployment rates have declined today from the rates that prevailed in 2020, and employment has improved as unemployment has fallen." To less than 22% currently, and it is in a relative decline after reaching more than 27% last year, and the poverty rates have also declined, after reaching nearly 35% in the year 2020, to less than 25% of the population.

He explained, "The policy of credit facilitation adopted by the Central Bank of Iraq by providing at least 4 trillion dinars for the housing sector (except for other sectoral credits) without bank interest and the adoption of long payment periods, has provided the grant element in the real estate credit policy for Iraq, as it absorbs The construction and housing sector is about 20% of the Iraqi workforce currently, and it is an important activity that has improved job market opportunities and reduced unemployment trends.”

He concluded by saying: “But corruption remains the added cost that the national economy pays, which ranges between 25-40% of the implementation cost, whether in government equipment or the contracting sector, and it is a serious dilemma that has become and remains one of the constants of economic and political reform required in Iraq, which took over the paper. White address it frankly."

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calendar.png 2021/07/28
 
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Baghdad / Al-Mawrid News

Today, Wednesday, Adviser to the Prime Minister, Mazhar Muhammad Salih, considered Prime Minister Mustafa Al-Kazemi’s visit to the United States a new beginning for the transition from the economy of wars to the economy of peace, development and construction.
Saleh said in a statement to the official agency, "Iraq suffers from a large deficit in investments for a number of reasons, and development was limited to the energy sector and oil production and focus on electricity, as important and large productive sectors were neglected, including industry, services and agriculture."
He added, "Iraq needs a new technological thought and new partnerships, and to invite the United States companies, which represent the largest economy in the world, to invest in Iraq, and it comes within the framework of the investment law to revive the effective and large Iraqi economy and reduce the volume of high unemployment."
He continued, "I think this step is a new page for the transition from the economy of wars, conflict and remnants of the past to an economy of peace, development and construction."
He added, "America's role in investment, construction and reconstruction is an important turning point that must be worked on in the strategy of the relationship between Iraq and the United States, and the current openness is the first of its kind."

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  •  Time: 07/30/2021 08:45:29
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"Untouchable" .. A new government reassurance on Iraq's money abroad
  
{Economic: Al Furat News} The Prime Minister's Advisor for Financial and Economic Affairs, Mazhar Muhammad Salih, reassured Iraq's money abroad.
 

Saleh told {Euphrates News}, "Iraq is a dollar area because oil revenues are in dollars, and the Kuwait war compensation is deducted from the mechanism of accounts of the Federal Bank in New York and since 2003 until today the mechanism is sound."

He added, "Any lawsuits raised by commercial creditors in the foreign private sector, and most of them are related to the previous regime."

He pointed out that "most of the debts ended with the Paris Agreement of 2004 in liquidating the Iraqi indebtedness, and as long as Iraq's money remained open in the name of the Central Bank of Iraq."

Saleh stressed that "international banks respect the customs among themselves, and there was no incident of creditors seizing the money of any bank."

He stressed that "Iraq is economically protected under international agreements."

And the Central Bank of Iraq announced, last Tuesday, that "the legal authorities in the United States of America to the Governor of the Central Bank that all the reserves and funds of the bank are fortified and that no party can seize them, and also confirmed that they will defend their immunity with the rest of the countries and these reserves cannot be compromised."

And the central bank said in a statement that "Iraq will complete during the coming period the full payment of the compensation and benefits accruing from it before 2003, this will lead to the lifting of the international immunity of Iraq's money abroad and it will be subject to implementation by some creditors from other parties and companies."

He pointed out that "those legal authorities confirmed that the funds and reserves of the Central Bank of Iraq are protected under the laws followed in the United States of America, and pledged to defend what is available from them in the central banks and banks in other countries."

 

 

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Modher Muhammad Salih: The improvement in revenues .. will strengthen the local currency and bring about structural changes in the growth of the national economy

918878-285adb5c-23a9-4f92-9fcf-66750d61e
Baghdad / NINA / - Adviser to the Prime Minister for Financial Affairs, Modher Muhammad Salih, confirmed that the improvement in revenues will strengthen the local currency and bring about structural changes in the growth of the national economy.

He told the National Iraqi News Agency (NINA) that the continuous improvement in the revenues of the federal general budget will, at the same time, provide sustainability for the data of that budget, leading to structural changes in the growth of the national economy.

Saleh added that this improvement will be a continuous and positive thing in the non-oil GDP and achieve a higher level of economic stability in general.

It is noteworthy that international oil prices, especially the price of Basra oil, witnessed a remarkable improvement during the last period, exceeding 70 dollars, which will lead to closing the budget deficit and raising the level of the economic and financial sector in the country./End
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Official: Iraqis keep 70 trillion dinars outside the banking system

Official: Iraqis keep 70 trillion dinars outside the banking system
archival
 

 

 

Mubasher: The financial advisor to the Iraqi Prime Minister, Mazhar Muhammad Salih, has identified alternatives to borrowing from international capital markets to face the risks of oil market volatility.

Saleh said in a statement to the Iraqi News Agency (INA), today, Wednesday, that Iraq has no opportunity to avoid direct borrowing from global capital markets or international financial organizations to face the risks of oil market volatility and the decline in oil rents, except by taking two ways.

And the Prime Minister's advisor continued: "The first is to find independent internal financial levers that maximize non-oil revenues represented by taxes and fees in the main, by expanding the tax base, which is at the narrowest point in Iraq's financial history due to the large number of evaders."

He added: "Such developments in financial sustainability outside the oil rent and its external risks require to help increase per capita income; firstly, a broader growth in non-oil GDP and secondly, an increase in operating rates, which helps to raise income continuously, and this is one of the financial sources that increase Internal financing opportunities in the general budget.

"Saleh" stressed that "the second way to avoid borrowing is not to neglect the need to move towards benefiting from the economic surplus in the private sector (savings), which requires, through joint financing between the state and the private sector, the activation of the principles of partnership as an important means in achieving the policy of self-reliance, especially in the field of spending. Joint investment in financing projects and maximizing the production function.

The Prime Minister’s advisor pointed out that direct borrowing with attractive financial tools to attract the public’s financial surpluses directly towards the general budget requires the issuance of attractive financial tools in which the public invests its money with appropriate interest or returns, such as national bonds, for example.

He explained - for example - that the public retains a cash mass of more than 70 trillion dinars of cash issued from it as cash wealth outside the banking system, at a rate that is still not less than 88 percent in the form of hoarded liquid cash balances outside the banking system.

He pointed out that "at the same time, this matter is considered a massive leakage that hinders the role of the cash surplus in completing the income cycle by converting savings into productive investments that serve growth in the national economy."

The Prime Minister indicated that there must be an attractive voluntary financial market for the circulation of government bonds with interest, returns and privileges for investors with its tools, including the right to liquidate it and transfer it into cash when needed, promising it as a means of payment and a guarantee of the excellent class.

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To face the risks of volatility in oil markets, a government official identifies alternatives to borrowing

Economie06:29 - 11/08/2021

 
image
 
 

 

Baghdad - Mawazine News,
the financial advisor to the Prime Minister, Mazhar Muhammad Salih, identified, on Wednesday, alternatives to borrowing from international capital markets to face the risks of volatility in oil markets.
Saleh told the official news agency, "Iraq has no opportunity to avoid direct borrowing from the global capital markets or international financial organizations to face the risks of fluctuation in oil markets and a decline in oil rents, except by taking two ways: The basis is by expanding the tax base, which is at the narrowest point in Iraq's financial history due to the large number of evaders.
He added, "Such developments in financial sustainability outside the oil rent and its external risks require to help increase per capita income; firstly, a broader growth in non-oil GDP and secondly, a rise in operating rates, which helps to raise income continuously, and this is one of the financial tributaries that increase of the internal financing opportunities in the general budget.
He stressed that "the second way to avoid borrowing is not to neglect the need to move towards benefiting from the economic surplus in the private sector (savings), which requires, through joint financing between the state and the private sector, the activation of the principles of partnership as an important means in achieving the policy of self-reliance, especially in the field of joint investment spending in Financing projects and maximizing the production function.
He pointed out that "direct borrowing and with attractive financial instruments to attract the public's financial surpluses directly towards the general budget requires the issuance of attractive financial instruments in which the public invests its money and with appropriate interest or returns, such as national bonds, for example, and consider it an important alternative to external borrowing, if the sincere intention is held and available. The correct institutional mechanisms for such developments in the national financial market, which will become a supportive force for fiscal policy,” explaining that “for example, the public retains a cash mass of more than 70 trillion dinars of cash issued from it as monetary wealth outside the banking system at a rate that is still no less than 88%. In the form of liquid cash balances hoarded outside the banking system.
He pointed out that "at the same time, this matter is a huge leakage that hinders the role of the cash surplus in completing the income cycle by converting savings into productive investments that serve growth in the national economy," noting that "there must be the birth of an attractive voluntary financial market for the circulation of government bonds with interest, returns and privileges for investors with its tools." Including the right to liquidate it and transfer it to cash when needed, and consider it a means of payment and a guarantee of the highest class.”
Saleh concluded by saying that "in this way, the financial market will become one of the internal tributaries of public finances that enhance financial sustainability and gradually develop it within the sustainable development of the country." Ended 29/R77

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 Baghdad: Shaima Rashid
 
The economic advisor to the Prime Minister, Mazhar Muhammad Salih, stressed that it is time for Iraq to enter into the aspect of producing alternative or clean energy, which is solar energy, especially since we are a solar country, and this in itself is a gift from God that must be invested, indicating that the government’s orientation in this direction may be observed over the years. the next five.
Saleh said in an interview with “Al-Sabah”: “We are a hot country in the summer, and turning to alternative energy to generate electricity is an important matter and reduces pressure on the national grid, just as the world today cares about this issue, and Iraq also entered this field strongly because of the problems of providing electrical energy. Especially in the summer, when electricity consumption doubles dramatically, and I think that this energy produced by the sun will run in a parallel line with the energy of electricity with fuel and gas.”
He added, "In the past, the interest in energy produced by fuel, but today there is a correct trend towards clean energy, which is solar, and there is a tendency to support its technology." 
And support it, and in the next five years it will take a large space in the industry in Iraq and will be parallel and solve many problems,” noting that “Iraq contracted with a French company to generate a large amount of energy up to 10 thousand megawatts of solar energy.”
He continued: "Using this approach in villages and rural areas is important because solar energy cells can be applied to one house, and thus electricity can be provided to them individually, and working towards spreading the use of solar energy is very important, especially since there are devices that work on that energy and today there is Factories with which solar energy systems are established.
And Saleh indicated that "there are two trends in this aspect: the first is through the private sector, and there is a second orientation, which is the energy policy and the provision of alternative energy."
Noting that "the energy policy in Iraq has fundamentally changed and clean energy will take a level equivalent to the energy produced by fuel, and these things are not easy and must be investment and take time, and it is possible to glimpse its final results between three to five years to come," stressing that "this trend reduces burden for Country".
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Financial Adviser to the Prime Minister, Dr. Mazhar Muhammad Salih, «Economy News»
  

 energy


Economy News - Baghdad

The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed, on Sunday, Iraq's move to enter into the aspect of producing alternative or clean energy, which is solar energy, indicating that its results will appear during the next five years.

Saleh said in a statement reported by the official "Al-Sabah" newspaper and seen by "Al-Iqtisad News", that "Iraq is a hot country in the summer, and heading to alternative energy to generate electricity is an important matter and reduces pressure on the national grid, and the world today cares about this issue, and Iraq has also entered into This field is strongly due to the problems of providing electrical energy, especially in the summer, in which electricity consumption doubles dramatically, and I believe that this energy produced by the sun will run in a parallel line with the energy of electricity with fuel and gas.”  

He added, "In the past, the interest in energy produced by fuel, but today there is a correct orientation towards clean energy, which is solar, and there is a tendency to support its technology, and in the next five years it will take a large space in the industry in Iraq and will be parallel and solve many problems," noting that "Iraq contracted with A French company to generate a large amount of energy up to 10 thousand megawatts of solar energy.  

He continued, "Using this approach in villages and rural areas is important because solar energy cells can be applied to one house, and thus electricity can be provided to them individually, and working towards spreading the use of solar energy is very important, especially since there are devices that work on that energy and today there are Factories with which solar energy systems are established.  

And Saleh indicated that "there are two trends in this aspect; the first is through the private sector, and there is a second orientation, which is the energy policy and the provision of alternative energy," explaining that "the energy policy in Iraq has changed fundamentally and clean energy will take a level equivalent to energy produced with fuel."  

He pointed out by saying, "These matters are not easy and should be an investment and take time, and it is possible to glimpse its final results in the next three to five years," stressing that "this approach reduces the burden on the state." 

 

 

 
Views 1129   Date Added 08/22/2021
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 money and business


Economy News _ Baghdad

Today, Thursday, Adviser to the Prime Minister, Mazhar Muhammad Salih, revealed the details of the Generations Fund, while indicating that the fund will be a source of invested savings for the benefit of the next generation.

Saleh said in an interview with the Iraqi News Agency, and followed by "Al-Iqtisad News", that "the majority of the oil-producing countries or the raw wealth, which is called the group of surplus countries, have pledged to invest the proceeds of their accumulated wealth from the exports of raw materials and include them with sovereign investment funds, tools and income-generating assets through various activities. International and local investment, which is something that maximizes wealth and assets that provide prosperity and well-being for future generations.

Saleh expressed his "support to go towards establishing an Iraqi fund for generations," noting that "such a fund will include part of the financial surplus or the country's official economic surplus, which is based today on some oil revenues."

He stressed that "the fund will be a desirable source of savings that will take over the current generation of managing its investments for the benefit of the next generation, which we call sustainable development," pointing out that "this is the investment pillar that achieves the principle of succession of generations or successive utilization of wealth between generations from the present to the future." .

He added, "A proposal has been submitted to transfer the mechanisms of deductions for the current Kuwait war compensation, which will end early next year, into a national fund for generations to be used according to the vision of the Prime Minister, whereby the funds of the said fund are invested in activities, tools and income-generating assets through a highly diversified investment portfolio (i.e. tools). (financial, assets or real assets) in which there is an element of safety to a large extent of risks, as well as serious thinking about maximizing the proposed fund’s resources in the future from sources of investment returns from other untapped or unexploited natural wealth such as phosphates, sulfur, silicon, gas and other raw materials and untapped natural resources ".

He explained that "the management of such sovereign funds is handled by the central banks in the world on behalf of the government," noting that "the central bank in our country is currently the first financial agent for the government under its effective law and manages the strategic reserve of all official foreign currency and in accordance with international best practices in diversification and reducing Risks and maximizing returns, under the supervision of an independent government agency.

 
 
Views 71   Date Added 08/26/2021
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