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The House of Wisdom discusses the establishment of the Generations Fund


yota691
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A proposal to support the Generations Fund from the Kuwait war compensation funds after its end
  
{Economic: Al Furat News} The economic advisor in the Prime Minister's Office, Mazhar Muhammad Salih, disclosed today, Saturday, a proposal to support the Generations Fund after the end of the compensation paid by Iraq to Kuwait against the background of the invasion in 1990.

Saleh said in a statement to {Euphrates News}: "We suggested that the funding of the Generations Fund be after the end of the compensation for the Kuwait war, which will end after 6 months from now."

He added, "The transfer of compensation amounts to the fund, in our estimation, is the mechanism that will maintain a ratio of 3 to 5% paid to the Generation Fund through properly managed internal and external investments that are linked to the higher authorities of the executive or legislative authorities."

 

Raghad Daham

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2 hours ago, yota691 said:
A proposal to support the Generations Fund from the Kuwait war compensation funds after its end
  
{Economic: Al Furat News} The economic advisor in the Prime Minister's Office, Mazhar Muhammad Salih, disclosed today, Saturday, a proposal to support system" rel="">support the Generations Fund after the end of the compensation paid by Iraq to Kuwait against the background of the invasion in 1990.

Saleh said in a statement to {Euphrates News}: "We suggested that the funding of the Generations Fund be after the end of the compensation for the Kuwait war, which will end after 6 months from now."

He added, "The transfer of compensation amounts to the fund, in our estimation, is the mechanism that will maintain a ratio of 3 to 5% paid to the Generation Fund through properly managed internal and external investments that are linked to the higher authorities of the executive or legislative authorities."

 

Raghad Daham

Bump, HCL! 6 month countdown activated.......

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3 hours ago, yota691 said:
A proposal to support the Generations Fund from the Kuwait war compensation funds after its end
  
{Economic: Al Furat News} The economic advisor in the Prime Minister's Office, Mazhar Muhammad Salih, disclosed today, Saturday, a proposal to support system" rel="">support the Generations Fund after the end of the compensation paid by Iraq to Kuwait against the background of the invasion in 1990.

Saleh said in a statement to {Euphrates News}: "We suggested that the funding of the Generations Fund be after the end of the compensation for the Kuwait war, which will end after 6 months from now."

He added, "The transfer of compensation amounts to the fund, in our estimation, is the mechanism that will maintain a ratio of 3 to 5% paid to the Generation Fund through properly managed internal and external investments that are linked to the higher authorities of the executive or legislative authorities."

 

Raghad Daham

Bumping HCL!

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7 hours ago, Laid Back said:

Interesting 🤔 

The remaining balance of $2.5 billion dollars owed to Kuwait for war reparations will be paid in six months. (September 2021 - March 2022)

 

In my opinion this is a United Nations key factor to let Iraq be part of the international arena.

 

Go Iraq 🇮🇶 

Go international 

Go open market economy 

Go RV


 

 

 

 


 

yes exactly.....i believe and MHO only that we will see zeros gone between sept 23 and Oct 31 and lower denoms released during this period upto Jan/feb

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1 hour ago, yota691 said:

Well if folks are into guessing...I'll take a poke at it from the articles...To achieve purchasing power for the folks in Iraq. As the Finance guy states, that the exchange rate won't be change for at least 5 years, which is quite fine if they intend on saying we are dropping the zero's off the exchange rate, which the CBI sells @ the bank for 1460 cash price and transfer price @ 1460. The exchage shop are selling @ 1470 + or - few dinars, and the CBI states they are removing the zero notes out of circulation @ the same time. Which would give Iraq purchasing power @ $1.46 and the exchange shop @ $1.47, The CBI get it share as well as the exchange shop. Anything else would be the dreadful lop and no purchasing power for Iraq....

 

possible that they could just drop the zeros like they were added!!!!!!

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 2021-09-06 04:55
 

Shafaq News/ The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed on Monday that Iraq lacks a sovereign fund, indicating that there is an idea to establish it soon.

Saleh said in an interview with Shafaq News Agency; Iraq does not have a financial sovereign wealth fund, but it has the investment portfolio of the bank responsible for economic stability and currency stability, and it is considered a semi-wealth of a sovereign fund, and there is also the Iraq Fund for Foreign Development that has investments with joint Arab companies of up to 3 billion dollars and receives profits, but It's not big and it's a sovereign wealth fund, but it's simple."

He explained that "the Gulf countries have formed the largest sovereign wealth funds, in addition to Norway, which has the largest sovereign fund in the world, with an amount of $1.250 trillion, which came from oil revenues," noting that "Norway builds its budget on the basis of balance and the budget surplus goes to various investments. Income and the fund grows, and when the state needs a budget, the profits of the fund block the budget.”

Salih pointed out that "the Iraqi government is considering establishing such a fund, but the country has a deficit and not a surplus," noting that "we have proposals to establish an Iraqi sovereign wealth fund, in which amounts equivalent to the Kuwait war compensation will be deposited after the completion of paying those compensations in the coming months. And it is supported by any other assets and at the same time it is an investment for mineral wealth that is not invested or neglected, and its returns go to the fund and we establish the Generations Fund and this is called sustainable development.

a sovereign wealth fund or sovereign funds; It is a state-owned fund consisting of assets such as land, shares, bonds or other investment devices, and these funds can be described as entities that manage state surpluses for investment and promise billions of dollars invested by states in stocks and bonds.

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Sovereign Fund

Tuesday 07 September 2021 50Sovereign Fund

 
Abdul-Zahra Muhammad Al-Hendawi
Oil, a commodity subject to recession at any moment, noting the severe price collapses witnessed by the global market, during periods, not far apart, in 2008, 2014, and 2020, and it is also subject to depletion, or dispensing with it when the world discovers sources of energy In light of these oil repercussions, the lives of future generations in the oil-producing countries seem to be under threat, because the current generations will nibble on all available wealth, above and below the earth.
Hence the importance and necessity of setting controls that guarantee the rights of the successors, and this matter falls on the shoulders of the current governments, and those before them and those who come after them, and on this basis came the idea of establishing the Generations Fund in Iraq. It is true that the step came too late, as it was supposed to be established Such a fund has existed since the early years of the emergence of oil, but to come late is better than never, after many countries preceded us in establishing effective sovereign funds, including Kuwait, which is the first country in the world in this field, and there are the UAE, Saudi Arabia and Qatar And many other countries, and it is estimated that the volume of money invested in sovereign funds around the world amounts to (3) trillion dollars, mostly from oil surpluses.
Therefore, I think that the remaining three decades of the oil life, stagnating or depleting, may be appropriate to finance the Generations Fund recently announced by the government, through the available financial surpluses, by taking advantage of the price difference between the budget and the real selling price, provided that Reducing the size of the fiscal deficit in the budget to its lowest levels, and if the deficit remains at this level, talking about financing the Fund remains a dream, and reducing the deficit is also linked to the necessity of reducing the ceilings of the massive operating and consumption expenditures that account for three quarters of the state’s public spending.
In the event of the inability to reduce the volume of operational spending, due to the massive inflation in the functional body of the state, and the presence of wide doors, in which the exchange cannot be stopped, the matter requires resorting to activating other development sectors in order to reduce dependence on oil, and then the possibility of transferring part of the revenues The oil sector will be transferred to the Generations Fund, which must have an active role in the development process, through its strong contribution, in investing in various fields, and here we will achieve two things. Second, maximizing the revenues of the Fund, to guarantee the rights of future generations, and thus achieving social justice. Such trends are of great importance to be included in the law establishing the Generations Fund, with an emphasis on the transparency of the Fund’s work, and knowledge of its outcomes and paths, its inputs and outputs.
(They sowed and we ate, and we sowed and they ate).
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5260.jpg
Financial Adviser to the Prime Minister, Dr. Mazhar Muhammad Salih, «Economy News»
  

 Reports


Economy News - Baghdad

The financial advisor to the Prime Minister, Mazhar Muhammad Salih, revealed the remaining amount owed by Iraq as compensation for the benefit of the State of Kuwait, noting that paying it may take six months.

Saleh said in an interview with "Al-Iqtisad News", that Iraq is about to finish paying the compensation for the Kuwait war, pointing out that the remaining amount is estimated at one billion dollars out of 52.4 billion dollars.

He added that the payment of this amount may take six months, indicating that the mechanism adopted by Iraq to pay the amount was to deduct 3% from each barrel of oil produced.

He stressed the need for the government to adopt the same idea of establishing a "generational fund" and depositing part of the oil revenues in it.

Saleh pointed out that "Iraq over the past years consumed its surpluses in wars instead of building generational funds."

He pointed out that "the Generations Fund can support the budget in times of fluctuations in oil prices, and at the same time it is considered a savings for future generations."

In turn, the Finance Committee described Iraq's economic situation as "very fragile."

The committee's rapporteur, Ahmed Al-Saffar, said in a statement reported by the official television and seen by "Al-Iqtisad News", that "the situation in Iraq now is very fragile," noting that any drop in oil prices will lead Iraq to financial and economic crises.

He added that "the rise in oil prices in the last period enabled the government to pay the salaries of employees and contributed to filling the budget deficit."

 
 
Views 53   Date added 09/07/2021
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“Saleh said in an interview with "Al-Iqtisad News", that Iraq is about to finish paying the compensation for the Kuwait war, pointing out that the remaining amount is estimated at one billion dollars out of 52.4 billion dollars.”

 

Only $1 billion dollar left to complete the Total amount owed to Kuwait for War reparations…… Great news.!!!!

 

At 3% per barrel of oil, it will take Iraq about 120 days of oil production to pay the remaining balance of $1 billion dollars 

 

He added that the payment of this amount may take six months, indicating that the mechanism adopted by Iraq to pay the amount was to deduct 3% from each barrel of oil produced.

He stressed the need for the government to adopt the same idea of establishing a "generational fund" and depositing part of the oil revenues in it.

 

Lets say they adopt the same idea of 3% from each barrel of oil produced for the generations fund.


This is all hypothetical.

 

Barrel of Oil $70 X 3% = $2.1

Oil production 4 million barrels per day X $2.1 = $8.4 million dollars a day

$8.4 million dollars X 365 days = $3,066,000,000.00

 

$3 billion dollars a year for the generation fund.


Go Iraq 

Go Generations fund

Go RV

 

 

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12 hours ago, yota691 said:
 

He pointed out that "the Generations Fund can support system">support the budget in times of fluctuations in oil prices, and at the same time it is considered a savings for future generations."

 

 
 
Views 53   Date added 09/07/2021

They have something like that here in the United States its called the Social Security fund. United States Congress has been stealing from Social Security for a very, very, very, long time, for example Clinton's surplus that vanished when it was found out that the surplus came from the Social Security fund. Matter of fact, that news was breaking in late August as it was just beginning to make the rounds. Then something happened on September 11, 2001 that killed the story. So people think it was all Bush that killed the Surplus.

 

This is not a sharing fund like what is described in the Iraqi Constitution. This is nothing more than a rainy day fund. 

Edited by Theseus
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35 minutes ago, Theseus said:

They have something like that here in the United States its called the Social Security fund. United States Congress has been stealing from Social Security for a very, very, very, long time, for example Clinton's surplus that vanished when it was found out that the surplus came from the Social Security fund. Matter of fact, that news was breaking in late August as it was just beginning to make the rounds. Then something happened on September 11, 2001 that killed the story. So people think it was all Bush that killed the Surplus.

 

This is not a sharing fund like what is described in the Iraqi Constitution. This is nothing more than a rainy day fund. 

based on norways Model, they have two funds

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Iraq was a poor, poor country until oil was discovered and then we found all these uses for oil.  They were like a homeless person who won the lottery and got a monthly stipend.  They have been spending it ALL for decades.  Now they have some leaders who are trying to help them become fiscally responsible and some (who have been taking advantage of the wealth) are pushing back.  If the leadership can hold fast and keep them on the track they are now on, they can have great wealth as a country.  There is a difference between wealth and income.  One can fluctuate wildly and one is stable.  Once they can show the world that they are on track to become wealthy, they will gain international recognition and we will get what we want.  This is all just my opinion.

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  • 2 weeks later...
 
 Baghdad: Haider Falih Al-Rubaie 
The participants in the economic symposium held by the House of Wisdom, tagged {Sovereign Wealth Funds - Iraqi Generation Fund, a Necessary Demand} agreed on the importance of the government adopting the establishment of a sovereign wealth fund directed to real investment inward within the framework of exceptional strategic economic and social development and in a different administrative style. Sovereign wealth funds, according to the chairperson of the virtual session, Dr. Falah Thuwaini, are “special-purpose investment arrangements, owned and established by the general government for macroeconomic purposes, and that hold, employ or manage assets.” 
to achieve financial goals.
 
economic supremacy 
The financial advisor in the Prime Ministry, Dr. Mazhar Muhammad Salih, told Al-Sabah that the main topics discussed in the issue of the sovereign fund focused on one dilemma, which is how a deficit economy over the past 40 years can establish a sovereign wealth fund, So, sovereign funds are a phenomenon that arose in surplus economies in general.
Saleh stressed the need to adopt a sovereign wealth fund directed to real investment inward within the framework of exceptional strategic economic and social development and in a different administrative style, noting that this matter {requires the presence of the state’s economic sovereignty again in the management of the economic project by moving the idle projects and idle wealth of the public and private sectors, That is, in partnership with the market and foreign investment.
 
investment activities 
The financial advisor believes that these steps will lead to “moving and developing the national economy and transforming it into a sustainable surplus economy through investment activities that work on an actual diversification of the sectors of the economy,” pointing out the importance of “the proposed inward-oriented sovereign fund is managed through a system similar to holding companies.” He indicated that the existing 40 sovereign funds around the world differ from country to country and from fund to fund. 
Box}. 
In order to overcome legislative difficulties, Salih pointed out that the symposium concluded with a proposal {that the Iraqi Fund for Foreign Development in the Ministry of Finance, be the legal basis for managing the next sovereign wealth fund for Iraq after agreeing on the fund’s style and nature, whose money will necessarily be from the state’s wealth outside the budget. Mostly public and in financial and administrative partnership with the natural wealth of people 
and morale}.
 
Various definitions 
In turn, the chair of the session, Dr. Falah Thuwaini, presented a prelude to the sovereign wealth funds, noting that “in view of the diversity of these funds in terms of their objectives, sources of funding and types, many concepts emerged from countries, international organizations and researchers, and everyone knows them according to a certain standard,” explaining that {The International Working Group of Sovereign Wealth Funds (IWG), which is a group of (26) member states of the International Monetary Fund and owns the largest sovereign wealth funds, gives a concept of a kind of comprehensiveness, as it defines the matter as special-purpose investment arrangements, owned and established by the general government For macroeconomic purposes, it holds, employs, or manages assets to achieve financial goals, using investment strategies that include investing in foreign financial assets.
Thuwaini explained that sovereign wealth funds are classified based on many criteria and indicators, such as the goals they seek, such as future generations savings funds, stability funds, reserve investment funds, development funds, and retirement reserve funds, and are also classified according to the scope of the fund's work, such as local sovereign funds, international sovereign funds, and sovereign funds. Mixed, as well as divided according to funding sources, such as funds financed by raw materials, funds financed by current payments surpluses, funds financed by privatization proceeds, funds financed by budget surpluses, and according to the degree of transparency.
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