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The Central Bank calls for the establishment of a sovereign fund "after the financial abundance"


yota691
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On 7/21/2022 at 6:12 AM, DoD said:

I’m not sure if Iraq is at that stage yet of creating a sovereign wealth fund. There is still too much corruption in the so-called government to have that kind of money available. Being the state owns the fund and you have a Maliki or one of his cronies running the government, there goes your wealth fund. 
Most of the countries surrounding Iraq has a sovereign wealth fund, even Iran so that tells you how far behind that country really is…

There will be always be corruption, have told everyone numerous times, look at kuwait and their history of parliament. Will never be eliminated if you think this will hold up rv it will never happen 

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9 hours ago, screwball said:

There will be always be corruption, have told everyone numerous times, look at kuwait and their history of parliament. Will never be eliminated if you think this will hold up rv it will never happen 

I wish Iraq had the type of government Kuwait has, they wouldn’t be in this mess their in now. 
I also never mentioned any RV, I talked about the sovereign wealth fund their looking into that I think their not ready for. I think Iraq has so many issues that any of them could hold up an RV or an election and the list goes on….

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15 hours ago, screwball said:

There will be always be corruption, have told everyone numerous times, look at kuwait and their history of parliament. Will never be eliminated if you think this will hold up rv it will never happen 

Exactly, like afganistan and their northern alliance we chose to support, like if some of these places have these set up and are currupt and currency higher rates then iraq...sounds like iraq needs one of these funds too.

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Aqil Jaber Ali Al-Mohammadawi / researcher in financial and development affairs
With a careful research look at some successful international practical experiences within the practices of sovereign funds in China and the Russian Federation, they can be used in the maturation of the model for forming the structure of the National Sovereign Fund in Iraq and extracting the following    ...

The importance of focusing methodologically and practically to contain and enable the shift from scientific theorizing to the reality and methodology of the financial and economic model to form the applicable sovereign fund (National Welfare Fund), which is the biggest challenge and in parallel we think about who is the institutional and specialized body responsible for forming and formulating the structure of the Iraqi sovereign fund in a way Real and realistic methodologically, structurally and institutionally in the reality of institutional work away from non-productive and practically unproductive theorizing, and who are the scientific and professional bodies, personalities and mentalities that should exist and participate in a real and without dispensation from them to form, build, devote and mature the structure, model and methodology of the Sovereign Fund   !

Sovereign funds can be created and formed from the surpluses of the federal public budget, surpluses of government revenue from the activities of companies whose assets occupy a large share, revenue from certain tax savings, including foreign exchange reserves of central banks, and international trade surpluses. This, for example, is how money is made in China .

 Sovereign funds, representing the state, dispose of national savings, invest them in funds of various companies and other financial instruments, in particular, in stocks, bonds and funds of foreign countries. In principle, the foreign exchange reserves of the Fund are used differently from the official reserves of the government. Specifically, the state usually has two other schemes for investing financial resources :

 A central bank that invests mainly in bonds, and state-owned companies that invest their money in private equity. But the resources of the last two institutions can also be transferred by the state to sovereign funds .

Sovereign investment funds, owned by the governments of sovereign countries, manage state rental income (the public domain) and budget surpluses. Each sovereign fund seeks to increase its potential and capabilities by investing in various national and international financial instruments .

 If the main goal of pension funds is to ensure the financing of pension obligations, then sovereign accumulation funds pursue various goals, such as: pooling savings for future generations, promoting the implementation of social and economic projects, and protecting the economy from fluctuations. In commodity prices, to promote restructuring and scientific and technical development. This management of national wealth in the name of developing society and the state as a whole can be considered a new type of modern international economic approach based on the formation of national welfare funds. It opens new horizons for organization, planning and macroeconomic methodology .

 
 
 

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Added 07/25/2022 - 11:59 AM
Update 07/25/2022 - 4:30 PM
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  • 2 weeks later...
Al-Kazemi’s advisor: One step separates from setting the rules and mechanisms of work for the “Generation Fund”
 

Baghdad - people  

The Financial Adviser to the Prime Minister, Mazhar Muhammad Salih, confirmed, on Saturday, that the Sovereign Fund (Al-Ajyal), requires the availability of a law for the federal general budget for the year 2022 to be defined and set the rules and mechanisms for its work.  

 

  

Saleh told the official agency and followed him by "Nass" (August 6, 2022): "The idea of the Generation Fund stems from the text and spirit of Article 19 of the Federal Financial Management Law No. 6 of 2019, which stipulates the establishment of a (sovereign fund) in which financial savings will be deposited after Covering the expenditures approved in the annual federal budget law, including covering the hypothetical or planned deficit in the annual general budget estimates in question.  

  

He added that "the Sovereign Fund or the Generation Fund, requires the availability of a law for the federal general budget for the year 2022 to be defined and set the rules and mechanisms for the fund's work at the end of the current fiscal year, especially after the Central Bank of Iraq expressed its willingness to manage the fund based on its law as the state bank and its financial agent in Managing all its financial investments.  

  

He continued, "However, this does not prevent the Ministry of Finance from preparing to draw up a program for managing the sovereign fund or the Generations Fund, and setting its investment objectives to serve development and economic progress in our country."  

  

He pointed out that "the financial savings achieved outside the Emergency Food Security and Development Law No. 2 of 2022 and the applications of Article 13 of the Financial Management Law No. 6 of 2019 amended regarding the restriction of exchange at 1/12 of the total actual current expenditure for the year 2021, are still managed as reserve financial savings. By the Central Bank of Iraq (the financial agent of the state) and according to the best applications available globally in the management of safe short-term financial investments.  

  

Saleh stressed that "the Sovereign Fund or the Generations Fund, when established, remains attached to a prerequisite, which is the existence of a general budget law, and otherwise, the financial savings achieved will remain in part in the hedge account referred to in the first articles of the current Emergency Food Security Law No. 2 of 2022 until the current date. The end of the 2022 fiscal year, in the event that a budget law is not issued.  

  

He continued, by saying: "Any savings outside the expenses of the two laws above will be partly spent within the opening balance for the next fiscal year 2023, and the other part will remain a financial reserve for the government pending the enactment of a budget law for the year 2023, so that the Generations Fund or the Sovereign Fund can be implemented, due to the legal connection between the Fund." Sovereignty and the availability of surplus funds through an approved annual budget and legally committed to its provisions.  

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money and business
   

Economy News / Baghdad
Today, Saturday, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, set a condition for the establishment of the sovereign fund, while referring to the entity that can manage the fund .

 

Saleh told the Iraqi News Agency, "The idea of the Generation Fund stems from the text and spirit of Article 19 of the amended Federal Financial Management Law No. 6 of 2019, which stipulated the establishment  of a sovereign fund in which financial savings would be deposited after covering the expenses approved in the annual federal budget law, including Covering the hypothetical or planned deficit in the annual general budget estimates that are the subject of the research .

 

He added, "The Sovereign Fund or the Generations Fund requires the availability of a law for the federal general budget for the year 2022 to be defined and set the rules and mechanisms for the fund's work at the end of the current fiscal year, especially after the Central Bank of Iraq expressed its willingness to manage the fund based on its law as the state bank and its financial agent. managing all its financial investments .

He continued, "However, this does not prevent the Ministry of Finance from preparing to draw up a program for managing the Sovereign Fund or the Generations Fund, and setting its investment objectives to serve development and economic progress in our country ."

 

He pointed out that "the financial savings achieved outside the Emergency Law for Food Security and Development No. 2 of 2022 and the applications of Article 13 of the Financial Management Law No. 6 of 2019 amended regarding the restriction of exchange at 1/12 of the total actual current spending for the year 2021, are still managed as reserve financial savings. By the Central Bank of Iraq (the financial agent of the state) and according to the best applications available globally in managing safe short-term financial investments .

 

Saleh stressed that "the Sovereign Fund or the Generations Fund, when established, remains attached to a prerequisite, which is the existence of a general budget law, and otherwise, the financial savings achieved will remain in part in the hedge account referred to in the first articles of the current Emergency Food Security Law No. 2 of 2022 until the current date. The end of the 2022 fiscal year, in the event that a budget law is not issued .

 

He continued by saying: "Any savings outside the expenses of the two laws above will be partly spent within the opening balance for the next fiscal year 2023, and the other part will remain a financial reserve for the government pending the enactment of a budget law for the year 2023, in order for the Generation Fund or the Sovereign Fund to work, due to the legal connection between the Sovereign Fund and the availability of Surplus funds through an approved annual budget and legally bound by its provisions .

 
 

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Added 08/06/2022 - 2:36 PM
Update 08/06/2022 - 3:15 PM
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He set a condition for its establishment.. Al-Kazemi’s advisor: The Central Bank has expressed its willingness to manage the Generations Fund

Economie01:34 - 06/08/2022

 
image
 
 

 

Baghdad - Mawazine News
, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, set, today, Saturday, a condition for the establishment of the sovereign fund, noting that the Central Bank of Iraq expressed its willingness to manage the fund

. From the text and spirit of Article 19 of the amended Federal Financial Management Law No. 6 of 2019, which stipulates the establishment of a (sovereign fund) in which financial savings shall be deposited after covering the expenditures stipulated in the annual Federal Budget Law, including covering the hypothetical or planned deficit in the estimates of the general budget annual research topic.

He added, "The Sovereign Fund or the Generations Fund requires the availability of a law for the federal general budget for the year 2022 to be defined and set the rules and mechanisms for the fund's work at the end of the current fiscal year, especially after the Central Bank of Iraq expressed its willingness to manage the fund based on its law as the state bank and financial agent. It has the right to manage all its financial investments.

He continued, "However, this does not prevent the Ministry of Finance from preparing to draw up a program for managing the sovereign fund or the Generations Fund, and setting its investment objectives to serve development and economic progress in our country."

He pointed out that "the financial savings achieved outside the Emergency Law for Food Security and Development No. 2 of 2022 and the applications of Article 13 of the Financial Management Law No. 6 of 2019 amended regarding the restriction of exchange at 1/12 of the total actual current spending for the year 2021, are still managed as reserve financial savings. By the Central Bank of Iraq (the financial agent of the state) and according to the best applications available globally in the management of safe short-term financial investments.

Saleh stressed, "The Sovereign Fund or the Generations Fund, when established, remains attached to a prerequisite, which is the existence of a general budget law, and otherwise, the financial savings achieved will remain in part in the hedging account referred to in the first articles of the current Emergency Food Security Law No. 2 of 2022. Until the end of the 2022 fiscal year, in the event that a budget law is not issued.

He continued by saying that "any savings outside the expenditures of the two laws above will be partly spent within the opening balance of the next fiscal year 2023, and the other part will remain a financial reserve for the government pending the enactment of a budget law for the year 2023, so that the Generations Fund or the Sovereign Fund can work, due to the legal connection between the Sovereign Fund and the availability of funds." The surplus through an approved annual budget and legally committed to its provisions. Ended 29/N33

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Perhaps I'm a bit jaded owing to the fact that Criminal politicians in Iraq have achieved a legendary status of thievery & money laundering: I see the Sovereign Fund or Generations Fund ( guess they can't make up their minds up [ on this either ] on what they want to call this...pick one for God's sake ), as yet another ingenious scheme of money laundering. 

Could be I'm incorrect. If so, I'll humbly apologize when the time comes I'm proven wrong...yeah, right.

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