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Parliamentary Economy: Iraq did not possess sufficient funds to establish a sovereign wealth fund
06/05/2015
BAGHDAD
Committee announced the economy parliamentary, on Tuesday, that Iraq does not have enough money to set up a sovereign wealth fund due to the financial crisis experienced by the country, while economic adviser Ebadi called for the establishment of the project material available potentials, he drew experts that the Fund will not come financial benefits of in-term Short.
The Commission said the economy and investment parliamentary Najiba by Najib in an interview for the "long", that "the establishment of the sovereign wealth fund is one of the proposals of the Economic Committee," indicating that "a major British company presented the idea, owns this company's considerable experience in this area and manages sovereign wealth funds in Gulf and other countries. "
She said Najib saying that "the project is under study, but the details provided by the companies that manage sovereign wealth in other countries," pointing out that "the competent parliamentary committees cooperate to complete the project and legislation valuable time soon."
, however that "the only problem facing our work in the moment is the lack of sufficient funds to manage the fund, "expressing the hope that" the application of the project in the near future. "
She continued by saying that "a training course conducted in Lebanon a month ago on how to fund administration," adding that "the project includes a special fund sovereign wealth comes part of its revenue from the private export oil surplus and the future generations as wealth sovereign to provide a financial reserve. "
For his part, Economic Adviser to the Prime Minister the appearance of Mohammed Saleh "long", that "the proposal to establish a sovereign wealth fund presented by the Commission on the economy parliamentary," noting that " members of the committee have a clear vision has been consulted on this project
is important. "
Saleh added by saying that "Iraq must work to establish a sovereign wealth fund unchanged if the 160 sovereign wealth fund in the world," pointing out that "the Fund will come interest of the state in the case of fiscal deficit and be an important source of financing. "
He continued economic adviser to the prime minister that "the sovereign fund is a fund Edjaraa, and all the savings fund of the state called sovereign", adding that "the producers of raw materials and raw materials and exporting Raw Materials has such a fund."
He continued by saying, "I support The project is certainly due to the current situation, "adding that" Iraq is passing through circumstance is difficult, think about this subject had come too late and must be starting this project, even though the money is simple and possibilities. "
Through expert regretted that "Iraq is the only country that possesses no such fund" , pointing out that "most of the world has such a fund, and that the UAE has a sovereign wealth fund nearly trillion dollars, either the State of Norway, it has the largest sovereign wealth fund in the world, the wealth of Dolly the economy."
He added by saying that "Iraq is unable to create this fund , but it needs a strong financial management to create it ", adding that" fund for future generations if what has been invested. "
turn economist Resan Hatem said in an interview for the "long" that "sovereign wealth fund may put forward some time ago not Balgaribp but talking about it began after exposure Iraq to the financial crisis, "noting that" the sovereign fund is by calculating the sums of money accruing to previous years because when approving the budget, there is a difference between going forward and the actual price, which is sold by the barrel of oil. "
He added by saying that "the purpose of the fund is the existence of a financial reserve of the State and is used in emergency situations that occur as a result beyond the control of the state conditions, "pointing out that" the Fund can help the stability of the Iraqi dinar exchange about the foreign exchange rate, and the interest from this fund can not be collected in the short term. "
The expert pointed out that " Fund in the event of its establishment in the year 2009, at the time of presenting the idea, he would have shares in addressing the current financial crisis, either at the moment do not achieve real results. "
He continued by saying that "the Fund under construction and needs to study the financial and liquidity, has been on Iraq can not be provided in light of fluctuations in world oil prices. "
He predicted that Hatem "sovereign wealth fund contributes to solving the economic crisis in the future either the current crisis has no solution other than fiscal austerity."
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06/05/2015
BAGHDAD
Committee announced the economy parliamentary, on Tuesday, that Iraq does not have enough money to set up a sovereign wealth fund due to the financial crisis experienced by the country, while economic adviser Ebadi called for the establishment of the project material available potentials, he drew experts that the Fund will not come financial benefits of in-term Short.
The Commission said the economy and investment parliamentary Najiba by Najib in an interview for the "long", that "the establishment of the sovereign wealth fund is one of the proposals of the Economic Committee," indicating that "a major British company presented the idea, owns this company's considerable experience in this area and manages sovereign wealth funds in Gulf and other countries. "
She said Najib saying that "the project is under study, but the details provided by the companies that manage sovereign wealth in other countries," pointing out that "the competent parliamentary committees cooperate to complete the project and legislation valuable time soon."
, however that "the only problem facing our work in the moment is the lack of sufficient funds to manage the fund, "expressing the hope that" the application of the project in the near future. "
She continued by saying that "a training course conducted in Lebanon a month ago on how to fund administration," adding that "the project includes a special fund sovereign wealth comes part of its revenue from the private export oil surplus and the future generations as wealth sovereign to provide a financial reserve. "
For his part, Economic Adviser to the Prime Minister the appearance of Mohammed Saleh "long", that "the proposal to establish a sovereign wealth fund presented by the Commission on the economy parliamentary," noting that " members of the committee have a clear vision has been consulted on this project
is important. "
Saleh added by saying that "Iraq must work to establish a sovereign wealth fund unchanged if the 160 sovereign wealth fund in the world," pointing out that "the Fund will come interest of the state in the case of fiscal deficit and be an important source of financing. "
He continued economic adviser to the prime minister that "the sovereign fund is a fund Edjaraa, and all the savings fund of the state called sovereign", adding that "the producers of raw materials and raw materials and exporting Raw Materials has such a fund."
He continued by saying, "I support The project is certainly due to the current situation, "adding that" Iraq is passing through circumstance is difficult, think about this subject had come too late and must be starting this project, even though the money is simple and possibilities. "
Through expert regretted that "Iraq is the only country that possesses no such fund" , pointing out that "most of the world has such a fund, and that the UAE has a sovereign wealth fund nearly trillion dollars, either the State of Norway, it has the largest sovereign wealth fund in the world, the wealth of Dolly the economy."
He added by saying that "Iraq is unable to create this fund , but it needs a strong financial management to create it ", adding that" fund for future generations if what has been invested. "
turn economist Resan Hatem said in an interview for the "long" that "sovereign wealth fund may put forward some time ago not Balgaribp but talking about it began after exposure Iraq to the financial crisis, "noting that" the sovereign fund is by calculating the sums of money accruing to previous years because when approving the budget, there is a difference between going forward and the actual price, which is sold by the barrel of oil. "
He added by saying that "the purpose of the fund is the existence of a financial reserve of the State and is used in emergency situations that occur as a result beyond the control of the state conditions, "pointing out that" the Fund can help the stability of the Iraqi dinar exchange about the foreign exchange rate, and the interest from this fund can not be collected in the short term. "
The expert pointed out that " Fund in the event of its establishment in the year 2009, at the time of presenting the idea, he would have shares in addressing the current financial crisis, either at the moment do not achieve real results. "
He continued by saying that "the Fund under construction and needs to study the financial and liquidity, has been on Iraq can not be provided in light of fluctuations in world oil prices. "
He predicted that Hatem "sovereign wealth fund contributes to solving the economic crisis in the future either the current crisis has no solution other than fiscal austerity."
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