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A parliamentary committee studying the project "Generations Fund for Iraq"
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Mohammad Karim
10/07/2012
Working for Oil and Energy Committee House of Representatives of Iraq is currently studying a new draft law which introduces development fund called "Generations Fund for Iraq" allocate revenues that will be in the form of soft loans for the establishment of income-generating projects for the youth after
Five years on the establishment of the Fund.
Committee member Furat al-Shara said in his interview with Radio Free Iraq that the process of financing the fund's capital will be through "deduct 5% of the funds the state budget annually for the latter be developed these funds through investment or through deposit with international banks over a five- years during which any exchange of funds from these funds "until the fund begins to exercise its lending activities.
Shara explained in this context that one of the reasons for the committee to adopt the study idea development fund generations Iraq "expectations observers obtaining many economic crises during the next stage not to mention the continuing spread of cases of financial corruption in state bodies and this whole things threaten the future of the national wealth" is reason Because this fund "as savings to secure the future of the coming generations of Iraqis."
Decision parliamentary Finance Committee Magda Abdel Latif believes its part to "the lack of appropriate conditions for the transformation of the idea of fund generations Iraq into reality" and the fact that the country is still far and despite what possessed of wealth suffer a number of problems the most important "lack of development and deterioration of the reality of infrastructure and dependence total proceeds from the sale of crude oil in the financing of the general budget, "which means the absence of other sources of income can be relied upon. And stressed in this context the need to first start with "the establishment of development projects and infrastructure projects for the betterment of the country and then think about saving for future generations of the proceeds from these projects."
Iraqi economists believe the importance of creating this fund development and the existence of the conditions required by this matter, but they stressed at the same time "the need to answer a number of questions on the subject before writing the draft law." In this context, refers professor of economics at the University of Mustansiriya Abdul Rahman al-Mashhadani to many "question marks that revolves around several issues in this regard, including the mechanism to select the body that will manage the work of the Fund and the mechanics prevent cases of financial corruption as well as to clarify the nature areas in which to invest funds Fund for its development at a time when many of the development funds of this type economic setbacks in a row because of the financial crisis and the current global economic ", according to his opinion.
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Share:
Unemployed young men provide jobs
THE SIZE OF TEXT CHARACTERS- +
Mohammad Karim
10/07/2012
Working for Oil and Energy Committee House of Representatives of Iraq is currently studying a new draft law which introduces development fund called "Generations Fund for Iraq" allocate revenues that will be in the form of soft loans for the establishment of income-generating projects for the youth after
Five years on the establishment of the Fund.
Committee member Furat al-Shara said in his interview with Radio Free Iraq that the process of financing the fund's capital will be through "deduct 5% of the funds the state budget annually for the latter be developed these funds through investment or through deposit with international banks over a five- years during which any exchange of funds from these funds "until the fund begins to exercise its lending activities.
Shara explained in this context that one of the reasons for the committee to adopt the study idea development fund generations Iraq "expectations observers obtaining many economic crises during the next stage not to mention the continuing spread of cases of financial corruption in state bodies and this whole things threaten the future of the national wealth" is reason Because this fund "as savings to secure the future of the coming generations of Iraqis."
Decision parliamentary Finance Committee Magda Abdel Latif believes its part to "the lack of appropriate conditions for the transformation of the idea of fund generations Iraq into reality" and the fact that the country is still far and despite what possessed of wealth suffer a number of problems the most important "lack of development and deterioration of the reality of infrastructure and dependence total proceeds from the sale of crude oil in the financing of the general budget, "which means the absence of other sources of income can be relied upon. And stressed in this context the need to first start with "the establishment of development projects and infrastructure projects for the betterment of the country and then think about saving for future generations of the proceeds from these projects."
Iraqi economists believe the importance of creating this fund development and the existence of the conditions required by this matter, but they stressed at the same time "the need to answer a number of questions on the subject before writing the draft law." In this context, refers professor of economics at the University of Mustansiriya Abdul Rahman al-Mashhadani to many "question marks that revolves around several issues in this regard, including the mechanism to select the body that will manage the work of the Fund and the mechanics prevent cases of financial corruption as well as to clarify the nature areas in which to invest funds Fund for its development at a time when many of the development funds of this type economic setbacks in a row because of the financial crisis and the current global economic ", according to his opinion.
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