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Development Fund.. a step for economic advancement and investment revival
Economical 2023/08/10
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ider Fleeh Al-Rubaie
Specialists in economic affairs praised the government’s approach to establishing the “Development Fund for Iraq,” stressing the importance of the step in achieving a package of achievements, including allowing various forms of financing partnerships such as loans, international grants, and allocations from the general budget, or issuing financing bonds and local and international partnerships with the private sector. And while they indicated that the fund would develop and diversify non-oil resources, they pointed out that the development path project would be the real nucleus of the work of the Iraq Fund.
The Prime Minister, Muhammad Shia'a al-Sudani, revealed that "the cabinet approved the system of the Iraq Fund for Development, and we are working to form a board of directors, and we have received offers from Arab and foreign investment funds to participate in the fund, as well as we have received requests from the private sector to implement projects within the Iraq Fund for Development." The fund can achieve many economic and development goals, foremost of which is the possibility of improving the investment environment, launching sustainable development, finding solutions to economic, social and environmental crises, as well as creating a qualitative change in the adoption of technology and modern systems in management, as well as its ability to finance projects that address gaps in the powers of ministries. .
The fund can also create job opportunities through investment projects, develop human capital and skills to match market requirements, in addition to its ability to attract the financial mass of the private sector and employ it in projects.
In addition to the many economic benefits that the fund can achieve, the financial advisor to the Prime Minister, Dr. Mazhar Muhammad Salih, believes during his interview with "Al-Sabah" that "The Iraq Fund is one of the strategic methods for investing in major development projects across the provinces and has the ability to provide backlinks." and frontally with production chains and other investments in a correlative manner. Saleh explained that the fund is characterized by providing two important directions, which are the sustainability of financing throughout the life of the implementation of the strategic project without stumbling, which means high implementation efficiency through a network of interconnected investments, as well as allowing various forms of financing partnerships such as loans, international grants, allocations from the general budget, or the issuance of financing bonds. Or local or international partnerships with the private sector, depending on the nature of the project and its internal and external extensions.
The financial advisor believes that "the development path project will be the real nucleus of the work of the Iraq Fund and its associated networks of industrial cities, infrastructure, etc., as well as the possibility of this new economic formation becoming the planning, financing, and executive investment arm, whether independently of the government or through strategic partnerships." with the private sector.
Counselor Saleh suggested, "Creating an effective management description for the fund that has three pillars at once. The first is economic and engineering planning for the strategic projects that the fund will undertake to approve, and the second is the establishment of an administrative and engineering technical apparatus that follows up the implementation of projects upon approval and monitors completion rates, accuracy of implementation, and control of exchange, in When the third pillar is concerned with financing management and the flow of incoming and outgoing funds, meaning the accuracy of spending on projects.
In addition, the economist, Dr. Hussein Jaber Al-Khakani, confirmed to Al-Sabah that “the establishment of a development fund is an important direction and sound thinking and the adoption of scientific solutions in the face of crises, and that seriousness and readiness for speedy implementation and the use of successful experiences of countries in this field represent a successful step.” And a good starting point for the government in its early works.
In order for the Fund to succeed, Al-Khakani urged that it “be independent financially and administratively and not be under the umbrella of any ministry, but rather be linked to the Prime Minister or the Council of Ministers, in order for it to have freedom of movement in implementing the government’s policy and the activities for which it was established,” stressing at the same time, He stressed the importance of the fund working "in a private sector way in management, employment, investment and contracting with experts and consultants with the specializations it needs to enable it to perform its work in the best way."
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