BAGHDAD joy pumice
To avoid the effects of lower global oil prices, economic crises and terrorist facing the country, an economist calls the government to develop a plan for court the next ten years and the establishment of a real sovereign wealth funds, financial assets in order to keep the longer term.
The Development Fund for Iraq (DFI) one kind of sovereign and classified funds within 19 Arabs fund in the world, according to the Institute of sovereign funds, which was founded in May 2003, along with the Iraqi Central Bank reserves of foreign currency and precious metals estimated at $ 76 billion (and invests sovereign securities in industrialized countries and classification (AAA) and called (Triple A)).
He spoke of the "morning" in this regard expert Dr. appearance of Mohammed Saleh, saying that the sovereign funds are prudent and prefer to return on liquidity, so that a variety of currencies and instruments, and avoid liquidity risks and market fluctuations and risks of exchange rates and interest rates, as well as legal risks. And Saleh stressed the importance of putting some of the oil revenues, real and financial investments inside and outside Iraq, where the surpluses to invest financially and diversity of Mali to feed them in the days of the crisis, as in the present time in the low global oil prices and the accompanying failure to approve the budget of 2014, which is nearing completion leaving the real deficit of more than $ 30 billion, without tangible results for development in Iraq.
Crude prices fell globally recently to settle at around $ 80 per barrel, while the year's budget was prepared in 2014, according to the price of $ 90 a barrel, leading to a deficit in them.
He called expert to develop plans aimed at the establishment of this type of fund as a fund development of Iraq (DFI) and the precautions and pension fund stainless because a sovereign fund, its overriding goal of maintaining reserves of deterioration and legal risks, pointing to the importance of diversification in foreign currencies within the cash reserve, that offset by the diversification in bonds
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