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Fahmy: Sovereign funds achieve stability and fund projects
30/10/2017 12:00 am [rtl] Baghdad / Hussein Thugb organized the Baghdad Economic Forum in partnership with the Secretariat General of the Council of Ministers recently and his second workshop (within a series of workshops agreed upon between the parties), under the title of "sovereign funds and their role in the development of the Iraqi economy," and conducted by Vice Chairman of the administrative body of the Forum - Jamil Anton in the presence of a number of relevant officials, parliamentarians, local and foreign economic figures, academics and representatives of some embassies, international organizations, the World Bank and the United Nations. Sources of Income The Secretariat confirmed in its speech that "organizing the Baghdad Economic Forum for this workshop comes in support of the steps of the government and the private sector to unify the visions and procedures to develop the Iraqi economy and diversify sources of state income to face future economic shocks." The head of the administrative body of the Baghdad Economic Forum Fares Al-Salman said in his speech that "one of the objectives of the workshop is to develop strategic bases that serve the economic security which is part of Iraqi national security in order to make the sustainable development process successful. On the identification of its objectives and mechanisms to manage and judiciously judging by benefiting from the experiences of other countries preceded us in this area with the national touch to suit the requirements of the Iraqi economy. Sovereign Funds The workshop included seven research papers, one of which will be discussed in detail, namely, the paper of former Minister of Science and Technology Raed Fahmi, entitled "Sovereign Funds", which dealt with the definition of the concept of sovereign funds, the main types of SWFs and their objectives. Social and financial funds of the potential pension reserve). The researcher also tackled the strategies of the work of these funds, and touched on the role of these funds in the macroeconomic, national (internal) and international levels. As well as the risks that may be faced, and the conditions for the success of investment funds development within the country, and also addressed the paper the pros and cons of each type of funds (The meaning here disadvantages are the risks arising from mismanagement or use of non-establishment goals and others ). The Dutch disease The paper covered the phenomenon of the Dutch disease in the countries of financial abundance and the role of sovereign funds in mitigating this phenomenon. The paper presented a successful model, the Texas Texas School Fund, a Texas fund designed to finance the construction of schools in the state. The understanding of the fund's main objective, including strong financial performance, means that the expectation that the Fund's performance, ie its return on investment and its various functions, will outperform a normative portfolio in terms of the overall relationship between risk and return, including the benefits flowing from this performance and the ability to finance projects within the country And create greater savings for future generations, "he said." They help stabilize the local economy, earn returns beyond those traditionally earned on foreign exchange holdings, and sovereign wealth funds create diversification benefits for the country or country concerned. Diversification reduces risk in several ways, and the Fund's income can be used to finance socially desired social and economic projects. " Good governance The head of the administrative board of the Baghdad Economic Forum, Fares Al-Salman, discussed the forum's vision, pointing out that Iraq is characterized by abundant sources of resources and natural, financial and human resources as well as the importance of its geopolitical location in the region. There is a rational management of its resources and economy. This requires the reorganization of the Iraqi economy in order to promote the foundations of sustainable development to create a dynamic economy, including the establishment of a package of sovereign funds managed by good governance and transparency as well as the development and support of the Iraqi Fund for Development etc. As one of the influence of the outer skin of the Iraqi state tools to secure the vital area within Iraq's national security theory. In conclusion, I concluded the requirements of the movement to establish a package of sovereign funds and their legal frameworks and methods of governance, management and financing and the implementation of its functions and control. A joint committee of experts from the General Secretariat of the Council of Ministers and the Baghdad Economic Forum was formed to write recommendations.[/rtl] [rtl][You must be registered and logged in to see this link.] [/rtl] |
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