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Sovereign Funds: Sustainable Economic and Social Development
17/12/2017 12:00 AM [rtl]Faris Al Salman today and after the triumph of the will of the people and to defeat terrorism, we find that the Iraqi economy is exhausted because of the funding of military operations, lower oil prices, and corruption, so it became a duty to rebuild the Iraqi economy according to the foundations of development properly achieve social justice and create jobs to accommodate young energies Society as well as revitalizing national industry and maintaining market stability. There has been an international trend of sovereign and large sovereign funds to promote the idea of public-private partnership with the aim of injecting direct strategic investments into public and mixed companies and private partnerships to support GDP, create jobs, transfer skills, techniques and secrets of knowledge. Should not go towards the acquisition of huge shares in the assets of other countries, but focus on the internal market, and the development of the national economy. Thus, the funds achieve a greater financial return than the investment in foreign markets, while taking into consideration that the foreign investment is aimed at diversifying the investment portfolio and not only when investing in the local economy. There are successful international experiences in this field, namely Asian development funds that focused on developing markets Through the promotion of the manufacturing sector and then to the services sector. As a vision, we see that the goal is to rescue and develop government and mixed companies and develop them, as well as to help the private sector to build sustainable companies. There are 30 thousand industrial projects belonging to the private sector, which is suspended for many reasons including terrorism, corruption, lack of services, flooding markets with cheap imported goods And other reasons. The revitalization of these projects will save about one million jobs, which in turn will stimulate the economy and ease demand for government jobs. GCC sovereign funds have recently injected $ 60 billion in investment into local development projects. The idea of these funds is to facilitate the flow of private investments after building the citizen's confidence in the system of state administration and the financial system and cash, so that these flows flow through a government investment system has a scientific mind and a high flexibility in line with the need of the market, and there is a package of sovereign funds that we think it is due The establishment of the Iraqi economy, through the development or integration or joint projects called (Joint Ventures). 1 - Fund for the future sovereign (surplus fund): This fund is financed by surpluses of proceeds from the sale of oil, gas and other materials, proceeds from privatization and the sale of other fixed assets. It is financed by deducting 5% of the revenues of oil and gas to invest in the development fund listed in (4) below, as it enters the revenues of the holy shrines and endowments, revenues of rents of state properties and sale of properties belonging to the Ministry of Finance, and fees for the entry of archaeological sites other than museums, Rents and real estate, as it enters into fixed assets all the assets of endowments and thresholds and the Secretariat of Baghdad and state real estate guarantees this fund the rights of future generations with the wealth of the poor, as well as being a sovereign reserve supporting the government and other sovereign funds . 2. Stability Fund: It aims to bridge the budget deficit and achieve a fixed exchange rate for the national currency and to cope with economic shocks, emergencies and disasters, as it protects the economy as a whole, financed by the sovereign future fund (the so-called surplus fund). 3. The Social Security Fund: The Universal Declaration of Human Rights, issued by the General Assembly of the United Nations on 12 December 1948, states that social welfare is a human right. Article 22 states that sickness benefits, work accidents, lactation period, To support children and housing. The purpose of this fund is to achieve social peace, political stability, the ability to live together, security immunity, cohesion of society, and a sense of belonging to society and the homeland. This fund includes every citizen who does not have a guardian in the community. (Ie, the pension fund will be included under this fund). It also includes the disabled, the large families in need, those who do not have the pension, the beneficiaries under the poverty line, the victims of disasters. MDF Fund Who? : The funds of the Fund for the Care of Minors in relation to minors / pension fund funds in respect of pensioners / funds of the Police Martyrs' Fund for the families of police martyrs / and all other subsidy funds in the State. Centralization of information and simplification of administrative structures) Deduction of a percentage of the total income of employees in the public and private sectors / Revenues of charitable activities from concerts and activities, imports of sporting and artistic activities, etc. / Investment revenues of the fund imports / Zakat / donations and unconditional donations, for example (in Libya it is financed by a portion of customs revenues ). The duties of this Fund also .. Follow - up to the provision of health, education, housing and other services, as well as providing assistance and subsidies made in the limits and in accordance with the laws, and the management of social welfare institutions, take care of the disabled, nursing homes, orphanages, the role of public and private nursery, care institutions women . It also provides salaries and special bonuses or extra grants to citizens who have provided great services to the homeland, and salaries of this fund represents the basic salary for the decent living of the citizen Iraq. This fund includes the unit (Social Welfare for the Poor and Sensitive Groups), a Shura-based development experience funded by UN and international aid, five funds, Zakat, donations and unconditional donations. The objective of this unit is to grant the loan to low- In case of death (God forbid), the loan will be repaid from the loan insurance fund in this unit, as an insurance fund will be established from the pensions of the borrowers. The unit will also provide a pension for the pensioner After a while passed T for a certain period of time, for example 10 years). The loan is granted by credit and the solidarity of employees or borrowers together, and a convenient rescheduling of the insolvent borrower is possible. * Chairman of the administrative body of the Baghdad Economic Forum[/rtl] [rtl][You must be registered and logged in to see this link.] [/rtl] |
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