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Disclosure of proposals to establish a sovereign wealth fund
10:43 - 02/03/2021
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The information / Baghdad ..
The financial advisor to the prime minister, Mazhar Muhammad Salih, revealed, on Tuesday, positive proposals to establish a sovereign wealth fund in which funds equivalent to the current compensation for the Kuwait war would be deposited in a manner consistent with the white reform paper.
In an interview followed by the information, Saleh said, “We have positive ideas and proposals to establish an Iraqi sovereign wealth fund, in which sums equivalent to the compensation of the Kuwait war are deposited after the payment of these compensation is completed in the coming months, and it is managed along the lines of the generational funds.” He considered it a “sovereign investment resource.” For Iraq, and in line with the White Paper launched by the government to strengthen and reform the structure of the Iraqi economy.
He added, “There is nothing left of Kuwait’s war compensation but an amount that may be less than $ 2.5 billion out of $ 52 billion until the moment, as 3% of the proceeds of every barrel of Iraqi crude oil exported is still being deducted, through a mechanism and a bank account handled by the Reserve Bank Federal Council in New York, according to a subsequent Security Council Resolution No. 1483 in May 2003. ”
Saleh pointed out that "the deductions are currently paid through the United Nations Compensation Fund" UNCC ", expecting that" all the remaining compensation will end within a year or a little more, depending on the development of oil prices and the returns of a barrel of Iraqi oil exported. " End / 25
The financial advisor to the prime minister, Mazhar Muhammad Salih, revealed, on Tuesday, positive proposals to establish a sovereign wealth fund in which funds equivalent to the current compensation for the Kuwait war would be deposited in a manner consistent with the white reform paper.
In an interview followed by the information, Saleh said, “We have positive ideas and proposals to establish an Iraqi sovereign wealth fund, in which sums equivalent to the compensation of the Kuwait war are deposited after the payment of these compensation is completed in the coming months, and it is managed along the lines of the generational funds.” He considered it a “sovereign investment resource.” For Iraq, and in line with the White Paper launched by the government to strengthen and reform the structure of the Iraqi economy.
He added, “There is nothing left of Kuwait’s war compensation but an amount that may be less than $ 2.5 billion out of $ 52 billion until the moment, as 3% of the proceeds of every barrel of Iraqi crude oil exported is still being deducted, through a mechanism and a bank account handled by the Reserve Bank Federal Council in New York, according to a subsequent Security Council Resolution No. 1483 in May 2003. ”
Saleh pointed out that "the deductions are currently paid through the United Nations Compensation Fund" UNCC ", expecting that" all the remaining compensation will end within a year or a little more, depending on the development of oil prices and the returns of a barrel of Iraqi oil exported. " End / 25
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