[size=36]A government advisor talks about the benefits of the sovereign wealth fund[/size]
[You must be registered and logged in to see this link.] [You must be registered and logged in to see this link.]
, Adviser to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, confirmed, on Tuesday, that the establishment of a sovereign wealth fund will maximize crude oil export revenues instead of consuming them in unproductive budgets.
Saleh told the official news agency, "Sovereign wealth funds have been established and built in the world for at least six decades and are built on the fact that the returns from the resources of the producing and exporting countries of raw materials as financial surpluses have become an important part of the capital wealth that can be invested, maximized and continuously increasing instead of consuming it with large operating budgets. Mostly unproductive annual budgets.
He added, "
And Saleh added, "Accordingly, and in order to serve the current capital assets resulting from the revenues of raw materials, including oil wealth, the majority of the world's oil-producing countries in particular have established sovereign investment funds from their surpluses from oil revenues and employed them as capital in various investment assets, whether financial or real. and generating income for the capital to grow as a growing wealth for the benefit of the people.”
And he indicated that "the multiplied returns in the form of income will accumulate within the investment of the resources of these sovereign funds in the form of an expanding capital wealth, for the sovereign fund is an investment fund by its nature, and thus the sovereign fund goes to a lofty goal, which is to maximize the nation's depleted resources for the benefit of sustainable development goals through the continuation of economic prosperity between generations." .
Saleh concluded that "the current generation should provide supplies for sustainable welfare for the next generation and according to the best investment practices for the assets that will be included in the sovereign investment portfolio and within the framework of the sovereign wealth fund itself, and the Sovereign Wealth Fund is often managed by the executive authority as a direct sovereign and in cooperation between the two financial authorities The country’s monetary policy is monitored, and the performance of the sovereign fund is monitored by the legislators in the House of Representatives within the rules and regulations of the country’s legislative oversight. Ended 29/R77