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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    Al-Kazemi’s advisor sets a condition for the establishment of the sovereign fund

    Rocky
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    • Post n°1

    Al-Kazemi’s advisor sets a condition for the establishment of the sovereign fund Empty Al-Kazemi’s advisor sets a condition for the establishment of the sovereign fund

    Post by Rocky Sat 06 Aug 2022, 7:11 am

    [size=46]Al-Kazemi’s advisor sets a condition for the establishment of the sovereign fund[/size]
    Economie
    14:05 - 08-06-2022
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    The financial advisor to the Prime Minister, Mazhar Muhammad Salih, set a condition for the establishment of the sovereign fund, while indicating the entity that can manage the fund.

    Mazhar Muhammad Salih said, "The idea of ​​the Generation Fund stems from the text and spirit of Article 19 of the Federal Financial Management Law No. 6 of 2019, which provided for the establishment of a (sovereign fund) in which financial savings are deposited after covering the expenses approved in the annual federal budget law, including This includes covering the hypothetical or planned deficit in the annual general budget estimates in question.

    He added that "the Sovereign Fund or the Generations Fund requires the availability of a law for the federal general budget for the year 2022 to be defined and set the rules and mechanisms for the fund's work at the end of the current fiscal year, especially after the Central Bank of Iraq expressed its willingness to manage the fund based on its law as the state bank and its financial agent in Managing all its financial investments.

    He continued, "However, this does not prevent the Ministry of Finance from preparing to draw up a program for managing the sovereign fund or the Generations Fund, and setting its investment objectives to serve development and economic progress in our country."

    He pointed out that "the financial savings achieved outside the Emergency Law for Food Security and Development No. 2 of 2022 and the applications of Article 13 of the Financial Management Law No. 6 of 2019 amended regarding the restriction of exchange at 1/12 of the total actual current spending for the year 2021, are still managed as reserve financial savings. By the Central Bank of Iraq (the financial agent of the state) and according to the best applications available globally in the management of safe short-term financial investments.

    Saleh stressed that "the Sovereign Fund or the Generations Fund, when established, remains attached to a precondition, which is the existence of a law for the general budget, and otherwise, the financial savings achieved will remain in part in the hedge account referred to in the first articles of the current Emergency Food Security Law No. 2 of 2022 until now. The end of the 2022 fiscal year, in the event that a budget law is not issued.

    He continued, by saying: "Any savings outside the expenses of the two laws above will be partly spent within the opening balance of the next fiscal year 2023, and the other part will remain a financial reserve for the government pending the enactment of a budget law for the year 2023, so that the Generation Fund or the Sovereign Fund can be implemented, due to the legal linkage between the Sovereign Fund. The availability of surplus funds through an approved annual budget and legally committed to its provisions.
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    • Post n°2

    Al-Kazemi’s advisor sets a condition for the establishment of the sovereign fund Empty Al-Kazemi’s advisor sets a condition for the establishment of the sovereign fund

    Post by Rocky Sat 06 Aug 2022, 7:22 am

    Al-Kazemi’s advisor sets a condition for the establishment of the sovereign fund

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    Economy News / Baghdad

    Today, Saturday, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, set a condition for the establishment of the sovereign fund, while referring to the entity that can manage the fund .
    Saleh told the Iraqi News Agency, "The idea of ​​the Generation Fund stems from the text and spirit of Article 19 of the amended Federal Financial Management Law No. 6 of 2019, which stipulated the establishment  of a sovereign fund in which financial savings would be deposited after covering the expenses approved in the annual federal budget law, including Covering the hypothetical or planned deficit in the annual general budget estimates that are the subject of the research .
    He added, "The Sovereign Fund or the Generations Fund requires the availability of a law for the federal general budget for the year 2022 to be defined and set the rules and mechanisms for the fund's work at the end of the current fiscal year, especially after the Central Bank of Iraq expressed its willingness to manage the fund based on its law as being the state bank and its financial agent. managing all its financial investments .
    He continued, "However, this does not prevent the Ministry of Finance from preparing to draw up a program for managing the Sovereign Fund or the Generations Fund, and setting its investment objectives to serve development and economic progress in our country ."
    He pointed out that "the financial savings achieved outside the Emergency Law for Food Security and Development No. 2 of 2022 and the applications of Article 13 of the Financial Management Law No. 6 of 2019 amended regarding the restriction of exchange at 1/12 of the total actual current spending for the year 2021, are still managed as reserve financial savings. By the Central Bank of Iraq (the financial agent of the state) and according to the best applications available globally in managing safe short-term financial investments .
    Saleh stressed that "the Sovereign Fund or the Generations Fund, when established, remains attached to a prerequisite, which is the existence of a general budget law, and otherwise, the financial savings achieved will remain in part in the hedge account referred to in the first articles of the current Emergency Food Security Law No. 2 of 2022 until the current date. The end of the 2022 fiscal year, in the event that a budget law is not issued .
    He continued by saying: "Any savings outside the expenses of the two laws above will be partly spent within the opening balance of the next fiscal year 2023, and the other part will remain a financial reserve for the government pending the enactment of a budget law for the year 2023, in order for the Generation Fund or the Sovereign Fund to work, due to the legal connection between the Sovereign Fund and the availability of Surplus funds through an approved annual budget and legally bound by its provisions .


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    Added 08/06/2022 - 2:36 PM
    Update 08/06/2022 - 3:13 PM


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