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[size=36]He set a condition for its establishment.. Al-Kazemi’s advisor: The Central Bank has expressed its willingness to manage the Generations Fund[/size]
Economie| 01:34 - 06/08/2022
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Baghdad - Mawazine News
, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, set, today, Saturday, a condition for the establishment of the sovereign fund, noting that the Central Bank of Iraq expressed its willingness to manage the fund
. From the text and spirit of Article 19 of the amended Federal Financial Management Law No. 6 of 2019, which stipulates the establishment of a (sovereign fund) in which financial savings shall be deposited after covering the expenditures stipulated in the annual Federal Budget Law, including covering the hypothetical or planned deficit in the estimates of the general budget annual research topic.
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 the state bank and financial agent. It has the right to manage 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 prerequisite, which is the existence of a general budget law, and otherwise, the financial savings achieved will remain in part in the hedging account referred to in the first articles of the current Emergency Food Security Law No. 2 of 2022." Until the end of the 2022 fiscal year, in the event that a budget law is not issued.
He continued by saying that "any savings outside the expenditures 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 Generations Fund or the Sovereign Fund to work, due to the legal connection between the Sovereign Fund and the availability of funds." The surplus through an approved annual budget and legally committed to its provisions. Ended 29/N33
, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, set, today, Saturday, a condition for the establishment of the sovereign fund, noting that the Central Bank of Iraq expressed its willingness to manage the fund
. From the text and spirit of Article 19 of the amended Federal Financial Management Law No. 6 of 2019, which stipulates the establishment of a (sovereign fund) in which financial savings shall be deposited after covering the expenditures stipulated in the annual Federal Budget Law, including covering the hypothetical or planned deficit in the estimates of the general budget annual research topic.
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 the state bank and financial agent. It has the right to manage 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 prerequisite, which is the existence of a general budget law, and otherwise, the financial savings achieved will remain in part in the hedging account referred to in the first articles of the current Emergency Food Security Law No. 2 of 2022." Until the end of the 2022 fiscal year, in the event that a budget law is not issued.
He continued by saying that "any savings outside the expenditures 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 Generations Fund or the Sovereign Fund to work, due to the legal connection between the Sovereign Fund and the availability of funds." The surplus through an approved annual budget and legally committed to its provisions. Ended 29/N33
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