A parliamentary committee calling for the establishment of a sovereign fund and speeding up the adop

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[size=52]A parliamentary committee calling for the establishment of a sovereign fund and speeding up the adoption of the oil law[/size]

[size=45]Yesterday, Tuesday, a parliamentary committee called on the current government to establish the sovereign fund, pointing out that this project will provide wealth for future generations, stressing the speedy approval of the oil and gas law, stressing that it has addressed the government in this regard.[/size]
[size=45]This comes at a time when the Presidency of Parliament called for activating the oil-for-development agreement signed with a European country.[/size]
[size=45]A member of the Parliamentary Oil Committee, Suad al-Moussawi, said, "Oil prices, according to current polls, will rise during the current year to the range of 100-120 dollars."[/size]
[size=45]Al-Moussawi added, "Initial information indicates that Iraq will adopt the price of a barrel in the 2023 budget law at a price of 45 dollars, which will generate a large financial surplus. It is assumed that the sovereign wealth fund will be established to save this surplus."[/size]
[size=45]And she pointed out, “The establishment of the sovereign fund will be for the purpose of providing wealth for future generations by maximizing the return from untapped assets of the state by attracting investors from home and abroad.”[/size]
[size=45]And Al-Moussawi went on to say, “The important things that can be exploited through the establishment of the fund will be represented by investing in important sectors such as localization and deepening of industry, digital transformation, and the creation of leading entities in various fields.”[/size]
[size=45]It is noteworthy that a sovereign wealth fund is a fund owned by a state that consists of assets such as land, stocks, bonds or other investment vehicles. These funds can be described as entities that manage state surpluses for investment.[/size]
[size=45]For his part, another member of the committee, Ali Faris al-Shaddad, said that “the draft oil and gas law is one of the basic tasks of the committee,” noting that “the committee will approach the government to send the final draft of the draft oil and gas law.”[/size]
[size=45]Shaddad continued, "The government has formed a negotiating committee headed by the Deputy Prime Minister for Energy Affairs, the Deputy Prime Minister for Economic Affairs, SOMO and a number of relevant government agencies to negotiate with the Kurdistan Regional Government regarding the oil and gas law."[/size]
[size=45]He pointed out that "the absence of the oil and gas law is one of the most prominent problems facing the oil and gas sector after 2003."[/size]
[size=45]And Shaddad went on to say that “the ministerial platform of the government of Muhammad Shia’ al-Sudani, which was voted on by Parliament, had included voting on the law within a period of time not exceeding a year from the date of formation of the government.”[/size]
[size=45]In addition, a parliamentary statement received by (Al-Mada) stated that “First Deputy Speaker of Parliament Mohsen Al-Mandalawi received the Ambassador of the Kingdom of Norway to Iraq, Aspen Avent Lindbeck, and his accompanying delegation,” noting that “the bilateral relations between the two countries and ways to enhance them were discussed.” Al-Mandalawi stressed that “the House of Representatives is continuing to legislate important laws, especially after completing the presidencies of parliamentary committees, and that among the most important priorities on which the legislation of the budget law will focus is the services file, revitalizing local industry and investment, in addition to water, agriculture and health, as well as providing possible facilities for international companies.” sober.” Al-Mandalawi called for “activating and employing the (oil for development) program signed between the two countries, in a way that contributes to achieving the interests of the two friendly peoples, in addition to activating friendship committees and expanding bilateral cooperation in various fields between Baghdad and Oslo.”[/size]
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