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The Iraq Fund for Development is a serious start
Economical 11/19/2023
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Yasser Al-Mutawali
today raised hopes that the Iraq Fund for Development, despite its late arrival, would be a successful and serious start to achieving sustainable
and real development goals, and is considered a guarantee for the future generations of Iraq’s wealth.
For the first time, I sense seriousness in the steps of preparation and planning to implement the Fund’s programs and objectives, based on the important procedures
followed in the founding stages, foremost of which
is the responsibility of the highest figure in the government apparatus assuming responsibility for its management, represented by the Prime Minister.
The second important measure is also the involvement of the private sector in the membership of the Fund’s Board of Directors, and here the priority of the seriousness that I described in the correct steps for establishing it emerges. Having the head of the government hierarchy manage the Fund gives it support and momentum to move towards achieving the most important aspect of the government program related to the implementation of development projects.
Then, involving the private sector in half of the members of the Board of Directors adds seriousness to the success of the Fund’s objectives, based on the fact that the private sector is the true meaning and engine of development and attracting investments, and using its vision contributes to the success of the executive steps based on its expertise and experience in implementing projects.
What is also striking in the purposeful steps that have been observed in establishing this fund is the naming of the executive management of the fund as a scientific, technocratic figure who is familiar with global experiences and who tries to apply the experiences of developed countries and who has successful experiences in drawing up the fund’s plans, in addition to selecting representatives of the private sector who are supposed to represent the real private sector in the membership of its board of directors. .
What is the latest action taken by the executive management of the fund by holding a dialogue session in cooperation with the Association of Banks with representatives of the banking sector to brief them on the objectives and mechanisms of the fund’s work and to listen to their views on the possibility of contributing to the fund in a confident step that is considered by the executive management? How?
This is because the banking sector is the arm on which the private sector and implementing companies depend, through their access to advanced banking services to manage corporate affairs.
The Fund’s marketing program is in full swing by holding continuous meetings with various sectoral bodies and experts with the aim of crystallizing the advanced formula for the success of the Fund’s objectives. Here lies my justification that I sense, for the first time, the real and required step for sound and correct institutional building, and this method we are not accustomed to and did not touch during the era of governments
. For this reason
, we see the possibility that this fund will be a guarantee for the future of generations, whether in the development projects that will be implemented or in the future of investing the remaining funds that will be preserved for them, and that it will be an alternative opportunity for the opportunities that were lost, and this is our desire in continuing calls for the establishment of sovereign funds. We hope for the best and are optimistic about the future
. Hopefully these steps will be serious and correct this time.
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