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An economic expert rules out the possibility of establishing a sovereign fund in Iraq... and enumerates the reasons
- Time: 06/12/2024 15:24:35
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{Economic: Al-Furat News} An economic expert ruled out the possibility of establishing a sovereign fund in Iraq.
Salah Nouri, the former director of the Financial Supervision Bureau, told Al-Furat News Agency, “Sovereign funds are established to achieve mostly strategic development goals.”
He stated that "most of the sources of financing for sovereign funds for countries that possess natural resources are from the surpluses of these sources (oil and gas) or foreign exchange surpluses."
He pointed out that "the management of sovereign funds is independent and highly experienced in successful investment and developing fund returns."
Nouri continued, “From the above, I think Iraq is not prepared, as there are no surpluses from natural resources (oil and gas) for these funds. Rather, revenues from the sale of oil are depleted in the general budget in addition to resorting to borrowing (external and internal). On the contrary, Iraq is likely facing a financial sustainability deficit.” Borrowing results and benefits.
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{Economic: Al-Furat News} An economic expert ruled out the possibility of establishing a sovereign fund in Iraq.
Salah Nouri, the former director of the Financial Supervision Bureau, told Al-Furat News Agency, “Sovereign funds are established to achieve mostly strategic development goals.”
He stated that "most of the sources of financing for sovereign funds for countries that possess natural resources are from the surpluses of these sources (oil and gas) or foreign exchange surpluses."
He pointed out that "the management of sovereign funds is independent and highly experienced in successful investment and developing fund returns."
Nouri continued, “From the above, I think Iraq is not prepared, as there are no surpluses from natural resources (oil and gas) for these funds. Rather, revenues from the sale of oil are depleted in the general budget in addition to resorting to borrowing (external and internal). On the contrary, Iraq is likely facing a financial sustainability deficit.” Borrowing results and benefits.
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