Parliament calls for financial transfer of funds to the Development Fund for compensation generation

Parliament calls for financial transfer of funds to the Development Fund for compensation generations

10/06/2013 12:00 AM

Baghdad the Fatlawi

Iraq is seeking to emerge from Chapter VII imposed on it since the nineties of the last century, where pay under the sanctions imposed on it 5 percent of the total oil revenues to Kuwait as compensation established by the United Nations under this chapter as Iraq has met its obligations to pay 41 billion dollars to Kuwait in compensation for war Iraq and Kuwait and paid for by the Iraqi people as a result of the reckless policies of the former regime, where this amount is significant, affecting the size of fiscal revenue that comes to Iraq annually.

A member of the Finance Committee MP Haitham al-Jubouri "morning" that the last remaining of indebtedness of Kuwait will end in 2014/2015 noting that the money deducted from the investment budget and operational should take advantage of them in the areas of serving the country's economy a proposal to establish a fund called Fund "Development of generations," which is a box placed by the amounts that would have been deducted for Kuwait's debts amounting to 5 percent of the total oil revenue after repayment plus additional amounts again turning to the fund intended to benefit future generations in the future.

He noted Jubouri the importance of protecting future generations from expectations depletion of oil in the long term, noting that this fund will enable them to meet the challenges of the future while not be their imports or stocks can be used and said that this amounts to Atbaky resistor but Ststthmrtan supervision of the Commission, Ministry of Finance and Planning and the Ministry of Labour and Social Affairs in order to development and expansion., and said that this proposal will be concluded to turn it into law and it is in its first steps to enter into force reasoned that the money that was deducted as compensation under Chapter VII will go to this fund instead of changing the investment budget and exposure to waste or corruption.

explained Jubouri Negotiations are continuing between the two sides and will give a positive and tangible results in terms of the agreement to repay the debt and the demarcation of the border in accordance with the regulations and international legislation and thus will lead to definitively remove Iraq from Chapter VII what would have complete freedom to dispose of his money and build its economy.

Jubouri limp on the need to build the Iraqi economy by building a useful productive sectors that these sectors are not active in the components of GDP and this unilateral Miakd the economy of Iraq, stressing the need to be an effective contribution.

He Jubouri experiences the world in this area, although it does not have what Iraq has the material and human resources and archaeological sites and tourist competencies in various fields, but you find has achieved great diversity in its economic resources so it should be given to these activities, more attention, he said.,

And called for the need to there is harmony between the legislative and executive powers in order to reach building strategy successful with an economic dimension, pointing out that the Ministry of Finance claim to be a contributing factor in the development of the strategy required to balance and this requires a specialized real in the preparation and take the points raised, which was attended by World Bank seriously.

http://www.alsabaah....w.aspx?ID=48005

This sounds like a new mechanism being put into place. Might have something to do with upcoming PM visit.
LIT

thus will lead to definitively remove Iraq from Chapter VII what would have complete freedom to dispose of his money and build its economy.

:cheers:

Nice!

Here's an article from September 2012, talking about this legislation.
LIT

Iraqi parliament to draft law establishing fund for future generations


2012-09-19
By Khalid al Taie in Baghdad



Members of the Iraqi parliament attend a session at parliament headquarters in Baghdad in 2010. [Thaier al-Sudani/Reuters


A number of Iraqi parliament members on Saturday (September 15th) said they are considering a draft law that would set up a fund to ensure national financial wealth is saved for future generations.


"The Iraq Generations' Fund" would be used if the country were to come under an emergency situation threatening its economy and its citizens' standards of living.
"The proposal is under discussion inside parliament, and members are studying its feasibility as a first step," MP Furat al-Shara told Mawtani. "The resulting draft would be then subjected to a first and second reading, followed by a vote, ratification and actual implementation," he added.

According to al-Shara, "the proposal includes setting up a special fund, whereby a certain percentage, set tentatively at 5%, would be deducted from annual state budgets. The money would be deposited into that fund, and later invested or saved for our future generations."

"The objective behind establishing this fund is to create a national financial [savings] stock that could be used in the event of a future crisis, emergency or disaster that threatens national economic security and the standard of living of [future] generations," he said.

"We want this fund to be a real guarantee for our children to help them overcome all the potential challenges, whatever their kind, size or impact," al-Shara said. "We are taking into account, for example, the likelihood of a significant deterioration in oil prices, which we depend on for our financial revenues, or if the country came under a severe wave of drought."

Al-Shara said he hopes the law will be ratified as soon as possible.

There are "many legislations taking priority before parliament in the near future, but we hope we can move soon thereafter to approve the fund, since it enjoys considerable support by parliament members", he said.

"We are currently working to complete all the technical and legal aspects of the draft, configuring it as a special integrated bill," he said. "There are a number of experts and legal academics who expressed their desire to help formulate the articles, paragraphs and material for the draft, including the working mechanisms and expressing the needed opinions in this regard."

'Solid foundation' for future generations
MP Nahida al-Daini told Mawtani, "There are many countries around the world, including some in our Arab region, that have special financial funds kept for [future] generations to safeguard their rights to life and a decent living."

"Therefore, I find it necessary that this fund be set up similar to these countries, in order for the deposited money to help our children not only in times of crises but under any other situation," she said. "Once they reach the age of adulthood, the money would be put at their disposal to enable them to build their future on solid foundations and help them overcome all financial difficulties."

Al-Daini said enacting the legislation requires time so all aspects of the draft can be completed, including "identifying the powers and parties responsible for implementing the project, the deduction mechanisms from oil revenues, when and how the money will be released and distributed to the beneficiaries, and other technical and legal matters".

"There is hard work before the parliamentary committees sponsoring the law, but we hope that this work will not take long, and that the draft will be ready for discussion and vote inside the parliament soon," she said.

Economic specialist Abdul Aziz Hassoun also welcomed parliament's resolve to establish the fund, calling for support for the project to hasten its implementation.

"This fund will create a safe and stable life for our children," Hassoun told Mawtani. "It will be the primary guarantor of the continuity and sustainability of economic development and social progress.

"It is also an important factor and motive in addressing any circumstances or variables across the upcoming periods," he said.

"Our financial revenues, while they are our property, are also the property of our [future] generations. They have the right for us to secure the funds they need to uplift their resources, energies, and to serve their country," he said.

http://mawtani.al-sh...9/19/feature-01

This sounds like a way to keep the money from the people. just sounds like it is based in something less than honorable.
Didnt the Saddam regime have money? and yet it hasnt helped thier people at all.