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Economic event: Economists call for the speedy establishment

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stockings3333   Tuesday, 07/15/08 02:21:58 PM
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Economic event: Economists call for the speedy establishment of the Fund generations
2:46 pm

BAGHDAD / long
Economists researchers called those responsible for expediting the founding generations fund, which was mentioned in the draft law of Iraqi oil and gas in order to work towards securing a share of oil wealth for future generations .. They pointed out in conversations that oil wealth is the wealth of everyone young and old and this requires the formation of investment funds manage this fund and invested in projects guaranteed, long-term. Finds a researcher at the Centre for Studies and Economic Research at the University of Baghdad, Amir Abdul Karim, these projects will be successful if a funeral Programme paves the ideal to start a fund through generations based on data reported that economic returns of these projects oil revenues exceeded the same in other States.

He says that the idea of fund future generations a good idea as it would be a solid base can be relied upon in time of economic crisis but the process must be very precise establishment of the fund through a Preview of the structures which will consist of all of them in addition to the establishment of committees affiliated operate under the management of specialized high Because it represents a base on which the entire project as well as material resources which I believe that the fiscal surplus enjoyed by provided by Iraq. He stressed the need to eliminate the administrative and financial corruption to ensure greater financial resources for future generations.
Abdul Karim pointed out that the state can also invest the fund to buy shares of major international companies and encouraging foreign investment and provide substantial funds to the Fund.
He continued, it is necessary to look at the experiences of other countries in this area where Russia had established four years ago stabilization fund, who devoted primarily to save money resulting from the increase in oil prices and not included in the general budget to make available to future generations in anticipation of the depletion of oil wealth. He asked government agencies in the composition of the investment funds administered by the Fund and its investment in strategic projects guaranteed.
For its part, noted professor of economics at the Faculty of Administration and Economy at Mustansiriyah University Inas unitary that natural resources regardless of their size, they impose on the government save some resources now available to meet the needs of future requirements. And say that I agree with everyone in Iraq and the enormous wealth but there is no unanimity on that wealth can To maintain the same level, which is not pessimistic, but the economic base has shown that traffic can be measured pace to achieve success and that savings is the basis of happy life. Adds must be the amount allocated to the fund from surplus budget of the State Assembly, and I think it is very difficult to determine the percentage of Certain allocated to this fund is speculative, but the amount must be calculated accurately privatization after a specialized economic studies conducted in this area, but should not overlook the development of human resources that need to kind of development, and capacity utilization. Led to the idea of future generations fund raised in the draft law of oil and gas without the see the light of day until now, a reserve designed to repel the forces working against the wall of future crises in the state's resources or in the case of oil revenues decline as it is applied in some Arab and foreign countries. Stressing it clear that the Fund's simply a place where the spare funds, but rather learn from the experiences of a global pioneer in the management of investment funds in projects generate financial returns. As Dr. Nabil al-Saidi says that a good idea as it works to serve the citizens for a long period of time, where the Fund on a scientific basis The idea clearly defined to avoid confusion in the process of development, and therefore must be a fund based on solid ground services in the future to overcome any obstacles or impediments This is the first stage, but in theory into force must entrust this process to the government alone and in cooperation with the specialized banks. He added: The state living abundance in the economic rates of high oil prices which reached the state general budget of $ 70 billion, according to government spokesman on Skinner, and therefore we can use this abundance to serve such a fund. He explained that the post-phase idea is to build the construction phase, implementation and went on I think that the Ministry of Planning and Development Cooperation Fund can supervise the body through the development of the Fund to operate all their potential and their cadres to serve this idea. Saidi pointed out that it should be emphasized that this program is not a short-term It is a strategic programme for the coming years, the government should identify the amount of financial draw of the Fund annually to operate without a stable pace influenced by economic changes. It is noteworthy that the fund generations mentioned in writing in the draft law of oil and gas Iraqi funds help to ensure future generations to cope with living conditions.


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