AL-Kadhimi’s adviser reveals the details of the Generations Fund

Baghdad – INA

The Adviser of the Prime Minister, Mazhar Muhammad Salih, revealed the details of the Generations Fund, while indicating that the fund will be a source of invested savings for the benefit of the future generation.

Salih told the Iraqi News Agency (INA), that "the majority of oil-producing countries or countries with raw wealth, which is called a group of budget surplus countries, have pledged to invest the returns of their accumulated wealth from exports of raw materials and include them with sovereign investment funds and income-generating tools and assets through various international and local investment activities, which is maximizes wealth and assets that provide prosperity and well-being for future generations."

Salih expressed his support to establish an Iraqi fund for generations, noting that such a fund will include part of the financial surplus or the country's official economic surplus, which is based today on some oil revenues.

Saleh stressed that "the fund will be a desirable source of savings that will take over the current generation of managing its investments for the benefit of the next generation, which we call sustainable development, pointing out that , adding that a proposal has been submitted to transfer the deductions for the current Kuwait war compensation, which will end early next year, into a national fund for generations to be used according to the vision of the Prime Minister, whereby the funds are invested in activities, tools and income-generating assets through a highly diversified investment portfolio (financial, assets or real assets) ,as well as serious thinking about maximizing the proposed fund’s resources in the future from sources of investment returns on other untapped natural wealth such as phosphates, sulfur, silicon, gas and other raw materials and untapped natural resources.

It’s to be mentioned, that Prime Minister Mustafa Al-Kadhimi stressed during the cabinet session, which was held on Tuesday, the importance of laying the foundation for the establishment of the Generations Fund, which aims to secure the future of next generations, and the government can adopt it within the economic reform policy that it has embarked on, as a way to advance the Iraqi economy to serve the country's present and future.