Expert: The Establishment Of The Sovereign Fund Is A Guarantee For The Iraqi Economy From Fluctuations
Expert: The Establishment Of The Sovereign Fund Is A Guarantee For The Iraqi Economy From Fluctuations
12/12/2021 | 3:30 PM
Information / Baghdad.
The economic expert, Najm Tarish, stressed today, Sunday, that the establishment of the sovereign fund is a guarantee for the country’s economy from fluctuations and an effective weapon to confront the financial and economic challenges that occur from time to time.
Tarish said in a statement to the “Information” agency, that “the crises that the Iraqi economy has been exposed to during the past months, including the financial crisis and the drop in oil prices, demonstrated the importance of the need for a sovereign fund to meet the financial and economic challenges.”
He added, “The volume of compensation paid to Kuwait amounted to 54.4 billion dollars, which was deducted at a rate of 5% annually from Iraqi oil sales,” noting that “the deduction rate must be employed to support the local economy.”
Najm stressed that “the deduction rate that was imposed on the Iraqi compensation paid to Kuwait was automatically deducted from Iraqi oil sales, and it must continue and be deposited in an Iraqi sovereign fund to benefit from it in times of crisis.”
Adviser to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, announced yesterday, Saturday, that Iraq will pay all compensation for the Kuwait war, amounting to 52.4 billion dollars.
In 2000, Kuwait received the largest payment of compensation, amounting to 14.7 billion dollars, as compensation to the Kuwait Oil Company for damages caused to Kuwait’s oil, production and oil fields.
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