Mahmoud Dagher: Iraq Needs A Sovereign Wealth Fund To Protect Its Economic Future, 29 July

 Mahmoud Dagher: Iraq Needs A Sovereign Wealth Fund To Protect Its Economic Future

July 28, 2024 Last updated: July 28, 2024  Independent/- Veteran financial and banking expert Dr. Mahmoud Dagher confirmed that Iraq , despite being a rentier economy, does not yet possess a sovereign wealth fund that would enable it to enhance its economic growth and ensure its stability in the face of potential crises.
 
Dagher pointed out in a short video clip followed by Al-Mustaqla on Sunday that most countries that depend on depletable rentier resources and are exposed to price fluctuations have taken proactive steps by establishing sovereign wealth funds whose combined balances exceed more than ten trillion US dollars. Dagher:
 
Iraq is wasting its resources without a sovereign wealth fund - the future of our generations is in danger Dagher said:
 
 “All countries with an exhaustible rentier resource, and which are witnessing fluctuations in the prices of these resources, have begun to establish sovereign funds to protect their economy and enhance their growth, away from the general budget and government policy.
 
These funds play a vital role in achieving economic stability and hedging countries against global and local financial crises.” Dagher added that the
 
absence of a sovereign wealth fund in Iraq is a major shortcoming in the country's  economic policy, especially in light of the heavy reliance on oil as a main source of revenue. He explained that
 
establishing such a fund would enable Iraq to secure the future of its generations and avoid economic shocks that may result from falling oil prices or global economic crises.

Dagher called on the executive and legislative authority in Iraq to accelerate the establishment of a sovereign wealth fund. must He said:
 
“Iraq [must] follow the example of other countries that have established sovereign funds to fortify its economy and ensure its future.
 
Establishing a sovereign fund will be an important strategic step to protect the Iraqi economy and secure the future of future generations.”  Dagher pointed out that
 
sovereign funds play an important role in supporting sustainable economic policies, as
 
they provide the necessary resources for long-term investments away from fluctuations in annual government revenues. He stressed that
 
benefiting from international experiences in this field could contribute significantly to designing a sovereign wealth fund that meets Iraq's special needs and enhances its economic stability.      https://mustaqila.com/صندوق-ثروة-سيادي/