The Parliamentary Finance Committee announced today, Monday, that it will discuss a proposal to establish a sovereign fund.
The media department of the House of Representatives stated in a statement received by the Iraqi News Agency (INA), that “the head of the Finance Committee, Atwan Al-Atwani, chaired a deliberative meeting of the committee in the presence of a number of its members, to discuss a number of important topics and files.”
“The meeting reviewed the outcomes and indicators of previous meetings with government agencies regarding maximizing non-oil revenues, as it was agreed on the next steps by submitting a detailed report to the government on the sources of deficiency, especially in the electricity, tax, customs and other major financial outlets sectors.”
“The committee discussed a number of proposals that would maximize financial revenues, including the enactment of laws related to taxation, in addition to forming a committee to match standards, which is responsible for reviewing the estimation of planned revenues for state institutions.”
According to the statement “The committee discussed the proposal to establish a (sovereign fund) similar to rentier states, in order to confront fluctuations in global oil prices or any financial crisis, provided that the fund is financed from the budget surplus achieved in times of economic and financial prosperity.”
“The meeting also discussed the laws referred to the Finance Committee in its capacity as a supporting committee, where Al-Atwani stressed that the committee will have an opinion and an essential role in legislating these laws, especially those related to economic reform and others.”
