Assets Of Future Generation Reserve Fund Increased By 30% In Three Years

The Minister of Finance and Minister of State for Economic Affairs and Investment Khalifa Hamada confirmed that the assets of the Future Generations Reserve Fund rose more than 30% during the past three years, stressing that the fund did not witness any losses during those years, Al QAbas daily reported.

In response to MP Mubarak Al-Ajmi’s question, Hamada said that the funds invested in the Al-Ajyal Fund are spread in more than 120 economies around the world, and are managed by more than 130 external investment managers, and with more than 50 investment authorizations.

Regarding the withdrawal from the Generations Fund, Hamada indicated that there are feasible economic alternatives, but they will be in conjunction with the organized withdrawal from the fund, so that the state can face the consequences of the lack of liquidity in the state treasury (the General Reserve Fund), as a temporary measure until the completion of the reforms contained in the government’s work program, and represented in:

1- Reform of the national economy and public finance.

2 – Restructuring the public sector.

3- Developing human capital.

4 – Improving infrastructure and employing human energies.

Hamadeh indicated that the returns and profits achieved by Al-Ajial will compensate for the temporary withdrawals, and thus will not affect the strength of the fund.

The government is determined to “orderly withdraw from generations” and “public debt” in conjunction with the reforms

The Minister of Finance clarified that the government’s vision is the necessity of issuing legal “limited withdrawals from the Future Generations Reserve Fund” and “public debt”.

 

SOURCE  :   TIMES KUWAIT

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