المعوقات القانونية لإنشاء صناديق الثروة السيادية

Abstract

This research paper attempts to address the legal basis upon which the establishment of sovereign wealth funds in Iraq is based, and to move away as much as possible from the economic and financial aspect of these funds, as a result of what the current situation requires of a global trend to establish such funds, to address the financial crises that may occur, as is the case. In the financial crisis that followed in 2008, this research paper relies on explaining the restrictions that could affect the establishment of such funds in Iraq. Through a statement and analysis of the texts contained in the effective Iraqi Constitution of 2005 or in the Iraqi laws, as financing these funds is not an easy matter, especially since these funds depend to a fundamental degree on excess oil revenues, which are among the most important issues that concern the Iraqi government and public opinion. Equally, as a result of the fluctuations witnessed in oil prices, whether in the short or long term, which obligates the state to employ the financial surplus achieved during the period of high oil prices and to establish such funds for purposes, whether investment or savings.