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Sovereign wealth fund to play a key role to diversify economy and increase employment

At the initiative of the Chairman of the State Great Hural (Parliament) G.Zandanshatar, a meeting entitled ‘Mongolians are the owner of their wealth’ on the Sovereign Wealth Fund was held on May 26. ....

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Russia Lines Up New Gold Buying Through Its Sovereign Wealth Fund

by Tyler Durden
Submitted by Ronan Manly, BullionStar.com
In a significant and strategic development for monetary metals, the Government of the Russian Federation has just introduced legislation which will allow Russia’s giant National Wealth Fund (NWF) to invest in gold and other precious metals. The NWF is Russia’s de facto sovereign wealth fund, and has assets of US$185 billion.
Introduced as a resolution to the procedures for managing the investments of the National Wealth Fund and signed off by the Russian prime minister Mikhail Mishustin on Friday 21 May, the changes will allow the National Wealth Fund to buy and hold gold and other precious metals with the Russian central bank, the Bank of Russia. ....

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Experts debunk PTI minister's cheap fuel claims

Experts debunk PTI minister’s cheap fuel claims
Govt official compares fuel prices of eight countries to show Pakistan has cheapest price
The breakdown of the petrol price suggests that the ex-refinery price of petrol stood at Rs75.83 on May 1, 2021. PHOTO: FILE
KARACHI:
A Pakistan Tehreek-e-Insaf (PTI) minister recently drew a comparison of Pakistan with eight selected regional and international countries to establish a claim that petrol is available at the cheapest price of $0.708 per litre in retail to its masses.
Experts, however, rejected the government’s claim. Governments across the world set petrol price keeping in view a number of factors in their respective economies including people’s purchasing power and per capita income. ....

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Kuwait proposes law to tap into $598.3bn Future Generations Fund

Kuwait City: On Monday, the Kuwaiti government announced it has submitted a draft law to the National Assembly (parliament) to amend the Future Generations Fund law in order for the government to be able to withdraw up to five billion Kuwaiti dinars from the fund to cover its growing deficit.
The KD181 billion ($598.3 billion) fund is currently off limits to the government and has not been tapped into since after the 1990 Iraqi invasion of Kuwait.
This is the latest move by the Kuwaiti government to secure short-term liquidity as it is strapped for cash.
As parliament is suspended until March 18 and a new government has not been formed since the previous one resigned in December, the draft law cannot be voted on until both branches are back in session. That said, many MPs have vowed to vote against the draft law calling it “dangerous”. ....

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Kuwait requests ability to withdraw from sovereign wealth fund

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