Saturday, May 6, 2023
The National Development Fund is playing a crucial role in boosting investment and increasing oil revenues The National Development Fund is playing a crucial role in boosting investment and increasing oil revenues
By kangarloo-a @ 8:57 AM :: 130 Views :: 0 Comments :: Article Rating :: News

At the ceremony for depositing and introducing the National Development Fund's vice president of administration, finance, and support, Mehdi Ghazanfari, made a statement regarding the country's attention to world currencies. According to the National Development Fund public relations report, Ghazanfari stated that shifting focus from the dollar and other world currencies to alternative options could be advantageous for the country. However, he also noted that this strategy would only be beneficial if the country maintained a high trade balance as an exporter. Without a positive trade balance, the impact of changing world currencies would be minimal for a country. According to the Chairman of the National Development Fund's Executive Board, some countries emphasize replacing the dollar not to enhance their trade but to substitute their own currency at the global level. Therefore, it is crucial to shift the focus from the dollar to other currencies besides the authorities' emphasis. If we don't increase our exports, we will only contribute to the economic growth of other countries.

Ghazanfari explained that the National Development Fund had adopted a new approach to governance. This decision was made after studying the low level of investment in the country and examining successful national wealth funds from around the world. The fund's primary focus is to protect assets that belong to future generations. Following that, the program seeks out investments that contribute to the growth of the country's economy, and it accomplishes this objective through collaboration with the private sector.

The Chairman of the Executive Board of the National Development Fund emphasized that the fund has ventured into a new field. However, due to current circumstances, the fund's new approaches have not yet been embraced by the authorities and the public. It is crucial to cultivate enough awareness and understanding in this regard. Failure is inevitable if we are unable to articulate the importance of implementing new governance approaches for the fund. It is important to properly implement and take advantage of them.

He stated that a positive trade balance indicates a country's success in foreign exchange. He further emphasized the importance of maintaining a positive non-oil trade balance and expressed gratitude for achieving this in the past. In order to have a surplus of currency and use it for investments that lead to economic prosperity and increased income for the people, it is essential to maintain a high level of prices in our general trade balance. The National Development Fund can play a crucial role in stimulating and supporting this task.