International Forum of Wealth Sovereign Funds demands to keep free flow of capital and investments
Baku, Fineko/abc.az. The 1st International Forum of Wealth Sovereign Funds held in Baku on 8-9 October there became clear reasons of IFWSF establishment – an attempt to prevent on-growing movement in the United States for more prudence and control over such organizations and their investments. In any case that follows from principles of the Baku Statement passed by the Forum.
At today’s news conference following the Forum, event’s chairman David Murrey said that at the conclusion of the meeting the Forum adopted the Baku Statement on its commitment to continue to contribute to a stable global financial system and maintain free flow of capital and investment.
“The statement adopted read: We welcome the international efforts aimed at maintaining supportive fiscal, monetary, and financial sector policies until a durable recovery is secured; completion of financial sector and regulatory reforms without delay and avoidance of protectionism in all its forms,” Mr. Murrey said.
To support this global commitment and to live up to its objectives, the IFSWF agrees to: encourage recipient countries to continue making their investment regimes more transparent and nondiscriminatory, avoid protectionism, and foster a constructive and mutually beneficial investment environment; continue to assess the application of the Santiago Principles; continue to place emphasis on adequate operational controls, risk management and accountability; and encourage capacity building among IFSWF members.
The second IFSWF forum is scheduled for 2010 in Australia. The first forum involved reps and heads of sovereign funds of about 20 countries.
These organizations run assets for totally $3 trillion and $2.1 trillion of them falls on the share of the Persian Gulf countries.
The decision to establish the Forum was made at the meeting of the International Working Group of Sovereign Wealth Funds (IWG) in Kuwait on 5-6 April 2009.
SOFAZ was established in 1999 and today its assets exceed $12.187 billion.
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