Ireland to propose creation of sovereign wealth fund

Eire’s finance minister Michael McGrath will submit proposals to arrange a sovereign wealth fund as the federal government seeks to channel bumper surpluses into infrastructure and debt-reduction programmes.

The “scoping paper” to be put to cupboard on Tuesday will study comparable plans in Norway, Japan and Australia and would set out standards for the fund, which is to be managed by the Nationwide Treasury Administration Company, a finance ministry spokesperson stated.

The fund is anticipated for use for capital tasks and to decrease the nation’s debt, he added.

Eire is awash in money from company tax receipts. The federal government final month forecast a surplus this 12 months would attain €10bn and rise to €16.2bn subsequent 12 months, versus €8bn in 2022.

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