Gaduridos

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Secretariat of Finance announced the creation of a Gaduri sovereign wealth fund
21 May 5653



Government's main agency responsible for national finances has announced that the government has approved the secretariat's plan to establish a new sovereign wealth fund for Gaduridos. The fund is designed to manage the domestic state-owned enterprises and strategically invest Gaduri capital in regional and international projects. The body, to be called the Fondo Estatal de Riqueza e Inversión (State Wealth and Investment Fund), or FERI, for short, will assume control of all government holdings in state-owned enterprises, finance secretary Irma Villafuerte confirmed.

"FERI will be a useful tool for the government to optimise its spending, enhance the performance of state-owned enterprises, and, most importantly, responsibly manage the wealth generated by our great oil industry", Villafuerte "With the creation of FERI, we are laying the foundation for a stronger, more secure future for ourselves and our children. By investing oil revenues into the fund regularly, we will engage in long-term planning will help us protect our economy against the fluctations of oil prices and the uncertainties that may affect the whole industry itself".

As reported by Mensajero, according to the secretariat's bluepring, FERI will consist of two specialised entities: Riqueza Federal (Federal Wealth) or RIFED, focused on managing and supporting domestic insurance, industry and infrastructure, and Inversión Global (Global Investment), or INGLO, tasked with pursuing international investment opportunities, in particular in companies that are involved in oil exploration. At the same time, Villafuerte emphasised that the fund will aim for transparency, and the secretariat will introduce a legislation to provide the independent oversight for the agency in coming weeks.



El Mensajero de la Mañana (Morning Courier) is the nationwide daily morning newspaper, located in Gadur.
(@ElMensajeroDeLaManana)