18 minutes agoThe foundation of the Sovereign Fund is criticised as unconstitutional: Typical Decision of Communist Systems
Periskopi(3 years ago)
(3 years ago)The sovereign fund is on the verge of founding after more than two years of government by Prime Minister Albin Kurti. So at least the government chief himself warns, who sees the creation of this fund as a solid basis for the development of Kosovo's economy, writes the Signal newspaper. He has said that the foundation of this fund [...]
He has said establishing this fund will be a solid basis for developing Kosovo's economy.
“We are a step closer to adopting the bill and with it the crowning of the idea that has started with the concept of the Sovereign Fund, led by Besnik Pula last year. Our government stands firmly behind this vision, believing that such initiatives will result in the stabilisation of the economy through diversity, creating profits for the state through wise investments. Public companies will become integral part of the Sovereign Fund”, he has indicated.
Kurti further cited some of the changes in public enterprises, saying they have returned from money-losing companies to profit companies.
Former Prime Minister Avdullah Hoti says the draft law establishing the Sovereign Fund represents concrete steps towards establishing the command economy, which the system has failed.
Hoti estimates that the decisions of the past two years are typical of communist systems.
LDK MP Hykmete Bajrami said the Bill on the Sovereign Fund is unconstitutional.
She once says that the VV's ruling mind is hurting the country.
If this bill becomes the Law as it is, it will end up in the Constitutional Court as many others, because this Law is unconstitutional”, it writes away.
The Sovereign Fund is expected to carry Kosovo's most important public wealth.
This has started to be regulated through a draft law on the Sovereign Fund, which was published on March 13th and until April 2nd has been in public consultation. After the consultations, it is envisioned to proceed for approval in Government and later in the Kosovo Assembly. But so far there's no information about what happened to him.
The bill defines the Sovereign Fund as Kosovo's investment and development institution. The founding capital of the Sovereign Fund, reportedly in the bill, is 20m euros and covered by the Government of Kosovo.
Through the administration of Kosovo companies and assets, the Sovereign Fund targets the country's “development and the welfare of citizens”.
The draft law says the Sovereign Fund will manage with Kosovo's important assets by increasing value, performance and return to investments to be made.
In this wealth, which will manage the Sovereign Fund, public state companies, social companies and assets, which are currently managed by the Kosovar Privatisation Agency (AKP), enter.
But this law does not apply to direct-owned public enterprises of the Republic of Kosovo or municipalities.
According to estimates by the Bill's working group for the Sovereign Fund, some of the public companies, which have been identified as carrying the Sovereign Fund, are:
- Kosovo Energy Corporation
- Kosovo Telecom
- Kosovo Mail
- Trepca metallural Nation
- Traincos
- Infraco
The Sovereign Fund will be carried by the Kosovo Privatisation Agency, even several social and asset companies.
According to the AKP, with high economic potential there are 94 assets and about 48 thousand hectares of land that can be transported to the Sovereign Fund.
Ninety-four assets include mines, administrative and local buildings, factories, hotels, farms, various warehouses, gas stations, rehabilitation centres, offices, agricultural land of all categories and others.
The Sovereign Fund, according to the draft law, also has in place the establishment of new companies as well as it can invest in financial markets and capital markets within and outside the country.
