Ireland’s finance minister Michael McGrath will submit proposals to set up a sovereign wealth fund as the government seeks to channel bumper surpluses into infrastructure and debt-reduction programmes.
The “scoping paper” to be put to cabinet on Tuesday will examine similar plans in Norway, Japan and Australia and would set out criteria for the fund, which is to be managed by the National Treasury Management Agency, a finance ministry spokesperson said.
The fund is expected to be used for capital projects and to lower the country’s debt, he added.
Ireland is awash in cash from corporate tax receipts. The government last month forecast a surplus this year would reach €10bn and rise to €16.2bn next year, versus €8bn in 2022.
Read the full article here