FUTURE SECURE: Future Generations Reserve Fund ends fiscal year 2020 with positive results

The Future Generations Reserve Fund (FGRF) ended the fiscal year 2020 with positive results, despite the unprecedented economic environment resulting from the Covid-19 pandemic.

The FGRF recorded total profits and other comprehensive income of $43.9 million, achieving an annual return on average investments of 6.83 per cent, and recording total assets under management of $520.9m, which confirms the efficiency and effectiveness of the fund.

Finance and National Economy Minister Shaikh Salman bin Khalifa Al Khalifa stressed the important role of the fund in supporting the national economy, stressing that the fund will continue to perform its tasks in the balance required to achieve sustainability and development of assets, stability and financial growth through risk management and maintaining diversification and development of the investment portfolio.

The results have been audited by the Financial and Administrative Oversight Board.

The fund started in 2020 with assets estimated at $917.8m. An amount of $450m was drawn down from the FGRF account last year and allocated to supporting the state general budget until the end of the fiscal year 2020, to mitigate urgent financial fallout of the pandemic.

The minister said during the next stage, the strategic priorities of the fund will be based on continuing to build flexibility and create balance in the portfolio.

The government will continue efforts to transform challenges into opportunities, in order to achieve sustainable growth in revenues and returns for the benefit of future generations.

Source: https://www.gdnonline.com/Details/964957/Future-secure