Law amendment to save more money for future generations

A new legislation that would see more money saved for future generations would be submitted by the government.

This follows an agreement with MPs to amend the 2006 Future Generations Fund Law, which currently sees $1 saved from every barrel of oil exported, on the condition that the international price is above $40.

"It will now be $2 if the price is $80 per barrel and $3 if the international price is $120," said Parliament financial and economic affairs committee Mahmood Al Bahrani during Parliament’s weekly session today.

The MPs were debating a Royal decree issued during recess allowing the government to withdraw money from the fund.




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