'Sovereign wealth funds have multiple objectives, but one of them is that they are rainy day funds, and this is a rainy day,' Nomura's Tarek Fadlallah told CNBC.
S&P Global over the weekend issued its forecast for Abu Dhabi, warning that "lower oil production and COVID-19 will reduce economic output by about 7.5% in 2020," with a gradual recovery beginning in 2021.
At the end of May, the Saudi central bank transferred $40 billion of its foreign reserves to the kingdom's wealth fund, which the Saudi finance minister called an "exceptional one-off transaction that came after a lot of deliberation." "Sovereign wealth funds can play a role, regional institutions can play a role," the IMF's Middle East and Central Asia director, Jihad Azour, said during an online conference in late April.in May that "In terms of debt, the equity response should come from the sovereign wealth funds … This is new for Turkey, but we will be more active, we will offset these volatile periods to help as an equity solutions provider of the sovereign.
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