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[spygirl]

reland’s finance minister to propose sovereign wealth fund to use €10bn surplus

Jude Webber in Dublin

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 ones in Norway, Japan and Australia and would set out criteria for the fund, to be managed by the National Treasury Management Agency, a ministry spokesman 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 and the government last month forecast a surplus this year of €10bn, rising to €16.2bn next year, versus €8bn in 2022.

[King Penda]

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