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ARTICLE · 30 NOVEMBER 2008

IMF Working Group Clarifies Sovereign Wealth Fund Objectives, Structures, And Governance With Santiago Principles

Morrison Foerster
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In October 2008, the International Working Group of Sovereign Wealth Funds (IWG), organized under the auspices of the International Monetary Fund (IMF), released the Santiago Principles, a set of best practices intended to guide the workings of their sovereign wealth funds (SWFs).

United StatesFinance and Banking
Michael Hagan
Michael Hagan
Anne-Carmene Almonord
Anne-Carmene Almonord
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In October 2008, the International Working Group of Sovereign Wealth Funds (IWG), organized under the auspices of the International Monetary Fund (IMF), released the Santiago Principles, a set of best practices intended to guide the workings of their sovereign wealth funds (SWFs). The IWG is composed of representatives of 26 IMF-member countries with SWFs.1 The IMF was instrumental in facilitating and coordinating the drafting process. Despite differences in the investment goals and capabilities of a number of SWFs, the Santiago Principles emphasize that they have a shared goal of promoting strong capital markets and facilitating cross-border investments.

Impetus for Santiago Principles

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