Financial Adviser to the Prime Minister: Financial abundance is a historic opportunity for Iraq

Baghdad / Obelisk: The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed on Monday, May 9, 2022, that the financial policy in Iraq is between a “hammer and an anvil,” noting that the financial abundance is a historic opportunity for Iraq, and spending it is not easy.

Saleh said in a statement followed by the obelisk, that “the financial surpluses that are obtained recently came from the rise in oil prices in the world and are linked to the war in Russia, and it is not possible to know how long this war will last, but there are expectations that it will remain until 2024, and thus Iraq will achieve a great financial abundance.” .

He added, “The financial policy in Iraq is between a rock and a hard place. The hammer is the existence of a large area of ​​poverty, amounting to 30% of the Iraqi population, and therefore the irregularity of the ration card pushes the poor to obtain basic commodities such as oils, rice and sugar outside the ration card.”

Saleh pointed out that “80% of the income of the poor goes to food, while the amount of what the rich and the middle class spend on food does not exceed 30% because their income is large,” noting that “the absence of a ration card would increase the area of ​​poverty in Iraq.”

He continued, “As for the anvil, it is to go to investment projects, as there are major projects in Iraq that are suspended, and their operation will add an added value to the national economy and employ thousands of workers, such as fertilizer and petrochemical projects, important factories in the oil industry and many other areas of production.”

He stressed, “The necessity of balancing the hammer of social spending and the anvil of investment spending, and this is not easy, and it must be studied intelligently and with high wisdom, and people must take their rights to a decent living, which is an important issue and at the same time ensures the sustainability of development also in the future because it is a historic opportunity for Iraq.”

Saleh pointed out that “it is expected that there will be an abundance of money available by the end of this year, amounting to 26 billion dollars and perhaps more.”

He stressed that “these resources must be employed very carefully to employ the unemployed and to create income-generating projects that employ manpower.”

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Seizure of a printing press and a device for counterfeiting the dollar and the Iraqi currency in central Baghdad

Shafaq News / A security source said, on Friday, that a printing press and a device for counterfeiting the Iraqi dollar and the Iraqi currency had been seized in the center of the capital, Baghdad.

The source told Shafaq News Agency, “A joint security force from the Baghdad police and the Federal Police, and through accurate intelligence information, managed to seize a printing press and a device for counterfeiting the Iraqi dollar and the Iraqi currency within the Karrada area in the center of the capital, Baghdad.”

Shafaq.com

Negotiations with Kurds regarding oil and gas law and possibility of dealing with the issue criminally

(News) – Representative “Ali Shaddad” revealed that the negotiations between the Ministry of Oil and representatives of the Kurdistan Regional Government, which were launched last month, had stalled to persuade the regional government to implement the Federal Court’s decision to cancel the oil and gas law in the region, which may push the central government to proceed with the application of the law literally and deal With Kurdistan in accordance with Iraqi regulations and laws.

” Shaddad said that the Federal Court Decision No. (110) in (2019) issued on 1522022 invalidated the oil and gas law in the region based on a lawsuit filed by us before the Iraqi judiciary in order to achieve the principle of balance and equality between All Iraqi cities and limiting the oil file to the federal government represented by the Ministry of Oil.

“Shaddad” pointed out that the regional government insisted on violating the constitution and Iraqi laws, through the continuation of the oil and gas law and the resumption of oil export operations in illegal ways and in isolation from the federal government.

“Shaddad” explained that Kurdistan’s lack of commitment to the decision of the Federal Court and the failure of talks with the Ministry Oil allows the Iraqi government to deal with the issue criminally by filing lawsuits against officials in the region for not implementing the rulings of the Iraqi judiciary, which is a crime according to the Iraqi Penal Code, in addition to the possibility of dealing with it internationally through understandings and agreements with Turkey to prevent the export of oil through its territory. .

Akhbaar.org

A solution to the political blockage looms on the horizon.. What are the agreements?

Special – Mawazine News, the representative of the State of Law coalition, a fearsome rebel, confirmed that a political rapprochement will occur after the blessed Eid al-Fitr holiday to resolve the political blockage in Iraq.

In an interview with Mawazine News, he said, “The expected rapprochement will lead to finding a consensual candidate for positions that constitute crises, and that this rapprochement came as a result of political mediation.”

He continued, “There has been pressure recently on the political blocs and parties, as well as these pressures may be the stimulus that accelerates the formation of the government and the resolution of the crisis.”

Mawazin.net

Al-Rasheed Bank launches an advance of 10 million dinars for employees, contracts and security forces

Shafaq News / “Al-Rasheed Bank” announced, on Sunday, the launch of a new meal for the advances of employees of state and contract departments and employees of the Ministries of Defense and Interior, at a time when “Al-Rafidain” denied stopping advances and loans, stressing the continuation of grants.

The bank said in a statement received by Shafaq News Agency that a new meal was launched for the advances of state and contract employees, defense and interior employees, amounting to 10 million dinars, and contracts employees 5 million dinars, calling on “all beneficiaries who will receive text messages with the amount of the advance to review the bank’s branches or electronic payment outlets to receive it.” “.

The media office confirmed that “the application for advances electronically is for holders of the (Nakheel) card, and there is no intermediary between the bank and the customer.”

For its part, the government “Al-Rafidain” Bank denied the news that talked about stopping advances and loans in its branches.

The media office of the bank confirmed, in a statement, received by Shafak News Agency, the continuation of granting advances and loans to employees, employees of the Ministry of Interior and Defense and retirees, noting that the application for advances and loans is exclusively through the bank’s branches located in Baghdad and the provinces.

Shafaq.com

Allawi calls for a (revolution) in Iraq!

Baghdad – Iraq today: Iraqi Finance Minister Ali Allawi said that the Iraqi economy needs a real revolution in changing its structure from rentierism to diversifying sources.

Allawi said, while heading the Iraqi delegation participating in the spring meetings of the International Monetary Fund and the World Bank in Washington, that saving the Iraqi economy and correcting the course of fiscal and monetary policy requires a real revolution to change its structure.

He added that the Iraqi economy needs to be transferred from a rentier economy that depends on oil as a main source of revenue to a diversified economy, especially after indicators showed that it is not possible to rely on oil to build and develop the country.

He explained that the Iraqis suffer from previous and inherited institutional laws and procedures that must be addressed if we are to invest the country’s resources and its strategic location in a proper manner and adapt the economy to the post-oil era.

Iraqtoday.com

Finance Minister: Our situation is very good and we will present a new law to Parliament that supports these segments

{Economic: Al Furat News} Finance Minister Ali Allawi described, today, Sunday, the country’s financial situation as “very good.”

Allawi said in a press statement, “The meetings with the International Monetary Fund, the World Bank and other major institutions in the American capital, Washington, were good,” noting: “We reached several agreements, the most important of which is support for the reform process, especially the white paper.”

He added, “There are close meetings in Baghdad, which will be after the blessed Eid Al-Fitr, so that the support will be technical and there will be advisors, in order to strengthen the capabilities of the Iraqi government, in order to advance and move forward with the reform project.”

He pointed out that “Iraq is in the process of implementing agreements with the World Bank, especially to support the technical side. We have reached very good results, and will contribute to strengthening the cadres working in the state,” noting that “the ministry is in the process of submitting a law to the House of Representatives for the purpose of employing the unexpected gain resulting from The rise in oil prices, in the areas of strengthening support for groups affected by the prices of raw materials.

He continued, “The law is before the House of Representatives and will be enacted, and it will give strong support to the groups affected by the rise in prices of basic materials and foodstuffs in particular, and to strengthen the pillars of the Ministry of Finance and to strengthen the possibilities of employing public employment projects,” explaining, that “there is an integrated plan to use the surplus of the price hike, in cooperation with Parliament”.

He pointed out that “this support is outside the concept of reform for the public sector, and we want to reduce government support, especially for sectors that can thrive without government support, but this will be for one time,” explaining that “the government acknowledges that some groups have been affected by the rise in the prices of raw materials, so it will be One-time and non-recurring support.

He stated, “We have a strategic agreement with the United States, especially in the economic aspect, and we want to do it now,” stressing that “there are preparations for cooperation at all levels.”

Allawi stressed the need to “submit projects to obtain support, or a kind of American aid, especially in the technical and technical aspects,” stressing that “the financial situation is very good, and we do not need support from any foreign parties, except for certain projects.”

Alforatnews.iq

The Central Bank’s balance is three times more than the government’s external debt

Economy News – Baghdad; The financial advisor to the Prime Minister, Mazhar Muhammad Salih, explained, today, Sunday, the monetary policy of the Central Bank of Iraq, and between the contents of two basic pillars of this policy to address crises, he revealed the size of the foreign reserves of the Central Bank and the internal debt .

Saleh said, to the Iraqi News Agency, that “the monetary policy of the Central Bank of Iraq has exercised and is still playing its great role in strengthening the national economy and supporting and supporting it in liquidity, stability and the management of monetary resources, especially through two successive double crises that the national economy was exposed to between the years 2014-2021, as monetary policy confronted The Central Bank has led to the serious stagnation to which the macro-economy and its real sectors were exposed, and its use of a satisfactory monetary policy .

He added, “The two pillars of this policy are: credit easing and granting the monetary market with sufficient liquidity through the continuous initiatives of the Central Bank, and the other is quantitative easing policies to support macroeconomic liquidity in general by motivating secondary market operations with calculated, accurate and successful ranges that saved the national economy in the most contracting economic conditions and supported by one side. The last of the Iraqi financial policy to get out of the impasse of the fiscal deficit and the deterioration of the country’s financial sustainability by relying on the internal liquidity levers provided by the Central Bank with its accurate, balanced and successful tools .

He pointed out that “the first crisis that our country faced in the years 2014-2017 was a serious double crisis, financial and security at the same time, as energy markets and Iraq’s financial revenues from exported oil deteriorated between these years, accompanied by strict security conditions, namely the war on ISIS terrorism.” The Central Bank of Iraq played its prescribed role in its monetary policy, which contributed to assigning victory in the war and economy arenas, with remarkable accuracy .”

He continued, “While the second double crisis came between 2020-2021, it represented a serious deterioration in Iraq’s oil revenues, a frightening deficit in the current account of the balance of payments, and a more serious deficit in public finances as a result of the price war in the energy markets in the world, and the reduction in the quantities of our country’s oil production to nearly less than Half is under the influence of the (OPEC Plus) agreements and the deterioration of global demand for oil throughout 2020 and parts of 2021, accompanied by a stifling global health crisis represented by the Corona pandemic and the closure of the global and local economy, as the country was affected by an agricultural crisis due to severe drought and the deterioration of agricultural crops, which made the output The GDP is shrinking to (minus 11%), in addition to the prevalence of poverty and unemployment at unprecedented rates in the country’s economic history .”

And he added, “Under these compelling circumstances, the monetary policy of the Central Bank of Iraq, with accuracy and with calculated and successful steps, led the process of building the foundations for maximizing the liquidity of the national economy, whether by proceeding with the Central Bank’s initiative in revitalizing the real sector with soft loans in which the grant element increased,” noting that “those loans approached about about 13 trillion dinars to push the activity of the national market and operate the labor market and the business of private activity forward, in addition to supporting government liquidity and attributing the effectiveness of the government economy and public finance without stopping, by deducting government treasury transfers, which constituted about 67% of the total debts of the Ministry of Internal Finance or the internal public debt borne by the bank The Central Bank of the total internal debt balance, which amounts to about 72 trillion dinars .

He continued: “Thus, the monetary policy of the Central Bank of Iraq, with high success, fulfilled the requirements to meet the needs of growth and stability of the national economy and to provide it with sufficient liquidity, with high accuracy and wisdom, and at the same time supportive of the financial policy that faced harsh conditions through the two successive double crises between 2014-2021, as well as the restoration of the Central Bank Its foreign reserves, which are the cover of the national currency, record its balance today at more than 70 billion dollars, a balance more than three times the government’s foreign debt payable during the years 2022-2028, which confirms the efficiency of the foreign reserves of the Central Bank of Iraq .

He pointed out that “the Central Bank of Iraq is an independent authority under its amended Law No. 56 of 2004, and it is he who draws the monetary policy himself without the interference of any party, and he is the most knowledgeable and best able to manage his policy in stability and development based on the articles of the Constitution of the Republic of Iraq .”

Economy-news.net