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

Adviser to the Prime Minister: Corruption is a major reason for investors to stay away from Iraq

Baghdad – The Prime Minister’s Advisor for Reconstruction Affairs, Sabah Abdul Latif Mushtat, confirmed today, Thursday, that corruption is a major reason for investors to stay away from Iraq.

In a statement to the “Under Two Lines” program broadcast by Al-Iraqiya News and followed by the Iraqi News Agency (INA), “there are several factors that have contributed to the low level of Iraq’s attraction to investors, and among these factors are corruption, and the absence of basic design, which is one of the important factors to attract investment,” Mashat said. .

And he indicated that “investment success needs a system of factors, as a vision must be developed for investment,” calling for “the Baghdad Municipality to launch the development plan.”

https://www.ina.iq/154265–.html

Iraq to Re-Open Embassy in Vietnam

By John Lee.

Iraq’s Cabinet has approved the recommendation of the Ministry of Finance to re-open its embassy in the Republic of Vietnam.

It’s decision was made providing it does not lead to an increase in the total number of diplomatic staff.

The representation will be resident, as it had been previously.

(Source: Govt of Iraq)

Iraq-businessnews.com

DEMONSTRATIONS WILL START SUNDAY IN FRONT OF THE BAGHDAD MUNICIPALITY BUILDING TO DEMAND BETTER SERVICES

National News Center/ Baghdad – An informed source said, demonstrations will start Sunday in front of the Baghdad Municipality building to demand better services.

The source said to the “National News Center”, that “large demonstrations will be launched by citizens next Sunday in front of the Baghdad Municipality building near Al-Sinak Bridge to demand better services.”

Nnciraq-com

The Central Bank reveals the amount of money in circulation: 80% of it is hoarded in homes for one reason

Baghdad – The Central Bank of Iraq revealed, on Wednesday, the volume of circulating funds, while indicating that 80% are stocked in homes due to the lack of high confidence in the citizen towards banks.

Ihsan Al-Yasiri, Deputy Governor of the Central Bank, said in an interview with our colleague Karim Hammadi, followed by “Nass” (April 20, 2022): “We have 76 trillion dinars as a source of circulation, 20% of which are deposited in banks, and 80% of them are hoarded homes, and this is a deprivation for society.”

He added, “Hoarding money in homes, which is behind the mistrust of some citizens in banks, regardless of whether they are private or governmental, is a high risk, as these funds may be exposed to damage, burning or theft.”

And he stated, “The Central Bank has set strict standards to control the behavior of banks and we are witnessing a development in performance, knowing that the banks’ control has 3 tracks, the first is improving performance, merging the bank, or withdrawing the bank’s license if the reluctance continues.”

He said, “The government system acquires 85 deposits and the public,” noting that “after 2003, we have a large number of banks, some of which are private, which are excellent and have reached stages in digitization and the digital economy.”

He added, “We have supervision and an attempt to push some banks to be good and rise to the required level, as we focused on controlling the banks’ behavior.”

He continued, “We have 70 private banks, more than half of the number are excellent, while the government has seven banks, namely: Al-Rasheed, Al-Iraqi Trade, Al-Rafidain, Al-Nahrain Bank, which is a model for Islamic banking, and the Housing Fund, while the Industrial Bank is doing well.”

Al-Yasiri stressed that “the enforcement of the law for loans confirms the existence of a guarantee for any dinar that is loaned, and the one who does not have an income from a fixed source must provide a guarantor – the cost of lending is very high, and when there is an interest of 8% on the loan, it is considered very expensive, but if the limits of risks are increased, the risks may be increased.” interest rate increases.

He pointed out that “the Rafidain Bank granted loans to large institutions, and there is a loss of up to 6 trillion dinars in these loans due to the pressures of increasing the interest rate, but part of the risks of non-payment are avoided through them.”

Nasnews.com

An economist acknowledges the difficulty of re-exchange of the dollar to the previous rate

{Economic: Al Furat News} The economic expert, Salah Nuri, acknowledged today, Thursday, the difficulty of re-exchange of the dollar to the previous rate.

Nuri said, via Al Furat News: “It is not possible to restore the dollar’s exchange rate to its previous era as a result of the international factor causing the rise in the prices of basic foodstuffs globally.”

“Even that this factor is considered a strong determinant of decreasing the dollar exchange rate, in addition to other local factors,” Nouri said.

While the economic expert ruled out that “the exchange rate will be considered or reduced again.”

It is noteworthy that the Ministry of Finance responded to news of its discussion of re-lowering the dollar exchange rate against the dinar.

The Undersecretary of the Ministry of Finance, Taif Sami, said in a press statement: “There are no discussions to reduce the price of the dollar to 120,000 dinars within the 2022 budget.”

On April 4, the Federal Supreme Court rejected the case for re-exchange of the US dollar in relation to the Iraqi dinar to its predecessor, at the amount of (120,000) Iraqi dinars for every 100 US dollars.

Alforatnews.iq

A former official: Economic damage will be inflicted on the country if the exchange rate and this option are changed

Special – Mawazine News: The former director of the Financial Supervision Bureau, Salah Nouri, confirmed today, Wednesday, that “great economic damage will be inflicted if there is any change or modification to the dollar exchange rate.”

Nouri said in a statement to “Mawazine News”, that “even if the Ministry of Finance decides to amend the exchange rate to about 130, there are solutions to support the fragile and affected classes by raising the exchange rate.”

He added, “The procedure is to establish sovereign funds to support those segments that have been affected by the amount of their damage from the change, which amounted to 23%. They are compensated through these funds.”

He pointed out that “the Ministry of Finance has made it clear to the citizens about the increase in revenues and the recovery of the treasury.” Ended 29 / 92

Mawazin.net

Al-Kazemi…  and “Save the Homeland” discuss a step away from the majority and consensus government

Shafaq News / An informed source in the “Save a Homeland” alliance, which includes the Sadrist movement, the Kurdistan Democratic Party, the Sovereignty Alliance, revealed today, Tuesday, that the alliance is studying a new step that it may take during the next stage, far from the majority and consensual government.

The source told Shafaq News Agency, “The Alliance to Save a Homeland is seriously considering and studying maintaining the government of Mustafa Al-Kazemi, during the next stage, in the event that the political blockage remains and the suspension of the presidential election session is maintained, and the coalition has prepared the ground for this option by working on the Legislation of the Emergency support Law for Food Security and Development, which will enable the Al-Kazemi government with financial powers similar to the budget law.

And he indicated that “the Alliance to Save a Homeland is considering the possibility of making a semi-comprehensive amendment to the government of Mustafa Al-Kazemi, in the event that it is maintained during the coming period, and the new ministers will be candidates exclusively by the Triple Alliance, and their passing is easy according to the parliamentary majority owned by this coalition,” explaining “The change of ministers will be through dismissal or resignation in agreement with the prime minister.”

The leader of the Sadrist movement, Muqtada al-Sadr, had set on March 31, a deadline of forty per day on what is known as the blocking third consisting of the coordination framework and allied deputies, to form a government independent of the Sadrist bloc.

Al-Sadr’s position came after the Iraqi parliament failed for the third time in a row to hold a session to elect a new president for the country due to the intensification of the dispute between the Triple Alliance (the Sadrist bloc, the Kurdistan Democratic Party, the Alliance of Sovereignty), and the coordinating framework that includes Shiite political forces.

The election of the President of the Republic requires a quorum in which the presence of representatives constitutes two-thirds of their number, or more than 220 deputies out of 329, which was not achieved due to the boycott of the coordination framework that represents prominent Shiite parties, such as the State of Law bloc and the Al-Fateh Alliance, the umbrella under which the loyalist Popular Mobilization factions fall under. for Iran.

Shafaq.com

Arrest Of Government Officials In The Case Of Waste Of Public Money

Earth News / A security source revealed, today, the arrest of government officials in the case of wasting public money

The source told Earth News, “A special security force with teams from the Integrity Commission arrested the former Director General of Water Resources, the Director General of State Real Estate, eight employees of the State Real Estate Department, and a number of treasury employees, against the background of the Al Rabie district case in the central Maysan governorate.” .

He added, “The arrest process was carried out in accordance with judicial orders issued by the Integrity Investigation Court in Maysan, in accordance with the provisions of Article 316 of the amended Iraqi Penal Code No. 111 of 1969, related to the waste of public money.”

Earthiq.news