Iraqi News Highlights Late Tuesday Evening 6-6-23
Iraqi News Highlights Late Tuesday Evening 6-6-23
Tlm724 Administrator Bondlady’s Corner
Prime Minister: The Development Road Is A Large And Ongoing Project That Will Include The Largest Industrial City In The Middle East
Yesterday's politics, Baghdad – conscious Prime Minister Muhammad Shia al-Sudani affirmed today, Tuesday, that the development road is a large and existing project, indicating that it will include the largest industrial city in the Middle East.
The Prime Minister said in a press conference followed by the Iraqi News Agency (INA):
"The development path is not a media talk, but rather it is a large and existing project," noting that "the project starts from the port of Fao, then is followed by an industrial city, which is the largest in the Middle East, then a residential city close to the port."".
He added, "The government's approach includes creating economic partnerships with countries in the region to strengthen relations, consolidate stability and achieve benefit," noting that
"Daewoo is implementing 5 projects in the port of Faw, and the work plan is proceeding according to what was agreed upon."
"The European Union and China have sent important messages on the path of development and have shown their willingness to participate," he stressed.
On the other hand, the Prime Minister pointed out, during his talk about the housing file, that
"our partnership with the private sector focuses on enabling the investor to implement his project." He continued,
"Without the private sector and real estate development companies, we will not be able to solve the housing crisis," explaining that
"roads and infrastructure are among the most important pillars of solving the housing crisis, and the government must intervene in the pricing of housing units." The Prime Minister stated that
"there are regional, Arab and foreign companies that have expressed their desire to carry out housing projects in Iraq," pointing out that
"housing projects were carried out inside cities, and did not take into account the issue of traffic jams and the provision of electric power." He referred to
"the tendency to re-design basic cities to encourage investment and provide services," noting that
"the problem of multi-ownership lands necessitates obtaining legal approvals, as well as finding legislation from the House of Representatives to open up the establishment of new cities." He stressed that
"the government will not grant lands to investors for free,
but the return will be housing units for the poor, as well as the establishment of infrastructure projects."
Al-Sawani: The Private Sector Is Capable Of Addressing The Housing Crisis
Information / Baghdad.. Prime Minister Muhammad Shia' al-Sudani expressed, on Tuesday, his confidence in the ability of the private sector to contribute to addressing the housing crisis in Iraq.
"The private sector and Iraqi companies are now competing with international companies," Al-Sudani said on the sidelines of the inauguration ceremony of Amwaj International's new residential project, considering that
"the project is evidence of the private sector's ability to alleviate the housing crisis." He added,
"The current government has put the housing crisis as a priority," noting that
"the housing problem in Iraq is chronic and has faltered since the eighties of the last century." He warned that
"9 percent of Iraq's population lives in slums, according to the Ministry of Planning." Ended/25 h
https://almaalomah.me/news/politics/السواني:-القطاع-الخاص-قادر-على-معالجة-أزمة-السكن
Mazhar Saleh: The World Bank Starts From The Rentier Of The Iraqi Economy
Economical 06/03/2023 Baghdad: morning Yesterday, Friday, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, commented on what was stated in the report of the International Monetary Fund experts, and what he described as very pessimistic.
Saleh told the Iraqi News Agency (INA):
"The International Monetary Fund stems from the rentier problems of the Iraqi economy, as the proportion of public expenditures in the Iraqi economy reaches nearly 50% of the gross domestic product."
He added, "While the foreign reserves in which the Central Bank of Iraq defends stability are linked to the general level of prices as a major goal of monetary policy through the bank's intervention with its operational goals in controlling local liquidity levels and targeting growth in the money supply by using part of the foreign reserves whose source it is."
Oil revenues are also in the general budget, as the monetary policy operations are embodied in the daily intervention in the exchange market with the strength and abundance of those reserves, the basis of which is the oil sector by 99%.
And he continued, “Thus, those important foreign reserves are dependent on imposing price stability on budget revenues from oil revenues themselves, so the correlation between monetary and fiscal policies depends in all cases on the development of the energy sector itself and the revenues achieved from high oil prices, and any fluctuations in the cycle of oil assets that affect In that important connection between the two policies, that is, fiscal and monetary.
And he added, “Therefore, the potential deficit in the oil current account of the balance of payments and because of the unilateralism of the economy will generate a deficit gap in the public budget, which is called the bilateral deficit, and affects the intervention capabilities of monetary policy in controlling liquidity levels to achieve price stability, and this matter requires monetary and fiscal policy.” Do two things together.
He explained, "The first factor includes the intervention of monetary policy in the money market to control local liquidity levels or the money supply by applying a more stringent policy in which this time the (interest rate) tool is used strongly in order to control the growth in the monetary base and then the general money supply, which are (sterilization) policies."
Additional local liquidity, by using interest rate signals in addition to the exchange rate signal and the role of the foreign currency window.
And he indicated that "the second issue includes assuming fiscal policy imposing broader discipline on public expenditures, i.e. imposing financial discipline, as well as creating a development partnership with the private sector whose financial surpluses are concentrated to sustain spending on development and investment programs within the premise of the social market."
He noted that "the report of the International Monetary Fund experts was very pessimistic, as multilateral international financial organizations usually stick to a few geopolitical and environmental factors, even if they are temporary, and issues related to developments in the international economic situation, in order to give a very sad scenario for the future of the economy."
He stressed that "such situations such as water issues and desertification are often linked to food security risks on the one hand, and
clean uses of energy, specifically renewable energy, are linked to issues related to the environment and carbon zeroing with the issue of low demand for oil and the deterioration of its revenues globally, as
the sum of these warnings leads to an existential threat to the economy, according to reports issued." about these organisations.
He pointed out that, "Despite the foregoing, the country and its economic programs for the coming years, whether in the field of water or energy, and diversifying the economy, took all these factors into account, and it is a national planning responsibility to defend the interests of sustainable development in Iraq, and there is no way out of that." https://alsabaah.iq/78132-.html
Foreign Reserves And Gold
June 06, 2023 Data of the Central Bank of Iraq until the end of May 2023 regarding foreign reserves and gold https://cbi.iq/static/uploads/up/file-16860351536238.jpg
Iraq Is On The Verge Of A Commercial "Paradigm Shift" With The Gulf Countries Through The National Bank Of Iraq
Economy News _ Baghdad The National Bank of Iraq, affiliated to the Capital Bank Group, announced during its sponsorship of the Joint Saudi-Iraqi Business Matching Forum that was held in Jeddah Governorate that it will start its work through its official headquarters in the King Abdullah Financial District in Riyadh, stressing that
it is a step that will contribute to enhancing economic development in Iraq, whose economy is growing.
Clearly, a "qualitative leap" will occur in enhancing the volume of trade exchanges with the Gulf states.
This announcement was made by the Chairman of the Saudi-Iraqi Business Council, Muhammad bin Abdullah Al-Khorayef, who inaugurated the activities of the forum along with a number of members of the
Business Council, the Coordination Council, the Saudi Export Development Authority, the Ministry of Investment and the Foreign Trade Authority, and a number of official figures and businessmen from both Saudi sides.
And the Iraqi, and the managing director of the National Bank of Iraq, Ayman Abu Dahim, and the deputy CEO of the Capital Bank Group, Mr. Nadim Qabbat, and the CEO of the National Bank of Iraq in Saudi Arabia, Eng. Zaid bin Abdulaziz Abunayan, and a group of executives in the bank.
The opening of a branch of the National Bank of Iraq is an important step to expand the base of trade exchange between Iraq and the Kingdom of Saudi Arabia in light of the increasing growth of exports between the two countries. business services directly to them.
The managing director of the National Bank of Iraq, Ayman Abu Duhaim, stressed
"the importance of opening the first Iraqi bank in the Kingdom of Saudi Arabia," explaining that
"the National Bank of Iraq will play an important role in developing and developing economic relations between the two countries, after the increasing growth in the volume of trade exchanges between them.". He stressed,
"The importance of the bank becoming the ideal partner for Saudi and Iraqi companies."
For his part, the CEO of the National Bank of Iraq in the Kingdom of Saudi Arabia, Zaid Abunayyan, expressed his happiness with the opening of the first branch of the National Bank of Iraq in Saudi Arabia and said that
"the branch will provide banking services and various banking facilities to cover the untapped sectors in the Saudi trade market,
which means increasing its market share of Total commercial dealings between Saudi Arabia and Iraq by providing services to strategic corporate clients and facilitating their commercial dealings.
Abunayyan pointed out that "the volume of trade exchanges between Iraq and Saudi Arabia amounted to 5.5 billion riyals last year, with a growth rate of 48%, as
the volume of trade exchange maintained stable growth during the past few years, explaining that
the scope is still great for increasing bilateral trade exchange, especially after the bank directs Al-Ahly Al-Iraqi does its business in Saudi Arabia, and
thus aspires to become the preferred and ideal partner for Saudi and Iraqi companies, in a step that will contribute to strengthening the economic development process in Iraq, whose economy is witnessing clear growth.
During the forum, an overview of the Saudi Iraqi Investment Company, which is wholly owned by the Saudi Public Investment Fund, and which was established recently with a capital of $3 billion, was presented.
Acting CEO of the Saudi Iraqi Investment Company, Miteb Al-Shathri, stated that
"the company will invest in Iraq through direct investment in private companies and in companies listed in the Iraqi market, in addition to indirect investment by participating in economically feasible infrastructure projects and investing in funds that target Iraqi market. Al-Shathri added,
"The Saudi-Iraqi company will jointly invest with the Public Investment Fund companies and private sector companies to accelerate the regional expansion of Saudi companies," noting that
"the presence of the National Bank of Iraq in Riyadh will contribute to encouraging and facilitating trade between the two brotherly countries in light of the increasing growth of exports between the two countries."".
For his part, Abu Dahim expressed his "thanks and appreciation to the Saudi Public Investment Fund for its clear keenness in developing and developing Saudi-Iraqi cooperation relations, and transferring them to new levels," noting that
"the establishment of the Saudi-Iraqi Investment Company and its direction to invest in Iraq will cause a quantum leap in enhancing the volume of trade exchanges." Between the two countries".
It is worth noting that the establishment of a branch of the National Bank of Iraq in the Saudi market, which is among the strongest economies in the world, will contribute to supporting the pace of growth by building a network of banking relations with major institutions and companies operating in the commercial sector in the Kingdom and the continuous pursuit of achieving the desired goals through innovation and development. In providing all banking solutions that support and support commercial activities between the Kingdom of Saudi Arabia and Iraq.
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