Iraqi News Highlights Wednesday Afternoon 4-12-23
Iraqi News Highlights Wednesday Afternoon 4-12-23
Tlm724 Administrator Bondlady’s Corner
The US Treasury Is Ready To Assist The Central Bank Of Iraq In Stabilizing The Exchange Rate
Central Bank Governor Ali Mohsen Al-Alaq met today, Wednesday, with US Treasury Assistant Secretary Brian Nelson. The media office of the central bank governor said in a statement, "Al-Alaq met Assistant US Treasury Secretary Brian Nelson on the sidelines of the annual meetings of the International Monetary Fund and the World Bank."
He explained, "The two parties discussed facilitating the procedures of the Central Bank of Iraq in the process of financial transfers, while the US Treasury showed great flexibility and willingness to assist the Central Bank of Iraq in its efforts to achieve stability in the exchange rate."
And the governor confirmed that he "agreed with the Assistant Secretary of the US Treasury to intensify communication between the technical teams of the two parties to implement the facilitation steps that were agreed upon during the meeting, within a short period."
https://www.radionawa.com/all-detail.aspx?jimare=34037
The Minister Of Foreign Affairs Stresses The Need To Strengthen Ties Between Iraq And The World Bank To Implement Vital Projects
Tuesday 11, April 2023 00:00 | EconomicalNumber of readings: 868 Baghdad / NINA / - Deputy Prime Minister and Minister of Foreign Affairs, Fouad Hussein, received the representative of the World Bank in Iraq, Richard Abdel Nour.
During the meeting, according to a statement by the Ministry of Foreign Affairs, projects funded by the World Bank in Iraq, their completion rates, and the obstacles that stand in the way of their implementation were discussed.
The minister stressed the need to strengthen ties between Iraq and the World Bank to implement vital projects to serve the public interest and work to overcome the difficulties facing the implementation of these projects.
The two sides discussed the projects implemented by the World Bank in Iraq, and their implementation will be in coordination with the Ministries of Planning and Finance.
The projects are focused on infrastructure, especially in areas that have been subjected to war operations against terrorism, as the World Bank has allocated $300 million for the community development project to implement projects in all governorates, which is reflected in Positively for the local communities, and an amount of 750 million dollars was allocated for the rehabilitation of bridges and vital projects, of which about 400 million dollars were spent, in addition to that the World Bank allocated an amount of 210 million dollars for the rehabilitation of the Baghdad Water Project./ End 3
Sudanese Advisor: The Delay In Approving The Budget Will Obscure Part Of The Important Expenditures
Economy| 02:37 - 04/12/2023 Baghdad - Mawazine News The financial advisor to the Prime Minister, Mazhar Muhammad Salih, stressed, on Wednesday, the need to expedite the budget legislation, warning that the delay in its approval obscures part of the important expenditures in the Iraqi economy, and affects opportunities for progress and growth.
Salih said, "The federal general budget is an important issue in Iraq's economic life, as government expenditures, whether currently underway within the financial management law or to be added in the budget law, constitute about 50 percent of the Iraqi total, and its effects reach about 85 percent in activity." the economist".
Saleh added, "The delay in approving the budget means withholding part of the important expenditures in the Iraqi economy, especially good projects, appointments, programs, and commitments."
He pointed out that "the budget is a big thing, and any delay will affect opportunities for progress and growth," calling for "expediting budget legislation in the coming days."
And he continued, "The country today, in the fifth chapter without a budget, and this does not indicate correctness in the course of the economy," stressing that "accelerating the budget legislation is a strategic and important issue in the progress of Iraq." https://www.mawazin.net/Details.aspx?jimare=224410
The Iraqi Trade Bank decides to adopt the dinar "only" in its electronic financial transactions
Economy| 02:12 - 04/12/2023 Baghdad - Mawazine News The Iraqi Trade Bank decided, on Wednesday, to adopt the dinar currency only in all ATMs and electronic financial services.
The media advisor to the bank, Aqil Al-Shuwaili, said, “In support of the Iraqi national currency by adopting it in financial transactions inside Iraq and not using the dollar currency, and in implementation of the decision of the Council of Ministers and the directives of the Central Bank of Iraq, it was decided that the cash currency approved in all ATMs of the Iraqi Trade Bank be in the currency of dinars only.
Al-Shuwaili added, in an interview with the official news agency, that "it was decided to cancel the dollar currency from ATMs, and also to adopt the national currency in all electronic financial services." Ended
https://www.mawazin.net/Details.aspx?jimare=224408
The Sudanese Government Program Is A Transition From Stagnation To Movement
Dr.. Haitham Hamid Mutlaq Al-Mansour After the formation of the new government and its success in maintaining security and social peace and keeping Iraq away from chaos and internal strife, it is once again seeking to impose law, build the state and reform the economy by adopting an approach that targets movement as an alternative to stagnation.
The recent steps taken by His Excellency the Prime Minister, Mr. Mohamed Shia’a Al-Sudani, towards moving the economy out of the stagnation that has accumulated in the short and medium term, especially in the joints of the monetary and financial policy with a vital dimension,
the aim of which was to evaluate the course of management and performance through an economic vision that targets stability and growth, what are There is no clear evidence of the approach through which the government is addressing imbalances and correcting errors.
Therefore, the government has exercised in the aforementioned sectors, since the end of January of this year, its role in supporting stability and curbing inflation in accordance with the financial and monetary measures of the Central Bank to increase the flexibility of supplying the dollar window, whether in banking, by using control tools and internal and external cooperation to combat money laundering activities through The electronic platform and other banking reforms, as well as supportive tax reforms taken by the Ministry of Finance to facilitate import operations and strengthen control at border crossings.
This explains the flexibility that facilitated the movement of external transfers to finance imports and other economic activities and mitigated the sharp rise in the dollar exchange rate.
For one dollar after it crossed the threshold of 1600 dinars much at the time of the crisis, and it is expected that the effectiveness of these procedures and control processes will continue to correct the mistakes of monetary policy that the previous government made, and then reach the exchange rate of the dinar at the target, which is 1350 dinars per dollar, which in turn can achieve Price stability increases the real value of the dinar and keeps economic activity away from the negative effects of high levels of inflation, in the short and medium term.
The government's restoration of its ability to implement the law in many sectors, in addition to the financial and monetary sector, represents a strategic act within the framework of a stable financial climate that promotes investment that leads to stability and stimulates growth,
which are targeted by the government program. Rentier, that phenomenon that works to divert the direction of the output of economic activity out of the economy, which perpetuates the distortion of the growth of national capital in favor of the increasing government fiscal deficit, high pressures on public spending, inflation levels, and the erosion of purchasing power.
Growth and investment, as the import movement is witnessing a significant increase with neighboring countries and others to secure the requirements of life with various goods and services to compensate for the sharp decline in the non-rentier gross domestic product, especially for the private sector at the industrial, agricultural and service levels, whichIt weakens capital accumulation, including the limited funds allocated for investment and its economic ineffectiveness.
Therefore, we believe that the condition of adequacy of the economic program of the current government must proceed from the treatment of the economy's rents and proceed with reforming the imbalance in its general structure, through the development of the real and commodity sector through short-, medium- and long-term industrial, agricultural and commercial policies that seek to reduce imports in favor of subsidizing And stimulating the growth of the productive sector in the various sectors of important projects of public interest, which could be based on development partnership contracts in foreign investment towards many leading countries in this field, such as China, Germany, France, and others. https://economy-news.net/content.php?id=33533
Dollar Prices Are Rising Again In Baghdad
Market Economy News _ Baghdad Today, Wednesday, the exchange rates of the US dollar against the Iraqi dinar rose on the main stock exchange in the capital, Baghdad.
The two central Al-Kifah stock exchanges in Baghdad recorded 145,400 Iraqi dinars for 100 US dollars.
While the prices were yesterday morning, Tuesday, 144,250 dinars, compared to 100 dollars.
The buying and selling prices rose in exchange shops in the local markets in Baghdad, where the selling price reached 146,500 Iraqi dinars per 100 US dollars, while the purchase prices amounted to 144,500 Iraqi dinars per 100 US dollars. https://economy-news.net/content.php?id=33514
The Central Bank Calls On The Monetary Fund To Support Its Measures To Stabilize The Exchange Rate
Economy| 09:22 - 04/12/2023 Baghdad - Mawazine News The Central Bank of Iraq announced, on Wednesday, that the Iraqi delegation held a meeting with the International Monetary Fund and the World Bank in Washington.
A statement by the Central Bank stated, "The meetings of the Iraqi delegation with the International Monetary Fund and the World Bank in Washington DC began with the presence of the Governor of Iraq in the Fund, Governor of the Central Bank of Iraq Ali Mohsen Al-Alaq, Minister of Finance Taif Sami, and the technical delegation accompanying them."
He added, "Iraq's approach to holding a (non-financial) program was discussed, which includes the Fund providing technical and advisory support for the economic reform adopted by the Iraqi government in achieving financial and monetary stability."
He pointed out, "It was agreed to prepare a draft agreement on the program and start implementing it in the coming days."
Al-Alaq called on the Fund to "provide support to the Central Bank of Iraq in its procedures to achieve stability in the exchange rate in accordance with international practices, and the Iraq agreement with the International Monetary Fund, which was ratified by the Iraqi Parliament in 2008." Ended 29/N33
https://www.mawazin.net/Details.aspx?jimare=224377
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