Iraqi News Late Thursday AM 3-24-22
Iraqi News Late Thursday AM 3-24-22
TLM724 Administrator BondLady’s Corner
The Reasons For The Decline In Development Rates And The Weak Performance Of The Economy
Thursday 24 March 2022 89 Baghdad: Haider Falih Al-Rubaie The economist, Manaf Al-Sayegh, criticized the absence of implementing the strategic policies that were developed with the aim of increasing the rates of sustainable development in Iraq, stressing that many international organizations specialized in this field have provided dozens of ideas and advice to Iraq to advance the development reality, but these advice fell on deaf ears.
And while he identified a number of factors for the failure of development efforts in Iraq, including the lack of restructuring of government institutions, the absence of a vision for the state and adherence to routine in transactions, he attributed at the same time, the reasons for the decline in economic performance in Iraq to the lack of coordination between the fiscal and monetary policies, and the government’s insistence on attempts to subjugate politics cash.
In his speech to Al-Sabah, the expert Al-Sayegh believes that "a number of reasons stand behind the fragile economy that Iraq suffers from, indicating that among those reasons is the absence of the main motive for making the desired change and economic and institutional reform because of what he described as" political obsession, sharing spoils and exploiting opportunities. between politicians for personal gain.
Al-Sayegh also pointed out that “the lack of coordination between the fiscal and monetary policies, especially in the period between 2006 and 2014, and the government’s insistence on subjugating monetary policy, were factors to weakening the role of the national economy,” criticizing at the same time the absence of “the literature of cash management according to economic activity.”
For each period and the monetary measures and decisions required to balance economic activity towards reducing harm to society and ensuring the continuity of efficient market performance, which has caused great damage to the implementation of reform programs and kept them away from their goals.
The economic expert pointed out that the decline in the performance of economic activity was also caused by "the construction of annual budgets that moved away from the programs of change and reform and was dominated by the inflation of unproductive annual operating expenditures in relation to investment spending."
Absence Of Plans
Despite the government’s efforts represented in the terms of the reform white paper, however, the expert Al-Sayegh believes that “the absence of government plans and programs for most institutions contributed to the decline in economic performance, noting that many international institutions have completed plans and programs for ministries that are supposed to be consistent with the national development plan and public budgets, but they It didn't work out."
The spokesman explained, "The national development plan for all years is being implemented in cooperation with the private sector, ministries and international organizations, but these plans are not implemented because they are not issued as a law, but as a plan approved by the Council of Ministers, and this matter emptied it of its value and made it not binding on implementation, proposing The government must either send these plans to Parliament for approval as a law in order to be binding, or put them as a paragraph in the budget that indicates the obligation to work with what was stated in the development plan.
Development Policies
Al-Sayegh attributed the reasons for the failure of development policies in Iraq to a number of factors, putting at the forefront of these factors “the absence and weakness of government oversight, as well as the absence of institutional accountability for those who fail to complete their work related to annual programs, as well as the weakness of the law in the face of accountability for these, as well as the lack of structuring government institutions and formulating Its goals and vision are in line with the requirements of change.
The economist noted that "adherence to routine in transactions and the loss of the ability to devise new patterns of work that contribute to the speed and accuracy of implementation, led to a decline in development rates, as well as the absence of a vision for the state, which made institutions lose their ability to read the obligations of implementation and establish work mechanisms that are consistent with vision to achieve it. LINK
Central Bank Holds A Workshop To Identify Electronic Transactions (Goaml)
March 23, 2022 Under the patronage of His Excellency the Governor of the Central Bank of Iraq Mr. Mustafa Ghaleb Scary and in the presence of sponsors of the portfolios.
The system is an integrated programmed solution developed by the United Nations Office on Drug Control and Crime (UNODC), to be used by financial intelligence units (FIU's) in data collection, management, analysis and document management.
The system will also contribute to the cancellation of currently adopted paper transactions, such as the commitment of the Republic of Iraq to international standards relating to combating money laundering and terrorist financing. Central Bank of Iraq information Office 23 - March – 2022 https://cbi.iq/news/view/1973
Panic Situations Cause Prices To Rise
Thursday 24 March 2022 46 Baghdad: morning At a time when there were calls from the street to control prices and hold those responsible for their rise in the markets to account, the economist and advisor at the Baghdad Chamber of Commerce, Dr. Ali Hadi, said that the state’s approach to arresting traders on the pretext of rising food commodities is illogical in reality, because there is no monopoly in the market as long as There are multiple trading rings in the markets and multiple importing merchants.”
Hadi explained to "Al-Sabah" that "the shape of the economic system, which was drawn up by the constitution in its twenty-fifth and twenty-sixth articles, and the sustainable development plan prepared by the Ministry of Planning, and the economic sectoral ministries, which drew a shape for the Iraqi economy after 2003, represented by the market economy system. The sustainable national development plans drew a map and identity of the economy as a social market economy, which is characterized by two characteristics, which are the efficiency and freedom of markets, and it must also include social justice by the state to protect the vulnerable class.
Free Movement Of Money
The advisor at the Baghdad Chamber of Commerce added that "these constitutional articles and the national development plan confirmed the existence of freedom in the markets and the movement of capital in them, as well as the freedom to set pricing in the markets, and therefore violating them is illogical."
And he indicated that "the one who caused the monopoly is the prohibition decisions adopted by the Ministry of Agriculture, even after the Council of Ministers issued its instructions to lift the ban on basic food commodities, the Ministry of Agriculture is still insisting on implementing the ban and its failure to comply with the Council's decision and recent instructions," noting that "the policies of The prohibition and the insufficiency of the local product from meeting the market need for basic commodities, which are among the most important contents of the food basket, made the citizen the one who created a monopoly in the market.
High Prices And Panic
Hadi pointed out that "the citizen is responsible for the issue of high prices, due to his adoption of the panic he has accumulated from previous years, as well as a basic factor represented by the global crisis caused by the war of Russia and Ukraine, in addition to the rise in oil prices, which negatively affected the prices of imported goods as it doubled the costs of production and transportation.
The economic expert confirmed, "We in the Baghdad Chamber of Commerce drew a real plan, solutions and treatments, which we submitted to the government, the parliament, and to public opinion. It contained steps, the most important of which was zeroing customs on basic commodities for a period of at least one year, subject to renewal with the developments of external conditions that have an impact on prices, We also raised the issue of tax exemptions, and for the Central Bank to offer documentary credits, with a negative interest at 25%, in addition to freezing the import license or opening the electronic window in a way that would facilitate the import of goods the basic".
He stated, "These treatments were presented as a single package to the government, and as representatives of the private commercial sector, we expressed our willingness to cooperate with both the government and parliament in order to resolve the issue and find a quick, optimal and realistic solution that does not affect the food basket of the consumer, middle and low-income."
Law and Merchant Accountability
In turn, the economic affairs specialist, Manar Al-Obaidi, said: "There is no law that executive authorities can apply to merchants who have raised prices, and they cannot be held accountable for the lack of a side. legal".
Al-Obaidi added to "Al-Sabah" that "the executive authorities cannot have their main role, which is to implement laws and legislation and hold violators to account, and according to Iraqi laws, there is no law that allows the executive authorities to punish those who raise prices, and therefore this move by the Ministry of Interior is only as a kind of putting pressure on merchants to try to lower prices."
He pointed out that "the problem of food availability is greater than just trying to control prices, as the crisis is global and many countries suffer from a significant shortage of basic supplies."
He believed that "there is a big problem that Iraq will face in the coming months, as it is very clear that the quantities of wheat that will be delivered to the state will decrease, which warns of a significant shortage of this substance in the markets after a short period." LINK
The Iraqi Stock Exchange Achieves 4 Indicators Within A Week
Economie| 04:15 - 03/24/2022 Baghdad - Mawazine News, Thursday, the Iraqi Stock Exchange announced its organization during the third week of March 2022, three trading sessions from Tuesday, 22/03/2022 to Thursday, 24/03/2022.
And the market said in a statement that “Mawazine News” received a copy of it, “The trading sessions were not organized for Sunday and Monday 3/21/20 2021 because they coincided with an official holiday, as the following indicators were achieved during this week:
1. The number of shares traded during this week reached more than (3) billion shares
2. The value of shares traded this week amounted to more than (7) billion dinars
3. The trading index in the market for the first session of the week closed at (595.92) points, while the index closed at (595.45) points at the end of the week Thus, achieving a decrease of (0.08%) from its closing in the first session.
4. During the week, more than (2600) purchase and sale contracts were executed on the shares of companies listed in the market. Ended 29/R77 https://www.mawazin.net/Details.aspx?jimare=188266
Work Addresses The Finances To Fund The Cost Of Living Grant
Economie| 03:31 - 24/03/2022 Baghdad - Mawazine News The Authority for the Care of Persons with Disabilities of the Ministry of Labor announced, on Thursday, that it has addressed the Ministry of Finance to finance it with a cost-of-living grant of 100,000 dinars.
In a statement received by Mawazine News, the head of the commission, Ahmed Hadi Baniya, said that "the Ministry of Finance has been addressed to finance the commission with a cost-of-living grant of 18 billion and 500 million dinars."
He added that "this came based on a decision of the Council of Ministers to finance the account of the Fund for the Care of People with Disabilities and Special Needs with the amount allocated to it in order to distribute the government grant approved by the Council of Ministers with (100) thousand dinars among the beneficiaries of the authority who receive the salary of a full-time appointee for people with disabilities." Ended 29/R77 https://www.mawazin.net/Details.aspx?jimare=188262
To read more current and reliable Iraqi news please visit BondLady’s Corner: