Iraqi News Monday AM 6-28-21
Iraqi News Monday AM 6-28-21
TLM724 Administrator BondLady’s Corner
Parliamentary Finance Warns The Iraqi Government Of “Imminent Financial Collapse”
Political Monday 28 June 2021 | 01:49 PM| Number of readings: 95 On Monday, the Parliamentary Finance Committee warned the Iraqi government of a "financial collapse" as a result of the lack of control over the dollar's exchange rate against the Iraqi dinar .
Committee member Abdul Hadi Al-Saadawi said, "Iraq depends mainly on oil imports," explaining that "any drop in oil prices will cause a financial collapse as a result of the government's lack of control over the dollar exchange rate ." Al-Saadawi added, "The financial situation in Iraq began to collapse dramatically, without any treatment or solutions for the government," warning against "not going to customs revenues, border crossings, taxes and fees imposed on imported goods and commodities ."
Al-Saadawi pointed out, "Iraq's need for appropriate solutions and plans to address the financial crisis to save the local currency (the Iraqi dinar) from financial collapse and control the market."
https://aynaliraqnews.com/index.php?aa=news&id22=149108
Ziad Khalaf: The White Paper Clearly Illustrated The Roots Of The Structural Problems In The Iraqi Economy
International Development Bank Chairman Ziad Khalaf during his speech at the Iraq Reconstruction Conference
Banks
Economy News – Baghdad The Chairman of the Board of Directors of the International Development Bank, Ziad Khalaf, said that the white paper identified with unprecedented clarity the roots of the structural problems in the Iraqi economy, and recognized that the most important of these problems is to expand the role of the state in managing the Iraqi economy.
Khalaf added in a speech on the sidelines of his participation in the Iraq Reconstruction Conference, organized by the International "Frontier Exchange" Foundation, that "the issue of the reconstruction of Iraq started planning immediately after the end of the war, as the first preparatory meeting was held in New York, during which the United Nations, the World Bank and the International Monetary Fund determined On the Iraqi side, the main sectors concerned with reconstruction, including education, health, transportation, and electricity.
He explained that the white paper, in its first and second parts, is part of the comprehensive and final economic reform supported by the International Contact Group for Iraq ( IECG), which includes the G7 , the European Union, the World Bank and the International Monetary Fund.
Khalaf pointed out that "this international group will have a direct role in the institutional governance of this white paper and the implementation of its 64 strategic projects."
He added: "According to estimates issued by the joint report of the World Bank, the United Nations and a number of independent Iraqi experts, Iraq needs between 88 and 100 billion dollars to implement reconstruction projects, and in our opinion, representatives of part of the national economy, whatever the cost we are able to bear, because we have enormous potential.
Of financial, material and human resources, but we failed to invest or exploit these capabilities properly. We believe that Iraq is capable of financing development if there is a conscious management of the economy."
He stressed that "the responsibility for rebuilding the state is the responsibility of both the public and private sectors, and I am interested here to address the banking aspect and its role in the reconstruction process of Iraq, as you know, the Iraqi banking sector always constitutes one of the main levers to support the Iraqi economy, and I address here a special greeting to the Central Bank.
Al-Iraqi to His Excellency Governor Mustafa Ghaleb, and to all the Iraqi banking leaders, who efficiently faced local challenges, and contributed to strengthening and supporting the national economy and sustainable development.
He added, "Let me refer to the International Development Bank, which had an active and positive contribution to the process of rebuilding Iraq by financing a wide range of mega projects in various economic sectors, as the volume of cash and non-cash credit financing provided by the Iraqi public and private banking sector for major projects."
And companies and to the housing sector and small and medium-sized companies exceeded 30 billion dollars, of which the share of private banks was about 28%, and we in the International Development Bank had an active role in these financing operations, playing a prominent role in launching the principles of financial inclusion to achieve one of the goals of sustainable development and work transforming Iraq into a country less dependent on cash and switching to electronic payment operations, which contributed to raising the efficiency of the banking sector’s performance, and achieving optimal monetary policy in Iraq.”
He stressed that "our sponsorship of this conference confirms our interest in the reconstruction process of Iraq and a sense of our national responsibility and duty in this context, as we were keen to continue investing in human capital and infrastructure, applying the best available banking industry techniques, and providing the latest electronic banking services to individuals and companies with high quality."
And broadly, our interest was not only limited to the banking side, but we had a broad strategic vision for the future, as we worked on establishing a group of different institutions such as insurance, contracting, industry, investment, real estate development and information technology.
He continued, "As a matter of national responsibility, I go to all distinguished Iraqi businessmen at home and abroad to participate in the development of the private sector to enable it to assume an important role in the responsibility of reconstruction and to play a greater role in the economic arena and to supply the necessary supplies for everything the country needs, to reflect the real potential in Iraqi society." Attracting national immigrant capabilities to rebuild the country.
Views 161 Date Added 06/28/2021 https://economy-news.net/content.php?id=25505
The Stock Market Index Declined In The Second Session
Stock Market Economy News – Baghdad The Iraqi stock market index (the stock exchange) fell, on Monday, by 0.03%. The number of traded shares reached 339.8 million, with a value of 593.6 billion dinars.
The Metal and Bicycle Company topped the losing companies, while the Karkh Games City Company topped the gainers.
In turn, foreign investors sold 10 million shares, worth 55 million dinars, after executing 26 transactions on the shares of one company. Views 54 Date Added 06/28/2021 https://economy-news.net/content.php?id=25510
Dollar Exchange Rates In Local Markets Are Declining Again Today
Economie| 12:48 - 06/28/2021 Special - Mawazine News The dollar exchange rates witnessed a new decline in the main stock exchange and local markets in the capital, Baghdad, today, Monday.
The correspondent of / Mawazine News / in Baghdad said, "The Central Kifah Stock Exchange in the capital recorded a new decline today at the dollar exchange rate, as it reached 146.800 dinars, for each $100 bill.
Our correspondent added, "The price of buying and selling the dollar in banking offices and local markets declined Also, the selling price amounted to 147,000 dinars, against a $100 bill, while the purchase price was 146,000 dinars, for each $100 bill. https://www.mawazin.net/Details.aspx?jimare=158635
Significant Decline In Central Bank Sales Of Hard Currency
Economie| 02:55 - 06/28/2021 Baghdad - Mawazine News The Central Bank of Iraq's sales of hard currency recorded, on Monday, a decrease in its sales by 4.82 percent, compared to its sales yesterday.
Today, the Central Bank auction for the sale and purchase of foreign currencies witnessed a decrease in its sales by 4.82% to reach 217 million and 535 thousand and 448 dollars, which it covered at a base exchange rate of 1460 Iraqi dinars per dollar.
The purchases amounting to 167 million and 75 thousand and 448 dollars went to enhance balances abroad in the form of remittances and credits, while the remaining amount of 50 million and 460 thousand dollars went in cash. https://www.mawazin.net/Details.aspx?jimare=158648
The Success Of The Digital Economy Depends On Strengthening Its Infrastructure
Monday 28 June 2021 155 Baghdad: Imad of the emirate The great development in the information revolution, especially in its conceptual and material aspect, led to a rapid development in the economies of countries today. The information revolution and modern communications led to a wide change in knowledge management and the modern economy, as some countries relied on digital applications or programs to develop their administrative infrastructure. And economically, while Iraq started this aspect late due to the circumstances it went through.
On the developments in the modern economy in the country, the expert at the Center for Arab and International Studies, Dr. Ahmed Al-Rawi, stated that “the modern economy depends mainly on information, digital and software, which prompted economists to call this type of economy the digital economy or the information, data and knowledge economy.”
In an interview with Al-Sabah, the narrator stated that the “digital economy indicates that the creation of wealth has moved from materials, buildings and machines, to knowledge and software information.” digital }.
He continued, "The use of the digital economy has outweighed the nomenclature, as the principles of this type of modern (digital) economy have taken root with the progress made in knowledge levels, to confront the traditional economy, and lead to the modification of the international economic system."
And he indicated that {this will lead to the establishment of a new international economic system that may not be achieved at the speed in which the knowledge economy has developed, because of the type of environment suitable for the spread of this economy there, and it is not available in developing countries, including Iraq, due to the circumstances that it went through in the three decades. Last}.
Telecom Sector
Member of the Iraqi Economists Association, Dr. Ikram Abdel Aziz, indicated that {the knowledge economy includes the communications and information technology sector, as well as digital activities in the sectors of commodity and service production, especially finance and business, as well as tourism and insurance and transportation}.
Abdel Aziz added to Al-Sabah that this is considered a knowledge economy when the number of workers in knowledge sectors exceeds employment in other economic sectors, as is the case in the states. United }.
She stressed: {The size of the knowledge sector has witnessed a clear growth recently in Iraq, despite the presence of some difficulties in the process of estimating the size of those sectors}.
Information Technology
Dean of the College of Business Economics, Dr. Nagham Hussein, explained that “acquiring knowledge in all fields in general, and in the field of information and communication technology in particular, plays a prominent role in improving the human development process, and in building a knowledge society from which a knowledge economy emerges with encouraging economic growth rates.”
Hussain said, "Acquiring knowledge is not limited to building a national knowledge base to generate new knowledge through research and development, but it also requires reaping and adapting existing knowledge in other places through wide openness to the developed world, encouraging the free flow of knowledge, establishing links with global markets, and attracting investment." alien}. LINK
An Economist To NINA: The Tripartite Summit Will Achieve Great Success By Opening New Horizons Towards Joint Tripartite Cooperation
Monday 28 June 2021 10:05 | Economic Number of readings: 417 Baghdad / NINA / - The economic expert, Raad Twij, suggested that the tripartite Arab summit in Baghdad would record great success by opening new horizons towards joint tripartite cooperation.
Twig said in a statement to the National Iraqi News Agency ( NINA ) that "the motives of the tripartite summit (Egypt, Iraq, Jordan) are more economic than political, and confirm the opening of new horizons in river and land economic cooperation, calling for investing them seriously and implementing its provisions in the near time to put its fruits sooner for the Iraqi people."
He continued: "The importance of convening the summit in its third part in Baghdad, will also have a clear impact in cooling the region's conflicts and pushing towards calm and the formation of Arab unity."
Yesterday, Sunday, a tripartite summit was held in the capital, Baghdad, between Egyptian President Abdel Fattah Al-Sisi, Prime Minister Mustafa Al-Kazemi, and the King of the Hashemite Kingdom of Jordan, King Abdullah II, to discuss the political and economic conditions of these countries./End 8
https://ninanews.com/Website/News/Details?key=912500
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