Iraqi News Saturday AM 3-26-22
Iraqi News Saturday AM 3-26-22
TLM724 Administrator BondLady’s Corner
Parliament Adjourns Its Session To Next Monday
Political | 03:05 - 03/26/2022 Baghdad - Mawazine News Today, Saturday, the House of Representatives adjourned its session devoted to electing the President of the Republic to next Monday, after completing the first reading of the Emergency Support Law for Food Security and Development. The vote on Parliament votes on the members of the Finance Committee and the first reading of the draft law on emergency support for food security and development.
On the other hand, the coordination framework continues to hold a meeting at the house of the leader of the state of law, Nuri al-Maliki, in the presence of most of the leaders of the coalition and some deputies of the Azm alliance and the Patriotic Union of Kurdistan. https://www.mawazin.net/Details.aspx?jimare=188422
Al-Halbousi: The Presidential Election Session Will Be Next Wednesday
Political | 03:10 - 03/26/2022 Baghdad - Mawazine News Today, Saturday, the House of Representatives has set the date for the election of the Presidency of the Republic, next Wednesday.
A statement by the Media Department of the House of Representatives, received by Mawazine News, stated that "Parliament has set next Wednesday as the date for electing the President of the Republic."
The Speaker of Parliament had adjourned the session to Monday after completing the first reading of the Emergency Support Law for Food Security and Development. Ended 29 / 92
https://www.mawazin.net/Details.aspx?jimare=188423
Al-Halbousi: The Sessions Must Continue To Be Held Until The Quorum For The Election Of The President Of The Republic Is Achieved
political| 03:39 - 03/26/2022 Baghdad - Mawazine News, Parliament Speaker Muhammad al-Halbousi confirmed, on Saturday, that the sessions must continue to be held until the quorum for the election of the President of the Republic is achieved.
Al-Halbousi said during the parliament session, which was held today, that "the paragraph of electing the president of the republic requires a quorum of two-thirds of the number of members of the parliament, according to what the Federal Court approved and stipulated in the constitution in this regard."
He added, "The failure to achieve the required quorum requires us to continue holding the sessions until the quorum for the election of the president is achieved." https://www.mawazin.net/Details.aspx?jimare=188426
Diversification Of Revenues Addresses Economic Imbalances
Saturday 26 March 2022 137 Baghdad: Mustafa Al-Hashemi The budget plays an important role in shaping Iraq’s economic policy, especially if it supports the diversification of income sources from non-oil revenues, as it is indicated that the secret of the success of any project is mainly related to financial financing, and that any success of financial vitality can only be achieved through political and security stability,
At a time, the Ministry of Finance adhered to its position regarding adjusting the exchange rate and returning it to what it was by 120,000 dinars per $100, as any exchange rate adjustment needs several years to repair past damages, and a devaluation of the currency will need, as an integral part of the comprehensive reform package, For a number of years before it leads to the desired results.
In this regard, Adviser to the Prime Minister for Financial Affairs, Dr. Mazhar Muhammad Salih, said: “The previous budgets were mostly compensatory budgets, that is, distributing salaries instead of free public services and transferring them to private services such as electricity, water and services, and this is a failure in preparing budgets. the public".
Saleh added that "the policy of the Ministry of Finance came with positive financial results that worked to modify the Iraqi economy, and that this change should not continue for a long time because this would affect the general members of society."
The advisor praised the economic reforms presented by the white paper that significantly improved the country's situation and the conduct of financial matters, stressing the need for "the adoption of these reforms and amendments on the board of this paper by the specialists."
The advisor presented several proposals that would raise the country’s economy, including maximizing non-oil revenues and financial sustainability to ensure the government’s ability to balance revenues and expenditures, and observing flexibility in the budget preparation process to suit emergency circumstances.
While other specialists suggested “increasing cooperation or merging the Ministry of Planning with the Ministry of Finance to ensure the success of public budgets, address the fragile budget constraint and correct deviations.”
For his part, Finance Minister Ali Allawi confirmed the success of “the Central Bank’s policy in reducing inflation and economic stability,” adding: “However, this stability came at a great cost to the economy, exacerbated by the accumulation and continuation of the practice of public and economic policies since the seventies of the last century, represented in utilizing the revenues of the increasing oil revenues.
The country as a tool to amplify the state’s role in the economy and society, through the expansion of the public sector, direct and indirect state control over the economy, and an increase in the state’s rentier dollar in the provision of public services to society.”
The minister pointed out that “the main unintended results were a devastating impact on the productive and competitive capacity in industry and agriculture, which have become uncompetitive (especially against their counterparts in neighboring countries), and which can only be sustained through huge budget costs through subsidizing all aspects of production.
Allawi pointed out that "the rise in the real exchange rate of the dinar in exchange for the low exchange rates with its trading partners (Iran and Turkey), means that Iraq's tradable goods and the most productive sectors will become more expensive compared to those in other countries, and thus lose their competitiveness, as it can be understood This dynamic by noting the increase in Turkish and Iranian exports to Iraq, which coincided with the depreciation of the two countries’ currency against the dinar, and that this increase in their exports to Iraq came at the expense of the local agricultural sector, which provides 20% of opportunities the work.
He stated that “the shrinking of the local production capacity was one of the results of the strong dinar policy, and it had a devastating impact on the productive and competitive capabilities in industry and agriculture, as is evident from looking at the small size of the main traded commodity sectors in Iraq, such as agriculture and industry, moreover, these sectors In essence, it didn't make any sense true". LINK
Somo: Iraq's Oil Revenues For The Month Of February Amounted To Nearly $9 Billion
Economie| 10:05 - 03/26/2022 Baghdad - Mawazine News Today, Saturday, the Iraqi Oil Marketing Company "SOMO" announced the total oil exports and revenues generated for the month of February.
The company said in a statement, received by "Mawazine News", that "the amount of crude oil exports is 92 million, 790,173 barrels, with revenues of 8 billion and 809 million and 162 thousand US dollars."
He added, "The total quantities of crude oil exported for the month of February from oil fields in central and southern Iraq amounted to 91 million and 314 thousand and 828 barrels, while the quantities exported from Kirkuk oil through Ceyhan port were 1 million and 475 thousand and 345 barrels, indicating that the average price per barrel It amounted to (94,936) dollars.”
Raleigh indicated that "the exported quantities were loaded by (34) international companies of different nationalities, from the ports of Basra, Khor al-Amaya, mono-buoys on the Gulf and the Turkish port of Ceyhan." Ended 29 / 92 https://www.mawazin.net/Details.aspx?jimare=188394
The Dollar Exchange Rates In Baghdad And The Provinces
Economie| 09:33 - 03/26/2022 Baghdad - Mawazine News The dollar exchange rates witnessed, today, Saturday, stability in local markets throughout Iraq.
Baghdad Sale 147.750 dinars Buy 146.750 dinars
North Sale 147.750 dinars Buy 146.750 dinars
South Sale 147.750 dinars Buy 146.750 dinars
https://www.mawazin.net/Details.aspx?jimare=188388
Government-Administered Privatization Is The Most Prominent Demand Of The Private Sector
Saturday 26 March 2022 97 Baghdad: Muhammad Ismail The Iraqi market is witnessing the problem of the high exchange rate of the dollar, which inflamed food prices, so that low-income people are no longer able to achieve subsistence, even with a minimum standard of living, which leads to confusion of public food security, in which a successful economy is the cornerstone and cornerstone. In preventing and controlling cases of price breakouts.
“Al-Sabah” consulted the opinions of specialists in reaching an ideal solution that contains the dilemma, through a government decision that goes in parallel with the procedures followed by the private sector from a national standpoint above the dialectic of profit and loss; Because national values are above all considerations.
Improving national products
The head of the Iraqi Private Banks Association, Wadih Al-Handal, believes that “the necessity of improving national products is the best field way to confront the high exchange rate of the dollar compared to the Iraqi dinar; In order to regulate the cost of living with the rise in the dollar exchange rate, by creating a balance in the market, in which the consumer capabilities are more likely compared to the prices of basic materials.”
Al-Handal said that: "Iraq's reliance on local agriculture and industry is the real way and the best measure to confront the rise in prices, as well as the right way to seriously attempt to mitigate the consequences of the high dollar exchange rate, to reduce the burden on the citizen."
He stressed, "If we reach this advanced stage, and continue to strengthen it with local production measures supported by the implementation of product and consumer protection laws; We will be able to be a productive country with merit, and at that time we will not even need to think about the dollar exchange rate nor link the prices of needs to the fluctuations of the dollar, whether for local, regional or global reasons.”
Totalitarian ideology and unemployment
Al-Handal pointed out that “there is an import problem that spreads everywhere in the market, which is the adoption of holistic thinking, and the pursuit of appointment in government jobs, to the extent that disguised unemployment produced a distorted economy through eras of government appointments that led to the deterioration of the economy.”
The head of the Association of Iraqi Private Banks considered the necessity of “going to privatization with a government administration, as it is not reasonable that a country with a population of forty million people has seven million employees, and that China’s souls exceed one billion people, not having this number of employees.”
And he stated that “this number of public sector employees burdens the national economy, without production; Because the reliance is now almost entirely on imports to provide food and basic commodities that directly affect the life of the citizen.”
Attribution of the public sector
In turn, the Deputy Executive Director of the Association of Iraqi Private Banks, Ahmed Al-Hashemi, said: “The association is educated to rely on the private sector, as much as possible, so we set a major goal (instead of giving him a fish that taught him to fish); We focus on training, with the aim of providing job opportunities that enable the private sector to support the public sector,” noting that: “The partnership between the two sectors guarantees the establishment of an ideal economy, which improves the investment of wealth in moving the wheel of development with a deliberate acceleration.” LINK
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