Iraqi News Sunday Afternoon 4-24-22
Iraqi News Sunday Afternoon 4-24-22
TLM724 Administrator BondLady’s Corner
Iraq seeks US support in implementing the reform program
Posted On2022-04-24 By Sotaliraq Translated by Hamid Ahmed Finance Minister Ali Abdul-Amir Allawi confirmed that Iraq is seeking the support of the United States of America in the field of technical assistance and moral support in implementing the reform program after its completion, ruling out major economic agreements at the present time, and he spoke about the lack of financial aid after the apparent rise in oil prices. .
According to a news report by Al-Monitor and The National, translated by Al-Mada, "Finance Minister Ali Abdul-Amir Allawi confirmed that Iraq is seeking technical assistance and moral support from the international community to support its reform program amid the escalation of oil prices."
And the report continued, "Allawi said in his statements on the sidelines of the quarterly meetings with the World Bank and the International Monetary Fund in Washington: We do not urgently need financial support now as much as we need more technical assistance and moral support in favor of our completed reform program."
He pointed out, "Prime Minister Mustafa Al-Kazemi had handed the Iraqi parliament in 2020 the white paper program for economic reform, through which it was recommended not to work in stages in the aspect of financial support in sectors considered vital for the Iraqi economy, especially industrial ones."
The report stressed, "Allawi confirmed that Iraq does not plan to conclude any major economic agreements with the United States, but welcomes the continuation of American support for economic development in Iraq, and its focus is now more on what we call programs and plans instead of financial aid."
The report pointed out that "Iraq has begun to gradually recover from two shocks that it has suffered, represented by the consequences of the outbreak of the Corona epidemic and the collapse of oil prices in 2020".
He explained, "Both the growth paths of the oil and non-oil sector began to return to their pre-pandemic rates, according to the World Bank, where oil production rates increased with the easing of restrictions imposed during the Corona pandemic and the return of internal economic activity."
And he indicated, "The estimates indicate a rise in the country's GDP rate during 2021 by 1.3%, after a sharp contraction of 11.3% in the year 2020, according to the International Monetary Fund."
The report quotes the World Bank, that "the transformation taking place in the oil markets has greatly improved and developed Iraq's economic aspirations, especially in the medium term."
And the World Bank continued, “The expectations of economic growth in general for the country in 2022 will be at a rate of 8.9% at a time when the procedures for restricting production included in the OPEC Plus agreement were stopped, as well as Iraq’s production of crude exceeding the rates of 4.6 million barrels per day that were before the pandemic.”
According to the World Bank, "the sudden gain from the case of high oil prices would provide Iraq with a fundamental opportunity to implement constructive economic reforms."
And the report added, "Iraq relies heavily on oil revenues to rebuild its economy after decades of war."
And he quotes the Iraqi Oil Ministry, that "the country's crude oil exports for the month of March amounted to more than 3.24 million barrels per day, with financial returns of 11.7 billion dollars, the highest since 1972."
According to the international credit rating agency, Fitch Solutions, it is expected that "oil resources will cover 88% of the country's financial revenues this year."
And the institution expected that "the rise in oil prices will lead to an expansion of Iraq's financial surplus by 6.7% of GDP in 2022, compared to 2% of GDP in 2021."
The report stressed that "the Brent crude index, which is a measure of the prices of two-thirds of the world's oil, has risen this year by 30%, due to concerns about oil supplies resulting from the Russian-Ukrainian crisis and the increase in demand for oil in global markets."
The report goes back to the Minister of Finance, who stressed that “what we need is a revolution in our financial management and in our understanding of the strategic and economic issues facing the country. We have missed many opportunities to extricate the country from its poor economic performance, and perhaps Iraq has lost the equivalent of 50 years of development.”
And the report continued, "Iraq has failed to form a government so far since the October elections, and the parliament, according to this situation, cannot pass the 2022 budget."
Allawi described, "The delay in approving the budget is a problem for Iraq at a time when it is gradually recovering from crises that have damaged the country's economy." He said, "The rise in oil prices had financial benefit returns for Iraq."
And Allawi said in a press statement, "Iraq wants to have a specific plan to take advantage of this sudden financial gain, otherwise it may accumulate as cash." Allawi pointed out that "the government has drafted an emergency food aid law that could contribute to alleviating the consequences of increasing food prices, through a series of cash transfers and aid to the poorer class of Iraqis." LINK
Mazhar Muhammad Salih: The Central Bank's Balance Is Three Times More Than The Government's External Debt
Money and business Economy News – Baghdad The financial advisor to the Prime Minister, Mazhar Muhammad Salih, explained, today, Sunday, the monetary policy of the Central Bank of Iraq, and between the contents of two basic pillars of this policy to address crises, he revealed the size of the foreign reserves of the Central Bank and the internal debt .
Saleh said, to the Iraqi News Agency, that "the monetary policy of the Central Bank of Iraq has exercised and is still playing its great role in strengthening the national economy and supporting and supporting it in liquidity, stability and the management of monetary resources, especially through two successive double crises that the national economy was exposed to between the years 2014-2021, as monetary policy confronted The Central Bank has led to the serious stagnation to which the macro-economy and its real sectors were exposed, and its use of a satisfactory monetary policy .
He added, "The two pillars of this policy are: credit easing and granting the monetary market with sufficient liquidity through the continuous initiatives of the Central Bank, and the other is quantitative easing policies to support macroeconomic liquidity in general by motivating secondary market operations with calculated, accurate and successful ranges that saved the national economy in the most contracting economic conditions and supported by one side.
The last of the Iraqi financial policy to get out of the impasse of the fiscal deficit and the deterioration of the country's financial sustainability by relying on the internal liquidity levers provided by the Central Bank with its accurate, balanced and successful tools .
He pointed out that "the first crisis that our country faced in the years 2014-2017 was a serious double crisis, financial and security at the same time, as energy markets and Iraq's financial revenues from exported oil deteriorated between these years, accompanied by strict security conditions, namely the war on ISIS terrorism." The Central Bank of Iraq played its prescribed role in its monetary policy, which contributed to assigning victory in the war and economy arenas, with remarkable accuracy .”
He continued, "While the second double crisis came between 2020-2021, it represented a serious deterioration in Iraq's oil revenues, a frightening deficit in the current account of the balance of payments, and a more serious deficit in public finances as a result of the price war in the energy markets in the world, and the reduction in the quantities of our country's oil production to nearly less than Half is under the influence of the (OPEC Plus) agreements and the deterioration of global demand for oil throughout 2020 and parts of 2021,
accompanied by a stifling global health crisis represented by the Corona pandemic and the closure of the global and local economy, as the country was affected by an agricultural crisis due to severe drought and the deterioration of agricultural crops, which made the output The GDP is shrinking to (minus 11%), in addition to the prevalence of poverty and unemployment at unprecedented rates in the country’s economic history .”
And he added, "Under these compelling circumstances, the monetary policy of the Central Bank of Iraq, with accuracy and with calculated and successful steps, led the process of building the foundations for maximizing the liquidity of the national economy, whether by proceeding with the Central Bank's initiative in revitalizing the real sector with soft loans in which the grant element increased,"
noting that "those loans approached about about 13 trillion dinars to push the activity of the national market and operate the labor market and the business of private activity forward, in addition to supporting government liquidity and attributing the effectiveness of the government economy and public finance without stopping, by deducting government treasury transfers, which constituted about 67% of the total debts of the Ministry of Internal Finance or the internal public debt borne by the bank The Central Bank of the total internal debt balance, which amounts to about 72 trillion dinars .
He continued: "Thus, the monetary policy of the Central Bank of Iraq, with high success, fulfilled the requirements to meet the needs of growth and stability of the national economy and to provide it with sufficient liquidity, with high accuracy and wisdom, and at the same time supportive of the financial policy that faced harsh conditions through the two successive double crises between 2014-2021, as well as the restoration of the Central Bank Its foreign reserves, which are the cover of the national currency, record its balance today at more than 70 billion dollars, a balance more than three times the government’s foreign debt payable during the years 2022-2028, which confirms the efficiency of the foreign reserves of the Central Bank of Iraq .
He pointed out that "the Central Bank of Iraq is an independent authority under its amended Law No. 56 of 2004, and it is he who draws the monetary policy himself without the interference of any party, and he is the most knowledgeable and best able to manage his policy in stability and development based on the articles of the Constitution of the Republic of Iraq ."
Views 180 Date Added 04/24/2022 https://economy-news.net/content.php?id=27742
The Financial Advisor Reveals The Size Of The Central Bank’s Foreign Reserves And Internal Debt
Sunday, 24 April 2022 10:32 AM Baghdad / National News Center Today, Sunday, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, explained the monetary policy of the Central Bank of Iraq, and between the contents of two basic pillars of this policy to address crises, he revealed the size of the Central Bank's foreign reserves and internal debt.
Saleh said in a statement to the official agency, followed by / the National News Center /, that "the monetary policy of the Central Bank of Iraq has exercised and is still playing its great role in strengthening the national economy and supporting it in terms of liquidity, stability and management of monetary resources, especially through two successive double crises that the national economy was exposed to between the years 2014". - 2021, as the monetary policy of the Central Bank in it addressed the serious manifestations of stagnation to which the macro economy and its real sectors were exposed, and its use of a satisfactory monetary policy.
He added, “The two pillars of this policy are: credit easing and granting the monetary market with sufficient liquidity through the continuous initiatives of the Central Bank, and the other is quantitative easing policies to support macroeconomic liquidity in general by moving secondary market operations and with calculated, accurate and successful ranges that saved the national economy in the most downturning economic conditions and supported by one side.
The last of the Iraqi financial policy to get out of the impasse of the fiscal deficit and the deterioration of the country’s financial sustainability by relying on the internal liquidity levers provided by the Central Bank with its accurate, balanced and successful tools.
He pointed out that "the first crisis that our country faced in the years 2014-2017 was a serious double crisis, financial and security at the same time, as energy markets and Iraq's financial revenues from exported oil deteriorated between these years, accompanied by strict security conditions, namely the war on ISIS terrorism. The Central Bank of Iraq played its prescribed role in its monetary policy, which contributed to attributing victory in the war and economy arenas, with remarkable accuracy.”
And he continued, "While the second double crisis came between 2020-2021, it represented a serious deterioration in Iraq's oil revenues, a frightening deficit in the current account of the balance of payments, and a more serious deficit in public finances as a result of the price war in the energy markets in the world, and the reduction in the quantities of oil production in our country to nearly less than Half under the influence of the (OPEC Plus) agreements and the deterioration of global demand for oil throughout the year 2020 and parts of 2021, accompanied by a stifling global health crisis represented by the Corona pandemic and the closure of the global and local economy, as the country was affected by an agricultural crisis due to severe drought and the deterioration of agricultural crops;
This made the gross domestic product shrink to (minus 11%), in addition to the prevalence of poverty and unemployment at unprecedented rates in the country’s economic history.”
And he added, “Under these compelling circumstances, the monetary policy of the Central Bank of Iraq, with accuracy and with calculated and successful steps, led the process of building the foundations of maximizing the liquidity of the national economy, whether by proceeding with the Central Bank’s initiative in revitalizing the real sector with soft loans in which the grant element increased,”
noting that “those loans approached about about 13 trillion dinars to push the activity of the national market and operate the labor market and the business of private activity forward, in addition to supporting government liquidity and attributing the effectiveness of the government economy and public finance without stopping, by deducting government treasury transfers, which constituted about 67% of the total debts of the Ministry of Internal Finance or the internal public debt borne by the bank The central bank out of the total internal debt balance, which stands today at about 72 trillion dinars.
He continued: “Thus, the monetary policy of the Central Bank of Iraq, with high success, fulfilled the requirements to meet the needs of growth and stability of the national economy and to provide it with sufficient liquidity, with high accuracy and wisdom, and at the same time supportive of the financial policy that faced harsh conditions through the two successive double crises between 2014-2021, as well as the restoration of the Central Bank. Its foreign reserves, which are the cover of the national currency, record its balance today at more than 70 billion dollars, a balance more than three times the government’s foreign debt payable during the years 2022-2028, which confirms the efficiency of the foreign reserves of the Central Bank of Iraq.
He pointed out that "the Central Bank of Iraq is an independent authority under its amended Law No. 56 of 2004, and it is the one who draws monetary policy by himself without the intervention of a party, and it is the most knowledgeable and best able to manage its policy in stability and development based on the articles of the Constitution of the Republic of Iraq." https://nnciraq.com/123487/
A Solution To The Political Blockage Looms On The Horizon.. What Are The Agreements?
political| 03:49 - 04/24/2022 Special - Mawazine News, the representative of the State of Law coalition, a fearsome rebel, confirmed that a political rapprochement will occur after the blessed Eid al-Fitr holiday to resolve the political blockage in Iraq.
In an interview with Mawazine News, he said, "The expected rapprochement will lead to finding a consensual candidate for positions that constitute crises, and that this rapprochement came as a result of political mediation."
He continued, "There has been pressure recently on the political blocs and parties, as well as these pressures may be the stimulus that accelerates the formation of the government and the resolution of the crisis." Ended 29 / h https://www.mawazin.net/Details.aspx?jimare=191111
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