Iraqi News Sunday AM 7-3-22

TLM724 Administrator BondLady’s Corner

Economist For / Nina /: Increasing Financial Revenues Is Wasted In A Chaotic Manner Without Wise / Expanded Strategies

Saturday 02 July 2022 10:04 | Economic Number of readings: 210   Baghdad / NINA / - The specialist in managing economic crises, Ali Jabbar Al-Fariji, confirmed: "The cash increase in Iraq's revenues is wasted in a chaotic manner without developing wise economic strategies on how to invest it."

Al-Fariji said in a statement to the National Iraqi News Agency / NINA / that "the general indicators that are being circulated indicate a recovery in the volume of cash revenues. This recovery is a result of the rise in oil prices globally and not as a result of smart economic plans or strategies followed by Iraqi governments," noting that: "After The two crises of Covid 19, and the decline in oil prices, the deflation rates in 2020 reached approximately 11.3% and improved by 1.3% in 2021.

He pointed out: "The monetary increase in Iraq's revenues following the devaluation of the Iraqi dinar at a rate of 23% with the increase in the oil price rates in 2021 to an average of $68.3 dollars per barrel, contributed to the rise in government revenues by 78%."

He added: "The GDP growth is estimated at (33%) due to the impact of the cash increase obtained as a result of oil revenues (and not by the positive impact of the growth of the Iraqi economy movement), in addition to the expectation of a decrease in the public debt ratio to 54.8% compared to 2020, which was at a rate of 64.7 percent of the gross domestic product.

Al-Fraiji continued: "The general growth rates in Iraq in 2022 will reach 8.9%, which was achieved as a result of the effects of oil export rates and international prices," noting: "This type of growth and increase made the future of the Iraqi economy constrained by the pressures of the economy limited in revenue as well as management Spending revenues are negative at rates of (negative) operating budgets exceeding 87% of public budgets, especially in stages when the volume of inflation has become high by 6.4% for the year 2021 - within an unproductive local market and depend on consumer import at rates of more than 86% of consumables inside the Iraqi markets ".

He stressed that "these cash revenues (which are financed by the revenues of the sourced crude oil), are still wasted in a chaotic manner without developing wise economic strategies on how to invest them to stimulate the (inactive) sectors within the country. In addition to the dangerous rise in the rates of waste and theft in the movement of government spending (unproductive) ) approved by public budgets, as well as the almost absence of real control measures. /finished8    https://ninanews.com/Website/News/Details?Key=985529

Central Bank: These are the statistics of the electronic payments system for state institutions in Iraq

Saturday 02 July 2022 13:03 | Economic Number of readings: 239  Baghdad / NINA / - The Central Bank of Iraq announced the work statistics of the electronic payment system in Iraq until the middle of this year, stressing the activation of work with its ambitious strategy to address solutions and problems of electronic payment tools.

The Deputy Governor of the Central Bank, Ammar Khalaf, said, during the Fifth Finance and Banking Services Conference and Exhibition in Iraq, today, Saturday: "There is cooperation between the Ministry of Finance and the Central Bank in order to reform the banking sector that will result in a real reform of the banking sector in the coming years."

He explained, "The cooperation with the Ministry of Finance came through the formation of a committee to monitor and supervise the industrial bank. The committee achieved its goals through evaluating the agricultural bank and increasing the realized loans."

He added, "There is no dispute over the importance of financing for financial institutions, development projects and the private sector," noting that "the banking sector has witnessed catastrophic conditions since 2016 until today, as the banking sector's assets grew by 21%, compared to the years 2019 with mid-2022, as well as total credit 25 % ".

The Deputy Governor of the Central Bank stressed, "It is important to shed light on the development initiatives of the Central Bank that provide the necessary funding to finance projects of the private sector and individuals alike for various sectors," noting that the value of funding for the Central Bank's development initiatives amounted to 18 trillion dinars, "stressing that" The Central Bank continues to support private sector projects within concessional terms.”

He continued, “The march continues to modernize and develop the Iraqi payment system by seeking to make institutions less use of cash and increase the use of electronic payment tools.”

He pointed out that: "The number of open bank accounts has doubled to reach more than 7 million open accounts with all Iraqi banks," noting that "the number of electronic payment cards increased from 10 million in 2019 to 14 million cards until mid-2022, as well as the increase in the number of teller machines." From 1,000 devices in 2019 to more than 1,500 devices until mid-2022.”

He added, "The electronic wallet system increased from 4,000 electronic wallets in 2019 to more than two million electronic wallets until mid-2022, and the Central Bank launched its ambitious strategy to enhance electronic payments, which included 15 strategic programs that represent the most important challenges and solutions facing the electronic payments system."  https://ninanews.com/Website/News/Details?key=985579

The Government's Financial Advisor Reveals A Package Of Income-Generating Technology Projects

Saturday 02 July 2022 11:16 | Economic Number of readings: 276   Baghdad / NINA / - The appearance of Muhammad Salih, the financial advisor to the Prime Minister, revealed today, Saturday, the existence of a wide range of income-generating technology projects that will be launched if financial savings are achieved at the end of the current fiscal year 2022, and while he stressed that they will help diversify Iraq's financial revenues, he put forward his expectations regarding investment spending in the 2023 budget

. Saleh said in a press statement: “If the financial savings are achieved at the end of the 2022 fiscal year, which after approving the expenditures of the emergency support law for food security and development, it is expected to be with a balance of perhaps no less than 15 billion dollars, the state’s economic policy It is moving towards investing in a wide range of technology projects that generate income and operate technical work.”

He added: "This new package comes within the previous preparation to define a package of major industries with a strategic character and export tendencies for the product that will depend on national inputs."

He pointed out: "The strong technological package policy will help diversify Iraq's financial revenues from outside the oil wealth sector and ensure a growth rate in the gross domestic product, at least twice the population growth rate."

He pointed out that "the exceptionally high financial accumulations will undoubtedly be offset by the policy of developing high-tech, efficient and profitable production projects and a high export power, and this is expected to be drawn when preparing investment spending estimates in the 2023 budget." / End 8

https://ninanews.com/Website/News/Details?key=985543

Ports Activate The Customs And Tax Receipt Audit Program At Khor Al Zubair Port

Today, Saturday, the Border Ports Authority announced the activation of the customs and tax receipt audit program at the port of Khor Al-Zubair port, confirming the continuation of its procedures towards electronic governance.

A statement by the authority stated, "According to the directives of Prime Minister Mustafa Al-Kazemi and the Secretary-General of the General Secretariat of the Council of Ministers and under the direct supervision of Major General Dr.

The statement added, "This step came as a continuation of the previous steps taken by the authority," noting that "the customs and tax receipt audit program has been activated in the customs center of Khor Al-Zubair, and then the tax unit of the port."

He added, "This step was preceded by training the workers on the program through training courses, which were held at the headquarters of the Border Ports Authority, and these procedures witnessed the delivery of computers to the workers on the program."

He pointed out that "the authority's procedures are continuing, in order to activate electronic work and digital transformation towards e-governance."   https://www.radionawa.com/all-detail.aspx?jimare=30153

Al-Kazemi: We Have Proceeded With The Electrical Interconnection Project With Various Neighboring Countries

political| 01:15 - 03/07/2022  Baghdad - Mawazine News, Prime Minister Mustafa Al-Kazemi confirmed, today, Sunday, the progress of the electrical interconnection project with neighboring countries.

Al-Kazemi said during his inauguration of the installed Maysan investment station for the production of electric power, in a statement received by (Mawazine News) that "the Maysan electric station produces up to 750 megawatts, which is a qualitative addition to the national network for the transmission and provision of energy for all provinces," noting that "Maysan province may be the beneficiary. The first, however, is that it supports the national electricity grid.

He explained, "The station will use local gas from gas fields in Maysan Governorate," returning it to "a new qualitative development in the field of energy and electricity production, as it will contribute to reducing dependence on imported gas and electricity."

He pointed out that "the past months have opened stations: Nasiriyah, Samarra, and Al-Muthanna, and soon the crutch station will be opened," stressing "

He pointed out, "The government has made exceptional efforts in the use of energy, and has developed a new strategy based on developing efficiency, and benefiting from the experiences of young people in the Ministry of Electricity," noting that "this station and the stations that were opened in the recent past are complex stations that depend on two stages of work." It reduces energy waste, as well as contributes to reducing heat emissions, and is environmentally friendly.”

He continued, "The world has changed a lot and the issue of the environment has become a priority for work, and that is why the name of the Ministry of Electricity was changed to the Ministry of Electricity and Alternative Energy, that is: environmentally friendly energy that is cheaper in cost, and more appropriate to the developments of the times."

And he indicated, "Work is underway in the Ministry of Electricity and within the government's plan, on a new strategy to provide energy according to a set of conditions and conditions, and to improve the electricity service throughout Iraq."

He added, "We have opened several stations, including this station, and we have worked to develop the traditional stations to be composite stations that produce more electricity and less energy consumption," noting "to proceed with the electrical interconnection project with various neighboring countries, as well as working to benefit from this connection, In order for Iraq to be a corridor for the transfer of energy between neighboring countries.

He explained, "Supporting the energy sector was achieved by signing a set of contracts based on solar energy," noting that "there are projects that will be laid the foundation stone soon, and they will be opened soon."

He added, "The Cabinet met yesterday and studied the process of supporting electrical stations, as well as private generators, and a number of decisions were taken to support generator owners, and reduce the suffering of citizens in the summer," explaining that "people are waiting for the government to provide them with services and to provide them with opportunities." It is unreasonable for the government to remain stuck and unable to accomplish, due to the lack of a budget and the formation of the government.”

And he indicated that "the circumstances that this government went through were difficult, including in 2020 there was no budget, and in the following year 2021 the budget was available, and now in 2022 there is no budget," wondering "how the government can work and provide the best without a budget."

Al-Kazemi stated that “every year in which the budget is delayed, it leads to a delay of between five to ten years in providing services,” praising “all the owners of the Ministry of Electricity, as well as the company investing in this project despite the difficult circumstances of the Corona epidemic, and the budget conditions, And the collapse of oil prices, yet this project was implemented, in order to serve Iraq.” Ended

https://www.mawazin.net/Details.aspx?jimare=198350

The Rise In The Exchange Rates Of The Dollar In The Local Markets

Economie| 10:21 - 03/07/2022   Baghdad - Mawazine News, the dollar exchange rates rose, today, Sunday, in the local markets.   And the selling prices of the dollar were 148,300 dinars per 100 dollars, while the purchase prices of the dollar were 148,250 dinars per 100 dollars.    https://www.mawazin.net/Details.aspx?jimare=198329

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