Iraqi News Wednesday Afternoon 4-20-22
Iraqi News Wednesday Afternoon 4-20-22
TLM724 Administrator BondLady’s Corner
Iraq Is Far From Bankruptcy, And Its Reserves Are Close To 70 Billion Dollars
"Raising the value of the Iraqi dinar will make it a competitive currency that will help lower the prices of commodities and foodstuffs in the markets."
The Independent Arabic Tuesday 19 April 2022 5:21 High growth expectations for Iraq during 2022, according to data from international institutions (AFP)
The Central Bank of Iraq announced , last Sunday, that the cash reserves exceeded 70 billion dollars,
while specialists confirmed that reaching the central bank’s reserves the threshold of 70 billion dollars will enhance the structure of the local economy and its global standing,
but the challenge of ill-considered and unproductive spending remains Iraq’s biggest economic challenges.
The economic specialist, Malath Al-Amin, said that reaching the $70 billion mark in the Central Bank's reserves would strengthen the structure of the local economy and its global standing,
reiterating his call to invest sums in agricultural and industrial projects in order to reduce dependence on oil revenues.
Al-Amin said in a press statement, "Achieving the cash reserve of hard currency with the Central Bank has reached the threshold of $70 billion,
a qualitative event that contributes to raising the level of the local dinar,
as well as strengthening the structure of the Iraqi economy globally."
He stated that "raising the value of the Iraqi dinar will make it a competitive currency that will help lower the prices of commodities and foodstuffs in the markets," noting that
"Iraq needs proper planning and management for these funds that can be invested in agricultural and industrial projects that return oil to the annual budget without relying on Oil revenues that fluctuate between declining and rising as a result of their exposure to sudden shocks caused by instability.”
Financial position
Is Iraq on the verge of declaring bankruptcy?
The economic specialist, Nabil Jabbar Al-Ali, replied, "
Iraq today is far from bankruptcy.
The Iraqi financial position is very good.
Iraq's reserves are close to 70 billion dollars, and external debt rates are in the range of 20 billion dollars, which is very good compared to its 180 percent of Iraq's GDP. billion, representing only 11 percent.
Al-Ali added that "the growth expectations for Iraq are high during 2022, according to the data of international institutions, to approximately 8.9 percent.
We also add that Iraq's credit rating (B-) is stable, according to Fitch, according to the latest rating in April, which is what It reflects Iraq's financial capacity as a result of the improvement in oil prices and oil revenue rates."
However, the challenge of ill-considered and unproductive spending remains Iraq's biggest economic challenge, as
the policy of wasting wealth still exists without significant improvements, as well as
social indicators in the rate of unemployment and poverty are still increasing and rising, which reflects the negative economic and financial management, according to Jabbar Al-Ali.
Development of the country's reserves
The financial advisor to the Prime Minister, Mazhar Muhammad Salih, put forward mechanisms to address
poverty,
unemployment,
inflation and
price hikes.
Saleh told the official news agency, "The financial abundance achieved as a result of the rise in international oil prices, and then the growing country's oil revenues, will address the social and economic problems left by the current economic crisis and its inflationary repercussions on the local economy, especially its impact on social groups."
He explained that "the rise in food prices has greatly affected those with limited incomes in particular, and now constitutes 80 percent of their income, which will lead to an increase in poverty rates in the country," noting that
"the monetary policy follows the performance of fiscal policy accurately and its role in raising the levels of poverty in the country." Income and livelihood of the affected classes and the advancement of the policy of operating projects, which leads to raising population growth rates.
He added that "indicators of poverty and unemployment can recede through 4 measures represented in
supporting social welfare,
supporting the components of the ration card,
supporting the prices of agricultural crops and grains, in addition to
operating important lagging projects," noting that
"the role of fiscal policy lies in the use of financial surpluses on the To the fullest extent,
even if there are some indications of an increase in prices, as long as the requirements for protecting the poor classes are provided by subsidizing incomes and prices and providing real income that supports those affected social segments.
He added, "Fiscal policy is working to combat the repercussions of rising inflation, as
monetary policy will have a broader role in the development of the country's reserves that support the purchasing power of the dinar,
allowing the defense of monetary income and a broader purchasing power through a strict monetary policy." https://www.independentarabia.com/node/322626/
Central Bank: Half Of The Banks In Iraq Are Within The Excellent Level
Tuesday, 19 April 2022 10:22 PM Baghdad / National News Center Today, Tuesday, Deputy Governor of the Central Bank, Ihsan Al-Yasiri, confirmed that there are more than 70 banks, only 7 of which are governmental.
Al-Yasiri said, in a televised program affiliated with the National News Center, that "the government banking sector used to account for 85% of the deposits of institutions and the public, and that there are more than 70 banks, only 7 of which are governmental, and only half of them can be classified within the excellent level." He added, "One of the functions of the Central Bank is to monitor the banking sector."
An Economist Determines The Dollar Exchange Rate In The 2022 Budget
Economic Last update 4/17/2022 | 6:27 PM information/special On Sunday, economist Basil Al-Obeidi set the dollar exchange rate in the 2022 budget. Al-Obaidi said, in a statement to the "Information" agency, that "the exchange rate has nothing to do with preparing the federal budget, since the Ministry of Finance is responsible for its numbers, and it is the one who makes estimates of revenues and expenditures based on the contexts in which it operates," noting that
"any budget that is formulated for the year 2022 will be the adoption of a price The current dollar was exchanged without any change.
He added that "the political blocs can pressure towards changing the current exchange rate in a way that strengthens the dinar, which is what some expect and wish, given that most of the political blocs that entered the elections raised this slogan."
And he indicated that “the exchange rate will remain unchanged, and everyone’s justifications are logical.
The Central Bank will argue with its agreement with the World Bank, and the Ministry of Finance will say that it compensated the poor with paragraphs that support the ration card and social protection.”
He pointed out that "opinions of experts and consultants may appear who support the policy of stabilizing the exchange rate because its change causes damage to the national economy,"
ruling out "changing the exchange rate during 2022." https://almaalomah.me/2022/04/17/593356/
Industrial Bank: We Submitted A Proposal To Own Land In The Industrial Cities
Economie Yesterday, 23:17 Baghdad – INA The Industrial Bank announced that it submitted a proposal to amend the Industrial Cities Law to guarantee the ownership of the land for the developer in the industrial city.
The Director-General of the Industrial Bank, Bilal Al-Hamdani, told the "Under Two Lines" program, which is shown on the Iraqi News, followed by the Iraqi News Agency (INA), that "banks in general provide a service to the public, regardless of its type," noting that
"finance is one of the challenges of the industry in Iraq".
He added, "The Central Bank has boosted bank balances," stressing,
"We have in Nahrawan an industrial city under construction with an area of 2,000 acres."
He pointed out that "the Industrial Cities Law does not own the land for the developer," noting that
"we submitted a proposal to amend the law in order to own the land in the industrial city." https://www.ina.iq/154104--.html
A Guide To Identifying The Real Beneficiary
April 18, 2022 » A guide to identifying the real beneficiary.. https://cbi.iq/news/view/1987
For a click here: https://cbi.iq/static/uploads/up/file-16502600524861.pdf
The Imposition Of A Delayed Financial Fine On All Payment Companies https://cbi.iq/news/view/1988
April 19, 2022 »The wages that meet the bank from all electronic payment companies ...
For a click here: https://cbi.iq/static/uploads/up/file-165036378946594.pdf
Economist To Nina: It Is Better To Call The Food Security Law The Food Sovereignty Law
Tuesday 19 April 2022 14:34 | General Number of readings: 176
Baghdad / NINA / - Economic expert Hazem Hadi stressed that it is better to call the food security law the food sovereignty law, because security is part of sovereignty.
He told the National Iraqi News Agency ( NINA ) that the law on security or food sovereignty takes precedence over the current legislation as long as the general budget law will be delayed.
Hadi added that this law is an exceptional case that cannot be compared to any other matters outside the scope of providing food, because the original in any other details is the budget.
The Speaker of the House of Representatives, Muhammad al-Halbousi, indicated that the House of Representatives is now proceeding to legislate the emergency support law for food security and development submitted by the government.
Regardless of the objections to the formality of sending this law, the content of its paragraphs was adopted by the political forces to find solutions in coordination with the government.
In his speech on the 41st anniversary of the founding of the Badr Organization, he stated: The law came to
address the food and drug crisis,
confront rising prices,
pay farmers' dues,
pay state obligations in the energy file,
provide the necessary allocations for reconstruction, and popular benefits that must be implemented by the state.
Al-Halbousi noted that the law of emergency support for food security is now in the corridors of the Finance Committee in the House of Representatives, and this committee is working with all its members to complete its discussion; In order for it to be approved to reflect positively on the performance of the Iraqi state. /End of 3 https://ninanews.com/Website/News/Details?Key=970817
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