Iraqi News Wednesday AM 5-19-21
Iraqi News Wednesday AM 5-19-21
TLM724 Administrator BondLady’s Corner
The Dutch Disease and Iraq’s Foreign Exchange Rate. By Dr.Zeki Fattah*
Conclusion
First, the Dutch Disease phenomenon doesn’t fully explain Iraq’s foreign exchange misalignment, nor is it the cause behind Iraq’s poor economic performance.
Unlike corona virus which is the same in developed and developing countries, and calls for the same treatment in both; the Dutch Disease phenomenon calls for different type of treatment in developing countries from that in developed countries.
This is because the exigencies on the ground in developing oil-exporting countries do not support the mechanism described under the Dutch Disease; therefore, the phenomenon cannot be used as a directive for policy measures in these countries.
For example, given the exchange rate, and, because of unemployment and disguised unemployment, movements of production factors are neither constrained nor do they produce the effects postulated under the Dutch Disease in these countries.
Second, Iraq’s economic failure is caused by a combination of external and internal factors; including war damages caused by ISSIS, irrigation water problems, fall in oil prices, lack of foreign investment, economic mismanagement, corruption, socio-political instability, and a bloated public sector chronically pursing ineffective economic policy.
These problems cannot be dealt with by manipulating the country’s exchange rate.
They call for stability, sound economic policies, suitable and effective development strategy that can engage the country’s institutions and production forces in creating wealth and generating taxes.
Copyright IEN, 13. May 2021Iraqi Economists Network–بكة الاقتصاديين العراقيين
Iraq Is Down 32 Places In The List Of The Richest Countries In The World
Wednesday 19, May 2021 11:26 | Economical Views: 513 Baghdad / NINA / The "Global Finance" magazine, which is specialized in classifying the countries of the world, revealed that Iraq ranked 115th in the list of the richest countries in the world for the year 2021, retreating 32 places from 2020.
According to the statistics published by the magazine, "Iraq ranked 115 out of 194 countries listed in the table in terms of per capita gross domestic product according to purchasing power parity, with a share of $ 10.003, down 32 places from 2020, which was ranked 83."
She added, "Some very small and very rich countries, such as Luxembourg, Singapore and Hong Kong, have benefited from the existence of advanced financial sectors and tax systems in them that help attract foreign investment and professional talent, while other countries such as Qatar and Brunei have large reserves of hydrocarbons or other generating natural resources." For profits. "
Globally, Luxembourg came first as the richest country, followed by Singapore, Ireland, third, Qatar, then Switzerland, followed by Norway, sixth, then America, Brunei, eighth, Hong Kong, ninth, and Denmark, tenth.
The Arabs came Qatar ranked first and fourth globally , followed by the UAE and Bahrain Third, Saudi Arabia is fourth, Kuwait fifth and then Oman Sixth Egypt Seventh Lebanon Eighth came and then Algeria came ninth place and Jordan Tenth and Tunisia ranked 11 and Iraq ranked 12. "
And was based on classification of the magazine to the latest figures And the data issued by the International Monetary Fund for the month of April, which calculates the gross domestic product according to purchasing power parity at current dollar prices. / End 8 https://ninanews.com/Website/News/Details?key=905107
Parliamentary Integrity Reveals A Request To Lift The Immunity Of 17 Deputies For Investigation In Corruption Files
8 hours ago Iraq 5/19/2021 Today, Wednesday, the head of the Parliamentary Integrity Committee, Thabet Al-Abbasi, confirmed that his committee had submitted hundreds of corruption files to the government integrity commission and the supreme committee to combat corruption, pointing out that there is great cooperation between his committee, the commission and the government committee in the field of combating corruption files in state departments.
Al-Abbasi told the Iraqi National News Agency, "The Parliamentary Integrity Committee has referred hundreds of corruption files to the Integrity Commission and the Government's High Committee for Combating Corruption within the framework of joint cooperation to eradicate the scourge of corruption, as the Integrity Commission has referred many of these files to the judiciary and is currently investigating other files.
" There is also cooperation and support from his committee with the governmental Supreme Committee for Combating Corruption, and a number of corruption files have also been referred to it. "
Regarding lifting the immunity of parliament members, Al-Abbasi explained that there is a request to lift the immunity of 17 deputies to be investigated in corruption files, as a number of these representatives took the initiative to make a written request to lift their immunity in order to resolve these files in the judiciary.
He pointed out that the mechanism for lifting the immunity of members of the House of Representatives has been set by the House of Representatives bylaw either by voting during the legislative season or by the authority of the Speaker of Parliament during the legislative holidays.
https://www.radionawa.com/all-detail.aspx?jimare=24704
Al-Hakim Calls During His Meeting With The Swedish Ambassador For A Greater Role For His Country In Iraq, Economically And In Development
Wednesday 19, May 2021 14:56 | Political Views: 185 Baghdad / NINA / The head of the Iraqi coalition, Ammar al-Hakim, discussed with the Swedish ambassador to Baghdad Lars Ronas, developments in the political scene in Iraq and the region.
During his meeting with the Swedish ambassador, Al-Hakim discussed bilateral relations between the two countries and ways to develop them at all levels to serve the interests of the two friendly countries and peoples.
He said, according to a statement by his media office: "Iraq is open to everyone and seeks balanced relations with all countries of the world in accordance with common interests and respect for sovereignty."
Al-Hakim called for a greater role for the Swede in Iraq in the economic and development fields
https://ninanews.com/Website/News/Details?key=905154
Al-Kazemi: The Government Adopted Support For The Private Sector And Provided The Requirements For Its Development
Money and business Economy News _ Baghdad Prime Minister Mustafa Al-Kazemi confirmed, on Wednesday, that the government has adopted support for the private sector and the provision of requirements for its development, while stressing the need to overcome obstacles and provide the appropriate environment to attract domestic and foreign investment.
The media office of the Prime Minister said in a statement received by "Al-Eqtisad News", that "Prime Minister Mustafa Al-Kazemi visited today a number of sites of agricultural and animal production companies in Wasit Governorate, and was briefed on the progress of work there and urged workers to make maximum efforts to increase Production and improving its quality, as well as listening to the complaints and suggestions of those in charge of it.
Al-Kazemi stressed, "the importance of advancing the agricultural reality in Iraq, which has witnessed a significant decline during the past decades as a result of wars and conflicts, as well as due to mismanagement, planning and the spread of corruption that prevented the agricultural sector from being the forerunner of the rest of the sectors after oil."
He stated that "the government, within the framework of the long-term economic reform approach that it has planned, has adopted support for the private sector and provided the requirements for its development due to its importance in revitalizing the economy and achieving sustainable development goals," stressing the need to "overcome obstacles and provide the appropriate environment to attract local and foreign investment to work in all fields." Especially the agricultural sector. "
Number of observations 158 date of addition 05/19/2021 https://economy-news.net/content.php?id=25108
Representative Energy: Iraq's Oil Export Plans Are Not Satisfactory
Energy Economy News _ Baghdad On Wednesday, the Parliamentary Oil and Energy Committee directed the Ministry of Oil to develop production and stay away from imports, while indicating that Iraq is supposed to export between the four and five million barrels per day.
A member of the committee, MP Muhammad Abu Al-Hail, said in an interview with the Iraqi News Agency, which was followed by Al-Iktissad News, that "Iraq is one of the main countries in OPEC because of its oil reserves and enormous capacities," indicating that "Iraq is influential in OPEC, but the Iraqi negotiator is weak." .
He added that "Iraq did not lack the expertise nor the capabilities except weakness in the negotiators, which led to the dearth in oil exports," noting that "Iraq is supposed to export between four and five million barrels per day, while the current export is little and does not cover the needs." The country economically. "
He added that "budgets always face deficits and imbalances in supporting the economic sectors," explaining that "the Oil and Energy Committee recommends that the Ministry of Oil should develop oil and gas production and provide the stations with gas needs and avoid importing from abroad."
Number of observations 147 Date added 05/19/2021 https://economy-news.net/content.php?id=25105
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