KTFA Members "News and Views" Thursday 4-8-2021

KTFA:

Samson:  Mr. Sistani's nomination for the Nobel Prize

09:40 - 08/04/2021

A group of expatriate Iraqis in Europe organized a campaign to nominate His Eminence, the religious authority, Ali Al-Sistani and Pope Francis, for the Nobel Peace Prize this year 2021, noting that the campaign came after the successful visit of Pope Francis and his meeting with Sistani in Najaf.

It is expected that this campaign will contribute to highlighting the role of the two great references and supporting the path of peace and coexistence in the Middle East after years of wars and conflicts.

The organizers of the campaign, which will continue in the coming days, also expect a large group of the world's intellectuals to join it, with the aim of resolving the nomination.

Candidates are chosen by a special committee in the Norwegian capital, Oslo, through elite initiatives, which is what called on a group of Iraqi expatriate intellectuals to launch the campaign.   LINK

Samson:  The Central Bank participates in the Arab Monetary Fund workshop

8th April, 2021

Within the framework of cooperation with the Arab Monetary Fund and their strategic partners from international organizations represented by the World Bank, the Global Alliance for Financial Inclusion and the German Agency for International Development within the Fund's initiative to promote financial inclusion in Arab countries FIARI

A remote workshop entitled (Building and Implementing the National Financial Inclusion Strategy) was held on 5/4/6/2021 with the participation of members of the Supreme Committee for Financial Inclusion and its sub-committees from the public and private sectors, in addition to a number of banks and payment service providers

International and regional experiences in the field of launching financial inclusion strategies and effective methods of implementation, and the Central Bank of Iraq announced during the workshop its intention to launch the vision of the National Strategy for Financial Inclusion in Iraq in cooperation with all actors in the private and public sector at the end of 2021

And it will also lead the preparation of the draft national strategy For financial inclusion after the launch of the vision, with the support of the Arab Monetary Fund, experts in the World Bank, the German Development Agency, and the Global Alliance for Financial Inclusion  LINK

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Don961:  After eighteen years of change, the economy is liberalizing and leaving the war

Thursday 08 April 2021  Baghdad: Haider al-Rubaie - the pillar of the emirate 

 Economists personified, a number of developmental transformations that Iraq was able to achieve after the year 2003, stressing that the elimination of the "war economy" that impeded the livelihood of the Iraqi people and the deterioration of its stability

And the clear shift towards a market economy, openness to foreign investment, and an end to the runaway inflation that It led to the collapse of the value of the dinar, which is the most prominent achievement that Iraq was able to achieve. 

In addition to the many economic achievements, which contributed to the high rates of sustainable development, and led to Iraq being an important investment destination for many major international companies, however, economists identified a number of points, which they emphasized that it is still without real treatment, putting it at the forefront Those points are the increase in unemployment rates, the increase in poverty rates, and the demographic pressure that is constantly complicated by the scene.

Remove the effects of wars

The financial advisor to the Prime Minister, Dr. Mazhar Muhammad Salih, believes during his speech to “Al-Sabah” that “the return of Iraq and its economic and financial integration into the global economy, and the removal of the effects of the economic blockade due to previous wars, including the exit of Iraq from Chapter VII of the Charter of the United Nations, all points Transformed Iraq after the year 2003 from a war economy to a Peace economy".

Saleh puts, “the Paris Club agreement signed in November 2004 with the international financial community with its governments and financial institutions, at the forefront of important economic events, in which Iraq granted the privilege to write off 80 percent of the pre-1990 debts (which were canceled or became a law subject to cancellation). Which is estimated at 100 billion dollars of the total debt estimated at nearly 128 billion Dollars ».

 Eliminate inflation

Ending the era of hyperinflation, one of the important transformations of the Iraqi economy, says the financial advisor to the prime minister, stressing that «that inflation reached its annual averages of about 50 percent or more before the year 2003, to fall to a rate that did not exceed 6 percent at the end of the first decade of the twenty-first century. The current twenty, which enhanced the standard of living of individuals through the stability of the purchasing power of the Iraqi dinar ».

Saleh pointed out that «the increase in the annual per capita gross domestic product of 750 dollars annually before 2003, to reach ranges close to the average of six thousand dollars, one of the important achievements that contributed to the recovery of the economic situation To the individual. 

He pointed out that salaries, pensions, government retirement and social welfare benefits, which currently include nearly 8 million Iraqi citizens, their amounts increased about 7 times from their rates before the year 2003, and the number of beneficiaries from them increased about five times for each segment who are they.

 The success of fiscal policy

The government advisor confirms, "the success of the financial policy after 2003 in building the joints of stability and economic prosperity, as well as the success of that policy for the first time in the history of Iraq" according to the advisor "in providing a rating for the creditworthiness of Iraq, and since 2015 for the first time in the country's Financial history. 

As Iraq has a good and stable credit rating, currently at a level of B ”.

Central and stability of the dinar

 Saleh explains, "The monetary policy of the Central Bank succeeded in imposing stability on the Iraqi dinar with its internal and external value, and granted freedom of external transfer for all legitimate operations that serve the movement of trade and business in exchange for the ability to build foreign currency reserves whose balance increased more than 30 times than it was before." The case before 2003, and is managed in a major safe investment portfolio For Iraq ”.

According to the government advisor, agricultural activity continued to be supported, especially the cereal production sector in which farmers receive price support, to encourage them and enhance national food security, as the cultivated land doubled from 6 million dunums to more than 11 million dunums today thanks to that support, water control and Regular marketing.

The reality of the economy

Vice President of the Iraqi Federation of Industries, Raed Abdul Sattar, stated that “no one can deny that there is a change in the reality of the Iraqi economy and the international outlook on Iraq, and there are a number of things that have been achieved. 

The families ’economy has witnessed a clear improvement, and this indicates the rates of excessive consumption in many times,” pointing out that “the ambition of the economic circles is greater than what has been achieved, as Iraq could be a new economic tiger on the stage of the global economy, and qualify for this place and deservedly, because of its possession Riches, geographical location, and monuments of interest to most of the world's population most of them". 

Industrial sectors

He pointed out that “change has occurred, but what is required is that the pace of work in Iraq is escalating, which will benefit the country and the economies of the region and the world, as there is a global interdependence between a global Iraqi that achieves an integration that is almost not achieved in other countries, pointing to the importance of moving towards correcting the paths that lead to activation The national economy, and help in embarking on the development of the industrial and agricultural sectors, and to address the population pressure, unemployment and other problems ». 

 Economic transformations

A member of the Baghdad Economic Forum, Hadi Al-Zubaidi, said: “The economic arena after 2003 witnessed a massive boom towards establishing economic forums aimed at contributing to drawing a roadmap for economic transformations taking place in the country. This phenomenon in the country highlights the urgent need to develop the joints of the National South work".

He pointed to “the inevitability of an effective contribution to saving our economy from its challenges, and the most prominent of what is required of these blocs is to move away and not divert privileges to a specific specialty. Rather, work to revitalize the most important projects and the extent of their contribution to achieving quick returns and directing loans towards them, in order to contribute to reducing dependence on import that drains the currency" .

 Successful negotiations

Academic turn Dr. Amr Hisham, focused on “the importance of extinguishing the debts registered against Iraq to various international bodies, and he said:“ As a result of the successful negotiations that Iraq led in extinguishing its foreign debts, it was able to reduce 30 percent of the debts of the Paris Club upon signing the agreement and reduce 30 percent upon signing with the IMF International economic reform and a 20 percent reduction conditional on submitting a report by the International Monetary Fund that supports the establishment of Iraq Obligations. ”

 Iraq's commitment

He continued, "As for the debts of the Arab Gulf states, although most of them are grants or loans without interest, they demanded them with the exception of the United Arab Emirates, which has extinguished its debts by 100 percent. The Ministry of Finance follows up on the procedures for settling commercial debts of the foreign sector, and the adoption of this sensitive file is one of the most important economic achievements that have benefited the country after the political change took place For the year 2003 ”.     link

Iobey777:  WOW,DON!!   Good one! IMO..

DavidR:  I was just thinking the same thing...
In fact...openness to foreign investment, and an end to the runaway inflation that It led to the collapse of the value of the dinar, which is the most prominent achievement that Iraq was able to achieve.

Many great things in that article, that one was my favorite. Giving citizens purchasing power, and Extinguishing debts were another one of my favorites in that article. Such a great article. It summarizes the turmoil, but mentions the rewards..beyond, deserved. The citizens have suffered long enough. God be with them. Thank you Don, you are appreciated!  

Bravo13:  This is my favorite part of post 22. "Iraq could be a new economic Tiger on the stage of the global Economy", not on a program rate it wont ! IMO

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Samson:  G20 suspends poor countries' debt service for another six months

8th April, 2021

The G20 announced, during a hypothetical meeting chaired by Italy, to extend the suspension of debt service for the poorest countries severely affected by the Coronavirus pandemic, for an additional six months, until the end of this year.

The G20 supported the International Monetary Fund’s initiative to increase aid to the most vulnerable countries, through a new issuance of special drawing rights worth six hundred and fifty billion dollars.

World Bank President David Malpass welcomed the new extension and called on G20 countries to show more transparency.   LINK