MilitiaMan " The World is Watching" Thursday Night 5-19-2022

KTFA:

MilitiaMan:  Establishing the border crossing with an automated system with e-governance is key to getting the private sector on a level playing field.

The General Authority for Taxes is in line for completion of the needed automation as well. They have been working on this for some time and are in the advance stages now, imo.

 Likely to be a key factor now in the implementation of a new exchange rate to come from the CBI.

To get to a market economy, there will need to be compliance with the IMFs Article VIII. Lets not forget that the WTO is in the wings, as well.

The longer they take the less money they make.. lol

The UST has this week again noted that there is to be 137 countries that will be applying 15%+- Taxation and all will be digitally applied.

We can see that the Supreme Committee has the e-governance project with the Secretariat of the Council of Ministers. 

There is going to be transparency, control at entry and exit of goods with modern technologies to monitor it all.

Bye bye corruption.. So many things that are now working in parallels from taxes, tariffs at borders, the arrests for the corrupt, the pressures from the UN and even and extension to the UN by an International Justice Minister arriving of late.

The world is watching and helping all they can along the way.. It is looking to be about that time where they put the exchange rate into gear.. imo ~ MM

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Clare:  Al-Ghazi: Establishing welcome yards at border crossings contributes to simplifying procedures and reducing corruption

May 18, 2022

Baghdad / NINA / - The Secretary-General of the Council of Ministers, Hamid Al-Ghazi, confirmed that the trend towards establishing major joint unification yards between the Border Ports Authority, the General Customs Authority and the General Company for Iraqi Ports, through a single window, will contribute to simplifying the procedures taken, reducing time and reducing cases of corruption.

Al-Ghazi added, while presiding over the meeting on preparing for the construction of the grand welcome yard in the northern and southern Umm Qasr ports: "These yards will unify the procedures between the sectoral authorities operating inside the port, especially since the Border Ports Authority - with an exceptional effort - has reached advanced stages in the process of automation."

Customs procedures in coordination with the Supreme Committee supervising the e-governance project in the General Secretariat of the Council of Ministers.

The Director General of Iraqi Ports, according to a statement by the Cabinet Secretariat, gave a comprehensive presentation of the project to establish major welcome yards, and the positive outcomes that it would achieve, such as controlling the entry and exit of goods with modern technologies, and reducing the phenomenon of smuggling crimes and tax evasion. "

The meeting was attended by Head of the Border Ports Authority Major General Omar Al-Waeli, and the general manager of the General Company for Iraqi Ports and the general manager of the Customs Authority, in addition to representatives of the relevant sectoral authorities.  LINK

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{Economic: Al Furat News}

The General Authority for Taxes held, on Thursday, a meeting via video communication technology with experts from the World Bank for the purpose of completing the steps to automate its work.

The Ministry of Finance stated in a statement that the meeting included an extensive discussion to develop a road map between the two sides to complete the rest of the steps that began several months ago within the requirements of the white paper to automate the work of the authority, which requires technical preparations and consultations to reach an integrated understanding formula, with specific timelines confirmed by its general manager.

During the symposium, in addition to discussing the general frameworks that determine the path of agreement on the contract between them to set a mechanism for the next course of action.

The statement added, "The meeting comes within an integrated plan set by the General Tax Authority to reform the administrative structure, develop and improve performance in accordance with the latest technologies and scientific programs and in cooperation with international institutions, and in response to the white paper drawn up by the Iraqi government to fight corruption and advance the work of various state institutions, and bypassing red tape." and providing balanced services to the citizens who deal with these institutions."  LINK

IMF Staff Concludes Staff Visit to Iraq

May 19, 2022

End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board.

The economy is recovering well amid high oil prices, with real GDP projected to reach its pre-pandemic level this year.

Cushioning the impact of surging food prices on the most vulnerable is the most urgent priority.

Using the current favorable oil market conditions to accelerate structural reforms and advance socio-economic priorities will be key to strengthen Iraq’s medium-term economic resilience.

Washington, DC: An International Monetary Fund (IMF) mission, led by Tokhir Mirzoev, visited to Amman, Jordan, during May 14-18, 2022, to discuss with the Iraqi authorities recent economic developments, the impact of global events on the economic outlook, and the country’s policy priorities. At the conclusion of the visit, Mr. Mirzoev issued the following statement:

“The economic recovery is well underway. In 2021, buoyed by the resumption of activity, a more accommodative fiscal stance, and stimulus measures by the central bank, real non-oil GDP rebounded by an estimated 20 percent and is poised to expand by around 5 percent this year. Oil output is projected to reach its pre-pandemic level and bring overall real GDP growth to 10 percent in 2022.

The war in Ukraine is affecting Iraq mainly through its global impact on commodity prices. In 2022, soaring oil revenues will more than offset the increased food and energy import bills. As a result, the fiscal and current account balances are projected to post double-digit surpluses in percent of GDP. Nonetheless, headline inflation is expected to climb to 6.9 percent, up from 6 percent last year, driven in part by higher food prices, which are adversely affecting the poorest segments of the population.

“Cushioning the impact of surging food prices on the most vulnerable is thus the most urgent priority. With fiscal policy paralyzed by the absence of the 2022 budget—which limits current fiscal expenditures to last year’s level—strengthening spending efficiency, maintaining tight control over public hiring, and reprioritizing expenditures within the overall budget cap will be essential to enable boosting targeted cash transfers to the most vulnerable and containing the poverty impact of the rising cost of living.

“In an environment of high oil prices and against the background of elevated global risks and uncertainty, the focus of macroeconomic policies needs to shift toward consolidating economic stability and strengthening Iraq’s long-term economic resilience.

In the short run, maintaining fiscal discipline and tapering the central bank’s lending support to the real estate sector will help avoid adding to inflationary pressures. In addition, despite large reconstruction and other investment needs, limited near-term absorptive capacity, fiscal vulnerability to oil price volatility, and the challenges of the global energy transition call for building buffers for the future by saving a portion of oil revenues via a carefully designed sovereign wealth fund.

“The current favorable oil market conditions also provide an opportunity to accelerate structural reforms envisaged in the authorities’ “White Paper.”

Strengthening the quality of public services and creating the fiscal space for much-needed investments and the social safety net require a civil service reform, reducing inefficient energy subsidies, diversifying fiscal revenues, and strengthening governance.

Fixing the electricity sector will be crucial to reduce fiscal costs and enable private sector productivity. Improving the coverage and targeting of social assistance will help better protect the most vulnerable. Enhancing governance in large state-owned banks and completing their audits and restructuring will facilitate access to finance and job creation by the private sector.

“The mission welcomes the authorities’ increased attention to the challenges of climate change and the release of Iraq’s first Nationally Determined Contribution document last year. In the coming months, the mission encourages prioritizing the preparation of national climate adaptation and mitigation plans, development of green financing, and full integration of climate-related priorities into the macroeconomic policy framework. The IMF stands ready to support Iraq in these endeavors.

“The IMF staff team would like to thank the authorities for candid and productive discussions and looks forward to continuing close cooperation with Iraq in the period ahead.”

IMF Communications Department    LINK