More Iraqi News Friday Evening 6-17-22
More Iraqi News Friday Evening 6-17-22
TLM724 Administrator BondLady’s Corner
Al-Kazemi's Advisor Presents 8 Solutions To Find Additional Resources Outside The Rentier Framework
Economie Yesterday, 17:27 Baghdad - INA - Nassar Al-Hajj, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, identified, today, Friday, two pillars that guarantee investment and operational production, while offering 8 solutions to find additional resources outside the rentier framework.
Saleh said, to the Iraqi News Agency (INA), that "the government's operation has taken over the financial leverage of the state with little actual productivity,
and it has reached the point of danger, despite the positive outlook for the rapid temporary financial accumulation of oil revenues in the current exceptional international circumstance."
He added, "Without finding a sustainable productive association capable of productive employment of unemployed human capital, this matter will remain the first headache for the Iraqi nation's concern in the future of development and economic prosperity."
He continued, "It is necessary to think from outside the box and with priorities that do not definitively depart from the active and honorable role of the productive national private sector and with social foundations, to be the gradual objective alternative to the current operational rentier model,
which is a very closed consumer context and effective in employment and
a drain on the country's resources prepared for production and the real accumulation of the country's wealth".
He pointed out that "the state in all its bodies faces a national and moral responsibility in working on the productive employment of the people's forces, and all constitutional bodies must strive to provide a decent and practical option with two pillars guaranteeing investment and operational production, the first:
linking the financing of government soft loans or guaranteed by the government itself and granted To market makers in the private sector, the number of workers that will be provided by the digital database of the labor market, and according to legal contracts that guarantee the rights of all parties, and according to a flexible, comprehensive and legally regulated investment program.
He continued: "As for the second pillar, it is the
provision of pension rights to all workers in the private sector, according to a parallel formula to the current National Pension Fund, and the Fund deals effectively and flexibly with permanent workers in the private sector,
provided that the state assumes part of the financing of the private pension fund and considers it an important part of its structure.
Support in the state’s general budget and an embodiment of the state’s socialism in supporting the market.
Speaking about proposals to provide support for the state budget outside the oil-dependent rentier framework, he stressed that
"Iraq urgently needs to
think (from outside the current rentier fund), and
work according to models of partnership between the state and the social market first, and secondly to
find financing mechanisms that do not depend on revenues. The third is to
encourage private investment and according to clear long-term government policies, fourthly, to
provide flexible means in domestic financing such as dealing with sovereignly guaranteed bonds, fifthly, to
recycle funds from surplus units to deficit units capable of investing, and seventh is to
re-establish Recycling and allocating financial resources through banks or funds, and finally
heading towards work-running and income-generating activities.
And he concluded by saying, "What was presented falls within a future vision that revolves in the mind of Prime Minister Mustafa Al-Kazemi, when he referred to the depletion of the state's operating budget, which consumes depleted oil resources without a productive return." https://www.ina.iq/158744--8-.html
An Economist Identifies 3 Repercussions Of Raising The US Interest Rate On Iraq
Economic Last update 06/16/2022 | 5:59 pm Information / Baghdad.. On Thursday, economist Nabil Al-Marsoumi identified the repercussions of the US Federal Reserve's decision to raise interest rates, warning that
Iraq could be affected by the decision regarding the prices of imported goods.
Al-Marsoumi said in a Facebook post that was seen by / the information / that “the US Federal Reserve raised interest rates, by 75 basis points, to a range between 1.50% and 1.75%, in order to return inflation to its target of 2% after it reached last May. to 8.6%, which is the highest in 40 years.
He warned that “the harshest impact will be on Iraq and other developing countries,
because the rise in US interests raises the exchange rate of the dollar against most of its currencies, and thus contributes to inflation and the cost of debt financing as much as it is borrowed in dollars.
The annual basis is based on the market or (moving) interest in dollars, which the financial markets indicate to rise, such as the interest (Libor), which is the interest of lending and borrowing between banks in dollars in the London market, and even if some loans carry a fixed interest on the loan itself, but they carry a hedging risk margin around the fixed interest..
He added, "All Iraqi exports are denominated in dollars, and most imports are either in dollars or with a country that manages its currencies fixed against the dollar, or close to stabilization, and
therefore the rise of the dollar may benefit the parties that deal with it, including Iraq."
He cautioned that "Iraq's investment in dollar-denominated deposits or US bonds will lead to higher returns in the future, with higher US interest rates." https://almaalomah.me/2022/06/16/603876/
The Dollar Rises Against The Iraqi Dinar
Economie| 09:30 - 17/06/2022 Baghdad - Mawazine News, the dollar exchange rates rose, today, Friday, in the local Iraqi markets. Selling price: 149,000 dinars per $100 Purchase price: 148,000 dinars per $100
https://www.mawazin.net/Details.aspx?jimare=196687
Low Oil Prices
Economie| 09:39 - 06/17/2022 Follow-up - Muzin News: Oil prices fell on Friday, affected by demand concerns in the wake of this week's interest rate hike, but new sanctions on Iran limited the decline.
Brent crude futures fell 47 cents, or 0.4%, to 119.34 a barrel, while West Texas Intermediate crude futures fell 57 cents, or 0.5%, to $117.02 a barrel.
If the price decline continues, Brent crude futures will record the first weekly decline in 5 weeks, while US crude futures will record the first loss in 8 weeks.
Central banks across Europe raised interest rates on Thursday, and some of the hikes shocked markets and signaled higher borrowing costs to counter soaring inflation that is putting pressure on corporate profits and squandering savings.
The wave of interest rate hikes comes on the heels of the US central bank raising interest rates by 75 basis points this week, the highest rate since 1994.
But investors remained focused on lower supplies after the United States announced new sanctions on Iran.
On Thursday, the United States imposed sanctions on Chinese companies and a network of Iranian companies that helped export Iranian petrochemical products, in a move that may aim to increase pressure on Iran to revive the 2015 nuclear agreement. https://www.mawazin.net/Details.aspx?jimare=196689
“They Steal And Take Advantage Of Our Name” .. Al-Sadr's Minister Disavows A New Meal From The Current
Fri, 17 Jun 2022 11:26 AM National News Center/Baghdad Today, Friday, Saleh al-Iraqi, known as “Al-Sadr’s Minister,” announced that the current had repudiated a new meal of its affiliates.
Al-Iraqi said, in a statement received by the National News Center, that “the names listed are using our name Al-Sadr family, and they are using the name of Jihad and the Mujahideen to steal the people’s money unjustly.
They should also be boycotted and not dealt with, and if they resort to other parties, their hatred will be proven, and if they repent and reform, our door is open to them.”
The person close to al-Sadr mentioned the following names:
Fourth meal:
1- Kifah Al-Karaiti - Diwaniyah
2- Muntazer Al Hashimi - Kot
3- Hamid Ajami Al-Taie - Baghdad
4- Ether signified - Kot
5- Noaman Khalaf Gouda - Rashidiya
6- Ali Abd Abtan - Karbala
7- Haider Salman Abdullah - Al Khadra neighborhood
8- Raji Al Askari - Nasiriyah
9- Imad Dawood Al-Saadi - Diyala
Nassif: The Corrupt In The Ministry Of Electricity Are Trying To Contract With Orascom Again
Friday, June 17, 2022 12:34 PM National News Center/Baghdad Today, Friday, Representative Alia Nassif warned against the intentions of some corrupt in the Ministry of Electricity to conclude contracts with Orascom to maintain the Baiji and other stations, calling on the Integrity Commission to announce the results of the investigation into the file of the Baiji stations.
Nassif said in a statement, received by the National News Center, that "we had previously issued several statements more than a year ago, in which we warned of the intentions of the corrupt in the Ministry of Electricity to contract with Orascom Company behind the scenes and use the name of Siemens as a cover, for the maintenance of the Baiji First and Second, Al-Rasheed and Nasiriyah stations.“.
And she added, "The same group of well-known corrupt people are currently conducting talks to conclude (the life deal) and then they all flee with their families out of Iraq, so why do we wait for the theft to happen and then continue to address the countries and beg the Interpol to arrest them?!"
Nassif stressed that "from the moment this statement was published, the Integrity Commission and the Public Prosecution, the two prime ministers, the parliament, and all concerned parties must begin their procedures to prevent the passage of these suspicious contracts,"
calling on "the Integrity Commission to announce the results of the investigation into the contracts of the first and second Baiji stations.’ https://nnciraq.com/135465/
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