More Iraqi News Monday Late PM 9-20-21
More Iraqi News Monday Late PM 9-20-21
TLM724 Administrator BondLady’s Corner
2022 Budget And International Support
Tuesday 21 September 2021 48 Mustafa Muhammad Ibrahim
The discussion in the last quarter of 2021 is about the 2022 budget, and what is the international support for this budget in light of the implementation of the white paper, which is the main part of economic reform in Iraq.
If we go back to previous budgets, we will find that all loans, grants, and aid that finance Iraq are disbursement of operational government spending, i.e. salaries mostly with restrictions placed by international institutions such as the International Monetary Fund and the World Bank on the implementation of investment projects and their inclusion in the budget, but the political conflicts in Iraq It prevents the completion of development and investment projects, while looking at the 2022 budget with the structural reform of the budget through pressure on government spending, especially unnecessary expenditures, and returning investment project programs through the international support portal, and this is what is achieved after the budget reaches the drawers of the Council of Ministers in the coming days.
And sending it to Parliament for the purpose of approving it and keeping it away from conflicts for the purpose of continuing to implement major projects through the white paper, as well as developing the economic sectors and infrastructure in Iraq, which is in the interest of the citizen, eliminating unemployment, providing job opportunities and reducing ratesPoverty in Iraq.
This is seen as the difficulty of passing the 2022 budget, and this task will fall on the shoulders of the Council of Ministers and the next parliament after the delay in sending the Ministry of Finance of the budget law to the Council of Ministers. From 2022-2025 to implement most of the international agreements that correct the course of public finances in Iraq after consulting with the International Monetary Fund and the World Bank with the aim of reforming the living situation in the country, as well as developing infrastructure after the rise in global oil prices and the presence of foreign reserves with the Central Bank of Iraq enhances the strength of the financial system in Iraq, and then achieve sustainable economic development.
It was expected that the price of a barrel of oil in the 2022 budget would be around $50, and that OPEC would add 450,000 barrels to Iraqi production, and despite the slight rise and improvement in the 2022 budget, the citizen senses a slight rise in food prices, as well as the Iraqi farmers’ exploitation of the product
The local monopoly by rising prices due to the high exchange rate and its effects, and this requires cooperation and coordination between the Ministry of Finance and the Ministry of Trade to simplify prices for the poor citizen and encourage the local product, and this is confirmed by the International Monetary Fund and the World Bank.
https://alsabaah.iq/54740/%D9%85%D9%88%D8%A7%D8%B2%D9%86%D8%A9-2022-%D9%88%D8%A7%D9%84%D8%AF%D8%B9%D9%85-%D8%A7%D9%84%D8%AF%D9%88%D9%84%D9%8A
Central Bank Sales Of Hard Currency Increased
Economie| 12:36 - 09/20/2021 l Baghdad - Mawazine News The Central Bank of Iraq's sales of hard currency recorded, on Monday, a remarkable increase, reaching more than 219 million dollars.
And the Central Bank’s sales of hard currency during the auction of buying and selling foreign currencies rose today by 14.06% to reach 219 million, and 648 thousand and 789 dollars, covered by the bank at a base exchange rate of 1460 dinars per dollar.
The purchases amounting to 169 million and 498 thousand and 789 dollars went to enhance balances abroad in the form of remittances and credits, while the remaining amount of 50 million and 150 thousand dollars went in cash.
In addition, 34 banks responded to requests to enhance balances abroad, and 10 banks to meet cash requests, in addition to the participation of 8 exchange companies. Ended 29/A 4
https://www.mawazin.net/Details.aspx?jimare=168063
Dollar Exchange Rates In Local Markets Today
Market Economy News _ Baghdad The exchange rates of the US dollar fell against the Iraqi dinar, today, Monday, in the local markets.
Al-Kifah and Al-Harithiya Central Stock Exchanges in Baghdad recorded this morning 147,250 Iraqi dinars, compared to 100 US dollars.
Yesterday morning, the stock exchange recorded 147,350 Iraqi dinars, compared to 100 US dollars.
Buying and selling prices witnessed a decrease in the banking shops in the local markets in Baghdad, where the selling price amounted to 147,750 Iraqi dinars per 100 US dollars, while the purchase prices amounted to 146750 Iraqi dinars per 100 US dollars. Views 301 Date Added 09/20/2021
https://economy-news.net/content.php?id=26356
Overcoming The Financial Negatives And The Equation Of Economic Reform
Tuesday 21 September 2021 29 Baghdad: Imad of the emirate Financial liberalization processes increase the state’s ability to formulate a strategy to solve its financial problems, as well as achieve higher growth and less fluctuations in consumption patterns. Thus, financial liberalization represents a model for the flow of capital from rich countries towards the poor, which increases their investments in a greater proportion than their savings level. Thus, these measures are considered a path to economic reform.
Academic Dr. Abdul Karim Al-Issawi said: “The issue of financial liberalization aroused the interest of countries, specifically developing countries; Because the financial sector has a great impact on the economic process, with regard to its development and achievement of growth rates, and experiences have proven that it is not possible to achieve economic reform and overcome the negatives in isolation from the reforms pursued by countries that affect their financial policies. The financial sector is a major contributor to raising economic efficiency, achieving stability and restructuring Economic activities by allocating funds and directing them towards the optimal use of financial resources.
Economic Power
Al-Issawi added that “the government can use the financial sector as a catalyst for growth, by collecting the savings of various means of the changing economic power and distributing them among competing funding requests. Growth in any period depends on the share of national income devoted to investment.
The characteristics and activities of the financial sector make it vulnerable to partial crises. and comprehensive, and that its effects are not only damaging to growth, but also affect those with low incomes who do not have the ability to deal with these influences; Therefore, intervention in identifying and improving weaknesses is inevitable.
Quality Tools
In a related context, the expert in economic affairs, Dr. Shawkat Al-Talaqani, stated that “there are two levels of financial liberalization, the first of which is; The local level, which aims to ease control by using indirect quantitative tools for monetary policy instead of direct qualitative tools that impede the processes of financial liberalization.
Dr. Al-Talqani added, as for the second level of financial liberalization, it is the international level, and here the financial liberalization operations aim to abolish exchange controls by adopting a variable exchange rate determined according to the market mechanism and the money moves from the markets to the markets due to the liberalization of capital transactions, thus increasing the possibility of residents owning real assets. and foreign monetary finance. LINK
Amending Economic Laws Is A Necessity To Finance Development Projects
Monday 20 September 2021 Baghdad: Mustafa Al-Hashemi The expert in economic affairs, Dr. Hussein Al-Khaqani, urged the banks to move towards the State Council on the issue of amending paragraphs of the Banking Law No. 94 of 2004, especially after the Central Bank amended Article 28 and a number of other articles of the law, years ago until it reached the State Council, It has not been approved yet, despite the passage of more than 4 years.
Al-Khaqani indicated to Al-Sabah that "follow-up on this issue has become necessary, because the current stage requires encouraging investment, and since the funds are in the banks, but the final decision regarding determining banking investments and their percentage has not yet been issued by the State Council, which calls on the relevant authorities { Government banks, and the Association of Private Banks {to move to resolve this issue}.
He explained that {banks play an important role in attracting investments or financing them if the amendments submitted by the Central Bank and the Association of Banks are approved to the State Council, as this would achieve a rapid leap in the economic activity of Iraq, especially at this stage.}
Al-Khaqani called on the State Council “not to delay the review of laws, especially economic ones, because they contribute to improving the country’s economic reality and achieve a kind of welfare for the citizen, especially after attracting investments that create sufficient job opportunities for the unemployed.”
In turn, banking expert Samir Al-Nusairi stressed the role of banks in granting loans and banking facilities and issuing letters of guarantee to investors, but they are prohibited from direct investment in projects due to restrictions imposed by the articles of the Banking Law.
Al-Nusairi believed that the State Council should expedite the consideration of the important amendments submitted by the Central Bank, especially as they enhance the reality of banks’ work, and develop their performance in line with the need of the current stage, which the country is going through, to support legislation aimed at advancing the economic reality.
The specialist in economic affairs, Muhammad Ali Al-Rubaie, called earlier to bypass bureaucracy and expedite the reconsideration of legislative experts, in economic and investment laws, in particular; Because Iraq is a land full of diverse investment opportunities, which, if supported by legal legislation quickly, will achieve a qualitative leap for the economy. Iraqi.
And he indicated the need to amend laws, which are the basis of the economic process in Iraq represented by the Banking, Investment and Securities Law, in addition to the Companies Law, which has become incompatible with the updates that the world is witnessing, and with which the economy must be in harmony. Iraqi.
It is noteworthy that the economic process in Iraq depends on the implementation of investment laws No. 13 of 2006 and its amendments, Companies Law No. 22 of 1997 and its amendments, Banking Law No. 94 of 2004, and the Law of the Iraqi Market for SecuritiesFinance. LINK
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