More Iraqi News Monday PM 12-27-21
More Iraqi News Monday PM 12-27-21
TLM724 Administrator BondLady’s Corner
Specialists: Twinning The Public And Private Sectors Is Enough To Revive The Economy
Monday 27 December 2021 154 Baghdad: Haider Falih Al-Rubaie
A number of economists urged the need to conduct rapid economic twinning between the public and private sectors, and to work on enacting a law regulating that partnership, stressing the need to give the private industrial sector the utmost importance, and to provide all the necessary requirements that enable it to compete with the importer and meet market needs, not Especially granting him soft financial loans, and while they criticized the “lack of annual budgets” of plans, projects and programs with financial returns, they stressed that the government is still unable to make a reverse migration from the public sector to the private sector.
The calls of the economic experts were in line with the government’s directions aimed at reviving the private sector, which was confirmed by the reform white paper when it stipulated the trend towards “achieving an actual increase in the private sector’s contribution to economic activity by activating the private sector support fund and simplifying procedures, as well as providing job opportunities in this regard.” sector and support small and medium enterprises.
The economist, Manaf Al-Sayegh, said during his interview with Al-Sabah that “the issue of partnership between the public and private sectors is still absent from the literature on building public budgets, and has not been translated into joint projects with specific timings, as this partnership would reduce the burdens on government funding, Reducing annual spending and improving the efficiency of project management and operation.
Al-Sayegh pointed out that “the government is also still unable to develop annual programs that achieve reverse migration from the public sector to the private sector, which could lead, if the government worked with those programs, to reduce the levels of operational spending and direct the surplus to investment spending.”
The economist urged the need to “adopt the priorities approved in the national development plans, and turn them into annual projects according to their importance as priorities for achieving development, which lead to diversified economic activity and better economic performance away from the dependence on the oil sector and its fluctuations,” criticizing at the same time, the lack of annual budgets. To a vision that includes plans and programs to be approved annually and converted into projects with financial returns.
National Strategy
For his part, the economic expert, Basem Jamil Antoine, stressed during his speech to “Al-Sabah” the need to “revive the national strategy for the development of the private sector in all its forms, indicating that work on that strategy began since 2008, and a draft was prepared and submitted at that time to the General Secretariat of the Council of Ministers, as well as to the House of Representatives, with the aim of enacting a law for that strategy, which extends from 2014 to 2030.
Antoine explained that this strategy was built on a number of basic points, the most important of which is “setting a general and comprehensive definition of the private sector, emphasizing small and medium enterprises, as well as setting a time mechanism for implementing that strategy,” noting that “what weakens the private sector in At the present time, what he called “the rupture of the private sector” as a result of the dispersion of the opinions of this sector, “calling for the formation of a council for the private sector, which is supposed to consist of representatives from the public and private sectors, which takes upon itself the management and organization of the work of the private sector.
Soft Loans
The industrial development and investment consultant, Amer Issa Al-Jawahiri, did not stray far from the previous opinions, when he demanded, through “Al-Sabah” that “the selection of medium-sized industrial projects by the Industrial Coordination Council, to be implemented in the manner of partnership between the public and private sectors, indicating that this step is capable of revitalizing and developing Existing government factories and the establishment of major industrial projects in the country.
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Al-Jawahiri also called for providing “exceptional flexibility in granting soft loans to the private industrial sector, according to a mechanism for guarantees that facilitates the granting of loans and the speed of granting them, regardless of their value, taking into account the increase in the repayment period.”
Al-Jawahiri suggested, “The General Directorate of Industrial Development, in coordination with the Iraqi Federation of Industries and the Private Sector Council, shall hold periodic sectoral seminars with the private industrial sector to address obstacles and challenges and support the establishment and work of small and medium enterprises in preparation for the formation of the “Small and Medium Enterprises Authority.” LINK
International Coalition: We Will Not Withdraw From Iraq
The international coalition confirmed today, Monday, that the coalition will not withdraw from Iraq, but that the role will change from combative to advisory.
The spokesman for the international coalition, Colonel Cole Harper, told Al Jazeera Net that the US-led coalition does not have military bases in Iraq, but rather is located in the three Iraqi facilities, which are Ain al-Assad in Anbar, Erbil in the Kurdistan region, and the first joint operations center in Baghdad.
Harper explained that there are some attacks on the facilities in which elements belonging to the international coalition are deployed, causing damage and a real threat to the Iraqis, since these facilities are mainly Iraqi.
He added that attacks by armed factions constantly endanger Iraqi civilians, given that the rockets used, especially Katyushas, are often indiscriminate and fall on cities and cause damage to civilians.
Harper stated that the international coalition now does not have any combat role in Iraq, but rather the new task lies in providing advice and assistance to enable the Iraqi army and the Peshmerga (Kurdistan regional forces) to maintain the permanent defeat of the Islamic State.
The American colonel stressed that the international coalition will not withdraw from Iraq, but that the role will change from combative to advisory, as announced by the Iraqi government, and that staying in Iraq - and with this new role - came at the request of Baghdad to help defeat what remained of ISIS.
On July 27, 2021, Iraq and America agreed to withdraw all US combat forces from Iraq by the end of this year, according to the final statement issued by the two governments after the fourth and final strategic dialogue between them. https://www.radionawa.com/all-detail.aspx?jimare=27301
In 2021.. Planning Talks About Positive Indicators For The Iraqi Economy
Economie| 11:55 - 27/12/2021 Baghdad - Mawazine News The Ministry of Planning announced, on Monday, the rise in positive indicators of the economy in the year 2021, while identifying factors to increase the movement of the economic wheel.
Ministry spokesman Abdul-Zahra Al-Hindawi said, in an interview with the official agency, that "the increase in the prices of goods and commodities worldwide came due to the interruption of the supply chain between the countries of the world, which led to a scarcity of materials and an increase in demand for them, whose price will certainly rise."
Regarding economic indicators and readings after changing the exchange rate, and Iraq’s reliance on the local product, Al-Hindawi explained, “The reading and the emergence of results will be after two years at least,” noting that “the return of life to normal and the suspension of the ban measures related to Corona, contributed to the rotation of economic activity in a way.” general".
He stressed, "All economic development movement has positive results and effects on reality," noting that "the ministry has not prepared a report on economic indicators during the year 2021 because the year has not ended yet, but there is an improvement in many joints."
He pointed out that "all the projects that were suspended, work has resumed, as the government projects that were suspended due to the financial and economic crisis," stressing that "the movement of these projects generates job opportunities."
He added, "Those who lost their jobs in the past year 2020, returned to it, which helped in the economic movement, as well as many projects in the private sector, in the field of housing and in other fields, and they began to work, all of these are positive indicators in the year 2021."
And Al-Hindawi, that "inflation is calculated according to indicators, including the rise and fall of the local currency, the increase in demand for goods from existing goods and the presence of a monetary mass in circulation, as well as what prices are witnessing worldwide."
He concluded, by saying that "inflation in all countries has risen, as a result of the rise in food prices in the global market, and the interruption of the supply chain between countries due to the pandemic." Ended 29/A 4
https://www.mawazin.net/Details.aspx?jimare=179773
Planning: Positive Indicators For The Economy Will Rise In 2021
Money and business Economy News _ Baghdad Today, Monday, the Ministry of Planning announced an increase in positive indicators for the economy in 2021, while identifying factors to increase the movement of the economic wheel.
Abdul-Zahra Al-Hindawi said, in an interview with the Iraqi News Agency and followed by "Economy News", that "the rise in the prices of goods and commodities worldwide came due to the interruption of the supply chain between the countries of the world, which led to a scarcity of materials and an increase in demand for them, whose price will certainly rise."
Regarding economic indicators and readings after changing the exchange rate, and Iraq’s reliance on the local product, Al-Hindawi explained, “The reading and the emergence of results will be after two years at least,” noting that “the return of life to normal and the suspension of the embargo measures related to Corona contributed to the rotation of the economic activity in a way.” general".
He stressed, "All economic development movement has positive results and effects on reality," noting that "the ministry has not prepared a report on economic indicators during the year 2021 because the year has not ended yet, but there is an improvement in many joints."
He pointed out that "all the projects that were suspended, work has resumed, as the government projects that were suspended due to the financial and economic crisis," stressing that "the movement of these projects generates job opportunities."
He added, "Those who lost their jobs in the past year 2020, returned to it, which helped in the economic movement, as well as many projects in the private sector, in the field of housing and in other fields, and they began to work, all of these are positive indicators in the year 2021."
And he stated, "Inflation is calculated according to indicators, including the rise and fall of the local currency, the increase in demand for goods from existing goods and the presence of a monetary mass in circulation, as well as what prices are witnessing worldwide."
And he concluded, by saying: “Inflation in all countries has risen, as a result of the rise in food prices in the global market, and the smoothness of supply between countries has stopped due to the pandemic.”
Views 196 Date Added 12/27/2021 https://economy-news.net/content.php?id=27021
Al-Nusairi In A Comprehensive Analytical Dialogue Expects Macroeconomic Indicators And The Banking Sector In Iraq 2022
Dialogues Economy News _ Baghdad The economic and banking advisor to the Association of Iraqi Private Banks, member of the Banking Advisory Committee in the Central Bank of Iraq and member of the International Union of Arab Bankers, Mr. Samir Al-Nusairi, has been interested for several years in analyzing and diagnosing the challenges facing the Iraqi economy and the banking sector and his proposals for policies, programs and visions to overcome them,
in addition to his expectations of the effects and repercussions of economic variables The international community will affect the Iraqi economy in the coming years, especially in 2022. On the occasion of the end of 2021, we conducted a specialized dialogue with him about his predictions for the banking sector and the national economy in 2022, and the Nusayri consultant replied as follows:-
On the occasion of the end of 2021, and in view of the special and new circumstances that our beloved country is going through due to waiting for the formation of the new government after the approval of the election results by the Federal Court and the legitimate popular demands for political and economic change and reform, and because our banks are the first main link in the national economy, we must clarify by analyzing and evaluating the results The initial business of the banks in 2021.
That it faced the challenges of an unstable work environment, the non-performing debts reaching more than (6) trillion dinars, the decline in the prices of shares traded in the Iraqi stock market by (80%), the decrease in the liquidity of some banks to the minimum limits set by the Central Bank, the decrease in the realized revenues and deposits for some banks, and the impact of some The other is the delay in approving the 2021 budget, which affected the investment side of development projects, legislative shortcomings, and the lack of clarity in financial policies and the determinants of instructions that regulate the economic process, as well as tax and customs laws and instructions.
Al-Nusairi pointed to the role played by the Central Bank in facing these challenges, leading the banking sector, organizing it and reforming some of its links towards helping it overcome those challenges.
Through its financing procedures and initiatives to stimulate the economy and support banks. And that our banks confirmed their sobriety and strengthened the public’s confidence in them during 2021 and the continuation of their activities and daily work despite the administrative, logistical and technical difficulties, which made an effective contribution to the implementation of the Central Bank’s policy in achieving stability in the banking market and perpetuating internal and external banking operations, which enhanced international confidence in our international banking transactions.
This is evident when comparing the state of our banks with other countries experiencing the same conditions as happened in Lebanon, Syria and Iran, for example, and this confirms that our banks are moving in the right direction.
Therefore, it requires it to complete its plans for 2022 in the light of the analysis of the results of its activities and activities in light of the current conditions and expectations in 2022 after the formation of the new government and the requirements of the new situation and in accordance with the objectives of the second central bank strategy for the years (2021-2023) with a focus on contributing to the implementation of strategic banking projects Which the Central Bank planned, developed and set its objectives, which are about 15 main objectives and 75 sub-targets (technical, financial, administrative and developmental).
Stressing the need to reach policies and procedures according to their actual needs in the sustainability of their banking products, and to complete the preparation of these plans in coordination with the specialized departments of the Central Bank in cooperation with the Association of Iraqi Private Banks and to develop policies and procedures to meet the major challenges facing banks.
The banks’ completion of their plans for 2022 requires them, under the supervision and control of the Central Bank, to work in quick steps, which is to move the Iraqi banking sector to a sober and developed economic sector that is committed to international regulations, rules and standards for compliance, combating money laundering, financial reporting and risk management, and thus moving from the role of banking to a developmental role and contributing to the revitalization of The economic cycle is to activate and support the financing of small and medium projects and large development projects, through which the building of a solid national economy and sustainable development is achieved, ultimately serving the Iraqi people and their aspirations for a better life.
This requires work in the areas of developing the structural structure of the banking sector, in addition to paying attention to the application of financial stability standards, which are indicators of financial safety such as the capital adequacy ratio, the liquidity ratio, the profitability ratio such as the ratio of profit and net profit to capital, the ratio of return on assets, the ratio of return on shareholders’ equity, the ratio of activity costs and leverage Finance and money investment ratio, in addition to adopting indicators to measure performance efficiency and creating units for statistics, studies, analysis and financial forecasting to indicate monthly, quarterly and annual deviations in the drawn plans. Relevant to revitalizing banking work, especially in the field of credit, bank financing, loans and banking facilities, giving a key role to private banks and involving them in central economic decision-making.
As for the expectations of the effects of changes in the global economy on the Iraqi economy, Al-Nusairi spoke, reviewing the reality of the Iraqi economy, noting that since the first quarter of 2020, the Iraqi economy has faced challenges and stifling economic and financial crises due to changes in the global economy and the slowdown in global economic growth due to the conditions of the American-Chinese conflict, the Corona pandemic and the decline International oil prices in 2020, reaching a drop of more than 70%, economic stagnation, and most countries of the world were affected by these repercussions, which had their effects on the Iraqi economy, and what concerns us is what are the results of these repercussions and what are the expectations, effects and repercussions on the current economic reality in Iraq in 2022.
In the light of the study and analysis, Al-Nusairi expected: the repercussions of the changes in the global economic system on the Iraqi economy in 2022, as follows:-
1 - The economic growth rate will not exceed 3%, the annual inflation rate will exceed 5%, the foreign cash reserve will maintain a level of no more than 65 billion dollars, and the contribution of oil to the gross domestic product will be up to 60%, and it will constitute up to 91% of the revenues of the general budget, and the external debt will be formed And the interior is at 50% of the GDP. As for the growth rate of the gross domestic product at constant prices, it is around 3%
2‐ He sees, with an insightful analytical look at the current economic reality, that we urgently need a radical comprehensive economic change that adopts the following main axes:-
* Re-change the map of national income resources by reducing dependence on oil as a major resource by activating other resources to bring them to 30% within the next ten years of the total resources.
* A radical and comprehensive change of agricultural, industrial, commercial, oil and water policies by adopting local resources in securing food security, encouraging, protecting and supporting the local Arab and Iraqi products, setting programs and strategies in consumer protection, and emphasizing Arab economic integration.
* Supporting, developing and motivating the private sector and benefiting from its capabilities, capabilities, capital and investments in building the national economy and involving it in economic decision-making and management of the economy.
* Develop a new methodology to overcome the challenges of instability in the financial system and the monetary system, and this means developing coordinated and balanced plans to overcome the challenges of monetary policy and the challenges of deficit in non-oil revenue and deficit in the balance of payments and trade balance and increasing the contribution rate of the productive sectors (real economy in GDP). Views 116 Date Added 12/27/2021 https://economy-news.net/content.php?id=27019
7.6 Billion Dollars, Iraq's Oil Revenues During November
Energy Economy News – Baghdad The Ministry of Oil announced the total oil exports and revenues generated for the month of last November, according to the final statistics issued by the Iraqi Oil Marketing Company (SOMO).
The amount of crude oil exports amounted to (98) million (192) thousand and (317) barrels (ninety-eight million one hundred and ninety-two thousand three hundred and seventeen barrels), with revenues amounting to (7) billion (610) million and (850) thousand. Dollars (seven billion, six hundred and ten million, eight hundred and fifty thousand dollars).
The statistics indicated that the total quantities of exported crude oil for the month of last November from oil fields in central and southern Iraq amounted to (95) million (860) thousand and (149) barrels.
While the quantities of Kirkuk oil exported through Ceyhan port were (2) million, (32) thousand and (685) barrels, and the average price per barrel amounted to (77,510) dollars.
The statistics pointed out that the exported quantities were loaded by (30) international companies of different nationalities, from the ports of Basra, Khor al-Amaya, mono-buoys on the Gulf and the Turkish port of Ceyhan.
The Ministry of Oil recently announced that Iraq's total oil exports increased to 3.12 million barrels per day in October from 3.081 million barrels per day in the previous month.
Views 107 Date Added 12/27/2021 https://economy-news.net/content.php?id=27018
61 Billion Dinars, The Value Of The Weekly Trading Of The Iraqi Stock Exchange
stock market. "Economy News" Market Economy News – Baghdad The Iraqi Stock Exchange announced, on Monday, that 55 billion shares, worth 61 billion dinars, were traded during the past week.
The market said in a report seen by "Economy News", that "the number of companies whose shares were traded during the past week amounted to 50 joint-stock companies, and the shares of 33 companies did not trade due to the lack of convergence of the prices of purchase orders with sales orders, while 22 companies continue to be suspended for not providing disclosure out of 105 companies listed on the market.
And he indicated that "the number of traded shares amounted to 55 billion and 164 million and 56 thousand shares with a financial value of 61 billion and 460 million and 589 thousand dinars through the implementation of 3136 transactions," noting that "the ISX60 traded price index closed at 98.565 points, recording an increase of 0.71% from its closing in the previous session.
He pointed out that "the number of shares purchased from non-Iraqi investors for the past week amounted to 757 million shares, with a financial value of 770 million dinars, through the implementation of 138 deals, while the number of shares sold from non-Iraqi investors amounted to 354 million shares, with a financial value of two billion dinars, through the implementation of 468." Deal".
Views 147 Date Added 12/27/2021 https://economy-news.net/content.php?id=27024
A Slight Decrease In The Exchange Rates Of The Dollar In The Local Markets
Economie| 11:34 - 27/12/2021 Baghdad - Mawazine News, the dollar exchange rates fell, on Monday, in the main stock exchange and local markets in the capital, Baghdad.
The dollar exchange rates fell on the Central Kifah Stock Exchange in Baghdad today, recording 147,900 dinars, for each $100 bill.
And the prices of buying and selling the dollar have stabilized in banking shops and local markets in Baghdad, where the selling price reached 148,500 dinars for each denomination of 100 dollars, while the purchase prices amounted to 147,500 dinars for each denomination of 100 dollars. Ended
https://www.mawazin.net/Details.aspx?jimare=179771
Experts: 5 Years For Iraq's Economic Prosperity
Monday 27 December 2021 257 Baghdad: Omar Abdul Latif Experts in the economy and former deputies in the parliamentary financial and economic committees suggested that Iraq will recover and prosper economically within the next 5 years, provided that real reforms are implemented in the financial and economic systems, stressing that the partnership between Iraqi and foreign banks will contribute to increasing investments and reducing the level of unemployment in the country. The Prime Minister for Economic Affairs, Dr. Mazhar Muhammad Salih, described the "white paper" as a dual government reform project.
Saleh told "Al-Sabah": "(The White Paper) constitutes the government's beginning towards adopting a package of measures in managing the course of economic policy according to a principle called (audit and correction), to achieve the required balance in procedures and in public policy tracks after years of imbalance. unfortunate economist.
Saleh considered the "white paper" to be "a government reform project with dual goals that seeks to achieve the country's financial sustainability, with the ability to be economically sustainable in a truly integrative manner," noting that "this long-term paper has established in the short period an understanding of an alternative ideology that was confused. In the economic meeting until recently, to answer an important question (how do we establish a practical path to economic reform?), the white paper is an economic surgical process that requires patience, determination and will to build the country’s future in stability and development, and it is closer to an applied economic constitution in the outline of reform.
As for the economic expert, Safwan Taha, he explained in his interview with Al-Sabah that "decreasing the value of the dinar means increasing prices, and waiting for local production to be able to raise its capabilities to cover the import deficit in order to price reduction" .
He added, "The local production is still sluggish due to the inclusion of raw materials at the high price, the scarcity of water and the inability to attract local, regional or international investment," noting that "whenever we expand the circle of investment in local production, these prices are controlled."
And he indicated that "Iraq succeeded in changing the compass of its revenues from oil to diversified, and in practice Iraq seeks to attract Gulf, European and American investments," stressing that "the return on investment in the Iraqi environment is high, and the stability of the political reality will force the investor to go to it, and the partnership between banks is Public and private relations with the international environment - in the event of exit from the list of Chapter VII sanctions - means attracting investment, which will increase diversified production, but this issue needs 3 to 5 years.
He explained that "moving the investment compass towards Iraq will contribute to reducing the level of unemployment, and that the government has abundant financial resources that can be directed in the 2022 budget to address the fragile classes and reduce poverty level.
In turn, a member of the Committee on Economy and Investment in the former House of Representatives, Mazen Al-Faili, criticized the slow pace of the reform measures and their increase in prices and the rise in poverty rates, and warned that “the rate of spending this year’s budget amounted to 88 trillion dinars of actual expenditures, after it was determined By 164 trillion dinars, then reduced to 130 trillion dinars," explaining that "the budget was presented at this level of expenses, and the committee demanded that it be at least 90 trillion dinars, similar to previous years." The response document and the recovery plan from the repercussions of "Corona" issued by the Ministry of Planning, confirmed the payment of nearly 4.5 million Iraqis,
(11.7%) of the total population, below the poverty line, and its rates increased from 20.05% in 2018 to 31.7%,
Al-Faili warned that "the complex crisis and its economic and social repercussions contributed to crystallizing an unstable development scene, and led to negative results that threaten the human security of the individual, family and society. Perhaps the most prominent manifestations of it are the high levels of poverty and the deterioration of the living conditions of some social segments of the vulnerable and marginalized groups." LINK
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