More Iraqi News Sunday PM 6-27-21
More Iraqi News Sunday PM 6-27-21
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Al-Nusairi Calls For Generalizing The Experience Of The Central Bank In Involving University Professors And Experts In Consulting And Decision-Making
Money and business Economy News _ Baghdad On Sunday, the economic and banking advisor to the Association of Iraqi Private Banks, Samir Al-Nusairi, called for the generalization of the successful experience of the Central Bank in accrediting experts specialized in economic and financial affairs and academics from university professors in the specializations of monetary policy and banking in the Board of Directors, banking advisory committees and other technical committees, in addition to representatives of the banking sector and involving them in discussing policies, applications and decision-making that serve the banking activity.
Al-Nusairi said in an interview with “Al-Iqtisad News”, that “through discussion, analysis and study of the economic reality that Iraq is going through, it is necessary to stand by logical, scientific and economic analysis on the most prominent axes that require finding solutions for them in the next stage with the aim of building sound premises for the transition to the proper construction.
To the economy and to give a role to the national academic expertise specialized in making economic decisions, and for the purpose of implementing the monetary, financial, commercial, industrial and agricultural policies’ applications requires the ministries and economic institutions concerned to have an active role for private sector experts in all its banking, industrial, agricultural and service fields to participate and cooperate in the implementation of the strategy of development, reform and economic advancement in the directions that achieve interim, medium and long-term goals.
He stressed the need for special care for experts, university professors and Iraqi competencies in the private sector in the areas of economic and financial work, and adding them to specialized committees in ministries and economic institutions.
He pointed out that "this means involving experts and the private sector with a greater role in managing the economy," pointing to the need for "a representative of the private sector experts in the Ministerial Council for Economy in the Council of Ministers, in the Higher Committee for Economic and Financial Reform, and in opinion bodies in the relevant economic ministries and in special follow-up committees. To follow up the implementation of Cabinet decisions related to economic affairs.
Al-Nusairi concluded that there should be a clear vision of the role of the private sector for the new phase and the involvement of experts, non-governmental and academic specialists in the implementation of the comprehensive economic, financial and banking reform program.
Views 159 Date Added 06/27/2021 https://economy-news.net/content.php?id=25487
Finance Minister: Government Support Will Focus On Productive Public Companies
Finance Minister Ali Abdul Amir Allawi while chairing the White Paper Projects Implementation Committee
Money and business Economy News – Baghdad The Minister of Finance, Ali Abdel Amir Allawi, announced that the committee to follow up on the implementation of the projects of the white paper discussed the study of government support for public companies and the focus of support towards productive companies.
And the Ministry of Finance said in a press statement received by "Economy News", "The Minister of Finance, Dr. Ali Abdul Amir Allawi, chaired a follow-up session on the implementation of the projects of the white paper, in the presence of the Prime Minister's advisor and Executive Director of the Economic Reform Committee, Mr. Alaa Al-Saadi, the Undersecretary of the Ministry, advisors to the Minister of Finance and a number of general managers."
She added, "During which, the implementation of the projects approved by the financial and economic reform plan, related to the axis of government expenditures, including the project to reduce the gap in the public budget deficit at safe levels, was followed up, in addition to discussing the public spending project and working towards directing it to enhance the investment side with positive returns for the benefit of the entire economy the National".
According to the statement, the meeting discussed the study of government support for public companies and the focus of support towards productive sectors and companies contributing to the gross domestic product.
On the other hand, the statement quoted Allawi as confirming, during the session, to continue efforts and work towards maximizing non-oil revenues and moving towards mitigating the financial expenses borne by the state budget as a result of the burdens of financial support for public companies with high rates, which cast a shadow of negative effects on the development and development other productive sectors.
Views 65 Date Added 06/27/2021 https://economy-news.net/content.php?id=25493
Adviser To The Prime Minister: The World's Highest Population Growth And Social Market Strategy Must Be Launched
Money and business Economy News _ Baghdad Adviser to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, on Sunday, put forward a proposal to implement a strategy he called (the social market) to provide a diversified economic system in its sources that turns Iraq into a productive force, while he expected the population of Iraq to reach 80 million in 2050.
Salih said in an interview with the agency. Iraqi News and Al-Eqtisadiah News continued, "The population curve in Iraq still indicates a high growth of no less than 2.6% annually, which is the highest in the world," pointing to "the current high national income, which is sourced from oil, which constitutes a direct proportion of about 45% of the population." The GDP has an impact rate of more than 80% in the components of the growth of that output.
He added, "This is through the impact of oil on the structure of government spending, whose revenues still constitute 93% of the total revenues of the general budget," adding: "In spite of this, the coexistence of two pension systems, one over the other, is a fragile and frightening relationship, and I mean that that There are more than 8 million Iraqis who receive salaries, pensions, grants, or social benefits from the state, which means that the majority of the Iraqi people receive income from oil revenues under the family support system.
He pointed out that "the system is based on the principle that (the recipients of government income in our country guarantee the livelihood of a family of 5), which indicates that the majority of the population receives government income directly or indirectly, and this is a form of social solidarity, and it is still somewhat reassuring until Nowadays".
He continued, "However, the increase in the country's population by one million people annually and the continuation of employment at low annual levels, will cumulatively affect the risks of disruption of production joints and the increase in unemployment among the youth, which is about 23% at the present time, and in a young nation in which youth constitute nearly 60% of the population."
He explained, "Regardless of the increasing problems of poverty due to the Corona pandemic, the closure of the global economy and the deterioration of oil prices in the past year, the system of salaries, government pensions and subsidies has formed a safety valve in maintaining the standard of living and facing social collapse within the current Iraqi dependency base."
He stressed, "In spite of this, there are two restrictions if the economy continues to depend on oil until 2050 without diversifying the sources of national income in it, the first: that the country's population will double and may reach nearly 80 million people, and the second: the world's progress towards the implementation of the Paris climate agreement. By making carbon emissions zero in 2050, which means the world will turn to alternative, renewable energy and the global demand for oil will fall.”
And he continued his speech, saying: "Therefore, keeping the situation as it is will lead to the fragility of the current support system itself or its thinning over time and the difficulty of extending it because the oil financial cover will not be sufficient theoretically and realistically to support 80 million people in light of the current government operation and disruption of the private sector."
He noted that "Iraq has only one strategy before it, which is to launch a social market system that is capable of developing the joints of the economy in manufacturing manufacturing, cash agriculture, tourism and service areas, and transforming Iraq into a diversified productive force, provided that oil revenues are directed between the years 2022-2032 to funds for financing private productive activity."
And providing a courageous law for security and social protection against forms of unemployment,” he concluded by saying: “Here a prosperous economic system that is diversified in its sources will be born that is not dependent on depleted unilateral wealth.” Views 246 Date Added 06/27/2021 https://economy-news.net/content.php?id=25484
Finance Minister: We are moving towards a policy of maximizing non-oil revenues to support budgets
Political | 04:31 - 27/06/2021 Finance Minister: We are moving towards a policy of maximizing non-oil revenues to support budgets https://www.mawazin.net/Details.aspx?jimare=158539
In Support Of Iraq's Needs, General Electric Unveils A Plan To Transform The Energy Sector
Economie| 11:16 - 27/06/2021 Baghdad - Mawazine News General Electric announced, on Sunday, the integrated energy sector transformation plan, which combines its comprehensive strategies to enable Iraq to foresee the future supported by cleaner energy sources.
"The plan includes a number of main pillars that support the Iraqi government's goals to develop infrastructure," said Abdul Rahman Khalidi, chief technology officer of GE Gas Energy in the Europe, Middle East and Africa region, during the activities of the Iraq Reconstruction Conference, which was held in the capital, Baghdad. to the energy sector in the country, and to enhance decarbonization efforts and diversify sources of power generation to end the electricity crisis.”
He added, "The company has constantly focused on supporting and developing the energy sector infrastructure in Iraq by using comprehensive solutions, starting from securing financing to advanced technologies."
He explained that "it is therefore of paramount importance today to stimulate efforts to shift towards cleaner energy systems that yield three main benefits for the country, starting from the use of diversified sources of energy to meet the growing demand, and fulfilling decarbonization commitments by exploiting the most efficient gas and clean energy resources, to laying the foundations for A stable architecture that delivers safe, reliable and cleaner energy for the future."
Khalidi pointed out that "these benefits formulate the ambitious strategy of the transformation plan for the energy sector in Iraq, and embody the most comprehensive approaches to the energy sector and cover all solutions that Iraq can benefit from."
And he indicated that "the plan lays out a strategic set of solutions and technologies designed in a special way and supports the endeavors to decarbonize the unique energy sector in Iraq, starting from high-efficiency gas turbines and world record-holders and modernization solutions to fast and flexible air derivatives, where the General Electric team can Which includes a selection of local and international experts, to transform decarbonization efforts into a tangible achievement in Iraq."
https://www.mawazin.net/Details.aspx?jimare=158486
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