Iraqi News Monday Afternoon 11-8-21
Iraqi News Monday Afternoon 11-8-21
TLM724 Administrator BondLady’s Corner
Iraq Paid Kuwait More Than $51 Billion In Compensation For The Second Gulf War
The appearance of Muhammad Salih
Money and business Economy News – Baghdad The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed on Monday that the remaining compensation from Kuwait is 600 million dollars, indicating that these compensations will end in the first quarter of 2022 .
Saleh said in an interview with Shafaq News Agency, which was reviewed by "Al-Iqtisad News", that "the rest of Kuwait's compensation is more than half a billion and up to 600 million dollars," noting that "compensation is deducted from oil, at an amount of 3% of the value of each barrel sourced from the original source." $52.4 billion imposed on Iraq ."
Saleh added; That "the file of compensation will be closed soon and within the limits of the first chapter of the next year 2022," noting that "the completion of these compensations will close any trace and belongings of Chapter VII imposed by the Security Council on Iraq 30 years ago because of the Kuwait war ."
Salih pointed out that "the completion of the compensation will bring to Iraq some of the money that was going as compensation to turn its annual flows for the benefit of the Iraqi economy and achieve a financial space of not less than 2 billion dollars annually according to oil prices to enhance the financial sustainability of the country ." Views 66 Date added 08/11/2021 https://economy-news.net/content.php?id=26733
Economic Reform And The Use Of United Nations Development Programs
Monday 08 November 2021 207 Baghdad: Mustafa Al-Hashemi Specialists in economic affairs see the possibility of achieving general stability in Iraq, as was achieved in countries that witnessed conflicts in the last two decades of the last century, and which are now witnessing good economic conditions,
through the implementation of reform programs with the help of United Nations development programmes, calling at the same time to speed up the approach. International bodies to request the necessary support to achieve a qualitative economic boom.
Economic researcher Khaled Hussein explained to Al-Sabah that {the beginning of achieving economic stability for Iraq will be by following the steps taken by the countries, and taking what suits the Iraqi situation from them, provided that the government asks the United Nations and its funds for reconstruction, and its large international institutions, to provide support directly to achieve stability, which will be fully reflected on the economic conditions of the country.
Troubled Countries
Hussein explained {the importance of benefiting from the experiences of a number of Asian, African and European countries that have witnessed unrest, conflicts and internal fighting, and quoting and applying those experiences in accordance with the current conditions of the country}, stressing {Iraq possesses the qualifications that enable it to face economic challenges, but suffers from a great weakness in dealing with With the management of its natural and human resources, which the countries of the world lack.
In turn, researcher Lubna Al-Shammari suggested that "the United Nations and international economic institutions have complete and ready programs to ensure the success of stability in any country in the world."
Official Request
Al-Shammari stressed that {these organizations will not initiate on their own without an official government request to take real and serious reform steps, which will achieve a great economic renaissance, and if requested by Iraq, it will be able to fulfill all its financial commitments and obligations, after achieving a qualitative economic boom.”
And she pointed out that {the weakness of the real will regarding the implementation of reform programs, in terms of activating the productive role of the private sector in all fields, for example, had a prominent role in the spread of unemployment, which prompted many young people to resort to destructive weapons, and to employ their energies in non-developmental areas. What has affected the reality of the process of construction and reconstruction of Iraq?
Stabilization
The economic academic d. Majid Al-Baydani pointed out that “the situation in Iraq necessitates expediting the approach of the United Nations, which has a large number of training programs, developing the capabilities of young people, and providing them with job opportunities as a first step on the way to achieving stability, through its office dedicated to project services in the fields of peacebuilding and development. and humanitarian projects around the world.
He stressed that "all these things cannot be achieved unless the visions of those in charge of the country's economic file are unified, as preparations to start the process of making stability successful must be completed in all administrative, technical and financial aspects, and coordinate the efforts of ministries in this direction, to achieve comprehensive economic development goals." That {all these efforts will lead to the integration of Iraq with the international economy}. LINK
Warnings Of The Rising Monthly Inflation Rate
Monday 08 November 2021 177 Baghdad: Haider Falih Al-Rubaie The economic expert, Manar Al-Obaidi, warned of the dangers of the "escalating monthly rate of inflation," stressing that the increase in its rates could double the size of economic problems, and lead to a rise in unemployment and poverty indicators.
The Ministry of Planning had announced, during a statement received by {Al-Sabah}, a decrease in the inflation rate during the month of September by (0.7%) compared to the previous month of August, while it confirmed that the annual inflation rate had increased by (7.3%) compared to the month of September of last year 2020.
The statement indicated that {Health, restaurants and hotels, recorded an increase of (2.0%), while the Department of Home Appliances and Maintenance recorded the same percentage increase due to the rise in the group of household appliances by (0.3%).
Serious Repercussions
Al-Obaidi explained, during a statement
For {Al-Sabah} that {the increase in inflation rates has great repercussions on the citizen, who is already suffering from high levels of unemployment and poverty rates, and therefore any increase in inflation will increase the poverty rates significantly}.
The economist believes, “The current problem is not limited to inflation rates, but rather to the rising monthly rate of inflation levels, which means that the government is unable to take measures that would reduce inflation rates, and it may lead to reaching dangerous stages in the future period,” he said. speaker.
Al-Obeidi pointed out that {the exchange rate change came with the aim of encouraging the Iraqi national industry and working to reduce unemployment levels through a set of economic reform packages, which were supposed to be presented, but we did not witness any real reforms, and therefore the decrease in the price of the dinar was directly reflected on the rates inflation}.
The expert, Al-Obaidi, stressed the need to expedite taking measures that reduce inflation levels, and work to restore the dinar exchange rate, as one of the steps to curb the rise in inflation rates in Iraq. LINK
Economic Ethics
Monday 08 November 2021 179 Mohamed Sharif Abu Maysam Among the virtues that nations seek in their formations and societal entanglements, and everyone calls for them - individuals and institutions - in light of all kinds of economic systems.
And necessarily in increasing the cohesion of individuals and groups, and in the efficiency of institutional and individual performance within the relationships and intertwining of the market and economic units, so that trust is the outcome of transactions and trades and an engine of microeconomics towards a macroeconomic that applies to it, what Adam Smith mentioned regarding what he called “the invisible hand” in his book “Wealth Nations}.
And the invisible hand is an expression intended to refer to the role of individuals in advancing the interest of society while they are in the process of achieving their personal interests, then this concept has expanded to include all activities and movements outside the contexts of economic approaches, which contribute to influencing market outcomes and activities, leading to influencing the overall scene, away from Virtues, and perhaps close to economic vices (so to speak), as wanted by Milton Friedman, who dressed the idea of the invisible hand in a liberal robe to impose the power of capital when he interpreted it as “opportunities for cooperation without coercion” and meant liberating capital from the constraints of laws, which try to reach relations The market has reached the level of virtue brought about by science Economy.
It is worth mentioning here that those concerned with ethics place virtue between two vices, as courage is placed between cowardice and recklessness, and rationalization between stinginess and waste so that this virtue is a model for moderation. for the virtues.
While the observer does not see any evidence of these virtues at the level of the global economy, which is monopolized by a group of people that does not exceed 1% of the total population of the earth, in a distribution of wealth that hardly knows morals, as it owns about 18 million people, out of a total of eight billion people. , Toward 80% of wealth.
On this basis, Mahathir Muhammad took caution when he tried to benefit from globalization, relying on the moral and legal system that he established in Malaysia, while the Brazilian President (Luis Lula Da Silva) tried to be careful, but he did not succeed while he was in the process of benefiting from globalization, and accordingly Brazil finds of the Group of Twenty but 30% of its people live under The poverty line, and from this point of view, we call for the creation of institutions concerned with economic virtues, while we are facing a complete transformation towards a liberal economy. LINK
https://alsabaah.iq/57616/%D8%A7%D9%84%D8%A7%D8%AE%D9%84%D8%A7%D9%82-%D8%A7%D9%84%D8%A7%D9%82%D8%AA%D8%B5%D8%A7%D8%AF%D9%8A%D8%A9
Dollar Exchange Rates In Local Markets
Economie| 10:46 - 08/11/2021 Baghdad - Mawazine News The exchange rates of the dollar witnessed, on Monday, stability in the local markets.
Where the selling prices of the dollar were recorded at 148,500 dinars per $100, while the purchase prices of the dollar were recorded at 148,000 dinars per $100.
And the Central Bank of Iraq decided earlier to adjust the exchange rate of the dollar against the Iraqi dinar, as the purchase price of the dollar from the Ministry of Finance amounted to 1450 dinars, and the price of selling it to banks was set at 1460 dinars per dollar, while the selling price to the citizen is 1470 dinars per dollar. / https://www.mawazin.net/Details.aspx?jimare=174125
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