KTFA:

Samson:  Russia announces the start of paying its foreign debt in rubles instead of dollars

25th May, 2022

Russia announced on Wednesday that it will start paying its foreign debt in rubles, after the United States suspended an exemption allowing Moscow to make payments in dollars

"While the refusal to extend this license makes it impossible to continue servicing the government's external debt in US dollars, the payments will be made in Russian currency, with the possibility of later converting it to the base currency," the Russian Finance Ministry said in a statement

The statement indicated that "the Ministry of Finance, as a responsible borrower, confirms its will to continue paying all its financial obligations

And she added, "There is nothing in common between the current situation and that which existed in 1998, when Russia did not have enough funds to pay its debts," noting that "today we have the money, and the will to pay as well

He stressed that "this situation, which was created by an unfriendly country, will not have an impact on the lives of Russians   LINK

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Samson:  Government Adviser for Economic Affairs: Budget delay is better than its absence

24th May, 2022

Adviser to the Prime Minister for Economic Affairs, Mazhar Muhammad Salih, confirmed, on Tuesday, that preserving the country's financial revenues is by approving the budget, even if its approval is delayed.

Saleh said in an exclusive interview with Mawazine News Agency, that even if the budget is not approved and the exchange continues from 12/1, the financial revenues that enter the country are preserved and all financial matters are recorded in it, until the approval of the budget or the end of the year without it.

He added that those records are used for auditing and oversight purposes, and we believe that approving the budget law late is much better than not having it.   LINK

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Samson:  :  The Governor of the Central Bank of Iraq confirms the banking sector's support for economic development

25th May, 2022

His Excellency the Governor of the Central Bank of Iraq, Mr. Mustafa Ghaleb Mokhif, affirmed the Central Bank’s commitment to support and develop the Iraqi banking sector to expand financing for economic development, develop the electronic payments system, and increase the level of financial inclusion.

During his speech at the Conference on Sustaining Economic Growth, organized by the Iraqi-British Business Council in the British capital, London, on Tuesday, His Excellency stressed the steadfastness of the banking sector in the face of great challenges, as most of the banking sector indicators witnessed, and still are, positive growth during the year 2021.

His Excellency pointed out that the initiatives of the Central Bank supported the economic recovery and contributed to ensuring a reasonable level of employment in the complex conditions that the country went through, adding: We continue to support efforts to confront climate changes with other government institutions, as the Central Bank allocated an initiative of one trillion dinars to finance the purchase of clean energy systems.

It is noteworthy that the conference witnessed the participation of a number of government officials, private banks and the Iraqi and British private sectors, and discussed the investment files and the white paper prepared by the government as a plan for the advancement of the Iraqi economy.

 Central Bank of Iraq
Media Office
25 May 2022   LINK

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Samson:  The Governor of the Central Bank of Iraq meets the Governor of the Bank of England

25th May, 2022

On Tuesday, 24 May 2022, the Governor of the Central Bank of Iraq, Mustafa Ghaleb Mokhief, met the Governor of the Bank of England during his visit to London to participate in the Conference on Sustaining Economic Growth, which was held by the Iraq British Business Council.

The two sides stressed the importance of central banks and monetary policy in facing economic challenges, ensuring macroeconomic stability and supporting economic growth.

The Governor of the Bank of England welcomed the training of the Central Bank of Iraq's staff in various fields. And the importance of developing banking relations between the two countries.

Central Bank of Iraq
Media Office
May 24, 2022    LINK

Samson : Investing in the rise in oil prices to strengthen the resilience of the economy

24th May, 2022

The economy is recovering well in light of high oil prices and this year GDP is expected to reach its pre-pandemic level.

Mitigating the impact of high food prices on the most vulnerable is the most urgent priority.

It is important to exploit the current favorable conditions in the oil market to accelerate structural reforms and support socio-economic priorities to enhance the resilience of the Iraqi economy in the medium term.

An International Monetary Fund mission headed by Tokher Mirzoev visited Amman - Jordan from 14-18 May 2022 to discuss with the Iraqi authorities the latest economic developments, the impact of global events on the economic outlook and the country's policy priorities. At the end of the mission, Mr. Mirzoev issued the following statement:

“The economic recovery is going well. Thanks to a resurgence in economic activity, a more expansive fiscal position, and central bank stimulus measures, real non-oil GDP has rebounded by an estimated 20 percent in 2021 and is poised to expand by about 5 percent this year.

Oil production is expected to reach its pre-pandemic level and achieve an overall real GDP growth of up to 10 percent in 2022. The war in Ukraine affects Iraq mainly through its impact on global commodity prices.

In 2022, skyrocketing oil revenues will be more than enough to offset the rise in food and energy import bills. As a result, fiscal and current account balances are expected to generate double-digit savings as a percentage of GDP. However, overall inflation is expected to rise to 6.9 percent compared to 6 percent last year, driven in part by higher food prices, which negatively affect the poorest.

“Accordingly, mitigating the impact of high food prices on the most vulnerable groups is the most urgent priority. Since the public fiscal policy is stalled due to the absence of the 2022 budget, which limits fiscal expenditures at the level of last year, it will be necessary to enhance the efficiency of spending, and to continue close monitoring of Public sector appointments, and reprioritizing expenditures within budget ceilings to enable targeted cash transfers to be enhanced to vulnerable groups and contain the impact of poverty on the rising cost of living.

“In an environment of high oil prices against a backdrop of rising global risks and uncertainty, the focus of macroeconomic policies must shift towards consolidating economic stability and enhancing the resilience of the Iraqi economy in the long term. In the short term, maintaining fiscal discipline and reducing bank support the central bank to lend to the real estate sector will help avoid inflationary pressures.

Despite the high volume of reconstruction needs and other investments, the limited absorptive capacity in the near term, in addition to the public finances’ vulnerability to risks resulting from fluctuating oil prices and the challenges of global energy transformations, all require building financial reserves for the future by saving a percentage of oil revenues in a wealth fund. Sovereign is carefully designed.

The current favorable oil market conditions also provide an opportunity to expedite the structural reforms envisaged by the authorities in the "white paper". 

Enhancing the quality of public services and creating fiscal space for investment needs and urgent social protection networks requires civil service reform, easing inefficient energy subsidies, diversifying fiscal revenues, and strengthening governance.

Electricity sector reform is necessary to reduce fiscal costs and enable private sector productivity. Improving coverage and targeting social assistance to those who are entitled to it will help improve protection for the most vulnerable groups. Strengthening the governance of state-owned banks and completing their audits and restructuring them will facilitate private sector access to finance and job creation.

“The mission welcomes the authorities’ growing interest in the challenges of climate change and Iraq’s launch last year of Iraq’s Nationally Determined Contributions document on climate change. In the coming months, the mission is encouraged to prioritize the preparation of national plans for climate change adaptation and mitigation and the development of green finance in addition to the full integration of relevant priorities Climate relevance within the framework of macroeconomic policy, and the International Monetary Fund stands ready to support Iraq in these endeavours.

"The IMF team of experts would like to thank the Iraqi authorities for the frank and fruitful discussions they held with it throughout the duration of the mission and looks forward to continuing close cooperation with Iraq in the coming period."  LINK

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Samson:  The Iraqi Revolution Against The Corrupt Regime Is Inevitably Coming

25th May, 2022  by Dr. Sami Al-Sayed Ajla Al-Moussawi

When groups of gangs, agents, traitors, thieves and losers dominate the necks of people, injustice, poverty, ignorance, backwardness, unemployment, illiteracy, and crushing all aspects of life arise.

And when agents and traitors rule, homelands are sold, people are neglected, people's dignity is robbed, and the enemy becomes a friend and the friend is an enemy, and all scales are reversed. 

And when the ignorant rule, their likes are installed in all the joints of the state, the competent are expelled, the society is torn apart on sectarian, ethnic and sectarian grounds, and the ignorant people are directed to more ignorance and backwardness, which spreads disease, humiliation, inferiority, corruption and lack of dignity.

 After that, the people are drugged on the principle of divide and rule, but that will not last, so after the oppressors are safe for the oppressed to rise and awaken, and everything in this life has a limit that can not last with injustice, abuse and deviation.

The day when the corrupt junta in Iraq will be vanished is near, and the reason is that these corrupt tyrants and agents persist and make them public about what they are doing.

After that, enough will be enough and the people will revolt, and no one can stop them except with the demise of the junta of injustice, corruption, thefts and murder. 

After that, none of them will be safe, because the people will take revenge from them wherever they go, and the stolen money will be returned, and all those who stood with them will be held accountable for their tails and their panting behind bones and crumbs.

And they denied it and believed in it unjustly and loftyly, so see what was the end of the corrupters. LINK