Thursday Evening Iraq News 4-21-22
Thursday Evening Iraq News 4-21-22
Central Bank: Half Of The Banks In Iraq Are Within The Excellent Level
Tuesday, 19 April 2022 10:22 PM Today, Tuesday, Deputy Governor of the Central Bank, Ihsan Al-Yasiri, confirmed that there are more than 70 banks, only 7 of which are governmental.
Al-Yasiri said, in a televised program affiliated with the National News Center, that "the government banking sector used to account for 85% of the deposits of institutions and the public, and that there are more than 70 banks, only 7 of which are governmental, and only half of them can be classified within the excellent level." He added, "One of the functions of the Central Bank is to monitor the banking sector."
The Central Bank Reveals The Amount Of Money In Circulation: 80% Of It Is Hoarded In Homes For One Reason
2022.04.20 - 01:12 [size=18]Baghdad - people The Central Bank of Iraq revealed, on Wednesday, the volume of circulating funds, while indicating that 80% are stocked in homes due to the lack of high confidence in the citizen towards banks.
Ihsan Al-Yasiri, Deputy Governor of the Central Bank, said in an interview with our colleague Karim Hammadi, followed by “Nass” (April 20, 2022): “We have 76 trillion dinars as a source of circulation, 20% of which are deposited in banks, and 80% of them are hoarded homes, and this is a deprivation for society.” .
He added, "Hoarding money in homes, which is behind the mistrust of some citizens in banks, regardless of whether they are private or governmental, is a high risk, as these funds may be exposed to damage, burning or theft."
And he stated, "The Central Bank has set strict standards to control the behavior of banks and we are witnessing a development in performance, knowing that the banks' control has 3 tracks, the first is improving performance, merging the bank, or withdrawing the bank's license if the reluctance continues."
He said, "The government system acquires 85 deposits and the public," noting that "after 2003, we have a large number of banks, some of which are private, which are excellent and have reached stages in digitization and the digital economy."
He added, "We have supervision and an attempt to push some banks to be good and rise to the required level, as we focused on controlling the banks' behavior."
He continued, "We have 70 private banks, more than half of the number are excellent, while the government has seven banks, namely: Al-Rasheed, Al-Iraqi Trade, Al-Rafidain, Al-Nahrain Bank, which is a model for Islamic banking, and the Housing Fund, while the Industrial Bank is doing well."
Al-Yasiri stressed that “the enforcement of the law for loans confirms the existence of a guarantee for any dinar that is loaned, and the one who does not have an income from a fixed source must provide a guarantor - the cost of lending is very high, and when there is an interest of 8% on the loan, it is considered very expensive, but if the limits of risks are increased, the risks may be increased.” interest rate increases.
He pointed out that "the Rafidain Bank granted loans to large institutions, and there is a loss of up to 6 trillion dinars in these loans due to the pressures of increasing the interest rate, but part of the risks of non-payment are avoided through them." https://www.nasnews.com/view.php?cat=84185
Minister Of Finance: The International Community Supports Iraq By Implementing The White Paper, And We Do Not Need Financial Support
Economie| 08:04 - 21/04/2022 Baghdad - Mawazine News , Minister of Finance Ali Abdul-Amir Allawi confirmed, on Thursday, Iraq's aspiration for a supportive international role in the implementation of programs, including the White Paper, and while stressing that the country is not in dire need of financial support at the present time, he announced the government's aspiration to expand the tripartite cooperation with Egypt And Jordan for the stage of the common market and other programs.
Allawi said in his speech on the sidelines of the spring meetings of the Bank and the International Monetary Fund in Washington, that "the main purpose of his visit to Washington and participation in meetings with an integrated team from the Ministry of Finance and major banks is to strengthen and deepen our relationship with international agencies."
He added, "The team is in talks with the US Treasury, as there are some important and outstanding issues that are not related to US financial support, because fortunately we do not urgently need financial support now, but we need more technical assistance and moral support for our reform program, which has been completed." Include it in what we call the white paper.”
He added, "I do not expect to conclude any major economic agreements with the United States, because we have the Strategic Framework Agreement and we are satisfied with it and we welcome the continuation of American support for the economic development of Iraq, but the focus now is more on what we can call programs and plans instead of money."
He continued, "What we need, is a revolution in our financial management, in our understanding of the strategic issues, and the economic issues facing the country," adding, "We have missed many opportunities that would have pulled the country out of its poor economic performance and Iraq probably missed the equivalent of 50 years of progress." economic".
He stressed, "We are stuck in inherited problems that must be addressed, almost all of which are related to institutions," noting that benefiting from the country's resources and its strategic location necessitates planning to re-engineer the economy to take us beyond the oil era, as there are major issues and challenges facing us and facing the next government and who will be responsible on the economic team.
On the white paper, Allawi stressed that “the year 2020 represented the most difficult economic period we have gone through, and since 2003 we have gone through a moribund period that enabled us to see the future in which oil prices will collapse and global demand will decline, so the year 2020 was a glimpse of what could happen, and it was a very dangerous moment, And one of the factors that led us to look at the structural issues affecting the Iraqi economy.”
He continued, "The white paper can be reduced to its essence as (a strategic program to reform the governmental public sector), and the reason that led me to believe that the public sector needs reform is that the country is dominated by inherited issues that have imposed on the state certain structures, including an economy controlled by the state, which Despite all the rhetoric over the past 20 years, it has not succeeded in developing the private sector and the transition to a free economy, so we needed to address this problem."
And he indicated, "We need a public sector that will create a favorable environment that revives the private sector," stressing that "there is a whole series of reforms with regard to government procedures, policies, strategies and laws that needed a fundamental change, and we have counted 600 reform points, which must be implemented over five years." Years".
He noted that, “In 2020, as I said, when we experienced near-death experiences, government expenditures would have required $70 worth of oil if we adhered to the sales ratio allowed by OPEC of 2.8 million barrels per day, and the price of a barrel fell much lower and we did Selling a shipment of oil for only $9, so you can imagine the pressure on public finances."
He stressed that "public finance is very important because it is the main component of the economy that supports GDP instead of entering into international loans that put Iraq at the mercy of international agencies, and here we decided to confront the matter and design a program in a specific period of time, to eventually produce a radically part of a series of government proposals.
The White Paper was approved as a whole package and became a government policy. Then it received strong parliamentary support from all the major political forces and the various Finance and Economic Committee supported the White Paper, so it became a government policy," explaining that "In 2021, we started the process of actually implementing the recommendations of the White different public sector; A new strategic vision for the country.
And he added, "This is Paper and established a unit attached to the Prime Minister’s Office, and it is now equipped with a full cadre so that this unit has its own representatives in all the main ministries that will supervise the implementation process.”
He added, "What we need to do now is to ensure that the momentum continues and the support of the international community continues, and we need significant technical assistance in the form of specialists who are ready to commit, and we don't want to hand the task over to consultants who come temporarily for a few weeks or months. International Contact Group to provide a support base of technical experts.
On the tripartite relations between Iraq, Egypt and Jordan, Allawi stressed that "the relations focus primarily on the political file, and economic exchange may have a lesser role at the present time, and there is still talk of a common market or an attempt to establish a common market in its initial stages."
The Finance Minister continued,
And he indicated, "We are waiting for the formation of the new government and intend to produce a working paper that will define the pros and cons of this particular type of market, free trade zone or common market, but I think that Iraq must decide at some point what type of larger and broader economic framework should be put in place." https://www.mawazin.net/Details.aspx?jimare=190865
Minister Of Finance: The International Community Supports Iraq By Implementing The White Paper, And We Do Not Need Financial Support
Economie| 08:04 - 21/04/2022 Baghdad - Mawazine News, Minister of Finance Ali Abdul-Amir Allawi confirmed, on Thursday, Iraq's aspiration for a supportive international role in the implementation of programs, including the White Paper, and while stressing that the country is not in dire need of financial support at the present time, he announced the government's aspiration to expand the tripartite cooperation with Egypt And Jordan for the stage of the common market and other programs.
Allawi said in his speech on the sidelines of the spring meetings of the Bank and the International Monetary Fund in Washington, that "the main purpose of his visit to Washington and participation in meetings with an integrated team from the Ministry of Finance and major banks is to strengthen and deepen our relationship with international agencies."
He added, "The team is in talks with the US Treasury, as there are some important and outstanding issues that are not related to US financial support, because fortunately we do not urgently need financial support now, but we need more technical assistance and moral support for our reform program, which has been completed." Include it in what we call the white paper.”
He added, "I do not expect to conclude any major economic agreements with the United States, because we have the Strategic Framework Agreement and we are satisfied with it and we welcome the continuation of American support for the economic development of Iraq, but the focus now is more on what we can call programs and plans instead of money."
He continued, "What we need, is a revolution in our financial management, in our understanding of the strategic issues, and the economic issues facing the country," adding, "We have missed many opportunities that would have pulled the country out of its poor economic performance and Iraq probably missed the equivalent of 50 years of progress." economic".
He stressed, "We are stuck in inherited problems that must be addressed, almost all of which are related to institutions," noting that benefiting from the country's resources and its strategic location necessitates planning to re-engineer the economy to take us beyond the oil era, as there are major issues and challenges facing us and facing the next government and who will be responsible on the economic team.
On the white paper, Allawi stressed that “the year 2020 represented the most difficult economic period we have gone through, and since 2003 we have gone through a moribund period that enabled us to see the future in which oil prices will collapse and global demand will decline, so the year 2020 was a glimpse of what could happen, and it was a very dangerous moment, And one of the factors that led us to look at the structural issues affecting the Iraqi economy.”
He continued, "The white paper can be reduced to its essence as (a strategic program to reform the governmental public sector), and the reason that led me to believe that the public sector needs reform is that the country is dominated by inherited issues that have imposed on the state certain structures, including an economy controlled by the state, which Despite all the rhetoric over the past 20 years, it has not succeeded in developing the private sector and the transition to a free economy, so we needed to address this problem."
And he indicated, "We need a public sector that will create a favorable environment that revives the private sector," stressing that "there is a whole series of reforms with regard to government procedures, policies, strategies and laws that needed a fundamental change, and we have counted 600 reform points, which must be implemented over five years." Years".
He noted that, “In 2020, as I said, when we experienced near-death experiences, government expenditures would have required $70 worth of oil if we adhered to the sales ratio allowed by OPEC of 2.8 million barrels per day, and the price of a barrel fell much lower and we did Selling a shipment of oil for only $9, so you can imagine the pressure on public finances."
He stressed that "public finance is very important because it is the main component of the economy that supports GDP instead of entering into international loans that put Iraq at the mercy of international agencies, and here we decided to confront the matter and design a program in a specific period of time, to eventually produce a radically different public sector; A new strategic vision for the country.
And he added, "This is part of a series of government proposals. The White Paper was approved as a whole package and became a government policy. Then it received strong parliamentary support from all the major political forces and the various Finance and Economic Committee supported the White Paper, so it became a government policy," explaining that "In 2021, we started the process of actually implementing the recommendations of the White Paper and established a unit attached to the Prime Minister’s Office, and it is now equipped with a full cadre so that this unit has its own representatives in all the main ministries that will supervise the implementation process.”
He added, "What we need to do now is to ensure that the momentum continues and the support of the international community continues, and we need significant technical assistance in the form of specialists who are ready to commit, and we don't want to hand the task over to consultants who come temporarily for a few weeks or months. International Contact Group to provide a support base of technical experts.
On the tripartite relations between Iraq, Egypt and Jordan, Allawi stressed that "the relations focus primarily on the political file, and economic exchange may have a lesser role at the present time, and there is still talk of a common market or an attempt to establish a common market in its initial stages."
The Finance Minister continued,
And he indicated, "We are waiting for the formation of the new government and intend to produce a working paper that will define the pros and cons of this particular type of market, free trade zone or common market, but I think that Iraq must decide at some point what type of larger and broader economic framework should be put in place." https://www.mawazin.net/Details.aspx?jimare=190865
A Parliamentary Proposal To End The Political Stalemate.. The Two Presidency And The Ministers Are Independent
political| 09:51 - 21/04/2022 Baghdad - Mawazine News Today, Thursday, independent MP Adnan Al-Jabri identified 3 main points that prevent the completion of the process of naming parliamentary committees, while stressing that the independent representatives submitted a proposal to end the political blockage, which requires naming independents for the presidency and the ministers.
Al-Jabri said, "The formation of parliamentary committees is carried out according to the principle of distributing their chairs among the blocs that won the elections, and what delays their completion is 3 basic points."
He added, "The first point is the delay in forming the new government and its form, because the presidency of the committees corresponds to naming ministers. If the ministry is for a specific political party, it will be matched by the designation of the presidency of the committee associated with the same work on the other hand, in order to activate the oversight role of Parliament over this ministry."
He added, "The second point is the differences between the political blocs and the lack of understandings for naming the heads of the parliamentary committees, while the current political blockage that opposes the nomination of the President of the Republic and the prime minister represents the third point."
He stressed that "the independent representatives also want to be an active party in the parliamentary committees with the aim of oversight, and this does not mean that all the independents will be in the opposition, but rather there are independents participating in the government formation dialogues."
Al-Jabri stressed that the file of forming committees and naming their chairs should not paralyze the supervisory and parliamentary work and disrupt the legislation of laws, especially since the failure to form a government and the delay in passing the budget disrupts the urgent files that the Iraqi people are waiting for.
Regarding the current proposals to end the political blockage, Al-Jabri explained that "the independent representatives put forward ideas and proposals by naming independent figures for the presidency and the ministers to end the current situation, and we believe that going this way will allow for a successful and stable government in its work that enjoys the support of Parliament." Ended 29 / p. 87