"Tidbits From TNT" Monday AM 8-9-2021

TNT:

Tishwash:  Al-Rafidain Center for Dialogue, in cooperation with the Association of Banks, organizes a symposium to qualify the leaders of digital transformation in Iraq

Rafidain Center for Dialogue organized, in cooperation with the Association of Iraqi Private Banks, in Najaf Governorate, a symposium "Qualifying the Leaders of Digital Transformation in Iraq", in the presence of a number of elites and specialists. 

During the symposium, the advisor of the Association of Private Banks, Sherwan Anwar Mustafa, gave his speech, which focused on the measures taken by the Central Bank and the government towards the transition to electronic payment, which will contribute to facilitating the business environment and removing the existing complications. 

Mustafa confirmed that the Central Bank launched an initiative called Tamweel to support young people and all those wishing to establish projects, through soft loans and very appropriate interest rates. 

The scientific assistant to the President of the University of Kufa, a number of specialists at the university, as well as the scientific assistant of the School of Gifted Students in Najaf, and representatives of the Najaf Chamber of Commerce and Industry attended the discussion. 

Youssef Al-Awsi, coordinator of the project to qualify digital transformation leaders in Iraq, presented the most prominent stages that he achieved, and one of the distinguished paragraphs was the participation of the young talented student Haura Salam Bayan (14), who was reported by the media about her obtaining and participating in the Digital Transformation Leaders Qualification Program, with up to 1200 participants. From the damage levels, including university students, in approximately 7,500 courses in various disciplines, and the equivalent of approximately 11,000 training hours   link

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Tishwash:  Tohme: We reject the government's approach to borrowing from the International Monetary Fund and warn of its severe damage

The head of the National Nahj bloc, Ammar Tohme, confirmed today, Sunday, his rejection of the government's approach to borrowing from the International Monetary Fund, while warning of its severe damage to the country.

Tohme said in a statement, "We reject the government's tendency to borrow four billion dollars from the International Monetary Fund, especially since the Minister of Finance announced that he did not expect to obtain the loan until the end of this year, and the set of data below shows the error and harm of this approach:-

1. The total revenues in excess of what is fixed for the selling price of Iraqi oil in the budget amounted to more than (7,7) billion dollars during the first six months of the current year, which is more than the amount of borrowing assumed by (3.7) billion dollars.

2. The association of such loans with harsh conditions shackles the Iraqi economy and restricts its programs to result in steps that are harmful to the general Iraqi citizens and subject the economic decision to a strange and incompatible approach with the Iraqi situation, such as raising the dollar exchange rate.

3. The serious approach to collecting non-oil federal revenues from its many sources (ports, mobile phone companies alone) will provide four times the amount that is supposed to be borrowed.

4. The pressure of unnecessary government expenditures, which are hidden in general and vague headings, weakening the control over their detection and monitoring.

5. Correcting the contracts of the Ministry of Electricity with investors who represent economic fronts for influential political parties will save several trillion dinars annually.

6. Taking courageous national decisions on the issue of oil licensing rounds, whose annual cost averages 15 trillion dinars, as well as the issue of contracts in the Kurdistan region with foreign and unfair companies against Iraq and its economy.

 With the same justifications above, we reject what the Minister also announced that the government, in cooperation with the Central Bank of Iraq, will issue government bonds amounting to (1,5) trillion dinars, equivalent to approximately (1) billion dollars   link

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Tishwash:  Economist: The external borrowing process is a "negative door" that affects the Iraqi economy and its performance level

The economic expert, Raad Twij, stressed the need to reduce the external borrowing process and close this negative door that could affect the Iraqi economy and its performance level, and to adopt issues of sustainable development and financial sustainability.

Twig said in a statement to the National Iraqi News Agency ( NINA ): "One of the advanced steps after preparing different budgets since 2003 is that the Ministry of Finance made exceptional efforts to prepare budgets for the coming years, because this will put Iraqi financial resources under control and the possibility of evaluating performance and the extent of implementation of public budgets between different years. in the course of subsequent and prior years.

He added: "The preparation of future budgets sets goals for those budgets that are closer to the tracks of the national development plans," stressing the need to reduce the external borrowing process and close this negative door that could affect the Iraqi economy and its performance level and to adopt issues of sustainable development and financial sustainability, that is, to establish a budget that is It has the effect of financing the subsequent budget and avoiding inflated budgets, which may establish significant deviations from the real budget with the expected budget, which may wash away this pioneering experiment.”   link

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