"Tidbits From TNT" Sunday Morning 3-21-2021

Mar 21

TNT:

Tishwash: Economic expert for: Iraq will achieve a large financial surplus this year

Economic expert Nabil Al-Marsoumi confirmed that: Iraq will achieve a large financial surplus this year.

He told the Iraqi National News Agency ( NINA ) that Iraq will achieve a large financial surplus in 2021, not only because of high oil prices, but also because of the delay in approving the budget.

Al-Marsoumi added that: the delay in approving the budget will lead to the inability to spend most of the investment allocations to the ministries and provinces and some allocations for operational expenditures.

The Presidency of the House of Representatives decided today to postpone the vote on the draft budget law until next Saturday at one o'clock in the afternoon, in view of the continuing discussions on the draft budget law, and to give the opportunity to the relevant committees for further review and scrutiny. link

Tishwash: Deputy: We will not vote on approving the budget except in the case of returning the previous dollar exchange rate

MP Wafa Al-Shammari announced today, Sunday, not to vote on approving the budget, except in the case of returning the exchange rate of the dollar to the previous one and including the rights of all lecturers and procedures for the two days.

Al-Shammari confirmed in a statement that "Al-Nour News" received a copy of it that "the only victim is the simple citizen, and keeping the exchange rate except for what it is will cause a large poverty rate in the next stage."

The House of Representatives postponed its budget session to next Saturday, March 27, after sterile discussions between parliamentary blocs. link

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Tishwash: Representative economic: Reducing the price of the dollar does not need to dismantle the budget

Member of the Parliamentary Economic and Investment Committee, Mazen Al-Faily, confirmed, on Sunday, that reducing the price of the dollar does not need to dismantle the budget, indicating that the measures are a sport that needs political understanding.

"The talk about reducing the dollar's price is serious and cannot be undone, and it is supported by many political blocs, and if it is not implemented, the political blocs will boycott the sessions," Faily said in a statement to / the information.

He added, "The current price of the dollar has hurt the simple citizen and raised the prices of goods significantly, as it can be reduced mathematically by raising the speculative price of oil in the budget and setting the dollar price at about 1250 per dollar at the very least."

"The budget does not need to be dismantled, but rather it needs to reduce the deficit and raise additional items in the budget, most notably the pressure of government expenditures significantly." link

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Tishwash: International banks and prospects for Iraqi banking advancement

The strengthening of the Iraqi banking system's cooperation with major international financial institutions indicates that the direction of the Iraqi financial sector is moving in line with the trends International.

"The financial management patterns in Iraq have clearly improved, and the success of the financial sector can be diagnosed through joint cooperation between international financial organizations and major international banks," said Mahmoud Dagher, a financial sector expert and former director general of operations at the Central Bank of Iraq.

International borrowing

"International borrowing must be directed towards productive and investment strategic projects that will bring sustainable benefit to the local economy, especially since Iraq is a rich country that can achieve rapid economic recovery when the right atmosphere is in place," Dagher said.

Best Products

He stressed that the plans to develop financial performance represent the direction of the banking system in the country, as the competition is stronger among all banks in order to provide the best products that attract the customer, and this is a health condition that enhances the reality of local banks and the financial sector.

Expansion plans

On the other hand, financial expert Mohamed Jaber said that "the banking system cannot operate without ambitious horizontal expansion plans that bring benefit and to the largest segment of customers, so our goal is to have branches of banks in all provinces commensurate with the international standards that require a bank for every 10,000 people."

Investment and finance

Pointing out the importance of creating an environment that prepares the orientation of the banking system to enter the fields of investment and financing for projects after being studied economically accurately by specialized committees and then adopting the appropriate decision for this matter, as it is necessary to develop banking products, which must represent the most attention of all banks without exception. link

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