"Tidbits From TNT" Thursday Morning 4-8-2021
TNT:
Tishwash: After 18 years of change. The economy is liberating and leaving the war.
Economists, among other development transformations, which Iraq was able to achieve after 2003, stressed that the elimination of the "war economy" that hindered the lives of the Iraqi people and deteriorated their stability, a clear shift towards a market economy, openness to foreign investment, and an end to the unbridled inflation that led to the collapse of the value of the dinar, is the most important achievement that Iraq has been able to achieve.
In addition to many economic achievements, which have contributed to the high rates of sustainable development, and led to Iraq being an important investment kiss for many of the world's largest companies, but economists have diagnosed a number of points, which they stressed are still without real treatment, putting at the forefront of those points, increased unemployment rates, high poverty rates and population pressure, whose landscape is constantly complicated.
Removing the effects of wars
The Prime Minister's Financial Advisor, Dr. Mazher Mohammed Saleh, said during his speech to «Morning» that «the return of Iraq and its economic and financial integration with the global economy, and the removal of the effects of the economic embargo due to previous wars, including the exit of Iraq from Chapter VII of the Charter of the United Nations, all points that turned Iraq after 2003 from the economy of war to an economy of Peace."
Saleh, the Paris Club Agreement signed in November 2004 with the international financial community with its governments and financial institutions, is at the forefront of important economic events, in which Iraq was granted the privilege of writing off 80 percent of pre-1990 debt (cancelled or become law under cancellation) estimated at $100 billion out of a total debt of about 128 billion dollars Dollars."
Eliminating inflation
Ending the era of unbridled inflation, one of the important transformations of the Iraqi economy, as the prime minister's financial adviser says, stressing that «that inflation reached its annual averages by about 50 percent or more before 2003 to fall to a rate of only 6 percent at the end of the first decade of the current 21st century, which strengthened the standard of living of individuals through the stability of the purchasing power of the dinar The Iraqi."
"The annual per capita gdp increased from $750 per year before 2003 to nearly $6,000, an important achievement that contributed to the recovery of the economic situation," Saleh said.
For the individual.
He pointed out that salaries, pensions, government pensions and social welfare aid, which currently include nearly 8 million Iraqi citizens, are about seven times higher than their pre-2003 rates, and the number of beneficiaries has increased by about five times per segment.
Fiscal policy success
"The success of fiscal policy after 2003 in building the joints of stability and economic prosperity, as well as the success of this policy for the first time in the history of Iraq "according to the chancellor" in providing a rating of creditworthiness to Iraq, and since 2015 for the first time in the country's history
Financial.
Iraq has a good and stable credit rating at the current level of B."
Central and stability of the dinar
"The central bank's monetary policy succeeded in imposing stability on the Iraqi dinar at its internal and external value, and granted the freedom of external transfer of all legitimate operations, which serve the movement of trade and business in return for the ability to build reserves in foreign currency, whose balance is more than 30 times higher than before 2003, and is managed in a large secure investment portfolio," Saleh said.
For Iraq," he said.
Agricultural activity has also continued to be supported, according to the government adviser, particularly the grain production sector, where farmers are supported by prices, to encourage them and to enhance national food security, as cultivated land has doubled from 6 million dunums to more than 11 million dunums today thanks to this support, water control and marketing Regular.
The reality of the economy
"No one can deny that there has been a change in the reality of the Iraqi economy and the international outlook on Iraq, and a number of things have been achieved," said Raed Abdul Sattar, vice president of the Iraqi Federation of Industries.
The economy of families has seen a clear improvement, and this indicates the percentages of excessive consumption in many times," pointing out that "the ambition of the economic circles is greater than achieved, where Iraq can be a new economic tiger on the scene of the world economy, qualified for this place and seriously, because of its wealth and geographical location and effects of interest to most of the world's population but Most of them."
Industrial Sectors
He pointed out that "the change has happened but what is required is that the movements of work in Iraq be escalated benefiting the country and the economies of the region and the world, where there is a correlation between a global Iraqi achieving integration that is almost not achieved in other countries, pointing out the importance of moving towards correcting the paths that lead to the activation of the national economy, and help to start to develop the industrial and agricultural sectors, and address population pressure, unemployment and other problems."
Economic transformations
Member of the Baghdad Economic Forum Hadi Zubeidi said: «The economic arena after 2003 witnessed a wide spread towards the establishment of economic forums, aimed at contributing to the drawing of a road map for economic transformations, witnessed by the country highlights this phenomenon in the country in the most urgent need to develop the joints of south work Al-Watani.
He pointed out the imperative of active contribution in saving our economy from its challenges, and the most prominent of these blocs is to move away and not change concessions towards a particular specialty, but to work to activate the most important projects and the extent of their contribution to achieving quick returns and directing loans towards them, in order to contribute to reducing the dependence on imports that drain the currency."
Successful negotiations
Dr. Amr Hisham, academic, focused on "the importance of extinguishing the debt registered against Iraq to various international actors, and said: "As a result of the successful negotiations led by Iraq in extinguishing its foreign debt, he was able to reduce 30 percent of the debt of the Paris Club when the agreement was signed and a 30 percent reduction when signing with the International Monetary Fund on economic reform and a 20 percent reduction conditional on the submission of an IMF report supporting Iraq's creation with his obligations."
Iraq's Commitment
He added, "The debts of the Arab Gulf countries, although most of them are grants or loans without interest, but they demanded them, except for the United Arab Emirates, which has 100 percent debt, Iraq has committed as a indebted country to pay its foreign debts and succeeded, as the external debt department in the Ministry of Finance has followed up on the procedures for settling the commercial debt of the foreign sector, and the adoption of this sensitive file is one of the most important economic achievements that benefited the country after the events of political change For 2003. link
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Tishwash: Saleh approves the general budget
On Thursday, the President of the Republic, Barham Salih, ratified the federal fiscal budget law for the current year .
Saleh said that approval comes to secure the necessary needs of our people, and to finance the salaries of employees and retirees and the necessary government expenditures, in a way that achieves social justice for all regions of Iraq and all segments of society .
President Saleh stressed the need to adopt financial and economic reform and support the various economic sectors in a way that contributes to supporting the goals of development and progress, indicating that approving the budget is an important step towards meeting citizens' entitlements, and strengthening the role of the departments concerned with implementing the budget’s provisions and with concerted efforts by everyone to achieve what is hoped for in meeting the needs of Citizens and rebuilding the country, and taking maximum measures to support low-income classes, provide job opportunities for our youth, and continue the path of reform and combating corruption .
The approval of the President of the Republic came after the law reached the Presidency of the Republic from the House of Representatives after it was voted on in the House link
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Tishwash: The Worst Contraction Of The Kuwaiti Economy In 13 Years
The Kuwaiti economy recorded the worst economic downturn in nearly 13 years, under pressure from the Corona pandemic and low oil prices.
The National Bank of Kuwait (the country's largest bank) report showed that Kuwait's economy declined by 8 percent year on year in 2020, in the worst contraction since the global financial crisis in 2008.
According to the report, the economic downturn has affected the closure of companies, reducing employment levels and stopping projects.
The report pointed to mounting pressure on revenues amid a sharp drop in oil prices.
The report notes that government support policies to contain the repercussions of the pandemic, especially those directed at small and medium-sized companies, were limited, as they focused mainly on debt repayment.
The report said that growth prospects improved with most of the restrictions being lifted.
The report showed that "consumer sentiment is more optimistic, and pent-up demand contributed to boosting consumer spending, with a growth of 20 percent year on year in February."
The report suggested that the non-oil sector in Kuwait will recover by 4 percent in 2021, and then by about 2.5 percent during the next year.
According to the report, the double shock caused by the Corona outbreak and the decline in oil prices led to the sixth record fiscal deficit of 8.9 billion dinars ($ 32 billion) during the last fiscal year.
He added that financing the deficit and achieving financial sustainability has become more urgent than ever, due to the near depletion of the assets of the General Reserve Fund, and the lack of access to the assets of the Future Generations Fund or the sovereign wealth fund.
Oil is the main source of more than 90 percent of government revenue in the country.
In 2008, the world witnessed the worst financial crisis, sparked by the collapse of the mortgage sector in the United States, and it spread to the rest of the world. link
Harambe: Bloomberg: U.S., Vietnam to Mutually Resolve Currency Issue, Says U.S. Envoy
(4/7/21)
The U.S and Vietnam will work through differences over the Southeast Asian country’s currency and timber practices, U.S. Ambassador to Vietnam Daniel J. Kritenbrink said during a Hanoi briefing. The two nations are managing their differences “in a responsible way” and have common views on the South China Sea, he said.
Vietnam’s currency had become a target in the Trump administration even as the former enemies continued to become closer to counter China’s rising military and economic might in the region. The U.S. has refrained from hitting Vietnam with punitive tariffs even after the U.S. Treasury designated the Hanoi government as a currency manipulator and the U.S. Trade Representative labeled Vietnam’s currency actions unreasonable and restrictive to American businesses.
The U.S. has also expressed concerns about alleged illegal timber practices. The U.S. opposes the actions of other countries in the region, particularly China, whose intentions appear to be set on “intimidating, provoking and threatening other countries,” he said.
“I am confident that progress in our relationship will continue under the Biden administration,” he said. President Joe Biden has reiterated that it’s in the national interest of the U.S. to support a “strong and independent Vietnam,” Kritenbrink added.
Kritenbrink, ambassador since 2017, has been nominated by Biden to be assistant secretary of state for East Asian and Pacific affairs.
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