"Tidbits From TNT" Wednesday Morning 4-19-2023

Apr 19

TNT:

Tishwash: Deputy: The government is serious about paying off all debts

Parliament member Jawad al-Bolani affirmed, on Wednesday, the government's seriousness in paying all debts owed by Iraq.

Al-Bolani said, "The payment of debts follows a legal and financial mechanism, and the Ministry of Finance, the Central Bank and the Iraqi government put it in the budget law and take into account the state's financial ability to pay off debts and loans."

He added, "At the level of Parliament and the political situation, the political forces are not interested in increasing borrowing, and the government is directly responsible for setting schedules and paying debts, short, medium and long-term, and according to the method of dealing with the Ministry of Finance in this file."

Bolani stressed that "the government is serious about paying all Iraqi debts," noting that "the expansion of borrowing is not in the interest of the country link

CandyKisses: Al-Sudani: Our financial situation is at its best and the Iraqi dinar is strong

The Prime Minister, Mohammed Shiaa Al-Sudani, pledged that the exchange rate of the US dollar will return to 1320 dinars, and that the financial situation in Iraq will be at its best.

It is noteworthy that Al-Sudani assumed the presidency of the current government, on October 27, 2022, according to a political agreement paper, which resulted from the "State Administration" coalition, and the age of his government was about 6 months.

Al-Sudani said, during an interview with a group of Iraqi television stations, followed by NRT Arabia, that "the tripartite budget means economic stability and the positive message of the private sector, and all international financial institutions advise that the private financial, social and economic situation of Iraq needs a medium-term budget."

He added that "maintaining the continuity of the ration card, the growing need for electricity stations fuel, and the entitlement to unpaid loans, led to the deficit and inflation in the budget, and there are many treatments for it."

Al-Sudani pointed out that "the provinces now have 8-9 trillion allocations in the food security law, and the disbursement did not exceed 10%, and in the budget there is 4.5 trillion between the petro dollars and the development of the regions, and it is with the projects of ministries that can cover the needs of the provinces during the rest of this year," distinguishing by saying: "We must overcome a situation where the budget is an opportunity to political blackmail or put the interests of this or that party, it is a budget for all Iraqis and is waiting for by the people and institutions."

the political agreement

On the political agreement paper, the Prime Minister said: "We respect the agreement that produced the State Administration Coalition, contributed to political stability and resulted in a political agreement with general principles voted by the House of Representatives, and it represents an incubator for this government."

Al-Sudani refuted that there are any differences in the state administration coalition, insofar as views regarding the budget or the principle of partnership, and partnership outside the scope of the constitution are unacceptable, he said.

He pointed out that "the total percentage of the allocations of the Kurdistan Region in the budget is still fixed, which is 12.67, and has not been changed," stressing that "the agreement on April 4 with the Kurdistan Regional Government is important, and regulates the relationship that the government contributed to regulating during the contents it put in the draft tripartite budget."

Al-Sudani said that "the loss of revenues of 475,000 barrels per day is a large number and damage will affect everyone," adding: "Within days we will go to the signing of contracts between SUMO and oil companies, and the Turkish side is notified of the resumption of exports from Kurdistan."

The Prime Minister reiterated that "the duty of the federal government to pay the salaries of employees, whether they are in the region or any province, and it is not honorable, and this is what the Council of Ministers is working on."

dollar and dinar

Regarding the exchange rate, Al-Sudani stated that "there is cooperation between the Kurdistan Regional Government and the Central Bank; so that it has branches in the region, for the purpose of providing foreign currency to traders present and working there, as well as citizens in accordance with controls and activities."

He pointed out that "all fluctuations in the dollar price were the result of the non-implementation of the agreement signed between the government and the Central Bank with the US Federal Reserve in the previous stage, and the duration of the agreement was two years, and ended on November 15, 2022, less than a month after the current government began its tasks."

“We decided to adhere to the standards of the global banking system, we started intensive procedures in the central bank, the government and the private sector, and we were interested in maintaining food prices,” he continued.

"Over time, the process of compliance with banking standards increased, all traders began to enter the electronic platform, and the government helped them obtain foreign currency at the official price instead of relying on illegal trade," Al-Sudani said.

He stressed that "the number of traders using the electronic platform is increasing, and the parallel price has begun to fall close to the official price of foreign currency, and will continue to decline," adding: "The Iraqi dinar is strong, and our financial situation is at its best."

Al-Sudani continued: We have confidence in our Iraqi currency, and our procedures are moving in the right direction, and in every cabinet session there is a decision or action towards economic reforms and improving the investment environment," stressing that "the exchange rate will return to 1320 dinars to one dollar."

https://www.nrttv.com/ar/detail3/11570

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Tishwash: Under the leadership of his governor, Ali Al-Alaq, the Central Bank of Iraq launches a new reform package

The Central Bank confirmed that the reform package is a major shift for the organized economy, while indicating that dealing in the Iraqi dinar will extend to the private sector.

"The government supported the reform package launched by the Central Bank," said the bank's advisor, Ihsan Shamran, in a statement to the official agency, noting that "there is great harmony between the financial authority and the government."

He added, "Countries whose legal systems are good have an excellent economy because they do not deal in dollars," noting, "Companies and government institutions have responded, including Iraqi Airways, by relying on the strength of the Iraqi dinar, regardless of the exchange rate."

He continued, "The public began to deal with the Iraqi dinar as a national currency," explaining that "

And he stated, "This is considered a real step and a big shift for the organized economy," explaining, "The real value of the dinar that exists now is more than one and a half dinars, because the bank's reserves are very high and therefore the national currency cover is high."

And he stated, "Iraq's economic interface is the central bank, which takes corrective steps, the most important of which is the platform that transformed foreign trade in Iraq into real trade, after the relationship between the dollar that exits the country and the commodities was disconnected between them," pointing out that "through the platform All these matters have been seized, including the dollar that is sold by the central bank to the bank and then to the public, and the public asks the bank to transfer it to the merchant who exports the commodity to Iraq. It has been seized and has become clear.

He pointed out, "Iraq and the Central Bank are in compliance with international concerns, including combating money laundering and financing terrorism," explaining that "we have exited the gray area and turned into a respected compliant country, and the Central Bank has now become an internationally recognized institution, as compliance is a feature of the ethical and legal features of work." . link