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Found 3 results

  1. Diversification of revenues addresses economic imbalances Saturday 26 March 2022 77 https://alsabaah-iq.translate.goog/62353/تنويع-الايرادات-ي-عالج-الاختلالات-الاقتصادي-ة?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en Baghdad: Mustafa Al-Hashemi The budget plays an important role in shaping Iraq’s economic policy, especially if it supports the diversification of income sources from non-oil revenues, as it is indicated that the secret of the success of any project is mainly related to financial financing, and that any success of financial vitality can only be achieved through political and security stability, At a time, the Ministry of Finance adhered to its position regarding adjusting the exchange rate and returning it to what it was by 120,000 dinars per $100, as any exchange rate adjustment needs several years to repair past damages, and a devaluation of the currency will need, as an integral part of the comprehensive reform package, For a number of years before it leads to the desired results. In this regard, Adviser to the Prime Minister for Financial Affairs, Dr. Mazhar Muhammad Salih, said: “The previous budgets were mostly compensatory budgets, that is, distributing salaries instead of free public services and transferring them to private services such as electricity, water and services, and this is a failure in preparing budgets. the public". Saleh added that "the policy of the Ministry of Finance came with positive financial results that worked to modify the Iraqi economy, and that this change should not continue for a long time because this would affect the general members of society." The advisor praised the economic reforms presented by the white paper that significantly improved the country's situation and the conduct of financial matters, stressing the need for "the adoption of these reforms and amendments on the board of this paper by the specialists." The advisor presented several proposals that would raise the country’s economy, including maximizing non-oil revenues and financial sustainability to ensure the government’s ability to balance revenues and expenditures, and observing flexibility in the budget preparation process to suit emergency circumstances. While other specialists suggested “increasing cooperation or merging the Ministry of Planning with the Ministry of Finance to ensure the success of public budgets, address the fragile budget constraint and correct deviations.” For his part, Finance Minister Ali Allawi confirmed the success of “the Central Bank’s policy in reducing inflation and economic stability,” adding: “However, this stability came at a great cost to the economy, exacerbated by the accumulation and continuation of the practice of public and economic policies since the seventies of the last century, represented in utilizing the revenues of the increasing oil revenues. The country as a tool to amplify the state’s role in the economy and society, through the expansion of the public sector, direct and indirect state control over the economy, and an increase in the state’s rentier dollar in the provision of public services to society.” The minister pointed out that “the main unintended results were a devastating impact on the productive and competitive capacity in industry and agriculture, which have become uncompetitive (especially against their counterparts in neighboring countries), and which can only be sustained through huge budget costs through subsidizing all aspects of production. Allawi pointed out that "the rise in the real exchange rate of the dinar in exchange for the low exchange rates with its trading partners (Iran and Turkey), means that Iraq's tradable goods and the most productive sectors will become more expensive compared to those in other countries, and thus lose their competitiveness, as it can be understood This dynamic by noting the increase in Turkish and Iranian exports to Iraq, which coincided with the depreciation of the two countries’ currency against the dinar, and that this increase in their exports to Iraq came at the expense of the local agricultural sector, which provides 20% of opportunities the work. He stated that “the shrinking of the local production capacity was one of the results of the strong dinar policy, and it had a devastating impact on the productive and competitive capabilities in industry and agriculture, as is evident from looking at the small size of the main traded commodity sectors in Iraq, such as agriculture and industry, moreover, these sectors In essence, it didn't make any sense true".
  2. Expert: Weak culture prevents the spread of electronic payment services Saturday 05 February 2022 133 Baghdad: Mustafa Al-Hashemi Many citizens, especially those who have traveled abroad, wonder why POS (the device that reads financial cards) is not widespread in the country, although it has come a long way and has the necessary infrastructure for the successful spread of this service, especially after the entry of modern technology into Iraq. And that it is still new to providing electronic services to citizens by opening the door for shopping and conducting commercial transactions. Earlier, the Central Bank announced its quest to reduce the use of cash (cash) in the country, due to the challenges of geography and security issues, which make the transfer of cash within the country difficult and risky. However, the matter was limited to distributing the salaries of employees and retirees only, and the Central Bank did not implement its policy on the ground in limiting cash circulation. (cache). individual financial losses Hussain Al-Khaqani, an economic expert, said that “the spread of sales points will greatly reduce individual financial losses, especially as many citizens who have visited or traveled abroad bemoan the lack of points of sale and credit card readers in markets, fuel filling stations, markets and all merchants. and sellers.” Al-Khaqani called for the provision of electronic payment card readers, at all official authorities and shops to collect their debts, such as departments that collect fees, traffic and taxes, for example, malls, large and small commercial markets, taxi drivers, stores selling vegetables and fruits, ovens and restaurants, in order to avoid the citizen dealing with damaged and counterfeit currencies and payment. More than required and greatly reduces the use of paper currency.” Weak banking culture For his part, banking expert Samir Al-Nusairi explained the most important reasons for the non-proliferation of points of sale in Iraq, attributing the reason to the weak banking culture among citizens using this modern technical means to move from paying with cash to paying with this. style". Al-Nusairi added in a statement to “Al-Sabah” that “other reasons for the weakness of the spread of dealing in this way are also represented by the lack of knowledge and motivation for the owners of malls or shops. and service. Also, the number of credit cards is not commensurate with the number of available points of sale, which number up to 4000 devices, compared to 12 million cards credit.” Digital Transformation Application The banking expert indicated that “there are no instructions and legislation obligating the citizen and the service provider to implement digital transformation, use electronic payment methods in shops and gas stations, and pay electricity, water and phone bills, so that cash is not accepted. Rather, it is exclusively through cards, in addition to the lack of infrastructure integration. Through networking and the use of advanced software, in addition to facilitating the use of services Internet". governmental support Al-Nusairi stressed the need for government support for the expansion of the use of electronic cash cards, in coordination with the relevant ministries and the bank central. As well as automating business and facilitating routine procedures,” he called for “providing incentives for business owners to provide services, provide banking facilities, and reduce tax rates and commissions imposed on the use of pos.
  3. Will the standard of living of the citizen improve and oil prices above 80 dollars? Saturday 09 October 2021 94 Baghdad: Mustafa Al-Hashemi International oil prices are still above the $80 per barrel barrier, at a time when this means a jump in Iraq’s revenues, because the budget has adopted a much lower price, which makes the public wonder where these differences go and why the standard of living for individuals does not improve? In this regard, the financial affairs specialist, Ammar Mahmoud Al-Samarrai, explains that “Iraq has external debts that have resulted in interest, which necessitates expediting the extinguishment of these debts, from oil revenues, to ensure that Iraq continues to obtain the stability of its credit rating.” Oil prices rose, heading for an increase of 4.5% during the week, due to indications that some industries are starting to switch from using high-priced gas as fuel to oil, and Brent crude futures jumped 93 cents, or 1.1%, to $ 82.88 a barrel by the closing of the Tokyo Stock Exchange. Al-Samarrai added to “Al-Sabah” that “the surplus amount of the oil price difference will not serve the citizen directly because of the large number of external debts imposed by the conditions that the country has experienced in previous years,” noting that any recovery in oil prices and in light of the weight of debts, the citizen will not He sees no improvement in the living situation. He stressed that "activating the private sector will raise the gross domestic product to good rates that will achieve stability in the markets by increasing its supply of job opportunities, and thus the private sector will be the largest absorber of unemployment." Al-Samarrai believed that “reducing dependence on oil as a unilateral resource for the budget will enhance the opportunities for the private sector to rise in the operation of the productive sectors, including agriculture and tourism, which thus opens the doors of investment for tourism and agricultural marketing companies and others, to ensure that Iraq gets rid of external debts.” He called on those in charge of the economic file to "put effective plans to quickly get rid of debts and achieve economic recovery for the finances of individuals, which would achieve stability in the economic conditions of families and improve their standard of living." For his part, the economic affairs specialist, Safwan Qusay, said that the government is required to carry out a process of changing the compass of public spending and moving towards investment by activating the Iraq Reconstruction Fund, proposing to disengage the investment budget from public spending. Qusay said: "The increase in the level of spending is due to the increase in operational, not investment, spending. The number of Iraqi state employees increased from 800,000 employees before 2003 to nearly 4 million and 500 thousand employees so far, as well as the number of retirees as well as those covered by social care." He added that "the investment budget figures in the laws of public budgets for the previous years are very shy, stressing the possibility of disengaging the investment budget from public spending and making it part of the reconstruction fund, and that another step should follow to free government capital." And he indicated that "Iraq since 1920 has invested in government capital and the returns are almost negligible," explaining that "there is money with the government, if its ownership is transferred to the Iraq Reconstruction Fund and managed with an investment mentality, it will be able to achieve sustainable development."
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