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Found 4 results

  1. Private and difficult exam 2023/07/31 Yasser El-Metwally Is the Iraqi private sector ready to assume the responsibility of giving it a role in managing the economic file for the next stage? Exam!. In order to answer this question, a quick review of the distortions in the structure of the Iraqi economy is necessary, as the data indicate that the foundations for the correct transition from the totalitarian approach to the free approach were not adopted. The constitution approved the adoption of a market economy, while totalitarian laws still prevail. Or rather, the totalitarian mentality still prevails, so these distortions and the difficulty of achieving economic reform emerged, regardless of which of the two approaches is best suited to clarify my impartiality in the analysis. Here, on the economic page in particular, since the beginning of the change, I wrote dozens of articles on the importance of giving a role to the private sector in managing The economic file in light of the data of the transition, but to no avail. Now, we notice during the term of Al-Sudani’s tenure as prime minister that interest is emerging on the surface, as he, that is, the President, held meetings with many elites representing the private sector in reference to acknowledging the importance of the private sector in finding a solution to the structural distortions that afflicted the economy, including those related to addressing Thorny files that the state is unable to solve in isolation from the private sector, and among the most important and complex of them is the rampant unemployment problem. This approach and the end of it was the meeting of the President of the Iraqi Economic Council, and it was fruitful because Al-Sudani listened to the most prominent challenges that hinder the private sector in highlighting its required role at this stage and promised to overcome them I say that this trend is the most prominent at this stage. But the question that arises here is; How can these challenges be overcome? The answer is definitely by adopting decisive and binding decisions, legislation, and procedures, and these require an understanding between the legislative and executive authorities to facilitate and approve them in accordance with the supreme interest of the country. Here, I would like to point out that Al-Sudani’s initiatives in this direction are messages of reassurance to the private sector about the government’s seriousness in supporting the private sector, as it realizes that problems cannot be solved without an active role for the private sector. Here I must point out that it is necessary to note the recent meeting of the delegations of Iraq and Jordan in Baghdad has resulted in important agreements, the most prominent of which is the responsibility of the private sector between the two countries. It is remarkable that the Jordanian Prime Minister fed his official government delegation with a number of active Jordanian private sector representatives, and this context is adopted in most countries of the world except in Iraq, which rarely follows this method. Here, it must be emphasized that any Iraqi delegation in the future must include representatives of the private sector who are real businessmen with experience and not hold the capacity of a businessman. And if the costs are not accounted for by the allocations of government delegations, the representatives of the private sector are able to bear their travel expenses, especially since the economic feasibility of such trips or delegations and delegations is present. Now it is possible to answer my question about the extent of the private sector's readiness for the difficult test. We have a prestigious private sector that is known for its experiences in the completion of important projects in the country, and these are the ones who represent the real private sector, and accordingly we build hopes and their readiness is present, provided that they are supported by legislation or laws that guarantee their rights. We reflect well on this unfamiliar approach in previous governments, and we keep our eyes on the results, and we follow up and evaluate to see.
  2. Towards a new global financial system Economical 2023/08/08 Yasser El-Metwally The world is preoccupied these days with the acceleration and development of events, especially the BRICS group's preparations for holding its conference scheduled for the middle of this month. This comes amid speculation that the new BRICS currency may be approved as a competitor to the dollar in commercial transactions and global monetary reserves. Here, the debate revolves around whether the BRICS group was able to extract the dominance of the dollar in world trade and compete with it. The BRICS group includes China, Russia, India and Brazil, which was formed in 2009 and a year later, in 2010, South Africa joined it. This economic bloc is important because it constitutes 44 percent of the world's population and 30 percent of global production and aims to abandon the use of the dollar in exchanges Commercial is a new unified currency for those countries. It is worth noting that the dollar is the only currency traded in commercial exchanges since World War II. What are the reasons for this bloc? Most experts and locals unanimously agree that America's strict policy in its dealings with countries and its imposition of continuous sanctions has prompted these countries to think and search for a way to get rid of this hegemony. Reports based on facts on the ground indicate that there are 19 countries, some of which have expressed their desire to join this bloc, led by Saudi Arabia, Egypt, Turkey, Iran, Mexico and Indonesia, and some of which are monitoring and interested in developments. It is expected that the Brex Group will discuss its conference, which will be held during these days the possibility of opening the acceptance of states' requests for membership of this bloc, the foundations, procedures for joining and issuing a unified currency. And if the publication of the BRICS is approved, what is the effect of this in the domination of the dollar? To show the impact of this currency, it is necessary to track the impact of the euro currency approved by European countries in the year 1999. It achieved 36 percent of the global currency reserves, and the dollar share, which was 90 percent of the global currency reserves, has reduced. Expectations indicate that the BRICS will acquire more than 30 percent of the global monetary reserve at the beginning of its launch at the expense of the dollar in commercial transactions around the world, and you can imagine the size of the impact in reducing the role of the dollar in the future and on the medium and long term. From here, the picture becomes clear that the expectations of experts towards a new financial and economic system will inevitably come, and it is based on the diversification of global monetary reserves to limit the dominance of the dollar. Questions and debate will continue until the new system’s working mechanisms are launched. What we care about here is where is Iraq from these developments? Here I would like to point out that the interest of those countries in their local currencies and their pride in them encouraged them to stand up to the power and dominance of the dollar in controlling their destinies, and although the BRICS will compete with the dollar and reduce its value in commercial transactions, they cannot completely remove it from the scene, and for this there are many reasons. The government must pay attention to these developments and changes that occur in the global system and the need to draw up a balanced policy to deal with future expectations, with certainty that the Central Bank of Iraq closely monitors these developments and collects and analyzes information. Here, we call for the importance of working on adopting the idea of diversifying the monetary reserve due to its importance in preserving the future of the country's economy.
  3. How is the exchange rate stable? Sunday 12 September 2021 323 Yasser Al-Metwally The exchange rate of the dollar against the dinar stabilized at a price of 148 thousand dinars compared to the 100 dollars against the official price after raising it at the price of 145,000 dinars, and it is still slightly high. The question is what is the reason behind this stability? I see that the main reason behind this stability is due to the application of the theory of supply and demand for the first time in Iraq. The effects of the inflation that occurred due to the sudden change in the exchange rate became evident on the reality of the standard of living on all members of society without exception, even in varying proportions. And the poor segment was the most affected, and then followed by the middle class of retirees and employees, who are the vast majority in the country. One of the effects of inflation is the clear deflation, as the demand for most commodities decreased and cast a shadow on the market. Thus, there was a somewhat slowdown in the import process due to the weak demand, followed by a slight decrease in the demand for the dollar, so you find price stability evident these days. The objective of controlling the outlets and preventing the import of some commodities may have other partial effects on the stability of prices. This reality brings us back to the concept and role of consumer culture in the process of balancing prices in the market, how? If we have the ability to adopt a consumer culture that limits the apparent wastefulness in our consumer behavior, we will contribute to maintaining price stability. This means that government measures alone are unable to control the pace of prices unless accompanied by a balanced consumer culture by sacrificing some needs for a while, which will limit the The huge demand for hard currency with the aim of stabilizing the price and reducing it to less than the official rate. The second thing that will help to stabilize the exchange rate is for government agencies to control currency smuggling, and this matter needs great capabilities. Regarding the return of the official price to its previous era, I do not see the possibility of this in the short term. Rather, it needs time until the government controls the payment of its debts and the monetary reserve remains at the internationally accepted limits. For this, the citizen must deal with this reality and arm himself with a solid consumer culture that helps him and the state to achieve stability. We are also approaching a new stage after the elections, even if the picture is not yet clear until a new government is chosen and awaits its economic program, which will define the features of the stage and allow economists and analysts to determine the stages of stability and propose solutions to return prices to their previous era and stability to become parallel to the value of the Iraqi dinar. Waiting for how things will turn out, then every incident will have a talk, we will watch to see.
  4. Smart economy Sunday 14th February 2021 31 Yasser Al-Metwally It seems that many difficulties are facing the treatment of unemployment in Iraq in light of the inflation in the size of public jobs, which exceeded the rates surveyed globally, compared to the size of the population and the state’s inability to absorb them, for reasons related to allocations and weak financial resources. While attempts are being made to revitalize the role of the private sector to absorb the greater part of unemployment, it is proceeding slowly due to the inefficiency of laws and encouraging procedures and the inappropriate business environment, which caused the migration of capital and its business owners, to search for safe investments in neighboring countries and elsewhere. Meanwhile, the pace of the shift towards the age of digitization (digital economy) is escalating. Perhaps the Corona pandemic contributed to creating a climate for acceptance of this transformation, and as quickly as expected around the world, as digital transactions have become prevalent in light of the imperatives to confront the pandemic, represented by distance and remote dealing through software and electronic applications In all economic, commercial and financial activities, whether within a particular country or between states. And let us separate this part and try to implement it in Iraq .. How? Statistics indicate that in Iraq there are more than five thousand graduates of software and application sciences, and many of them have remarkable capabilities in production. It is worth noting that Iraq is a founding member of the Arab League, and I find that its youth have priority in obtaining these services, and the issue requires them first to abandon the culture of relying on the state to obtain a job opportunity, in addition to being unable to absorb this huge amount of unemployment and absolute faith. Secondly, by building their country by entering the science of (smart economy), which means creative youth dependence on their own creative capabilities to obtain job opportunities that exceed their returns multiplied by double, for any salary they can get in any government job. As a member of the Advisory Council for Electronic Scientific Services, I will try to publish the mechanisms, means and stages of training courses, after consulting with the Chairman and members of the Council, in preparation for the start of organizing the training courses
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