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Official: The Presidency is coordinating with the Iraqi Parliament to amend the Smuggled Money Recovery ActBy yota691
The World Bank: A global initiative to recover smuggled Iraqi funds
2021-02-01 07:01 Shafaq News / The World Bank confirmed that changing the exchange rate of the Iraqi dinar against the US dollar gives the state the ability to increase its revenues and face imports from abroad.
As he indicated that his financial portfolio in Iraq currently amounts to two billion dollars, he revealed a global initiative that the World Bank is working on to recover money smuggled from countries.
The Special Representative of the World Bank Mission in Iraq, Ramzi Numan, said in an interview published by the Iraqi government news agency and seen by Shafaq News Agency; "The partnership relationship between the World Bank and Iraq is very close and is based on years of joint work, pointing out that" Iraq enjoys a very important position at the Arab and global level, and that the World Bank was next to Iraq in the various stages of stability and peace, or in the stages to which it was exposed. To the attacks or changing economic conditions, which led to difficult repercussions on the government and people of Iraq, and actual work began with Iraq, I think, in the years 2006 and 2007 through a group of projects.
He added that "the World Bank's portfolio in Iraq currently amounts to two billion dollars and that these loans were signed about two or three years ago," noting that "the main pillar in it is a loan to reconstruct the liberated areas and the result of the request came after the beginning of the first phase of liberation, that is, the liberation of Salah Governorate." The debt was then supplemented with an additional amount after the liberation of the rest of the governorates.
And that "this current portfolio in Iraq includes projects under implementation and projects or loans due and that the World Bank is working to implement projects associated with them."
Regarding the change of the exchange rate of the dollar in the auction of selling the Iraqi currency, he pointed out that "changing the exchange rate aims to give the state the ability to increase its revenues, especially since the sale of oil in hard currency and converting it into the reality of the Iraqi dinar gives it a financial block that actually allows to increase revenues and reduce the deficit. He pointed out that "changing the exchange rate may allow facing imports from abroad because the domestic product becomes cheaper than what is imported from neighboring countries."
He explained that "the strategic objective of changing the exchange rate is to work to strengthen the local product and local industries to be able to face the external product, reinforced by measures to protect the product."
He stressed "the need to address the increase in prices and the seriousness of inflation, and focus on projects that actually allow facing the social distress of the poor."
He continued that "the idea of raising the price of the dollar is an international policy that the Ministry of Finance, the Ministry of Planning, and the Iraqi government have participated in, especially the International Monetary Fund," explaining that "Iraq is now in the plight of the financial deficit and it has nothing but borrowing, either internally or externally," indicating that "Internal borrowing threatens the reserves of the central bank, just as using it to fill the deficit removes the possibility of investment in productive opportunities that allow the development of the private sector, while external borrowing has its components and conditions that are based on debt sustainability, subsequent repayment capabilities, financial and monetary stability, and this financial engineering must be looked at in an integrated manner." From which one can consider lowering the currency rate. "
He revealed "there is a global initiative that a team from the World Bank is working on in coordination with international organizations to recover money smuggled from countries," announcing that special departments of the Ministry of Finance are linked to the World Bank's initiative, indicating that "the World Bank is ready to provide technical support."
International Monetary Expects Iraq’s Budget Deficit of 22% money and business
Economy News _ Baghdad
The International Monetary Fund expected, on Monday, that Iraq's budget deficit would reach 22% of GDP.
"The economy may contract by up to 10%," the fund said in a report, seen by "Al-Ektissad News", expecting that "Iraq's budget deficit will reach 22% of GDP."
The fund added that "the deficit is the worst in the Middle East and North Africa."
And the World Bank predicted in a previous report that "the Iraqi GDP per capita would drop to 4282 dollars, the lowest level since 2006."
Number of observations 88 Date of addendum 10/26/2020
International criticism shocks the Gulf: The current economic crisis is the worst since the Great DepressionBy yota691
International criticism shocks the Gulf: The current economic crisis is the worst since the Great Depression
Editing date: 10/13/2020 20:14 • 77 read times [Follow-up]
The International Monetary Fund lowered its forecast of the real GDP in 2020 for most of the Gulf countries, warning that the economic outlook is getting worse for many emerging markets amid the Corona crisis. In its latest report on the global economic outlook, the IMF predicted today, Tuesday, a global contraction of 4.4 percent in 2020, an improvement from the 5.2 percent contraction expected in June, but said it was still the worst economic crisis since the Great Depression of the 1930s.
The oil-rich Gulf states are experiencing the double shock of the Coronavirus crisis that is dampening demand in the non-oil economy, and lower oil prices, which hurt revenues this year.
The International Monetary Fund revised its previous forecasts for all Gulf countries with the exception of Saudi Arabia, which is expected to witness a contraction of 5.4 percent this year, compared to previous estimates of 6.8 percent.
The fund said the UAE, the second-largest economy in the Gulf, could see a 6.6 percent contraction this year, against previous expectations of a 3.5 percent decline.
The largest change came in the forecasts for the Sultanate of Oman, which is expected to witness a contraction of 10 percent, and Kuwait at 8.1 percent. In April, the fund had forecast a contraction of 2.8 percent in Oman and 1.1 percent in Kuwait.
The fund said Qatar's economy is expected to shrink 4.5 percent and Bahrain's economy by 4.9 percent, against expectations of a decline in April of 4.3 percent and 3.6 percent, respectively.
The International Monetary Fund estimates that all Gulf economies, with the exception of Oman, are expected to return to growth next year, led by Saudi Arabia, whose GDP will grow 3.1 percent in 2021.
It is expected that the economic recovery in the UAE will be slower, growing by 1.3 percent next year, while from Oman is expected to remain hostage to a slowdown with a 0.5 percent contraction.
A new international classification .. Iraq is one of the upper middle income economies
2020-08-29 07:34 Shafaq News / The World Bank considered on Saturday that Iraq is one of the economies with higher middle income, indicating that these economies consist of 56 countries .
The bank said in a report seen by Shafaq News Agency that "Iraq is one of the economies with upper middle income," indicating that "these economies range in terms of per capita gross national income between $ 4,046 and $ 12,535 ."
"These economies consist of 56 countries, in addition to Iraq, they also consist of Albania, Argentina, China, Jordan, Brazil, Turkey, Lebanon, Libya, Malaysia, South Africa and Thailand, " he added.
He pointed out that "low-income economies are those that have a per capita national income of 1035 and included 29 countries including Eritrea, Yemen, Sudan and Syria," noting that "the high-income economies consist of 83 countries, including Qatar, the UAE and Bahrain from Arab countries, Italy, Austria and Germany . "
The World Bank classifies countries in the world into four groups - low-income, lower-middle-income countries, upper-middle-income countries, and high-income countries. It is estimated on the basis of gross national income per capita at the current US dollar rate.
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