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Trade: Supporting the market economy and holding specialized exhibitions

Monday 19 October 2020 96

Trade: Supporting the market economy and holding specialized exhibitions
 
 Baghdad: Morning 
 

https://alsabaah.iq/33130

 

The Minister of Trade, Dr. Alaa Ahmed Al-Jubouri, discussed with the President of the Federation of Chambers of Commerce, Abdul Razzaq Al-Zuhairi, and the President of the Baghdad Chamber of Commerce, Firas Al-Hamdani, ways to provide government support and its orientation to the market economy, put forward proposals, observations and areas of cooperation with the Ministry and hold specialized exhibitions on the grounds of the Baghdad Fair.

 

The minister emphasized that "the establishment of an economic forum in Baghdad has international, Arab and local economic dimensions, and will have the support and presence of the prime minister, ministries, sectors and bodies."
He pointed to "the government's vision, direction and interaction to support the private sector and the market economy, which enhances the national product, by organizing work and opening wide areas for dealing."
He said, "His ministry is responsible for the internal and external economic policy of the country, and that the private sector is within this policy and its support receives the special attention of the ministry and the government in a way." 
Public .
Al-Jubouri pointed out the need to “work to develop the national product in industry and agriculture, to restore the citizen’s conviction in it, as well as to restore the status of the national industry in the external environment and to define the identity of the Iraqi merchant. For his part, the President of the Federation of Chambers of Commerce, Abdul Razzaq Al-Zuhairi, made a number of proposals, and showed the role of the chambers to establish economic forums. And conferences to support the private and public sectors.
He expressed his desire to cooperate with the Company Registrar Department on updating the data of the companies registered annually to get rid of unknown and inactive names, as well as the trade name and related to the laws in force, and to cooperate in allocating a permanent hall in the Baghdad Fair to hold exhibitions 
Specialist.
In turn, the head of the Baghdad Chamber of Commerce, Firas Al-Hamdani, said, “There are several proposals in the working paper that was presented to the Minister of Trade, including adding the Baghdad Chamber of Commerce to the membership of the Export support Fund and the General Company for Exhibitions and Commercial Services, and the establishment of the Iraqi Export and Import Bank, so that the merchant can facilitate the issue of opening documentary credits. And adding the Baghdad Chamber of Commerce to the membership of joint committees with Arab and foreign countries, giving exports and exports priority in facilitating procedures, adopting the principle of re-exportation and canceling the ban on exporting some Iraqi products
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Finance issues an explanatory statement about the "white paper" and its positive points https://alahadnews.net/123474/العراق/محليات/   Author: AhadNA3 On 10/21/2020 - 3

Hurry up, hurry up ..... HURRY THE HELL UP ALREADY !!!!   okay, I’m calm..... we’ll, not so much as I thought. Yes, I’m very impatient these days.

GOOD!

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2 hours ago, dinarham said:

  Confused Person who can't grasp my wish list ,it"s ok ,you can be confused .

 

Sorry.  I was one of them.  An accident.  You have an almost identical wish list as me.  I love Tequila.

Casamigos and Patron!!

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Parliamentary Finance: An investigation was opened regarding the payment of September salaries, and doubts about printing other currencies

 
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18:37 - 19/10/2020
 
 

The Parliamentary Finance Committee announced, on Monday, that an investigation has been opened to ensure that the government has secured the salaries of September, despite the Parliament's lack of approval for the loan presented, indicating that its insurance is subject to doubts between withdrawing from the central reserve and printing other currencies.

A member of the Finance Committee, Mahasin Hamdoun, told Al-Maalouma that "the government has submitted a second request to Parliament to borrow to secure salaries for the coming months."

And she added that "in the event that the request for borrowing is not approved, the government may announce that salaries will not be disbursed and that the House of Representatives hold the reason for not disbursing salaries," noting that "the government is evading and creating crises and throwing them into the House of Representatives."

Hamdoun explained that "the committee intends to open an investigation that the government will spend the salaries of employees despite the Parliament's failure to approve borrowing," noting that the matter indicates the existence of money and the existence of the financial crisis.

She pointed out that "indicators show that" securing them was done either by borrowing from the Central Bank of Iraq or by printing additional currencies."

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An economist warns of a new game led by traders to create a new crisis amid government silence

 
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08:31 - 20/10/2020
 
 

Economic expert Ihssan Al-Kinani warned that some traders will raise the prices of food and goods under the pretext of the high exchange rate of the dollar, explaining that the government is still silent about the issue, which increases the severity of the crisis in the country.

Al-Kinani said to "the information", that "some merchants, despite the availability of goods for them from foodstuffs and other commodities, but they deliberately raised their prices when the dollar exchange rate rose from its previous price."

He added, “The central bank’s reserve has clearly not changed, but there is ambiguity in its policy, as it issued a statement a week ago confirming the decline in foreign currency reserves, which caused the rise of the dollar, while it issued a new statement yesterday confirming that its reserves are very good, and it is what may confuse the market movement.”

And that "the government is still far from the subject without a static movement, which may push corrupt merchants to monopolize goods and commodities, and encourage others and other traffickers of people's lives to exploit citizens under the pretext of the high exchange rate of the dollar."

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Digital media illustrates the most important economic benefits of the fourth generation license

 
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22:57 - 10/19/2020
 
 

On Monday, the Digital Media Center considered that launching the license for the fourth generation of wireless communication technologies will provide thousands of job opportunities, stressing the need to support it with legal legislation.

"The launch of the fourth generation license in Iraq will accelerate the pace of building e-government, strengthen the foundations of (digital economy), provide thousands of job opportunities, as well as provide a comprehensive and safer solution to the use of the Internet in the country," the center said in a statement received by the information .

He explained that "working with fourth generation services will be an important shift in the current stage and give Iraq compatibility with global wireless standards. It is also a promising introduction to the business environment in the country and it is hoped that it will have positive repercussions on the Iraqi economy, which suffers from many problems."

The center stressed that "operating this technology in Iraq will contribute to supporting many commercial and economic activities, as well as the emergence of new patterns of business, which ultimately leads to the provision of thousands of job opportunities."

The center pointed out that "according to global indicators, the development in the telecommunications infrastructure is matched by a steady growth in the economic sectors, and an increase in gross domestic production, which is an affirmation of the ability of communication technology to facilitate the economic transformations that countries are going through, including Iraq."

He added, "This development casts a shadow over the digital economy and clearly affects the various areas of financial inclusion, poverty reduction and improvement of public services, as well as stimulating and reviving businesses and many emerging companies whose work is mainly focused on information and communication technology."

The center called on Iraqi institutions to "benefit from the experiences of other countries in this field and study successful experiences in line with digital developments in the world, which will reflect positively on the level of service provided to the consumer in the end," stressing "the need for the Iraqi parliament to seek to find Legal legislations that are in line with this development, as good legislation and providing a suitable legal ground are the cornerstone of the growth of investment opportunities within the digital sector.

He emphasized that "this transformation is necessary and must be activated quickly, especially since mobile phone networks in Iraq have reached stages that are unable to keep pace with the increasing demand for data services in cellular networks, as the fourth generation technology will provide a high capacity for the network to carry more users at one time."

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Parliament deals a new blow to the government and aims to reduce the amount of domestic borrowing

 
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09:09 - 20/10/2020
 
 

The House of Representatives is moving towards reducing the amount of "local borrowing", within the law submitted by the government, while the parliament intends to hold its sessions during the next week.

"The local borrowing law or deficit financing will be presented to the vote, but not with the numbers sent by the government, as the committee will work to change it in line with the need," Al-Sabah newspaper reported, in a news that it saw.

"The government requested 57 trillion loans for the four months, while it disbursed, according to its report, from the beginning of the year to the middle of August, up to 51 trillion," he added.

Cougar expected that "Parliament will resume its work next week due to the presence of important laws that need to be voted." 
 

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The House of Representatives intends to reduce the amounts of internal borrowing  LINK

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Parliamentary Hosting Of The Minister Of Oil To Discuss The Iraq Agreement With OPEC

 

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19th October, 2020


The head of the Parliamentary Committee to Monitor the Implementation of the Governmental Program and Strategic Planning, MP Hazem Al-Khalidi, said today, Monday, that “the committee hosted the Minister of Oil Ihsan Abdul-Jabbar and touched upon the agreement with OPEC regarding Iraq's commitment to reduce its share of oil exports in light of The economic and health crisis imposed by the Corona pandemic from a drop in global oil prices.

"We discussed the possibility of increasing the quota and taking into account the exceptional economic crisis imposed by the pandemic, as well as the negative effects that the war left on the terrorist organization ISIS,"Al-Khalidi said in a statement to Al-Mustaqilla.

Al-Khalidi added, "The House of Representatives is ready to legislate any law that facilitates the ministry's management of oil wealth, in a way that ensures avoiding such crises in the future."

He pointed out that "the current economic crisis requires quick solutions and the development of practical plans that take into account the exceptional circumstance, and it is not possible to continue the current situation without concerted efforts between the authorities."

He continued, “The committee discussed, during hosting the Minister of Oil, the ministry’s plans to develop the gas sector and invest it in the right way without relying on importing it from neighboring countries and for Iraq to be an exporter of gas, as well as the petrochemical project, which will contribute to the rise of the industrial sector, operate factories and provide thousands of opportunities.” Work for youth”.

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Economists: The Yield Of Land Is The Most Important Problem Facing Investors

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20th October, 2020


Experts and specialists in economic affairs have identified the most important obstacles that stand in the way of the progress of the investment process in Iraq, considering that the return of land is one of the basic problems faced by the investor, calling for the need to overcome the obstacles in order for the investment experience to succeed in Iraq.

A member of the Parliamentary Economic and Investment Committee, Ali Al-Lami, told Al-Sabah newspaper: “The current investment law is one of the best laws at the level of the region’s countries, but there are a number of obstacles that prevent the progress of investment in the country, including red tape, extortion, corruption, return to land and others.”

The investment vision

He added, "The ownership of lands is one of the basic problems facing the investor, because it needs approvals of 9 ministries, as well as the objection of the people and their complaints that the land belongs to them." Stressing that "all of these need a long time to solve and give them to the investor".

He pointed out that "Iraq lacks a clear investment vision through which it is possible to develop an investment map for the lands allocated for investment, as well as to overcome all obstacles and red tape in front of the investor." He continued, "The investor is exposed to a lot of blackmail in return for granting him investment licenses, and this is what makes him reluctant to work in Iraq."

The land problem

For his part, the economic expert, Hazem Hadi, identified the most important obstacles facing investment in Iraq.  Hadi said to "Al-Sabah": "There is a set of obstacles that have made local capital fleeing Iraq and foreign capital from working in the Iraqi environment." Pointing out that "the most prominent of these obstacles is the rampant corruption and the deadly red tape in reviewing investment departments as well as the problem of lands and their returns and the lack of development of the Iraqi banking system."

Investment impediments

He added, "When the investor comes to the Iraqi environment, he collides with several obstacles that make him prefer to work in other countries, despite the availability of various investment opportunities in Iraq, but he refuses to work in these circumstances." Stressing that "the government should overcome all the difficulties facing investors to proceed with the implementation of projects that serve the country."

Construction and reconstruction

He pointed out that "investment has become the only way to reach construction, reconstruction and advancement of all the country's infrastructure, and this is what most countries of the world are working on." Indicating that the investment needs a stable environment, whether in terms of security, legal or financial. He continued: "There is a problem in the security situation, either from the legal point of view, the investment law is good laws, as for finance, represented by the banking system, as the investor is looking for an advanced and safe banking system." Stressing "the need for concerted efforts of all concerned institutions for the advancement of the Iraqi economy through investment."

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Specialists: Financial Inclusion Is An Important Step For The Advancement Of The Iraqi Family

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20th October, 2020


Financial inclusion represents an important step for the advancement of the Iraqi family, which must benefit from the financial services provided by the banking system.

Economic affairs specialist Raghad Nabil Al-Alusi stressed "the importance of benefiting from regional and international experiences and starting a new stage, and from where the world ended," noting that "financial inclusion essentially means delivering all financial services to the weakest income groups in society."

Online payment

She added that "expanding the phenomenon of financial inclusion and reaching it to the largest segment within the local community, requires banking mechanisms and advantages resulting from the use of electronic payment methods close to the banking business, which will help achieve the goal." It is mentioned that the Central Bank of Iraq seeks to develop the financial and banking sector through the development Infrastructure that enables financial and banking institutions to improve services and facilitate access to them by all segments of society. Therefore, inclusiveness receives special attention and contributes to banking education for services for all segments of society, especially students.

Low income

Al-Alusi indicated that "financial inclusion in its general sense means the generalization of financial and banking products and services at reasonable costs to the largest segment of society, institutions and individuals, especially low-income segments of society, in contrast to financial exclusion that excludes these segments," noting that "society can benefit from services. That is provided by the banking system through the port of inclusion and invested in small and medium enterprises that suit the family's preferences.

Growth opportunities

Specialists in economic affairs emphasized that financial inclusion “represents an important dimension in the comprehensive and sustainable development strategy because of its impact on improving growth opportunities and financial and social stability. The international community has an ambitious goal, represented by universal financial services for all, for its effective role in fighting poverty and reducing unemployment worldwide.

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The Finance Ministry, after reviewing it: The Disability Law secures salaries and avoids deductions

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20th October, 2020


The Parliamentary Finance Committee announced, on Tuesday, the inclusion of the fiscal deficit financing law on the agenda of next week's session, confirming the Iraqi government's ability to secure employees' salaries for the remaining months of 2020.

Committee member Jamal Cougar told Shafaq News, "The Presidency of Parliament will include the fiscal deficit financing law for 2020 on the agenda of next week's session," pointing out that "the law needs several sessions for first and second reading before voting." He added, "The government is able to secure the salaries of employees and retirees in the next months remaining for the year 2020," noting that "the salaries of employees will not face any deductions in light of the economic crisis."

The volume of total spending in the 2020 budget is estimated at (148) trillion dinars, and an estimated deficit of (81) trillion dinars, while revenues amounted to about (67) trillion dinars.

The Al-Kazemi government conducted a series of austerity measures that focused on reducing expenditures after the decline in revenues due to the drop in oil prices and the Corona pandemic, as it took extensive reforms in managing financial revenues, most notably the border outlets, in an effort to end corruption and supply the state treasury with money.

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Al-Kazemi for German companies: the white paper charts a realistic path that contributes to overcoming crises

 
Al-Kazemi for German companies: the white paper charts a realistic path that contributes to overcoming crises
 
 
0/20/2020 18:30:56
 
 
The Prime Minister, Mr. Mustafa Al-Kazemi, met today, Tuesday, a number of heads of German companies in Berlin, on the second leg of his current European tour.

His Excellency clarified the level of challenges facing the Iraqi economy following the Corona pandemic and the decline in oil export revenues, as well as the Iraqi government's relentless efforts to transform this crisis into a starting point and success that would advance the reality of the Iraqi economy.

During the meeting, Mr. Al-Kazemi said: The unilateral dependence on oil exports has left its negative effects on the economy, but we are determined to overcome many wrong financial policies, and that benefiting from the successful experiences of others, especially the German experience, will contribute to consolidating this goal.

His Excellency added: The Iraqi government is working with focus and race with time, to implement financial and administrative reforms.


The Prime Minister also indicated, during his speech, that Iraq has accumulated confidence in the work of German companies and successful partnerships with them.

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Al-Kazemi: We are determined to overcome the wrong financial policies
 

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20th October, 2020

 

The Prime Minister, Mr. Mustafa Al-Kazemi, met today, Tuesday, a number of heads of German companies in Berlin, on the second leg of his current European tour

Al-Kazemi explained the level of challenges facing the Iraqi economy due to the Corona pandemic and the decline in oil export revenues, as well as the Iraqi government's relentless efforts to transform this crisis into a starting point and success that would advance the reality of the Iraqi economy

Al-Kazemi said, during the meeting: The unilateral dependence on oil exports has left its negative effects on the economy, but we are determined to overcome many wrong financial policies, and that benefiting from the successful experiences of others, especially the German experience, will contribute to consolidating this goal

He added that the Iraqi government is working with focus and race against time, to implement financial and administrative reforms, and the white paper presented by the government comes to outline a realistic path that contributes to overcoming crises and achieves development by making use of youth energies in various fields

The Prime Minister also indicated, during his speech, that Iraq has accumulated confidence in the work of German companies, and successful partnerships with them, and is working to provide a safe investment environment that supports the private sector, closes corruption gates and opens the door openly to long-term, established reforms

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The Central Bank announces the completion of investment talks with German banks in Baghdad

 
The Central Bank announces the completion of investment talks with German banks in Baghdad
 
 
2020/10/20 17:49:12
 
 
The Central Bank of Iraq announced, on Tuesday, the desire of German banks to complete discussions on investment in Baghdad soon.
 
And the Central Bank media stated in a statement that the Euphrates News received a copy of it, that "this came during a series of meetings with a group of large German banks," Mustafa Ghaleb.

He added, "The meetings also discussed investment and work opportunities with Iraqi banks, which received a high response from German banks, as they confirmed their desire to complete the talks in Baghdad soon."
 
"The governor of the Central Bank, accompanied by Minister of Finance Ali Allawi and President of the National Investment Authority, Suha Al-Najjar, also participated in the meetings held with the German Ministry of Development and Economy and the Ministry of Finance, as part of the current visit to Germany, where ways to strengthen economic relations between the municipality and its future prospects were discussed," the statement added. 

 

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German banks express their desire to invest and work with Iraqi banksLINK

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Using a "different method" ... revealing that the "30% salary reduction" has entered into force without the employee's awareness!


2020-10-20
 
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Yes Iraq: Baghdad

 

The economic expert, Salam Sumaisem, considered the occurrence of one of the expectations that were put forward to address the economic crisis in the country, represented by a 30% reduction in salaries, by giving salaries every 45 days.

Sumaisem said in a press statement, “There was a project and I think it is still present with the government to reduce the price of the Iraqi dinar towards the dollar to obtain a larger amount of cash, meaning that if one hundred dollars equals 120 thousand Iraqis then one hundred dollars equals 150 thousand Iraqi dinars, and this means an increase 30 thousand Iraqi dinars more, worth one hundred dollars, but in return, the value of the real income of the citizen will decrease. For a citizen whose salary 600 thousand dinars becomes as if its value is 400 thousand dinars, this means reducing incomes.

 

She added, "The other solution was to reduce 30%, and we see that this solution has been achieved, so when they give you the salary every 45 days instead of giving it every 30 days, it means reducing the salary by 30% and this is a dangerous thing, indicating that all of this is solutions to get rid of the impasse in not providing Salaries ”.

Sumaisem believes that the reform memorandum, or the so-called white paper, includes an adjustment of the dollar’s value towards commodities. As the Finance Minister said, he wants to intervene and leave the auction to market power according to supply and demand.

 

She added that "the increase in some materials is a result of citizens' fear of being cut off from the markets as a result of the financial crisis that the country is going through, or developments in the Corona virus and talk about re-imposing a curfew."

She indicated that "there is also an important issue that is directly related to the high price of materials, which is the high exchange rate of the US dollar against the Iraqi dinar, as the markets are witnessing a significant increase in the dollar exchange and it is expected to rise more than the current price."

She attributed this to “citizens’ fear of the depreciation of the Iraqi dinar, so they resorted to increasing students to the dollar because it is more secure than the dinar, and storing the dollar and increasing the demand for it, will lead to an increase in the prices of materials because it is most likely that these materials are imported and residing in the US dollar, which will be negatively reflected ” The ultimate consumer, the citizen.

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"Coming disasters" whose hero is the dollar and the Iraqi dinar ... Categories included in deduction and others "will not be touched": salaries of employees in the "trap"


2020-10-20
 
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Yes Iraq - Baghdad

 

The Parliamentary Finance Committee revealed, on Tuesday, the fate of employees' salaries for the month of October, while it indicated the categories covered by deductions and income tax.

Committee member Al-Khas Al-Dulaimi said, in statements monitored by "Yes Iraq": "The employees are not covered by any deductions or potential income tax to face the financial deficit during the coming periods," indicating that "the deductions include special job ranks as general manager and above."

Al-Dulaimi ruled out a recurrence of the crisis, the "salary delay" for the current month of October, after the borrowing law reached the Iraqi parliament, which the parliament will discuss at its scheduled session next week.

 

For his part, the deputy from Diyala Governorate, Ahmad al-Jubouri, called on Tuesday, the Ministry of Finance to expedite the delivery of salaries to employees and to avoid using them as a pressure card.
Al-Jubouri said in a statement that "millions of families are waiting impatiently for their monthly salary to complete their living and living belongings, and any repetition of the delay causes the problems of society that it cannot bear."
Al-Jubouri added that "the government and the concerned ministry should expedite the release of salaries and not delay them as the previous period."
He stressed "the need for the government to fulfill its obligations towards its people and not to use their monthly resource as a pressure card on Parliament to pass the borrowing law."

On the other hand, the economic expert, Majid Al-Suri, warned, Tuesday (October 20, 2020), of the step of raising the value of the dollar’s exchange rate at the expense of the Iraqi dinar, because it will affect those with limited income and the poor classes.

Al-Suri said in a televised statement: “One of the paragraphs in the white paper sent by the government to Parliament indicates an intention to study the possibility of raising the value of the dollar’s exchange rate while maintaining the monetary policy and fixing the value of the dinar,” considering that these “solutions are more dangerous than reducing salaries.” .

He added that "the meaning of devaluation is to reduce the value of salaries indirectly, and all incomes that enter the Iraqi people, as it will affect those with limited incomes and the classes of the poor through the rise in commodity prices."

Al-Suri clarified that, "If the value of the dinar is reduced by 25%, the prices will be multiplied by a factor of about 40 to 50%," noting that "the white paper did not explicitly say that the exchange rate would be reduced, but rather said that it is among the measures that are possible." To resort to it is to reduce the exchange rate. "

The picture added that "the government has not made a direct proposal calling for the reduction of the value of the dinar, but one of the proposals adopted by the government in its white paper is to reduce the exchange rate of the Iraqi dinar against the dollar."

The economist pointed out that "one of the reasons for the high exchange rate is" irresponsible statements that dealt with the issue that the government will move towards reducing the exchange rate, "adding that" one of the other things that contributed to the increase in the price of selling the dollar is the absence of political or security stability, which led to an increase. " The price of the dollar and commodities. ”

The economic expert touched on “the solutions that the government will pursue to overcome its financial crisis, saying that“ the government has several options to solve the financial crisis, including fighting corruption and reducing operational expenses by canceling all salary allocations, which are estimated at more than (15) trillion dinars out of (28) trillion dinars. Total salaries of employees in the Iraqi state.

Al-Suri added that “the government's actions in the year 2019 led to an increase in the size of salaries, which rose from 40 trillion dinars to more than 50 trillion dinars,” explaining that “reducing allocations and large salaries will save very large funds amounting to more than (15) trillion dinars.” .

He stressed, "Among the solutions or options presented is to reduce operating expenses and reduce salaries over three years from 25% of GDP to 12.5%, meaning the reduction is up to 50%."

I believe that "this measure will save large parts of the Iraqi people from the crisis of price inflation," noting that "also among the proposals put forward is to increase financial resources from non-oil such as ports and direct and indirect taxes, activate the public, private and mixed sectors and activate industry and agriculture will lead to employment." Manpower and thus will increase taxes. ”

The economic expert indicated that "among the proposals submitted to the Central Bank, which it rejected is to raise the exchange rate," noting that "this option is one of the last options that the central bank may resort to in the absence of other solutions to address the financial crisis."

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An economist warns of 3 damages to devaluing the dinar, one of which is directly related to employees

 

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739 Economie 2020/10/20 12:39 ht


Baghdad Today- Follow up 

 

The economic expert, Majed Al-Suri, warned, Tuesday (October 20, 2020), of the move to raise the value of the dollar exchange rate at the expense of the Iraqi dinar, because it will affect those with limited income and the poor classes. 

"One of the paragraphs in the white paper sent by the government to Parliament indicates an intention to study the possibility of raising the value of the dollar exchange rate while preserving the monetary policy and fixing the value of the dinar," al-Suri said in a press statement followed by (Baghdad Today), considering that these "solutions More dangerous than reducing salaries. " 

He added that "the meaning of devaluation is to reduce the value of salaries indirectly, and all incomes that enter the Iraqi people, as it will affect those with limited incomes and classes of the poor through the rise in commodity prices."

Al-Suri clarified that, "If the value of the dinar is reduced by 25%, the prices will be multiplied by a factor of about 40 to 50%," noting that "the white paper did not explicitly say that the exchange rate would be reduced, but rather said that it is among the measures that are possible." To resort to it is to reduce the exchange rate. " 

The picture added that "the government did not present a direct proposal calling for the reduction of the value of the dinar, but one of the proposals adopted by the government in its white paper is to reduce the exchange rate of the Iraqi dinar against the dollar." 

The economist pointed out that "one of the reasons for the high exchange rate is" irresponsible statements that dealt with the issue that the government will move towards reducing the exchange rate, "adding that" other things that contributed to the increase in the price of selling the dollar are the absence of political or security stability, which led to an increase. " The price of the dollar and commodities. " 

The economist touched on "the solutions that the government will pursue to overcome its financial crisis, saying that" the government has several options to solve the financial crisis, including fighting corruption and reducing operational expenses by canceling all salary allocations, which are estimated at more than (15) trillion dinars out of (28) trillion dinars. Total salaries of employees in the Iraqi state. "

Al-Suri added that "the government's actions in the year 2019 led to an increase in the size of salaries, which rose from 40 trillion dinars to more than 50 trillion dinars," explaining that "reducing allocations and large salaries will save very large funds amounting to more than (15) trillion dinars." .

"Among the solutions or options presented are the reduction of operating expenses and the reduction of salaries over three years from 25% of the gross domestic product to 12.5%, meaning the reduction is up to 50%," he stressed.

I believe that "this measure will save large parts of the Iraqi people from the crisis of price inflation," noting that "also among the proposals put forward is to increase non-oil financial resources such as ports and direct and indirect taxes, activate the public, private and mixed sectors and activate industry and agriculture will lead to employment." Labor and consequently increase taxes. " 

The economist indicated that "among the proposals submitted to the central bank, which it rejected is to raise the exchange rate," noting that "this option is one of the last options that the central bank may resort to in the absence of other solutions to address the financial crisis."

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A deputy calls for taking 3 steps to end the financial crisis and reveals an agreed price for the dollar against the dinar

 

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530 Policy 2020/10/20 21:53 


Baghdad Today - Follow-up

 

The MP for the Saeron bloc, Riad Al-Masoudi, called on the government to undertake 3 reform steps to address the financial crisis, while noting that Iraq was losing an amount of up to 5 billion as a result of daily financial practice.

Al-Masoudi said in a televised interview that (Baghdad Today) that borrowing to finance salaries will harm future generations, and the government must speed up financial reforms without going to difficult solutions, the white paper is one of the solutions to the crisis, and the government must speed up its procedures. "

He stressed that the government should implement action plans by organizing the payroll and special grades and maximizing the state's non-oil revenues.

He stressed that "the central bank pledged to maintain the exchange rate up to 121 or 122 thousand dinars for 100 dollars, but there are those who speculate politically and economically with the aim of confusing the financial situation in Iraq and damaging its currency, and there are financial crises in Syria, Iran, Turkey and Iraq affected by this matter." 

He called on the central bank to take practical steps to prevent manipulation of the exchange rate, "noting that" Iraq loses between 3-5 billion dollars annually due to the continuous daily currency auction, and this waste must stop with practical measures. "

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He reassured about the salaries of the coming months .. Economic advisor: reveals the monthly petty cash to the Minister of Finance

6b3e7fa574f7a7f34bb3561f75a37296?s=26&r=Author: AhadNA1 On 10/20/2020 - 10:16 PM
 

Economic Adviser Alaa Eddin Al-Qusair revealed, on Tuesday, the monthly petty cash allocated to the Ministry of Finance, while he was reassured about the salaries of the coming months of this year.

Al-Qusayr said in an interview with the Capital Time program, that "450 million dinars per month is a sundry cashier of the Minister of Finance, pointing out that" the body that manages the money in Iraq is unknown.

And he added that "the state will provide salaries for the next three months," indicating that "Iraq will not reach the stage of bankruptcy and the economy will recover and expectations indicate the rise in oil prices."

And he continued, "The Iraqi government owes nearly $ 28 billion," noting that "Parliament's refusal to request borrowing is very correct

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White paper

Tuesday 20 October 2020
 

alsabaah-50533.jpg

Hussein Thahab

 

When the economy suffers from major imbalances in its structure, the need for reform is extremely necessary, and if the reform initiative comes late, it is better not to come or find it present too late.


The "white paper" came at a time of the intensification of the financial crisis that is gripping the country due to the "Corona" pandemic and the previously approved incorrect economic policies, which did not take into account such conditions as the country is going through today.

This paper, with its plans to save the country, needs to be applied on the ground, and what are the implementation mechanisms that will work to change the shape of the national economy and move it from one state to another more mature.

For the first time in the country, we find a real direction for reform based on plans drawn for the future of the next phase, which take upon themselves to formulate a new policy that advances Iraq's disrupted capabilities that can achieve benefits faster than everyone imagines, when the real environment is provided to support development efforts, while keeping stalled contracts away from Leading the march of the sustainable development train, whose fuel will be the "white paper" with its developmental content approved by the official authorities in the country.

The loss of time is not in the interest of the country and the concerted efforts of everyone are required to move the country to a more attractive stage for local, immigrant and international investment efforts, as well as local ones that await a suitable environment to start actual activity in any of the economic sectors and leave a positive imprint that serves the country.

I had a meeting with an Arab economist and he talked about Arab economies and the nature of investment, and I stood with him at an important sentence that he mentioned in the text: “The economies of the good region are gradually rising, while Iraq can achieve advancement at a remarkable speed that differs from all countries due to its natural and human resources.”

This talk means that victory over economic crises is possible, whenever the national will is available to achieve this, especially that Iraq has a young society that is able to work and master advanced technology after it came at the top of the pyramid to the smartest Arab peoples. We hope that the white paper will have a positive, rapid impact. On the national economy and real diversification of revenues.

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