yota691 Posted March 2, 2021 Report Share Posted March 2, 2021 International Monetary Fund: Iraq is capable of achieving comprehensive development Logo of the International Monetary Fund Dialogues Economy News - Baghdad The International Monetary Fund described the government's orientations to reform the national economy as the task, and affirmed that Iraq is able to achieve comprehensive development, provided that medium and long strategic plans are prepared. International in Iraq, Ghazi Shbeikat. Below is the text of the interview: * How does the International Monetary Fund view the Iraqi economy and how is it affected by the Corona pandemic? There is a significant decline in state resources, which barely covered the payroll and retirement bill in the first months of 2020. There was a decline in economic activity by 8 percent in the non-oil sector, while the oil sector declined by 11 percent due to production cuts in compliance with the OPEC + agreement. The budget deficit increased to 20 percent and the external sector deficit increased to 15 percent of GDP. Financing these deficits significantly increased the debt ratio and decreased foreign exchange reserves. * What are the best methods of achieving the economic advancement of Iraq? - The Iraqi economy should not continue to depend on oil as the only source of public financial revenues and the balance of payments, and here we stress the importance of diversifying the Iraqi economy and paying attention to production and clearing the way for the private sector, to take the initiative in leading the economy towards exports and achieving economic growth. Prudent policies and strategies in the fields of education, health, communications, and technology, for example, in addition to that, the social protection network needs to be strengthened to protect the most vulnerable, and in order for the government to carry out its developmental tasks, financial space must be created, and this requires controlling operational expenditures, Especially the salary and retirement bill, through reforms in the civil service system and the pension system, as well as reforms in the electricity sector, which constitutes a great burden on the state's resources. * What are the most important ways to overcome the trend towards borrowing? There is local and external borrowing. It is natural for countries to borrow locally or abroad to finance some projects, but the important thing is to take into account the ability to pay in terms of the size of borrowing, its costs and its importance to the economy, so it is not permissible for the state to borrow to finance salaries and consumption expenditures, but rather there must be investment projects that generate income for the state that enhance its public finances It is able to pay its external obligations, and to overcome borrowing, it is necessary to reduce public deficits and to exploit the recovery periods of the oil market to build oil surpluses that can be used in times of declining prices, and this avoids borrowing and at the same time reduces the economic fluctuations that prevailed in Iraq as a result of linking government spending. Oil prices. Oil exporters also tend to provide oil revenues for future generations, in addition to providing basic needs (most oil exporters have sovereign wealth funds). * How does the fund view the government's actions to devalue the currency? - The International Monetary Fund supports the devaluation of the Iraqi dinar, because it helps reduce external imbalances, preserves foreign reserves and strengthens public finances, as reducing the value of the dinar helps reduce the budget deficit and improves the trade balance by stimulating exports and restraining imports, and also helps to maintain a comfortable level of reserves Moreover, the reduction has reform effects on the labor market by affecting real incomes and stimulating the private sector, to take the initiative in directing the wheel of the economy. Of course, the reduction in the exchange rate has social consequences that require mitigating them as much as possible. It is certain that reducing the value of the dinar will result in an increase in the general level of prices, especially since imports in the consumer basket in Iraq constitute a high percentage, and here we stress the need to increase allocations to the social safety net and expand A database of the beneficiaries to ensure its adequate coverage and protection of the groups whose purchasing power has been affected by the reduction. * What does Article 4 mean, and are there details about its content? Article 4 consultations are consultations and discussions on economic conditions and policy priorities that the fund conducts periodically (usually annually) with member states, and it is a requirement of Article 4 of the IMF agreement that member states must abide by. Accordingly, a team of IMF economists visits the member country to assess the economic and financial developments and discuss the economic and financial policies of the governments and central banks of the state, and the consultations mostly include meetings of parliamentarians, businessmen, trade unions and unions and civil society institutions, and the Fund conducted the last of these consultations at the end of 2020 and approved The Fund's Board of Directors, the experts' report in February of this year, and the report can be viewed through the link https://www.imf.org/en/Countries/IRQ. * From the fund’s point of view to Iraq, is there a possibility of advancing industrial and agricultural production, and what is the fund advising? There is always an opportunity for advancement in any country, provided that the public finances are controlled and that prudent macroeconomic policies are followed that reduce waste, imbalance and mismanagement so that the private sector and small and medium enterprises can play their role. The industrial and agricultural sectors in Iraq are among the vital sectors that must be given great importance and motivated by modern legislation, and to provide support and financing for them to enable them to play their role in production, export and employment. Among other things, this requires improving the investment environment, strengthening the financial sector, providing adequate financing, enhancing infrastructure and accessing basic services such as electricity. * Is there an Iraqi perspective to achieve comprehensive development? Comprehensive development is a broad word that includes several medium and long-term strategies, and Iraq can achieve this in the long term by implementing reforms in public finances and strengthening them, as well as diversifying the economy and not relying on oil as the only source of revenue, and of course this requires reform policies and strategies in several In areas, including health, education, social protection, financial and banking sector, technology, communications, infrastructure, logistics and others, in addition to modernizing economic legislation, in order to attract foreign investment and contribute to the transfer of technology to Iraq, and there is no doubt that reforms take time, and their implementation does not It is done appropriately at times. Nevertheless, it is of utmost importance to continue to make gradual improvements, so that citizens feel the positive effects of the reforms, thus helping to accept them. Number of observations 169 Date of addendum 02/03/2021 1 1 Quote Link to comment Share on other sites More sharing options...
yota691 Posted March 3, 2021 Author Report Share Posted March 3, 2021 International Monetary Fund to "Al-Sabah": Iraq is capable of achieving comprehensive development Tuesday 02nd March 2021 166 Baghdad: Hussein Thahab The International Monetary Fund described the government's directions to reform the national economy as the task, and stressed that Iraq is able to achieve comprehensive development, provided that medium and long strategic plans are prepared. This came during a press interview for "Al-Sabah" with the representative of the International Monetary Fund in Iraq, Dr. Gazi Spikat: * How does the International Monetary Fund view the Iraqi economy and how is it affected by the Corona pandemic? There is a significant decline in state resources, which barely covered the salary and retirement bill in the first months of 2020. There was a decline in economic activity by 8 percent in the non-oil sector, while the oil sector declined by 11 percent due to production cuts in compliance with the OPEC + agreement. . The budget deficit increased to 20 percent and the external sector deficit increased to 15 percent of GDP. Financing these deficits significantly increased the debt ratio and decreased foreign exchange reserves. * What are the best methods of achieving the economic advancement of Iraq? - The Iraqi economy should not continue to depend on oil as the only source of public financial revenues and the balance of payments, and here we stress the importance of diversifying the Iraqi economy and paying attention to production and clearing the way for the private sector, to take the initiative in leading the economy towards exports and achieving economic growth. Prudent policies and strategies in the fields of education, health, communications, and technology, for example, in addition to that, the social protection network needs to be strengthened to protect the most vulnerable, and in order for the government to carry out its developmental tasks, financial space must be created, and this requires controlling operational expenditures, Especially the salary and retirement bill, through reforms in the civil service system and the pension system, as well as reforms in the electricity sector, which constitutes a great burden on the state's resources. * What are the most important ways to overcome the trend towards borrowing? There is local and external borrowing. It is natural for countries to borrow locally and / or externally to finance some projects, but the important thing is to take into account the ability to pay in terms of the size of borrowing, its costs and its importance to the economy, so it is not permissible for the state to borrow to finance salaries and consumption expenditures. Its public finances and its ability to pay off its external obligations, and to overcome borrowing, it is imperative to reduce public financial deficits and to exploit the oil market recovery periods to build oil surpluses that can be used in times of declining prices, and this avoids borrowing and at the same time reduces the economic fluctuations that prevailed in Iraq as a result of linking Government spending at oil prices. Oil exporters also tend to provide oil revenues for future generations, in addition to providing basic needs (most oil exporters have sovereign wealth funds). * How does the fund view the government's actions to devalue the currency? - The International Monetary Fund supports the devaluation of the Iraqi dinar, because it helps reduce external imbalances, preserves foreign reserves and strengthens public finances, as reducing the value of the dinar helps reduce the budget deficit and improves the trade balance by stimulating exports and restraining imports, and also helps to maintain a comfortable level of reserves Moreover, the reduction has reform effects on the labor market by affecting real incomes and stimulating the private sector, to take the initiative in directing the wheel of the economy. Of course, the reduction in the exchange rate has social consequences that require mitigating them as much as possible. It is certain that reducing the value of the dinar will result in an increase in the general level of prices, especially since imports in the consumer basket in Iraq constitute a high percentage, and here we stress the need to increase allocations to the social safety net and expand A database of the beneficiaries to ensure its adequate coverage and protection of the groups whose purchasing power has been affected by the reduction. * What does Article 4 mean, and are there details about its content? Article 4 consultations are consultations and discussions on economic conditions and policy priorities that the fund conducts periodically (usually annually) with member states, and it is a requirement of Article 4 of the IMF agreement that member states must abide by. Accordingly, a team of IMF economists visits the member country to assess the economic and financial developments and discuss the economic and financial policies of the governments and central banks of the state, and the consultations mostly include meetings of parliamentarians, businessmen, trade unions and unions and civil society institutions, and the Fund conducted the last of these consultations at the end of 2020 and approved The Fund's Board of Directors, the experts' report in February of this year, and the report can be viewed through the link https://www.imf.org/en/Countries/IRQ. * From the fund’s point of view to Iraq, is there a possibility of advancing industrial and agricultural production, and what is the fund advising? There is always an opportunity for advancement in any country, provided that the public finances are controlled and that prudent macroeconomic policies are followed that reduce waste, imbalance and mismanagement so that the private sector and small and medium enterprises can play their role. The industrial and agricultural sectors in Iraq are among the vital sectors that must be given great importance and motivated by modern legislation, and to provide support and financing for them to enable them to play their role in production, export and employment. Among other things, this requires improving the investment environment, strengthening the financial sector, providing adequate financing, enhancing infrastructure and accessing basic services such as electricity. * Is there an Iraqi perspective to achieve comprehensive development? Comprehensive development is a broad word that includes several medium and long-term strategies, and Iraq can achieve this in the long term by implementing reforms in public finances and strengthening them, as well as diversifying the economy and not relying on oil as the only source of revenue, and of course this requires reform policies and strategies in several In areas, including health, education, social protection, financial and banking sector, technology, communications, infrastructure, logistics and others, in addition to modernizing economic legislation, in order to attract foreign investment and contribute to the transfer of technology to Iraq, and there is no doubt that reforms take time, and their implementation does not It is done appropriately at times. Nevertheless, it is of utmost importance to continue to make gradual improvements, so that citizens feel the positive effects of the reforms, thus helping to accept them. 2 Quote Link to comment Share on other sites More sharing options...
yota691 Posted March 22, 2021 Author Report Share Posted March 22, 2021 The international monetary talks about signs of a "strong recovery" for the global economy Economie 2021-03-20 | 16:21 1,649 Views The International Monetary Fund considered that there are signs of a strong recovery for the global economy, but warned that there are still great risks, including the emergence of new strains of the Corona virus. The first deputy director said International Monetary Fund, Geoffrey OkamotoIn a speech he delivered to the Chinese Development Forum, he "shows signs of a strong recovery" for the global economy, indicating that the institution will update, in early April, the January forecast for global growth, which was at the level of 5.5%, to reflect the new estimates of the additional financial stimulus in United State, Without giving details. However the second official stressed in International Monetary Fund On "exceptionally large ambiguity," explaining that there are special tangible risks related to virus mutations Corona It may undermine or delay the global economic recovery. Okamoto has raised concerns about the growing gap between advanced economies and emerging markets, with nearly 90 million people falling below the extreme poverty line since the start of the pandemic. Since January 2020, the world has been facing a chronic health crisis caused by an outbreak of a virus infection Corona The novelty "Covid-19", which began to spread from the city of W.And Han The Chinese economy led to huge losses in many sectors of the economy, especially transport, tourism and entertainment, the collapse of global stock markets and the acceleration of the decline in energy markets. And classified World Health Organization This outbreak is a pandemic on March 11 last year, and the virus has so far infected more than 120 million people around the world, killing about 2.7 million of them. 4 1 Quote Link to comment Share on other sites More sharing options...
horsesoldier Posted March 22, 2021 Report Share Posted March 22, 2021 Iraq is quite capable of a lot of things....but do the corrupt have the guts & political will to do what needs to be done ? Theres still plenty of ways to make money after reforms & a globally recognized currency other than stealing it keeping this ridiculous status quo. it’s so myopic to continue down this road. 3 1 Quote Link to comment Share on other sites More sharing options...
dinarham Posted March 22, 2021 Report Share Posted March 22, 2021 This is excellent news! 1 Quote Link to comment Share on other sites More sharing options...
happygilmores Posted March 22, 2021 Report Share Posted March 22, 2021 I think this tells you all you need to know! " - The International Monetary Fund supports the devaluation of the Iraqi dinar, because it helps reduce external imbalances, preserves foreign reserves and strengthens public finances, as reducing the value of the dinar helps reduce the budget deficit and improves the trade balance by stimulating exports and restraining imports, and also helps to maintain a comfortable level of reserves Moreover, the reduction has reform effects on the labor market by affecting real incomes and stimulating the private sector, to take the initiative in directing the wheel of the economy." 1 Quote Link to comment Share on other sites More sharing options...
GreedyDinar07 Posted March 22, 2021 Report Share Posted March 22, 2021 I agree Horsesoldier. After this weekend I am a 100% convinced there will not be a Rv anytime soon. I believe it will happen one day but not according to our timeline. The budget and the HCL is a mess. It was amazing how they put on this show by meeting with all of World Leaders, talked about going International, and even had the Pope on our news parading around like Iraq is the next big thing. It maybe in the future but now it is all talk. The only thing that has change in the 14 years that I have been involved is the reduction of the exchange rate , as far as the GOI getting things done it is the same old s#$t. It is one thing to not do something and another thing to mislead people knowing damn well it is not going to happen. I am not giving up, I am giving out. If I see something on our news about Iraq that is positive I will come back but until then this s%^t is unhealthy. Now I have to face the embarrassment that I told people to buy the currency and I even thought that after all of these years we would see a RV. I will keep my mouth closed from here on out and I have always thought that nothing would happen until after Al-Khadmei is officially the PM. That's just my opinion. I am going to stay away for a while like I did when Maliki was in office and I know that is going to make some of you guys happy. I wonder will they start borrowing money again but I am not going to stick around find out. By the way, I hope they are not building that beautiful new Central Bank to fill it up with worthless currency. Just saying...... Peace!! 1 2 1 1 1 Quote Link to comment Share on other sites More sharing options...
Jaygo Posted March 22, 2021 Report Share Posted March 22, 2021 58 minutes ago, GreedyDinar07 said: I agree Horsesoldier. After this weekend I am a 100% convinced there will not be a Rv anytime soon. I believe it will happen one day but not according to our timeline. The budget and the HCL is a mess. It was amazing how they put on this show by meeting with all of World Leaders, talked about going International, and even had the Pope on our news parading around like Iraq is the next big thing. It maybe in the future but now it is all talk. The only thing that has change in the 14 years that I have been involved is the reduction of the exchange rate , as far as the GOI getting things done it is the same old s#$t. It is one thing to not do something and another thing to mislead people knowing damn well it is not going to happen. I am not giving up, I am giving out. If I see something on our news about Iraq that is positive I will come back but until then this s%^t is unhealthy. Now I have to face the embarrassment that I told people to buy the currency and I even thought that after all of these years we would see a RV. I will keep my mouth closed from here on out and I have always thought that nothing would happen until after Al-Khadmei is officially the PM. That's just my opinion. I am going to stay away for a while like I did when Maliki was in office and I know that is going to make some of you guys happy. I wonder will they start borrowing money again but I am not going to stick around find out. By the way, I hope they are not building that beautiful new Central Bank to fill it up with worthless currency. Just saying...... Peace!! 🤦🏻 Quote Link to comment Share on other sites More sharing options...
Woldopep Posted March 22, 2021 Report Share Posted March 22, 2021 Greedy, If nothing happens in The next 2 weeks, then you can be discouraged. They have been moving with purpose. Hang in there a little while longer. 1 3 Quote Link to comment Share on other sites More sharing options...
GreedyDinar07 Posted March 22, 2021 Report Share Posted March 22, 2021 Thanks for the encouragement Woldopep! I got it all out of my system now. I was just hyped up like everyone else because of the accomplishments they have made. I am going to be patient like I was in the past and watch my bitcoins which is like watching paint dry to kill time until these guys figure out how to tie their shoes. I am not going to expect anything but I believe it will happen even if it is not this year. (I hope I am wrong) Hey, at least a lot of good nose is circulating!! 1 2 Quote Link to comment Share on other sites More sharing options...
yota691 Posted March 31, 2021 Author Report Share Posted March 31, 2021 The Monetary Fund intends to raise its forecast for the growth of the global economy Mar 30, 2021 8:30 PM Mubasher : The International Monetary Fund intends to raise its forecast for global growth this year, with warnings of continuing high levels of uncertainty. "We now expect further acceleration in part due to additional fiscal policy support, including the new financial package in the United States, and progress on Corona vaccines," International Monetary Fund Director Kristalina Georgieva said in a speech on Tuesday. "This allows for an upward revision of our global forecasts for this year and for 2022," she added. Back in January, the International Monetary Fund took an optimistic tone in its global economic outlook, with global GDP estimated at 5.5 percent this year, representing an increase of 0.3 percent from previous expectations. Nonetheless, US President Joe Biden's massive fiscal plan of $ 1.9 trillion and the widespread release of the vaccine over the past three months has made the IMF more confident about the rest of the year. Georgieva said that the global economy has become more entrenched after governments spent about $ 16 trillion on financial measures to contain Corona and mitigate its economic repercussions. 1 1 Quote Link to comment Share on other sites More sharing options...
yota691 Posted March 31, 2021 Author Report Share Posted March 31, 2021 A double-edged statement by the Monetary Fund on the global economy Time: 03/30/2021 19:42:03 Read: 2,145 times {Economic: Al Furat News} The International Monetary Fund announced that it will raise its forecast for global economic growth in 2021 and 2022, after a contraction of 3.5% in 2020, referring to the uncertainty of financial conditions. IMF Director Kristalina Georgieva said that the fund would raise its forecast for global economic growth from its January level of 5.5 percent for 2021 and 4.2 percent in 2022 due to increased public spending in the United States and opportunities for a vaccine-fueled recovery in other advanced economies. She said that the global economy has become more stable after governments spent about 16 trillion dollars on measures to contain the Covid-19 pandemic and mitigate its economic repercussions. She stated that the developments heralded dangerous disparities between regions and states, and even within a single country. She told the Council on Foreign Relations, before the Fund issued its updated forecast for the global economy next week, that "vaccines are not yet available to everyone, not everywhere ... large numbers of people are still facing job losses and growing poverty ... many countries are lagging behind." "We face the biggest test of our generation ... what we do today will define the post-crisis world," she said. The fund will release its new forecast next week. Raghad Daham 1 Quote Link to comment Share on other sites More sharing options...
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