Guest views are now limited to 12 pages. If you get an "Error" message, just sign in! If you need to create an account, click here.

Jump to content
  • CRYPTO REWARDS!

    Full endorsement on this opportunity - but it's limited, so get in while you can!

The Central Bank determines the dollar price variables and the mechanism for disposing of oil differences


yota691
 Share

Recommended Posts

 
11,834 views
 
 

Finance Minister Ali Allawi confirmed, today, Thursday, that the process of changing the exchange rate was not easy,” while indicating that Iraq’s financial policy during a year and a half went through five exceptional circumstances.

 

In an interview with the Minister of Finance:

- Politics Iraq During the year and a half, the finances went through five exceptional circumstances.

- We entered the beginning of the government's work without any financial safety valve.

- The Iraqi economy has changed since 2019 and the obligations of the previous government.


- crisis Corona It led to the collapse of oil prices and increased unemployment.

We worked as a government policy to control expenditures that were reflected in state revenues.

- The process of changing the exchange rate was not easy.

- The exchange rate of the dollar should have been changed years ago, which reflected something useful for reforming the economic system.

Our fiscal and monetary policy is reformist and must continue.

Our fiscal policy aims at balancing oil and maximizing other resources.

- We started correct repair work, starting with banks and customs.


We came out of the difficult economic situation safely.
  • Thanks 4
  • Haha 2
  • Upvote 4
Link to comment
Share on other sites

 
 2021-08-26 07:40
 

Shafaq News/ The Iraqi government announced on Thursday that there is no need to borrow from the International Monetary Fund, describing at the same time the relationship between the two sides as "very good."

Iraqi Finance Minister Ali Abdul Amir Allawi said in a press conference held at the ministry building in Baghdad and attended by Shafak News Agency, "We do not need loans from the International Monetary Fund now, after we needed nearly 4 billion dollars under the category of economic reform after the improvement of the financial situation." Noting that "our relationship with the IMF is very good."

And he added, "There are three axes for obtaining loans from the Fund. First, the corona loans we did not need, the economic reform loans we needed, and the loans to cover the large financial deficits of countries we did not need.

  • Thanks 5
  • Upvote 3
Link to comment
Share on other sites

9 minutes ago, yota691 said:
 
 2021-08-26 07:40
 

Shafaq News/ The Iraqi government announced on Thursday that there is no need to borrow from the International Monetary Fund, describing at the same time the relationship between the two sides as "very good."

Iraqi Finance Minister Ali Abdul Amir Allawi said in a press conference held at the ministry building in Baghdad and attended by Shafak News Agency, "We do not need loans from the International Monetary Fund now, after we needed nearly 4 billion dollars under the category of economic reform after the improvement of the financial situation." Noting that "our relationship with the IMF is very good."

And he added, "There are three axes for obtaining loans from the Fund. First, the corona loans we did not need, the economic reform loans we needed, and the loans to cover the large financial deficits of countries we did not need.

Oh my....no standby loans...must be close

  • Like 1
  • Haha 4
  • Upvote 2
  • Pow! 1
Link to comment
Share on other sites

Finance Minister: Nearly 200 billion dollars were smuggled out of Iraq

political03:13 - 26/08/2021

 
image
 
 

 

Baghdad - Mawazine News
, Minister of Finance, Ali Allawi, confirmed that nearly 200 billion dollars were smuggled out of Iraq due to corruption.
Allawi said in an interview with a number of media outlets, "Approximately 200 billion dollars were smuggled out of Iraq due to corruption operations," explaining that "it is not easy to recover these funds and we have started dialogue with neighboring countries that received our money."
He stressed that "about 20 billion dollars evaporated from the Iraqi money smuggled into the banks of the countries."
He added that "the insurance sector in Iraq is really profitable and we want to move it," noting that "the 30% increase in state costs is caused by the increase in the number of employees, their salaries and incentives."
And he indicated that "the foreign debt is about 50 billion dollars," noting that "the debts of the Paris Club have become few after Iraq paid a lot of them."
Allawi warned, "not to enter into any external obligations related to debt," stressing, "We are in the process of issuing bonds, and the Iraqis will not buy them without guaranteeing the payment of interests to them, and this is their right." Ended 29 / h

  • Thanks 5
  • Upvote 2
Link to comment
Share on other sites

The Minister of Finance presents a perception of the crisis: We have passed the “state of anxiety” .. But we are in a sensitive situation
 
 

  

Baghdad - people  

Finance Minister Ali Allawi confirmed, on Thursday, that Iraq has passed a "state of anxiety", but the situation is still sensitive, pointing out that the exchange rate is not sacred, while the ministry's contribution to the stability of the dollar price came to save Iraq.  

 

  

  

Allawi said during an interview attended by "Nas" correspondent with other media outlets, at the ministry's headquarters, that "the financial situation in Iraq was normal until the beginning of the 2019 protests," explaining that "each government needs 20-25% of the financial liquidity to meet the challenges."  

He added that "the relative recovery in oil prices, as well as the government's measures, were reflected in the financial situation in Iraq," stressing that "changing the exchange rate was not an easy process, and we faced several problems, and it should have been years ago, but the current government saved Iraq in the process of reforming the country's economy." .  

He pointed out that "our monetary and fiscal policy is a reform policy, and the reform process must continue to save the country from financial collapse," noting that "the current fiscal policy in Iraq has a kind of balance in the long run."  

The Minister of Finance pointed out that "the current government has worked on many achievements in the financial issue, and we are still in a sensitive situation, and we do not say worry and we need oversight and serious work to maintain the monetary and fiscal policy in the country."  

And he indicated that "more than 25 meetings have been held and the ministry has reached the last stages of drawing up the next budget, but it cannot be submitted to the current parliament, and it can be submitted to the next parliament. I think that during the next two or three weeks we will announce some of its provisions."  

The minister added that "the high exchange rate is beneficial to the importer and to price stability," stressing that "the exchange rate is not sacred, and investment opportunities and some commodities were weak."  

He added, "Whoever thinks of returning the exchange rate, he wants to restore control over trade and import by one party and not others," noting that "the Iraqi street has confusion between changing the exchange rate and rising prices due to the change in global financial policies after the emergence of the Corona pandemic, and we contributed to the stability of The exchange rate to save Iraq.  

Regarding the Kurdistan region, Allawi said that "our financial relationship with the region is a complex one because it has not implemented its obligations to return the oil revenues agreed upon in the budget," explaining that "the Ministry of Finance continues to send amounts to the Kurdistan region, but in return the region must send oil revenues and dues."  

He pointed out that "the Council of Ministers directed to send sums to the region, and we sent two payments, and as a finance ministry, we implement the law, and we sent a new batch yesterday to the region in the amount of 200 billion dinars," noting that "despite our objection to continuing to pay 200 billion dinars to the region, but we implement the decisions of the Council of Ministers for reasons purely humanitarian."  

The Ministry of Finance formed a central committee to activate the reforms included in the white paper and to address the problems faced by the General Tax Authority.  

According to a document seen by "Nass", Finance Minister Ali Abdel Amir Allawi issued a ministerial order in which it was decided to form a central committee that will undertake several tasks, on top of which is "following up on the implementation of the tax system reforms listed in the white paper."    

me_ga.php?id=24166  

  

The Minister of Finance, Ali Abdul-Amir Allawi, had launched a conference on reforming the tax sector in Iraq a few days ago.  

The conference discussed a number of main axes that, in total, constitute the roadmap for implementing the reform and development plan for tax policy. According to a statement issued by the ministry, “Nass” received a copy of it, (August 14, 2021). Iraq, real estate tax, government contracts tax and direct deduction, in addition to discussing the income tax axis on oil licensing companies, private and public sector employee salaries, mobile phone and business tax, and currency auction taxes.    

The statement pointed out that "the aspect of tax exemptions on investment projects was discussed, as it is considered one of the incentives to attract investors and expand the base of promising development opportunities."    

And the Minister of Finance indicated that "the conference aims to discuss mechanisms to reform and modernize the current tax system by reviewing legislation and tax laws and instructions for their implementation in line with the challenges of the current economic reality, and the impact of the tax sector on the monetary and financial policy in the country."    

The ministry's statement stated that "the importance of holding the conference came in accordance with several necessities, the most important of which is that the current tax system does not meet the requirements of economic advancement and does not support the elements of achieving comprehensive and sustainable development."    

He pointed out that "these reforms will have positive repercussions that will provide the necessary revenues to finance the state's public expenditures, activate the investment reality and establish development projects that provide new job opportunities among young people."    

Allawi stressed that "the Ministry of Finance is moving towards implementing its reform programs related to tax policy, as it is one of the most important strategic objectives stipulated in the white paper," noting that "the ministry pays great attention to the introduction of global technology and modern digital systems through the complete automation of tax work and benefiting from international expertise. And discreet companies specialized in the tax field and providing tax services with high quality and accuracy.    

  • Like 1
  • Thanks 5
  • Upvote 1
Link to comment
Share on other sites

The Minister of Finance announces the completion of the preparation of the 2022 budget and comments on the exchange rate change

political02:12 - 26/08/2021

 
image
 
 

 

Baghdad - Mawazine News
The Ministry of Finance, Ali Abdul-Amir Allawi, announced, on Thursday, the completion of the preparation of the 2022 budget, revealing the date of its presentation in the Council of Ministers.
Allawi said, "Iraq's financial policy during a year and a half went through five exceptional circumstances, and we entered the beginning of the government's work without any financial safety valve."
He added, "The Iraqi economy has changed since 2019, the obligations of the previous government, and the Corona crisis led to the collapse of oil prices and increased unemployment. We worked as a government policy to control expenditures that were reflected in state revenues, and that the process of changing the exchange rate was not easy."
He continued, "The dollar exchange rate should have been changed years ago, which reflected something beneficial to reform the economic system. Our fiscal and monetary policy is reformist and must continue."
He pointed out, "Our fiscal policy aims at balancing oil and maximizing other resources, and we have started correct reform work, starting with banks and customs, and we have come out safely from the difficult economic situation."
The Minister of Finance said, "The preparation of the 2022 budget has been completed, and it will be presented within 3 weeks to the Council of Ministers."
He pointed out, "The exchange rate reflects many issues and its rise is beneficial to some economic sectors," stressing that "the Kurdistan region has not implemented its obligations regarding the payment of oil prices."
The Minister of Finance stressed that "the improvement in oil prices does not solve the financial distress quickly due to internal and external debts." Ended 29/A43

  • Thanks 4
  • Upvote 1
Link to comment
Share on other sites

The Minister of Finance reveals important details about the 2022 budget, salaries and money smuggled due to corruption {expanded}
  
{Economic: Al Furat News} Minister of Finance, Ali Allawi, revealed, on Thursday, important details about the 2022 budget, salaries and money smuggled due to corruption.

And the Minister of Finance stated in a press statement, that “the completion of the preparation of the draft financial budget law for 2022, will be presented within 3 weeks to the Council of Ministers, and that the exchange rate reflects many issues and its rise is beneficial for some economic sectors,” noting that “the process of changing the exchange rate was not It is easy, and our policy is stability in the exchange rate and we will defend it, and the dollar exchange should have been changed years ago, which is the opposite of something useful for reforming the economic system.”

He added, "The exchange rate reflects many issues and its rise is beneficial for some economic sectors. When we changed the exchange rate, we wanted to create a competitive atmosphere in Iraq," noting that "the price of a barrel of oil in the 2022 budget will be $50, or 65% of the state budget goes to salaries and perhaps OPEC will add 450,000 barrels to Iraq's oil production." 

He continued, "Taxes are important in stimulating production and investment, and they are very few in Iraq, that is, they are not equivalent to 1% of the national income," while noting that "the state's oil resources are eroding due to the large obligations of salaries and retirement, and that the improvement in oil prices does not solve the distress." “The tax law will reconsider the issue of tax in Iraq and draw up a new policy and new law.
Reconsidering the financial structure of the state is one of the most important challenges ahead.” 

He added, "The sums of the smuggled former regime and property do not exceed several palaces or houses and the property of the former regime is not equal to 5% of the other assets that were taken from Iraq
, approximately 200 billion dollars were smuggled out of Iraq due to corruption operations. It is not easy to recover these funds and we have started dialogue with countries The neighborhood that received our money, about 20 billion dollars, evaporated from the Iraqi money smuggled into the banks of the countries." 

The minister concluded by saying that "the debts of the Paris Club have become few after Iraq paid a lot of them, and the foreign debt is about 50 billion dollars," noting that "there are about 6.5 million citizens who receive financial dues from the state." 

Forgiveness of Lights 

  • Thanks 4
  • Upvote 1
Link to comment
Share on other sites

Finance Minister: The process of changing the dollar exchange rate contributed to the reform of the economic system / expanded

923586-4c102b37-b7ff-4b47-876c-ce282b50a
Baghdad / NINA / - Minister of Finance Ali Abdul-Amir Allawi confirmed that the process of changing the exchange rate of the dollar contributed to the reform of the economic system.

Allawi said in a press statement: "Iraq's financial policy during a year and a half passed through five exceptional circumstances, and we entered the beginning of the government's work without any financial safety valve."

He added, "The Iraqi economy has changed since 2019, noting that the Corona crisis led to the collapse of oil prices and increased unemployment."

He continued, "We worked as a government policy to control expenditures that were reflected in state revenues."

The Minister of Finance stressed: "The process of changing the exchange rate was not easy, and the dollar exchange rate should have been changed years ago, and this contributed to reforming the economic system."

He pointed out: "Our fiscal and monetary policy is reformist and must continue, and it aims at balancing oil and maximizing other resources."

He said, "We started with correct reform work, starting with banks and customs, and we came out safely from the difficult economic situation."

Allawi pointed to the completion of the preparation of the 2022 budget.

He said, "The 2022 budget will be presented within 3 weeks to the Council of Ministers."


He explained: "The Kurdistan region has not fulfilled its obligations regarding the payment of oil prices, and that the price of oil obtained by the region is above the equilibrium price by about 10 dollars."

He added: "For humanitarian purposes, the Council of Ministers granted the region's salaries according to the council's directive and with a reservation from the finances, and our position is neutral, professional and objective regarding the region's salaries, and it must be given 200 billion dinars per month."

pointed to:"

And the minister indicated: "65% of the state budget goes to salaries and the delay in disbursing salaries is caused by the massive inflation in Iraq."

He stressed: “We are not against government employment, but we are against the loss of productivity in the state sectors.”/ End
  • Like 2
  • Thanks 3
  • Upvote 3
Link to comment
Share on other sites

53 minutes ago, Laid Back said:

Powerful statement from the finance ministry;

 

“We started with correct reform work, starting with banks and customs, and we came out safely from the difficult economic situation."

 

 They should RV after the Baghdad summit and before the elections. Just my opinion.!

 

Go Iraq 

Go White Paper reforms 

Go development 

Go RV

Alright that’s it I am personally holding you to that LB!!! If this doesn’t come to fruition this time you will be subjected to 100 lashes with a wet noodle!! Lol

  • Haha 8
  • Upvote 2
Link to comment
Share on other sites

1 hour ago, Laid Back said:

Powerful statement from the finance ministry;

 

“We started with correct reform work, starting with banks and customs, and we came out safely from the difficult economic situation."

 

 They should RV after the Baghdad summit and before the elections. Just my opinion.!

 

Go Iraq 

Go White Paper reforms 

Go development 

Go RV

🙏🏻🙏🏻🙏🏻🙏🏻

  • Thanks 1
  • Upvote 4
Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
 Share

  • Recently Browsing   0 members

    • No registered users viewing this page.
×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.