Experts: 5 years for Iraq's economic prosperity

[southbeach]

Plus, the UK employed Dr.  Shabibi

[nannab]

Coulda woulda shoulda????  Oh crap? 😁

 

2 hours ago, horsesoldier said:

Anyone know what the Iraqi definition of ... “ is on the verge of “ ????

 

Anyone. 

 

[Engine1]

2 hours ago, horsesoldier said:

Anyone know what the Iraqi definition of ... “ is on the verge of “ ????

 

Anyone. 

Iraq dictionary says

 

Verge - soon to happen 

 

Soon - someday possibly within 78 years.

 

[jg1]

2 hours ago, horsesoldier said:

Anyone know what the Iraqi definition of ... “ is on the verge of “ ????

 

Anyone. 

All I know is, next week means this week in iraq. In the coming days means it may or may not happen.  Imminent, I believe is on the verge of, right after the pay offs, smiles and back patting. 

 

I see engine1 beat me to some of the definitions. Pardon.

Edited December 15, 2021 by jg1

[horsesoldier]

1 hour ago, Engine1 said:

Iraq dictionary says

 

Verge - soon to happen 

 

Soon - someday possibly within 78 years.

 

Damnit ! 78 years ? WTF, over !!!
 

I’ll be a 144 years old and at the very least pushing a walker and on oxygen for gods sake!!!

I’ll be lucky if I can even grope one of those hoty Singapore Airlines Flight Attendants.

 

The Verge is also the side of the road-can be firm or rocky ground, so now My knickers are really in a knot.

[horsesoldier]

1 hour ago, nannab said:

Coulda woulda shoulda????  Oh crap? 😁

 

 

Oh Crap is right.... sounds very much like the garage mouthed verbiage I’d expect from these mutant screw heads.

[NoviceInvestor]

5 hours ago, horsesoldier said:

Anyone know what the Iraqi definition of ... “ is on the verge of “ ????

 

Anyone. 

My interpretation of the word “Verge” is that it means - Something is about to happen. 🙏

 

[yusofsabri]

12 minutes ago, NoviceInvestor said:

My interpretation of the word “Verge” is that it means - Something is about to happen. 🙏

 

My version of "verge" is if its not happened then i'm still here to see it happen if im still arround 💀

Edited December 15, 2021 by yusofsabri

[horsesoldier]

9 hours ago, NoviceInvestor said:

My interpretation of the word “Verge” is that it means - Something is about to happen. 🙏

 

Let’s hope the Iraqi interpretation of the word “ Verge “ is likewise   

[yota691]

Al-Kazemi’s advisor determines the importance of the white paper and its reflection on the economic reality in the country

Al Noor News/ Baghdad

Today, Wednesday, the financial advisor to the Prime Minister, Mazhar Saleh, outlined the importance of the white paper and its reflection on the economic reality in the country, while noting that the paper is closer to an economic constitution.

Saleh said, to the official agency, that "the white paper is a dual reform project that seeks to achieve the country's financial sustainability with the ability to economic sustainability in an integrated manner."

He added, "The importance of this paper, which works in the long term, has established in the short period an ideology that was confused in the economic society."

He pointed out that "the white paper requires patience, determination and will to build the country's future in stability and development, and it is closer to an economic constitution."

And Saleh added, "The paper achieved something clear last year from adopting a road map towards the broader reform path, and this is what we can expect to adopt in maintaining and consolidating the economic future of Iraq without retreat."

He noted that "the white paper is an indicator of the progress of the economy and the consolidation of the economic life of Iraq, and it is the economic constitution on which any upcoming government curriculum will inevitably be based."

Saleh concluded: “We evaluate the successes and failures of implementing the White Paper in its first year; This is to modify the course or delete or add important procedural issues to optimize the implementation of the reform paper.”

[dinarham]

The news out of Iraq gets better and better . 

[ronscarpa]

 ............... 

[horsesoldier]

Wait a gall dern minute...weren’t there some news earlier this year saying the exact same thing ??
 

On the verge is at the very least 6 to 8 months old already !!!   

Edited December 15, 2021 by horsesoldier

[bkeiller]

The IMF article below noted a brighter future for Iraq, but inflation was running at 7+% in September. So, their already deflated currency is being further deflated. Hoping this "transitory" issue will add to the pressure to RV. 

 

IMF Staff Concludes Virtual Visit to Iraq

December 3, 2021

End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board.

• The economy is recovering from last year’s sharp contraction, helped by higher oil prices and easing of the containment measures.
• Non-oil real GDP is expected to rebound by 12 percent in 2021 while the fiscal and current account balances are expected to improve significantly.
• Higher oil revenues present the opportunity to tackle Iraq’s significant vulnerabilities, strengthen resilience, and achieve durable and more inclusive growth. The IMF stands ready to support Iraq toward these ends.

Washington, DC: A staff team of the International Monetary Fund (IMF) led by Tokhir Mirzoev held a virtual mission with the Iraqi authorities during November 28 - December 2 to discuss recent economic developments and outlook as well as policy priorities in the period ahead.

 

At the end of the mission, Mr. Mirzoev issued the following statement:

“The Iraqi economy is recovering from last year’s sharp contraction, helped by the increase in oil revenues and easing of the COVID-19 containment measures. In recent weeks, new COVID-19 infections have declined significantly, and the vaccination rate has been gradually improving. Real non-oil GDP is expected to expand by 12 percent in 2021 and oil output is projected to gradually increase in line with the OPEC+ agreements. Inflation has reached 7.2 percent in September and is projected to ease in the coming months. The fiscal and external current account balances are expected to improve significantly in 2021 from double-digit deficits in 2020, mainly due to higher oil prices. The recovery is expected to continue in the medium term albeit subject to considerable downside risks, most notably related to the oil market volatility and the COVID-19 pandemic.

 

“Higher oil revenues present an important opportunity to tackle Iraq’s significant underlying vulnerabilities, strengthen resilience to future climate and other challenges, and advance key socio-economic priorities. Achieving these goals will require strengthening public finances, while creating the fiscal space for much-needed investment and social safety nets and promoting private sector development. To this end, key priorities include a civil service reform aimed at increasing public sector’s efficiency and containing the wage bill, reducing inefficient energy subsidies, diversifying fiscal revenues, stemming losses in the electricity sector, strengthening governance. Improving the coverage and targeting of social assistance will help better protect the most vulnerable. And restructuring large state-owned banks and strengthening their governance will be critical to revitalizing the financial sector and ensuring private sector’s access to finance. The IMF stands ready to support Iraq in these endeavors.

“The IMF staff team would like to thank the authorities for candid and productive discussions during this mission.”

 

imf.org/en/News/Articles/2021/12/03/pr21357-iraq-imf-staff-concludes-virtual-staff-visit

[GreedyDinar07]

Same ole same ole nothing here to see..

[bkeiller]

Started following this guy.

 

 

[horsesoldier]

Am I deflated ? Nope...I’ve got the new RONCO Iraqi Anti-deflationary Ridiculousness &  Pocket Pump. First sign of trouble I whip this sucker out, wrap my lips around this great gadget, pull the trigger & inhale.

 

Immediately the world is a bright  cheerful place and I get on with my day ... Iraq who ???

Believe me, if I don’t take in a couple of altered reality states during the course of a day I’d wind up like our pal Brandon.

[yota691]

Mazhar Saleh: Iraq is on the verge of an economic recovery

 

Reports Economy News _ Baghdad The financial advisor to the Prime Minister, Dr. Mazhar Muhammad Salih, expressed his optimism about the expected deficit levels in the next year’s budget 2022, stressing that the hypothetical deficit gap (will be automatically canceled) as a result of positive oil revenue differences, especially in the event that the average price of a barrel of oil stabilizes at 70 dollars. At the same time, revealing that the 2022 budget seeks to maximize the optimal spending on investment projects, with the aim of achieving a growth rate in the gross domestic product, which is no less than 5%. Despite the level of optimism expressed by the government advisor, the economist, Manaf Al-Sayegh, believes that estimating the selling price of a barrel of oil in previous budgets is not subject to the standards of the global market, and this leads to the adoption of an inaccurate hypothetical price that pushes towards building spending with an unclear deficit, pointing out That Iraq's budgets are item budgets, and this pattern was abandoned by most countries of the world due to its inefficiency in achieving annual spending requirements, calling for work on balancing goal-oriented programs. A precautionary deficit , Saleh said in a statement that "there are developments in the features of the expected general budget for 2022, which approved an oil price of about $50 per barrel, for the purposes of calculating average oil revenues throughout the next year in light of a daily export capacity of more than three million barrels of oil." In the event of an increase in the spending ceiling by 10% over the current ceiling in the 2022 budget, this means that there is a precautionary deficit that will be approved by the budget to avoid undesirable fluctuations in oil prices during the next fiscal year. According to the foregoing, the financial advisor to the Prime Minister believes that “the hypothetical deficit will be 20% of the total total spending ceiling, and about 8% of GDP, but the average price of a barrel of oil, if it continues to remain stable at $ 70, the budget will be in Mostly an equilibrium situation, and the default deficit gap will be automatically canceled from the positive oil revenue differentials. An investment budget and despite the "cautious" optimism shown by Saleh, which is closely related to fluctuating oil prices, with the aim of reaching a budget without a fiscal deficit, the next year's 2022 budget in its other aspects, according to the government advisor, "will be distinguished by introducing a medium-term program for investment projects, With commitment to the program costs for important and strategic projects, and according to their social priorities, especially those that affect the well-being of society and its economic priority, being income-generating and operating the business cycle in the economy. The next budget will also seek, according to Saleh, to maximize the optimal spending on investment projects with the aim of achieving a growth rate in the gross domestic product that exceeds the population growth rate, and not less than 5% or more, which will lead to an accelerated reduction in unemployment rates as well, stressing These steps will lead to economic recovery in the country. Items and programs , in turn, the economic expert, Manaf Al-Sayegh, identified, during a statement, a set of imbalances. He said: The previous budgets suffered a lot, putting at the forefront of these imbalances the budget’s dependence on the principle of items that most countries of the year left, and now depend on the budget of goals-oriented programs, as well as the lack of The issue of estimating the selling price of a barrel of oil in the general budget is subject to international market standards, which pushes towards building spending with an unclear deficit level. Al-Sayegh hinted that “most budgets since 2014 have witnessed the status of investment spending in them, equal in their expenditures to the value of the planned deficit in the budget, noting that any financial returns that come from selling oil in the event of an improvement in its prices, through which investment expenditures are covered, This means that the government canceled investment spending and mortgaged it to the budget deficit." Expenditure levels The economist believes, "The circumstance that Iraq is going through requires a change in the way and pattern of thinking of those who build public budgets in the classical way, which depends on guesswork in determining spending levels, and thus increases in most cases what public spending units need, and leads to higher levels of spending. Operational spending at the expense of annual investment spending, with a decrease in the efficiency level of spending, which leads to waste of public money and encourages corruption. Suggesting in this matter, "transition to a pattern of prioritizing according to the available spending levels, without the need for spending that leads to a deficit, with an emphasis on building budgets on the basis of annual programs subject to measurement, follow-up and modification to turn at the end of the fiscal year into existing projects that serve the community and the state."

Number of Views 275   Date Added 12/16/2021

[yota691]

POSTED ON 2021-12-18 BY SOTALIRAQ

An advisor to Al-Kazemi bets the improvement in the value of the dinar on several conditions

Mazhar Muhammad Salih, Advisor to the Federal Prime Minister for Financial Affairs, mortgaged the improvement of the value of the dinar on several conditions that must be met and met.

Mazhar Muhammad Salih said that the improvement in the value of the Iraqi dinar is related to the ability of the economy to grow if significant growth is achieved in the economy and not rent growth, pointing out that expectations indicate a current growth of 2.5%, and this growth parallels the growth of the real population.

He added, that this needs the right development, reducing unemployment, increasing job opportunities, and flourishing investment projects, which encourage and generate income that compensates for oil, and gives sustainability in returns and sustainability with the strength of the economy.

He also showed that there are two important matters, the first is monetary policy that maintains the stability of the exchange rate and creates a stable environment for a long period, and the second is to support investment projects for development and growth, because without growth the situation will be bad.

[yota691]

Al-Kazemi's advisor to Al-Furat News: The dinar will not collapse and be covered by good precautions

•  Time: 12/21/2021 15:08:49
•  
•  Reading: 936 times

  

{Economic: Al Furat News} A financial advisor to Prime Minister Mustafa Al-Kazemi ruled out a collapse of the local currency {the Iraqi dinar}.

Mazhar Muhammad Salih told {Euphrates News}: "There is no collapse of the local currency, and the Iraqi dinar is strong, and it is covered by good foreign reserves."
He pointed out that "the monetary policy deals with the dollar, and resorting to the system of two currencies (domestic and foreign in trade) because there are precautions in dealing with foreign currency and its stability, as well as the stability of transactions in it as well."
It is noteworthy that the local market and some wholesalers began to deal exclusively in US dollars, not the local currency, for fear of a collapse in it, as happened in neighboring countries and the region such as Turkey, Iran and Lebanon.

[horsesoldier]

Of course the IQD isn’t gonna collapse...good to see this in print though.
 

If they couldn’t figure it out over the last 18 years, I wouldn’t put these knuckleheads in charge of an amusement park Choo Choo train. 

... and as we all well know, amusement Park Choo Choos go ‘round in “ circles “ - wait a minute, kinda feels like that’s what’s been going on the last 18 years. There’s that creeping feeling of Deja Vu all over again. Yogi Berra was right !

[rvmydinar]

1 hour ago, yota691 said:

Al-Kazemi's advisor to Al-Furat News: The dinar will not collapse and be covered by good precautions

I think the CBI is a smart enough to find the best solution to make the dinar even stronger. I have a doubt that the CBI will let the dinar collapse. No no  no That won't impossible.

[JonnyV]

2 hours ago, horsesoldier said:

Of course the IQD isn’t gonna collapse...good to see this in print though.
 

If they couldn’t figure it out over the last 18 years, I wouldn’t put these knuckleheads in charge of an amusement park Choo Choo train. 

... and as we all well know, amusement Park Choo Choos go ‘round in “ circles “ - wait a minute, kinda feels like that’s what’s been going on the last 18 years. There’s that creeping feeling of Deja Vu all over again. Yogi Berra was right !

 

LMAO

[yota691]

Mazhar Muhammad Salih: The 2022 budget awaits the new parliament

Wednesday December 22, 2021 82

 

 Baghdad: Farah Al-Khafaf 

The financial advisor to the Prime Minister, Mazhar Muhammad Salih, announced the preparation and completion of the 2022 budget bill, stressing that its approval depends on the speed of convening the new parliament and granting confidence to the next government.

Saleh told Al-Sabah: "The budget has been prepared, and it has been like a complete bill for a while, and great efforts have been made in preparing it, but the date of its submission coincided with the date of the dissolution of Parliament."

He explained that “Parliament is the one who legislates the budget law, and it passes through the legislative path, as it is submitted, as usual, from the Ministry of Finance to the Council of Ministers during the month of September, to express its opinion and approve it, and then it is submitted to the House of Representatives for approval, and it was supposed to be a draft law.” The budget in the month of October in Parliament, but it was dissolved due to a measure 

The election}. 

And the advisor continued: {The budget is currently prepared, but not submitted to legislation, and the approval of its law depends on the speed of convening the new House of Representatives and granting confidence to the next government, as it will have (the budget law) the priority of approval among other laws.”

 

The economic activity

Regarding the importance of the budget law, Saleh spoke, saying: {Government spending constitutes about 40 to 45 percent of Iraq’s gross domestic product, meaning that nearly half of spending in Iraq depends on approving the general budget, and thus the expectations of investors, the market, and economic activity depend on the budget’s orientation and policy. During the year, indicating that {the law was taken into consideration, if the approval of the budget is delayed, there is an alternative solution to it, which is the adoption of the Financial Management Law, which states: If the new fiscal year has entered and the budget has not been approved, the Financial Management Law shall be adopted to manage the financial policy in the country, As the disbursement is done in a ratio of 1/12 of the previous year, that is, every month will have its expenses for the corresponding month of the previous year, which are the expenses of a current and continuous nature, i.e. salaries, wages and ongoing projects, whether they are operational or 

investment}.

new investments

He noted that {in the case of budget legislation, the exchange is adjusted}, pointing out that {one of the shortcomings of its delay is the lack of knowledge of the country's financial policy, and where will its direction and goals be? Will it be contractionary or expansionary? In addition to the absence of new investments, meaning that new projects cannot be started, only projects that continue to operate.”

It is noteworthy that the Ministry of Planning confirmed that the important projects that will be included in the 2022 budget will be the priority for the ongoing projects that are under implementation, as the focus will be on projects that have different completion rates, indicating that the inclusion of new projects will be only for the utmost necessity and with the approval of the Council of Ministers.

 

exchange method

The financial advisor also pointed out that {a country without a budget gives a misleading and confused picture of economic life and the goals are unclear, as the method of exchange in the absence of approval of the budget will be a reality in the absence of planning and is called a cash budget, and the disbursement is according to cash incomes}, He explained that {the exchange will be according to the price of a barrel of oil in the 2021 budget by 45 dollars, and the increase in prices will be additional financing, meaning that the constants of the year 2021 themselves will be the constants of 2022, and if oil prices reach a level lower than what is specified in the 2021 budget, perhaps There will be a stumble in expenditures, particularly the delay in the payment of salaries, as happened in the year 2020, as well as the suspension of the ongoing investment projects, and the disbursement of the highest priorities, which are external debt services, including the installments of the Paris Club Agreement, which determines the credit rating of Iraq, which is among the government’s priorities, It is the payment of external obligations as well as salaries, in addition to expensesoperational government.

local production

However, he added, by saying: {It is expected that the budget for next year 2022 will adopt the amount of 50 dollars per barrel of oil, and although the budget will not be without a deficit, but it will be less than the year 

The current government, as it is likely that the government will increase its non-oil revenues, is expected that the budget will be in a position close to balance, as in the budget for the year 2021, despite the occurrence of some borrowings, which are close to 3 percent of GDP.” Finance Minister Ali Allawi had announced that the price of a barrel of oil in the 2022 budget will be $50, indicating that the 2022 budget will provide an opportunity to strengthen the protection net. 

Social.

[yota691]

Experts: 5 years for Iraq's economic prosperity

Monday 27 December 2021 321

 

 Baghdad: Omar Abdul Latif

 

Experts in the economy and former deputies in the parliamentary financial and economic committees suggested that Iraq will recover and prosper economically within the next 5 years, provided that real reforms are implemented in the financial and economic systems, stressing that the partnership between Iraqi and foreign banks will contribute to increasing investments and reducing the level of unemployment in the country. The Prime Minister for Economic Affairs, Dr. Mazhar Muhammad Salih, described the "white paper" as a dual government reform project.

Saleh told "Al-Sabah": "(The White Paper) constitutes the government's beginning towards adopting a package of measures in managing the course of economic policy according to a principle called (audit and correction), to achieve the required balance in procedures and in the paths of public policies, after years of economic imbalance. unfortunate."

Saleh considered the "white paper" to be "a government reform project with dual objectives that seeks to achieve the country's financial sustainability, with the ability to be economically sustainable in a truly integrative manner," noting that "this paper, which works in the long term, has established in the short period an understanding of an alternative ideology. She was confused in the economic meeting until recently, to answer an important question (how do we establish a practical path to economic reform?), The white paper is an economic surgical process that requires patience, determination and will to build the country's future in stability and development, and it is closer to an applied economic constitution in the outline of reform. ".