The House of Representatives holds its session headed by Al-Halbousi

[yota691]

I witnessed the setting of the date for the election of the president.. Details of Allawi's hosting session

Policy

2022-02-28 | 11:09

 

 

2,397 views

 

 

On Monday, the House of Representatives revealed the full details of hosting Finance Minister Ali Abdul Amir Allawi in Parliament, stressing that the House discussed the rise in the dollar exchange rate and its repercussions on the market, while Parliament Speaker Muhammad al-Halbousi set the next session to elect the President of the Republic.

Follow..

[yota691]

Parliament gives the Minister of Finance one week over the dollar exchange rate

 

 

384 Policy 2022/02/28 19:08 Baghdad today

Today, Monday, the Iraqi parliament gave Minister of Finance Ali Abdul Amir Allawi one week regarding the dollar exchange rate. The deputy of the Sadrist bloc, "Ibtisam Al-Tamimi", said in a statement received (Baghdad Today), that "solutions must be found to end the damage that occurred as a result of raising the exchange rate." And she added, "Today's session, in which we hosted the Minister of Finance and his deputy, devoted the bulk of it to discussing the issue of the rise in the dollar's exchange rate against the Iraqi dinar and the damages that resulted from that rise." And she continued, "It was discussed about the results that followed this rise of instability in prices and its negative impact on citizens, especially the poor classes, with the absence of any real treatments." She pointed out that "it was emphasized the need to address the repercussions that resulted from the exchange rate hike and the damage this decision caused to all citizens and to the poor segment in particular." She stressed, "We are determined to put the points on the letter and stress on finding realistic and urgent solutions to end the damage that has occurred and strengthen the local economy away from the citizen's livelihood." Al-Tamimi noted that "the House of Representatives has given the Minister of Finance one week to present the treatments that, if implemented, it is hoped that the harm caused to citizens, especially those with limited income, would be ended."

[yota691]

Iraqi parliament discuss dinar-dollar exchange with finance minister

3 hours ago

Rudaw

• 

Iraqi parliament holds session with finance minister Ali Allawi on February 28, 2022. Photo: Rudaw

ERBIL, Kurdistan Region - Iraq’s parliament convened on Monday to discuss the increased exchange rate of the Iraqi dinar with the country’s finance minister.

The Iraqi parliament held a session to discuss the high exchange rate of the Iraqi dinar, which is set at 1,450 dinars per US dollar.

“The parliament has begun discussing the exchange rate and its repercussions on the market through high prices which are harming the poor,” reported state media.

The Sadrist movement on Monday said the Iraqi finance minister Ali Alllawi has been summoned to attend the parliamentary session “to discuss the financial and economic crises that Iraq is going through.” 

On February 17, Shiite cleric Muqtada al-Sadr and head of the largest parliamentary bloc, tweeted a list of six suggestions regarding the dinar-dollar exchange, with the fourth point reading “summon the finance minister to the parliament immediately.” 

In December of 2020, Iraq’s central bank announced devaluing the country’s currency in an effort to combat a national liquidity crisis and bring in much-needed cash to the government’s coffers. 

The devaluation of the dinar struck the public hard as government employees get paid in dinar, and they would be able to afford less with their salaries given that many imported goods are paid for in dollars.

The devaluation of the Iraqi dinar is a step taken towards reform and creating a “financial balance” and will revive the economy, Allawi said at the time.

In mid-August of last year, a member of the parliament’s finance committee said the dinar-dollar exchange rate will be fixed for the next five years. 

[yota691]

Al-Kazemi faces accusations of carrying out orders from foreign parties.. Parliament is preparing to question him

27 February 2022 | 03:30

Fourth - Baghdad

Today, Sunday, the representative of the Al-Sadiqoon Parliamentary Bloc, Rafiq Hashem Al-Salihi, called for the questioning of the outgoing Prime Minister, Mustafa Al-Kazemi, inside the parliament, after the attack on the Karkh Appeals Court, blaming him for what is happening in the country. 

Al-Salihi said, in a statement that I followed (the fourth), that "Al-Kazemi is not fit to lead a country like Iraq, and that the caretaker government's accountability for some of the decisions and agreements taken by the current government without referring to the House of Representatives."

 

He added, "The outgoing Prime Minister, Mustafa Al-Kazemi, is a tool in the hands of foreign countries, and there are political forces that support Al-Kazemi in violating the constitution, and that a military force besieging the Karkh Appeals Court is a dangerous precedent."

He pointed out that "the confusion in the government's procedures indicates its weakness."

[yota691]

The Presidency of Parliament sets the date for the election of the President of the Republic

 

 

209 Policy 2022/02/28 19:27 if Baghdad today

Al-Halbousi announces the setting of the next session to elect the President of the Republic and vote on the parliamentary committees

[yota691]

Sadrist Deputy Reveals What Was Discussed With The Minister Of Finance: We Gave Him One Week

02/28/2022

13

 

Earth News/ Representative of the Sadrist bloc, Ibtisam Al-Tamimi, revealed what was discussed with Finance Minister Ali Allawi during a session hosted by Parliament today, Monday.

Al-Tamimi said in a statement received by “Earth News” that “today’s session, in which we hosted the Minister of Finance and his agents, devoted the bulk of it to discussing the issue of the rise in the exchange rate of the dollar against the Iraqi dinar and the damages that resulted from that rise, as they discussed the results that followed this rise from Instability in prices and its negative repercussions on citizens, especially the poor classes, with the absence of any real treatments.”

Al-Tamimi added, “It was stressed the need to address the repercussions that resulted from the exchange rate hike and the damage this decision caused to all citizens and to the poor segment in particular. away from the citizen’s power.”

Al-Tamimi noted that “the House of Representatives has given the Minister of Finance one week to present the treatments that, if implemented, it is hoped that the harm caused to citizens, especially those with limited income, would be ended.”

[yota691]

Al-Halbousi Announces The Setting Of The Next Session To Elect The President Of The Republic

02/28/2022

11

[yota691]

 

A document.. Parliament requests the President of the Republic to investigate Al-Kazemi’s “preparatory certificate”

 

 2022-02-28 09:56

 

Shafaq News/ On Monday, the representative of the Sadiqoun Parliamentary Bloc, Mahasen Khairy Al-Dulaimi, asked the President of the Republic, Barham Salih, to form an investigative committee regarding the testimony of Prime Minister Mustafa Al-Kazemi with the preparatory study.

Al-Dulaimi said in a book she addressed to the President of the Republic and was reviewed by Shafak News Agency, "On 4/4/2020 a republican decree was issued to assign Mustafa Abdul Latif Al-Kazemi to form the government, and it was later found that the Presidency of the Republic did not verify the authenticity of the issuance and priorities of the preparatory certificate of the designate, as it was found Subsequently, the taxpayer finished middle school at the age of 16, according to the book of the Ministry of Education, which is sympathetic to the book of Representative Mustafa Sanad.

And she added, "Because this matter is a serious constitutional breach, if true, please kindly agree to form a committee to verify the Presidency of the Republic, the House of Representatives and the Public Prosecution to verify the issue of testimony and age."

Independent MP Mustafa Sanad had requested the Ministries of Education and Higher Education to provide him with a copy of Prime Minister Mustafa Al-Kazemi's graduation certificate from preparatory and university studies.

The Ministry of Education responded to MP Mustafa Sanad, and a document by the ministry showed that Al-Kazemi was born in 1967 and graduated from evening prep for the 1983-1984 academic year, meaning that he was 17 years old, while the student graduated from middle school at least 18 years old ( 6 years in primary school and the same in middle school).

[yota691]

 

In details.. the results of hosting the Minister of Finance in Parliament: a change in the exchange rate is unlikely

 

 2022-02-28 11:43

 

 

Shafaq News/ The Iraqi parliament hosted, on Monday, in its second session of the fifth electoral cycle, Finance Minister Ali Allawi, and discussed the dollar exchange rate and its repercussions on the local market, in the presence of 288 deputies.

The council discussed with Allawi, according to a statement received by Shafak News Agency, the repercussions of the high dollar exchange rate on the market, the damage to the poor segment, and the discussion of public debt and the financial policy of the Ministry of Finance and the proposed treatments.

Allawi reviewed, in a detailed explanation, “the reasons for changing the exchange rate and its relationship to economic reform, which was according to an extensive study in which concerned parties participated and was not an individual decision by the Ministry of Finance,” noting that “the exchange rate change at that time was against the background of the deterioration in global oil prices due to the impact of a pandemic.” Corona and the decline in the volume of Iraqi oil exports, according to the International Monetary Fund, amounted to (4.9%) as well as the failure to approve the 2020 budget due to the resignation of the government, which led to a stifling financial crisis that prevented the payment of salaries of employees and retirees, which prompted the House of Representatives to pass a legal deficit financing amounting to 27 trillion dinars.

The Minister of Finance pointed out that "the 2021 budget, which was developed according to reform plans, contributed to developing solutions, addressing the financial situation, and working to develop the long-term financial strategy by presenting the white paper that restored balance to the Iraqi economy, provided economic stability for people with limited income and corrected local investment."

And he indicated that "the imbalance in the Iraqi economy is due to the negative accumulations and the direct and indirect state control over the economy since the seventies of the last century," noting that "reconsidering the exchange rate of the currency in an unstudied manner leads to financial chaos similar to some countries, so the trend was to set the price of Exchanging the Iraqi dinar comfortably to protect it from any external changes in a proactive and correct step in coordination with the Central Bank and studying it with the Prime Minister, heads of political blocs and other parties, in addition to the support of the International Monetary Fund regarding changing the price at a reasonable rate.

The minister explained, "The draft budget law for the year 2021 focused on protecting vulnerable groups in society, applying some elements of the white paper, increasing non-oil imports, and the ministry's treatment of these groups by allocating more than 9 trillion dinars to help increase social protection allocations, improve the effectiveness of the ration card and support projects. In addition to increasing the pensions of retired people and the allocations for martyrs and political prisoners.

Allawi added, "The benefits of devaluing the Iraqi dinar increased government revenues by 23 percent, including maximizing the funds allocated to finance reconstruction projects, allowing the government to respond to the increase in citizens' needs and contributing to strengthening the balance of payments for the country and avoiding risks."

He pointed out that "the rise in prices in the Iraqi markets was not only due to the decrease in the exchange rate of the dollar, but rather as a result of the increase in global food prices since 2020," explaining that "the rise in global oil prices is beneficial for Iraq and at the same time affects its needs of foodstuffs and oil derivatives. And importing gas that is used to generate electricity by 30%, in addition to reducing the Iraqi external debt by 4 billion dollars in 2021.”

The Minister of Finance spoke of a global imbalance in the economy and a flaw in the commercial, import and institutional situation in Iraq, especially the uncontrolled outlets, as well as the weak absorption of the agricultural, industrial and private sectors of the economic changes taking place in the world, noting that "the rate of payment of farmers' dues amounted to 65 percent with the presence of many accumulations. for 2019 and 2020".

And he indicated that "the financial crisis that occurred in 2021 affected the possibility of implementing some of the items contained in the budget law," stressing that "the completion rate of the white paper, which included 322 axes, reached 61%, especially since" 60% of the border crossings are not controlled. including those located in the Kurdistan Region.

According to the Parliament’s statement, a number of deputies demanded to know the possibility of restoring the dinar exchange rate to its predecessor to reduce price inflation, address currency smuggling outlets and delay payment of farmers’ dues, in addition to the demand for the automation of border crossings and the reservation on the government’s reliance on foreign loan policy and overburdening the country with debts, and setting steps Actual reform without overburdening the citizen, and asking the financial authorities to manufacture small denominations of currency to avoid price hikes due to the lack of middle classes.

The First Deputy Speaker of Parliament, Hakim Al-Zamili, called on the government to "work to impose its control over the financial sectors and to put a basic solution to the commitment of the Ministry of Finance to support the simple classes in society."

In turn, Al-Halbousi indicated that "the background to the exchange rate change was due to the Corona pandemic, the decline in oil prices, the scarcity of Iraqi imports, and what caused a financial crisis, at which time the Iraqi government was unable to pay its obligations towards employees and retirees."

The Speaker of Parliament said, "The proposed solutions were identified by several options, including reducing employees' salaries by 30 percent, demobilizing a number of employees and referring them to compulsory retirement, but the parliament chose to amend the exchange rate, which generated state revenues of 22 trillion dinars and found a solution to the problem."

Al-Halbousi demanded, "finding effective solutions to maximize financial revenues that enable the state to restore the value of the Iraqi dinar," noting that "the largest corruption deals that occurred in Iraq were in 2012 when the dollar exchange rate was changed."

He also called on the Ministry of Finance to "work to present a new vision to address the negative effects that resulted from the exchange rate change, to be presented to the Council within a period of two weeks."

But the Minister of Finance indicated that this matter is not possible at the present time, as changing the exchange rate is difficult now, as it has achieved stability in the Iraqi economy, and its change is linked to the rise in financial abundance that meets ambition.

[dinarham]

 "Unlikely" ? That's a murky weak word.

[Fairways&Greens]

What is likely:  Allawi and his team at the ministry of finance got together with Sadr and his team behind closed doors…

 

Allawi: WTF man?! You can’t tell them what we are gonna do, cause speculators would come in and ruin everything we’ve set up. We gotta do this right and announce a change AFTER we revalue the currency. Here, look at all my super fantastic slides I’ll show you tomorrow and we’ll hopefully throw everyone off the trail. 
 

Sadr: Oh, ok, math is hard! But just so I look like the hero, we’ll give you a week to distribute the 9 trillion Dinar sitting here untouched to the poor. 
 

Allawi: Won’t happen in a week, we’re Iraq…but we’ll say we will even though we all know it’ll never happen that fast. 
 

Sadr: Hmmm… Deal. 

[Stelardoc]

4 hours ago, Fairways&Greens said:

What is likely:  Allawi and his team at the ministry of finance got together with Sadr and his team behind closed doors…

 

Allawi: WTF man?! You can’t tell them what we are gonna do, cause speculators would come in and ruin everything we’ve set up. We gotta do this right and announce a change AFTER we revalue the currency. Here, look at all my super fantastic slides I’ll show you tomorrow and we’ll hopefully throw everyone off the trail. 
 

Sadr: Oh, ok, math is hard! But just so I look like the hero, we’ll give you a week to distribute the 9 trillion Dinar sitting here untouched to the poor. 
 

Allawi: Won’t happen in a week, we’re Iraq…but we’ll say we will even though we all know it’ll never happen that fast. 
 

Sadr: Hmmm… Deal. 

Here's another urgent news flash from our on the scenes reporter  Al-Goat. 

Blah!  Blah Blah!!   Blah Blah Blah!!

BaaaaaaD for Iraq!

Stay tuned for more "As the BS Turns Over and Over and Over"

 

No offense Yota and all the rest posting the news. You all are not only "just the messengers" but incomparable reporting

Thank you all for your hard work and diligence.

Your dedication is impeccable

There are always gold nuggets in all this dirt.

All of DV is the best on finding those GOLD Nuggets.

That's why I'm here!!

Thanks everyone!!

 

 

 

 

 

 

[screwball]

6 hours ago, yota691 said:

Finance Minister during his hosting in Parliament: It is not possible at the present time to change the exchange rate
Minister of Finance: The 2021 budget was drawn up according to reform plans that contributed to developing solutions and addressing the financial situation

dont need to change it just delete zeros

 

[6ly410]

 

The Minister of Finance confirms that the dollar exchange rate will not change and proposes a grant for vulnerable groups

Posted 11 seconds ago

https://iraqakhbar-com.translate.goog/3501705?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en

news sourceMawazine News

 

News source / Mawazine News

07:09 – 28/02/2022

Baghdad - Mawazine News
, the House of Representatives hosted, in its session
today, Minister of Finance Ali Abdul-Amir Allawi, to discuss the dollar exchange rate and its repercussions on
the local market.
The council, during its hosting of the Minister of Finance, discussed the
rise in the dollar exchange rate and its repercussions on the market through the rise in prices and the damage to the poor segment, as well as the
discussion of the public debt and the financial policy of the Ministry of Finance and the proposed treatments.
The Speaker of the Council welcomed the attendance of Finance Minister Ali
Abdul-Amir Allawi and the Undersecretary of the Ministry to the session at the request of Deputy Burhan Al-Maamouri, accompanied by the
signatures of 100 deputies.
For his part, Allawi reviewed in a detailed explanation the reasons for
changing the exchange rate and its relationship to economic reform, which was according to an extensive study in which I participated.
Concerned parties and it was not an individual decision by the Ministry of Finance, noting that the change in the exchange rate
at that time was against the background of the deterioration in global oil prices due to the impact of the Corona pandemic and a decline in the volume
of Iraqi oil exports, according to the International Monetary Fund’s estimate, which amounted to (4.9%) as well as the failure to approve
the 2020 budget. Because of the government's resignation, it led to a stifling financial crisis that prevented the payment of salaries of employees and
retirees, which prompted the House of Representatives to pass a law to finance the deficit in the amount of 27 trillion dinars.
The Minister of Finance indicated that the 2021 budget,
which was developed according to reform plans, contributed to developing solutions, addressing the financial situation, and working to
develop the long-term financial strategy by presenting the white paper that restored balance
to the Iraqi economy, provided economic stability for people with limited income, and corrected local investment.
Noting that the imbalance in the Iraqi economy is due to negative accumulations and direct
and indirect state control over the economy since the seventies of the last century.
He noted that reconsidering the exchange rate of the currency
in an ill-considered manner leads to financial chaos similar to some countries, so the trend was to set the exchange rate of the Iraqi dinar
comfortably to protect it from any external changes in a proactive and correct step in coordination with the Central Bank
and study it with the Prime Minister and heads of political blocs And other parties in addition to the support of the International Monetary Fund on changing the
price at a reasonable rate.
The minister explained that the draft budget law for the year
2021 focused on protecting vulnerable groups in society, implementing some elements of the white paper, increasing
non-oil imports, and addressing the ministry to these groups by allocating more than 9 trillion dollars.
Dinar to help increase social protection allocations, improve the effectiveness of the ration card
, support small and medium enterprises for young people, in addition to increasing the pensions of retirees and the allocations for
martyrs and political prisoners.
Allawi indicated that the benefits of devaluing the
Iraqi dinar increased government revenues by 23 percent, including maximizing the funds allocated to finance
reconstruction projects and allowing the government to respond to the increase in citizens' needs and contribute to strengthening the balance of payments for the
country and avoiding risks, in addition to the International Monetary Fund's support for the reduction process as it would strengthen
The financial situation of Iraq, especially the competitiveness of the private sector against
cheap foreign imports. Foreign investments have been revived as a direct result of the development of the financial and economic situation,
which is witnessing a recovery and stability of markets.
Allawi pointed out that the rise in prices in the
Iraqi markets was not only due to the decrease in the exchange rate of the dollar, but rather as a result of the increase in global food prices
since 2020, explaining that the rise in global oil prices is beneficial for Iraq and at the same time affects
its needs of foodstuffs and oil derivatives and the import of gas that is used To generate
electricity by 30%, alluding to the reduction of the Iraqi external debt by 4 billion dollars
in 2021.
The minister suggested supporting vulnerable segments of society
by allocating a direct grant to be distributed through the ration card or social welfare, and supporting
small and medium-sized enterprises, especially in rural areas, as a result of the financial abundance resulting
from the increase in oil prices.
On the same subject, Deputy Burhan Al-Maamouri asked:
On the results obtained from the decision of the Ministry of Finance and the Central Bank to change the exchange rate of the dollar
and its repercussions on the livelihood of citizens in light of the rise in food prices in local markets and
knowing the percentage of completion of the white paper and its impact on the work of government institutions, in addition to his question
about the failure to implement the budget items for the past year by paying farmers’ dues Objection to the establishment
of the Petrodollar Fund and depriving the producing governorates of additional funds to improve their situation.
In his response, the Minister of Finance indicated that there is
a global imbalance in the economy and a flaw in the commercial, import and institutional situation in Iraq, especially
the uncontrolled outlets, as well as the poor absorption of the agricultural, industrial and private sectors of the economic changes
taking place in the world, indicating that the rate of payment of farmers’ dues amounted to 65 percent with the presence of backlogs
Many for 2019 and 2020.
He stated that the financial crisis that occurred in
2021 affected the possibility of implementing some of the items contained in the budget law.
He stressed that the percentage of completion of the white paper, which
included 322 axes, reached 61%, declaring that 60% of the border crossings are not controlled
, including those located in the Kurdistan region.
In the interventions of the deputies during the session, which was presided in
part by Governor Al-Zamili, a number of deputies demanded to know the possibility of restoring the dinar exchange rate to its predecessor to reduce
price inflation, address currency smuggling outlets and delay payment of farmers’ dues, in addition to
the demand for the automation of border crossings and reservations on the government’s reliance on the policy of Foreign loans
, burdening the country with debts, and putting in place actual reform steps without overburdening it
The citizen, and asking the financial authorities to make denominations of small currencies to avoid high prices
due to the lack of middle denominations.
For his part, Hakim Al-Zamili called on the government to work
to impose its control over the financial sectors and to develop a basic solution with the commitment of the Ministry of Finance to support the
simple classes in society.
In the same context, the Chairman of the Council called on the Ministry of
Finance to work on presenting a new vision to address the negative effects that resulted from changing the
exchange rate, provided that it is presented to the Council within a period of two weeks.
In turn, the Minister of Finance made it clear that it is not possible
at the present time to change the exchange rate, as it has achieved stability in the Iraqi economy, and its change is linked to
the rise in financial abundance that satisfies ambition

[6ly410]

Parliament gives the Minister of Finance one week over the dollar exchange rate

Posted 21 seconds ago

https://iraqakhbar-com.translate.goog/3501672?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en

news sourceMawazine News

 

News source / Mawazine News

07:52 – 28/02/2022

Baghdad - Mawazine News
, the deputy of the Sadrist bloc, Ibtisam Al-Tamimi,
stressed, on Monday, finding solutions to end the damage that occurred as a result of raising the exchange rate.
Al -Tamimi said in a statement that Mawazine
News received a copy of it, that “today’s session, in which we hosted the Minister of Finance and his deputy, devoted the
bulk of it to discussing the issue of the rise in the exchange rate of the dollar against the Iraqi dinar and
the damages that resulted from that rise.”
Al-Tamimi added, "It was discussed about
the results that followed this rise of instability in prices and its negative impact on citizens,
especially the poor classes, with the absence of any real treatments."
Al-Tamimi indicated, “It was stressed
the need to address the repercussions that resulted from raising the exchange rate and the damage this decision caused.
For all citizens and for the poor in particular.
And she continued, "We are determined to put points on the letter
and stress on finding realistic and urgent solutions to end the damage that has occurred and strengthen the
local economy away from the citizen's strength."
Al-Tamimi noted, “The House of Representatives
has given the Minister of Finance one week to provide the treatments that, if implemented, it is hoped
that the damage to citizens, especially those with limited income, will end.” Ended 29 / h

[6ly410]

 

Finance Minister: Unthoughtfully restoring the exchange rate will lead to chaos

Posted 2 minutes ago

https://iraqakhbar-com.translate.goog/3501490?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en

news sourcenoon agency

 

News source / Noon Agency

Finance Minister Ali Abdel Amir Allawi said, on Monday, February 28, 2022, that restoring the exchange rate in an unthought manner will lead to chaos, while he proposed providing a financial grant to vulnerable groups.
The Media Department of the House of Representatives said in a press statement that the House of Representatives hosted Minister of Finance Ali Abdul-Amir Allawi in its second session of the fifth electoral cycle for the first legislative year of its first term, in the presence of 288 deputies, to discuss the dollar exchange rate and its repercussions on the local market, pointing out that the House discussed during Hosted by the Minister of Finance, the rise in the exchange rate of the dollar and its repercussions on the market through the rise in prices and the damage to the poor segment, and the discussion of the public debt and the financial policy of the Ministry of Finance and the proposed treatments.
She added that Allawi reviewed, in a detailed explanation, the reasons for changing the exchange rate and its relationship to economic reform, which was according to an extensive study in which concerned parties participated and was not an individual decision by the Ministry of Finance.
The Minister of Finance indicated, according to the statement, that the change in the exchange rate at that time was against the background of the deterioration in global oil prices, due to the impact of the Corona pandemic, and a decline in the volume of Iraqi oil exports, and an estimate of the International Monetary Fund amounted to (4.9%), as well as the failure to approve the 2020 budget due to the resignation of the government, which led to a financial crisis. A suffocating situation that prevented the payment of the salaries of employees and retirees, which prompted the House of Representatives to pass a law to finance the deficit in the amount of 27 trillion dinars, indicating that the 2021 budget, which was drawn up according to reform plans, contributed to developing solutions, addressing the financial situation and working to develop the long-term financial strategy by presenting the white paper Which restored balance to the Iraqi economy and provided economic stability for people with limited incomes and corrected local investment.
He went on to say that the imbalance in the Iraqi economy is due to the accumulation of negatives and the direct and indirect state control over the economy since the seventies of the last century, noting that reconsidering the exchange rate of the currency in an unstudied manner leads to financial chaos similar to some countries, so the trend was to determine the exchange rate of the Iraqi dinar Comfortably to protect it from any external changes in a proactive and correct step in coordination with the Central Bank and study it with the Prime Minister, heads of political blocs and other parties, in addition to the support of the International Monetary Fund regarding changing the price at a reasonable rate.
He explained that the draft budget law for the year 2021 focused on protecting vulnerable groups in society, applying some elements of the white paper, increasing non-oil imports, and the ministry's treatment of these groups by allocating more than 9 trillion dinars to help increase social protection allocations, improve the effectiveness of the ration card, and support small and medium enterprises for young people. In addition to increasing the pensions of retired people and the allocations for martyrs and political prisoners.
Allawi added that the benefits of devaluing the Iraqi dinar increased government revenues by 23 percent, including maximizing the funds allocated to finance reconstruction projects and allowing the government to respond to the increase in citizens' needs and contribute to strengthening the country's balance of payments and avoiding risks, in addition to the International Monetary Fund's support for the reduction process as it would strengthen The financial situation of Iraq, especially the competitiveness of the private sector against cheap foreign imports. Foreign investments have been revived as a direct result of the development of the financial and economic situation, which is witnessing a recovery and stability of markets.
He pointed out that the rise in prices in the Iraqi markets was not due to the decrease in the exchange rate of the dollar only, but rather as a result of the increase in global food prices since 2020, explaining that the rise in global oil prices is beneficial for Iraq and at the same time affects its needs of foodstuffs and oil derivatives and the import of gas that is used to generate electricity. Electricity increased by 30 percent, noting the reduction of Iraq’s external debt by 4 billion dollars in 2021.
Allawi suggested supporting vulnerable segments of society by allocating a direct grant distributed through the ration card or social welfare and supporting small and medium enterprises, especially in rural areas, as a result of the resulting financial abundance on the increase in oil prices.
On the same topic, Representative Burhan Al-Maamouri asked about the results obtained from the decision of the Ministry of Finance and the Central Bank to change the dollar exchange rate and its implications for the lives of citizens in light of the high demand for foodstuffs in local markets and knowing the percentage of completion of the white paper and its impact on the work of government institutions, in addition to his question about the lack of implementation The provisions of the budget for the past year by paying farmers’ dues, objecting to the establishment of the Petrodollar Fund, and depriving the producing governorates of additional amounts to improve their situation.
In his response, the Minister of Finance indicated that there is a global imbalance in the economy and a defect in the commercial, import and institutional situation in Iraq, especially the uncontrolled outlets, as well as the poor absorption of the agricultural, industrial and private sectors of the economic changes taking place in the world, indicating that the rate of paying farmers’ dues amounted to 65 percent with the presence of many backlogs. For the years 2019 and 2020, and the financial crisis that occurred in 2021 affected the applicability of some items contained in the budget law.
He stressed that the percentage of completion of the white paper, which included 322 axes, reached 61%, declaring that 60% of the border crossings are not controlled, including those located in the Kurdistan region.
In the same context, the Chairman of the Council called on the Ministry of Finance to work on presenting a new vision to address the negative effects that resulted from changing the exchange rate, provided that it is presented to the Council within a period of two weeks.
In turn, the Minister of Finance made it clear that it is not possible at the present time to change the exchange rate as it has achieved stability in the Iraqi economy and its change is linked to the high financial abundance that meets the ambition

[6ly410]

 

https://almasalah-com.translate.goog/ar/news/222927/وزير-المالية-قرار-تغيير-سعر-صرف-الدولار-لم-يكن-فرديا?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en

2022/02/28 16:00

Finance Minister: The decision to change the dollar exchange rate was not an individual one

Baghdad / The Obelisk: The Obelisk publishes, Monday, February 28, 2022, clips of a speech by the Minister of Finance, Ali Abdul Amir Allawi, during his hosting in the House of Representatives, regarding the dollar exchange rate.

- Minister of Finance: The proposals of the Ministry of Finance to rationalize allocations were not taken into consideration.

- Minister of Finance: The white paper included pressure on public expenditures to control financial transactions.

- Minister of Finance: The devaluation of the dinar was accompanied by the implementation of measures to relieve the burdens of small groups.

Minister of Finance: Changing the dollar exchange rate was carried out according to comprehensive planning with the Central Bank and the International Monetary Fund.

- Minister of Finance: The decision to change the dollar exchange rate was a proactive step to preserve financial dealings.

 

[6ly410]

 

https://almasalah-com.translate.goog/ar/news/222945/وزير-المالية-إعادة-سعر-الصرف-بشكل-غير-مدروس-سيؤدي-للفوضى?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en

 

2022/02/28 18:13

 

Finance Minister: Unthoughtfully restoring the exchange rate will lead to chaos

 

Baghdad / Obelisk: Finance Minister Ali Abdul-Amir Allawi said, on Monday, February 28, 2022, that restoring the exchange rate in an unthought manner would lead to chaos, while he suggested providing a financial grant to vulnerable groups.

The Media Department of the House of Representatives said in a statement received by Al-Masala that the House of Representatives hosted the Minister of Finance, Ali Abdel Amir Allawi, in its second session of the fifth electoral cycle for the first legislative year of its first term, in the presence of 288 deputies, to discuss the dollar exchange rate and its repercussions on the local market, pointing out that the House of Representatives During his hosting of the Minister of Finance, he discussed the rise in the dollar exchange rate and its repercussions on the market through high prices and the damage to the poor segment, and discussed the public debt and the financial policy of the Ministry of Finance and the proposed treatments.

She added that Allawi reviewed, in a detailed explanation, the reasons for changing the exchange rate and its relationship to economic reform, which was according to an extensive study in which concerned parties participated and was not an individual decision by the Ministry of Finance.

The Minister of Finance indicated, according to the statement, that the change in the exchange rate at that time was against the background of the deterioration in global oil prices, due to the impact of the Corona pandemic, and a decline in the volume of Iraqi oil exports, and an estimate of the International Monetary Fund amounted to (4.9%), as well as the failure to approve the 2020 budget due to the resignation of the government, which led to a financial crisis. A suffocating situation that prevented the payment of the salaries of employees and retirees, which prompted the House of Representatives to pass a law to finance the deficit in the amount of 27 trillion dinars, indicating that the 2021 budget, which was drawn up according to reform plans, contributed to developing solutions, addressing the financial situation and working to develop the long-term financial strategy by presenting the white paper Which restored balance to the Iraqi economy and provided economic stability for people with limited incomes and corrected local investment.

He went on to say that the imbalance in the Iraqi economy is due to the accumulation of negatives and the direct and indirect state control over the economy since the seventies of the last century, noting that reconsidering the exchange rate of the currency in an unstudied manner leads to financial chaos similar to some countries, so the trend was to determine the exchange rate of the Iraqi dinar Comfortably to protect it from any external changes in a proactive and correct step in coordination with the Central Bank and study it with the Prime Minister, heads of political blocs and other parties, in addition to the support of the International Monetary Fund regarding changing the price at a reasonable rate.

He explained that the draft budget law for the year 2021 focused on protecting vulnerable groups in society, applying some elements of the white paper, increasing non-oil imports, and the ministry's treatment of these groups by allocating more than 9 trillion dinars to help increase social protection allocations, improve the effectiveness of the ration card, and support small and medium enterprises for young people. In addition to increasing the pensions of retired people and the allocations for martyrs and political prisoners.

Allawi added that the benefits of devaluing the Iraqi dinar increased government revenues by 23 percent, including maximizing the funds allocated to finance reconstruction projects and allowing the government to respond to the increase in citizens' needs and contribute to strengthening the country's balance of payments and avoiding risks, in addition to the International Monetary Fund's support for the reduction process as it would strengthen The financial situation of Iraq, especially the competitiveness of the private sector against cheap foreign imports. Foreign investments have been revived as a direct result of the development of the financial and economic situation, which is witnessing a recovery and stability of markets.

He pointed out that the rise in prices in the Iraqi markets was not due to the decrease in the exchange rate of the dollar only, but rather as a result of the increase in global food prices since 2020, explaining that the rise in global oil prices is beneficial for Iraq and at the same time affects its needs of foodstuffs and oil derivatives and the import of gas that is used to generate electricity. Electricity increased by 30 percent, noting the reduction of the Iraqi external debt by 4 billion dollars in 2021.

Allawi suggested supporting vulnerable segments of society by allocating a direct grant distributed through the ration card or social welfare, and supporting small and medium-sized enterprises, especially in rural areas, as a result of the financial abundance resulting from the increase in oil prices.

On the same topic, Representative Burhan Al-Maamouri asked about the results obtained from the decision of the Ministry of Finance and the Central Bank to change the dollar exchange rate and its implications for the lives of citizens in light of the high demand for foodstuffs in local markets and knowing the percentage of completion of the white paper and its impact on the work of government institutions, in addition to his question about the lack of implementation The provisions of the budget for the past year by paying farmers’ dues, objecting to the establishment of the Petrodollar Fund, and depriving the producing governorates of additional amounts to improve their situation.

In his response, the Minister of Finance indicated that there is a global imbalance in the economy and a defect in the commercial, import and institutional situation in Iraq, especially the uncontrolled outlets, as well as the poor absorption of the agricultural, industrial and private sectors of the economic changes taking place in the world, indicating that the rate of paying farmers’ dues amounted to 65 percent with the presence of many backlogs. For the years 2019 and 2020, and the financial crisis that occurred in 2021 affected the applicability of some items contained in the budget law.

He stressed that the percentage of completion of the white paper, which included 322 axes, reached 61%, declaring that 60% of the border crossings are not controlled, including those located in the Kurdistan region.

In the same context, the Chairman of the Council called on the Ministry of Finance to work on presenting a new vision to address the negative effects that resulted from changing the exchange rate, provided that it is presented to the Council within a period of two weeks.

In turn, the Minister of Finance made it clear that it is not possible at the present time to change the exchange rate as it has achieved stability in the Iraqi economy and its change is linked to the high financial abundance that meets the ambition

[6ly410]

 

In details.. the results of hosting the Minister of Finance in Parliament: a change in the exchange rate is unlikely

https://shafaq.com/ar/سیاسة/بالتفاصيل-نتا-ج-استضافة-وزير-المالية-في-البرلمان-تغيير-سعر-الصرف-مستبعد

 2022-02-28 11:43

 

 

Shafaq News/ The Iraqi parliament hosted, on Monday, in its second session of the fifth electoral cycle, Finance Minister Ali Allawi, and discussed the dollar exchange rate and its repercussions on the local market, in the presence of 288 deputies.

The council discussed with Allawi, according to a statement received by Shafak News Agency, the repercussions of the high dollar exchange rate on the market, the damage to the poor segment, and the discussion of public debt and the financial policy of the Ministry of Finance and the proposed treatments.

Allawi reviewed, in a detailed explanation, “the reasons for changing the exchange rate and its relationship to economic reform, which was according to an extensive study in which concerned parties participated and was not an individual decision by the Ministry of Finance,” noting that “the exchange rate change at that time was against the background of the deterioration in global oil prices due to the impact of a pandemic.” Corona and the decline in the volume of Iraqi oil exports, according to the International Monetary Fund, amounted to (4.9%) as well as the failure to approve the 2020 budget due to the resignation of the government, which led to a stifling financial crisis that prevented the payment of salaries of employees and retirees, which prompted the House of Representatives to pass a legal deficit financing amounting to 27 trillion dinars.

The Minister of Finance pointed out that "the 2021 budget, which was developed according to reform plans, contributed to developing solutions, addressing the financial situation, and working to develop the long-term financial strategy by presenting the white paper that restored balance to the Iraqi economy, provided economic stability for people with limited income and corrected local investment."

And he indicated that "the imbalance in the Iraqi economy is due to the negative accumulations and the direct and indirect state control over the economy since the seventies of the last century," noting that "reconsidering the exchange rate of the currency in an unstudied manner leads to financial chaos similar to some countries, so the trend was to set the price of Exchanging the Iraqi dinar comfortably to protect it from any external changes in a proactive and correct step in coordination with the Central Bank and studying it with the Prime Minister, heads of political blocs and other parties, in addition to the support of the International Monetary Fund regarding changing the price at a reasonable rate.

The minister explained, "The draft budget law for the year 2021 focused on protecting vulnerable groups in society, applying some elements of the white paper, increasing non-oil imports, and the ministry's treatment of these groups by allocating more than 9 trillion dinars to help increase social protection allocations, improve the effectiveness of the ration card and support projects. In addition to increasing the pensions of retired people and the allocations for martyrs and political prisoners.

Allawi added, "The benefits of devaluing the Iraqi dinar increased government revenues by 23 percent, including maximizing the funds allocated to finance reconstruction projects, allowing the government to respond to the increase in citizens' needs and contributing to strengthening the balance of payments for the country and avoiding risks."

He pointed out that "the rise in prices in the Iraqi markets was not only due to the decrease in the exchange rate of the dollar, but rather as a result of the increase in global food prices since 2020," explaining that "the rise in global oil prices is beneficial for Iraq and at the same time affects its needs of foodstuffs and oil derivatives. And importing gas that is used to generate electricity by 30%, in addition to reducing the Iraqi external debt by 4 billion dollars in 2021.”

The Minister of Finance spoke of a global imbalance in the economy and a flaw in the commercial, import and institutional situation in Iraq, especially the uncontrolled outlets, as well as the weak absorption of the agricultural, industrial and private sectors of the economic changes taking place in the world, noting that "the rate of payment of farmers' dues amounted to 65 percent with the presence of many accumulations. for 2019 and 2020".

And he indicated that "the financial crisis that occurred in 2021 affected the possibility of implementing some of the items contained in the budget law," stressing that "the completion rate of the white paper, which included 322 axes, reached 61%, especially since" 60% of the border crossings are not controlled. including those located in the Kurdistan Region.

According to the Parliament’s statement, a number of deputies demanded to know the possibility of restoring the dinar exchange rate to its predecessor to reduce price inflation, address currency smuggling outlets and delay payment of farmers’ dues, in addition to the demand for the automation of border crossings and the reservation on the government’s reliance on foreign loan policy and overburdening the country with debts, and setting steps Actual reform without overburdening the citizen, and asking the financial authorities to manufacture small denominations of currency to avoid price hikes due to the lack of middle classes.

The First Deputy Speaker of Parliament, Hakim Al-Zamili, called on the government to "work to impose its control over the financial sectors and to put a basic solution to the commitment of the Ministry of Finance to support the simple classes in society."

In turn, Al-Halbousi indicated that "the background to the exchange rate change was due to the Corona pandemic, the decline in oil prices, the scarcity of Iraqi imports, and what caused a financial crisis, at which time the Iraqi government was unable to pay its obligations towards employees and retirees."

The Speaker of Parliament said, "The proposed solutions were identified by several options, including reducing employees' salaries by 30 percent, demobilizing a number of employees and referring them to compulsory retirement, but the parliament chose to amend the exchange rate, which generated state revenues of 22 trillion dinars and found a solution to the problem."

Al-Halbousi demanded, "finding effective solutions to maximize financial revenues that enable the state to restore the value of the Iraqi dinar," noting that "the largest corruption deals that occurred in Iraq were in 2012 when the dollar exchange rate was changed."

He also called on the Ministry of Finance to "work to present a new vision to address the negative effects that resulted from the exchange rate change, to be presented to the Council within a period of two weeks."

But the Minister of Finance indicated that this matter is not possible at the present time, as changing the exchange rate is difficult now, as it has achieved stability in the Iraqi economy, and its change is linked to the rise in financial abundance that meets ambition.

[yota691]

Parliament discusses the repercussions of the dollar exchange rate in the presence of the Minister of Finance

Tuesday 01 March 2022 169

 

 Baghdad: Muhannad Abd al-Wahhab

 

The House of Representatives, in its session held yesterday, Monday, in the presence of 288 deputies, discussed the repercussions of the dollar exchange rate, in the presence of Finance Minister Ali Allawi, and the House voted on 25 permanent committees, and the formation of two temporary committees, one to amend and define the tasks of the committees in the rules of procedure and another to investigate the facts regarding the October demonstrations. At the beginning of the session, a number of deputies took the constitutional oath to fill the membership of the House of Representatives, then the Speaker of the Council, Muhammad al-Halbousi, who chaired the session, directed all parliamentary blocs to expedite the formation of parliamentary committees by distributing their members equally among all committees due to the importance of their oversight and legislative tasks, pointing out that so far The parliamentary blocs did not present their choices accurately.

The parliament voted by majority on the parliament’s presidency proposal to make the number of permanent parliamentary committees 25. It also voted to form a temporary committee headed by the first deputy speaker of the parliament, Hakim al-Zamili, and the membership of 4 deputies to amend and define the tasks of the committees in the rules of procedure and then present them to the parliament.

The council, during its hosting of the Minister of Finance, discussed the rise in the dollar exchange rate and its repercussions on the market through the rise in prices and the damage to the poor segment, as well as the discussion of the public debt and the financial policy of the Ministry of Finance and the proposed treatments.

[yota691]

Al-Kalabi: The way to host the Minister of Finance and not to interfere was to end the crisis of changing the dollar exchange, nothing more

• Time: 02/28/2022 21:57:20
•  
• Reading: 3,068 times

  

{Politics: Al-Furat News} The independent politician, Youssef Al-Kalabi, described the session hosting Finance Minister Ali Abdul-Amir Allawi in the House of Representatives as "an end to a crisis, nothing more."

 

Al-Kalabi said; For the (Undisclosed) program broadcast by Al-Furat satellite channel tonight, that: "The way to interrogate the Minister of Finance in today's session and not to interfere was to end the crisis over the exchange rate, nothing more."
And he recalled, "The Minister of Finance presented the proposals of the World Bank to the leaders of the political blocs, and the Presidency of the House of Representatives and the Finance Committee in the previous session were responsible for the failure to interrogate the Minister of Finance in raising the dollar exchange rate."
Al-Kalabi indicated, "Parliament did not vote to increase the exchange rate absolutely, and 170 deputies asked to question the Minister of Finance at the time, but this was not allowed for political reasons."
And between "changing the exchange rate should have included support for the industrial and agricultural sectors, and it was supposed to improve the industrial and agricultural situation in order to benefit from the increase in the exchange rate."
Al-Kalabi went on to say, "The increase in the exchange rate did not stop the forged bills and the smuggling of money and hard currency, and now the process of restoring the exchange rate will not lead to its content in its correct form, but raising the treatment of the negative effects as a result of raising the exchange, and the Parliamentary Finance Committee was not convinced of the Minister of Finance's actions."
He concluded his dialogue by saying, "50% of the farmers' dues have not been distributed, and the white paper is research and has nothing to do with reality, and the automation procedures have not been completed." The Minister of Finance, Ali Abdel Amir Allawi, resolved the controversy over the exchange rate change, during the hosting session in the House of Representatives, today, Monday.
Allawi announced, during the hosting session, that it is not possible at the present time to change the exchange rate, reviewing what happened in the 2021 budget.
It is noteworthy that the House of Representatives decided today, Monday, to host the Minister of Finance, Ali Allawi, in accordance with the House of Representatives Law and its formations No. 13 of 2018 and the internal system of the House, at the request of Representative Burhan Al-Maamouri, accompanied by the support of 100 deputies.
 

[yota691]

Parliament has no authority.. A political alliance indicates a single mechanism to adjust the dollar exchange rate in Iraq - Urgent

 

 

344 Policy 2022/03/01 17:09 Baghdad Today - Special Today,

Tuesday, the representative of the State of Law coalition, Muhammad Al-Shammari, revealed the only way to change the exchange rate of the dollar against the Iraqi dinar. Al-Shammari said, in an interview with (Baghdad Today), that "the only way to change the exchange rate of the dollar against the Iraqi dinar is by adjusting this price through the Council of Ministers within the draft budget law." He stressed that "otherwise, the House of Representatives has no authority to change this price." And he indicated that "the House of Representatives and parliamentary blocs, who can pressure the government to change this price, by refusing to vote on the budget, but the power to change remains in the hands of the Council of Ministers, and this is what we will work on through dialogue and negotiation with the new cabinet, after the formation of the new government."

[yota691]

Minister of Finance: Reconsidering the exchange rate of the currency in an unthought manner leads to financial chaos

February 28, 2022 - 7:19 PM

During his stay in Parliament

Minister of Finance: Reconsidering the exchange rate of the currency in an unthought manner leads to financial chaos

Finance Minister: The 2021 budget was drawn up according to reform plans that contributed to developing solutions and addressing the financial situation

Minister of Finance: The benefits of devaluing the Iraqi dinar increased government revenues by 23 percent

Minister of Finance: The increase in prices in the Iraqi markets was not only due to the decrease in the exchange rate of the dollar, but rather as a result of the increase in global food prices since 2020

Finance Minister: The rise in global oil prices is beneficial for Iraq

Finance Minister: Reducing Iraq's foreign debt by $4 billion in 2021

The Minister of Finance proposes allocating a direct grant to be distributed through the ration card or social welfare to support vulnerable groups

Finance Minister: The rate of paying farmers’ dues has reached 65 percent

Minister of Finance: 60 percent of the border crossings are not under control, including those located in the Kurdistan region

[rvmydinar]

24 minutes ago, yota691 said:

Minister of Finance: The benefits of devaluing the Iraqi dinar increased government revenues by 23 percent

Minister of finance : What were you thinking? Don't you think the devaluation the IQD will benefit the iraqi citizens by increasing the prices of all foods?  Ordinary iraqi citizens can't afford to buy foods, except the wealthy iraqi citizens and corrupt government politicians.

[DoD]

The Finance Minster along with a few other economic experts keep saying changing the Dinar exchange rate back to its previous era will cause chaos in the markets. They have to be talking about the 3.26 exchange era because bringing it back to the 1190 rate would certainly not cause any chaos. Think about that for a second, the markets didn’t go into chaos when they changed from 1190 to the 1149 rate. 
I’m thinking they are trying to figure out a way to do this without exposing their plan to the world. With oil over a hundred dollars a barrel if they don’t make the change soon I don’t think they ever will….