Iraqi Finance Minister: An upcoming meeting with the International Monetary Fund in Baghdad

[yota691]

 

Finance Minister: Iraq is unable to increase its oil exports and supports the cuts

 

 2022-04-20 01:24

 

Shafaq News/ Deputy Prime Minister Ali Allawi said that Iraq is unable to increase oil exports in response to high international oil prices and supply disruptions related to Russia, because it is clearly committed to the agreements mandated by OPEC.

Allawi said during a visit to Washington that "while Iraq benefits from the high oil prices incurred by the Russian-Ukrainian war, the costs of the conflict are also significant, including higher prices for fertilizers, wheat and other basic commodities."

Allawi added that the reasons for Iraq's stay in OPEC were confirmed recently through the agreement to cut supplies led by Saudi Arabia, which he described as "a successful policy without a doubt."

Iraq pumped 4.34 million bpd in March, up 80,000 bpd from February and just below the OPEC production ceiling of 4.37 million bpd, according to the latest S&P Global Commodity Insights survey.

Production rose in March with the country's giant West Qurna 2 field returning from maintenance about two weeks ago, while protests disrupted the Nassiriya field for a few days at the beginning of the month.

[6ly410]

ERBIL, Kurdistan Region - Iraq’s problems stem from the weaknesses at the institutional level which eventually lead to many people being involved in economic decision making in the country, Iraq’s finance minister said on Tuesday, adding that massive trade deficit with neighboring Iran is among several arrangements that cannot continue.

“The problem of the country is really institutional,” Iraq’s Finance Minister and Deputy Prime Minister Ali al-Allawi said in a discussion at the Atlantic Council on Tuesday, adding that the “institutional setup is extremely weak, the state itself, public administration is weak, we have several weak points in it that in some areas there are departments of government that report to different sources of authority.”

According to Allawi, the institutional weakness has eventually led to “many people getting involved in economic decision making.”

Iraq is ranked as one of the world’s top ten most corrupt countries, according to a report by Transparency International published in January.  

The Berlin-based NGO ranked the perceived levels of corruption in Iraq as equal to the levels of abuse of power for private gain in Zimbabwe, Cambodia, and Honduras.

The country has for years, following the US invasion in 2003, been under the tremendous influence of neighboring Iran, to a point that Iran not only interferes in the country’s decision making, but also in its economy.

“Iran one way or the other is the largest supplier to the Iraqi market, the numbers are probably around 15 billion dollars a year,” Allawi said of Iran’s trade volume with Baghdad.

“Unfortunately, Iraq exports nothing to Iran, we have a massive trade deficit with the country, it is nearly all one way, and every time we meet with Iranian officials I tell them this cannot be a healthy relationship,” he said, adding that “this kind of asymmetrical arrangement cannot continue.”

Iraq’s main purchases from Iran are agricultural products, engineering services, construction materials, and energy, such as electricity and natural gas. Baghdad has received sanction waivers from Washington allowing it to buy Iranian electricity and natural gas.

Iraq was the largest importer of Iranian products since March 2021, importing $8.9 billion worth of goods, marking a 21 percent increase in Iranian exports to Iraq in comparison to last year, Iran’s director general of customs said earlier this month. 

However, Iraq only exported $1.2 billion worth of goods to Iran, marking a 790 percent increase on Iranian imports from Iraq.

Allawi further addressed issues between Erbil and Baghdad over the Kurdistan Region’s share of the federal budget, calling it a “quid pro quo” situation.

“The KRG (Kurdistan Regional Government) budget is set on two basic criteria, one is entitlement to a certain percentage of the federal revenues after certain central expenses are deducted,” he said. “They are obliged to give the central government the proceeds from their oil exports and the proceeds from customs and other fees and taxes that are collected by the Kurdistan Regional Government that are federal revenues, part of which is retroceded back to the KRG especially customs.”

“We have not received any of the KRG proceeds either in cash or in estimates,” Allawi said, adding that the KRG’s inability to do so puts them in a position that the Iraqi government cannot act out the other aspect of the relationship either.

Erbil has struggled to pay civil servant salaries in full and on time for more than five years, due to the war against the Islamic State (ISIS), disputes with Baghdad, and a drop in oil prices. With a shortage of cash, the government took temporary austerity measures to reduce salaries of higher-earning employees in June 2020. Those earning more than 300,000 Iraqi dinars per month were hit with a 21 percent pay cut.

Iraq’s federal budget was passed by the parliament in late March 2021 after intense debates and more than three months after it was approved by the cabinet. One contentious point was Erbil’s share and requirements for the KRG to hand over oil. The Kurdistan Region receiving its share is conditional on Erbil fulfilling its commitments, which include handing over 250,000 barrels of oil per day, paying back money it borrowed from the Iraqi Trade Bank, sending non-oil revenues and prioritizing paying the salaries of its civil servants and Peshmerga before any other spending.

Baghdad in July started paying the KRG an advance payment of 200 billion dinars monthly to cover salaries of civil servants, but that has been delayed several times as well.

Addressing the continuity of Baghdad’s payments of 200 billion dinars to the KRG, Allawi told Rudaw following his conversation at the Atlantic Council that the payments “will continue in the context of the bilateral agreements that we have between the federal government and the KRG, obviously it is also related to the needs of the KRG for emergency funding and it has to be within the terms of the law and the agreements we had in the budget law.”

[yota691]

Including laws.

The Minister of Finance identifies the most important challenges facing the next government

2022.04.21 - 11:44

 

  

Baghdad - people  

On Thursday, Finance Minister Ali Allawi revealed the most important challenges facing the next government, while referring to cooperation with the US Treasury Department on money laundering.  

  

 

  

Allawi said, during a symposium organized by the Atlantic Research Institute in Washington, and followed by "NASS" (April 21, 2022), that "the most prominent Iraqi challenges that will face the next government are the inherited laws and institutional procedures," stressing "the need to address them if we want to benefit from the resources of The country, its strategic location, and how to transform the economy into a post-oil era.  

  

Allawi confirmed in a statement to the official channel, on the sidelines of his participation in the Spring Meetings held in Washington, that "this visit came to deepen the economic relationship with international institutions, the World Bank, the International Monetary Fund, the American Treasury and the American Development Agency, and we aspire to strengthen relations."  

  

He added, "The IMF supports the overall economic and reform policy for Iraq," noting that "the World Bank supports certain projects, and now they have several projects they are working on in Iraq."  

  

He continued, "There is cooperation with the US Treasury on several issues, including money laundering and Iraqi-American relations in light of the Russian-Ukrainian war, because there are economic aspects that must be taken into consideration."  

  

He pointed out that "in light of all these matters, it was necessary to come to Washington with a large and important team from the (Iraqi Finance) ministry and other ministries."  

[yota691]

Finance Minister: Saving the Iraqi economy needs a real revolution

• Time: 04/21/2022 15:00:00
•  
• Reading: 611 times

  

 

{Economic: Al Furat News} The Minister of Finance, Ali Allawi, said that "saving the Iraqi economy needs a real revolution."

Allawi said in his speech during his leadership of the Iraqi delegation participating in the spring meetings of the International Monetary Fund and the World Bank, held for the period from April 18 to 24 in Washington, with the participation of the Undersecretary and a number of general managers, that "saving the Iraqi economy and correcting the course of fiscal and monetary policy requires a real revolution." To change its structure and transfer it from a rentier economy that depends on oil as a main source of revenue to a diversified economy, especially after indicators showed that it is not possible to rely on oil to build and develop the country.

Allawi stressed "the importance and necessity of involving the private sector to take its role in the overall economic activity and towards achieving comprehensive and sustainable development."

He added, "We suffer from past and inherited institutional laws and procedures that must be addressed if we want to properly invest the country's resources and strategic location and adapt the economy to the post-oil era."

In the same context, the Iraqi delegation attended a ceremony honoring the Undersecretary of the Ministry, Taif Sami, after receiving the International Award for Courageous Women for the year 2022, which included 12 women around the world, which is granted to women who have demonstrated exceptional courage and leadership in defending peace, rights, justice and equality. 

 The visit of the Iraqi delegation comes as part of efforts to enhance and deepen the areas of economic cooperation with the two international institutions, as well as Iraq's intention to obtain technical and technical support from the US Treasury and other financial institutions. 

Participation in the Spring Meetings of the International Monetary Fund and the Boards of Governors of the World Bank Group includes: central bank governors, ministers of finance and development, senior officials from the private sector, representatives of civil society organizations, and academics to discuss issues of global concern, including the global economic outlook, poverty eradication, and development economic and aid effectiveness.

[yota691]

The Minister of Finance identifies factors to save the Iraqi economy and correct the course of monetary policy

Minister of Finance, Ali Abdul-Amir Allawi

 April 21, 2022 03:24 PM

Mubasher: Minister of Finance, Ali Abdul-Amir Allawi, headed the Iraqi delegation participating in the spring meetings of the International Monetary Fund and the World Bank, held in the capital, Washington, with the participation of the Undersecretary and a number of general managers.

Allawi said, in his speech on this occasion, that saving the Iraqi economy and correcting the course of fiscal and monetary policy needs a real revolution; To change its structure and transfer it from a rentier economy that depends on oil as a main source of revenue to a diversified economy, especially after indicators showed that oil cannot be relied on to build and develop the country, according to a statement by the Ministry of Finance.

Allawi stressed the importance and necessity of involving the private sector to take its role in the overall economic activity and towards achieving comprehensive and sustainable development.

He continued, "We suffer from previous and inherited institutional laws and procedures that must be addressed if we want to properly invest the country's resources and strategic location and adapt the economy to the post-oil phase."

The Ministry of Finance indicated that the visit of the Iraqi delegation comes as part of efforts to enhance and deepen the areas of economic cooperation with the two international institutions, as well as Iraq's intention to obtain technical and technical support from the US Treasury and other financial institutions.

It also includes participation in the Spring Meetings of the International Monetary Fund and the Boards of Governors of the World Bank Group: central bank governors, ministers of finance and development, senior officials from the private sector, representatives of civil society organizations, and academics to discuss issues of global concern, including the global economic outlook, poverty eradication, economic development, and aid effectiveness.

[yota691]

 

Finance Minister: Saving the Iraqi economy needs a revolution, and oil cannot be relied upon

 

 2022-04-21 07:48

 

Shafaq News/ The Minister of Finance, Ali Abdul Amir Allawi, said on Thursday that lifting the Iraqi economy from the current deterioration needs what he called a "real revolution" in changing its structure from rentierism to diversifying sources.

This came in a speech during his presidency of the Iraqi delegation participating in the spring meetings of the International Monetary Fund and the World Bank, held for the period from April 18 to 24, 2022 in Washington, with the participation of the Undersecretary and a number of general managers.

Allawi said in the speech, "Save the Iraqi economy and correct the course of fiscal and monetary policy, it needs a real revolution to change its structure and transfer it from a rentier economy that depends on oil as a main source of revenue to a diversified economy, especially after indicators showed that it is not possible to rely on oil to build the country." and development.”

The minister stressed the importance and necessity of involving the private sector to take its role in the overall economic activity and towards achieving comprehensive and sustainable development, adding, "We suffer from previous and inherited institutional laws and procedures that must be addressed if we want to properly invest the country's resources and strategic location and adapt the economy to the post-oil phase." .

 

Iraq's economy is characterized as a rentier consumer economy that depends entirely on the proceeds of selling oil, which is the main source of the country's general budget.

And the Iraqi state’s continuation of relying on oil as the only source of the general budget makes Iraq at risk of global crises that occur from time to time due to the impact of oil on it, which makes Iraq turn every time to cover the deficit through borrowing from abroad or inside, which thus indicates the inability to manage Effectively state funds, and the inability to find alternative financing solutions.

[yota691]

The Minister of Finance reveals the most important challenges of the next government

• THURSDAY, 04-21-2022,PM 3:34
•  
• KARAR AL ASADI
•  
• 158

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http://non14.net/public/images/large/8-1650544457.jpg

Today, Thursday, Finance Minister Ali Allawi revealed the most important challenges facing the next government, while referring to cooperation with the US Treasury Department on money laundering.

Allawi said, during a symposium organized by the Atlantic Research Institute in Washington, that "the most prominent Iraqi challenges that will face the next government are the inherited laws and institutional procedures," stressing "the need to address them if we want to benefit from the country's resources and its strategic location and how to transform the economy into a post-conflict stage." oil".

Allawi stressed, on the sidelines of his participation in the Spring Meetings in Washington, that "this visit came to deepen the economic relationship with international institutions, the World Bank, the International Monetary Fund, the American Treasury and the American Development Agency, and we aspire to strengthen relations."

He added, "The IMF supports the overall economic and reform policy for Iraq," noting that "the World Bank supports certain projects, and now they have several projects they are working on in Iraq."

He continued, "There is cooperation with the US Treasury on several issues, including money laundering and Iraqi-American relations in light of the Russian-Ukrainian war, because there are economic aspects that must be taken into consideration."

He explained, "In light of all these matters, it was necessary to come to Washington with a large and important team from the (Iraqi Finance) Ministry and other ministries."

[ronscarpa]

FINANCE MINISTER: THE IRAQI ECONOMY NEEDS A "REAL REVOLUTION"ril 2

Thursday, 21 April 2022 3:21 PM - National News Center/Baghdad

 

Today, Thursday, Finance Minister Ali Abdul-Amir Allawi confirmed that the Iraqi economy needs a "real revolution" to pull it out of the deterioration.

 

The minister said, in a speech during his leadership of the Iraqi delegation participating in the spring meetings of the International Monetary Fund and the World Bank held for the period from 18 to 24 April 2022 in Washington, with the participation of the Undersecretary and a number of general managers, he said that “save the Iraqi economy and correct the course of fiscal and monetary policy, It needs a real revolution to change its structure and transfer it from a rentier economy that depends on oil as a main source of revenue to a diversified economy, especially after indicators showed that it is not possible to rely on oil to build and develop the country.”

 

And he indicated the importance of involving the private sector to take its role in the overall economic activity and towards achieving comprehensive and sustainable development, adding, "We suffer from previous and inherited institutional laws and procedures that must be addressed if we want to invest the country's resources and its strategic location in the proper manner and adapt the economy to the post-oil phase."

 

https://nnciraq.com/122887/

[horsesoldier]

Wonder how long they'll talk about it before they do something about it.

 

They're not stupid: awkward, tiresome & predictable yes. They/We know the prevelent state of affairs in Iraq. Yet again, the waiting game.

 

The only thing I can see standing in their way is, well, themselves. No sanctions, the path is clear and the obstructionist are throwing every tool in their tool box into the wheels & gears of progress.

 

No doubt the Tipping Point for the people can be reached if this " crisis " isn't dealt with pronto.

[JonnyV]

He better watch his words.   They might think he means a real revolutionary war there.  Also, wasn't he against an RV?

 

[screwball]

17 hours ago, yota691 said:

saving the Iraqi economy and correcting the course of fiscal and monetary policy requires a real revolution." To change its structure and transfer it from a rentier economy that depends on oil as a main source of revenue to a diversified economy, especially after indicators showed that it is not possible to rely on oil to build and develop the country.

change its structure???? interesting words?

[screwball]

could be talking about moving to a gold backed and asset backed currency which could see their value up against Kuwaits eventually....

[NoviceInvestor]

15 hours ago, horsesoldier said:

Wonder how long they'll talk about it before they do something about it.

 

They're not stupid: awkward, tiresome & predictable yes. They/We know the prevelent state of affairs in Iraq. Yet again, the waiting game.

 

The only thing I can see standing in their way is, well, themselves. No sanctions, the path is clear and the obstructionist are throwing every tool in their tool box into the wheels & gears of progress.

 

No doubt the Tipping Point for the people can be reached if this " crisis " isn't dealt with pronto.

The waiting game will continue until the Greedy Globalists who control the Banks decide that they are ready to allow change and let the cash flow to the people. They must continue to fill their coffers until they work out a way to fully control the Cryptocurrency Market. JMO 

[yota691]

Kurdistan Region has not handed over revenues

The Iraqi Finance Minister talks about “unexpected gains” due to the rise in oil prices

2022.04.22 - 15:09

 

 

Baghdad - people  

On Friday, Finance Minister Ali Abdul-Amir Allawi set the objectives of submitting the emergency food security support bill to the House of Representatives for legislation, and while noting that Iraq would achieve unexpected gains due to the rise in global oil prices, he stressed that the Kurdistan region had not handed over its revenues to Baghdad.  

  

Allawi said in a speech on the sidelines of the Spring Meetings of the Bank and the International Monetary Fund in Washington, (April 22, 2022), that "the submission of the emergency support bill is designed for specific purposes, as citizens suffer from high global commodity prices, which has an impact on the poor classes." Noting that "what I want from the bill is to estimate the unexpected gains from the rise in oil and distribute them according to need, either through cash transfer or food basket."  

He added that "Iraq receives the money from exporting oil three months after the start of export shipments," noting that "the unexpected gains due to the rise in oil prices amount to 25 billion dollars after six months from now, and this is what was planned in the emergency financing law." .  

He pointed out that "the federal government did not receive any cash or account from the Kurdistan region, although it is obligated to pay the revenues of oil exports, customs, fees and other taxes associated with the region, especially customs," noting that "the federal government provided additional amounts to the Kurdistan region after being exposed to its inability last year." to pay the salaries of civil servants, and we will continue to do so until the accounts are settled between the Kurdistan Regional Government and the Federal Government.”

[yota691]

Minister of Finance: $25 billion in imports, rising oil prices.. and outlining the importance of the Food Security Law

• Time : 04/22/2022 12:30:55
•  
• Reading: 1,144 times

  

{Economic: Al Furat News} Finance Minister Ali Allawi announced today, Friday, that Iraq's imports from the rise in oil prices for six months will amount to 25 billion dollars.

Allawi said in a speech on the sidelines of the spring meetings of the Bank and the International Monetary Fund in Washington, that "Iraq receives the money from the export of oil three months after the launch of export shipments," noting, "The unexpected gains due to the rise in oil prices amount to 25 billion. dollars six months from now, and this is what he planned in the emergency financing law."
He added, "The provision of the emergency subsidy bill is designed for specific purposes, as citizens suffer from the rise in international commodity prices, which has had an impact on the poor classes."
And he stated, "What I want from the draft law is to estimate the unexpected gains from the rise in oil and distribute them according to need, either through a cash transfer or a food basket."
Allawi pointed out, that "
And he noted, "The federal government provided additional amounts to the Kurdistan region after it was exposed to its inability last year to pay the expenses of civil servant salaries, and we will continue to do so until the accounts are settled between the Kurdistan Regional Government and the federal government."

[yota691]

Iraqi Finance: The gains of high oil prices are 25 billion dollars after 6 months from now

Iraq's oil gains

 April 22, 2022 01:59 PM

 

Mubasher: Iraqi Finance Minister Ali Abdul Amir Allawi said today, Friday, that the gains from the rise in oil prices amount to $25 billion six months from now.

And the minister explained - in a speech on the sidelines of the spring meetings of the Bank and the International Monetary Fund in Washington, which was reported by the Iraqi News Agency (INA) - that work will be done to estimate the gains from the rise in oil and distribute them according to the need, either through the cash transfer or the food basket.

Allawi stressed the importance of the draft law on emergency support for food security submitted to the House of Representatives for legislation, in light of the rise in global commodity prices, which had an impact on the poor classes.

The minister stated that the emergency support bill is designed for specific purposes, in light of the rise in global commodity prices, explaining that Iraq receives the funds from the export of oil three months after the start of export shipments.

He stressed that the federal government in Baghdad has not received any payments from the Kurdistan region, although it is obligated to pay the revenues of oil exports, customs, fees and other taxes associated with the region, especially customs.

He pointed out that the federal government provided additional amounts to the Kurdistan region after its inability last year to pay the salaries of civil servants, stressing that it will continue until the accounts are settled between the Kurdistan Regional Government and the federal government.

[yota691]

 

The Minister of Finance identifies the most important challenges facing the next Iraqi government

 

 2022-04-23 10:00

 

Shafaq News/ Finance Minister Ali Abdul Amir Allawi identified the most prominent challenges facing the next government, referring at the same time to cooperation with the US Treasury Department on money laundering issues.

 

This came on the sidelines of the meetings of the Bank Group and the International Monetary Fund in Washington, while speaking to a group of journalists.

Allawi said, "The most prominent Iraqi challenges that the next government will face are the inherited laws and institutional procedures," stressing "the need to address them if we want to benefit from the country's resources, its strategic location, and how to transform the economy into a post-oil phase."

 

He stressed, "This visit came to deepen the economic relationship with international institutions, the World Bank, the International Monetary Fund, the US Treasury and the US Agency for Development."

 

Allawi also indicated that "the IMF supports the economic and reform policy of Iraq," noting that "the World Bank supports certain projects, and now they have several projects they are working on in Iraq and consultations are underway for the purpose of expanding them to include various vital sectors in the country."

 

He added, "There is continuous cooperation with the US Treasury on several issues, including money laundering and Iraqi-American relations in light of the repercussions of the Russian-Ukrainian war, because there are economic aspects that must be taken into consideration."

 

And he continued, the Minister of Finance, by saying that "in light of all these matters, it was necessary to come to Washington with a large and important team from the Iraqi Ministry of Finance and other ministries with the aim of activating bilateral relations, including support projects, and crystallizing them in a manner that is in the interest of the Iraqi economy."

[horsesoldier]

Please stop talking and get on with it. Every election cycle, Oy Vey !!

 

Deja Vu all over again.

[6ly410]

 

https://shafaq.com/en/Economy/Outdated-laws-are-a-major-economic-challenge-for-the-next-government-Allawi-says

Outdated laws are a major economic challenge for the next government, Allawi says

2022-04-23 09:31

 

Shafaq News/ Outdated laws are a major hurdle to the next government's endeavors to exploit the country's resources and wean it off from its long-standing reliance on oil, Iraq's Ministry of Finance, Ali Abdul-Amir Allawi, said on Saturday. 

Speaking to reporters on the sidelines of the 2022 Spring meeting of the International Monetary Fund and the World Bank Group, Allawi said, "inherited laws and measures are the most prominent challenges facing the next government...If we are seeking to benefit from the resources of the country and its strategic location, and lead the country to the post-oil era."

"Our visit came to deepen the economic ties with the international Institutions, the World Bank, the [International] Monetary Fund (IMF), the US Treasury, and US Development Agency."

"IMF endorses the monetary and reformative policy in Iraq.. It upholds some projects in Iraq and talks are underway to expand their involvement to all the vital sectors in the country."

Allawi explained that Iraq has a patent channel with the US treasury to address issues related to money-laundering and US-Iraqi ties in light of the Russian-Ukrainian war.

[6ly410]

Effects of the IMF's reforms on Iraq

Saturday 23 April 2022 127

https://alsabaah-iq.translate.goog/63645/تأثيرات-إصلاحات-النقد-الدولي-على-العراق?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en

 

 Baghdad: Mustafa Al-Hashemi

The Spring Meetings of the International Monetary Fund and the Boards of Governors of the World Bank Group were launched in Washington, in which Iraq participated, for the period from 18 to 24 of this month, along with central bank governors, finance and development ministers, senior officials from the private sector, and representatives of civil society organizations. and academics to discuss issues of global concern, including the global economic outlook, poverty eradication, economic development, and aid effectiveness.

 It is scheduled to hold, during the event, seminars, regional media sessions, press conferences, and a number of other activities and events, focusing on the global economy, international development and the global financial system, as all public events and events in which attendance is limited to invitees will be virtual via a network. 

Internet.

The Minister of Finance, Ali Abdul-Amir Allawi, headed the Iraqi delegation participating in the meetings, with the participation of the Undersecretary and a number of general managers.

Allawi said: “Rescuing the Iraqi economy and correcting the course of fiscal and monetary policy requires a real revolution; To change its structure and transfer it from a rentier economy that depends on oil as a main source of revenue to a diversified economy, especially after indicators showed that oil cannot be relied on to build and develop the country.

Allawi stressed the importance and necessity of involving the private sector to take its role in the overall economic activity and towards achieving comprehensive and sustainable development.

He continued, "We suffer from past and inherited institutional laws and procedures that must be addressed if we want to properly invest the country's resources and strategic location and adapt the economy to the post-oil phase."

And the Ministry of Finance stated, in a statement, that "the visit of the Iraqi delegation comes as part of efforts to strengthen and deepen the areas of economic cooperation with the two international institutions, as well as Iraq's intention to obtain technical and technical support from the US Treasury and other financial institutions."

She indicated, "Participation in the Spring Meetings of the International Monetary Fund and the Boards of Governors of the World Bank Group includes senior officials from the private sector, representatives of civil society organizations, and academics to discuss issues of global concern, including global economic prospects, poverty eradication, economic development, and aid effectiveness."

On facing the rise in food and energy prices around the world, the Financial Monitor report issued by the Fund showed how governments, facing record levels of debt and high borrowing costs, can take the best way to meet urgent needs, and strongly called for more international cooperation.

"Governments face difficult choices in this environment of great uncertainty," he said. It should focus on the most urgent spending needs and on mobilizing revenue to meet them.”

The report recommended the development of flexible and responsive financial strategies that are tailored to the circumstances of each country.

In the economies hardest hit by the war in Ukraine and sanctions against Russia, fiscal policy must act to counter the humanitarian crisis and economic turmoil. Given the high inflation and interest rates, fiscal support should be directed towards the most affected groups and priority areas.

In countries that are achieving stronger growth and where inflationary pressures remain high, fiscal policy should continue to move away from subsidies and return to normalcy.

In many emerging market and low-income economies facing tight financing or debt distress, governments need to prioritize spending and mobilize revenue to reduce exposures.

As for the commodity-exporting countries that benefit from higher prices, they should seize the opportunity to rebuild their protective margins.

Governments should prioritize protecting the most vulnerable as they move to respond to the surge in international commodity prices, a vital objective of which is to avoid a food crisis while maintaining cohesion. 

social.

 Countries with well-developed social safety nets can provide temporary, targeted cash transfers to vulnerable groups while allowing domestic prices to be adjusted. This will reduce pressures on budgets and generate the right incentives to increase supplies (eg investment in renewable energy). Other countries could allow domestic prices to be adjusted more gradually and use existing tools to help the most vulnerable during this crisis, while taking steps to strengthen networks 

Safety.

 

[yota691]

Iraqi Finance Minister: An upcoming meeting with the International Monetary Fund in Baghdad

Iraqi Ministry of Finance

 April 24, 2022 02:37 PM

Mubasher: Iraqi Finance Minister Ali Allawi revealed, today, Sunday, that meetings with the International Monetary Fund and the World Bank are near in Baghdad, while he indicated that the financial situation is very good.

Allawi said in press statements, according to what was reported by the Iraqi News Agency (INA): "The meetings with the International Monetary Fund, the World Bank and other major institutions in the American capital, Washington, were good," noting: "We reached several agreements, the most important of which is support for the reform process, especially the paper." white".

He added, "There are close meetings in Baghdad, which will be after the blessed Eid Al-Fitr, so that the support will be technical and there will be advisors, in order to strengthen the capabilities of the Iraqi government, in order to advance and move forward with the reform project."

He pointed out that "Iraq is in the process of implementing agreements with the World Bank, especially to support the technical side. We have reached very good results, and will contribute to strengthening the cadres working in the state," noting that "the ministry is in the process of submitting a law to the House of Representatives for the purpose of employing the unexpected gain resulting from The rise in oil prices, in the areas of strengthening support for groups affected by the prices of raw materials.

He continued, "The law is before the House of Representatives and will be enacted, and it will give strong support to the groups affected by the rise in the prices of basic materials and foodstuffs in particular, and to strengthen the pillars of the Ministry of Finance and to strengthen the possibilities of employing public employment projects," explaining, that "there is an integrated plan to use the surplus of the price hike, in cooperation with Parliament".

He pointed out that "this support is outside the concept of reform for the public sector, and we want to reduce government support, especially for sectors that can thrive without government support, but this will be for one time," explaining that "the government acknowledges that some groups have been affected by the rise in the prices of raw materials, so it will be One-time and non-recurring support.

[yota691]

Finance Minister: Our situation is very good and we will present a new law to Parliament that supports these segments

• Time: 04/24/2022 14:17:09
•  
• Reading: 988 times

{Economic: Al Furat News} Finance Minister Ali Allawi described, today, Sunday, the country's financial situation as "very good."
Allawi said in a press statement, "The meetings with the International Monetary Fund, the World Bank and other major institutions in the American capital, Washington, were good," noting: "We reached several agreements, the most important of which is support for the reform process, especially the white paper."
He added, "There are close meetings in Baghdad, which will be after the blessed Eid Al-Fitr, so that the support will be technical and there will be advisors, in order to strengthen the capabilities of the Iraqi government, in order to advance and move forward with the reform project."
He pointed out that "Iraq is in the process of implementing agreements with the World Bank, especially to support the technical side. We have reached very good results, and will contribute to strengthening the cadres working in the state," noting that "the ministry is in the process of submitting a law to the House of Representatives for the purpose of employing the unexpected gain resulting from The rise in oil prices, in the areas of strengthening support for groups affected by the prices of raw materials.
He continued, "The law is before the House of Representatives and will be enacted, and it will give strong support to the groups affected by the rise in prices of basic materials and foodstuffs in particular, and to strengthen the pillars of the Ministry of Finance and to strengthen the possibilities of employing public employment projects," explaining, that "there is an integrated plan to use the surplus of the price hike, in cooperation with Parliament".
He pointed out that "this support is outside the concept of reform for the public sector, and we want to reduce government support, especially for sectors that can thrive without government support, but this will be for one time," explaining that "the government acknowledges that some groups have been affected by the rise in the prices of raw materials, so it will be One-time and non-recurring support.
He stated, "We have a strategic agreement with the United States, especially in the economic aspect, and we want to do it now," stressing that "there are preparations for cooperation at all levels."
Allawi stressed the need to "submit projects to obtain support, or a kind of American aid, especially in the technical and technical aspects," stressing that "the financial situation is very good, and we do not need support from any foreign parties, except for certain projects."  

 

[yota691]

Minister of Finance: The financial situation is very good and an upcoming meeting with the International Monetary Fund and the World Bank is in Baghdad

 

money and business Economy News - Baghdad Today, Sunday, Finance Minister Ali Allawi revealed that meetings with the International Monetary Fund and the World Bank are about to be held in Baghdad, while noting that the financial situation is very good.   Allawi said in a statement to Al-Iraqiya News that "the meetings with the International Monetary Fund, the World Bank and other major institutions in the American capital, Washington, were good," noting: "We have reached several agreements, the most important of which is support for the reform process, especially the white paper." He added, "There are close meetings in Baghdad, which will be after the blessed Eid Al-Fitr, so that the support will be technical and there will be advisors, in order to strengthen the capabilities of the Iraqi government, in order to advance and move forward with the reform project."   He pointed out that "Iraq is in the process of implementing agreements with the World Bank, especially to support the technical side. We have reached very good results, and will contribute to strengthening the cadres working in the state," noting that "the ministry is in the process of submitting a law to the House of Representatives for the purpose of employing the unexpected gain resulting from The rise in oil prices, in the areas of strengthening support for groups affected by the prices of raw materials.   He continued, "The law is before the House of Representatives and will be enacted, and it will give strong support to the groups affected by the rise in the prices of basic materials and foodstuffs in particular, and to strengthen the pillars of the Ministry of Finance and to strengthen the possibilities of employing public employment projects," explaining, that "there is an integrated plan to use the surplus of the price hike, in cooperation with Parliament".   He pointed out that "this support is outside the concept of reform for the public sector, and we want to reduce government support, especially for sectors that can thrive without government support, but this will be for one time," explaining that "the government acknowledges that some groups have been affected by the rise in the prices of raw materials, so it will be One-time and non-recurring support. He stated, "We have a strategic agreement with the United States, especially in the economic aspect, and we want to do it now," stressing that "there are preparations for cooperation at all levels."   Allawi stressed the need to "submit projects to obtain support, or a kind of American aid, especially in the technical and technical aspects," stressing that "the financial situation is very good, and we do not need support from any foreign parties, except for certain projects."

Views 121   Date Added 04/24/2022

[yota691]

The Minister of Finance sets the objectives of the emergency suppor t law

Economy

2022-04-22 | 05:17

 

2,188 views

 

 

Today, Friday, Finance Minister Ali Abdul-Amir Allawi set the objectives of submitting a draft law on emergency support for food security to the House of Representatives for legislation, while stressing that the region did not hand over its revenues to Baghdad.

Allawi said in a speech on the sidelines of the Spring Meetings of the Bank and the International Monetary Fund in Washington that “presenting the emergency support bill is designed for specific purposes, as citizens suffer from high global commodity prices, which has affected the poor classes,” noting that “what I want from a project The law is to estimate the windfall gains from rising oil and distribute them according to need, either through a cash transfer or a food basket.”

 

He added that "Iraq receives the money from the export of oil three months after the start of the export shipments," noting that "the unexpected gains due to the rise in oil prices amount to 25 billion dollars after six months from now, and this is what was planned in the emergency financing law." .

He pointed out that "the federal government did not receive any cash or account from the Kurdistan region, although it is obligated to pay the revenues of oil exports, customs, fees and other taxes associated with the region, especially customs," noting that "the federal government provided additional amounts to the Kurdistan region after being exposed to its inability last year to pay Pay the civil servant’s salary expenses and we will continue to do so until the accounts are settled between the Kurdistan Regional Government and the Federal Government.”

[mally2]

There are close meetings in Baghdad, which will be after the blessed Eid Al-Fitr,
 

 

sounds good, one more week of Ramadan then maybe some action?