Adviser to the Prime Minister: Accelerating the approval of the oil and gas law will establish two important matters

[yota691]

Credit cards are the path of crime gangs towards “black money transfers”

The first  2023/05/15

 

 

  Baghdad: morning

 

Within its monetary policy to facilitate the needs of citizens traveling abroad, the Central Bank of Iraq issued a set of instructions, including the possibility of feeding credit cards and prepaying amounts in hard currency. Smuggling a large group of cards outside Iraq and withdrawing the available amounts in dollars, which leaves great effects on the economy and the local market.

 

Adviser to the Prime Minister for Financial Affairs, Dr. Mazhar Muhammad Salih, said, in an interview with "Al-Sabah": "After the Central Bank firmly controlled its quiet monetary policy, facilitating external transfer in accordance with international compliance controls, and the great role played by the state's financial and economic policy in facilitating import tasks." Without restriction, we noticed that the exchange rate began to improve and the parallel exchange rate approached the official rate.

 

He added, "Unfortunately, the organized crime gang's exploitation of travelers' credit cards, which is a means of financing, and the traveler's need for foreign currency through a prepaid card or credit cards, has allowed gangs to use citizens' passports illegally and unknown to generate cards that are smuggled out of Iraq and withdrawn." Its resources to create (black transfers) or smuggle money, and this is one of the methods of organized crime and money laundering punishable by law.” 

 

And he indicated that "this process led to a temporary disturbance in the exchange rate, and in front of international compliance institutions with monetary policy," and indicated that "the state's policy, deterrent measures, and the force of imposing order have played their role today to reduce this dangerous phenomenon and the manipulation of citizens' security as a result of economic crime," stressing that " The situation will be better in the coming days, and the Iraqi dinar is strong, and the exchange rate will improve again, as it started a few months ago.

 

Saleh continued, "The monetary authority is responsible for stabilizing exchange rates and communicating with international compliance communities to achieve ease and ease in the money transfer process while using cards in accordance with legal principles and in accordance with the required international compliance methods, and I think it is a short experience, as society has not yet become accustomed to using credit cards in this way Form, which led to its exploitation by some weak-minded people," noting that "there are institutional arrangements that will regulate relations properly until the parallel market exchange rate approaches the official one."

[yota691]

Advisor to the Prime Minister: Foreign workers transfer 600 million dollars annually outside Iraq

 

May 19, 2023

Baghdad / Obelisk Al-Hadath: The Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, confirmed today, Friday, that foreign workers transfer 600 million dollars annually outside Iraq and work in sectors with limited productivity, while actual unemployment in Iraq is 16% of the total workforce.

 

Salih said, “Within the general economic framework and in principle, Iraq is committed to the provisions of Article Eight of the International Monetary Fund agreement, which requires liberalization of the current account of the Iraqi balance of payments, which means freedom of import and export of goods and services and freedom of transferring the returns of foreign workers and the returns of foreign capital.” working in our country.

He added, "The legal foreign workers working in Iraq currently enjoy the freedom to transfer their dues from wages and salaries to their home countries (after paying taxes and legal fees), but in return, foreign countries must allow Iraqi workers abroad to transfer their dues to Iraq."

And he continued, “Despite the foregoing, our labor market is very vague in its customs and traditions, at a time when actual unemployment in Iraq is 16% out of the total labor force out of the economically active population of 6 million workers in the labor market except for government employees, We find that the country is teeming with hundreds of thousands of foreign workers, most of whom work in the service sector, which is limited in productivity and weak in generating added value, which is easily compensated by Iraqi labor.”

And he stated, “This means transferring 600 million dollars from these people to productive businesses of limited added value annually, in exchange for widespread unemployment; Which constitutes a drain on the country's financial resources and savings.

He pointed out, “Unfortunately, the culture of work in our country is still dominated by a lot of transcendence from performing works that are honorable in principle, but social traditions and customs refuse to enter their areas of work, which caused the foreign worker to replace the national worker in the labor market, which is a social dilemma inherited in many countries.” One of the areas of work, especially the service ones, is more than an economic dilemma.”

[6ly410]

The parallel market for hard currency imposes its power

Parallel Market for Hard Currency Asserts Its Power – Iraq News Network (aliraqnews.com)

Last Updated: 21 May 2023 - 9:39 AM

By: Jassim Al-Halfi

The price of the US dollar against the Iraqi dinar has not fallen in the parallel market, and the expectations of Dr. Mazhar Muhammad Saleh, financial adviser to the Prime Minister, that a decline in the selling price of the dollar "will be witnessed in the coming days" despite the passage of about a month since the statement he made on April 18. This shows that black market controllers have power in fiscal policies.

The local stock exchange has recorded 1440 dinars per dollar as a general average during the past period, and you can simply notice the big difference between this price and the official rate of 1320, which is 120 dinars to the dollar alone. This is a large and worrying figure, confirming the entrenchment of the price turmoil of the dollar, despite the compliance of Iraqi banks with the electronic platform and their adaptation to it, and despite the Central Bank's injection of dollars into the market in large quantities, as it used to be in the currency auction. Which ranged from 180

and $200 million over five business days per week, shared by 42 local banks. The Central Bank has provided financial coverage for remittances, which constitute 80 per cent of the demand for foreign currency, accompanied by the streamlined audit procedures on the electronic platform.

Despite all these measures, the price of the dollar remained high in the parallel market, which reflects a clear imbalance, and indicates the fact that those who manipulate buying and selling are not bankers, although some of them have a role in confusing the market. The issue seems much further, and we do not venture to conclude that there are foreign hands controlling the market, through currency speculators and moneylenders, who have no conscience and no principle except profit and more profit, no matter how illegal the path to it and no matter how turbulent the currency market is.

It is clear from the above that there is an authoritarian foreign interest that does not care about the national interest, and has influential hands that impose its presence strongly in the money market, and control the parallel market for currency trade.

These hands, which manage suspicious and illegal financial activity from behind a veil, do not appear in the foreground and sometimes do not reveal themselves, and at other times they work without fear or shame behind the facades of banks, exchange shops and financial transfer companies, speculating in currencies and controlling the market, and raising the demand for the dollar exaggeratedly and raising its price. It does not care about the chaos, turmoil and confusion that results in the markets, and the consequent rise in prices and an increase in the rate of inflation, which leads to a decline in purchasing power and a decrease in the standard of living.

 

[6ly410]

 

Economist Identifies Why the Dollar Rises Again: Bank and Parallel Market Sales

Economist Determines the Reason for the Rise of the Dollar Again: Bank Sales and Parallel Market - Shafaq News

2023-05-21 04:30

 

 

 

Shafaq News / Economist Abdul Rahman Al-Mashhadani attributed on Sunday, the reasons for the rise in dollar prices again to the sales of the Central Bank and the parallel market.

 

Al-Mashhadani said in an interview with Shafaq News Agency that "what the bank sells of dollars through the auction that it conducts daily for foreign transfers, which amount to more than $ 250 million daily, are unaudited and it is likely that the bulk of them will return due to rejection, so what the bank announces is not necessarily the final sales."

He explained that "what the bank sells of transfers was audited by the US Federal Bank before an agreement was reached with JPMorgan to conduct the audit, which is also more accurate and more severe than the audit of the US Federal Reserve, which needs time to be audited, in addition to the use of the Central Bank of China, which is also applying instructions and compliance with extreme precision."

He added that "as long as the remittances need time to be audited and not implemented quickly, the trader resorted to the parallel market to buy the dollar, and therefore the dollar rose again in the parallel market, and the costs of buying dollars from the parallel market are less than the costs of remittances sent by the Central Bank because the intermediary bank will take a commission and there is a commission to the Central Bank as well, in addition to that the trader when he contracts to ship his goods will be delayed in the factory and therefore will cost him money because of the floor."

The dollar rose against the Iraqi dinar on Sunday to reach 145,100 dinars against <> dollars, after the dollar prices fell during the past week.

 

[yota691]

{Financial sustainability}.. a direct role in reducing the deficit and curbing unemployment

Economical  2023/05/23

 

 

 Baghdad: The Emad of the Emirate

 

Those concerned with economic affairs stressed the necessity of activating the tools of "financial sustainability" and working in a real way to increase the country's revenues and raise the percentage of the cash reserve ceiling, indicating that these trends represent a tool for a stable economic policy that reduces the fiscal deficit and reduces its risks to the budget, as well as controlling rates. Inflation, curb unemployment and stimulate growth.

The financial advisor to the Prime Minister, Dr. Mazhar Muhammad Salih, reduced to "Al-Sabah" the potential risks of the "hypothetical fiscal deficit" on the general budget, despite the deficit barrier exceeding 64 trillion dinars, justifying this with the continued sale of oil rates above the calculated price per barrel in The budget, which is $70.

And financial sustainability, according to the specialist in economic affairs, Dr. Imad Al-Ani, is one of the important elements in economic stability, and it is closely related to the deficit, its financing, its ratio to national income, and its effects on aggregate demand and inflation, noting that “with the increase in the fiscal deficit and the debt balance, the sovereign credit failure increases.” This leads investors to demand an additional premium to compensate for the loss resulting from the possibility of non-payment.

He added, "The fiscal deficit has significant effects on long-term interest rates on government bonds, and then the relationship between government spending and its revenues (i.e. deficit and surplus) becomes a tool for economic policy in order to control inflation, curb unemployment and stimulate growth more than it does to fund government activities in security, services, etc. to her".

Al-Ani added, "Financing the volume of government spending is necessary to sustain economic activity and prevent unemployment from widening. 

For his part, the specialist in economic affairs, Dr. Muhammad Shehab, explained to “Al-Sabah” that “governments are facing the need to reduce the structural fiscal deficit, and this need is linked to the importance of reducing spending, explaining that governments sometimes resort to financing the deficit from central banks, by purchasing debt securities.” governmental".

He stated that "central banks, when dealing with government debt instruments, whether buying or selling, are not only intended to facilitate financing the general budget or restrict debt, but rather this is among what they are really interested in by supporting the economic development process." 

in general".

[yota691]

Mazhar Saleh announces the volume of gold flowing into Iraq

Economical  06/01/2023

 

 

 Baghdad: morning

 

Yesterday, Wednesday, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, announced that preliminary estimates indicate that there is an annual average flow of gold of up to 50 tons. 

Saleh said, to the Iraqi News Agency (INA): "The Iraqi families lost their various assets and assets of occupied gold during the period of the economic blockade that struck the country throughout the ninetieth decade during the last century, and the subsequent few years, as gold was used at that time and intensively under the weight of the difficulties of economic life." To exchange it for means of subsistence and to defend human existence.

He continued, "Most of the occupied gold leaked out of the country during the era of the former regime, as a monetary means to barter for basic and necessary needs, in addition to the loss of the country's official reserves of monetary gold and foreign currencies due to the international blockade decisions at the time."

He pointed out that "the development of positive economic conditions in the country after 2003, and the flow of oil revenues and other resources over the last twenty years, led to a change in the equations of gold wealth and the demand for it on a large scale again," stressing that "the monetary authority today retains more than 132 tons of cash gold.

He explained, "Keeping monetary gold is an important possession that represents an aspect of monetary policy measures and its optimal management of the country's foreign reserve investment portfolio."

He added, "International guiding evidence and regulations, especially those approved by multilateral international financial institutions, indicate that monetary gold reserves are between 7-10 percent of total foreign reserves, and monetary gold is managed within the sovereign investment portfolio," noting that "this percentage comes because of It is devoid of returns compared to foreign currencies and invested in them with international financial instruments.

Regarding the influx of gold and worked gold into the country, Saleh stated that "preliminary estimates indicate that there is an annual average flow of gold and worked gold into the country, especially of the desirable high karat, at least 50 tons per year."

And he continued by saying: “What means the existence of a wealth of gold stored by families or the public with the accumulated historical gold that can be estimated between 1200-1500 tons of gold and perhaps more, which is equivalent to at least ten times the official monetary gold.”

He pointed out that "the market value of one ton of gold (of 24 karat) today in the global gold markets exceeds $6 million."

[6ly410]

Sudanese consultant reveals the importance of the electronic payment experience: reduces transaction costs by 5%

Economy | yesterday, 23:36 | 

    Sudanese consultant reveals the importance of the electronic payment experience: reduces transaction costs by 5% » Baghdad Today News Agency

Baghdad Today - Baghdad

The financial and economic adviser to Prime Minister Mazhar Mohammed Saleh revealed on Thursday the importance of launching and circulating the electronic payment experience in government and private institutions.

Saleh said, to (Baghdad Today): "Electronic payment at the level of individuals and the market in general is a digital cash phenomenon that contributes to improving the functions of money itself through the development of payment systems in the economies of the world, but electronic payment has become a tool that reduces the cost of transactions compared to the costs of transactions that depend on direct cash payment, as the cost of transactions for direct cash payment relative to GDP is estimated at least 5% as a result of cash circulation between individuals, the market and banks, and these high costs come due to the cost of managing The same liquid cash mass between the family spending units, the market, the banking system and the government."

He pointed out that "this is how advanced economies today are planning their way to the era of transparent and highly governed digital cash payments free of ambiguous cash transactions and the various security risks surrounding them due to the absence of transparency and certainty, as well as the availability of speed of payment and accuracy of payments in electronic payment systems and their role in activating the capabilities of the banking system as an effective efficiency in the management of digital payment systems."

Saleh added, "Due to the great economic role of the government in the economy, which exceeds the contribution of government activity to the GDP of more than 63%, and government spending through the budget rises on nearly 50% of the GDP itself, the electronic government collection will have an important contribution to the speed of flow and cash collection within the framework of maximizing public revenues in the annual general budget, instead of disrupting financial revenues, stagnating and accumulating them at collection units and through separate sub-accounts for months and sometimes even years. without benefiting her."

He pointed out that "electronic collection due to the interdependence of systems will be more rapid in flow, collection and spending, and is characterized by high accounting transparency and achieves the principles of financial governance, especially when the so-called unified treasury account is available (a unified accounting center that reflects an accurate and timely picture of the cash flow from public finance collections and expenditures at every moment) and thus the electronic collection will enable the financial department to disburse and act without facing temporary deficits in financial revenues due to slowdowns in collection and collection by traditional methods, which are still The methods of collection occur in their primitive forms."

"Encouraging allowances can be granted on payments made through electronic collection in exchange for an additional fee when resorting to traditional collection, and this generates an effective differentiation between the two types of collection in favor of the progress and development of government digital payment systems," the financial and economic adviser to the prime minister said.

"Electronic collection as a system will help combat an important aspect of financial corruption that is achieved through traditional collection methods that are based on cash payment of government services by individuals and the costs, burdens and problems it causes when collecting," Saleh said.

[yota691]

The Iraqi dinar is falling again against the dollar... the dilemma of the "security mentality" and the continuation of smuggling

 20 hours ago

517

 

The value of the Iraqi dinar has returned to decline, after relative gains it achieved during the past months, mainly due to the increasing demand for the dollar and the lack of supply of it, and also due to problems in managing the financial process in Iraq, according to Iraqi officials and experts.

The value of the dollar rose to about 1480 dinars now, compared to 1380 dinars per dollar at the end of last April.

The instability in the price of the dollar causes economic and financial problems in the country, which manages a large part of its internal trade, and almost all of its foreign trade, in US dollars.

The Central Bank of Iraq raised the quantities of dollars sold in the market at the official rate, 1310 dinars per dollar, to 206 million dollars per day on the fifth of June, compared to 107 million at the same time last month, according to bank data.

However, the increase in the supply of dollars did not seem to lead to a decrease in its prices.

The government's economic adviser, Mazhar Muhammad Salih, says that there are two trends that have caused the recent increase in the volume of sales in the Central Bank's window.

Saleh adds that the first trend is caused by the re-submission of applications by banks that were previously rejected by the compliance platform due to deficiencies in the technical conditions for submission.

The instructions stipulate that the rejected banks are allowed to submit new applications after several months, which generated “high momentum in demand for the dollar,” according to Saleh.

As for the second reason, according to the government advisor, it is “the slow movement of foreign transfers,” due to external regulators.

Saleh says that the audit process takes a relatively long time, and this raises the momentum of requests for foreign currency.

Governmental procedures
Saleh says that the Iraqi monetary authorities are seeking to shorten the transfer time and strengthen bank balances with their correspondents from international banks after entering the window of the central bank to sell foreign currency, through continuous coordination with the compliance authorities in the US Federal Bank.

The government is also trying to control the movement of the dollar in the parallel markets, according to economist Mustafa Hantoush.

Hantoush says that the previous government “manipulated exchange rates” without economic justification, which led to an increase in the value of the dollar in conjunction with the US Federal Bank imposing compliance measures that also caused a decrease in dollar sales in the markets, which led to an increase in its price.

While the current Iraqi government reduced the price of the dollar against the Iraqi dinar, in an effort to increase the strength of the Iraqi currency, its efforts apparently collided with the high demand for the dollar for internal transactions, and also because of currency smuggling.

According to economist Ali Hamid, "the dollar is sold in Iraq at a relatively cheap price, which makes the demand for it high to be sold in other countries."

Hamid added, "The sanctions imposed on Syria, Iran and Lebanon have greatly reduced the hard currency needed by those countries, which made the illegal currency trade flourish, and Iraq was the preferred destination for smugglers due to lax laws and the abundance of cheap currency."

Security mentality
Expert Hantoush says that the Iraqi authorities are trying to manage the financial file with a “security mentality” that relies on “arrests and signatures (pledges)” and other ill-conceived measures.

He added that this method led to a “liquidity crisis” in Iraq, as “smuggling to Iran and Syria continues” due to the lack of control over the smuggling file at the border crossings.

Hantoush adds that “security is supposed to control the border crossings and prevent smuggling,” instead of “arresting those who trade dollars inside.”

Security prosecutions of dollar traders create a liquidity crisis because of “the high risk of trading, which means that sellers will try to achieve high returns to offset that risk,” according to Hantoush, and pursuing traders means fewer dollars available in the market, and this in turn leads to an increase in the price of the dollar.

The government has not yet approved the 2023 budget, in which the dollar is supposed to be officially priced at 1,310 dinars, in an effort to calm demand for the dollar and reduce its prices.

Some economists believe that "the devaluation of the Iraqi currency" is positive, calling on the Iraqi government to think "with an open market mentality," according to economist Samer Abdul Majeed.

“The fluctuation in the price of the dollar hurts the market much more than the steady rise in its price,” says Abdul Majeed.

Abdel Majeed agrees that the currency depreciation will hurt employees and those with limited incomes, but he says that this effect will be for a relatively short term in exchange for a long-term recovery in investment, tourism, agriculture and industry.

Iraq supports its currency by selling relatively cheap dollars and providing them for circulation, which causes financial losses in the millions of dollars daily, but this also ensures the provision of relative economic security for employees and people with limited income, while also causing an increase in the demand for currency smuggling.

Iraqi governments are trying to achieve a balance between demand for and supply of hard currency, but they have also been subject since last October to constant scrutiny by the US Federal Bank to ensure that currency is not smuggled to other countries, which reduces supply in the markets.

[yota691]

A government advisor identifies the reasons for the rise in the exchange rate of the dollar in the local markets

Economy

12:47 - 2023-06-14

 

The financial advisor to the Federal Prime Minister, Mazhar Muhammad Salih, identified the reasons for the current high exchange rate of the dollar in the local markets and ways to reduce it.

The appearance of Muhammad said that one of the reasons for the rise in the exchange rates of the dollar in the local markets is the high spending in the Iraqi currency by citizens, merchants and the government, and the increase in demand for the dollar and the establishment of new projects for the government, as well as the delay in approving the budget for six months, all of which are factors and effects that led to this rise.

And the financial advisor to the Prime Minister explained that the cash reserve in dollars in the Central Bank of Iraq is good with the continued flow of oil imports in dollars to the Central Bank, and therefore the Central Bank contributes several close measures to re-exchange the dollar as specified in the federal budget.

[T B]

1 day at a time, sweet jesus, thats all im asking of you, lord for my sake, teach me to take, 1 day at a time! yes! go dinars! get em lord!

[yota691]

Adviser to the Prime Minister suggests a gradual decline in the dollar

Economical  2023/06/15

 

 

 Baghdad: morning

 

Mazhar Muhammad Salih, the financial and economic advisor to the Prime Minister, suggested yesterday, Wednesday, that the exchange rate of the dollar would gradually decline with the approval of the budget.

 

Saleh said, in a press statement: "The delay in enacting the budget law delayed fixing the new official price and thus was reflected in the exchange rate of the dollar, in addition to the increased demand for the dollar and the high spending in the Iraqi currency by citizens, merchants and the government."

 

He added, "Iraq currently has very good hard currency cash reserves, which are at the highest levels in Iraq's history."

 

Saleh pointed out that "after voting on the budget law, and fixing the official price at (1300), the coming days will witness a gradual decrease in the exchange rate of the dollar in the parallel market, until the official price is reached."

 

The exchange rates of the dollar against the Iraqi dinar are witnessing a significant increase in light of a battle waged by Prime Minister Muhammad Shia al-Sudani to reduce prices.

 locally. 

[yota691]

Advisor to the Prime Minister identifies two mechanisms for tax reform in Iraq

 local

 

•  Yesterday, 20:59

 

Baghdad - INA - Nassar Al-Hajj
The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed today, Wednesday, that the percentage of non-oil revenues from the gross product reaches 5 percent, and while determining the percentage of activity of individuals in the private sector related to public finances, he identified two mechanisms for conducting tax reform.

 

Salih told the Iraqi News Agency (INA): "The Iraqi financial sector today needs to update the maps of non-oil revenues, especially from revenue vessels belonging to taxpayers who have completely neglected collecting from them, without at the same time burdening citizens with limited or low incomes."

He added, "The government support equation in the general budget today exceeds 13 percent of Iraq's gross domestic product, which is guaranteed by government spending from oil revenues mostly, and it touches the needs of the poor and the rich on an equal footing without discrimination, requiring a very fair and comprehensive non-oil revenue equation."

And he continued, "The proportion of non-oil revenues (which is still very low and is estimated at 4-5 percent of GDP)."

Regarding the funds of individuals and the extent of their contribution to the market activity, Saleh explained, “There is what is known as voluntary vessels, which are called (gray colored) containers, which evade paying their financial obligations regarding the state’s tasks and tax requirements. It is the activity of vague, gray individuals, which constitutes 60-65 percent. Of the total activity of the private sector or the market sector in Iraq today, which are evaded or neglected vessels that are subject to taxes, but are not known before the collection agencies in the public finances.

He stated, "The problems of the rentier economy in our country have generated a culture of ignoring the few or meager revenues collected, while the world's public finances consist of the accumulation of scattered financial grains of sand, which are collected from few but widespread and numerous tax and revenue vessels, and at the same time achieve goals." public budgets in their countries.

And he indicated that "tax reform has also become important and inherent in providing financial discipline in Iraq and in two directions: the first: the adoption of soft flat taxes on income segments of various denominations according to easy collection methods that encourage immediate payment and enhance tax revenue in a transparent manner, and the second: the use of electronic payment and collection methods for accounting taxpayer in an easy way, provided that each taxpayer carries one tax number.

And he stressed, “This requires cooperation with international financial institutions to choose and apply the simplest technical means and the most capable of reaching the taxable bases, which makes tax or other revenue revenues, such as fees and service wages, and others, relative to the gross domestic product, equal at least to the support rate in the federal budget.” , as a financial goal that should be pursued within the government program," pointing out, "taxes and fees are broad and comprehensive and imposed fairly without burdens on taxpayers, and encourage them voluntarily to contribute nationally to supporting public finances in our country."

[yota691]

Sudanese adviser sets the date for the entry into force of the budget

• Time: 06/17/2023 12:59:30
•  
• Read: 2,028 times

  

{Economic: Al Furat News} The economic advisor to the Prime Minister, Mazhar Muhammad Salih, said today, Saturday, that government institutions will start implementing the instructions and the budget law will enter into force.

 

Saleh told {Euphrates News}, that "the budget is awaiting the approval of the President of the Republic and will be published in the Iraqi Gazette, after which special instructions will be issued to implement those instructions issued jointly by the Ministries of Finance and Planning." 

 

And he continued: "On the basis of which government institutions will start implementing these instructions and the budget will enter into force, noting that this process will not take more than one week."

 

And the House of Representatives approved, at dawn last Monday, the draft federal budget law for the fiscal years 2023-2024-2025, after more than 4 days of holding sessions since last Thursday.

 

The value of the current year’s budget is 197 trillion and 828 billion dinars (about 152.2 billion dollars), with a total deficit of 63 trillion dinars (48.3 billion dollars).

 

 For his part, Prime Minister Muhammad Shia’ al-Sudani confirmed, in a statement, that “the government will work to review the items that have been amended in the budget and study their compatibility with the government’s vision and objectives approved in the ministerial curriculum approved by Parliament.”

 

From.. Raghad Dahham

[DWS112]

4 hours ago, yota691 said:

the budget will enter into force, noting that this process will not take more than one week.  "

 

[horsesoldier]

From Raghad Dahham. You can get creative with this name.

So much talking. It's going to be quite the DAY when we won't have to jump on this site anymore. It's all good, seewell & done....$$$$$ in the Bank & living the Best years of our lives.

 😆 😎

[yota691]

Al-Sudani's advisor talks about the phenomenon that "threatens price stability"

money and business
   

Economy News - Baghdad
On Sunday, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, recommended activating the Anti-Monopoly and Competition Law of 2010 to prevent monopoly and control prices, while noting that what he called the dark market dominates more than 60% of private sector activities. 

 

Saleh told the official news agency, "The Iraqi market suffers from a phenomenon called market deficiencies, in which the level of available supply of goods and services is insufficient to meet the needs and desires of consumers, as a percentage of potential demand is met, which leads to price disturbances that lose economic stability its objective conditions and cause the emergence of dangerous monopolies.

 

He added, "The dark-colored or unofficially defined market dominates more than 60% of the private sector's activities, a phenomenon that threatens price stability and leads to disturbances in the organization of storage and the quality of supply, in addition to the rapid birth of monopolies, causing great damage to the organization of economic life." .

 

He continued, "The House of Representatives approved in 2010 (Law on Competition and Prevention of Monopoly) No. 14, which aims to regulate competition and prevent monopolistic practices harmful to society by investors, producers, marketers, or others in all economic activities."

 

He pointed out that "the law did not take its course in implementation due to the dangerous influence of commercial liberalism, the unregulated commercial market, and the loss of many of its conditions by market institutions, especially the broad regulation of commercial companies," adding that "the law emphasizes ensuring freedom of competition, preventing monopoly in markets, and creating an incentive to reduce costs."

 

And the price and quality improvement in relation to the goods and services offered in the market, which leads to encouragement and development of the private, mixed and public sectors in support of the national economy and the good flow of goods and services, and at the same time there is a complete absence of the application of the text of Article Four of the law related to the establishment of the Council for Competition Affairs and Prevention of Monopoly.

 

And he indicated that “the Council for Competition and Anti-Monopoly Affairs lies in its importance for essential tasks, foremost of which is preparing the general plan for competition and preventing monopoly, applying legislation related to competition and preventing monopoly with the relevant authorities, and working to spread the culture of competition and preventing monopoly, protecting and encouraging it, as well as working to investigate information and practices that violate the rules Competition and preventing monopoly in cooperation with the relevant authorities in accordance with the provisions of the legislation, and conducting investigations into the practices that it reveals or based on the complaints and news it receives or those that come at the request of the court and preparing reports on its results.

 

He stressed that "the council is also responsible for issuing a guide on everything related to issues of monopoly, merger and restricted commercial practices, as well as seeking help from experts or consultants to complete any of the works that fall within its competence, and coordination and cooperation with similar bodies outside Iraq in the field of information and data exchange and what is related to the implementation of competition rules and preventing Monopoly within the limits permitted by international treaties, on the condition of reciprocity, and submitting an annual report to the Council of Ministers on the status of competition and preventing monopoly. 

 

He pointed out that "work must be done to put the law into effect, starting with announcing the formation of the Competition Affairs and Monopoly Prevention Council, in accordance with what was stipulated in Law No. 14 of 2010."

 

 

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Views 149

Added 06/18/2023 - 7:16 PM

[yota691]

Iraq's debt is about $116 billion

 

June 15, 2023

Baghdad / Obelisk Al-Hadath: The Iranian newspaper, Amwaj media, said that Iraq's economy is burdened with debt for the most part. This is the legacy of the blockade imposed by the international community in the wake of the invasion of Kuwait in 1990. It still has a significant impact by reducing the country's economic promises.

 

The newspaper stated in its translation report, that the burden of debt exacerbated Iraq's excessive dependence on oil by forcing the successive government to focus on repayment instead of creating a diversified economy based on agriculture, tourism, industry and trade.

 

There are three types of debts, according to Mazhar Muhammad Salih, the economic advisor to the Iraqi prime minister.

 

First: There is 50 billion US dollars in domestic public debt. The Iraqi expert, Mazhar Salih, explained that the Central Bank of Iraq owns 63% of this debt, and pays between 2% and 3% interest annually.. The rest of this type of debt is owned by state-owned commercial banks. It is repaid through the issuance of treasury money for a year, with interest payments coming from appropriations in the general budgets of the government.

 

Second: The Iraqi Ministry of Finance maintains an external public debt of US$20 billion, which is owed to a variety of creditors, and is expected to be fully amortized by 2028. Another US$5-6 billion is owed to the governments of Japan and member states of the European Union, which has pledged Funded by parts of the Development Program for Iraq at the Madrid Donors Conference in 2003. However, these are long-term loans and have not yet matured.

 

Third: There is also the so-called “non-existent debt,” which Iraq incurred when it borrowed from other countries to fight the 1980-1988 war with Iran or was partially written off as a result of the 2004 Paris Club agreement, and is therefore not expected to be paid. It is worth about 40 billion US dollars.

 

Overall, Iraq has about $116 billion in debt at the moment, and is only planning to settle $76 billion of the total, according to consultant Nadhir Salih.

 

The World Bank warned last year that without effective implementation of deep structural reforms and economic diversification, Iraq's dependence on oil makes it vulnerable to volatile commodity prices and weakening global demand.

 

According to the report, these considerations will become a problem in the long term as the world looks to a carbon-neutral future, although this is likely to take time to fully develop.

[horsesoldier]

Whatever shall we do ??? Deary me...sounds like a Crisis announcement in the coming days.

[3n1]

116 billion in debt is peanuts,  it pales in comparison to usa 32Trillion debt iraq can just open the oil spigots a little more and cover that ... no worries , crisis avoided ... next crisis . we wait

[BETTYBOOP]

So they are talking about the budget as if it is going ahead. Yet other reports say it is going to the supreme Court. Anybody any idea what is correct? 

[Woldopep]

39 minutes ago, BETTYBOOP said:

So they are talking about the budget as if it is going ahead. Yet other reports say it is going to the supreme Court. Anybody any idea what is correct? 

Worse case scenario is wait the full .15 days after budget was sent to President. Roughly we have another 11 days then printed in gazette 

[cutter73]

1 hour ago, BETTYBOOP said:

So they are talking about the budget as if it is going ahead. Yet other reports say it is going to the supreme Court. Anybody any idea what is correct? 

Smoke????

[keylime]

42 minutes ago, cutter73 said:

Smoke????

I'm sure they have been smokin 

[yota691]

Obama error: you gotta pass it, too see what in it..back to Iraq, any appeal will be individualize articles, you wouldn't think it gonna shut it all complete down. 

 

 

[screwball]

anything iran newspapers write is BS 101