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

[6ly410]

Mazhar Muhammad Saleh explains the factors of stability of the purchasing power of the Iraqi dinar

2023.06.28 - 20:51

Mazhar Muhammad Saleh explains the factors of stability of the purchasing power of the Iraqi dinar (nasnews.com)

 

Baghdad - NAS  

Advisor to the Prime Minister for Financial Affairs Mazhar Muhammad Saleh affirmed, on Wednesday, the strength of quantitative and price monetary policy tools in managing public liquidity, while identifying factors for stabilizing the purchasing power of the Iraqi dinar.   

  

  

Saleh said in a statement to the official agency of "NAS", (June 28, 2023), that "some are betting on the impossibility of being able to control the levels of local liquidity generated by government spending, especially in the federal general budget 2023, which is based on methods of financing the budget in Iraqi dinars in exchange for oil revenues in foreign currency mostly, as oil revenues constitute the reserves of the Central Bank of Iraq, which helps to intervene in the money market to sterilize local liquidity levels and control them when they rise through the ability to meet the growing demand for foreign exchange."  

  

He added, "The bet is losing on the inability to intervene and control the liquidity levels in dinars, which will rise with the rise in government expenditures due to the conditions of the compliance platform and the fear of it in meeting the demand for foreign exchange, as monetary policy and the strength of foreign reserves, which are the highest in the country's financial history, are the only ones that have different price and quantitative tools to affect the liquidity levels generated by government spending in the majority."  

  

"There is a force of coordination and integration between monetary policy and the joints of economic policy and fiscal policy, which affects the drawing of the rules of price stability factors and building efficient commodity supply in order to achieve the objectives of the Central Bank in stabilizing the purchasing power of the Iraqi dinar, based on the objectives of Decree Law No. 56 of 2004," Saleh said.  

  

He noted that "there is a very pessimistic extremist fantasy that is rumored from time to time and is not at all commensurate with the power of quantitative and price monetary policy tools in particular and the opportunities available to government policies in general in addressing the shocks that are raised from time to time in the subject of public liquidity management."  

[3n1]

Saleh was sitting in the chair right next to shabibi at the cbi he knows full well what currency purchasing power is all about also the man is old enough to have in real time used iqd when it was well above the usd , simply stop the political games and get on with moving iraq international ..... 

[horsesoldier]

6 hours ago, 3n1 said:

Saleh was sitting in the chair right next to shabibi at the cbi he knows full well what currency purchasing power is all about also the man is old enough to have in real time used iqd when it was well above the usd , simply stop the political games and get on with moving iraq international ..... 

I've never seen a mob like this drag it all endlessly through weeds while at the same time talk it all to death and beyond. 

You're so right, cut the Crap and go international.

[gregp]

9 minutes ago, horsesoldier said:

I've never seen a mob like this drag it all endlessly through weeds while at the same time talk it all to death and beyond. 

You're so right, cut the Crap and go international.

It’s like the more they beat a dead horse, the more credibility they receive.  

[horsesoldier]

They try beating on this Horse they gonna open up a great big can O Whoop A$$.

🤣

[rvmydinar]

11 hours ago, 6ly410 said:

Advisor to the Prime Minister identifies the factors for stabilizing the purchasing power of the Iraqi dinar

Bla bla bla.....more talk talk talk only for the rest of their lives. And , let us know if you want to stop talking ( are tired of talking too much ) and just do it surprisingly for us behind closed door.

[yota691]

The appearance of Muhammad Salih explains the factors stabilizing the purchasing power of the Iraqi dinar

2023.06.28 - 20:51

 

Baghdad - Nas  

The Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, confirmed, on Wednesday, the strength of the quantitative and price monetary policy tools in managing public liquidity, while identifying factors for stabilizing the purchasing power of the Iraqi dinar.   

  

Saleh said in a statement to the official agency, followed by "NAS", (June 28, 2023), that "some are betting on the impossibility of being able to control the levels of local liquidity generated by government spending, especially in the federal general budget 2023, which is based on methods of financing the budget in Iraqi dinars in exchange for returns." Oil is mostly in foreign currency, as oil revenues constitute the reserves of the Central Bank of Iraq, which help to intervene in the money market to sterilize local liquidity levels and control them when they rise through the ability to meet the growing demand for foreign exchange.  

  

He added, "The bet is losing on the inability to intervene and control the levels of liquidity in dinars, which will rise with the rise in government expenditures due to the conditions of the compliance platform and the fear of them in meeting the demand for foreign exchange. Monetary policy and the strength of foreign reserves, which are the highest in the country's financial history, are the only ones that possess the price tools." And the different quantity affects the levels of liquidity that government spending mostly generates.  

  

And Saleh continued, "There is a strong coordination and integration between monetary policy and the joints of economic policy and financial policy, and it affects drawing the rules of price stability factors and building an efficient commodity supply in order to achieve the goals of the Central Bank in stabilizing the purchasing power of the Iraqi dinar, based on the goals of Decree Law No. 56 of 2004." ".  

  

He noted, "There is a very pessimistic extremist imagination that is spread from time to time and is not at all commensurate with the strength of the monetary and price policy tools in particular, and the opportunities available for government policies in general in addressing the shocks that are seen from time to time in the matter of public liquidity management."  

[yota691]

The Sudanese advisor identifies the factors for stabilizing the purchasing power of the Iraqi dinar

Economy

21:49 - 2023-06-28

Today, Wednesday, the Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, confirmed the strength of the quantitative and price monetary policy tools in managing public liquidity, while identifying factors for stabilizing the purchasing power of the Iraqi dinar.

Salih said in a press statement: "Some are betting on the impossibility of controlling the levels of local liquidity generated by government spending, especially in the federal general budget 2023, which is based on methods of financing the budget in Iraqi dinars in exchange for oil revenues in foreign currency mostly, as oil revenues constitute reserves." The Central Bank of Iraq, which helps to intervene in the money market to sterilize local liquidity levels and control them when they rise through the ability to meet the increasing demand for foreign exchange.

He added, "The bet is losing on the inability to intervene and control liquidity levels in the dinar, which will rise with the rise in government expenditures due to the conditions of the compliance platform and the fear of them in meeting the demand for foreign exchange. Monetary policy and the strength of foreign reserves, which are the highest in the country's financial history, are the only ones that possess the price tools." And the different quantity affects the levels of liquidity that government spending mostly generates.

Saleh continued, "There is strong coordination and integration between monetary policy and the joints of economic policy and financial policy, and it affects drawing the rules of price stability factors and building an efficient commodity supply in order to achieve the goals of the Central Bank in stabilizing the purchasing power of the Iraqi dinar, based on the goals of Decree Law No. 56 of 2004." ".

And he noted, "There is a very pessimistic extremist imagination that is spread from time to time and is not at all commensurate with the strength of the monetary and price policy tools in particular, and the opportunities available for government policies in general in addressing the shocks that are seen from time to time in the issue of public liquidity management."

[yota691]

The Sudanese advisor sends a message of reassurance about the budget: You do not need to borrow

2023-07-01 03:03

Shafaq News / The financial and economic advisor to the Iraqi Prime Minister, Mazhar Muhammad Salih confirmed, on Saturday, that the federal budget, which was approved by Parliament and ratified by the President of the Republic and entered into force last week, does not need to be borrowed yet.

 

Saleh told Shafaq News agency, "The budget is mainly based on a deficit due to setting the price of a barrel at $70 compared to high expenditures, but the budget deficit has solutions, including the surpluses achieved in 2022 and other steps."

 

He added, "If Iraq needs to borrow, it will borrow internally through the issuance of treasury bonds, by the Ministry of Finance, but selling a barrel of oil above $70 will reduce the deficit, and a drop in the price of oil below $70 will create an additional deficit."

 

Saleh pointed out that "what is important is the stability of the annual average of oil prices, and not its fluctuation within a month or two, as this is the measure with the amount of exported production."

 

On June 11, the Iraqi parliament voted on the financial budget for three years. 2023, 2024 and 2025, after four consecutive parliamentary sessions due to differences between the political forces regarding a number of articles, ended with a vote on all articles after some were removed and new articles were added to them.

 

The value of the current year budget amounted to 197 trillion and 828 billion Iraqi dinars (about 152.2 billion dollars), with a total deficit of 63 trillion dinars (48.3 billion dollars), while the items of the budgets for the years 2024 and 2025 were not published.

[yota691]

Advisor to the Prime Minister: The market value of Iraq's raw wealth exceeds $15 trillion

 

money and business
   

Economy News _ Baghdad
Today, Saturday, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, identified a theory to maximize Iraq's revenues through its natural resources, and while he confirmed that Iraq ranks ninth in the world with its resources, he indicated that the market value of Iraq's raw wealth exceeds 15 trillion dollars.

 

Saleh said, in an interview with the Iraqi News Agency, followed by "Al-Iqtisad News", that "Iraq is one of the most important countries in the world, if not at the forefront of nations rich in natural resources or raw materials within the scope of the international classification of resources on the globe, as Iraq takes the (ninth) sequence Between the priority of the countries of the world that possess natural diversity and economic quantities in the capacity of raw materials reservoirs capable of manufacturing and export or national industrial use.

He added: "As the circles estimate that the market value of those raw wealth in our country may exceed 15 trillion dollars at the current value, compared to about 45 trillion dollars for the United States of America, which is (the second) globally, and 75 trillion dollars for the Russian Federation, which is (the first) globally."

And he continued: “And when taking into account the historical experience in development, which is represented today by the development of an important international group of economies called (raw or basic material countries), which relied in their economic development and development on the manufacture and export of natural resources, Canada, Australia and New Zealand come at the forefront today, The thesis (raw or basic materials) comes in economic development, and it is one of the theories of export-led growth.

He pointed out that "the theory of export-led growth has its origins in research in social, political and economic history that was conducted specifically in Canadian universities by researchers of what were known as political economy departments, and among these groups of researchers was the economist Harold Ennis, Mackintosh and others, among the most prominent." researchers who took this approach.

And he added, "Therefore, we find that our country carries a unique model of economic development that puts it in the ranks of developed nations, and development can proceed strongly from the theory of manufacturing raw or natural materials in our country and exporting it to lead development," pointing out that "the natural resources that the economic model may work on Al-Iraqi for Development is represented by manufacturing raw exports with dozens of exploitable natural resources, provided that manufacturing chains with high technologies are capable of generating internal manufacturing linkages, which is called (value-added chains generated from links or backlinks of inputs and outputs) within the national factory. Iraq, through which the process of manufacturing and manufacturing is maximized, and the added value flourishes before being exported as products, which serve as production inputs to world markets.

He stressed "the importance of Derayah's reflection on the prosperity of economic development and the growth rates required to be achieved, in light of the degree of development of material capital accumulation and its high value, or in terms of the growth of the gross domestic product of our country."

 

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Views 12

Added 07/01/2023 - 4:20 PM

[yota691]

Saleh: There is a relationship between budget expenditures and the role of monetary policy on the exchange of the dollar

 

 

WRITTEN BY: SOCIAL BAGHDAD

• 01-07-2023

• PAGE VIEWS 21

• 0 COMMENTS

The economic advisor to the Sudanese government confirmed that there is an indirect relationship between the general budget expenditures and revenues on the one hand, and the role of monetary policy in controlling the exchange rate in the parallel market and bringing it closer to the official rate on the other hand.

The appearance of Muhammad Salih confirmed that the exchange rate that the Central Bank defends is done through intervention policies to determine the volume of domestic liquidity that is based on foreign reserves that depend indirectly on oil revenues in the general budget, indicating that the country’s foreign monetary reserves stand in contrast to the domestic demand for Foreign currency, which is greatly affected by public spending in the budget

Adding that the ratio of public expenditures to the gross domestic product constitutes a third of the spending that is financed in Iraqi dinars, and therefore the relationship between oil revenues and foreign reserves is a positive relationship.

[yota691]

In detail.. Al-Sudani's advisor reveals the reason for not implementing the budget law: it may require a "state order"

2023-07-09 03:09

Shafaq News/ Today, Sunday, the financial and economic advisor to the Prime Minister, Mazhar Muhammad Salih, revealed the reason why the budget law has not been implemented until now, despite it being published in the Official Gazette (Al-Waqee').

 

Salih told Shafaq News agency, "The federal general budget for the three years 2023-2025 begins to come into effect practically since the aforementioned law was published in the Official Gazette of the Republic of Iraq, but there are two factors affecting the start of implementation immediately, the first: that the Ministries of Finance and Planning issue implementation instructions The general budget law for the current fiscal year, which will extend until the year 2025 on the one hand, and on the other hand, it turns to an issue through which the government may wait for a solution to the problematic of the paragraphs that were appealed to the Federal Court and which relate to the articles added by the House of Representatives to the previously approved draft budget law From the Council of Ministers and submitted to Parliament for legislation.

 

He added, "The added legal issues and materials that are related to the issue of separation of powers or adding articles that constitute a spending burden on the public budget and fall outside the powers specified by the constitution for the House of Representatives when preparing the legislation of the budget law, noting that the power of the House of Representatives to amend except for legislation are (reducing expenditures and transferring between chapters and chapters).

 

And that "the government is currently awaiting the implementation of the budget law, it may obtain (a state order) from the Federal Court to suspend the articles or legal texts contested in the budget law in order to be frozen or suspended without implementation and proceed with implementation in the rest of the paragraphs until the issuance of the final decision of the Federal Court." And for this reason, I see that these factors are the essential constraints awaiting the implementation of the General Budget Law so far, especially after the law was issued in the Official Gazette.

 

On Monday (June 26), the official Iraqi Gazette published by the Ministry of Justice published the text of the general budget law for the years (2023, 2024, and 2025).

 

And the Iraqi parliament voted, on June 12, on the federal budget law for the years 2023, 2024, and 2025, after discussions that lasted for five days.

 

The value of the current year budget is 197 trillion and 828 billion Iraqi dinars (about 152.2 billion dollars), with a total deficit of 63 trillion dinars (48.3 billion dollars), while the items of the 2023 and 2024 budgets have not been published.

[horsesoldier]

God Almighty it's worse than pulling teeth to get these people off the dime to do what's right without the drama & histrionics.

They push everything to the sticky bit of the envelope: it's gotta be near crisis or crisis point... Bureaucrats 

[Dretown39]

Man I tell you if the powers that be started to see their personal finances affected & had no other way of replenishing them, the CBI would hurry up & flip that switch to RV the Dinar!!😤

[WheresmyRV?]

These people are really something 

[BETTYBOOP]

My gut says they won't actually implement the budget this year. They will just continue in the 1 /12 system for the rest of the year. Saves them money. Reduces the deficits  because they won't have spent the money allocated for this year. Spread it out over the next 2 years instead and allows the CBI to further increase the reserves. Open the budget at the start of 2024 and they are good to go. Gives them time to control the markets more and gather further money from oil sales which also reduce the deficit  and backs the budget if the oil market drops too much. Wait till march 2024 . Get the HCL PASSED and they can press the button because they will have the money to make the budget work and will have greater control of the market. Also gives them more time to sort more of the corruption and diversify their markets with gold and minerals. However , I may be completely wrong and I hope I am proven to be wrong

Edited July 9, 2023 by BETTYBOOP

[JonnyV]

Bite your tongue.  I hope you are wrong.

[Bama Girl]

BettyBoop, your surmise makes a lot of sense to me.

[wc41]

4 hours ago, BETTYBOOP said:

My gut says they won't actually implement the budget this year. They will just continue in the 1 /12 system for the rest of the year. Saves them money. Reduces the deficits  because they won't have spent the money allocated for this year. Spread it out over the next 2 years instead and allows the CBI to further increase the reserves. Open the budget at the start of 2024 and they are good to go. Gives them time to control the markets more and gather further money from oil sales which also reduce the deficit  and backs the budget if the oil market drops too much. Wait till march 2024 . Get the HCL PASSED and they can press the button because they will have the money to make the budget work and will have greater control of the market. Also gives them more time to sort more of the corruption and diversify their markets with gold and minerals. However , I may be completely wrong and I hope I am proven to be wrong

There are certainly a multitude of ways to go; this one fits their MO, sadly! Wouldn’t it be wonderful to be radically wrong?! 😃😃😃👏👏👏

[BETTYBOOP]

44 minutes ago, wc41 said:

There are certainly a multitude of ways to go; this one fits their MO, sadly! Wouldn’t it be wonderful to be radically wrong?! 😃😃😃👏👏👏

Yes it would be great to be wrong

[yota691]

Mazhar Saleh: A government vision for building a modern economy

Economical  2023/07/12

 

 

 Baghdad: Al-Sabah,
the financial advisor to the Prime Minister, Muhammad Mazhar Salih, revealed a government vision to modernize the economic structure in accordance with steps that would support economic development, double employment rates, expand the contribution of real sectors to the domestic and gross domestic product, and diversify the national economy to serve the country.

Salih said in an interview with "Al-Sabah": "Iraq is moving towards modernizing economic life in accordance with the Prime Minister's vision in two basic directions. other than oil and gas, and the generation of added value chains through manufacturing processes on raw resources, and the creation of long value chains added by each successive manufacturing stage to the same raw resource before export.

He added, "Iraq is the ninth country in the world in terms of the abundance of its natural resources," and that "managing such a technical model at an advanced technological level requires a law for economic reform, which will be discussed by Parliament in order to approve it in the interest of activating the macroeconomic approach in the best formulas that serve the economy." the National".

He pointed out that "the second trend is related to a national strategy that links the construction and development of infrastructure with economic, industrial, commercial and service activity through a broad national, regional and international strategy called (the path of development), which was announced by the Prime Minister, by making Iraq a pivotal country without a doubt in linking the national economy." with the surrounding regional and global economy,” noting that “this requires spreading important infrastructures such as spreading cross-border railways, and linking that to manufacturing activity in general through industrial cities or the first development model that we referred to and concerned with manufacturing raw resources for export.”

He explained, "Despite the foregoing, we find that the economic approach of the government of Prime Minister Muhammad Shia'a al-Sudani did not ignore the daily economic work and the country's strategic investment needs - as we indicated above - as it works with a new economic approach that can be called (the team spirit approach), and it is a coherent approach that works It is for the first time in our country, after it was absent from Iraq for many decades and decades due to the many crises and wars that the country went through.

The financial advisor to the Prime Minister said: “The results of the one-team government are working towards the success of achieving the goals that take two tracks in government work, the first is direct and short-term, and is represented by operating the stalled government services joints and under the field supervision of the Prime Minister who personally touches the daily concerns of the citizen in the availability of basic services.”

 

Especially the sectors of electricity, roads, resolving bottlenecks, hospitals, medicine and education, without overlooking important reform problems in addressing bureaucracy and corruption inherited for decades, unfortunately. Operational spending that addresses and addresses the problems of poverty and unemployment, and investment spending by adopting packages of investment projects that help achieve the goals of economic growth and move the wheels of development by maximizing gross domestic product, diversifying the economy and raising employment rates, as well as supporting market activity with soft financing methods through loan funds.

 

The facilitator directed to youth projects, foremost of which is the proposal (Al-Riyada Bank). He added, "The strategic vision for the country's economic future has not been lost - as we indicated in the introduction to the conversation - in adopting the model of strategic (leading) investment projects for development, specifically the launch of the (Development Path) project, which serves as a model in the major strategic development with wide links between the joints of the national economy that At the same time, it is based on the principle of regional and international partnership and cooperation, activating the links of the national economy with the economies of neighboring countries and the world, in a way that directly contributes to the prosperity of development and development in our country, and to making Iraq a pivotal economic country influencing the economies of the Gulf, West Asia and the Middle East.

Saleh concluded: "The results of economic development and its strategic models must serve the future of Iraqis in two directions, the first is doubling the employment rates and the demand for work, and the other is doubling the gross domestic product of Iraq, which helps to spread economic well-being, specifically doubling the per capita share in the gross domestic product, and making Iraq is among the countries with emerging markets in terms of the contribution of real sectors to the aforementioned gross domestic product, the diversification of the national economy and the exit from the restrictions of the unilateral rentier state.

Edited by: Muhammad Al-Ansari

[yota691]

A government advisor expects important instructions to start implementing the budget law in the coming days

Economy

12:20 - 2023-07-15

Today, Saturday, the economic advisor to the Prime Minister, Mazhar Muhammad Salih, expected the issuance of important instructions to start implementing the tripartite budget law, within the next few days.
And on the contested articles in the budget. Salih stated in a press statement, “The issuance of the state order from the Federal Court regarding the articles that the government appealed against, as a result of which they were suspended until the court’s final decision, which is related to the issue of separation of powers or the increase in public expenditures, which were introduced by the House of Representatives in Law No. 13 of 2023 (i.e. law The Federal General Budget (2023-2025) will help immediately issue instructions for implementing the general budget on the part of the Federal Ministry of Finance and the Ministry of Planning.

[horsesoldier]

Yep, when I see " in the coming days " I can't help but get extremely excited and just plain giddy with anticipation !!

Well you're right obviously, I didn't convince myself either 🤣 

We wait 

[yota691]

The PM's advisor recommends limiting price speculation

Economical  2023/07/17

 

 

 Baghdad: morning

 

Yesterday, Sunday, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, recommended the need to provide a climate of competition to limit exploitation and price speculation.

 

Saleh said, to the Iraqi News Agency (INA): "In order to ensure competitiveness in the market and reduce liberal chaos in the exchange sector, it is necessary to return to the bonds of social market institutions by spreading consumer and production cooperatives that practice competitive price discipline and quality control at the same time," indicating "They are two pillars that we lack; in order to reorganize the sectors of exchange and production to some extent and to provide a competitive environment and interaction that can isolate methods of fraud and commercial deception that are incorrect and contrary to the law."

 

He added that "the methods of circumvention and commercial deception continue to cause severe damage to the interests of the public and exploit them with price speculations and goods and services far from quality control for the sake of illegal gain at the expense of the citizen's limited income, in addition to the poor quality of the processed goods that are supplied from internationally unknown origins and are not subject to quality or quality control.

 

He pointed out that "this is the biggest waste in suppressing the competitiveness of the economy and reducing the consumer's benefit and levels of legal protection in accordance with nationally and internationally accepted standards in trading goods and services within the national market."

[screwball]

10 hours ago, yota691 said:

Yesterday, Sunday, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, recommended the need to provide a climate of competition to limit exploitation and price speculation.

Yep…..waiting 😂