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Thursday Morning Iraq Economic News Highlights 6-29-23

Sudanese Financial Advisor Talks About The Measures To Control The Dinar

Policy,  06/29/2023  readings: 120   Baghdad-Iraq today:  Adviser to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, confirmed the strength of quantitative and price monetary policy tools in managing public liquidity, while identifying the factors for stabilizing the purchasing power of the Iraqi dinar.

Saleh said in a statement to the official agency, “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 ability 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 foreigners.” 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 issue of public liquidity management.”  LINK

The President Of The Republic: Decrease In Cases Of Corruption In Iraq And 3 Principles On Which Our Relations With Neighbors Are Based

Time: 06/29/2023 Read: 169 times  {Politics: Al Furat News} President Abdul Latif Jamal Rashid affirmed that Iraq is keen to establish balanced and good relations with everyone.

“We have good and strong relations with the United States of America, and at the same time we have good relations with the Islamic Republic of Iran, and we also have good relations with regional and European countries,” Rashid said in a televised interview.

He added, “I recently conducted an official visit to Iran, and in our meetings we made it clear that our relations with all countries are based on the principle of respect for independence, sovereignty, and common interests,” noting that “we believe that strengthening and developing relations between countries at the regional and international levels benefits all countries, We also believe that tensions and challenges do not lead to a good relationship between the countries of the world where all our problems can be solved through dialogue, consultations and common understandings:”.

The President of the Republic also spoke about the role of Iraq in bringing points of view closer and improving relations with all countries, referring in this context to the resumption of relations between the Islamic Republic of Iran and the Kingdom of Saudi Arabia and the efforts made by Iraq to improve understanding between some other countries.

President Abd al-Latif Jamal Rashid affirmed that Iraq enjoys security, peace and stability, and this in turn provides opportunities for investors to invest in the country, and that the government is serious about taking concrete measures that will encourage foreign and domestic investment, as there are promising opportunities for investors in Iraq, especially with the security, safety and stability that Iraqi cities are witnessing it, noting the need to amend the laws and regulations of money transfer, financial policy, and improve some rules and regulations related to investors and the banking sector.

Regarding drought and climate change, the President of the Republic made it clear that the Iraqi government takes this issue seriously. Serious measures have been taken to improve the water situation, including engaging in dialogue with the riparian countries with Iraq to reduce the damage caused by water scarcity, taking decisions and actions to improve water management systems in Iraq and combating drought problems and other factors related to drought.

Regarding cases of corruption, His Excellency affirmed that important and strict governmental steps have been taken to curb corruption, and firm measures have been applied against corrupt people in all state institutions, including ministries, government departments and activities, indicating that corruption cases have decreased in Iraq during the past year or two.

In response to a question about the Russian-Ukrainian war, President Rashid renewed Iraq’s position calling for stopping the war between the two countries and starting a dialogue to resolve the differences, stressing that our message, our advice, and what we recommend is that the war must stop, and the dialogue must take its course to solve the problem between these two countries, because One of the repercussions of wars is that it affects everyone, European countries and our countries and may affect most of the global economy, and the international community has to help these two countries to stop war and fighting and start negotiations.

Concerning the war waged against the former regime, the President of the Republic affirmed that the defunct regime posed a threat to the international community and threatened regional security, as it was suppressing the Iraqi people with all its groups and components, and the opposition at that time and the entire Iraqi people were seeking to get rid of the dictatorial regime.  LINK

The Stability Of The Dollar Exchange Rates In The Local Markets

Economy  |Today,   Baghdad today – Baghdad  Today, Thursday, the exchange rates of the dollar recorded a stable rise in the exchange offices in the capital, Baghdad.

The (Baghdad Today) correspondent said, “The Al-Kifah and Al-Harithiya stock exchanges are closed during the days of Eid Al-Adha.”

He added, “The price of buying the dollar in exchange offices today reached 148,500 dinars per 100 dollars, while the selling price of the dollar reached 146,500 dinars per 100 dollars.  LINK

Parliamentary Services Committee: Iraq Will Witness A Quantum Leap In Services During The Next Stage

Iraq   2023-06-29  The Parliamentary Services and Reconstruction Committee confirmed that Iraq will witness a qualitative boom in services during the next stage at various levels.

Committee member Madiha Al-Moussawi said that, after the approval of the Federal General Budget Law and its entry into force, Iraq is on the verge of a quantum leap in services during the next stage at various levels. There is a government program related to strategic services and projects that will be implemented in all Iraqi cities.

And she added, that the government was late in implementing its service program due to the delay in enacting the budget law, pointing out that there is governmental seriousness in order for the citizen to see improvement in the services provided to him, especially in the completion of important lagging projects such as hospitals, schools, and others.

It is noteworthy that the House of Representatives approved the tripartite financial budget on the twelfth of this month, and the Official Gazette published the law last Monday, so that the law enters into force.   https://kirkuktv.net/AR/Details/16051

The Work Revealed The Inclusion Of 180,000 New Benefits From The Social Protection Network

Economy   06/29/2023, Number of readings: 216  Baghdad – Iraq today:  The Social Protection Authority of the Ministry of Labor and Social Affairs reported that it is working to complete the third meal, with about 100,000 beneficiaries in Baghdad and the provinces.[/rtl]

The head of the authority, Ahmed Al-Moussawi, said in a press interview that: “Two meals for social care have been launched, with 121,000 included, and more than 60,000 are included in the second meal, and a card has been issued to more than 60,000 beneficiaries of the protection subsidy, as they received the Qi Card.”

He added, “We are ready to issue six meals for social protection, so that the number at the end of the year will reach 600,000 families, to be added to those covered by the network.”

And he added, “It is expected that the number of beneficiaries from two million and 350 thousand families will reach two million and 400 thousand families by the first of January of next year, with a salary that starts from 125 thousand dinars per person, and It reaches 325 thousand dinars, according to the number of families.   LINK

Al-Hakim Warns Of Government Employment: A Financial Time Bomb

2023.06.29   Baghdad – Nas    On Thursday, the head of the “State Forces” coalition, Ammar al-Hakim, warned against rivalry and disagreement, considering the gesture of approving the budget as “different from all previous budgets,” while he warned against government employment that overwhelmed the Iraqi government and burdened the state and made us face a financial time bomb, as he put it. .

Al-Hakim said during the Eid al-Adha prayer sermon, followed by “Nass” (June 29, 2023), “We in Iraq are well aware of this issue…and we know the effects of rivalry and disagreement among the people of the same country…and we are working hard in all our political movements to confirm the importance of this Quartet and its role.” In strengthening national unity and societal harmony, they are the key to reconstruction, construction and stability in a country like Iraq that is characterized by a multiplicity of races, nationalities, sects, religions and walks of life.

He added, “The government, parliament, and political forces are called upon to abide by the approach of unity, harmony, patience, and compassion. Whenever the dispute between us resolves, the more we retreat from developing the country and consolidating its stability and prosperity.

There will be a way for disagreement between us, and when we are patient with challenges and hardships.. we will become stronger and we will win, and when we show mercy and cooperate.. mercy and blessings will embrace us, and then we will build a righteous society and a strong people.. that will not be shaken by fleeting storms.

Regarding the economic priority in political action, al-Hakim stated that “the country’s budget has been approved for the next three years… and it is a different gesture from all previous budgets… The political forces agreed on this step in support of the government’s stability.”

And enable it to move forward towards the country’s economic reform path. Especially since an important part of the budget has been prepared for investment projects, most of which seek to complete lagging projects… which is a great opportunity for the government that must be invested as best as possible.

He continued, and since construction and reform are not possible without both political and financial stability.. Likewise, there is no value for any political or governmental action if it does not secure the interests of the people and achieve for them a decent life befitting them, and today .. after we have made long strides in building and sustaining a political process that sponsor completely the circumstances of Iraqi society and its priorities.

Al-Hakim said, “Our political system, despite the violent upheavals it was subjected to… was able to withstand and move towards completing and building a federal democratic system where law prevails and resorting to the constitution…

The time has come to shift towards the economic process and focus political efforts and self-development.” necessary for the success of this major reform process and its generalization in state institutions “.

He pointed out that “our foreign policy must be based on the goals and constants of the economic process, and our political and electoral programs must be based on the foundations of the economic process, its horizons and its ranges, and the government and parliamentary evaluation criteria must be based on the achievements of the economic process and its sound plans, as our priority must be economic.”

Our plans must be economic, and our programs must be economic, because the upcoming economic challenges and risks will be great and impactful, and we will not be able to face them without prior preparation for their repercussions and the ability to transform risks into real opportunities that can be invested and succeeded.

He said, “We may differ in the nature of the plans and in the mechanisms of their implementation…but what is important is the agreement to make the economic process the starting point and it is the priority in our movement and in our governmental and parliamentary work, and despite the huge challenges…we have great opportunities for investment and economic construction…

We have opportunities for agricultural investment..and we have manpower..and we have accumulated industrial experience..and we have promising opportunities in religious, archaeological and cultural tourism, and we have great opportunities capable of attracting investors and external money for the benefit of our country, and we have the ability to raise oil production and gas investment and increase cash income. .

Al-Hakim pointed out that “more than (600) thousand students are taking exams for the sixth year of middle school… which means that they will go after weeks to enroll in colleges and universities… and within four years, we will have more than half a million young people waiting for a job opportunity worthy of them and their dreams and ambitions.. And this The number is on the rise every year, so do we deal with these numbers with government employment that has overwhelmed the Iraqi government and burdened the state and made us in front of a financial time bomb?

Al-Hakim asked, “Do we deal with these large energies with social welfare salaries…?”, pointing out that “this positive climate in the nature of international relations in our region is one of the most prominent historical opportunities that we must invest today to establish a regional strategy.” In the long run, it is in the interests of the people the whole region.”

And he continued, “And let’s not forget that Iraq had the greatest role in bringing the diverging points of view closer together..and it is its usual and qualitative role that must remain preserved. The Iraqi interest requires achieving regional stability..and cooperation and regional integration.”

Al-Hakim called, “Following a wise and studied foreign policy that seeks to invest national and international energies towards international and regional mobilization that establishes strategic partnerships between Iraq and its brothers in the Gulf Cooperation Council on the one hand… and between it and neighboring countries and the main countries in the region on the other hand.”

https://www.nasnews.com/view.php?cat=109987