Iraqi News Highlights and Points to Ponder Tuesday AM 3-5-24
The Sudanese Advisor Details Iraq’s Financial Situation And Addresses Exchange Rates
Economy News – Baghdad Today, Tuesday, the Prime Minister’s Advisor for Financial and Economic Affairs, Mazhar Muhammad Salih, stated the real growth rate in Iraq’s non-oil gross domestic product, while referring to Iraq’s financial situation.
Saleh said, in an interview followed by “Al-Iqtisad News,” that “the basis comes from the strength of the foreign asset reserves that Iraq possesses, which exceed 100 billion dollars, and they are the cover of the national currency, which means that there is complete coverage of the national currency issued in foreign currency, which provides “Ideal stability for the Iraqi dinar exchange rate, in addition to the fact that these foreign reserves embody Iraq’s commercial efficiency, as these reserves cover more than 15 commercial months, while the global standard is only three months.”
He added, “We must not forget that the surplus in the current account of the balance of payments relative to the gross domestic product also did not fall below (positive 8%), which is a high indicator that reflects the strength of the external sector in the national economy, that is, its stability and growth.”
He pointed out that “the real growth rate in Iraq’s non-oil gross domestic product has touched (6%), and it expresses the growing activities of important sectors, most notably the reconstruction, construction and housing movement, and the development of the transport and digital communications sector, and there is a continuing movement in developing the agricultural sector thanks to government support for crops.” We expect Iraq’s grain production in the next few months to reach 6 million tons.”
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Experts: We Are Optimistic About The Country’s Financial Situation
Iraq 03/05/2024 Baghdad: Huda Al-Azzawi Specialists in financial and economic affairs expressed their optimism about the future outlook for the country’s financial situation, and while they saw that Prime Minister Muhammad Shiaa Al-Sudani’s statement regarding this aspect and the overall economic file is correct and consistent with reality, they called for the continuation of steps to leave the unilateral rentier economy to a productive economy.
Advisor to the Prime Minister for Financial and Economic Affairs, Dr. Mazhar Muhammad Salih, said in an interview with “Al-Sabah”: The basis comes from the strength of the foreign asset reserves that Iraq possesses, which exceeded 100 billion dollars, which is the cover of the national currency, which means that there is complete coverage of cash.
The national export in foreign currency, which provides ideal stability for the exchange rate of the Iraqi dinar, in addition to the fact that these foreign reserves embody the commercial efficiency of Iraq, as these reserves cover more than 15 commercial months, while the international standard is only three months.
He added, “We must not forget that the surplus in the current account of the balance of payments relative to the gross domestic product also did not fall below (positive 8 percent), which is a high indicator that reflects the strength of the external sector in the national economy, that is, its stability and growth.”
He pointed out that “the real growth rate in Iraq’s non-oil gross domestic product has touched (6 percent) and it reflects the growth of the activities of important sectors, most notably the reconstruction, construction and housing movement and the development of the transport and digital communications sector, and there is a continuing movement in developing the agricultural sector thanks to government support for crops.” “We expect Iraq’s grain production in the next few months to reach 6 million tons.”
He stressed, “There is a serious trend towards developing the manufacturing sector, whether on the part of the private or public sector itself, in accordance with recent encouraging ministerial decisions in the field of reducing customs tariffs and protecting the national product or in the inputs of the industry itself, especially in providing electricity or fuel for industrial purposes at competitive prices.” Supported.
Saleh stated, “Growth in real non-oil activity has become thriving after many years of failure, in addition to the boom in investments in the oil and energy sector itself, as all sectoral activities indicate that there is a high growth in the country’s economic capabilities with high flexibility and discipline in financial policy.”
In which government spending still constitutes approximately 50 percent of the gross domestic product, which means that the country’s financial strategy is the compass for moving the macroeconomic joints, and it is in a highly stable position, both in the flow of oil revenues and controlling public expenditures.”
For his part, the rapporteur of the Parliamentary Finance Committee for the fourth session, Dr. Ahmed Al-Saffar, indicated in an interview with “Al-Sabah” that “what Prime Minister Muhammad Shiaa Al-Sudani stated that the financial situation of Iraq is at its best is correct; If the political, economic and financial situation of Iraq remains as it is.”
He noted that “the financial conditions are stable according to current data, including the stability of the political situation and the possibility of Iraq exporting more than three and a half million barrels per day at a price of more than $70 per barrel, either if these indicators change, whether with regard to the political situation and a decrease in oil prices or a halt.” Export chains for Iraqi oil. Iraq has a cash reserve in the range of 115 or 120 billion dollars that can be used over a period of two years, after which it may be exposed to financial crises.”
He explained, “Despite Sudanese work to bring about some changes, the Iraqi economy is still a unilateral rentier economy that relies on oil as the main financier of the general budget, and non-oil revenues are still very low, and the main sectors of the Iraqi economy are still stalled or slow.”
He concluded by saying: “Therefore, it cannot be relied upon in the event of a decline in oil prices, the inability to export oil, changes, or great stability on the political side. Therefore, according to the current situation, what the Prime Minister stated – as I previously indicated – is correct.” “.
Edited by: Muhammad Al-Ansari https://alsabaah.iq/92892-.html
A Parliamentarian Denies That There Are Any Amendments To The Budget Schedules For The Year 2024
Political | 03/05/2024 Mawazine News – Baghdad The representative of the Sadiqoun parliamentary bloc, Muhammad Al-Baldawi, confirmed today, Tuesday, that there are no amendments to the federal budget for the year 2024.
Al-Baldawi said, in an interview followed by Mawazine News, that “the government will work to develop schedules for expenditures and revenues and submit them to the Council.” Representatives to approve it.
He added, “Work will continue to implement the judicial provisions and decisions related to the region’s employees, and the localization of their salaries.”
He pointed out that “there is a movement to resolve controversial issues related to financial issues between Baghdad and Erbil.” https://www.mawazin.net/Details.aspx?jimare=243260
Through The Dollar Bill.. Washington Continues To Tighten The Noose On The Sudanese Government
Political | 04/03/2024 Mawazine News – Baghdad The political and security analyst, Muhammad Al-Yasiri, today, Monday, accused the American administration of continuing its hostile policy towards Iraq.
Al-Yasiri said in an interview with Mawazine News, “The American policy of hostility against Iraq depends on two things. The first is tightening the stranglehold on the flow of dollars to the Central Bank of Iraq and reducing cash liquidity, as well as the terrorist ISIS card.”
He pointed out that “the American administration is working hard to restrict the Iraqi government and discourage it from demanding the removal of its occupying forces from the country,” adding, “Whoever says that America is a friend of the Iraqi people is subject to the policy of collusion and treason.”
Al-Yasiri continued, “The American restrictions on Iraq regarding the dollar clearly confirm the lie of the so-called friendship of the United States of America with Iraq.”
He pointed out that “the American administration always resorts to punishing Iraq by establishing solid institutions under the control of the Iraqi state.”
The US Treasury Department recently imposed economic sanctions on eight Iraqi banks, preceded by sanctions on fourteen others, and prevented them from dealing in the dollar currency, as the reasons behind imposing such sanctions were not explained.
https://www.mawazin.net/Details.aspx?jimare=243237
Provoking Points to Ponder on Decisions
Authority without wisdom is like a heavy axe without an edge, fitter to bruise than to polish. – Anne Bradstreet
One faces the future with one’s past. – Pearl S. Buck
Our deeds still travel with us from afar, and what we have been makes us what we are. – George Eliot
You must not change one thing, one pebble, one grain of sand, until you know what good and evil will follow on that act. – Ursula K. LeGuin
The beginning of compunction is the beginning of a new life. – George Eliot
The Pilgrims didn’t have any experience when they landed here. Hell, if experience was that important, we’d never have anybody walking on the moon. – Doug Rader
Each person has a literature inside them. But when people lose language, when they have to experiment with putting their thoughts together on the spot-that’s what I love most. That’s where character lives. – Anna Deavere Smith
There is no data on the future. – Laurel Cutler
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