Iraqi News Highlights Monday Afternoon 5-8-23
Tlm724 Administrator Bondlady’s Corner
International Monetary Indicates A Rise In Iraq’s Hard Currency Reserves
Monday 08 May 2023 09:19 | Economical Number of readings: 48 Baghdad / NINA / – The International Monetary Fund revealed, today, Monday, that Iraq’s hard currency reserves have increased, and it is likely that they will not reach 100 billion US dollars during the current year 2023.
And the fund expected, through the schedule for the current month of May, that Iraq’s reserves of hard currency during the current year 2023 will reach about 99.4 billion dollars, after it was 97 billion dollars in 2022,” noting that “it is also expected that” these reserves will decrease to 93.1 billion. dollars in 2024.
And she added, “Iraq’s reserves have increased significantly from what they recorded in 2020, which at that time amounted to 54.4 billion dollars, while the reserves in 2021 amounted to about 64.2 billion dollars, and in 2022 they amounted to 97 billion dollars.”
And the hard currency reserve, which is the state’s reserves of foreign currencies, and
it is called the foreign exchange reserve, and
the aim of the reserve is to protect the state and maneuver with it in times of economic recession or wars. / End 8 https://ninanews.net/Website/News/Details?key=1051927
Prime Minister: Iraqi Banks May Collapse In The Face Of Any Financial Crisis
Information / Baghdad..On Thursday, Prime Minister Muhammad Shia al-Sudani criticized the banking sector in Iraq and its role in the economic process.
Al-Sudani said in a special session of the Iraq Forum, which was followed by Al-Malooma, “Unfortunately, we do not have a banking system, neither governmental nor private, in Iraq.
Rather, it is a real problem, and with the first earthquake, the banks collapsed.”
He added: I say it with confidence, that if it were not for our procedures with the Central Bank, we would not have been able to face the exchange rate crisis. He pointed out that “corruption in Iraq needs a decision and will, and the government will not hesitate to hold the corrupt accountable, and we have no red lines,” noting that “recovering money and wanted persons is a key factor in the war on corruption.”
Finance Is Discussing The Application Of The Treasury Single Account (TSA) With IMF Experts
Information / Baghdad..On Sunday, Finance Minister Taif Sami Muhammad discussed with a minister with experts from the International Monetary Fund (MITAC) the requirements for designing and implementing the single treasury account system ????????????.
“The ministry is keen to expand the use of technological solutions to ensure the sustainable modernization of financial systems, according to the latest international standards and expertise, in line with efforts to face challenges and facilitate financing procedures in record times,” Sami said in a statement received by Al-Maaloumah.
And she explained that
“the application of the account will allow the possibility of
monitoring the movement of funds to the spending units and
identifying the remainder in the departments’ accounts and
restoring it for the benefit of the state treasury, as well as
diagnosing the units that are still outside the system of settlement of salaries,
in addition to that the project will provide an accurate database that contributes to accounting operations and the diagnosis and treatment of errors momentarily.”
And the Minister of Finance indicated seeking to “agree with the support team at the World Bank on the participation of Iraqi cadres in expanded rehabilitation programs under the supervision of the World Bank, with the aim of enhancing the expertise and skills of cadres working on the account, and ensuring the success of its management with high professionalism and efficiency.” The statement indicated that
“the meeting discussed the approved outputs during the previous period, and reviewed the next stages of implementing the TSA project according to the specified timelines and allocated costs, as well as examining the extent of the system’s response to the rest of the sub-systems such as preparing the general federal budget, procurement and payments systems, fixed assets, the payroll system, and the system.” Revenue, cash management, etc.
Baghdad And Washington Are Discussing The Possibility Of Long-Term Investment Partnerships
Political Baghdad – conscious Today, Sunday, Finance Minister Taif Sami and US Ambassador Elena Romanowski discussed the possibility of establishing long-term investment partnerships.
The ministry’s media office said, in a statement received by the Iraqi News Agency (INA), that “Finance Minister Taif Sami Muhammad received, today, the US ambassador to Baghdad, Elena Romanowski.”
He added, “During the meeting, they discussed various aspects of cooperation between Iraq and the United States,
ways to support the growing indicators of the Iraqi economy, and
government efforts in this framework, as well as an
emphasis on cooperation in the field of banking reform adopted by the government, in addition to
discussing the possibility of concluding investment partnerships.” long-term by
creating stable investment environmental conditions in the Iraqi market.
Details Of The Parliamentary Hosting Of The Minister Of Finance
Political | 01:43 – 08/05/2023 Baghdad – Mawazine News, the Media Department of the House of Representatives announced, today, Monday, the details of the parliamentary hosting of the Minister of Finance, Taif Sami, which included discussing the file of lecturers and contracts.
And the media department of the parliament stated in a statement, that “headed by the First Deputy Speaker of the House of Representatives, Mohsen Al-Mandalawi, the Finance Committee, in the presence of Representative Atwan Al-Atwani, Chairman of the Committee and its members, hosted Minister of Finance Taif Sami for the second time to discuss the ministry’s budget, and the possibility of making transfers of amounts to ensure reducing spending and increasing the revenues that are supplied The state treasury, in addition to developing an appropriate strategy on the ministry’s mechanism in relation to spending units.
According to the statement, al-Mandalawi presented “a proposal regarding the sums of money allocated to the governorates for the implementation of service projects and the possibility of conducting transfers, as they are insufficient in exchange for the size of projects within the development of the regions,” while requesting “detailed data in this regard,” stressing the “maturity of the project.”
He pointed out that “the Iraqi people are waiting for the approval of the budget because it is directly related to the lives of the people.”
The Chairman of the Finance Committee also welcomed the Minister of Finance, explaining that “hosting includes two axes, the first is the ministry’s budget, which, according to the table listed, is 99% of the current budget allocations, and 1% of the total ministry’s allocations within the general budget law, and the second is access. on the results of previous hosting of ministers.
And he stated, “The ministry’s allocations for previous years were discussed compared to the current year, and the reasons for the increase in spending chapters such as grants, advertisements, and other expenses, and social care,” pointing to “the necessity of maximizing revenues such as taxes, real estate, collection service, and others.”
For her part, the Minister of Finance reviewed “the spending chapters of the ministry,” noting that “the volume of sums within the chapters on indebtedness, interest, the Olympic Committee, and other chapters are not in favor of the Ministry of Finance.”
And she explained, “The doors of disbursement of amounts related to retirement contributions, martyrs’ institutions, accountability, justice, and others for the year 2019,” revealing “the formation of a committee within the ministry to calculate the financial costs.”
The committee reviewed the most important legal provisions contained in the 2023 Budget Law, which include “conducting transfers at a rate of (30%) to the Baghdad governorate within the development of the regions, and obligating the relevant ministries to activate the service of electricity, telephone, water, sewage, and other fees, in addition to allocations for employee compensation, and the items of the ration card.” Social care, wheat crops, milk, medicines, and other investment projects.
Interventions during the meeting, which lasted late, included how to pay off foreign debts owed by Iraq and the Ministry’s procedures to supplement the state’s public treasury, in addition to estimating oil and non-oil revenues and the volume of revenues, accounts and the subject of free lecturers and contracts after 10/2/2919, and the mechanism for including their allocations. And the appointment of the first graduates and holders of higher degrees, and commission contracts, in addition to some contracts that did not allocate funds to them. https://www.mawazin.net/Details.aspx?jimare=226371
Oil Is Rising, With Brent Crude Recording $75.56 A Barrel
Economy| 08:50 – 08/05/2023 Follow-up – Mawazine News Oil prices rose slightly on Monday, as traders remained cautious despite easing fears of a recession in the United States.
Brent crude futures rose 26 cents, or 0.35 percent, to $75.56 a barrel at 04:38 GMT.
US West Texas Intermediate crude futures rose 29 cents, also 0.41%, at $71.63. Ended 29/N33
The International Monetary Fund Expects Iraq’s Reserves To Decrease To $93.1 Billion In 2024
Economy | 09:13 – 08/05/2023 Follow-up – Mawazine News The International Monetary Fund expected, on Monday, that Iraq’s hard currency reserves during the current year will reach “about $99.4 billion.”
And the fund stated that it is also expected that “these reserves will decrease to $ 93.1 billion in 2024.”
He added, “Iraq’s reserves have increased significantly from what they recorded in 2020, which at that time amounted to $54.4 billion, while in 2021 they amounted to $64.2 billion, and in 2022 they amounted to $97 billion.” Ended 29/N33 https://www.mawazin.net/Details.aspx?jimare=226352
With The Participation Of Iraq.. 14 Notes On The Discussion Table Of The Arab Financial Markets
Money and business Economy News / Baghdad The Federation of Arab Capital Markets (AFCM) held its annual meeting on Monday, May 8, 2023 in Muscat, in the presence of the authorized managers of the Arab stock markets, clearing companies, and member brokerage firms.
Among the participants was the Iraq Stock Exchange, represented by the Executive Director, and Al Rabie Brokerage Company, represented by its Director.
The attendees discussed 14 memorandums, including the federation’s annual report 2022 and the transfer of the federation’s presidency from the Bahrain Stock Exchange to the Muscat Stock Exchange for the year 2023. Views 17 Added 05/08/2023 – https://economy-news.net/content.php?id=34072
The Stability Of The Iraqi Central Sales At 180 Million Dollars
Monday 08 May 2023 13:24 | Economical Number of readings: 225 Baghdad / NINA / – The Central Bank’s sales of dollars stabilized in the currency auction today, Monday, amounting to more than 180 million dollars.
And a table for the bank showed that “the total amounts of transfers abroad (remittances, credits) amounted to 152,167,639 dollars.”
And “the total amounts of cash sales amounted to 28,100,000 dollars, while the total sales amounted to 180,267,639 dollars.”/ https://ninanews.com/Website/News/Details?key=1051987
A Slight Rise In The Dollar On The Local Stock Exchange
Monday 08, May 2023 | Economical Number of readings: 386 Baghdad / NINA / – Today, Monday, the exchange rates of the dollar against the dinar recorded a slight increase in the local stock exchange in the capital, Baghdad.
And the selling price of the dollar on the stock exchange recorded 145,500 dinars per 100 dollars, while the purchase price recorded 144,500 dinars per 100 dollars./ End 8
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