TLM724 Administrator BondLady’s Corner
A New Comment From The Government Regarding Changing The Dollar Exchange Rate
Economie| 08:04 – 10/07/2021 Baghdad – Mawazine News, the economic advisor to the Prime Minister, Alaa Abdel Hussein, spoke today, Saturday, about the government’s vision to address the change in the exchange rate of the dollar against the Iraqi dinar, especially with regard to its effects on investment projects, while stressing that there are 3 reasons preventing the change now.
Abdul Hussein said, “With regard to investment projects in the beginning and the issue of the exchange rate, many of the materials that contractors enter to work are imported from abroad, and cost accounts and previous contracts are fixed at the old exchange rate, especially contracts that take a long time.”
He added, “The vision of the treatment is more comprehensive than being money or seeing the exchange rate, and it is applied as a development project, as the problem of the exchange rate difference, if not addressed, will lead to project disruption, erosion of the achievement, delay in development and the benefit that comes from the project,” noting that “the treatment.
” It comes from the perspective that there are projects we are waiting for completion, and by completing them, the benefit of the people will be achieved, and therefore the main and supreme goal is treatment in order to hasten the benefits derived from these projects for the people.”
He explained that “the projects were divided into a number of sections according to their type, including construction projects, electrical and metal projects, and others, and each type of them contains materials imported from abroad, and therefore the percentages were determined based on the price changes that occurred, and then work is done on the treatment.”
He stressed that “prices did not change because of the exchange rate only, but prices at the global level changed, and the reason for this is the increase in demand as a result of the Corona pandemic, as the world stopped and this led to all countries depleting their stocks of materials in addition to their monthly consumption, which led to an increase in demand to cover its strategic stocks and its monthly consumer demand.
He continued: “If we look at the increase in demand with the stability of the production capacity of factories in the world, we find that this led to a general rise in all prices globally, and therefore the price change did not come as a result of changing the exchange rate in Iraq, but rather at the world level.”
And he indicated that “within the foreseeable future, the exchange rate cannot be reconsidered for several reasons, including firstly that the exchange rate is a prerogative of the Central Bank, and secondly that the current rate was approved in the budget law and is valid, in addition to a third reason is that all revenues derived from Oil, even if it increases, will only be able to cover the budget deficit of about 30 trillion dinars, and therefore we do not expect to guarantee oil prices for the next six months, and it is dangerous to think about dealing with the exchange rate.”
Regarding the budget for the next four years, Abdul Hussein said, “The Minister of Finance, Ali Abdul Amir Allawi, heads a committee of various ministries and government agencies to develop general strategies for the budget of the next years 2022 to 2024, and the broad outlines are not yet clear as far as the ministries’ budget is discussed in light of The priorities set by the Iraqi state.” Ended 29 / h
Finance Is Looking Into The Implementation Of The Financial And Information Management Systems Within The Steps Of The Reform Paper
Sunday 11 July 2021 15:38 | Economic Number of readings: 175 Baghdad / NINA /- Minister of Finance Ali Abdul-Amir Allawi chaired, today, Sunday, a meeting to follow up the implementation of the reform projects “White Paper” in the presence of the Executive Director of the Economic Reform Committee Alaa Al-Saadi, Undersecretary Taif Sami, advisors to the Minister of Finance and general managers of the ministry.
A statement by the Ministry of Finance stated, “During the meeting, the reform axes identified by the white paper were discussed, represented by the “Public Financial Management and Financial Information” systems, as part of its steps, which are among the important steps to achieve sustainable financial stability and give an opportunity to achieve other structural reforms.
The statement added, “The meeting witnessed a discussion of the implementation of the integrated financial information management system project, which will contribute to increasing the speed of electronic communication for the ministry and the rest of the ministries in order to provide accurate information and will enhance the supervisory role on financial accounts and not exceed the financial appropriations established in the budget, in addition to facilitating the process of implementing the program and performance budget.” .
The minister said: The application of the financial management system and the information management system will enhance the state’s access to the necessary funds and control government spending, which will lead to spending these funds efficiently and effectively in accordance with the state’s financial policy.
Allawi stressed the continuation of follow-up to the content of the white paper to reform the financial and economic affairs, which will set the main steps for preparing budgets for the coming years./End of H
Finance Minister: The White Paper Will Set The Main Steps For Preparing Budgets For The Coming Years
Political | 02:35 – 11/07/2021 Baghdad – Mawazine News, Minister of Finance, Ali Abdul Amir Allawi, confirmed, on Sunday, that the white paper will set the main steps for preparing budgets for the coming years.
A statement by the ministry, which Mawazine News received a copy of, stated that “the Minister of Finance, Ali Abdul Amir Allawi, chaired, today, at the ministry’s headquarters, a session to follow up the implementation of the reform projects of the “white paper” in the presence of the Executive Director of the Economic Reform Committee Alaa Al-Saadi and the Undersecretary of the Ministry Taif Sami Advisers to the Minister of Finance and the Ministry’s general directors.
The statement added that “the meeting discussed the reform axes identified by the white paper represented by the public financial management and financial information systems, as part of its steps, which are among the important steps to achieve sustainable financial stability and give an opportunity to achieve other structural reforms.”
He continued, “The meeting discussed the implementation of the integrated financial information management system project, which will contribute to increasing the speed of electronic communication for the ministry and the rest of the ministries in order to provide accurate information and will enhance the supervisory role on financial accounts and not exceed the financial appropriations established in the budget, in addition to facilitating the process of implementing the program and performance budget.”
The minister said, “The application of the financial management system and the information management system will enhance the state’s access to the necessary funds and control government spending, which will lead to spending these funds efficiently and effectively in accordance with the state’s financial policy.”
Allawi indicated, “The continuing follow-up to the content of the white paper to reform the financial and economic affairs, which will set the main steps for preparing budgets for the coming years.” Ended 29/A43 https://www.mawazin.net/Details.aspx?jimare=160142
Parliament Sets The Date For Its Next Session
Political | 04:34 – 11/07/2021 Baghdad – Mawazine News, the Parliament announced today, Sunday, the date of its next regular session.
The Parliament’s media department stated in a brief statement that Mawazine News received a copy of it, that the House of Representatives will hold its regular session on Tuesday, 7/13/2021 at 1:00 pm.
Parliament held its last session at the beginning of this month and adjourned its session to further notice. Ended 29/R77 https://www.mawazin.net/Details.aspx?jimare=160163
A Slight Increase In The Exchange Rates Of The Dollar In The Local Markets
Economie| 09:37 – 11/07/2021 Special – Mawazine News The dollar exchange rates recorded, on Sunday, a slight increase in the main stock exchange and local markets in the capital, Baghdad.
And the correspondent of / Mawazine News / in Baghdad stated, “The exchange rate of the dollar on the Central Kifah Stock Exchange in the capital recorded a slight increase, reaching 147,500 dinars, for each paper denomination of 100 dollars.
Our correspondent added, “The dollar exchange rates in the local markets and exchange offices in the capital, Baghdad.” , the other recorded a slight increase as well, as the selling price reached 148,000 thousand dinars, for each paper denomination of 100 dollars, and the purchase price amounted to 147,000 thousand dinars, for each paper denominations of 100 dollars. https://www.mawazin.net/Details.aspx?jimare=160099
Iraq Is Opening Up To Countries Around The World To Develop The Industrial Sector
Sunday 11 July 2021 Baghdad: Farah Al-Khafaf At a time when Minister of Industry Manhal al-Khabbaz revealed government directives to open up to countries around the world to develop the industrial sector, an economist saw that partnerships are important to revive factories and laboratories and develop production lines.
The baker discussed with the French Chargé d’Affairs in Baghdad, Jean-Noel Boniot, the opportunities available to enhance cooperation and partnership between Iraq and France in various industrial fields. During the meeting, the Minister of Industry confirmed that there are directives from Prime Minister Mustafa Al-Kazemi to open up to the countries of the world to develop the Iraqi industrial sector, including France, in light of the good and friendly relations that bind the two countries, pointing out that the ministry had previously cooperated with France through projects and production lines in most of the countries. The ministry’s factories, especially the successful investment experience with the French company Lafarge in the Karbala cement plant
For his part, the French Chargé d’Affairs affirmed the desire and seriousness of his country’s government to cooperate with Iraq in various industrial fields, and to contribute to the development of the Iraqi industrial reality and the implementation of joint projects.
Prime Minister Mustafa Al-Kazemi had recently discussed with French President Emmanuel Macron by phone, strengthening joint cooperation between Baghdad and Paris, during which the importance of developing economic cooperation between the two countries, as well as providing the appropriate environment for French companies to work and invest in Iraq, while Macron renewed his support for the Iraqi government, and the willingness of France to provide various aspects of support needed by the Iraqi government.
In a related context, industrial expert Aqil Al-Saadi confirmed to Al-Sabah the importance of partnerships between Iraqi and French companies, whether governmental or private.
Al-Saadi pointed to “the need to support the trends of government openness to countries of the world, to attract international investment companies, and to agree with them to establish industrial development projects that provide job opportunities for young people and advance the national industry.”
He added that “the competent government agencies should work to revive the stalled factories and factories by supporting international partnerships and helping local businessmen and investors,” pointing out “the importance of the state sponsoring meetings and meetings between Iraqi and foreign businessmen and industrialists, especially since the private sector is the supporter.” President for the advancement of industrial reality.
The specialist in industrial affairs, Abdul-Hassan Al-Shammari, stated that “Iraq suffers from the suspension of thousands of industrial projects in all the public and private productive sectors and the mixed sector, which makes us urgently need to cooperate with the international industrial effort developed, and France is one of the most important industrial countries in the world and we can extend bridges of cooperation.” We are building bilateral relations that contribute to reviving a large percentage of our industry.”
He cautioned that «the Iraqi economy is in dire need to rotate the wheel of industrial production, which is the focus of development in the country». LINK