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Planning Discusses Economic Reform Mechanisms With The World Bank
Money and business Economy News – Baghdad Minister of Planning Khaled Batal Al-Najm discussed, on Wednesday, with the World Bank, the mechanisms of economic reform in Iraq, while the minister confirmed that the government had taken important decisions related to climatic change.
A statement by the Ministry of Planning, seen by “Economy News”, said that “Al-Najm received the Director of the East Department at the World Bank, Saroj Kumar Ja, and his accompanying delegation, which included Ramzi Noaman, representative of the World Bank in Iraq, and a number of workers within the bank’s mission in Baghdad.”
He explained that “the meeting discussed a number of issues and files of common interest, including discussing the issue of climate change and what measures can be taken in this field.”
He added, “Iraq’s need for international support in the reconstruction process and addressing development gaps was discussed, by improving the investment environment, supporting the private sector, and achieving economic reform, according to what was included in the government reform plan (white paper) of comprehensive reform tracks and policies.”
The Minister of Planning confirmed, according to the statement, that “the Iraqi government has taken a number of important decisions in this regard, including the trend towards using clean and renewable energy, and giving this matter exceptional attention.”
Views 155 Date Added 08/25/2021 https://economy-news.net/content.php?id=26102
Finance Discusses Next Year’s Budget And Confirms Its Commitment To Reform
Political | 04:48 – 25/08/2021 Baghdad – Mawazine News, Minister of Finance Ali Abdul Amir Allawi chaired, on Wednesday, the meeting of the nineteenth session of the committee for preparing the federal general budget strategy for the medium term 2022-2024.
The session was held in the presence of the head of the General Authority for Monitoring Federal Ministries’ allocations, the undersecretary, the prime minister’s advisors, the ministry’s advisors, and a number of general managers in the ministry and related ministries. for the next fiscal year.
The meeting also witnessed review of the proposed general budget model for the next fiscal year, which was submitted by the Prime Minister’s Advisor for Economic Affairs.
In the same context, the session discussed the report submitted by the Ministry of Defense regarding the necessary recruitment costs and ways to discuss securing those allocations within the framework of the draft budget.
Allawi stated: The Iraqi government, through the Ministry of Finance, is committed to implementing its reform program, especially related to drawing up sound financial policy and preparing budget projects that are consistent with the magnitude of the current economic and financial challenges. And to achieve comprehensive development plans for the entire Iraqi economy. https://www.mawazin.net/Details.aspx?jimare=165015
Dollar Exchange Rates In Local Markets Today
Market Economy News _ Baghdad The exchange rates of the dollar fell against the Iraqi dinar, today, Wednesday, in the local markets.
The selling prices of the dollar were 147.750 dinars per 100 dollars, while the purchase prices of the dollar were 147.250 dinars per 100 dollars.
And the Central Bank of Iraq decided earlier to adjust the exchange rate of the dollar against the Iraqi dinar, as the purchase price of the dollar from the Ministry of Finance amounted to 1450 dinars, and the price of selling it to banks was set at 1460 dinars per dollar, while the selling price to the citizen is 1470 dinars per dollar. Views 79 Date Added 08/25/2021 https://economy-news.net/content.php?id=26098
Al-Nusairi: Monetary Stability Represents The Starting Point For Economic Stability
Money and business Economy News _ Baghdad Adviser to the Association of Iraqi Private Banks, Samir Al-Nusairi, confirmed, on Wednesday, that stability in the monetary system is the main step for moving towards economic stability.
Al-Nusairi said in an interview with “Al-Iqtisad News”, that the monetary system faced, during its long march, challenges, the most prominent of which are the deficit in non-oil revenue, the deficit in the balance of payments, the deficit in public budgets, and the lack of clarity in financial policies due to the lack of regulation of the customs and tax sectors and the automation of border crossings, which requires adoption as a goal. Central to the reform of fiscal policy, in addition to the confusion of the systematic vision of macroeconomic management from the relevant authorities.
He pointed out that monetary policy was and still constitutes a fundamental theme in the economic process in the country, as it is a reflection of the general performance of the state and the extent of its seriousness in avoiding difficulties, dilemmas and crises and making it consistent with the goals set.
He added that in light of the economic changes after 2003, the need arose for radical reform of the Central Bank, and the new law was issued, which confirmed its independence and established its primary role in protecting the country’s resources. Concern for the safety of monetary operations through the foreign currency sale window is also essential in the bank’s performance and to establish the principles and rules of legitimate dealing in a sound atmosphere of control and supervision.
Al-Nusairi explained that the process of selling foreign currency needs a deep understanding in light of the major accusations against the Central Bank without evidence proving the existence of suspicions of corruption, money laundering or currency smuggling. And the proposition that says that selling currency is a waste of public money, this description has nothing to do with economic science.
He noted that the Central Bank of Iraq exercises multi-dimensional functions, as it is concerned with financial stability, managing the payments system, managing foreign reserves, licensing and controlling banks and financial institutions, and setting up preventive controls, in addition to other tasks related to monetary issuance and dissemination of data, indicators and economic forecasts.
And he indicated that the main tasks carried out by the Central Bank are managing monetary policy, which aims to control inflation, stimulate the economy, balance the balance of payments and achieve monetary stability. Views 130 Date added 25/08/2021 https://economy-news.net/content.php?id=26099