Bond Lady’s Corner Iraqi News Wednesday AM/PM 5-19-21

Iraqi News Wednesday AM 5-19-21

TLM724 Administrator BondLady’s Corner

The Dutch Disease and Iraq’s Foreign Exchange Rate. By Dr.Zeki Fattah*

Conclusion

First, the Dutch Disease phenomenon doesn’t fully explain Iraq’s foreign exchange misalignment, nor is it the cause behind Iraq’s poor economic performance.

Unlike  corona  virus  which is the same  in  developed  and developing countries, and calls for the same treatment in both; the Dutch Disease phenomenon calls for different type of treatment in developing countries from that in developed countries.

This is because the exigencies on the ground in developing oil-exporting countries do not support the mechanism described under the Dutch Disease; therefore, the phenomenon cannot be used as a directive for policy measures in these countries.

For example, given the exchange rate, and, because of unemployment and disguised unemployment, movements of production factors are neither constrained nor do they produce the effects postulated under the Dutch Disease in these countries.

Second, Iraq’s economic failure is caused by a combination of external and internal factors; including war damages caused by ISSIS, irrigation water problems, fall in oil prices, lack of foreign investment, economic mismanagement, corruption, socio-political instability, and a bloated public sector chronically pursing ineffective economic policy.

These problems cannot be dealt with by manipulating the country’s exchange rate.

They call for stability, sound economic policies, suitable and effective development strategy that can engage the country’s institutions and production forces in creating wealth and generating taxes.

Copyright IEN, 13. May 2021Iraqi Economists Network–بكة الاقتصاديين العراقيين 

http://iraqieconomists.net/en/wp-content/uploads/sites/3/2021/05/Zaki-fattah-The-Dutch-Disease-and-Iraqs-Foreign-exchange-Rate-IEN-version.pdf

Iraq Is Down 32 Places In The List Of The Richest Countries In The World

Wednesday 19, May 2021 11:26 | Economical Views: 513   Baghdad / NINA / The “Global Finance” magazine, which is specialized in classifying the countries of the world, revealed that Iraq ranked 115th in the list of the richest countries in the world for the year 2021, retreating 32 places from 2020.

According to the statistics published by the magazine, “Iraq ranked 115 out of 194 countries listed in the table in terms of per capita gross domestic product according to purchasing power parity, with a share of $ 10.003, down 32 places from 2020, which was ranked 83.”

She added, “Some very small and very rich countries, such as Luxembourg, Singapore and Hong Kong, have benefited from the existence of advanced financial sectors and tax systems in them that help attract foreign investment and professional talent, while other countries such as Qatar and Brunei have large reserves of hydrocarbons or other generating natural resources.” For profits. “

Globally, Luxembourg came first as the richest country, followed by Singapore, Ireland, third, Qatar, then Switzerland, followed by Norway, sixth, then America, Brunei, eighth, Hong Kong, ninth, and Denmark, tenth.

The Arabs came Qatar ranked first and fourth globally , followed by the UAE and Bahrain Third, Saudi Arabia is fourth, Kuwait fifth and then Oman Sixth Egypt Seventh Lebanon Eighth came and then Algeria came ninth place and Jordan Tenth and Tunisia ranked 11 and Iraq ranked 12. “

And was based on classification of the magazine to the latest figures And the data issued by the International Monetary Fund for the month of April, which calculates the gross domestic product according to purchasing power parity at current dollar prices. / End 8   https://ninanews.com/Website/News/Details?key=905107Adsense for Blog Posts

Parliamentary Integrity Reveals A Request To Lift The Immunity Of 17 Deputies For Investigation In Corruption Files

8 hours ago Iraq 5/19/2021   Today, Wednesday, the head of the Parliamentary Integrity Committee, Thabet Al-Abbasi, confirmed that his committee had submitted hundreds of corruption files to the government integrity commission and the supreme committee to combat corruption, pointing out that there is great cooperation between his committee, the commission and the government committee in the field of combating corruption files in state departments.

Al-Abbasi told the Iraqi National News Agency, “The Parliamentary Integrity Committee has referred hundreds of corruption files to the Integrity Commission and the Government’s High Committee for Combating Corruption within the framework of joint cooperation to eradicate the scourge of corruption, as the Integrity Commission has referred many of these files to the judiciary and is currently investigating other files.

” There is also cooperation and support from his committee with the governmental Supreme Committee for Combating Corruption, and a number of corruption files have also been referred to it. “

Regarding lifting the immunity of parliament members, Al-Abbasi explained that there is a request to lift the immunity of 17 deputies to be investigated in corruption files, as a number of these representatives took the initiative to make a written request to lift their immunity in order to resolve these files in the judiciary.

He pointed out that the mechanism for lifting the immunity of members of the House of Representatives has been set by the House of Representatives bylaw either by voting during the legislative season or by the authority of the Speaker of Parliament during the legislative holidays.

https://www.radionawa.com/all-detail.aspx?jimare=24704

Al-Hakim Calls During His Meeting With The Swedish Ambassador For A Greater Role For His Country In Iraq, Economically And In Development

Wednesday 19, May 2021 14:56 | Political Views: 185   Baghdad / NINA / The head of the Iraqi coalition, Ammar al-Hakim, discussed with the Swedish ambassador to Baghdad Lars Ronas, developments in the political scene in Iraq and the region.

During his meeting with the Swedish ambassador, Al-Hakim discussed bilateral relations between the two countries and ways to develop them at all levels to serve the interests of the two friendly countries and peoples.

He said, according to a statement by his media office: “Iraq is open to everyone and seeks balanced relations with all countries of the world in accordance with common interests and respect for sovereignty.”

Al-Hakim called for a greater role for the Swede in Iraq in the economic and development fields

https://ninanews.com/Website/News/Details?key=905154Adsense for Blog Posts

Al-Kazemi: The Government Adopted Support For The Private Sector And Provided The Requirements For Its Development

Money  and business  Economy News _ Baghdad  Prime Minister Mustafa Al-Kazemi confirmed, on Wednesday, that the government has adopted support for the private sector and the provision of requirements for its development, while stressing the need to overcome obstacles and provide the appropriate environment to attract domestic and foreign investment.

The media office of the Prime Minister said in a statement received by “Al-Eqtisad News”, that “Prime Minister Mustafa Al-Kazemi visited today a number of sites of agricultural and animal production companies in Wasit Governorate, and was briefed on the progress of work there and urged workers to make maximum efforts to increase Production and improving its quality, as well as listening to the complaints and suggestions of those in charge of it.

Al-Kazemi stressed, “the importance of advancing the agricultural reality in Iraq, which has witnessed a significant decline during the past decades as a result of wars and conflicts, as well as due to mismanagement, planning and the spread of corruption that prevented the agricultural sector from being the forerunner of the rest of the sectors after oil.”

He stated that “the government, within the framework of the long-term economic reform approach that it has planned, has adopted support for the private sector and provided the requirements for its development due to its importance in revitalizing the economy and achieving sustainable development goals,” stressing the need to “overcome obstacles and provide the appropriate environment to attract local and foreign investment to work in all fields.” Especially the agricultural sector. “

Number of observations 158 date of addition 05/19/2021  https://economy-news.net/content.php?id=25108

Representative Energy: Iraq’s Oil Export Plans Are Not Satisfactory

Energy   Economy News _ Baghdad   On Wednesday, the Parliamentary Oil and Energy Committee directed the Ministry of Oil to develop production and stay away from imports, while indicating that Iraq is supposed to export between the four and five million barrels per day.

A member of the committee, MP Muhammad Abu Al-Hail, said in an interview with the Iraqi News Agency, which was followed by Al-Iktissad News, that “Iraq is one of the main countries in OPEC because of its oil reserves and enormous capacities,” indicating that “Iraq is influential in OPEC, but the Iraqi negotiator is weak.” .

He added that “Iraq did not lack the expertise nor the capabilities except weakness in the negotiators, which led to the dearth in oil exports,” noting that “Iraq is supposed to export between four and five million barrels per day, while the current export is little and does not cover the needs.” The country economically. “

He added that “budgets always face deficits and imbalances in supporting the economic sectors,” explaining that “the Oil and Energy Committee recommends that the Ministry of Oil should develop oil and gas production and provide the stations with gas needs and avoid importing from abroad.”

Number of observations 147 Date added 05/19/2021  https://economy-news.net/content.php?id=25105

Source: Dinar Recaps

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More Iraqi News Wednesday PM 5-19-21

TLM724 Administrator BondLady’s Corner

Plasschaert: Iraq Is At A Crossroads … And You Give “Very Necessary” Advice To The Region

Time: 05/19/2021 13:40:25 Read: 4,147 times   {Politics: Al-Furat News} The Special Representative of the Secretary-General of the United Nations in Iraq, Jenin Henin Plasschaert, said: “Iraq stands at a crossroads,” calling for the Kurdistan region to unite within a federal Iraq.

“If you will allow me, I will speak frankly today, and the goal behind my comments is to be challenging and thought provoking at the same time so that we can make attempts – sincerely and constructively,” Blashart said in his speech while hosting a seminar on the sidelines of the conference (unity and constitution) in Erbil. – To address some general problems and concerns.

In other words: Some of you may consider my views to be too explicit and perhaps overly expressive. But as the Kurdish proverb says, “Your friend is the one who makes you cry.” And let’s face it, in my many conversations in the Kurdistan Region, the opinions expressed are broadly.

General very straightforward – whether you like it or not. And at the same time, this is one of the things I really appreciate. We exchange opinions not just to talk but to dive into the heart of things – trying to find solutions.

Control of one’s fate is a permanent struggle in and of itself for any individual. Given the history and geography of this region, I think it is safe to say that this is especially the case for the people of the Kurdistan Region. This is what the past tells us, as well as the present and the future, shrouded in uncertainty.

What we do know is that it took a long time to achieve today’s level of autonomy. Not just time. The price was dear, as many people paid with their lives for it. But like anywhere else in the world, rights and freedoms today are not given at all.

What I am saying is the following: Do not take autonomy for granted today, and for its sustainability, unity is very necessary.

Indeed, as I made clear to the Security Council last week, the federal system only strengthens the bonds between its components – and these ties are strengthened through reconciliation and societal cohesion.

In the case of Iraq, this means that a country is stronger the stronger the ties that unite its diverse peoples. And often these diverse peoples need reconciliation within society as well.

Now, the Kurdistan Region is diverse in nature. It is home to a wide range of peoples, languages and religions. His embrace of this diversity was recently and significantly embodied during the historic visit of Pope Francis.

One could say that the remarkable strength and resilience of the Kurdistan Region stems from this diversity.

One could even say that “unity in diversity” is the foundational recipe that allowed the Kurdistan Region to exist. And this is definitely the principle that will guarantee his future.

And yes, political diversity also exists in the Kurdistan Region. As in many other countries. While many of these diverse democracies appear strong and stable today, their history has also been marked by bloody wars and suffering.

Needless to say: A strong Kurdistan Region is the best prepared and ready to protect its interests. On the contrary, with division comes weakness.

The strong and united Kurdistan region also strengthens a federal Iraq, not only at the local level but also at the international level. Power outside starts with strength inside.

“As a former European and national politician, I can tell you, from my experience, that democracy, especially democracy with multiple levels of government, is hard work,” the UN envoy said.

And truly sustainable democratic societies are the opposite of the overnight miracles – they require tremendous patience and a constant willingness to make concessions.

Impatience is understandable, of course. I know everything about it. It may even be desirable in order to move things in the direction of the greater public good, but inevitably it is imperative that the democratic process be given time to take hold.

While this is happening, the healthy interaction between the opposition and the government and the formation of parties and coalitions must be allowed to operate at the local, regional, and national levels.

And during all of this, the political leadership’s ultimate concern should be: serving its own citizens. The focus should be on solutions that represent the interests of all people living in the Kurdistan Region. Solutions that only address the majority are untenable in the long run.

Now, as I said: even with achieving unity, loneliness can never be taken for granted lest it be lost. Rather, it must be constantly nurtured.

This ‘perpetuation work’ includes ongoing grassroots outreach, dialogue and concrete actions that make it clear that communities and constituencies are being heard at all times.

When unity is threatened with division, it is the responsibility of the leadership to direct and lead awareness, to unify the conflicting interests.

At the same time, it is the responsibility of every citizen to acknowledge and accept the fact that balancing different opinions and interests requires a permanent compromise, as is the case in any diverse society.

Politics is also described as the “art of the possible.” Like it or not, making concessions is the way to settle disputes. I do not deny that the settlement could suddenly be savored as disappointment. But the bitter concession pill will ultimately open the door to lasting success.

Since politics is ultimately local, it is imperative to exercise the spirit of unity and partnership first and foremost at this level. A balanced system is one in which services are fully guaranteed in all areas and at all times – regardless of the political configuration that may be in power.

After all that I have said, it is very important to distinguish between unity and monotheism.

Just because a group can unite as one, does not mean that a vibrant and sound internal discussion cannot take place, or that a large number of different voices cannot be heard. On the contrary. Diversity of opinions is a source of power and enrichment, not a threat.

And the thing that is of equal importance is: actions speak louder than words. Fluffy advertisements and speeches have their place, but at the end of the day it is all about getting things done.

From fighting corruption and distancing themselves from narrow partisan interests, to moving seriously towards unifying the Peshmerga and reforms. Yes, the Peshmerga Vision 2025 is one of the best examples. It fuels the imagination. The Kurdistan region should not remain divided between “green” and “yellow”. Or any color designations for that matter.

The time has come for real reconciliation and political stability to prevail.

Turning to national sovereignty, it is painfully clear that geography is not always in the interest of Iraq, and certainly the Kurdistan region is no exception. In other words, you are facing unique geopolitical circumstances. This fact alone should be sufficient reason to make a person think twice.

“In order for the elections to take place on October 10, Iraq is at a crossroads. Conducting a credible electoral process with free and broad participation would help guide the country towards a safer and more prosperous future. Of course, the results of these elections are the same for her,” she added. Of great importance to the vital relations between Baghdad and Erbil.

At the same time, the Kurdistan region has a choice. It can unite and further enhance its respect for fundamental rights and freedoms, make meaningful progress in the long-awaited field of security and economic reform, and engage in dialogue despite internal disputes that sometimes seem Intractable (I admit it).Or … or perhaps he will fail to arrange his house and risk losing his achievements.

Recently – a debate has re -emerged regarding the possibility of a regional constitution. Now, most people will not question the added value of such a constitution. .

If I am not mistaken, a preliminary draft was presented in 2009. It was followed by a few attempts but it was stalled at various stages due to a lack of political accommodation.

Now, let me be clear: all that the political leadership means is the people. So is the constitution. It is about people, their rights, and how to protect their rights. It indicates the limits of the powers of the authorities. A constitution is a social contract.

Indeed, it is certain that reactivating this process will provide an important opportunity for all components and sects in the Kurdistan region to cooperate.

This would help bridge differences and grievances, accept the other – when appropriate – and apologize for them and respect each other’s unique histories. It can help overcome political rivalry and partisanship as well as gridlock among ruling elites.

It can provide a wonderful opportunity to create a forward-looking sense of pride.

It is also an opportunity to clearly define institutional powers and responsibilities. Legal ambiguity is just as harmful at the federal level as it is harmful in the Kurdistan region.

So: If you want to do that, reactivate the process, get it right. Political will is a prerequisite. Empty or broken promises will only further fracture the public’s confidence. And do not underestimate the ease with which anger can grow.

Political infighting and disunity are two toxic scourges – however, they are present at every turn. Is it surprising that people do not believe that the political process serves them, or that it can bring about change?

And again, if you want to do it, do it right. Needless to say, the final document should be in conformity with the Federal Constitution of Iraq.

This represents another challenge, as the Federal Constitution lacks clear guidelines. At the time the Federal Constitution was written, general principles were enshrined in the text while leaving their implementation to subsequent supporting legislation to define this..

Sixteen years later, however, this lack of specificity continues to shape the debate between the federal government and the Kurdistan Regional Government. Finding durable solutions is an urgent matter. I am sure that we can all agree that the time has come for Iraq to become more than a group of components.

Plasschaert concluded his speech by saying, “In conclusion, allow me to emphasize once again the importance of what has been accomplished by the people of the Kurdistan region in past centuries, and the question now is: How can these achievements be sustained and consolidated ?! And while the United Nations stands by you, it is important to realize that it is – First and foremost – you are all concerned about this, unity in diversity. The key is in your hands. ”    LINK

Foreign Ministry And Blaschahar Discuss Joint Cooperation Between Iraq And The UN Mission

Time: 05/19/2021 16:56:47 Read: 650 times   {Baghdad: Al Furat News} The Undersecretary for Legal Affairs at the Ministry of Foreign Affairs discussed with the Special Representative of the Secretary-General of the United Nations in Iraq, Jenin Hennis Blasharat, the joint cooperation between Iraq and the UN mission within the mandate granted to it by the United Nations.

His office stated in a statement, which Al-Furat News received a copy of, that “the Undersecretary for Legal Affairs and Diverse Relations, Qahtan Taha Khalaf, met with Jenin Plasschaert, the Special Representative of the Secretary-General of the United Nations for Assistance to Iraq (UNAMI) at the Ministry’s headquarters, and the two sides discussed a number of issues related to the work “The UNAMI mission in Iraq is within the framework of joint cooperation between Iraq and the UN mission within the mandate granted to it by the United Nations.”

There was also discussion of coordination mechanisms between the Iraqi government and UNAMI for the purpose of carrying out tasks within the mission’s mandate.   LINK

For The Second Day, Oil Prices Are Retreating And Brent Settles At $ 68.16 A Barrel

Economie| 09:49 – 19/05/2021  Follow-up – Mawazine News  Oil prices recorded, on Wednesday, back for the second day in a row, due to renewed demand concerns with the increase in Coronavirus cases in Asia.

Brent crude futures fell 54 cents, equivalent to 0.80 percent, to reach $ 68.16 a barrel.

West Texas Intermediate crude futures fell 61 cents, or 0.93 percent, to $ 64.91 a barrel. Ended 29 /

https://www.mawazin.net/Details.aspx?jimare=153668

Dollar Exchange Rates In Local Markets

Market  Economy News _ Baghdad  “Al-Eqtisadiah News” publishes the exchange rates of the US dollar against the Iraqi dinar in the local market today, Wednesday 19/5/2012.

Baghdad – Al-Kifah Stock Exchange  148,650  

The price in exchange is  148,000   149,000

Number of observations 54 Date of addition 05/19/2021

https://economy-news.net/content.php?id=25101

To read more current and reliable Iraqi news please visit BondLady’s Corner:

https://www.bondladyscorner.com/

Source: Dinar Recaps

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