Iraqi News Monday AM 8-9-21
TLM724 Administrator BondLady’s Corner
A parliamentary warning to the government against heading towards international borrowing again
Political Monday 9 August 2021 | 11:23 am| Number of readings: 148 On Monday, a member of the Parliamentary Economy and Investment Committee, Mahmoud Al-Zajrawi, warned the government of Prime Minister Mustafa Al-Kazemi against going to borrow from the International Monetary Fund .
Al-Zajrawi said that “the serious approach to obtaining non-oil revenues lies in activating internal and external investment,” noting that “the government’s reliance on the borrowing policy will shackle the Iraqi economy and future generations with great debt .”
He added, “Diversifying sources of income by activating external and internal investment and activating private sectors and companies as an alternative to borrowing to spare Iraq from large indebtedness .”
In a previous statement, the head of the National Nahj bloc, Ammar Tohme, warned the government against going to borrow from the International Monetary Fund and its severe damage to the country.
Economist: The External Borrowing Process Is A “Negative Door” That Affects The Iraqi Economy And Its Performance Level
Monday 09 August 2021 10:55 | Economic Number of readings: 319 Baghdad / NINA / – The economic expert, Raad Twij, stressed the need to reduce the external borrowing process and close this negative door that could affect the Iraqi economy and its performance level, and to adopt issues of sustainable development and financial sustainability.
Twig said in a statement to the National Iraqi News Agency ( NINA ): “One of the advanced steps after preparing different budgets since 2003 is that the Ministry of Finance made exceptional efforts to prepare budgets for the coming years, because this will put Iraqi financial resources under control and the possibility of evaluating performance and the extent of implementation of public budgets between different years. in the course of subsequent and prior years.
He added: “The preparation of future budgets sets goals for those budgets that are closer to the tracks of the national development plans,” stressing the need to reduce the external borrowing process and close this negative door that could affect the Iraqi economy and its performance level and to adopt issues of sustainable development and financial sustainability, that is, to establish a budget that is It has the effect of financing the subsequent budget and avoiding inflated budgets, which may establish significant deviations from the real budget with the expected budget, which may wash away this pioneering experiment.”/ https://ninanews.com/Website/News/Details?key=920406
Minister Of Resources From Kirkuk: Climate Changes Are Rapid And All Measures Must Be Taken To Preserve Water Wealth
Monday 09 August 2021 10:16 | Economic Number of readings: 366 Kirkuk / NINA / – Minister of Water Resources, Mahdi Rashid Al-Hamdani, discussed with Kirkuk Governor Rakan Al-Jubouri, efforts to support and develop the departments and institutions of the ministry in Kirkuk, provide support to them, and enhance cooperation with the governorate administration and ensure its water quotas.
During a meeting held by the Minister in the governorate building, the water situation was reviewed and the irrigation and agricultural reality was discussed, and the projects that the ministry’s formations are implementing in the governorate in order to ensure that water quotas are delivered to all beneficiaries in the governorate fairly.
Al-Hamdani listened to the most important problems and obstacles at work, and directed finding quick and effective solutions to them, including increasing the number of working mechanisms in the governorate and providing them with fuel, stressing the preservation of groundwater and the removal of all established fish lakes.
He explained, “The ministry is working on implementing its current and future projects in light of the outcomes of the strategic study of the Ministry of Water and Soil until 2035, which is considered a road map for the ministry’s work,” noting: “Climate changes are rapid and unexpected, and all measures must be taken to preserve water wealth through its proper use./ End https://ninanews.com/Website/News/Details?key=920389
Parliament Resolves The Controversy Over The Disruption Of Its Sessions.. Parliamentary Legal Reveals To / Nina / The Date Of Resumption Of Its Work
Monday 09 August 2021 15:03 | political Number of readings: 285 Baghdad / NINA / – The House of Representatives has resolved the controversy over the suspension of its regular sessions and the timing of resuming its work for the remainder of the mandate of its current legislative session, in preparation for holding the elections scheduled for the tenth of next October.
Deputy Chairman of the Legal Committee, Muhammad Al-Ghazi, stated, in a statement to the National Iraqi News Agency ( NINA ), that “the parliament is currently in its legislative recess, which will officially end on September 3, coinciding with the approaching election date, and it is not possible to amend or read any new law.”
And on the possibility of holding a special extraordinary session at the present time, he explained that “if there is a need to hold an extraordinary session to discuss a specific general topic, the Presidency of the House of Representatives can call for an emergency session at that time.”
The House of Representatives held its regular session No. 4 of the second legislative term, for the third legislative year, on Tuesday, July 13, during which the Presidency of Parliament decided to add a discussion paragraph about the tragic fire of Imam Hussein Teaching Hospital in Dhi Qar Governorate to the agenda, then the Presidency decided to host the committee The special government formed to investigate the tragedy of the fire and the governor of Dhi Qar and its security leaders the next morning, and then announced the adjournment of the parliament session until further notice./ https://ninanews.com/Website/News/Details?key=920472
Relative Stability Of The Dollar Exchange Rates In The Local Markets
Economie| 10:51 – 09/08/2021 Baghdad – Mawazine News The dollar exchange rates witnessed, on Monday, relative stability in the main stock exchange and local markets in the capital, Baghdad.
And the dollar exchange rates stabilized on the Central Kifah Stock Exchange in Baghdad today, where it recorded 147,950 dinars, for each $100 bill, which is the same price that was recorded on Sunday morning.
The exchange rates in exchange offices and local markets in Baghdad were also stable, as the selling price reached 148,500 dinars, for each $100 bill, while the purchase price was 147,500 dinars, for each $100 bill. Ended 29/A 4 https://www.mawazin.net/Details.aspx?jimare=163204
Oil Is Falling Again Today, And Brent Records $ 67.65 A Barrel
Economie| 01:42 – 09/08/2021 Follow-up – Mawazine News: Oil markets were hit again, Monday, by pessimism about the global economic recovery following the slowdown in growth in the second largest economy in the world.
The price of a barrel of Brent crude, the standard, fell by more than $3, or 4.2%, to levels of $67.65 a barrel, during these moments of today’s trading.
The prices of futures contracts for West Texas crude for November delivery fell to levels of 64.55 dollars during these moments of today’s trading, with losses of 2.8 dollars.
Recent days have witnessed an acceleration in infection rates with the Corona virus, amid the emergence of the most dangerous and fastest spreading Delta and Delta Plus mutant.
Last Wednesday, Beijing announced tightening restrictions on its citizens’ travel abroad in the face of the increasing infections with the Corona virus in China.
The immigration authorities said they would temporarily “not issue ordinary passports and other entry-exit documents” for unnecessary reasons.
And “Goldman Sachs (NYSE:GS)” lowered its forecast for the growth of the Chinese economy, with the impact of measures taken to contain the rapid return of the Corona virus to spending.
China was not alone in this regard, as Japan took similar decisions, while major European countries were threatening to take similar decisions in light of the increasing number of injuries.
To read more current and reliable Iraqi news please visit BondLady’s Corner:
Source: Dinar Recaps
More Iraqi News Monday PM 8-9-21
TLM724 Administrator BondLady’s Corner
A New Statement From Parliamentary Finance Pushes To Change The Dollar Exchange Rate In Iraq
12,998 Policy 2021/08/08 23:15 Baghdad Today – Special
Today, Sunday, the Parliament’s Finance Committee suspended again regarding the exchange rate of the dollar against the Iraqi dinar, at the present time.
Committee member Muhammad Ibrahim told (Baghdad Today) that “the competent executive government authorities are urgently required to review the decision to raise the exchange rate of the dollar at the time, especially since all the justifications and arguments for this decision have disappeared after the rise in the price of oil in global markets.”.
And Ibrahim indicated that “citizens so far are still suffering from the consequences of this decision, which has burdened the citizen, especially since this decision has caused a significant increase in the prices of foodstuffs and other materials.”
The committee member continued: “We in the Finance Committee will continue to demand the return of the dollar exchange rate to its old price, after the improvement of oil prices.”
Al-Kazemi Strengthens Iraq’s Role In A Regional Summit That The Middle East Has Not Seen For Decades
08/09/2021 01:18 Number of readings 975 Section: File and Analysis
Baghdad / Obelisk: Prime Minister Mustafa Al-Kadhimi begins a new important step, confirming his project aimed at making Iraq an important regional hub, seeking to find the greatest consensus among the countries of the region, and to bring understanding and peace, instead of conflict and fighting.
Iraq launched invitations to neighboring countries to attend the summit, which aims to reduce tension in the region and focus efforts to combat terrorist groups.
On Monday, August 9, 2021, the King of Saudi Arabia, Salman bin Abdulaziz, received the invitation of Prime Minister Mustafa Al-Kazemi to attend the leaders of the countries neighboring Iraq.
Turkish President Recep Tayyip Erdogan also received the invitation.
In the event that the broad title of the summit matches reality, the President of the Syrian regime, Bashar al-Assad, will be invited to attend the summit, given that Syria is one of Iraq’s neighbors.
It is expected from the summit that Baghdad will strengthen its economic relations through it and enhance investment opportunities.
Assuming that the leaders of Turkey, Iran, Syria, Jordan, Saudi Arabia and Kuwait attend the summit, it will be a historic achievement for the Al-Kazemi government in a regional summit that the region has missed for decades.
Event Recap: A Conversation With Iraqi Deputy Prime Minister And Finance Minister Ali Allawi
Event Recap by Hezha Barzani Tue, Aug 3, 2021 On July 28, the Atlantic Council’s Iraq Initiative hosted an event with His Excellency Ali Allawi, Iraq’s Deputy Prime Minister and Finance Minister, to discuss the Iraqi delegation visit to the United States, the White Paper for Economic Reforms, and Iraqi economic and political developments. Dr. Abbas Kadhim, director of the Iraq Initiative at the Atlantic Council, moderated the conversation.
Highlights Of The Iraqi Delegation Visit To The US
• Allawi acknowledged that the delegation visit’s main focus was political and revolved around the future presence of US troops in Iraq.
• The response from Baghdad on the agreement between President Joe Biden and Prime Minister Mustafa al-Kadhimi that US combat troops will leave the country has been highly supported across the Iraqi political spectrum, Allawi said encouragingly.
• Allawi believes that there are great benefits in having US logistical and tactical support without combat involvement from American troops, as he believes it gives Iraq a better base of support in reducing terrorist activities in the country.
• On the economic front, Allawi elaborated on the extensive series of conversations he had with leading US economic institutions, particularly highlighting his meeting with US Treasury Secretary Janet Yellen, where they discussed the depth and extent of the US commitment to the Iraqi reform program.
• Allawi hopes that the US expands its engagement with the Iraqi economy beyond just oil, gas, and power sectors, citing consumer-goods production, construction, and housing sectors as examples of areas that the US could be more involved in.
• Expanding on climate change, Allawi discussed Iraq’s reaffirmation to maintaining Paris Climate standards.
• On both the economic and political front, Allawi believes that the Iraqi delegation’s visit to the US was “very successful.”
The White Paper for Economic Reforms
• From the onset, Allawi established that the white paper is not a short-term plan. Rather, it is a long-term initiative seeking to overcome a significant amount of issues in the Iraqi economy.
• The underlying thesis, Allawi claims, is that the current central government’s structure is inadequate to accommodate the needs of a modern economy.
• Allawi argues that extreme and radical change will be required to tackle the daunting task of overhauling an economy that he believes has been underperforming since the 1970s.
• Allawi believes the most critical change that needs to happen to reform the Iraqi economy is a massive shift away from oil dependency in the economy, describing the critical need for diversification. Allawi argued that Iraq must diversify the economy “meaningfully” by looking at the changing regional and global economic environment.
• When discussing the creation of the white paper, Allawi describes how it did not come from one individual person. Rather, it is a combination of studies spanning more than fifteen years and the inclusion of current issues that make up this comprehensive reform package.
• From a global perspective, Allawi stresses the importance of the international community supporting this effort, believing that this effort does not have much to do with a lack of resources or capital transfer, citing that Iraq is not under-resourced but has had its resources mismanaged.
• In regards to implementation, Allawi noted that the Iraqi government’s first decision was a difficult but necessary one: a significant adjustment to the exchange rate because of the belief that the Iraqi dinar was grossly overvalued.
• Allawi discussed the consequences of devaluation. However, he noted that a studied devaluation is much better than a chaotic one and, since there was a high risk of overdemand for the Iraqi dinar, resources would have been depleted.
Internal Iraqi Economic And Political Developments
• Allawi claimed that “it is a mistake” to say the government has done nothing to mitigate the effects of devaluation, citing the commitment of 50 percent of the incremental increase from the changes in the exchange rate, increasing expenditures in social areas, maintaining drug prices, and doubling the social security net.
• Giving an update on internal gas projects, Allawi highlighted how the first phase of gas guarding had been completed with the Basra gas company, with 20 percent of the total gas produced by the associated fields now treated by the company. He noted that there are hopes of expanding this project by about 40 percent.
• When asked about the internal security situation and how militia groups will respond to the recent US-Iraq combat troop agreement, Allawi split these militias into three groups: those in the government, those with some organizational coherence, and “renegades”—with the first two groups either being accepting of the recent US military news or remaining neutral.
• In terms of Iraqi banking sector reforms, Allawi acknowledged that this critical issue has been left unattended. Therefore, major steps have been taken during July that aim to alter the internal rules and procedures of the banks and change their board of directors.
• As a new government looms over the current Kadhimi administration, Allawi believes that, to keep his white paper reforms intact, there needs to be greater support by the international community to reaffirm their commitment to this project.
Iraqi Economic And Political Developments
• The impacts of the coronavirus pandemic on Iraqi imports caused shipping prices to go up by three or four times, claimed Allawi, citing this increase in global prices as one of the main issues the Iraqi government faces.
• Allawi described the ongoing economic integration project between Egypt, Jordan, and Iraq as one of Iraq’s most important initiatives, believing that the integration of all three economies through the removal of trade barriers and improved transportation benefits all parties.
• Expanding on the Egypt, Jordan, and Iraq integration project, Allawi described the potential for a combined market of over 150 million people, giving these three nations better opportunities and a competitive advantage in attracting foreign investors.
• Allawi believes that bilateral trade with India has been “quite robust.” He emphasized how India has been supplying Iraq during the pandemic with various critical pharmaceuticals—like the AstraZenca vaccine—and how India has a “significant share” of the public sector pharmaceutical imports to Iraq.
Hezha Barzani is a Young Global Professional with the Middle East Programs.
To read more current and reliable Iraqi news please visit BondLady’s Corner:
Source: Dinar Recaps
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