Sun. AM TNT News Articles/Thoughts 8-29-21



Finance Minister: We have started reform, and we need everyone’s concerted efforts

Finance Minister Ali Abdul-Amir Allawi stressed that the country’s situation is described as sensitive and requires concerted efforts by all, in order to achieve serious reforms that distance the country from potential dangers, pointing out that cooperation is most intense with the Central Bank of Iraq with the aim of building a clear financial map

Allawi said during a meeting with a group of journalists: The budget for the year 2022 will be completed within 3-4 weeks and presented to the Council of Ministers, expecting to submit it to the next parliament.

And it will depend on the price per barrel of oil, $50, and it will be based on the current production level. With regard to the exchange rate and the decision to devalue the national currency, Allawi stated that {the exchange rate represents the external face of the economy, and the high exchange rate brings benefit to many economic sectors}, indicating that {the price when it affects the economy negatively and encourages the transfer and transfer of resources. On the outside, it is necessary to reconsider and this is what happened.”

He said, “The decision to devalue the currency came in order to create a competitive economy that encourages the work environment in the country,” noting that “during the past six months, we have indicated an increase in demand for investment licenses in the sector.” industrial.”

Allawi pointed out that {the increase in prices in local markets, and the percentage that exceeds the percentage of devaluation of the currency, came due to the increase witnessed in global markets, which coincided with the decision to reduce and the Corona pandemic, which had negative effects on the global economy as a whole.

He stressed, “We are moving towards offering treasury bonds for trading in the Iraqi Stock Exchange, and we expect a great turnout for them in the absence of ideal investment opportunities in the country,” noting that “Iraq’s revenues are large, but obligations are also wide, and there is an inflation in the number of employees that coincides with a lack of productivity employee.”

He said: {Reform of government performance and the economic system is inevitable, and far from it we cannot create an incubating environment for the economy}, pointing out that we have begun a real reform of government institutions, banks, customs and taxes, in order to manage Economy”.  link

Adviser to the Prime Minister: The 2022 budget will be distinguished by something important, and we do not rule out surprises

The Prime Minister’s Advisor for Financial and Economic Affairs, Mazhar Muhammad Salih, revealed an “important matter” in the draft financial budget bill for 2022.

Saleh told {Euphrates News}: “This budget will be characterized by greater revenues and less deficit if the spending ceilings remain less than the deficit, as the financial obligations will then be lower.”

He added, “It is the duties of the current government as long as there is plenty of time to prepare the budget, even if the new parliament wants to make observations or make changes to it.”

Saleh pointed out, “Circumstances are changing, and there may appear surprises, as it relied on an oil price of 50 dollars per barrel, according to what was announced by the Ministry of Finance.”

And Finance Minister Ali Allawi announced last Thursday the completion of the preparation of the draft financial budget law for 2022, and that it will be presented within 3 weeks to the Council of Ministers.
And Allawi indicated in a press statement that “the price of a barrel of oil in the 2022 budget will be $50, or 65% of the total. The state budget goes to salaries, and OPEC may add 450,000 barrels to Iraq’s oil production.” 
And he indicated, “There are about 6.5 million citizens who receive financial dues from the state.” 

He pointed out, “The state’s oil resources are eroding due to the large obligations of salaries and retirement, and that the improvement in oil prices does not solve the financial distress quickly because of internal and external debts, and the state’s resources in Iraq are used incorrectly.”   link

this is the current $250 note  I am still not exactly sure what this is saying I would like to see another translation but my oh my what timing to see talk like this

Proposal to digitally reintroduce small denominations

The expert in economic affairs, Dr. Hussein Al-Khaqani, suggested to the Central Bank to digitally reintroduce small denominations, which would provide sums for the public, after amending the digital banking system.

 Al-Khaqani said that {small cash denominations, which are less than 250 dinars, if they are collected and accumulated annually, the citizen will get good savings from them, instead of wasting them on buying goods that are not worth their real value. 

The 250 dinars. He pointed out that {the records of government departments used to contain parts of the 250 dinars currency, but they were settled and made into the currently circulating cash denominations, as imposed by reality, transactions and the public’s acceptance of them.  link 

.a dinar 250 note.jpg

An international welcome to the Baghdad conference and a tribute to the Al-Kazemi government’s steps towards financial and economic challenges

The Economic Contact Group for Iraq, the Group of Seven, the European Union and the World Bank welcomed, on Saturday, the Baghdad Conference for Cooperation and Partnership, which started its work today.

A statement by the group stated, “The Iraq Economic Contact Group (IECG) commends Iraq for the successful convening and conclusion of the Baghdad Conference for Cooperation and Partnership on August 28, 2021, which brought together Iraq and its neighbors,” adding that “the Iraq Economic Contact Group supports Iraq’s vision in strengthening cooperation and balanced relations with all its neighbors on the basis of sovereignty and mutual interests.

The Iraq Economic Contact Group also welcomed “the commitment of the Government of Iraq to structural economic reforms and regional market integration. The continued commitment of all stakeholders to implementing these reforms will be critical to Iraq’s progress and prosperity and to the stability of the entire region.”

She also praised “the Government of Iraq for its steps to address several immediate and long-term financial and economic challenges, including the ambitious agenda for economic reform set out in the “White Paper” and the successful devaluation of the Iraqi dinar,” declaring “its agreement with the government that this is the beginning of a path that must be pursued with firm resolve.” To address critical infrastructure gaps, stimulate private sector growth, mitigate the effects of climate change, create jobs, and protect the most vulnerable.

And she continued, “As partners and friends of Iraq, we stand behind the government’s vision for reform and creating lasting economic opportunities for the people of Iraq that meet their aspirations.”

On Saturday, the Iraqi capital, Baghdad, hosted the “Baghdad Conference for Cooperation and Partnership”, with the participation of nine neighboring and regional countries, in addition to the French participation.

It is expected that a final statement of the summit will be issued after a public session in which the participants delivered their speeches and a closed one in the one-day conference.

The conference will be attended by French President Emmanuel Macron, Egyptian President Abdel Fattah El-Sisi, Jordanian King Abdullah II, Qatar’s Emir Tamim bin Hamad, Kuwaiti Prime Minister Khaled Al-Hamad Al-Sabah, and Gulf Cooperation Council Secretary-General Nayef Al-Hajraf. Also participating are Turkish Foreign Minister Mevlutoglu, Iranian Foreign Minister Hussein Amir Abdollahian, UAE Vice President and Ruler of Dubai Mohammed bin Rashid Al Maktoum, Saudi Foreign Minister Prince Faisal bin Farhan, and Arab League Secretary General Ahmed Aboul Gheit.  link

What really matters by Elmer

There comes a point in your life when you realize:

Who matters,

Who never did,

Who won’t anymore,

And who always will.

So, don’t worry about people from your past, there’s a reason why they didn’t make it to your future.

If you could get up the courage to begin change regardless of  past strife in your life, you have the courage to succeed past those and renew to new successes. 

Learn to get in touch with the silence within yourself, and know that everything in life has purpose. There are no mistakes, no coincidences, all events are blessings! Yes I said all events. It’s just perspective and in how you look at those events and blessings come from what you learn from them. 

We are empowered to make choices to either make changes in our lives or not. It’s up to the individual to adapt or change their circumstances. 

Be blessed in life’s learning and know…

What really matters…is you!

Source: Dinar Recaps


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