“Economic Explosion” – Wed. AM/PM KTFA Thoughts, News w/ Frank26 12-15-21



Samson » December 15th, 2021

The central foreign cash reserves have boosted confidence in the Iraqi economy 

14th December, 2021 by Samir Al-Nusairi

It was announced that the foreign cash reserves of the Central Bank amounted to 64 billion dollars and will rise to a higher rate when the Ministry of Finance pays what it owes to the Central Bank, which represents the sad transfers that the Central Bank discounted during the period of the financial crisis that Iraq suffered for the years 2016-2020 and it was a direct support to the treasury the state and the national economy

The observer and the specialist is well aware that reaching this rate of foreign reserves is the central bank’s adoption of safe investment policies, which has strengthened the credit position internationally and restore confidence in the Iraqi economy and its international banking relations. And to benefit from the rise in international oil prices and its arrival to 80 dollars per barrel and the effects of reducing the exchange rate The Iraqi dinar in December 2020, this is in addition to the measures and initiatives of the Central Bank during the year 2021, which made a significant contribution to revitalizing the economic cycle and stimulating the economy

What confirms the safety and success of the Bank’s second strategy (2021-2023) and its monetary policy applications in the year 2021.

It is the verification of the achievements in the financing activity and the activation of its initiative to finance small and medium enterprises, amounting to 6 trillion dinars, adding an allocation of up to 7.6 trillion dinars, and focusing on encouraging projects Housing at the Real Estate Bank, the Housing Fund and private banks, in addition to the financing of the Tamkeen Fund for Community Projects

And that all of these measures led to an improvement in the government’s financial position and a reduction in the actual deficit rates in the 2021 budget, which achieved the central bank’s planned goal for this year as far as its tasks and objectives contained in Law 56 of 2004 and its amendment

The objectives of the reform of the banking sector were mentioned in the white paper. All of this clearly contributed to supporting the national economy, despite the challenges that the economy suffers from for subjective and objective reasons

Thus, the Central Bank, with its distinguished national team, was able to achieve one of its main tasks and objectives, which is to build foreign reserves that collectively constitute a safe sufficiency that covers the local currency in circulation and the imports of the private sector

* Advisor to the Association of Iraqi Private Banks   LINK

Source: Dinar Recaps

Frank26 » December 15th, 2021


Expectations of an unprecedented growth of the economic situation in Iraq

14th December, 2021

A specialized agency expected that Iraq will witness the highest growth in the Gulf oil-exporting countries next year, pointing out that its rates may reach 8.1%.

A report by The National stated that the international credit rating agency, Fitch, stated that the economy of Iraq, the second largest oil producer in OPEC, is expected to witness stronger growth during 2022, at a rate of more than 8.1%, which is the highest growth rate expected among the Gulf oil-exporting countries. 

He stressed that the outstanding financial budgets will further improve the economic conditions of Iraq and the GCC countries, at a time when oil prices will remain strong.   LINK


Despite Paying Off Debts, America Plays The Role Of Guardianship To Deprive Iraq’s Wealth  

14th December, 2021

Economic expert Dia Mohsen stressed, on Tuesday, the necessity of issuing a Security Council resolution to remove Iraq from international trusteeship after paying its foreign debts to Kuwait, indicating that the resolution provides for the protection of Iraq from any other compensatory claims.

Mohsen said in a statement to the “Information” agency, that “Iraq exited from Chapter VII and moved to the Sixth for an important reason, which is to ensure that the influence of the UN Security Council remains on the country,” noting that “Iraq’s survival under international tutelage is to maintain American influence inside Iraq.”

He pointed out that “Iraq paid the last war debts to Kuwait, which amounted to 54 million dollars, and thus Iraq is outside the control of the UN Security Council,” explaining that “the Iraqi government broadcasts propaganda for the survival and influence of US forces inside Iraq.”

He added that “the Iraqi government is pushing for the survival of American influence in Iraq by keeping the country under Chapter VII, which makes Iraq under the tutelage of the UN Security Council.”

He pointed out that “after Iraq has ended all its financial obligations towards Kuwait, the Security Council must issue a decision to completely remove Iraq from the provisions of Chapter VII and end the work of all committees and financial and banking institutions that exercise the role of guardianship over oil revenues and freedom of import and to conduct financial and monetary transactions.  LINK

Samson » December 15th, 2021

The Kurdistan Regional Government suspends the official working hours for a whole week

15th December, 2021

The Kurdistan Regional Government is scheduled to suspend official working hours for a full week, on the occasion of the New Year holidays.

According to the official holidays calendar (calendar) approved by the regional government, it will suspend official working hours in all government institutions and departments, except for the health sector and public services, from 12-25-2021 until 1-2-2022.

The New Year’s Eve in the region witnesses joyful celebrations that are not limited to residents only, but also include tourists from different regions and cities of Iraq who go to Kurdistan.  LINK

By more than 60%.. Iraq’s holdings of US bonds decreased

15th December, 2021

The US Treasury Department reported that Iraq’s possession of US bonds decreased by more than 60 percent in ten years to reach $17.954 billion during last September.

The Treasury said in a table seen by Shafak News Agency that Iraq’s possession of bonds decreased during ten years by 61.34%, indicating that “Iraq bought US bonds in 2012 at an annual rate of 46.316 billion dollars, to decrease in 2013 to an average of 42.1 billion dollars.” Annually, it amounted to an average of $28.2 billion in 2014.

And she added, “The bonds purchased by Iraq for the year 2015 amounted to an annual rate of 25.6 billion dollars, to become these bonds in 2016 as an annual rate of 15.3 billion dollars, to rise slightly in 2017 as an annual rate to 16.6 billion dollars.”

And she continued by saying, “The annual rate of bonds purchased by Iraq for the year 2018 amounted to 27 billion dollars, and in 2019 it reached an annual rate of 34 billion dollars.”

She pointed out that the annual rate of purchased bonds for the year 2020 amounted to 24.7 billion dollars, and to reach 17.954 billion dollars as an average during the nine months of the current year 2021.  LINK

The white paper requires a stable government for two sessions to activate its reform axes

15th December, 2021

Questions arise about the possibility that Iraq will continue to implement the white paper in the next government era, while the former Minister of Electricity, Louay Al-Khatib, believes that Iraq needs a transitional economic reform phase and two stable government cycles, in which it reduces the dependence of federal budgets on oil imports by 12% 5% annually by canceling subsidies, imposing progressive taxes, controlling customs fees, and financing reconstruction and investment funds from petrodollars to increase income and end rentierism.

And the white paper is a project adopted by the government of Prime Minister Mustafa Al-Kazemi, to be a comprehensive road map whose main goal is to reform the economy, and to address the serious challenges facing it, while the specialists believe that the extension of Al-Kazemi’s term will ensure the implementation of the agenda of the paper, which represents a reform program aimed at developing the private sector and reducing dependence on the state and stimulating production in various governmental and private sectors, and this initially increases the possibility of its continuation during the coming period.

Finance Minister Ali Allawi says that during its second year, despite the challenges, the white paper achieved impressive results, namely overcoming the financial collapse and global indebtedness and achieving a cash surplus.

Adviser to the Prime Minister for Economic Affairs Mazhar Muhammad Salih believes that the paper is a dual reform project that seeks to achieve the country’s financial sustainability, with the ability to economic sustainability in an integrated manner.

Regarding the most prominent results of the white paper and the possibility that it will last for a longer period, Saleh says that the past year has achieved something clear from the adoption of a road map towards the broader reform path, and this is what we can expect to adopt in maintaining and consolidating the economic future of Iraq without retreat.

Saleh points out that the white paper is an indicator of the progress of the economy and the consolidation of economic life, which is the economic constitution on which any upcoming government curriculum will inevitably be based, calling for the successes and failures of implementing this paper in its first year to be evaluated to amend the course or delete or add important procedural issues to achieve optimal implementation for this reform paper.

In one of the repercussions of the white paper, the economic expert, Dr. Salam Sumaisem, expects the dinar to remain low against the dollar, a plan developed by the Finance Ministry and confirmed through the strategy presented in the white paper.

Al-Kazemi’s government says that the reform white paper was launched to correct structural distortions in the economy, the labor market, and in financial and monetary policies, and during its second year, despite the challenges, it achieved brilliant results, which is to overcome the financial collapse and global indebtedness and achieve a cash surplus.

The observer of political affairs, Ali Hadi Judeh, believes that Iraq will not witness any financial improvement if there is no real economic reform program that includes all financial, monetary, administrative and procedural facilities, and that it includes a realistic plan to reduce the size of the public sector and establish a vital and sustainable private sector and its participation in the state-owned productive sectors, which contributes to Recycle her wheel.   LINK

The arrest of an Iraqi official inside a government institution in a corruption case

15th December, 2021

The Investigations Department of the Integrity Commission reported, on Wednesday, that it was able to thwart an attempt to seize a state property worth (3,000,000,000) billions of dinars in Karbala, and the arrest of an official in the governorate’s Agriculture Directorate red-handed.  

The department indicated, in a statement, that “Nass” received a copy of it, (December 15, 2021), that “the team composed in the Karbala Investigation Office, which moved to the State Real Estate Department and the Real Estate Registration Directorate in the governorate, was able to seize the origin of the book on the property belonging to Ownership of it to the Ministry of Finance and the Book of Validity of Issues, as well as the correction treatment for the real estate and the treatment for the correction of the sex of the real estate according to which the right to dispose of it was changed for the benefit of a citizen, pointing to its estimated value of (3,000,000,000) billion dinars.”  

She added that “the work team was able, in a separate operation, to apprehend the director of the desert division in the Karbala Agriculture Directorate red-handed for receiving a bribe from one of the auditors, in return for completing the transaction procedures for renting a property of an area of (25) dunums, indicating that the bribery had also confessed to them. another as his partner.  

And the department continued, and in a third operation, “the team that moved to a number of government hospitals and health centers in the governorate seized (3,072) expired medicine tapes, pointing out that “these materials were supplied by the General Company for Marketing Drugs and Medical Supplies to health institutions. in the preserve.”  

And it indicated that “the expiration date of the test strips installed on the boxes of the tapes refers to 7/31, 2022, while the real expiration date installed on the tapes refers to July 2021.”  

She explained, “the organization of seizure records of the operations that were carried out according to judicial seizure notes, and presented, with the accused, in the second case, to the judge of the Karbala Investigation Court specialized in integrity issues, who decided to arrest him in accordance with the provisions of Resolution (160 of 1983) and issue an arrest warrant against his partner.”   LINK

Source: Dinar Recaps


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