Financial Adviser to the Prime Minister: Financial abundance is a historic opportunity for Iraq
The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed on Monday, May 9, 2022, that the financial policy in Iraq is between a “hammer and an anvil,” noting that the financial abundance is a .historic opportunity for Iraq, and spending it is not easy
Saleh said in a statement followed by the obelisk, that “the financial surpluses that are obtained recently came from the rise in oil prices in the world and are linked to the war in Russia, and it is not possible to know how long this war will last, but there are expectations that it will remain until 2024, and thus Iraq will achieve a great financial abundance.
He added, “The financial policy in Iraq is between a rock and a hard place. The hammer is the existence of a large area of poverty, amounting to 30% of the Iraqi population, and therefore the irregularity of the ration card pushes the “.poor to obtain basic commodities such as oils, rice and sugar outside the ration card
Saleh pointed out that “80% of the income of the poor goes to food, while the amount of what the rich and the middle class spend on food does not exceed 30% because their income is large,” noting that “the absence of a ration “.card would increase the area of poverty in Iraq
He continued, “As for the anvil, it is to go to investment projects, as there are major projects in Iraq that are suspended, and their operation will add an added value to the national economy and employ thousands of workers, such as fertilizer and petrochemical projects, important factories in the oil industry and many other areas of “.production
He stressed, “The necessity of balancing the hammer of social spending and the anvil of investment spending, and this is not easy, and it must be studied intelligently and with high wisdom, and people must take their rights to a decent living, which is an important issue and at the same time ensures the sustainability of development also in the future “.because it is a historic opportunity for Iraq
Saleh pointed out that “it is expected that there will be an abundance of money available by the end of this year, “.amounting to 26 billion dollars and perhaps more
He stressed that “these resources must be employed very carefully to employ the unemployed and to create income- “.generating projects that employ manpower link
Economist: Iraq Will Achieve The Highest Revenues By Increasing Oil Production (5/9)
The economic expert, Wissam Al-Tamimi, confirmed that Iraq will achieve the highest revenues by increasing oil production and reaching approximately 4.5 million barrels per day, pointing out that the ministry should be ready to reach this quantity produced to ensure that the required revenue is achieved.
Al-Tamimi told “The Information”, “Oil prices, despite the increase in production to cover the Russian share of oil, will not be enough to reduce oil prices or bring them back to below $70 a barrel.”
He added that “the global demand, especially the European one, for oil has risen a lot, especially with the reduction of Russian gas supplies towards the European Union countries or the allies of America and NATO.”
Al-Tamimi indicated, “Iraq will be one of the first countries to benefit from the increase in production and reach it to 4.5 barrels per day, but this must be guaranteed through the ministry’s assurances of its ability to reach this quantity produced to achieve the highest revenues for Iraq, especially since oil prices will not record a decrease.” significant despite the increase in production. link
The Independents Bloc Announces Its Support For The Coordination Framework Initiative
The Independents Bloc announced, on Monday, its acceptance of the coordination framework initiative that it recently put forward to address the political blockage in the country.
Independent MP Yasser Watout said in an interview seen by “The Information”, that “the independent bloc accepted the initiative of the coordination framework that he recently put forward.”
Watout added, “The initiative is good and has been really set up even for independents by presenting a personality to the prime minister, so the members of the independents bloc stand with its application, hoping to resolve the rest of the positions during the next few stage.”
And the representative of the State of Law coalition, Jassem Atwan Al-Moussawi, had announced earlier, the approval of the political parties on the initiative put forward by the coordination framework recently to address the political blockage. link
Iranian Central Bank Introduces The National Digital Currency Experimentally
The Governor of the Central Bank of Iran, Ali Saleh Abadi, announced the trial launch of the national digital currency in the coming months.
In a meeting of experts and professors of economics to discuss the issue of the national digital currency, Abadi said that this issue has been included in the Monetary and Banking Policy Authority for a while, and that the tasked working group consisting of economic experts and technical specialists, and by printing banknotes, have brought this file to the experimental operational stage.
The governor of the bank indicated that the trial cycle for offering the national digital currency is limited to 6 months, after which the damages will be diagnosed and a report will be prepared by economic experts and bankers in order to benefit from their views. link
Source: Dinar Recaps
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