Economist: The political chaos has lost the financial abundance achieved from oil
Economic expert Salam Sumaisem indicated today, Wednesday, that the political chaos has lost the financial abundance achieved from oil.
Sumaisem told Earth News, “The country’s continuation of this administration is better than the lack of leadership, as its absence will contribute to increasing chaos, especially since the Iraqi situation is going through a dangerous situation.
She added, “The caretaker government is responsible for managing the affairs of the country in this chaos, and therefore, with different labels, it is like an emergency government in the phase of political and economic chaos.” link
Economist: Central Bank policy contributed to achieving monetary stability
The observer for economic affairs, Hassan Al-Hajj, confirmed today, Wednesday, that the policy of the Central Bank and the plans that it has set in the past months have directly contributed to achieving monetary stability and raising the level of Iraq’s strategic reserve of hard currency, in addition to the flexibility of the plans in place in line with the challenges. economic locally and globally.
Al-Hajj said in an interview with Alsumaria News, “The Central Bank’s procedures in dealing with the global economic crisis were very clear in a positive and professional manner, unlike what happened in many countries of the world, where we saw a significant increase in the bank’s hard currency reserves from 50 to 76 billion dollars. It will reach $90 billion before the end of this year, which has a positive impact on the stability of the currency price in the market and the inability of traders to manipulate it.
He added, “The Central Bank adopts flexible policies and plans that are consistent with all the variables of the economic situation in the local and global market, and they are in remarkable progress, especially with regard to the issue of containing cases of corruption or currency smuggling that occurred in previous periods through the currency sale auction, where we saw a clear decline in These violations are a result of the new controls set by the Central Bank to contain these negative cases during the past six months, and we hope that they will end in the complete bomb phase.”
The economic expert explained, “The raising of the exchange value of the dinar against the dollar, which had some negative repercussions on the citizen, but in the end was positive to supplement the state’s reserves of currency to face crises, but in general it needs more powerful government measures to support the fragile and middle classes, which can actually be achieved in If the government draws up a coordinated policy and joint cooperation with the Central Bank in this file.”
He continued, “The policy of the Central Bank is in great improvement, and we expect that new measures will be taken by it in the coming months to ensure that the reserve level is maintained and developed to be a strategic reserve for the Iraqi state and in line with the rise in oil prices globally, and they are all positive indicators that ultimately serve the interest of the state treasury.” link
The World Bank calls on Iraq to implement structural reforms: looming risks despite the rise in oil
The World Bank warned of the risks of climate impacts on Iraq, from an economic point of view , calling for the implementation of structural reforms and the formation of an Iraqi government that “adopts a reform path.”
Commenting on the bank’s recent report on the Iraqi economy, in which he called for accelerating the formation of the government, Ramzi Noman, the Bank’s Special Representative in Iraq, said that “economic reform must coincide and harmonize with looking at the climatic effects” in the country.
He added that Iraq is an oil country and depends on oil for its economy, while the world began “to place restrictions on crude oil,” and stressed that if these restrictions are placed on oil and on oil exports, Iraq must take (reform) steps, otherwise global markets will become closed to Iraqi oil. “.
He said there is a crisis in Iraq, and it may be the most dangerous, which is the crisis of climatic impacts, and how can the Iraqi economy adapt to these climatic effects according to the development plans set by the government, and how is the process of gradual transition towards a clean economy with the financial, economic and capital repercussions that this entails human.
The World Bank official stressed that the climate also had an “impact on food security” in the country, as food and agricultural production declined, which had consequences “currently caused by the rise in commodity prices at the global level, and also because of the Ukraine crisis, which was considered one of the most important sources of food.” In the world”.
He considered that Iraq is currently going through a period of growth that reached 11 percent in 2021, compared to stagnation in 2020, due to the decline in oil prices and the decline in economic activity due to Covid-19.
He said that “while things are going better with the increase in oil revenues,” the “structural crises that afflicted the Iraqi economy previously are still present,” and therefore, “risks still loom over the economy even with the rise in oil revenues.” link
Source: Dinar Recaps
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