Mon. AM TNT News Articles 7-18-22



Economic Affairs Adviser: We have a vision to restore the dollar exchange rate

The economic advisor to the Prime Minister Haitham Al-Jubouri revealed, on Sunday 07/17/2022, a vision to restore the dollar exchange rate.

The official Iraqi newspaper quoted a statement in which he said: “We have a vision to restore the dollar exchange rate, standardize employee salaries, and transfer four ministries to a self-financing system.” link

Adviser to the Prime Minister: We have a vision to unify salaries and return the exchange rate

The Prime Minister’s Adviser for Economic Affairs, Haitham al-Jubouri, presented an economic vision that is summed up in converting four ministries to a self-financing system, restoring the dollar exchange rate and unifying employee salaries.

Al-Jubouri told “Al-Sabah”: “There is an economic vision for the next phase, a part of which was written, the most prominent of these ideas is the transformation of four ministries, namely transport, communications, interior and trade, from central to self-financing, and they can benefit from the revenues generated for them, through large and sober companies that owned by it or the revenues achieved through its work,” referring to “the possibility of benefiting from the amounts allocated to it from the state treasury in establishing productive development projects.” 

He added, “There is a vision in the exchange rate of the dollar, and restoring confidence and strength to the Iraqi dinar, provided that it is not by a decision, as happened in the decision to raise the exchange rate, but by real economic reforms and an increase in non-oil revenues with a plan that extends from one to four years, and increasing the volume of investments in the country by persuading Iraqi investors who invest their money abroad to return to Iraq through facilities provided to them and encouraging them to invest their money inside the country.” 

Al-Jubouri pointed out that “among the vision is the automation of government procedures, electronic connectivity, amending instructions for implementing government contracts, and the issue of tax exemptions with a focus on increasing the tax base through profitable companies or personalities,” expressing “regret that there is a focus on the simple citizen in the tax issue.” While most companies evade the final accounts as they are fictitious. And the Prime Minister’s Adviser for Economic Affairs,

He stressed, “Part of these ideas can be started through effective laws, such as the Financial Management Law and the Electronic Signature Law, which needs speed in the procedures of its legislation.” He pointed out, “Some find it strange to implement some of this plan, but all of them are feasible and there is an integrated vision on this subject, if we know that it can be implemented in the near, medium and long stages.”   link

Without noise, “Food Security” comes into force 

Despite the great uproar that was aroused for a long time around it and the political debates and bickering for months, the entry into force of the “Emergency Support for Food Security and Development” law passed in silence, silence and calm two weeks ago from now, despite the immediate implementation of the provisions of the law after its publication in the Official Gazette on July 6

However, the executive authorities remained silent and did not yet begin practical steps to implement the provisions of the law that were heralded by some parliamentary and governmental bodies. Al-Sabah contacted dozens of executive bodies benefiting from the provisions of the law, but they preferred to remain silent and not respond to questions (when and how) it would be applied Those paragraphs, as if it does not concern them from far or near.

A member of the Parliamentary Finance Committee, Jamal Cougar, told Al-Sabah: “The ruling on not implementing the law and not actually bringing it into force is incorrect.” completely.”

He noted that “the law has two timings; part of it is implemented by the current government, and the other part is being implemented by the next government, and seven trillion and 250 billion dinars have been allocated for its implementation.” 

And he indicated that “the first part, which the current government will spend its money on, will be a part of it for the development of the regions, and they need projects to be submitted by the provinces, and part of those funds are dedicated to stabilizing contracts who need to audit their transactions, and a part is dedicated to appointing 15,000 new graduates, and this needs to be Auditing and studying the needs of ministries and specializations, and therefore all that was mentioned requires work, effort and time.

Cougar stressed that “judging this law or others to failure before it is applied is inaccurate and unfair, and the expected steps that the citizen will see will be when applying this law, so it is premature to judge it.” 

He explained that “the House of Representatives will carefully follow up the implementation of the law.”

For his part, the political analyst, Dr. Ghazi Faisal, told “Al-Sabah” that “after the adoption of the Food Security Law and its entry into force, it is assumed that work on it will be carried out according to the framework of a program that ministries and ministers bear the responsibility to implement its paragraphs, with regard to the issue of appointments, contracts or an issue Water and its treatment and the issue of supporting investments, each according to its specialization. 

And he indicated that “the law is basically distributed within the framework of a program according to its chapters, to be implemented by all concerned ministries.”

He explained that “the issue today is procedural and requires only a program for implementation within the framework of the development aspect contained in the law, and not applying it is not permissible.” 

He stressed that “if the ministries or the Council of Ministers do not go to implement the law, each within its jurisdiction, especially with the availability of approved funds, then the House of Representatives will hold the concerned ministries accountable that did not implement it.”

In addition, the expert in economic affairs, Nabil Jabbar Al-Ali, explained to Al-Sabah that “highly frankly, the hopes that politicians have raised for the Iraqi people regarding the Food Security Law are nothing but false hopes, the purpose of which is to push and support to pass a law that allows the caretaker government to spend An additional 25 trillion dinars on traditional unproductive consumer spending, which represents an increase over the country’s general allocations (120 trillion dinars spent during 2022).

He said, “Contrary to what is rumored, the legislation of this law may contribute to harming the Iraqi citizen, given that general government spending may rise from 10 trillion dinars per month to reach 15 trillion dinars per month after the law enters into force, which may contribute to raising inflation levels in light of An ill-considered spending policy and a loose monetary policy.  link

Source: Dinar Recaps


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