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[size=36]Sudanese advisor calls for the launch of sovereign development bonds to the Iraqi public[/size]
Economy| 06:30 - 04/30/2023
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Baghdad - Mawazine News,
the financial advisor to the Prime Minister, Mazhar Muhammad Salih, called today, Sunday, for the launch of sovereign development bonds for the Iraqi public in support of the national development funds, while pointing out that 70% of the monetary mass with the public is outside the banking system.
Saleh said to the official agency, followed by Mawazine News, that "the escalating annual accumulation in the value and proportion of expenditures related to the operational side in the general budgets of Iraq is a legacy that unfortunately began more than sixty years ago and today it occupies as operational spending a proportion of up to 75% of total spending." year compared to direct development government investment spending, which turned out to be 25% and possibly less than total spending in budgets over the past six decades, after it was between 65-70% of total spending.
He added, "Since operating expenses are dominated by the nature of salaries, wages, pensions, and social welfare, which alone dominate operational spending today, with no less than 60% of that spending, there is no way to correct the development equation except by strengthening the savings resulting from those expenses and directing them towards the desired investment." ".
And he continued, "As those operating expenses that are paid as annual income include a savings share of no less than 17%, except for private sector savings, and since the banking system alone cannot withdraw the savings and financial accumulations of their owners except in a scope that is still very limited due to its slow institutional structure, the opportunity has become urgent." Favorable fiscal and monetary policies to launch sovereign development bonds that can be traded in the stock market.
He explained, "It can be launched with attractive interest and privileges that are offered and marketed to the public (in an attractive optional way) and with high sovereign guarantees at maturity, in order to employ the proceeds of the aforementioned bonds in development projects directly."
He pointed out, "The policy of spreading the use of secured bonds is the effective and direct means of recycling government operational expenditures and diverting them towards (national development funds) referred to in the draft federal budget law, as it is noted that 70% of the issued cash mass amounting to 100 trillion dinars is The rough face is still in circulation outside the banking system with the public in a hoarding manner, which negatively affects the completion of the annual national income cycle. Indeed, it is a behavior that disrupts annual economic growth to a large degree due to the disruption of the effectiveness of the savings tool in the economy, whose balances should be directed towards the desired investment. /m 99
the financial advisor to the Prime Minister, Mazhar Muhammad Salih, called today, Sunday, for the launch of sovereign development bonds for the Iraqi public in support of the national development funds, while pointing out that 70% of the monetary mass with the public is outside the banking system.
Saleh said to the official agency, followed by Mawazine News, that "the escalating annual accumulation in the value and proportion of expenditures related to the operational side in the general budgets of Iraq is a legacy that unfortunately began more than sixty years ago and today it occupies as operational spending a proportion of up to 75% of total spending." year compared to direct development government investment spending, which turned out to be 25% and possibly less than total spending in budgets over the past six decades, after it was between 65-70% of total spending.
He added, "Since operating expenses are dominated by the nature of salaries, wages, pensions, and social welfare, which alone dominate operational spending today, with no less than 60% of that spending, there is no way to correct the development equation except by strengthening the savings resulting from those expenses and directing them towards the desired investment." ".
And he continued, "As those operating expenses that are paid as annual income include a savings share of no less than 17%, except for private sector savings, and since the banking system alone cannot withdraw the savings and financial accumulations of their owners except in a scope that is still very limited due to its slow institutional structure, the opportunity has become urgent." Favorable fiscal and monetary policies to launch sovereign development bonds that can be traded in the stock market.
He explained, "It can be launched with attractive interest and privileges that are offered and marketed to the public (in an attractive optional way) and with high sovereign guarantees at maturity, in order to employ the proceeds of the aforementioned bonds in development projects directly."
He pointed out, "The policy of spreading the use of secured bonds is the effective and direct means of recycling government operational expenditures and diverting them towards (national development funds) referred to in the draft federal budget law, as it is noted that 70% of the issued cash mass amounting to 100 trillion dinars is The rough face is still in circulation outside the banking system with the public in a hoarding manner, which negatively affects the completion of the annual national income cycle. Indeed, it is a behavior that disrupts annual economic growth to a large degree due to the disruption of the effectiveness of the savings tool in the economy, whose balances should be directed towards the desired investment. /m 99
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