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Baghdad - conscious - Muhammad Al-Talbi
, the economic advisor to the Prime Minister, Alaa Abdel Hussein, spoke today, Saturday, about the government's vision to address the change in the exchange rate of the dollar against the Iraqi dinar, especially with regard to its effects on investment projects, while stressing that there are 3 reasons that prevent the change now.
Abdul Hussein told the Iraqi News Agency (INA), that "with regard to investment projects in the beginning and the issue of the exchange rate, many of the materials that contractors enter to work are imported from abroad, and cost accounts and previous contracts are fixed at the old exchange rate, especially contracts that take a long time." .
He added, "The vision of the treatment is more comprehensive than being money or seeing the exchange rate, and it is implemented as a development project, as the problem of the exchange rate difference, if not addressed, will lead to project disruption, erosion of the achievement, delay in development and the benefit that comes from the project," noting that "the treatment It comes from the perspective that there are projects we are waiting for completion, and by completing them, the benefit of the people will be achieved, and therefore the main and supreme goal is treatment in order to hasten the benefits derived from these projects for the people.”
He explained that "the projects were divided into a number of sections according to their type, including construction projects, electrical and metal projects, and others, and each type of them contains materials imported from abroad, and therefore the percentages were determined based on the price changes that occurred, and then work is done on the treatment." He stressed that "prices did not change due to the exchange rate only, but prices at the global level changed, and the reason for this is the increase in demand as a result of the Corona pandemic, as the world stopped and this led to all countries depleting their stocks of materials in addition to their monthly consumption, which led to an increase in demand to cover its strategic stocks and its monthly consumer demand.
He continued: "If we look at the increase in demand with the stability of the production capacity of factories in the world, we find that this led to a general rise in all prices globally, and therefore the price change did not come as a result of changing the exchange rate in Iraq, but rather at the world level."
And he indicated that "within the foreseeable future, the exchange rate cannot be reconsidered for several reasons, including firstly that the exchange rate is a prerogative of the Central Bank, and secondly that the current rate was approved in the budget law and is valid, in addition to a third reason is that all revenues from Oil, even if it increases, will only be able to cover the budget deficit of about 30 trillion dinars, and therefore we do not expect to guarantee oil prices for the next six months, and it is dangerous to think about dealing with the exchange rate now.”
And regarding the budget for the next four years, Abdul Hussein said, “The Minister of Finance, Ali Abdul Amir Allawi, heads a committee of various ministries and government agencies to develop general strategies for the budget of the next years 2022 to 2024, and the broad outlines are not yet clear as far as the ministries’ budget is discussed in light of The priorities set by the Iraqi state.
[You must be registered and logged in to see this link.]
Baghdad - conscious - Muhammad Al-Talbi
, the economic advisor to the Prime Minister, Alaa Abdel Hussein, spoke today, Saturday, about the government's vision to address the change in the exchange rate of the dollar against the Iraqi dinar, especially with regard to its effects on investment projects, while stressing that there are 3 reasons that prevent the change now.
Abdul Hussein told the Iraqi News Agency (INA), that "with regard to investment projects in the beginning and the issue of the exchange rate, many of the materials that contractors enter to work are imported from abroad, and cost accounts and previous contracts are fixed at the old exchange rate, especially contracts that take a long time." .
He added, "The vision of the treatment is more comprehensive than being money or seeing the exchange rate, and it is implemented as a development project, as the problem of the exchange rate difference, if not addressed, will lead to project disruption, erosion of the achievement, delay in development and the benefit that comes from the project," noting that "the treatment It comes from the perspective that there are projects we are waiting for completion, and by completing them, the benefit of the people will be achieved, and therefore the main and supreme goal is treatment in order to hasten the benefits derived from these projects for the people.”
He explained that "the projects were divided into a number of sections according to their type, including construction projects, electrical and metal projects, and others, and each type of them contains materials imported from abroad, and therefore the percentages were determined based on the price changes that occurred, and then work is done on the treatment." He stressed that "prices did not change due to the exchange rate only, but prices at the global level changed, and the reason for this is the increase in demand as a result of the Corona pandemic, as the world stopped and this led to all countries depleting their stocks of materials in addition to their monthly consumption, which led to an increase in demand to cover its strategic stocks and its monthly consumer demand.
He continued: "If we look at the increase in demand with the stability of the production capacity of factories in the world, we find that this led to a general rise in all prices globally, and therefore the price change did not come as a result of changing the exchange rate in Iraq, but rather at the world level."
And he indicated that "within the foreseeable future, the exchange rate cannot be reconsidered for several reasons, including firstly that the exchange rate is a prerogative of the Central Bank, and secondly that the current rate was approved in the budget law and is valid, in addition to a third reason is that all revenues from Oil, even if it increases, will only be able to cover the budget deficit of about 30 trillion dinars, and therefore we do not expect to guarantee oil prices for the next six months, and it is dangerous to think about dealing with the exchange rate now.”
And regarding the budget for the next four years, Abdul Hussein said, “The Minister of Finance, Ali Abdul Amir Allawi, heads a committee of various ministries and government agencies to develop general strategies for the budget of the next years 2022 to 2024, and the broad outlines are not yet clear as far as the ministries’ budget is discussed in light of The priorities set by the Iraqi state.
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