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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    Finance Minister: Iraq came out safely from the difficult economic situation

    Rocky
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    • Post n°1

    Finance - Finance Minister: Iraq came out safely from the difficult economic situation Empty Finance Minister: Iraq came out safely from the difficult economic situation

    Post by Rocky Thu 26 Aug 2021, 7:32 am

    [size=45][size=41]Finance Minister: Iraq came out safely from the difficult economic situation[/size][/size]

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    Al-Nour News/Baghdad
    Finance Minister Ali Allawi said today, Thursday, that Iraq came out of the difficult economic situation safely, noting that the process of changing the exchange rate of the dollar against the dinar was not easy.
    The Minister of Finance stated, during an interview with a number of media outlets, that “Iraq’s financial policy during a year and a half passed through five exceptional circumstances, and we entered the beginning of the government’s work without any financial safety valve,” noting that “the Iraqi economy has changed since 2019 and the obligations of the previous government.”
    He added, "The Corona crisis led to the collapse of oil prices and increased unemployment," noting that "we worked as a government policy to control expenditures that were reflected in state revenues, and the process of changing the exchange rate was not easy."
    Allawi explained, "Our fiscal and monetary policy is reformist and must be continued," noting that "we have started correct reform work, starting with banks and customs, and our fiscal policy aims to balance oil and maximize other resources, and our policy is stability in the exchange rate and we will defend it."
    He pointed out that "there is coordination with the Central Bank and cooperation is necessary between the fiscal and monetary policies," stressing that "Iraq came out of the difficult economic situation safely.
    And the Minister of Finance continued, "Our recent visit to the World Bank did not ask for any loan, and the Iraqi financial situation is better."
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    • Post n°2

    Finance - Finance Minister: Iraq came out safely from the difficult economic situation Empty The Minister of Finance presents a perception of the crisis: We have passed the “state of anxiety” .

    Post by Rocky Thu 26 Aug 2021, 7:38 am

    The Minister of Finance presents a perception of the crisis: We have passed the “state of anxiety” .. But we are in a sensitive situation

    [ltr]2021.08.26 - 14:27[/ltr]


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    Baghdad - people  
    Finance Minister Ali Allawi confirmed, on Thursday, that Iraq has passed a "state of anxiety", but the situation is still sensitive, pointing out that the exchange rate is not sacred, while the ministry's contribution to the stability of the dollar price came to save Iraq.  
      
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    Allawi said during an interview attended by "Nas" correspondent with other media outlets, at the ministry's headquarters, that "the financial situation in Iraq was normal until the beginning of the 2019 protests," explaining that "each government needs 20-25% of the financial liquidity to meet the challenges."  
    He added that "the relative recovery in oil prices, as well as the government's measures, were reflected in the financial situation in Iraq," stressing that "changing the exchange rate was not an easy process, and we faced several problems, and it should have been years ago, but the current government saved Iraq in the process of reforming the country's economy." .  
    He pointed out that "our monetary and fiscal policy is a reform policy, and the reform process must continue to save the country from financial collapse," noting that "the current fiscal policy in Iraq has a kind of balance in the long run."  
    The Minister of Finance pointed out that "the current government has worked on many achievements in the financial issue, and we are still in a sensitive situation, and we do not say worry and we need oversight and serious work to maintain the monetary and fiscal policy in the country."  
    And he indicated that "more than 25 meetings have been held and the ministry has reached the last stages of drawing up the next budget, but it cannot be submitted to the current parliament, and it can be submitted to the next parliament. I think that during the next two or three weeks we will announce some of its provisions."  
    The minister added that "the high exchange rate is beneficial to the importer and to price stability," stressing that "the exchange rate is not sacred, and investment opportunities and some commodities were weak."  
    He added, "Whoever thinks of returning the exchange rate, he wants to restore control over trade and import by one party and not others," noting that "the Iraqi street has confusion between changing the exchange rate and rising prices due to the change in global financial policies after the emergence of the Corona pandemic, and we contributed to the stability of The exchange rate to save Iraq.  
    Regarding the Kurdistan region, Allawi said that "our financial relationship with the region is a complex one because it has not implemented its obligations to return the oil revenues agreed upon in the budget," explaining that "the Ministry of Finance continues to send amounts to the Kurdistan region, but in return the region must send oil revenues and dues."  
    He pointed out that "the Council of Ministers directed to send sums to the region, and we sent two payments, and as a finance ministry, we implement the law, and we sent a new batch yesterday to the region in the amount of 200 billion dinars," noting that "despite our objection to continuing to pay 200 billion dinars to the region, but we implement the decisions of the Council of Ministers for reasons purely humanitarian."  
    The Ministry of Finance formed a central committee to activate the reforms included in the white paper and to address the problems faced by the General Tax Authority.  
    According to a document seen by "Nass", Finance Minister Ali Abdel Amir Allawi issued a ministerial order in which it was decided to form a central committee that will undertake several tasks, on top of which is "following up on the implementation of the tax system reforms listed in the white paper."
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