Minister of Finance: A series of measures taken by the government led to the stability of economic conditions
[You must be registered and logged in to see this image.] |
Finance Minister Ali Abdul-Amir Allawi confirmed, on Wednesday, that the collapse of oil prices caused a crisis in the Iraqi economy, and when the government assumed its duties, there was a billion dollars in its accounts, noting that the series of measures taken by the government led to the stability of economic conditions.
Allawi said in his speech during the annual finance and banking services conference, which was held in Baghdad and attended by "Al-Iqtisad News", that the collapse of oil prices caused a crisis in the Iraqi economy, and when the government assumed its duties, there was a billion dollars in its accounts, and the financial surpluses of the previous year were spent on Excess expansion in the public sector.
He added that the government struggled to manage the subsequent effects of the economic and security crises, and the problems were exacerbated by the lack of a budget in 2020, the expansion of public sector obligations and previous accumulations, while we were trying to absorb employment obligations and pensions, and economic activity shrank sharply, noting that the Iraqi economy suffered from a decline. to 11% of GDP in 2020.
He explained that the series of measures taken by the government led to the stabilization of economic conditions, including the devaluation of the local currency, which had an important impact on the recovery of the domestic product, in addition to that, the price of oil began to recover in the fall of 2020, as it reached 62 dollars in the first eight months.
And he indicated that the 2021 budget was passed and our credit rating was preserved and the public sector payroll and pension obligations became more under control than before, noting that the government took the start of reform and put the reform of the public sector and the entire public administration and the white paper is the first real evidence to restore the prestige of the economy and we showed our serious determination to Issues that have been outstanding for years, through the provision of services and the ability to create good jobs for young people whose number is increasing by more than one million annually, and we still depend on oil revenues.
He noted that our financial sphere is constrained by a serious stagnation because the economy is not diversified and relies heavily on a single resource and a large degree of the state budget, the difficulty of creating jobs from the private sector, corruption is very high in all parts of the government and the political repercussions and public protests, although the government has reduced internal tensions And we promised to hold early elections and we will fulfill these promises on the tenth of next October, Iraq will vote to elect a new House of Representatives.
He stressed that the government approved major projects, including the G4 licensing rounds, the Total project, the Faw port, a number of renewable energy projects, and the Al-Bidaa Canal to pump water in Basra, which is the first water desalination project, and there are quite a few projects and initiatives launched by the government.
He added, “We have taken a new decision to subject large investments and are subject to scrutiny by the advisors of the relevant departments. As for the financial sector, we were able, in cooperation with the Central Bank, to control the side effects that resulted from the new exchange rate and the emergence of positive effects with the registration of requests for investment licenses and new industrial projects,” he added. The United Nations Trade Organization project to automate customs, as well as reform government banks, was approved.
Allawi said that Iraq is witnessing a good recovery during the year 2021, and in the medium term we must have positive results through the support of the International Monetary Fund for our reform program represented by the White Paper. Separating the future of Iraq from the massive technological changes and opportunities towards a digital economy. The digital economy will not lead to job creation, but rather contribute to a basic diversification of our economy. We need to develop the environment for the telecommunications sector, by creating a digital environment, supporting digital skills, creating digital platforms, digital financial services, and supporting pioneers Business and Finance Ministry is interested in the latter two aspects of the five pillars.
And he indicated that the Ministry of Finance is promoting a fund to support youth, and we have allocated 30 billion dinars in the 2021 budget, and work will begin in the coming weeks, and the adoption of high-speed and affordable Internet and the provision of government services. That country has to restore its economy to the global energy market, which is the main challenge.
He noted that the government launched a high-level committee on climate change and the environment, preparing a green paper and rationalizing us towards alternative energy.
[You must be registered and logged in to see this link.]
Today at 8:56 am by Rocky
» utube 10/3/24 MM&C Iraq Update-Iraq Securities Exchange- Transform Iraq-Export Oil - Federal Co
Today at 4:53 am by Rocky
» MM&C 10/3/24 Central Bank comments on preparing the budget for next year
Today at 4:52 am by Rocky
» MM&C 10/3/24 World Bank: Iraq has made progress in improving the business environment, making it glo
Today at 4:52 am by Rocky
» Commission: Kurdistan elections will include international and local monitoring
Today at 4:45 am by Rocky
» Swiss Embassy in Baghdad reopens after 33 years of closure
Today at 4:43 am by Rocky
» Rafidain counts the number of government departments that have activated the electronic collection s
Today at 4:39 am by Rocky
» Parliamentary demands to review all agreements with Jordan
Today at 4:37 am by Rocky
» This is the date for the launch of the seventh batch of social assistance
Today at 4:35 am by Rocky
» Trade reassures citizens: We have food reserves sufficient for a whole year
Today at 4:33 am by Rocky
» Baghdad.. The dollar records 154,250 dinars for every hundred dollars
Today at 4:32 am by Rocky
» Dhi Qar.. Implementation of an arrest warrant against four suspects in the Real Estate Registration
Today at 4:31 am by Rocky
» Parliament receives draft law to cancel economic privileges with Jordan
Today at 4:28 am by Rocky
» Kurdish comment on the possibility of an armed confrontation between parties before the elections in
Today at 4:25 am by Rocky
» Why have the salaries of the region's employees not been localized yet? A Kurdish politician explain
Today at 4:23 am by Rocky
» Dollar prices continue to soar in Iraqi markets
Today at 4:22 am by Rocky
» Intensive calls for comprehensive reform at Baghdad International Airport amid deteriorating service
Today at 4:20 am by Rocky
» Iraqi government condemns “Tulkarm crime”: International community’s silence fuels Israeli aggressio
Today at 4:18 am by Rocky
» “Hidden Costs”: How do 140 days of holidays affect the economy and daily life?
Today at 4:17 am by Rocky
» Parliamentary work details the most important laws it is working to legislate
Today at 4:16 am by Rocky
» New crisis hits Iraqi real estate market after 100% tax
Today at 4:15 am by Rocky
» Labor sets date for launching seventh batch of social assistance
Today at 4:14 am by Rocky
» Ports deny the existence of an oil spill at the confluence of territorial waters (Iraq-Kuwait-Iran).
Today at 4:13 am by Rocky
» MP dismisses the person closest to the Coordination to assume the presidency of Parliament
Today at 4:11 am by Rocky
» Economist: Oil prices could rise to $200 if war expands
Today at 4:09 am by Rocky
» Parliamentary work: We seek to legislate laws that guarantee union freedom
Today at 4:08 am by Rocky
» Parliamentary Finance clarifies to "Alsumaria News" the legality of imposing taxes on citizens and s
Today at 4:06 am by Rocky
» Trump's advisor speaks to Sumaria about the possibility of dragging Iraq into war
Today at 4:03 am by Rocky
» Morning list of dollar exchange rates against the dinar in Iraq
Today at 4:02 am by Rocky
» Kuwaiti official: Our relationship with Iraq has been integrated for 400 years and the border issue
Today at 4:00 am by Rocky
» Parliamentary Planning: Population census will include counting furniture inside homes
Today at 3:59 am by Rocky
» Parliamentary demand to include the Commission Law on the Parliament’s agenda House of Representativ
Today at 3:58 am by Rocky
» Dominican Republic Plans to Start Deporting up to 10,000 Haitians per Week
Yesterday at 10:13 am by Bama Diva
» Dozens of Meat Processing Plants Expected to Shut Down Under New EPA Rules
Yesterday at 9:06 am by Bama Diva
» Biden-Harris administration blasted for running out of money to deal with Hurricane Helene after blo
Yesterday at 8:16 am by Bama Diva
» Fake Amazon sites everywhere
Yesterday at 8:02 am by Bama Diva
» utube 10/1/24 MM&C Iraq Dinar News - Iraqi Stock Exchange - Private Sector - Water - Infrastructure
Yesterday at 5:14 am by Rocky
» The dinar collapses against the dollar.. Is the specter of 1600 looming on the horizon?
Yesterday at 4:59 am by Rocky
» Baghdad International Airport: Why is it unable to compete with regional airports?
Yesterday at 4:57 am by Rocky
» Nineveh reveals projects worth billions that have been stalled for 12 years
Yesterday at 4:56 am by Rocky
» Iraq calls for protecting oil routes in the Arabian Gulf
Yesterday at 4:55 am by Rocky
» State of Law Leader: America Has No Desire to Leave Iraq
Yesterday at 4:53 am by Rocky
» MP reveals 170 stalled projects have been resolved
Yesterday at 4:52 am by Rocky
» Rafidain Bank announces the collection of more than four trillion dinars electronically for the bene
Yesterday at 4:50 am by Rocky
» Karbala Municipality: Starting to plant gardens and green spaces inside residential neighborhoods
Yesterday at 4:48 am by Rocky
» Customs: Our revenues during 7 months of the current year exceeded one trillion dinars
Yesterday at 4:47 am by Rocky
» World Bank: Iraq is witnessing a major transformation in improving the business environment and publ
Yesterday at 4:45 am by Rocky
» New program turns unified card into food ration card in Iraq
Yesterday at 4:43 am by Rocky
» The Governor of the Central Bank of Iraq announces the launch of financial transfers to Türkiye acco
Yesterday at 4:40 am by Rocky
» World Bank issues optimistic report on Iraq, points to 'major transformation'
Yesterday at 4:38 am by Rocky
» Supply concerns send oil prices up more than 5 percent
Yesterday at 4:37 am by Rocky
» Rafidain: More than 4 trillion dinars in electronic collection amounts for government departments
Yesterday at 4:35 am by Rocky
» Iraqi government opens accounts to deposit donors' money for Gaza and Lebanon
Yesterday at 4:31 am by Rocky
» Public money and government wheels enter the Kurdistan Parliament elections propaganda
Yesterday at 4:30 am by Rocky
» How did current events cast their shadows on the Iraqi parliament presidency file?
Yesterday at 4:29 am by Rocky
» Production stops at Karbala refinery.. and the local government acknowledges the shortage of fuel su
Yesterday at 4:25 am by Rocky
» Iraq imports large quantities of calves and sheep to control meat prices
Yesterday at 4:23 am by Rocky
» IMF: Continued conflict in Middle East could have major economic repercussions
Yesterday at 4:22 am by Rocky
» Israel threatens to bomb more than 35 sites in Iraq
Yesterday at 4:20 am by Rocky
» The crisis of choosing the parliament speaker.. Will political tensions impose “Al-Mashhadani” on “A
Yesterday at 4:19 am by Rocky
» “Hidden Terrorism”: How Cyber Weakness Threatens Iraq’s Future More Than Bullets?
Yesterday at 4:17 am by Rocky
» Iraq plans to establish modern industrial cities amid challenges of electricity and corruption!
Yesterday at 4:16 am by Rocky
» Ministry of Planning reveals details of drawing the new population map in Iraq
Yesterday at 4:15 am by Rocky
» Al-Sudani: Escalation in Lebanon and Gaza threatens to slide the region into a comprehensive war
Yesterday at 4:14 am by Rocky
» Planning: Taking measures that focus on promoting sectors that affect citizens’ lives
Yesterday at 4:12 am by Rocky
» Civil Service Council approves new batch of appointments
Yesterday at 4:11 am by Rocky
» Commerce reveals new program that transforms the unified card into a food ration card
Yesterday at 4:10 am by Rocky
» Iraq announces launch of new mechanism for financial transfers to Türkiye
Yesterday at 4:08 am by Rocky
» Transparency: Sulaymaniyah and Halabja imports amounted to more than 11 billion dinars in one week
Yesterday at 4:06 am by Rocky
» Parliamentary Integrity: Collecting parliamentary signatures to question the Minister of Constructio
Yesterday at 4:04 am by Rocky
» Parliamentary talk about the person closest to the coordination to assume the presidency of Parliame
Yesterday at 4:03 am by Rocky
» Gov. Ron DeSantis orders National Guard to end longshoremen's strike over hurricane disaster
Thu 03 Oct 2024, 5:20 pm by Bama Diva
» BREAKING: Mayor Pete orders citizens to stop using drones to find stranded victims as feds fumble hu
Thu 03 Oct 2024, 5:07 pm by Bama Diva
» Elon Musk obliges Trump, reconnects disaster areas to the internet for free via Starlink
Thu 03 Oct 2024, 12:15 pm by Bama Diva
» MM&C 10/3/24 Amending the Oil Law: A Step Towards Reform or Just Another Promise?
Thu 03 Oct 2024, 7:11 am by Rocky
» In less than half an hour, Washington sends three messages via Baghdad to Tehran
Thu 03 Oct 2024, 7:04 am by Rocky
» "Soon" .. Iraqi-Kuwaiti negotiations to resume to end differences
Thu 03 Oct 2024, 6:58 am by Rocky
» On the seventh anniversary of Talabani’s passing, Al-Sudani recalls his national legacy and his role
Thu 03 Oct 2024, 6:55 am by Rocky
» Planning: The general census will show the rates of enrolment in education and unemployment.
Thu 03 Oct 2024, 6:50 am by Rocky
» Economist: Zionist bombing exacerbates economic conditions, calls for urgent intervention by governm
Thu 03 Oct 2024, 6:47 am by Rocky
» Iraq, Kuwait to resume negotiations "very soon" to resolve outstanding issues
Thu 03 Oct 2024, 6:46 am by Rocky
» Iraq and China take the largest share of Iranian goods
Thu 03 Oct 2024, 6:43 am by Rocky
» Advisor Mazhar Saleh: No concern about Iraq's financial situation
Thu 03 Oct 2024, 6:41 am by Rocky
» Amidst the Storms: Baghdad and Washington Support Regional Calm
Thu 03 Oct 2024, 6:39 am by Rocky
» MP reveals reasons for delaying the approval of the Personal Status Law
Thu 03 Oct 2024, 6:37 am by Rocky
» Al-Surji: The Union is capable of forming the next regional government
Thu 03 Oct 2024, 6:36 am by Rocky
» Government measures to control the region's import of gold
Thu 03 Oct 2024, 6:34 am by Rocky
» Central Bank comments on preparing the budget for next year
Thu 03 Oct 2024, 6:33 am by Rocky
» Anbar citizens threaten to demonstrate over private generator pricing
Thu 03 Oct 2024, 6:32 am by Rocky
» Dollar trading halted in Anbar due to high exchange rate
Thu 03 Oct 2024, 6:31 am by Rocky
» Iraqi Parliament Prepares to Pass “Most Important” Law to Recover State Funds from Corrupt People
Thu 03 Oct 2024, 5:14 am by Rocky
» World Bank identifies key issue for sustainable development in Iraq
Thu 03 Oct 2024, 5:12 am by Rocky
» World Bank: Iraq has taken steps to develop human capital
Thu 03 Oct 2024, 5:11 am by Rocky
» Electricity: Loss of 7,100 megawatts due to a decrease in the release of national gas and the supply
Thu 03 Oct 2024, 5:09 am by Rocky
» Work: Issuing more than 220 thousand national cards for those covered by social protection
Thu 03 Oct 2024, 5:08 am by Rocky
» France: Recommendation to eliminate 100,000 jobs to reduce government spending
Thu 03 Oct 2024, 5:07 am by Rocky
» Iraq, Turkey sign MoU on migration and voluntary return
Thu 03 Oct 2024, 5:05 am by Rocky
» Al Mazrouei: The world needs additional investments in the energy sector
Thu 03 Oct 2024, 5:03 am by Rocky
» Agriculture announces compensation for livestock farmers’ losses, plans to control diseases
Thu 03 Oct 2024, 5:02 am by Rocky