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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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In Details.. Parliament Session For Today

rocky
rocky
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session - In Details.. Parliament Session For Today Empty In Details.. Parliament Session For Today

Post by rocky Mon 28 Feb 2022, 10:32 am

In Details.. Parliament Session For Today
02/28/2022
19


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Earth News/ The House of Representatives hosted today, Monday, in its second session of the fifth electoral cycle for the first legislative year of its first term, in the presence of 288 deputies, to discuss the dollar exchange rate and its repercussions on the local market.
A statement by the Media Department stated in a statement received by Earth News Agency, that "at the beginning of the session, Messrs. Muhammad Karim Abdel Hussein from Salah al-Din Governorate, Alaa Sabah Marei from Basra Governorate and Wasfi Assi Hussein from Kirkuk Governorate took the constitutional oath to fill the membership of the House of Representatives."
He added, "With regard to the formation of parliamentary committees, the Speaker of the Council directed all parliamentary blocs to expedite the formation of parliamentary committees by distributing their members equally among all committees due to the importance of their oversight and legislative tasks, pointing out that so far the parliamentary blocs have not presented their choices accurately."
The statement continued, “The parliament voted by a majority on the parliament’s presidency proposal to make the number of permanent parliamentary committees 25, and the parliament voted to form a temporary committee headed by the first deputy speaker of the parliament, Hakim al-Zamili, and the membership of Representatives Hassan Karim, Faleh al-Sari, Vian Sabri and Muhammad Tamim to amend and define the tasks of the committees in the rules of procedure. Then it was presented to Parliament.
The council discussed, according to the statement, "while hosting the Minister of Finance, the rise in the dollar exchange rate and its repercussions on the market through high prices and the damage to the poor segment, and the discussion of public debt and the financial policy of the Ministry of Finance and the proposed treatments."
"The Speaker of the Council welcomed the presence of the Minister of Finance, Mr. Ali Abdul-Amir Allawi, and the Undersecretary of the Ministry to the session, at the request of Deputy Burhan Al-Maamouri, accompanied by the signatures of 100 deputies."
For his part, Allawi reviewed in “a detailed explanation of the reasons for changing the exchange rate and its relationship to economic reform, which was according to an extensive study in which concerned parties participated and was not an individual decision by the Ministry of Finance, indicating that the exchange rate change at that time was against the background of the deterioration of global oil prices due to the impact of a pandemic.” Corona and a decline in the volume of Iraqi oil exports, according to the International Monetary Fund’s estimate, amounted to (4.9%), as well as the failure to approve the 2020 budget due to the resignation of the government, which led to a stifling financial crisis that prevented the payment of the salaries of employees and retirees, which prompted the House of Representatives to pass a law financing the deficit in the amount of 27 trillion dinars “.
The Minister of Finance indicated that “the 2021 budget, which was developed according to reform plans, contributed to developing solutions, addressing the financial situation and working to develop the long-term financial strategy by presenting the white paper that restored balance to the Iraqi economy, provided economic stability for people with limited income and corrected local investment,” noting That "the imbalance in the Iraqi economy is due to the negative accumulations and the direct and indirect state control over the economy since the seventies of the last century."
He noted that “reconsidering the exchange rate of the currency in an unthought manner leads to financial chaos similar to some countries, so the trend was to determine the exchange rate of the Iraqi dinar in a comfortable way to protect it from any external changes with a proactive and correct step in coordination with the Central Bank and studying it with the Prime Minister and heads of blocs Politics and other parties, in addition to the support of the International Monetary Fund, to change the price at a reasonable rate.
The minister explained that “the draft budget law for the year 2021 focused on protecting vulnerable groups in society, applying some elements of the white paper, increasing non-oil imports, and the ministry’s treatment of these groups by allocating more than 9 trillion dinars to help increase social protection allocations, improve the effectiveness of the ration card, and support small projects. In addition to increasing the pensions of retired people and the allocations for martyrs and political prisoners.”
And Allawi indicated that "the benefits of devaluing the Iraqi dinar increased government revenues by 23 percent, including maximizing the funds allocated to finance reconstruction projects and allowing the government to respond to the increase in citizens' needs and contribute to strengthening the balance of payments for the country and avoiding risks, in addition to the International Monetary Fund's support for the reduction process being The financial situation of Iraq, especially the competitiveness of the private sector, will strengthen against cheap foreign imports, and foreign investments have revived as a direct result of the development of the financial and economic situation, which is witnessing a recovery and stability of markets.
Allawi pointed out that "the rise in prices in the Iraqi markets was not only due to the decrease in the exchange rate of the dollar, but rather as a result of the increase in global food prices since 2020," explaining that "the rise in global oil prices is beneficial for Iraq and at the same time affects its needs of foodstuffs, oil derivatives, and imports." Gas, which is used to generate electricity, increased by 30%, alluding to the reduction of the Iraqi external debt by 4 billion dollars in 2021.”
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