A couple of items probably overlooked imo are the mention of Provisions of the Whitepaper and the 2021 budget that were not yet employed. One of those items is the real exchange rate. Follow that up the direction the new parliament is moving toward, to make categories of small currencies to avoid high prices for the lack of middle groups and stopping currency smuggling, [clearly a veiled reference to ending the auctions.] Middle groups? That's talking about an entire series of lower denominations, which means the "Reverting Back" in this case is not to the 1200 rate but rather the historic rate of the 70's-early 80's. If this Finance minister says no, so what, he either follows the plan or is removed. It wouldn't surprise me to see him absent in the new government. Ok that's my take.
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[ltr] 2022-02-28 11:43[/ltr]
[ltr]the iraqi parliament on monday hosted finance minister ali allawi in the second session of the fifth election cycle and discussed the exchange rate of the dollar and its implications for the local market, in the presence of 288 deputies.[/ltr]
[ltr]according to a statement received by the shafq news agency, the council discussed the implications of the rising exchange rate of the dollar on the market, the harm to the segment of the poor and the discussion of public debt and fiscal policy of the ministry of finance and the remedies put forward.[/ltr]
[ltr]allawi, in a detailed explanation of "the reasons for the exchange rate change and its relationship to economic reform, which was according to an extensive study involving stakeholders and was not an individual decision by the ministry of finance," pointing out that "the change in the exchange rate at that time was against the background of the deterioration of world oil prices with the impact of the corona pandemic and the decline in the volume of iraqi oil exports and the estimate of the international monetary fund, reached (4.9) % as well as the failure to approve the budget in 2020 due to the resignation of the government, which led to a severe financial crisis "it prevented the payment of salaries to employees and retirees, which led the house of representatives to pass the deficit financing laws of 27 trillion dinars."[/ltr]
[ltr]"the 2021 budget, drawn up in accordance with reform plans, contributed to the development of solutions, addressing the financial situation and working to develop a long-term financial strategy by presenting the white paper that rebalanced the iraqi economy, provided economic stability for low-income people and corrected domestic investment," the finance minister said.[/ltr]
[ltr]"the imbalance in the iraqi economy is due to negative accumulations and direct and indirect state control over the economy since the 1970s," he said, noting that "an ill-considered review of the exchange rate of the currency leads to financial chaos like some countries, so the trend was to set the exchange rate of the iraqi dinar comfortably to protect it from any external changes by a proactive and correct step in coordination with the central bank and its study with the prime minister and the heads of political blocs and other parties, in addition to support the imf on a reasonable price change."[/ltr]
[ltr]"the draft budget law for 2021 focused on protecting fragile groups in society, implementing some elements of the white paper, increasing non-oil imports and addressing these groups by allocating more than 9 trillion dinars to help increase social protection allocations, improve the effectiveness of the ration card, support small and medium-sized enterprises for young people, as well as increase pensions for retirees and allowances for martyrs and political prisoners," the minister said.[/ltr]
[ltr]"the benefits of devaluing the iraqi dinar increased government revenues by 23 percent, including maximizing funds allocated to finance reconstruction projects, allowing the government to respond to the increase in citizens' needs and contributing to strengthening the country's balance of payments and risk-avoiding it," allawi said.[/ltr]
[ltr]"the rise in prices in the iraqi markets was not only due to the devaluation of the dollar, but also because of the increase in world food prices since 2020," he said, adding that "the rise in oil prices globally is beneficial to iraq and at the same time affects its food needs, oil derivatives and the import of gas used to generate electricity by 30 percent, as well as the reduction of iraq's external debt by $4 billion in 2021."[/ltr]
[ltr]the minister of finance said that there is a global imbalance in the economy and a imbalance in the commercial, importive and institutional situation in iraq, especially the uncontrolled ports, as well as the weak absorption of the sectors of agriculture, industry and private to the economic changes taking place in the world, pointing out that "the rate of payment of farmers' dues reached 65 percent with many accumulators for 2019 and 2020."[/ltr]
[ltr]"the financial crisis of 2021 affected the applicability of some of the provisions of the budget law," he said, adding that "the completion rate of the white paper, which included 322 axes, reached 61%, especially since "60 percent of the border crossings are not controlled, including in the kurdistan region."[/ltr]
[ltr]according to the parliament statement, a number of deputies demanded to know the possibility of returning the exchange rate of the dinar to the former to reduce price inflation, address the outlets of currency smuggling and delay the payment of the benefits of farmers, in addition to demanding the need to automate border crossings and preserve the government's dependence on the policy of foreign loans and burden the country with debt, put the actual reform steps without burdening the citizen, and ask the financial authorities to make categories of small currencies to avoid high prices for the lack of middle groups.[/ltr]
[ltr]the first deputy speaker of parliament, governor of zamili, called on the government to "work to impose its control over the financial sectors and to develop a fundamental solution to the ministry of finance's commitment to support the simple classes in society".[/ltr]
[ltr]"the background to the exchange rate change was due to the corona pandemic, low oil prices, the scarcity of iraqi imports and a financial crisis that the iraqi government was unable to pay its obligations to employees and retirees," al-halbousi said.[/ltr]
[ltr]"the solutions put forward have identified several options, including reducing employees' salaries by 30 percent, demobilizing a number of employees and forcibly retiring them, but the council chose to adjust the exchange rate, which generated revenues for the state of 22 trillion dinars and found a solution to the problem," the speaker said.[/ltr]
[ltr]"the biggest corruption deals that took place in iraq were in 2012 when the dollar was changed," he said.[/ltr]
[ltr]he also called on the ministry of finance to "work to present a new vision to address the negative effects of the exchange rate change, to be submitted to the council within a two-week period".[/ltr]
[ltr]"at present, this is not possible, as changing the exchange rate is difficult now, as it has stabilized the iraqi economy, and its change is linked to the high financial abundance that meets ambition," he said.[/ltr]
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[ltr] 2022-02-28 11:43[/ltr]
A-
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A+
[ltr]the iraqi parliament on monday hosted finance minister ali allawi in the second session of the fifth election cycle and discussed the exchange rate of the dollar and its implications for the local market, in the presence of 288 deputies.[/ltr]
[ltr]according to a statement received by the shafq news agency, the council discussed the implications of the rising exchange rate of the dollar on the market, the harm to the segment of the poor and the discussion of public debt and fiscal policy of the ministry of finance and the remedies put forward.[/ltr]
[ltr]allawi, in a detailed explanation of "the reasons for the exchange rate change and its relationship to economic reform, which was according to an extensive study involving stakeholders and was not an individual decision by the ministry of finance," pointing out that "the change in the exchange rate at that time was against the background of the deterioration of world oil prices with the impact of the corona pandemic and the decline in the volume of iraqi oil exports and the estimate of the international monetary fund, reached (4.9) % as well as the failure to approve the budget in 2020 due to the resignation of the government, which led to a severe financial crisis "it prevented the payment of salaries to employees and retirees, which led the house of representatives to pass the deficit financing laws of 27 trillion dinars."[/ltr]
[ltr]"the 2021 budget, drawn up in accordance with reform plans, contributed to the development of solutions, addressing the financial situation and working to develop a long-term financial strategy by presenting the white paper that rebalanced the iraqi economy, provided economic stability for low-income people and corrected domestic investment," the finance minister said.[/ltr]
[ltr]"the imbalance in the iraqi economy is due to negative accumulations and direct and indirect state control over the economy since the 1970s," he said, noting that "an ill-considered review of the exchange rate of the currency leads to financial chaos like some countries, so the trend was to set the exchange rate of the iraqi dinar comfortably to protect it from any external changes by a proactive and correct step in coordination with the central bank and its study with the prime minister and the heads of political blocs and other parties, in addition to support the imf on a reasonable price change."[/ltr]
[ltr]"the draft budget law for 2021 focused on protecting fragile groups in society, implementing some elements of the white paper, increasing non-oil imports and addressing these groups by allocating more than 9 trillion dinars to help increase social protection allocations, improve the effectiveness of the ration card, support small and medium-sized enterprises for young people, as well as increase pensions for retirees and allowances for martyrs and political prisoners," the minister said.[/ltr]
[ltr]"the benefits of devaluing the iraqi dinar increased government revenues by 23 percent, including maximizing funds allocated to finance reconstruction projects, allowing the government to respond to the increase in citizens' needs and contributing to strengthening the country's balance of payments and risk-avoiding it," allawi said.[/ltr]
[ltr]"the rise in prices in the iraqi markets was not only due to the devaluation of the dollar, but also because of the increase in world food prices since 2020," he said, adding that "the rise in oil prices globally is beneficial to iraq and at the same time affects its food needs, oil derivatives and the import of gas used to generate electricity by 30 percent, as well as the reduction of iraq's external debt by $4 billion in 2021."[/ltr]
[ltr]the minister of finance said that there is a global imbalance in the economy and a imbalance in the commercial, importive and institutional situation in iraq, especially the uncontrolled ports, as well as the weak absorption of the sectors of agriculture, industry and private to the economic changes taking place in the world, pointing out that "the rate of payment of farmers' dues reached 65 percent with many accumulators for 2019 and 2020."[/ltr]
[ltr]"the financial crisis of 2021 affected the applicability of some of the provisions of the budget law," he said, adding that "the completion rate of the white paper, which included 322 axes, reached 61%, especially since "60 percent of the border crossings are not controlled, including in the kurdistan region."[/ltr]
[ltr]according to the parliament statement, a number of deputies demanded to know the possibility of returning the exchange rate of the dinar to the former to reduce price inflation, address the outlets of currency smuggling and delay the payment of the benefits of farmers, in addition to demanding the need to automate border crossings and preserve the government's dependence on the policy of foreign loans and burden the country with debt, put the actual reform steps without burdening the citizen, and ask the financial authorities to make categories of small currencies to avoid high prices for the lack of middle groups.[/ltr]
[ltr]the first deputy speaker of parliament, governor of zamili, called on the government to "work to impose its control over the financial sectors and to develop a fundamental solution to the ministry of finance's commitment to support the simple classes in society".[/ltr]
[ltr]"the background to the exchange rate change was due to the corona pandemic, low oil prices, the scarcity of iraqi imports and a financial crisis that the iraqi government was unable to pay its obligations to employees and retirees," al-halbousi said.[/ltr]
[ltr]"the solutions put forward have identified several options, including reducing employees' salaries by 30 percent, demobilizing a number of employees and forcibly retiring them, but the council chose to adjust the exchange rate, which generated revenues for the state of 22 trillion dinars and found a solution to the problem," the speaker said.[/ltr]
[ltr]"the biggest corruption deals that took place in iraq were in 2012 when the dollar was changed," he said.[/ltr]
[ltr]he also called on the ministry of finance to "work to present a new vision to address the negative effects of the exchange rate change, to be submitted to the council within a two-week period".[/ltr]
[ltr]"at present, this is not possible, as changing the exchange rate is difficult now, as it has stabilized the iraqi economy, and its change is linked to the high financial abundance that meets ambition," he said.[/ltr]
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