Finance reports Al-Kazemi with a rise in total foreign currency reserves

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[size=52]Finance reports Al-Kazemi with a rise in total foreign currency reserves[/size]

[size=45]Yesterday, Monday, the government confirmed controlling food prices locally, and spoke of international reports indicating a significant increase in total foreign currency reserves. The media office of the Prime Minister, Mustafa Al-Kazemi, said in a statement received by Al-Mada.[/size]
[size=45]Yesterday, Monday, the Prime Minister chaired an economic meeting devoted to discussing the current financial and economic conditions in light of positive reports and indicators developed by the International Monetary Fund and the World Bank, noting that “the meeting was attended by the Minister of Finance and advisors specialized in financial and economic aspects.”[/size]
[size=45]Al-Kazemi said, at the beginning of the meeting, that “the strategy that was developed to address the financial and economic conditions has succeeded in overcoming the challenges that the government received at the beginning of its formation, and that the growth of indicators mentioned by international reports is a reflection of this strategy,” stressing that “the momentum that succeeded must be continued.” To improve the country’s economic status, and to continue striving to achieve more.”[/size]
[size=45]And the statement continued, “Al-Kazemi listened to a detailed presentation by the Minister of Finance on the Iraqi economic reality, and good international indicators in light of the escalating growth of the Iraqi economy despite the great challenges it faces, as international reports indicated that the total foreign currency reserves increased significantly, as well as achieving Good revenue.”[/size]
[size=45]He continued, "During the meeting, Iraq's control over food prices locally, despite the double rise in their prices globally, was indicated, as well as the achievement of GDP growth that exceeds what was achieved in the countries of the Middle East and North Africa."[/size]
[size=45]The report indicated, according to the statement, that "controlling inflation rates in the internal economy has been achieved, and the current account balance has risen, as well as a significant increase in the overall financial balance." The financial advisor in the Council of Ministers, Mazhar Muhammad Salih, said that "the delay in approving the budget law for the current year does not mean that there is a waste of revenues or the abundance of Iraqi oil revenues sold to global markets." Saleh added, "The sums obtained from the rise in oil prices are in a hedge account and are managed according to the best international practices, and they are in hard currency and are safe, and there is no fear for these funds." He pointed out, "The abundance of oil awaits the budget law, as part of it will go to spending, and the other to the sovereign fund at the end of the year if oil prices continue to rise."[/size]
[size=45]And Saleh indicated, "Everyone is looking forward to issuing the budget law, as it represents a single document for public finance in order to know the vision until the end of this year." He noted, "The budget will be expansionary, not contractionary, and will target the social spending side significantly, such as the ration card and support for the poor, peasants and farmers." Saleh went on to say, “there is an aspiration to enter into strong development programs and strategic, income-generating and work-earning projects, and to make a qualitative leap in development projects.” It is noteworthy that the Council of Ministers was seeking to present the draft budget law, but after switching to carrying out daily tasks due to the early elections, it was unable to do so.[/size]
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