Home
[You must be registered and logged in to see this link.]
[You must be registered and logged in to see this image.]
BAGHDAD - The
compass of the Iraqi economy is heading towards development with deliberate steps, after oil sales achieved a financial surplus, which was confirmed by Minister of Finance Ali Abdul Amir Allawi, who indicated that "Iraq will have a surplus of the difference in selling oil in the range of 20 billion dollars," stressing that "in With the current financial abundance, it is unlikely that we will resort to borrowing."
The steps taken by the government, through the white paper that it announced after its formation, have clearly reflected on economic development, which was expressed by Prime Minister Mustafa Al-Kazemi, who said: “The government succeeded during two years of its work in achieving the highest rate of economic growth at the level of Arab countries, according to International Monetary Fund reports that expected the economic growth rate in Iraq to reach 9.5% during 2022 and 2023.
Economists stress that Iraq needs to invest the financial surplus in the completion of large development projects, but with a delay in approving the budget for 2022, the investment of this money remains suspended.
In turn, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, told the Iraqi News Agency (INA): "The important investment accelerators are linked to the budget law for the year 2022, through the new investment spending doors and new investment programs, and not with the disbursement of 1/12 of the actual current expenditures in the year 2021." ".
And he indicated that "the average oil revenues for the year 2022 will increase by no less than 60% of the revenues of oil exports for the year 2021, which means that there will be a large financial reserve available to the state at the end of the year that may exceed 40 billion dollars," noting that "Iraq has been placed at the forefront His priorities, which seek to enter the prospects of development and accelerated development, are to transcend the stage of the rentier economy or the mono-economy, as crude oil still constitutes the largest weight in the components of the gross domestic product.
Saleh explained that "the five-year and ten-year economic and social development plans are the ones that determine the sectoral and overall growth rates in order to bring about a fundamental change in the contribution of the vital productive sectors other than the crude oil sector to the gross domestic product, which is what is called diversifying the production structure of the overall economy."
The Prime Minister’s advisor pointed to the importance of changing production patterns and their components in employing labor and investing in national capital for the benefit of the real vital sectors, starting from maximizing the role of the agricultural sector in the gross domestic product and ending with the manufacturing industry and digital services, without forgetting that there is a major limitation on that diversification represented in by coherently undertaking investment in physical and institutional infrastructure.
He stressed that "the growth in the various sectors increases by a double rate whenever the rates of investment in the infrastructure of the economy increase, especially the six sectors: electricity, water, transport, communications, education and health. Thus, nations progress on the basis that development management is joint between state programs and private sector programs in an integrated manner."
Saleh suggested the establishment of a fund or account concerned with the stability of the budget and fed annually with a percentage of the surplus oil revenues, to hedge against the risks of price fluctuations.
Finance Minister Ali Allawi confirmed, "Increasing the cash reserves with the Central Bank to 90 billion dollars by the end of this year," noting that "the devaluation of the Iraqi dinar led to the preservation of foreign currency reserves with the Central Bank of Iraq after the low and critical levels that reached in the late year 2020".
He added, "It is expected that the continued recovery of oil prices will increase these reserves to more than 90 billion dollars by the end of 2022, which is a record level for Iraq," noting that "the depreciation of the Iraqi dinar against the US dollar in December 2020 contributed to the decline in demand." On the US dollar, while the current demand for the dollar is higher than the declines seen in 2020, it is much lower than the period before 2020.”
He pointed out that "the continuation of the Ministry of Finance's sales in US dollars reflects the increase in oil revenues, and the increase in the government's provision of goods and services to citizens," stressing that "the increase in the Ministry of Finance's sales of US dollars in exchange for a decrease in the demand for the dollar will lead to an increase in foreign currency reserves with the Central Bank."
And on the commercial debt of Iraq, the Minister of Finance said, "The only real commercial debt of Iraq is two of three Eurobonds with an interest rate of 5.8% and 6.72%, while the third at an interest rate of 2.149%, which is guaranteed by the US government.
And all other debts are on very concessional terms. Pointing out that "the external debt does not include the debts of the former regime, which amounted to 57.8 trillion dinars, or the equivalent of 39.9 billion dollars, which have been frozen since 2003 without interest or repayment as part of the Ministry of Finance's work to reduce debts."
And Allawi stated, "The ministry has reconfigured all local debts as follows: The balance of all local debts has medium or long-term terms, after the government agreed with the Central Bank and public banks in 2020 to convert all current treasury transfers (bonds) into loans for 10 years and for 20 years." , with repayment of installments starting from March 2021 and an interest rate reduced to 2%, "while the total external and internal debts amount to more than 99 trillion dinars.
" Oil is supposed to be directed to areas where the Iraqi economy suffers from a lack of funding, the most important of which is bridging the deficit gap in the general budget, and that it is directed to development purposes and improving the situation of the citizen, especially the health file, especially with the outbreak of the pandemic and the existence of phenomena suffocating hospitals, as well as providing expenses to meet the needs of the ration card and improve its quality.”
Sumaisem added, "There is an important issue represented in the economic vision, benefiting from these funds, and cautioning against their loss and loss of control and transparency, as there are no reports regarding the final accounts provided by the Financial Supervision Bureau, as well as waiting for Parliament to approve the 2022 budget."
In turn, the economic expert, Tariq Al-Ansari, told the Iraqi News Agency (INA): "The rise in oil prices can be called (the oil market uprising) due to three cases or problems that occurred in the oil market, which is the increased demand for fuel in Europe due to the decrease in European stocks by 11%, the withdrawal of the strategic oil stock by the United States of America, and the decline in exports to Kazakhstan, which is a member of OPEC.
Al-Ansari added that "this increase represents successful and good indicators of reviving the Iraqi economy if it is properly and properly utilized within the economic engineering of Iraq's oil policy, leading to the absorption of unemployment and the reduction of loans, which has become a burden on the Iraqi economy, the public budget and the Iraqi citizen in particular."
He stressed that "this increase should follow the example of what some countries did by placing them within the strategy of supporting generations, as economists in oil policy tended to directly strengthen the sovereign fund of their countries," stressing "the need to take the right and proper measures in oil policy and achieve an increase in the economic system." In Iraq, as it is a fragile system, it does not adopt standards on how to employ these increases so that they will be reflected on the Iraqi economy and citizens.”
He pointed out that "the importance of there being a return to all government performance of economic activities, restructuring the oil policy, achieving a balance between financial, monetary and investment policies, and working to activate the sovereign fund, as we call it, the Generation Fund, and building it in a way that guarantees a solid and sober economy because opportunities in the economy do not always come in circumstances." The usual, but it always comes in difficult circumstances."
For his part, the economic expert, Nabil Jaafar, told the Iraqi News Agency (INA), that "there is a new wave of rising crude oil prices, and it is possible to invest this to break the financial constraint that prevents real economic development, and to invest large sums that can be allocated to activate the aspect." investment and the establishment of some strategic projects that generate goods and services and have an impact on achieving a qualitative leap for the Iraqi economy.
He pointed out, "The importance of working to establish a sovereign fund and a financial and economic buffer, because the rise in oil prices will not continue, and we will face in the coming years factors of a decline in prices, so this fund is important to maintain to ensure the future for future generations."
[You must be registered and logged in to see this link.]
BAGHDAD - The
compass of the Iraqi economy is heading towards development with deliberate steps, after oil sales achieved a financial surplus, which was confirmed by Minister of Finance Ali Abdul Amir Allawi, who indicated that "Iraq will have a surplus of the difference in selling oil in the range of 20 billion dollars," stressing that "in With the current financial abundance, it is unlikely that we will resort to borrowing."
The steps taken by the government, through the white paper that it announced after its formation, have clearly reflected on economic development, which was expressed by Prime Minister Mustafa Al-Kazemi, who said: “The government succeeded during two years of its work in achieving the highest rate of economic growth at the level of Arab countries, according to International Monetary Fund reports that expected the economic growth rate in Iraq to reach 9.5% during 2022 and 2023.
Economists stress that Iraq needs to invest the financial surplus in the completion of large development projects, but with a delay in approving the budget for 2022, the investment of this money remains suspended.
In turn, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, told the Iraqi News Agency (INA): "The important investment accelerators are linked to the budget law for the year 2022, through the new investment spending doors and new investment programs, and not with the disbursement of 1/12 of the actual current expenditures in the year 2021." ".
And he indicated that "the average oil revenues for the year 2022 will increase by no less than 60% of the revenues of oil exports for the year 2021, which means that there will be a large financial reserve available to the state at the end of the year that may exceed 40 billion dollars," noting that "Iraq has been placed at the forefront His priorities, which seek to enter the prospects of development and accelerated development, are to transcend the stage of the rentier economy or the mono-economy, as crude oil still constitutes the largest weight in the components of the gross domestic product.
Saleh explained that "the five-year and ten-year economic and social development plans are the ones that determine the sectoral and overall growth rates in order to bring about a fundamental change in the contribution of the vital productive sectors other than the crude oil sector to the gross domestic product, which is what is called diversifying the production structure of the overall economy."
The Prime Minister’s advisor pointed to the importance of changing production patterns and their components in employing labor and investing in national capital for the benefit of the real vital sectors, starting from maximizing the role of the agricultural sector in the gross domestic product and ending with the manufacturing industry and digital services, without forgetting that there is a major limitation on that diversification represented in by coherently undertaking investment in physical and institutional infrastructure.
He stressed that "the growth in the various sectors increases by a double rate whenever the rates of investment in the infrastructure of the economy increase, especially the six sectors: electricity, water, transport, communications, education and health. Thus, nations progress on the basis that development management is joint between state programs and private sector programs in an integrated manner."
Saleh suggested the establishment of a fund or account concerned with the stability of the budget and fed annually with a percentage of the surplus oil revenues, to hedge against the risks of price fluctuations.
Finance Minister Ali Allawi confirmed, "Increasing the cash reserves with the Central Bank to 90 billion dollars by the end of this year," noting that "the devaluation of the Iraqi dinar led to the preservation of foreign currency reserves with the Central Bank of Iraq after the low and critical levels that reached in the late year 2020".
He added, "It is expected that the continued recovery of oil prices will increase these reserves to more than 90 billion dollars by the end of 2022, which is a record level for Iraq," noting that "the depreciation of the Iraqi dinar against the US dollar in December 2020 contributed to the decline in demand." On the US dollar, while the current demand for the dollar is higher than the declines seen in 2020, it is much lower than the period before 2020.”
He pointed out that "the continuation of the Ministry of Finance's sales in US dollars reflects the increase in oil revenues, and the increase in the government's provision of goods and services to citizens," stressing that "the increase in the Ministry of Finance's sales of US dollars in exchange for a decrease in the demand for the dollar will lead to an increase in foreign currency reserves with the Central Bank."
And on the commercial debt of Iraq, the Minister of Finance said, "The only real commercial debt of Iraq is two of three Eurobonds with an interest rate of 5.8% and 6.72%, while the third at an interest rate of 2.149%, which is guaranteed by the US government.
And all other debts are on very concessional terms. Pointing out that "the external debt does not include the debts of the former regime, which amounted to 57.8 trillion dinars, or the equivalent of 39.9 billion dollars, which have been frozen since 2003 without interest or repayment as part of the Ministry of Finance's work to reduce debts."
And Allawi stated, "The ministry has reconfigured all local debts as follows: The balance of all local debts has medium or long-term terms, after the government agreed with the Central Bank and public banks in 2020 to convert all current treasury transfers (bonds) into loans for 10 years and for 20 years." , with repayment of installments starting from March 2021 and an interest rate reduced to 2%, "while the total external and internal debts amount to more than 99 trillion dinars.
" Oil is supposed to be directed to areas where the Iraqi economy suffers from a lack of funding, the most important of which is bridging the deficit gap in the general budget, and that it is directed to development purposes and improving the situation of the citizen, especially the health file, especially with the outbreak of the pandemic and the existence of phenomena suffocating hospitals, as well as providing expenses to meet the needs of the ration card and improve its quality.”
Sumaisem added, "There is an important issue represented in the economic vision, benefiting from these funds, and cautioning against their loss and loss of control and transparency, as there are no reports regarding the final accounts provided by the Financial Supervision Bureau, as well as waiting for Parliament to approve the 2022 budget."
In turn, the economic expert, Tariq Al-Ansari, told the Iraqi News Agency (INA): "The rise in oil prices can be called (the oil market uprising) due to three cases or problems that occurred in the oil market, which is the increased demand for fuel in Europe due to the decrease in European stocks by 11%, the withdrawal of the strategic oil stock by the United States of America, and the decline in exports to Kazakhstan, which is a member of OPEC.
Al-Ansari added that "this increase represents successful and good indicators of reviving the Iraqi economy if it is properly and properly utilized within the economic engineering of Iraq's oil policy, leading to the absorption of unemployment and the reduction of loans, which has become a burden on the Iraqi economy, the public budget and the Iraqi citizen in particular."
He stressed that "this increase should follow the example of what some countries did by placing them within the strategy of supporting generations, as economists in oil policy tended to directly strengthen the sovereign fund of their countries," stressing "the need to take the right and proper measures in oil policy and achieve an increase in the economic system." In Iraq, as it is a fragile system, it does not adopt standards on how to employ these increases so that they will be reflected on the Iraqi economy and citizens.”
He pointed out that "the importance of there being a return to all government performance of economic activities, restructuring the oil policy, achieving a balance between financial, monetary and investment policies, and working to activate the sovereign fund, as we call it, the Generation Fund, and building it in a way that guarantees a solid and sober economy because opportunities in the economy do not always come in circumstances." The usual, but it always comes in difficult circumstances."
For his part, the economic expert, Nabil Jaafar, told the Iraqi News Agency (INA), that "there is a new wave of rising crude oil prices, and it is possible to invest this to break the financial constraint that prevents real economic development, and to invest large sums that can be allocated to activate the aspect." investment and the establishment of some strategic projects that generate goods and services and have an impact on achieving a qualitative leap for the Iraqi economy.
He pointed out, "The importance of working to establish a sovereign fund and a financial and economic buffer, because the rise in oil prices will not continue, and we will face in the coming years factors of a decline in prices, so this fund is important to maintain to ensure the future for future generations."
[You must be registered and logged in to see this link.]
» utube 11/21/24 MM&C MM&C News Reporting-Global Trade-Best Route in World-Purchase Power-Justice-Cen
» Koger: The budget schedules have not reached us yet, and we will start the sessions as soon as they
» MP calls for activating China's Belt and Road Initiative economy
» Al-Baldawi: Political will controls the fate of the ministerial amendment
» Al-Lami: US bases in Iraq represent a military arsenal to protect the entity
» Iraq sends "identical" messages to international and Arab parties regarding Israeli threats
» Iraqi parliament resumes sessions on Monday with 'important' laws
» The Central Bank of Iraq sells more than $894 million in three days
» With the participation of the private sector.. Iraq studies a project to establish a large medical c
» OPEC Secretary General: Crude Oil and Natural Gas are 'Gifts from God'
» How much did the census cost in Iraq?
» Türkiye hints at “good news” regarding Kurdistan oil exports.. What about the development path?
» Minister of Education: Project No. 1 has reached its final stages and new schools will be announced
» With Al-Mashhadani's support... Parliamentary move to activate the oversight role during the upcomin
» Israel sends messages to Iraq: An expected strike and no options for deterrence
» A government bank in Karbala embezzles installment amounts paid by a number of borrowers
» Iraqi government begins measures to prevent oil “smuggling” from Kurdistan
» Iraq sends "identical" messages to international and Arab parties regarding Israeli threats
» Al-Araji: The international coalition has great credit in helping Iraq defeat ISIS
» Dollar price stability in Iraq
» Trade announces a special application for the ration card that determines the mechanism for families
» Iraqi exhibitions participate in the UFI conference in Germany
» Industry: A plan to increase battery production and cover the needs of the local market
» Health: We are studying the establishment of medical cities in Baghdad and the governorates with the
» Foreign Minister: The government has taken internal and external steps regarding the threats of the
» Immigration: Report to be submitted next month to curb illegal immigration
» The Arab League will hold a meeting next Sunday to confront the threats of the Zionist entity, at th
» Iraq comments on the threats of the Zionist entity
» Al-Mandlawi: The International Court’s decision to arrest Netanyahu and his defense minister is a st
» Supreme Census Authority: End of the second phase of the population census
» An inside look at Iraq’s “fuel smuggling market”: New developments and smugglers “suffering”
» Find out the dollar exchange rates in the Iraqi stock exchanges
» New embezzlement operations revealed in a government bank in Karbala
» Officially.. The Supreme Authority for Population Census sets the date for announcing the results
» Prime Minister: It is hoped that the remaining 1,000 schools will be completed within two months - U
» utube 11/19/24 MM&C Report-Census-Global Transparency-Budget-Trade-Banking-Delete the Ze
» Barzani: The relationship with Baghdad is good and no problem can be solved by force
» Al-Mashhadani: The international system today is “fluid and in crisis” and the Middle East crisis is
» Legal Center: Iraq is the fourth Arab country in child labor and there is a need to legislate a law
» Democratic: The new regional government is a coalition and one step away from negotiations to form i
» Parliament resumes its sessions next week... and clarification of the mechanism for extending its le
» A member of the Patriotic Union of Kurdistan stresses the need to pass the Kurdistan budget law, whi
» Framework warns: Agreement with Washington will be at stake if Iraq is bombed
» Protecting Iraq is an American duty: Security agreements are not just ink on paper
» Moderate leaders...are they able to guide the path at a regional crossroads?
» Politician reveals political agreements to vote on personal status law
» US report shows the importance of the population census in Iraq: It will reshape this map
» Dollar-Dinar Exchange Rate Gap: Causes and Treatments
» The Fifth Forum for Peace and Security in the Middle East kicks off in Dohuk with the participation
» Planning for / Nina /: The census results will be announced at this time and we implemented the proj
» Former MP: Worrying circumstances accompanied the population census process in Basra
» MP Hassan Al-Asadi brings good news to a group of those covered by Article 140
» Economist: Total cost of general population census reached 951 billion dinars
» Israel's complaint against Iraq.. a prelude to an expected military action - Urgent
» Mahmoud Al-Mashhadani: What is happening today in the Middle East is a “vital area for the second Na
» The complex of forming the regional government is exacerbated by the adherence to the “old faces”
» Bitcoin hits new record
» Prime Minister's Advisor: National Development Plan 2024-2028 depends on census results
» Al-Abadi responds to Senator Lindsey Graham's statement: Incites new conflicts and wars
» War developments portend danger in Iraq.. Israeli threatening messages arrived via a regional state
» Controversy over Kurdish citizens entering Kirkuk before the population census.. What's the story?
» MP reveals date of passing general amnesty and personal status laws
» Economist: The census will lead to an increase in the share of some governorates in regional develop
» Al-Sudani directs to equip border forces with modern weapons and secure all their requirements
» Iraqi government: We are making great efforts to control the influence of factions inside Iraq
» utube 11/18/24 US President Donald Trump Statement About Iraqi Dinar New RateIraqi Dinar News
» Mazhar Saleh: Population census is the basis for achieving optimal development
» Setting the date for announcing the preliminary results of the population census
» Kurdish MP: Population census will affect all governorates financially
» Between Israeli accusations and Baghdad's position: Is Iraq heading towards an international confron
» Al-Sudani renews his directives on the necessity of completing service projects within the previousl
» Political movement calls on parliament to strike dens of corruption
» MP criticizes the Foreign Ministry's performance towards the Turkish occupation
» Parliamentary Economy Committee criticizes the government’s withdrawal of the Public-Private Partner
» Before the vote... Washington moves its agendas to prevent the approval of the personal status law
» Al-Maliki: The Zionist entity seeks to strike Iraq through its expansionist war
» MP identifies 3 black images of the American role in the Middle East
» Where is the Baghdad-Washington agreement? The Zionist entity provokes Iraq and threatens to bomb it
» Durable goods are an open option for citizens.. Planning indicates a high response to the population
» Parliamentary Legal: The regional government is trying to change the demographics of Kirkuk to regai
» Arrest warrant issued for Anbar Council member for involvement in corruption and terrorism cases
» Al-Sudani directs continued payment of wages to workers on a "daily wage" during the two days of the
» What is the relationship between the population census and the national development plan? Al-Sudani’
» Iraq's seaborne crude oil exports decline
» Will the population increase the number of representatives in Iraq?
» In cooperation with the United Nations Population Fund.. The first population census in Iraq in more
» Jordanian company completes strategic submersible pumps project in Iraq
» Rasool: The government is pursuing anyone involved in activities that threaten Iraq's security
» US military creates air bridge from Iraq to Syria
» Al-Sudani, Putin discuss Middle East issues amid unprecedented escalation of tension in the region
» Know the secrets of the Iraqi house.. Baghdad demands that Washington deter Israel
» On the second day of the curfew, Al-Sudani tours Baghdad and “meets citizens”
» Planning: Slums are counted as a fact in the population census
» Despite problems, Iraq and Turkey agree to increase trade exchange
» Iraqi regions detect drones.. and Washington informs Baghdad of "exhausting" its pressure on the ent
» Bitcoin breaks $97,000 barrier for the first time in its history
» A difference of more than two million people: Iraqi or international estimates? Who will prove the a
» In numbers.. UAE exports to Iraq grow significantly