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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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    An international recipe to save the Iraqi economy... What are the chances of it succeeding?

    Rocky
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    An international recipe to save the Iraqi economy... What are the chances of it succeeding? Empty An international recipe to save the Iraqi economy... What are the chances of it succeeding?

    Post by Rocky Fri 08 Jul 2022, 5:29 am

    [size=39]An international recipe to save the Iraqi economy... What are the chances of it succeeding?

    Raise your voice - Washington
    07 July 2022
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    As of last April, Iraq recorded positive economic indicators that were manifested in the rise of its cash reserves to unprecedented levels, with expectations of them reaching more than 90 billion dollars by the end of 2022.
    These indicators emerged, driven by a gradual rise in crude oil prices since the middle of last year, after a sharp decline in the value of demand and supply imposed by the global closure conditions in the face of the Corona pandemic.
    Since the first quarter of 2020, Iraq has entered an economic crisis that threatened to collapse the country's economic system, according to which the government headed by Mustafa Al-Kazemi was forced to borrow more than once, to meet operating expenses, including employee salaries.
    In order to remedy the danger to the federal treasury of Baghdad, an economic alliance was established in the British capital, London, in August 2020, to support the Iraqi government in implementing decisive reforms, to push the country from the abyss that stood around the corner.
    The coalition includes the G7 countries: the United States, Britain, Japan, France, Germany, Canada and Italy, in addition to the International Monetary Fund and the World Bank, and from Iraq it includes the Ministry of Finance, the Central Bank and the Parliamentary Finance Committee.
    The three-year contact group of the seven institutions aims to catalyze international support for the urgent economic reform programme.
    In December 2020, the group issued a set of recommendations, including floating the Iraqi currency and making radical reforms in the tax and customs system, thus narrowing the channels of rampant corruption in state institutions.
    Based on the instructions and proposals presented, the government moved towards writing a comprehensive reform program known as the "White Paper", which was approved by the Iraqi parliament in late 2021. 
    The "white paper" includes the economic reform program prepared by the Emergency Cell for Financial Reform.
    Al-Kazemi had announced, in early August, the start of implementing the administrative and executive mechanisms of the economic reform plan within the "white paper".
    And last Monday, a second package of recommendations stressed that "economic diversification and resilience achieve Iraqi economic growth, and lead to the provision of basic services for all, economic opportunities, inclusive growth and achieving greater stability for society."
    The international community encouraged the Iraqi government to revive its economic reform agenda, using the increased oil revenues, to invest in Iraq's long-term future, specifically in improving infrastructure, providing water and electricity, human development, and shifting to alternative energy sources.
    The Oil Ministry announced a few days ago that it had achieved "historic" financial revenues from crude oil revenues for the month of June, exceeding $11.5 billion.
    Despite the high volume of financial revenues, the channels for their disposal that bring economic gains to the country are still idle and stumbling due to the failure to approve the 2022 budget so far, which opens the door for diligence in the exchange.
    Returning to the importance of international recommendations, financial expert Ali Hadi told Raise Your Voice that it is a “comprehensive integrated package that is capable of achieving immediate economic stability and establishing a solid infrastructure in the field of economy at the medium level.”
    Hadi indicates that the second package included recommendations and proposals, some of which came in the first commandment more than 18 months ago, such as the existence of an independent financial sector based on the principle of a free economy and facilitating the movement of money entry through the banking system.
    Hadi explains that "the international community's latest position came in line with the economic reforms achieved by the Iraqi government and to complement what it started two years ago."
    “But there are many obstacles that stand in the way of achieving economic reform in the country, including the societal mentality that is accustomed to the socialist market culture without accepting the ease of gradual transition to a free economy, which is what the international community recommended,” Hadi continues.
    It is suggested that "a joint committee will be formed that includes the institutional private sector, the Central Bank and the Association of Banks, which will undertake to follow up on what has been done and will be accomplished later."
    The financial advisor to the Prime Minister, Mazhar Muhammad Salih, points out that "the group's last speech focused this time on diagnosing corruption problems and finding a link between perceptions of corruption and economic growth and progress."
    He told "Raise Your Voice" that "the dream of development, reorganizing and restructuring the national economy and diversifying its activities within the framework of sustainable development, requires finding economic regulatory mechanisms that address corruption, which has become the first enemy of our country's progress, with the awareness of the international community itself, which organizes to help our country economically."
    Saleh asserts that "the spread of corruption without adequate mechanisms to confront it will remain the scourge that destroys the nation's hopes and aspirations for a better economic tomorrow."
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