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Mazhar Saleh: The World Bank starts from the rentier of the Iraqi economy
Economical 06/03/2023
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Yesterday, Friday, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, commented on what was stated in the report of the International Monetary Fund experts, and what he described as very pessimistic.
Saleh told the Iraqi News Agency (INA): "The International Monetary Fund stems from the rentier problems of the Iraqi economy, as the percentage of public expenditures in the Iraqi economy reaches nearly 50% of the gross domestic product."
He added, "While the foreign reserves in which the Central Bank of Iraq defends stability are linked to the general level of prices as a major goal of monetary policy through the bank's intervention with its operational goals in controlling local liquidity levels and targeting growth in the money supply by using part of the foreign reserves whose source it is." Oil revenues are also in the general budget, as the monetary policy operations are embodied in the daily intervention in the exchange market with the strength and abundance of those reserves, the basis of which is the oil sector by 99%.
And he continued, “Thus, those important foreign reserves are dependent on imposing price stability on budget revenues from oil revenues themselves, so the correlation between monetary and fiscal policies depends in all cases on the development of the energy sector itself and the revenues achieved from high oil prices, and any fluctuations in the cycle of oil assets that affect In that important connection between the two policies, that is, fiscal and monetary.
And he added, “Therefore, the potential deficit in the oil current account of the balance of payments and because of the unilateralism of the economy will generate a deficit gap in the public budget, which is called the bilateral deficit, and affects the intervention capabilities of monetary policy in controlling liquidity levels to achieve price stability, and this matter requires monetary and fiscal policy.” Do two things together.
He explained, "The first factor includes the intervention of monetary policy in the money market to control local liquidity levels or the money supply by applying a more stringent policy in which this time the (interest rate) tool is used strongly in order to control the growth in the monetary base and then the general money supply, which are (sterilization) policies." Additional local liquidity, by using interest rate signals in addition to the exchange rate signal and the role of the foreign currency window.
And he indicated that "the second issue includes assuming fiscal policy imposing broader discipline on public expenditures, i.e. imposing financial discipline, as well as establishing a development partnership with the private sector whose financial surpluses are concentrated to sustain spending on development and investment programs within the premise of the social market."
He noted that "the report of the International Monetary Fund experts was very pessimistic, as multilateral international financial organizations usually stick to a few geopolitical and environmental factors, even if they are temporary, and issues related to developments in the international economic situation, in order to give a very sad scenario for the future of the economy."
He stressed that "such situations, such as water issues and desertification, are often linked to food security risks on the one hand, and clean uses of energy, specifically renewable energy, are linked to issues related to the environment and carbon zeroing with the issue of low demand for oil and the deterioration of its revenues globally, as the outcome of these warnings leads to an existential threat to the economy, according to reports issued." about these organisations.
He pointed out that, "Despite the foregoing, the country and its economic programs for the coming years, whether in the field of water or energy, and diversifying the economy, took all these factors into account, and it is a national planning responsibility to defend the interests of sustainable development in Iraq, and there is no way out of that."
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