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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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    After the decline in oil, a government advisor: We have the capabilities to confront the problems of

    Rocky
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    After the decline in oil, a government advisor: We have the capabilities to confront the problems of Empty After the decline in oil, a government advisor: We have the capabilities to confront the problems of

    Post by Rocky Fri 13 Sep 2024, 4:45 am

    After the decline in oil, a government advisor: We have the capabilities to confront the problems of the global economy
    • Time: 2024/09/12 10:58:19
       
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    {Economic: Al Furat News} The financial advisor to the Prime Minister, Mazhar Muhammad Salih, reassured citizens after the decline in global oil prices.
    Saleh told Al Furat News Agency: "Despite the noise surrounding the global energy markets and the conflicting possibilities about their effects on the national economy, it is necessary to know the strengths of the Iraqi economy. The decline in Iraq's external debt to its lowest level in the last forty years, not exceeding $10 billion, came from the government's determination to follow a precise program to settle the external debt, which today constitutes less than 9% of the country's total foreign exchange reserves, which are reserves that are close to $108 billion, the highest reserves in the country's monetary and financial history."
    He added, "In terms of stability and growth in economic activity, the growth indicators in the non-oil GDP have touched 6%, supported by construction and housing activities and infrastructure development, in addition to the development of grain sector production, accompanied by the renaissance of the transportation and communications sector and the growth of the digital economy." 
    Saleh continued, "While the price growth rate remained very moderate and did not exceed, according to the latest statistics, 3.7% annually, which means that the country is witnessing high price and development stability, it is no secret that establishing a tight food security system was based on the successful integration of agricultural and financial policies, as government support for grain producers constituted a safety valve in encouraging agricultural production of grain crops, which encouraged farmers to provide nearly 6 million tons of grains during the year 2024, which is the quantity that matches the country's need for grains, and it was considered one of the gateways to self-reliant food security using water-saving technologies."
    He noted, "At the same time, it is no secret that this was accompanied by government support for the food basket that affects the lives of 40 million Iraqi citizens who have access to basic food items of appropriate quality and quantity," pointing to "the trend towards reviving central markets, which is a type of competitive commercial investment."
    He added that "the General Company for Central Markets, one of the formations of the Ministry of Commerce, announced its new policy since March 2024, that it will continue to refer its sites and markets for investment, in accordance with the amended Investment Law No. 13 of 2006, in order to achieve economic balance and support the Iraqi consumer."
    Saleh explained, "It is noted that the marketing policy of the General Company for Central Markets, through the strategy of partnership between the state and the private sector, has undertaken to activate a pattern of market stability patterns by providing competitive marketing outlets that meet the needs of the poor and low-income classes, through the best consumer products in terms of quality assurance and price stability, which is consistent with the pivotal role played by the Competition and Anti-Monopoly Council issued under Law No. 14 of 2010, which aims to protect purchasing rights from monopoly and manipulation of the power of the citizen."
    He added, "We cannot ignore the role of monetary policy in developing the financing of productive activities in the country through the Central Bank initiative, which has contributed to date in providing soft loans to the private sector through specialized and commercial banks, most of which were spent on the housing sector and small and medium enterprises, as the amounts of the Central Bank initiative directed to market activity are estimated at about 10 billion dollars."
    He explained that "within the framework of the state's orientation in the philosophy of partnership with the private sector in general and the industrial sector in particular, the state has provided a strict system for granting sovereign guarantees to ensure that the private industrial sector obtains large external loans that are spent on supplying production lines and technology that provide advanced industrial products for the benefit of outputs directed towards direct reconstruction of the country's infrastructure."
    He added, "As well as supporting the pharmaceutical and petrochemical industries in the private sector and maximizing the manufacture of petroleum derivatives to dispense with importing gasoline in the coming months. The country has even begun to export some oils from surplus production that has recently been achieved," noting that "the burning of associated gas will be zeroed within the next two years, while power plants may double their production mostly by replacing combined cycles and benefiting from associated gaseous fuel." He concluded
    his speech by saying, "The country is in a major work renaissance and has high capabilities to face the challenges that the problems of the global economy impose on various countries of the world."
    Raghad
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