Iraqi News Highlights and Points to Ponder Thursday AM 3-6-24

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 Iraqi News Highlights and Points to Ponder Thursday AM 3-6-24                                                   

An Analytical View Of The International Monetary Fund Regarding The Government And Central Bank’s Actions To Recover The Iraqi Economy

Samir Al-Nusairi In light of the assessment by the experts of the International Monetary Fund mission of the measures taken by the government and the Central Bank, which contributed to preserving the transition of the Iraqi economy from a state of fragility to a gradual recovery during the second half of 2023, as it became clear that “growth in the non-oil sector rose strongly in the year 2023 by 6%.” % of the gross domestic product, with inflation declining to 4% after it was 7.5% at the beginning of the year.

This comes due to the Central Bank’s measures to control the general level of prices and reduce inflation, which is the most prominent monetary policy task that has been achieved, which is the lowest inflation rates achieved for the year 2023 in regional and Arab countries. It was achieved due to the efforts made in organizing the financing of foreign trade and cooperation with the government in securing basic foodstuffs and providing… Ration card materials at subsidized prices.

The occurrence of these developments is due to the stability of the foreign exchange market and the safety and transparency of 95% of foreign transfers to traders and importers via the electronic platform and at the official rate, in addition to opening direct dealings with up to 30 foreign and Arab correspondent banks and opening dealings in the local currencies of countries with which Iraq has important trade exchanges, such as China, Turkey and the Emirates. And India.

After some interruptions following the implementation of new anti-money laundering and counter-terrorism financing controls on cross-border payments in November 2022, improved compliance with the new system and CBI initiatives to reduce transaction processing times led to a recovery in trade finance in the second half of 2023. .

The IMF welcomed “the initial steps taken towards establishing the Treasury Single Account (TSA), which is a critical tool for improving cash liquidity management.” It is necessary to point out here the “efforts made by the Central Bank aimed at getting rid of surplus liquidity. The Central Bank increased the interest rate on monetary policy tools and raised mandatory reserve requirements. It also began issuing treasury bills with a maturity of 14 days last summer.”

Therefore, the Fund called for supporting the existing efforts of the Central Bank by consolidating unused government deposits in the unified treasury account, refraining from pro-cyclical financial policy, reducing dependence on monetary financing, and improving public debt management, and from an insightful view of the International Monetary Fund, it confirms However, the steps taken by the government and the Central Bank to accelerate the digital transformation of the economy, reduce dependence on cash and enhance financial inclusion, which supports the plans to launch a financial inclusion strategy.

Official statistics indicate that 558 government agencies deployed electronic payment tools in 2023, compared to 12 government agencies in 2022. The number of employee salary localization cards reached 8,653,000 cards, the number of issued cards was 17,822,310 cards, and the value of the use of electronic payment tools in 2023 amounted to approximately 12 million dollars through 32,842 transactions.   Views 76 03/07/2024 – https://economy-news.net/content.php?id=41207 

Sending The 2024 Budget Schedules Is Delayed.. What About Employee Salaries?

Policy  03-07-2024 | 582 views  Alsumaria News – Politics  The Parliamentary Finance Committee called on the government to expedite sending the budget schedules for the current year 2024 as soon as possible so that it can study and vote on them, while confirming that the government’s financial situation is very good and there are no concerns about the status of salaries.

Member of the Finance Committee, Jamal Kujar, said that the government’s financial situation is very good and there are no obstacles to prevent the distribution of salaries or their delay, as Iraq went through difficult days such as the spread of the Corona virus and the occupation of “ISIS,” and Iraq was able to secure salaries on time, noting that there is no lack of cash liquidity, according to Al-Sabah official newspaper.

He stated that the government was supposed to present the 2024 budget schedules now so that we could vote on them and proceed with them, especially since it had stopped bonuses and promotions, and they are intended to be included in the budget because it is an increase that needs to be re-sent with amounts added to it so that the Ministry of Finance can pay it, indicating that it is correct.

The budget was approved for three continuous years with the aforementioned numbers and not by adding a single dinar to it, but the government does not have these powers, and it is true that it carries injustice that falls on the employee, but this injustice is removed by a law, which is the budget.

Koger stressed that the Finance Committee does not know when the government will send the schedules, but it is possible that this month will be crucial for the government because it needs them as well.   LINK

The Head Of The Communications Commission Heads The Iraqi Delegation To The World Bank’s Global Digital Summit

March 6, 2024  Baghdad/Al-Masala Al-Hadath: The Communications and Media Commission announced that the Commission’s Chairman, Ali Al-Muayyad, will head the Iraqi delegation to the World Bank’s Global Digital Summit in Washington.

The Authority said in a statement received by Al Masalah, that the Communications and Media Authority delegation, headed by Ali Almoayyed, participated in the inaugural World Bank Global Digital Summit in the United States of America, which continues until March 7.

She added that the summit, which will be held at the World Bank building in Washington, D.C., will be attended by a number of senior officials and ministers in governments and bodies regulating the communications and information technology sector, as well as major international companies.

He stated that the summit will discuss several topics, the most important of which are addressing the digital divide in remote areas, information security, electronic governance, investment in the digitization sector, cloud computing, accelerating digital transformation, artificial intelligence, and the future of digital transformation in the world, in addition to building digital skills. https://almasalah.com/archives/84845

Parliamentary Law Requires Consensus Before Legislating The Oil And Gas Law

Information / Baghdad   Today, Thursday, the head of the Parliamentary Legal Committee, Mortada Al-Saadi, stipulated consensus between the political blocs before legislating the oil and gas law.

Al-Saadi said in an interview with the Maalouma Agency, “The oil and gas law cannot pass without a political agreement,” noting, “There are many laws that need political agreement, most notably the oil and gas law.”

He added, “The law is a sensitive law that requires deep study and discussion, and cannot be passed without a political agreement.” LINK

Al-Sudani: The Period Is Ideal For Establishing A Strategic Economic And Political Relationship With Saudi Arabia

Political | 03/06/2024  Mawazine News – Baghdad.    Prime Minister Muhammad Shiaa Al-Sudani described the current period as ideal for developing relations with the Gulf states, Saudi Arabia and Turkey, indicating that relations between Iraq and Saudi Arabia are important for the stability of the region.

 Al-Sudani said in an interview followed by Mawazine News: “The Arabs returned to Iraq after the 25th Gulf and turned us open to receive the Gulf.”

 He added, “The period is ideal for establishing a strategic economic and political relationship with Saudi Arabia, and that Saudi Crown Prince Mohammed bin Salman is sincere and clear in his support for Iraq and its people.”

 He pointed out that “my visit to Turkey changed the course of relations between the two countries, and they are continuing to develop to remove any crisis between Baghdad and Ankara.”

https://www.mawazin.net/Details.aspx?jimare=243348

By “95%”… An Increase In Foreign Remittances In The Iraqi Currency Auction

2024-03-07 05:10  Shafaq News/ External remittances increased in the currency auction of the Central Bank of Iraq, today, Thursday, by 95% at the expense of cash sales.

Shafaq News Agency correspondent stated that the Central Bank sold today, during its auction for buying and selling the US dollar, 205 million and 457 thousand and 750 dollars, which the bank covered at a base exchange rate of 1,305 dinars, per dollar for documentary credits and international settlements for electronic cards, and at a price of 1,310 dinars per dollar for external transfers. And at the same price in cash.

Our correspondent added that most of the bank’s dollar sales went to strengthen balances abroad in the form of (transfers, credits), which amounted to 195 million 297 thousand and 750 dollars, an increase of 95%, compared to cash sales amounting to 9 million 860 thousand dollars.

Our correspondent indicated that the number of banks that purchased the cash dollar amounted to 4 banks, while the number of banks that responded to requests to enhance balances abroad reached 17 banks, while the total number of exchange and brokerage companies participating in the auction was 61 companies. LINK

Provoking Points to Ponder on Decisions 

The mania of thinking renders one unfit for every activity.  – Anatole France

When possible make the decisions now, even if action is in the future. A revised decision usually is better than one reached at the last moment.  – William B. Given

We spend our days in deliberating, and we end them without coming to any resolve.  – L’Estrange

If you think too long, you think wrong.  – Jim Kaat

You decide you’ll wait for your pitch. Then as the ball starts toward the plate, you think about your stance. And then you think about your swing. And then you realize that the ball that went past you for a strike was your pitch.  – Bobby Murcer

The soul of dispatch is decision.  – William Hazlitt

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