Iraqi News Sunday Afternoon 4-10-22
Iraqi News Sunday Afternoon 4-10-22
TLM724 Administrator BondLady’s Corner
Al-Hakim: The Transition From Dictatorship To Democracy Was Not Easy, And Iraq Is Still Paying Its Taxes
Political | 02:30 - 10/04/2022 Baghdad - Mawazine News, head of the Wisdom Movement, Ammar al-Hakim, considered, on Sunday, that Iraq is still "paying a tax" for the transition from dictatorship to democracy.
Al-Hakim said during his meeting with the new Canadian ambassador in Baghdad, Gregory Galligen, according to a statement by his office received by Mawazine News, that "Iraq is open to everyone and seeks to establish the best relations based on common interests and respect for its sovereignty," calling on everyone to "deal with Iraq according to this principle." ".
Al-Hakim referred to "the nature of the changes that Iraq experienced," saying that "the transition from dictatorship to democracy was not easy, and Iraq is still paying its tax."
Regarding the political issue, Al-Hakim explained, "the nature of the initiative that was launched recently," adding that it "is capable of ending the current political impasse if it is dealt with positively." Ended 29/N33 https://www.mawazin.net/Details.aspx?jimare=189796
Learn About Iraq's Ranking Globally And In The Arab World Among The Largest Countries By GDP
Material uses Economy News _ Baghdad Iraq ranked 52 globally and fourth in the Arab world among the largest countries in GDP for the year 2022, according to the American "CEOWORLD" magazine for statistics.
The magazine said in a report seen by "Economy News", that "the five largest economies in the world, according to the nominal GDP measure, are the United States, China, Japan, Germany and the United Kingdom, and that these top five countries constitute more than half of the world's economic output by GDP." The total in nominal terms,” noting that “the global GDP is $95 trillion as of 2022.”
And she added, "The nominal gross domestic product of the United States, which came first in the world, amounts to 24.79 trillion dollars in 2022, and China is the second largest economy in terms of nominal GDP, reaching 18.46 trillion dollars, while Japan has the third largest economy in the world with a total GDP. It amounts to $5.38 trillion, the German economy is the fourth largest in the world with a GDP of $4.5 trillion, and the UK economy is the fifth largest in the world with a GDP of $3.44 trillion.
And she indicated that "Iraq ranked 52 globally and fourth in the Arab world, as the nominal gross domestic product of Iraq during the year 2022 is about 226 billion, and 620 million dollars," and it is expected that "this output will rise during the year 2023 to 239 billion, 993 million dollars, and to 251 One billion and 504 million dollars in 2024, and it will reach 277 billion and 850 million dollars in 2026.
According to the report, "Arably", Saudi Arabia came first and ranked 19th globally with the largest GDP, as it will reach in 2022 about 876 billion and 148 million dollars, followed by Egypt second and 33rd globally with 438 billion and 348 million dollars, followed by the United Arab Emirates third and 35th globally with a 427 billion and 930 million dollars, and then Qatar comes fifth and 57th globally, at 180 billion and 883 million dollars.
Gross Domestic Product is the monetary market value of all final goods and services manufactured within a country during a specified period. Views 69 Date Added 10/04/2022
https://economy-news.net/content.php?id=27516
Iraq And Kuwait Discuss Bilateral And Regional Relations And Coordination At The International Level
Foreign Minister Fouad Hussein and his Kuwaiti counterpart Ahmed Nasser Al-Mohammed Al-Sabah discussed bilateral and regional relations and coordination at the international level.
The Foreign Ministry stated, in a statement, that "Foreign Minister Fouad Hussein received a phone call from Kuwaiti Foreign Minister Sheikh Ahmad Nasser Al-Mohammed Al-Sabah, and the two sides exchanged congratulations and blessings on the occasion of the holy month of Ramadan, wishing the two brotherly peoples peace and security, and they discussed bilateral relations between the two countries and ways to develop them in Next period".
The statement added, "They also discussed the regional and international situation, developments in the region, and coordination between Iraq and the Gulf states on international issues, as the Russian-Western conflict and the war in Ukraine overshadowed international positions, and from this standpoint, joint action in the international arena has become a necessity." .
The two parties discussed, "the new developments of the war on the ground, and its consequences on international relations and the global economy, and the manner and method of making international decisions related to this conflict."
The two ministers stressed, "the importance of following up the events carefully and in light of them crystallizing common positions in international organizations, as well as the importance of emphasizing the resolution of dilemmas through dialogue and negotiations," expressing their "happiness with the high level of coordination between Iraq and the countries of the region, including the Gulf states."
https://www.radionawa.com/all-detail.aspx?jimare=28933
The Surplus Oil Encourages The Launch Of Practical Steps To Zero The Debts
Posted On2022-04-10 By Sotaliraq Baghdad/ Firas Adnan The government is seeking to implement a strategy to pay off Iraq’s external and internal debts, amounting to about $68 billion, to strengthen the state’s financial system. This comes at a time when experts called for diversifying sources of payment and not relying on high oil only, estimating the central bank’s reserves at the present time at about $70 billion.
The financial advisor in the Council of Ministers, Mazhar Muhammad Salih, said, "The correct and important strategy in dealing with the debt file in Iraq is to pay the internal debts, which amount to about 48 billion dollars."
Saleh added, "These debts are within the government financial system, that is, between the official financial parties and not outside them, and there is no foreign party in them."
He pointed out, "there is a strategy to settle it within three years to be liquidated and get rid of most of it," noting that "most of the internal debts are in the possession of the Central Bank of Iraq, and about 67% of them and the rest are with large government banks such as Al-Rafidain and Al-Rasheed."
Saleh stressed, "Resorting to repaying these debts would strengthen the Iraqi financial system and give it more confidence, especially since 85% of the banking system is in the hands of the government, and the government sector in Iraq is still the strongest."
He noted, "The government seeks to strengthen its financial system, assets, policies, profits, efficiency and position."
Saleh continues, that with "oil revenues in this form and at stable prices, we will succeed in extinguishing the internal debt in the manner planned, especially since its amount has become greater than the external debt, which is less than 20 billion dollars."
And he spoke about "claims and numbers that appear worthless, but this number that we talked about is the one that must be paid and officially confirmed."
Saleh went on to say that "the payment of the external debt is in accordance with a strategy that Iraq has developed with the relevant authorities, such as the Paris Club and the subsequent agreements."
The Cabinet had voted on a strategy to pay off external and internal debts for the years 2022-2024 as a result of the rise in oil prices.
For his part, economic expert Safwan Qusay said, "The government invested in the increase in oil prices in the process of zeroing internal debts."
Qusay agrees with Saleh, that "Iraq's internal debts amount to about 70 trillion dinars internally, which constitutes 48 billion dollars, and it will be repaid over three years."
He pointed out, "The payment will be based on oil imports," noting that "the government financial center enables it to pay those debts not only through oil revenues, but by returning ownership percentages to these percentages to the Ministry of Finance in public companies, real estate and outlets that help to File resolution.
And Qusay, that "the Ministry of Finance has stakes in oil and transportation companies, and these are profitable companies, so reducing the ministry's ownership in exchange for transferring debts to these companies will contribute to opening a new window away from oil revenues."
And he believed, "The government is able to pay the internal debts within a strategic period and comfortably, but we prefer that the payment take place from outside oil revenues, and thus we achieve zeroing in an immediate manner."
Qusay explained, "Kuwait's debts have been completely liquidated, and this has saved us $6 billion at the current price of oil, which has been added to Iraq's revenues and can be used to pay off internal debts."
And he added, "Resorting to paying debts would raise confidence in the Iraqi economy, and then move the investment process," explaining that "the money that will be paid to banks and funds that bought earlier bonds to help the government in its financial crisis, will be re-employed in strategic projects." “.
Qusay concluded, "The Central Bank's reserves have currently reached more than 70 billion dollars, and this amount helps us in dealing with any economic problem resulting from the drop in oil prices."
Experts have confirmed that oil prices will maintain their stability during the current year at more than $100 per barrel, calling for benefiting from the surplus in repaying debts, undertaking important projects and establishing sovereign funds for future generations. LINK
The Investment Authority talks about solving the housing crisis in Iraq
The head of the Investment Authority, Suha Al-Najjar, confirmed the need for about 4 million housing units to solve the housing crisis in Iraq.
Al-Najjar said, in a televised interview, that "the authority granted approximately 130 investment licenses during 2021," noting that "work has begun on many stalled projects."
She added, "There are 1,800 vacations between delusional and semi-delusional," noting that "the number of lagging projects exceeds 500."
And she indicated, "The Investment Authority was born during a period of widespread corruption, and reform fighters are present in every sector and field," stressing that "political pressures continue to obtain investment licenses."
And she continued, "We are facing great political pressure regarding the granting of land," noting that "the capital, Baghdad, has been subjected to random construction, and we need 3-4 million housing units to solve the housing crisis."
She pointed out that "the stricter measures increased the bureaucracy," noting that "the real investor does not benefit from the exemptions."
And she added, "We have lost millions of dunams as a result of fictitious and semi-pseudo-projects," pointing to "coordination with the Ministry of Labor regarding the regulation of foreign labor."
On the experience of the Bismayah residential complex, Al-Najjar said: "We seek to repeat the experience of the Bismayah residential city," explaining that "the Bismayah file has been suspended for 3 years due to the dispute with the company."
She noted that "the disbursements of the Basmaya file have exceeded the achievement," stressing that "the commission needs 4 billion dollars to complete Basmaya."
And she added, "The authority prefers to continue with the executing company to complete the Basmaya project," noting that "the process of auditing Basmaya contracts will end in the coming days."
With regard to the Rafael city project, Al-Najjar stressed that "there is no truth to the existence of demographic changes in the Rafael city project," indicating that "11 companies are working on the implementation of the Rafael city project." https://www.radionawa.com/all-detail.aspx?jimare=28934
Samir Al-Nusairi Calls For Investing The Financial Abundance To Achieve Food Security And Pay Off Debts
Material uses Economy News – Special On Sunday, the economic and banking advisor to the Association of Iraqi Private Banks, Samir Al-Nusairi, called for investing the financial abundance achieved from the rise in oil prices in achieving food security and paying internal and external debts.
Al-Nusairi said in a statement to “Al-Iqtisad News” that “the financial abundance achieved in Iraq during the current year due to the rise in oil prices and its reaching rates of not less than $100 per barrel due to the conditions of the Russian-Ukrainian war and the recovery of countries’ economies due to the decline in the effects of the Corona pandemic, makes us call on the government and the Ministry of Finance to This abundance is invested with high transparency and keenness to achieve the food security requirements of citizens in order to face the rise in prices, especially for foodstuffs.
He added, "The other main task is to pay what it owes to the Central Bank as an internal debt that must be repaid until 2021, which amounts to 72 trillion dinars, and external debt is up to 29 billion dollars."
Al-Nusairi expected that “financial savings exceeding $40 billion will be achieved in 2022, in the event that the price of oil in the budget is set at $75 a barrel, which will contribute to paying part of the internal and external debt to achieve flexibility with the Central Bank in controlling the exchange rate and reducing inflation.” and increasing foreign cash reserves.
He pointed out that paying the debts "will lead to a decrease in the total debt-to-GDP ratio to less than the current ratio of 45%," stressing that this "requires the Ministry of Finance to start paying what it owes from internal debt to the Central Bank according to a timetable to be agreed upon. on him".
Views 40 Date added 10/04/2022 https://economy-news.net/content.php?id=27519
The Stability Of The Dollar Exchange Rate Against The Dinar
Economie| 10:01 - 10/04/2022 Baghdad - Mawazine News, the dollar exchange rates maintained their stability in the local markets. Selling price: 147,750 dinars per $100, buying price: 147,500 dinars per $100.
https://www.mawazin.net/Details.aspx?jimare=189776
Al-Jubouri Talks Again About The Option Of Dissolving Parliament And Calling For New Elections
Political | 01:01 - 10/04/2022 Baghdad - Mawazine News, a representative of the Sovereignty Alliance, Mishaan al-Jubouri, considered, on Sunday, that dissolving parliament and calling for new elections is an "inevitable option" in the event the political impasse continues.
https://www.mawazin.net/Details.aspx?jimare=189791
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