More "Tidbits From TNT" Monday Evening 5-16-2022

TNT:

Tishwash:  Iraq indicates economic and financial recovery: We want more

Today, Monday, Prime Minister Mustafa Al-Kazemi chaired an economic meeting devoted to discussing the current financial and economic conditions in the country.

A statement by Al-Kazemi's office said that the meeting came "in light of the reports and positive indicators developed by the International Monetary Fund and the World Bank," and the meeting was attended by the Minister of Finance and advisors specialized in financial and economic aspects.

At the outset of the meeting, the Prime Minister affirmed that the strategy that was developed to address the financial and economic conditions has succeeded in overcoming the challenges that the government received at the beginning of its formation, and that the growth of indicators mentioned by international reports is a reflection of this strategy.

He added that the momentum that succeeded in raising the country's economic situation must continue, and that we should continue to strive for more.

He listened to a detailed presentation by the Minister of Finance on the Iraqi economic reality and the good international indicators in light of the escalating growth of the Iraqi economy despite the great challenges it faces, as international reports indicated that the total foreign currency reserves increased significantly, in addition to achieving a good level of revenues. According to the statement.

During the meeting, it was pointed out that Iraq controlled food prices locally, despite the double increase in their prices globally, as well as the achievement of growth in the domestic product that exceeds what was achieved in the countries of the Middle East and North Africa.

The report showed that inflation rates in the internal economy were controlled, and the current account balance rose, as well as a noticeable rise in the overall financial balance.

In its report issued last April, the World Bank confirmed that Iraq ranked first in the Arab world with the largest growth in GDP and per capita for the year 2022.

And the World Bank report expected that "Iraq's gross domestic product will grow this year by 8.9 percent, exceeding the rest of the Arab countries, including Qatar, which is expected to grow by 4.9 percent, Saudi Arabia 7 percent, and Kuwait 5.7 percent."  link

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Tishwash:  In an emergency session... Commerce is looking for alternative plans to confront the price hike crisis

The Food Security Committee at the Ministry of Commerce held an emergency meeting today, Monday, to discuss the repercussions of the Federal Court's veto of the Emergency Food Security Support Law, and to discuss the requirements for supporting the ration card and confronting the rise in prices.

The Minister of Commerce, Alaa al-Jubouri, stressed, while presiding over the meeting, according to a statement by the ministry and received by Earth News, "the importance of mobilizing all efforts to support the requirements of the ration card and to provide strategic storage for wheat that meets the need for the ration for the coming months."

Al-Jubouri added that "the decision to veto the Federal Court put us in front of a new responsibility to search for alternatives to support the requirements of the ration card, and we need a clear vision presented to the relevant authorities in the House of Representatives or the government."

He pointed out that "the committee has developed many solutions and plans through which it is possible to support the requirements of the ration card and face the rise in prices as a result of the Russian-Ukrainian conflict, and at the forefront of these solutions is supporting the marketing season by receiving all marketed quantities from farmers and farmers and making every effort to pay their financial dues and within the decision of the Council of Ministers Which allowed the delivery of those dues no later than the first of next June.

The minister also pointed out to “searching for the issue of purchasing on credit from sober global origins, or choosing several companies for the purpose of agreeing and contracting with them to supply materials, provided that the amount will be made at a later time by the Ministry of Finance.”

He stressed "the importance of reconsidering the groups benefiting from the catering system in order to direct the ration card to the poorest groups, which helps them to overcome the crisis of high prices and their scarcity in the local market."

And he stressed at the same time, "the importance of leaving the traditional methods in the face of potential circumstances and the search for new alternatives that allow supporting the need for the ration card."

The meeting discussed alternatives that enable the Ministry of Commerce to present a clear vision to the Council of Ministers and the Ministry of Finance for the purpose of overcoming the repercussions of the current stage and considering the categories covered by the ration card, as well as dealing with other categories covered by the Council of Ministers’ decision to withhold the ration card, since the current circumstance requires bold decisions aimed at supporting citizens

Those with limited income and directing it to them more as well as searching for alternatives to the law of emergency support for food security in agreement with the Ministry of Finance and the relevant authorities to develop a mechanism that allows this ministry to contract for the purpose of securing sufficient strategic storage at the end of next year, as well as dealing with the food basket file, which was able in this The situation is facing the repercussions of the price hike crisis and our people’s exit from it.”

It is worth noting that reversal of the law will negatively affect the sustainability of funding by perpetuating the work of the food basket project with securing strategic storage, the allocations of which were guaranteed by the law of emergency support for food security and development.  link

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Tishwash: Electricity: Failure to pass the emergency subsidy law will put us at risk of cutting off gas supplies

The Ministry of Electricity confirmed today, Monday, that failure to pass the emergency subsidy law will put the ministry at risk of cutting gas supplies.

The ministry said in a statement received by “Earth News” that “while the Ministry of Electricity respects the decisions of the esteemed Federal Court, which are binding on everyone and obligatory for implementation, the failure to pass the emergency support law for food security and development will greatly confuse the work of the Ministry of Electricity if it is not implemented.” Finding an alternative to this law.

He added, "Its support in the law came after repeated hosting by the brothers, members of the Parliamentary Finance Committee of the Minister of Electricity and the advanced owners of agents, advisors, general managers and experts, and a great understanding was achieved on their part for their technical payments about the requirements of the national system of supplied gas, and the accumulation of financial dues."

The statement continued, "The Ministry of Electricity was counting on the emergency support law in large parts, to support electricity in providing gas dues payable to the Iranian side, for the value of the gas supplied for the year 2020, due to the failure to pass and approve the general budget law for 2022 to pay it."

She pointed out that “the emergency support law had to allocate these details in favor of electricity to pay the dues (previous and current), as well as authorizing the Minister of Finance to sign financing agreements for ongoing loans included in the 2012 budget, which led to the delay in proceeding with dozens of projects to complete maintenance, complete stations and rehabilitate distribution networks

Given that the budget is not passed, and ministries are granted a budget (1/12), it is definitely not enough to keep pace with work, with the observers of the time when the global crisis casts a dark shadow on the increasing demand for gas under the weight of the Russian-Ukrainian war. l

And she added, "The Ministry of Electricity has negotiated earlier with the Iranian side on the issue of dues for fuel supplied to the stations, and it understood (thankfully) the extent of the need for these releases, on the condition that we pay what we owe them by a date no later than the end of the current month of May, for the need for these amounts to purchase the requirements of the Iranian people. of food and medicine, which are urgent and indispensable humanitarian requirements.”

The ministry stressed that, “Based on the foregoing, the failure to pass this law, and the absence of an alternative, will affect overall the work of the Ministry of Electricity, and put the state at risk of cutting off gas supplies and repeating its experience, at a time when the country suffers from climate extremism and its consequences, not forgetting the urban expansion.”

And the population, who are considered a reality of the situation, which the Ministry of Electricity deals with very seriously, based on its responsibilities and its message towards the government and the people of the country.”   link

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