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Foreign Minister: The Iraqi government is pursuing reform and fighting corruption

Political| 03:04 – 27/06/2020

Baghdad – Mawazine News  , Foreign Minister Fuad Hussein confirmed on Saturday that the Iraqi government is continuing to achieve reform and fight corruption, while Swedish Foreign Minister Ann Lindy confirmed her country’s support for Iraq.

The Ministry of Foreign Affairs stated in a statement received by / Mawazine News / a copy of it, that “Hussein received a phone call from Lindy and discussed with her the necessity of strengthening bilateral relations, and upgrading them to what meets the aspirations of the two friendly peoples and the need to support Iraq by the Gulf states and the European Union in this field “.

Finance Minister: The government has an integrated program to reform the economy

Political| 04:20 – 27/06/2020

Baghdad – Mawazine News  , Deputy Prime Minister and Minister of Finance Ali Abdul Amir Allawi confirmed today, Saturday, that the government is in the process of forming a complete and integrated program to reform and advance the economy.

Allawi said, according to the official agency, that “this program will be presented to the House of Representatives during the next three months and it will be comprehensive”, pointing out that “the plans in the program will address all sectors of the economy and production and service sectors.”

Oil prices erase gains and close at a weekly loss

Saturday 27, June 2020 12:10 | Economical

Baghdad / Nina / Oil prices closed, on Saturday, on the decline of the gains made earlier in the session, against the backdrop of concerns about the increase in new cases of coronavirus in the United States and China, and expectations of an increase in US production, while crude stocks remain at Record heights.

Brent crude futures closed 32 cents lower at $ 40.73 a barrel. US West Texas Intermediate crude futures fell 52 cents to $ 38.20 a barrel.

And contracts incurred weekly losses of about 3.1 percent and 3.6 percent, respectively, after the pressure of US crude stockpiles data indicates an unprecedented increase in prices last Wednesday.

There are concerns about the rise in cases of Covid-19 in states located in the south of the United States, which may hinder the recovery of demand, especially since some of these states, such as Florida and Texas, are among the largest consumers of gasoline, and the possibility of higher American crude oil production curbs the gains. / End 8

Two experts: borrowing is a way to overcome the challenges of the crisis

Saturday 27 June 2020

Baghdad / Shukran Al-Fatlawi  The economist Bassem Jameel Antoine said in an interview

To Al-Sabah: “Borrowing is the only way out of this stifling crisis, despite its negatives and burdens that the country will bear.” Pointing out that “internal borrowing is much easier than the external one, as it is devoid of any conditions imposed,” indicating that it is a patchwork and not a radical solution.

This came after the House of Representatives recently voted on the internal and external borrowing law.

A statement of the Media Department of the House of Representatives received a “morning” copy of it that “Parliament voted on the law of internal and external borrowing to finance the fiscal deficit for the year 2020.

Confusing monetary policy

Saturday 27 June 2020  Yasser Al-Metwally

The collapse of the exchange rate of the Lebanese pound has led to the country’s introduction of countless problems, and the state has lost control due to the confusion of its strong monetary policy and what cannot be rebalanced.

I market this live experience that is before us now at a time when the country is pressuring to reduce the Iraqi dinar exchange rate against the dollar, which will contribute to an unprecedented inflation that loses the national currency its prestige, and here is an experience as I mentioned before and the economic logic confirms that the only great and only affected by the policy of reducing the exchange rate are a segment The poor and middle income make up the largest proportion of society.

Let us call the correct and sound monetary policy of the Central Bank in maintaining the stability of the exchange rate and the stability of the market as a result of its success, and let us go to other solutions to bridge the budget deficit.

As for talking about supporting the national product, we all call and hope for that.

The answer we have is we who are interested in economic affairs, and there are no accurate statistics and we know well that local production is limited to some industries, as well as some agricultural crops and animal products, is not it?

Now, in order to preserve this product, its durability, and to encourage it, we need its support. How?

Not by lowering the exchange rate but rather by protecting it from imported products by banning them or imposing a customs tariff that limits their import, so we can support the local product, and encourage it and the atmosphere is appropriate now after calls to boycott the importer from all countries ..

In front of us, important goods remained for construction and reconstruction whose production is not available at the present time and luxury goods, and here it is necessary to put in place a planned import program and before it reform the failed trade policy, imposing high fees on luxury goods or preventing their import for three years at the least, and thus we encourage and protect national production.

At that point, discreet customs tariffs will help absorb chunky liquidity from the luxury and able segment of those who resist the rise in the prices of luxury goods that are originally not accessible to the poor and without prejudice to the exchange rate and thus compensate for the budget deficit because the other segments do not need them and here it must be pointed out that the need to reform Financial management and addressing the gaps that allow corruption.

I would like to start calling on those who have no knowledge or experience in monetary policy not to throw themselves in a way that confuses monetary policy, adding insult to injury, and I mean to confuse market confusion and price burns, and I believe with certainty that the new government team, which seems specialized for the first time, understands the importance of not interfering in an issue Monetary policy, except in coordinating matters and unifying the points of view between the fiscal and monetary policies, otherwise the fate of the country is the fate of our sister or brother, Lebanon.