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Iraqi News Tuesday AM 10-20-20

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White Paper

Tuesday 20 October 2020   84  Hussein Thahab  When the economy suffers from major imbalances in its structure, the need for reform is extremely necessary, and if the reform initiative comes late, it is better not to come or find it present too late.

The “white paper” came at a time of the intensification of the financial crisis that is gripping the country due to the “Corona” pandemic and the previously approved incorrect economic policies, which did not take into account such conditions as the country is going through today.

This paper, with its plans to save the country, needs to be applied on the ground, and what are the implementation mechanisms that will work to change the shape of the national economy and move it from one state to another more mature.

For the first time in the country, we find a real direction for reform based on plans drawn up for the future of the next phase, which take upon themselves to formulate a new policy that advances Iraq’s disrupted capabilities that can achieve benefits faster than everyone imagines, when the real environment is provided to support development efforts, while keeping stalled contracts away Leading the march of the sustainable development train, whose fuel will be the “white paper” with its developmental content approved by the official authorities in the country.

The loss of time is not in the interest of the country and the concerted efforts of everyone are required to move the country to a more attractive stage for local, immigrant and international investment efforts, as well as local ones that are waiting for a suitable environment to start actual activity in any of the economic sectors and leave a positive imprint that serves the country.

I had a meeting with an Arab economist and he talked about Arab economies and the nature of investment, and I stood with him at an important sentence that he mentioned in the text: “The economies of the good region are gradually rising, while Iraq can achieve advancement at a remarkable speed that differs from all countries due to its natural and human resources.”

This talk means that victory over economic crises is possible, whenever the national will is available to achieve this, especially that Iraq has a young society that is able to work and master advanced technology after it came at the top of the pyramid to the smartest Arab peoples. We hope that the white paper will have a positive, rapid impact. On the national economy and real diversification of revenues.

Financial Reform And Activation Of The Private Sector

Tuesday 20 October 2020  31  Baghdad: the pillar of the emirate   The financial reform process is one of the most important steps in the reform of the national economy, as this process constitutes the main impetus for comprehensive economic and social reform, as it is a basic and necessary requirement to build a society on sound economic foundations that focus on private activity, activate it, and give it the opportunity to participate in building the Iraqi society.

Financial reform

Economic expert Imad Al-Ani stated that “the financial reform process includes a set of basic and radical steps that focus on two main directions. The first is measures to reform public expenditures through which the government can control public spending, which includes re-rationing of expenditures.

In a manner that achieves the best use of the allocation, by following the path of alimony since its allocation and approval, through the stage of its implementation and exit from the government’s financial responsibility, and monitoring the effects that result from it in all the stages that it passes through to reach its desired goal.

He continued, “This is based on reviewing the qualitative distribution of public spending in a way that achieves the best possible benefit, and that requires a special technique that comes out of a team with competence and knowledge of everything related to public spending and the economic and social effects that could result from that expense, meaning that it is Spending is in the right place and time. In addition, the process of reducing public spending must begin gradually until its ratio to the national product begins to gradually diminish. ”

General revenue

Al-Ani added, “The second aspect is reforming public revenues, improving their collection, and devising new means to increase them. The most important paragraph in this aspect is focused on reforming the tax administration and its policies. Information on economic activities has become difficult to obtain, for many reasons, the most prominent of which is the increase in the number of activities that operate under the economy.”

“The hidden and informal, due to the weak monitoring of the responsible authorities, as well as the increasing number of those subject to tax, the increase in tax evasion, weak tax administration and low efficiency.

He stated, “This situation requires radically changing the role of the state from wide and unlimited intervention in the economy, which is characterized by its weak efficiency, to carrying out specific and clear tasks, provided that the state takes over social matters on a large scale and spends the revenues more productively by reorienting them to finance development projects and more basic services. Productivity and with the greatest economic and social return on economic growth, and those that contribute to alleviating poverty and raising the level of citizen’s welfare. LINK 

MP Ahmad Al-Jubouri Calls On The Ministry Of Finance To Speed Up The Delivery Of Salaries To Employees And To Avoid Using Them As A Pressure Card

20/10/2020  Deputy for the Finance Committee, Ahmed Mazhar Al-Jubouri, called on Tuesday 10/20/2020 for the Ministry of Finance to expedite the delivery of employees’ salaries and to avoid using them as pressure paper.

Al-Jubouri said that millions of families are waiting impatiently for the date of their monthly salary to fulfill their living and living belongings, and any repetition of the delay causes the problems of society that it cannot bear.

Al-Jubouri added that the government and the concerned ministry should expedite the release of salaries and not delay them like the previous period.

He stressed the need for the government to fulfill its obligations to its people and not to use their monthly resource as a pressure card on Parliament to pass the borrowing law.

Media  Department House of Representatives  20-October-2020  LINK

Al-Alusi: Financial Inclusion Serves All Segments Of Society

Tuesday 20 October 2020  40   Baghdad: Morning   Financial inclusion represents an important step for the advancement of the Iraqi family, which must benefit from the financial services provided by the banking system.

Raghad Nabil Al-Alusi, a specialist in economic affairs, stressed “the importance of benefiting from regional and international experiences and starting a new stage, and from where the world ended,” noting that “financial inclusion essentially means delivering all financial services to the weakest income groups in society.”

Online payment

And she added that “expanding the phenomenon of financial inclusion and reaching it to the largest segment within the local community, requires banking mechanisms and advantages resulting from the use of electronic payment methods close to the banking business, which will help achieve the goal.”

It is mentioned that the Central Bank of Iraq seeks to develop the financial and banking sector through the development Infrastructure that enables financial and banking institutions to improve services and facilitate access to them by all segments of society. Therefore, inclusiveness receives special attention and contributes to banking education for services for all segments of society, especially students.

Low income

Al-Alusi indicated that “financial inclusion in its general sense means the generalization of financial and banking products and services at reasonable costs to the largest segment of society, institutions and individuals, especially low-income segments of society, in contrast to financial exclusion that excludes these segments,” noting that “society can benefit from services. Which is provided by the banking system through the port of inclusion and investing it in small and medium enterprises that suit the family’s preferences.

Growth opportunities

Specialists in economic affairs have affirmed that financial inclusion “represents an important dimension in the comprehensive and sustainable development strategy because of its impact on improving growth opportunities and financial and social stability. The Group of Twenty (financial inclusion) has shown (financial inclusion) as one of the main axes in the economic and financial development agenda, as identified by the bank. The international community has an ambitious goal of universal financial services for all, for its effective role in fighting poverty and reducing unemployment worldwide.   LINK

Al-Kazemi To Merkel: We Are Going Through Difficult Times And Look Forward To A True Partnership With Germany

Time: 10/20/2020 11:47:05 Read: 3,185 times   (Baghdad: Al Furat News) Prime Minister Mustafa Al-Kazemi confirmed, on Tuesday, to German Chancellor Angela Merkel, that Iraq is going through difficult times and we are looking forward to a real partnership with Germany.

Al-Kazemi said during a joint press conference with German Chancellor Angela Merkel, “I came to Berlin to confirm Iraq’s commitment to close relations and its desire for a sustainable partnership with Germany, and also to convey the great appreciation that the government and people hold for the continued German assistance to Iraq in the field of confronting terrorism, within the framework of the international coalition against ISIS.”

Noting that “this experience revealed to us the extent of the interconnection between the security and stability of Iraq and European security, and we look forward to continuing security and military cooperation in combating terrorism, especially in the field of training and building the capabilities of the Iraqi security forces and within the framework of NATO.”

He added, “These are difficult times for all of us, because of the health and economic challenges that the Covid-19 epidemic has created, which drives us more to cooperate, and we look forward to benefiting from German support and experience in these areas.”

“I would like to express my thanks also to the various forms of humanitarian support and reconstruction provided by Germany,” Al-Kazemi added, explaining that “there are many issues in this regard that we seek to cooperate on, such as the issue of refugees and displaced persons, as well as the problem of foreign fighters from ISIS terrorists.” .

Al-Kazemi indicated that “we have embarked on an ambitious program to reform, restructure and modernize the economic and financial systems, and we are interested in obtaining all forms of advisory and technical support and expertise in this area from Germany.”

He stated that “there are many commercial and economic partnerships between Iraq and German companies, for example we are close to announcing the start of the second phase of the road map implemented by the German company Siemens in the field of rehabilitation of the electricity sector in Iraq,” stressing that “we are interested in more cooperation in the field of infrastructure development.” Infrastructure in Iraq, and today I have – me and my ministerial team – a meeting with the Federation of German Companies to explore other opportunities for cooperation. ”

“We are looking forward to benefiting from German support in the field of consolidating democratic institutions and organizing free and fair elections, as my government pledged to hold early elections in the middle of next year, and we are interested in ensuring that it enjoys the highest levels of transparency and integrity,” Al-Kazemi pointed out. LINK

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