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Importing Without Controls Destroyed The Iraqi Economy

Asaad Abdullah Abd Ali118 2021-09-24   Assad Abdullah Abd Ali || All countries of the world are concerned with the economy, as it is the backbone of life, except in Iraq. Things have been placed in the hands of those who do not understand state management. Thus, Iraq has been living since the fall of the tyrant in 2003 in the chaos of ignorance. After leaving the rule of Al-Afaliqah, the wishes were great that Iraq would emerge as a giant economic country.

But the ruling class acted contrary to those wishes! And here is the Iraqi market completely dependent on imported goods, and local production is no longer able to compete with the importer. Economists have estimated Iraq’s losses until 2010 at 180 billion dollars as a result of its dependence on foreign imports, and this figure for losses now reaches 360 billion dollars!

In a strange process of destruction practiced by adults of the Iraqi economy. Importing in the early years was not even subject to taxes, which made competition non-existent between the importer and the local production, which led to the death of the agricultural and industrial sector in Iraq.

  • The negatives of openness to import The ruling class does not pay attention and does not care about strengthening the Iraqi economy, so their failed economic policy led to raising unemployment rates and destroying the agricultural and industrial environment, with terrifying effects on the health and social aspect. The absence of controls on imports made the Iraqi market a dump of goods Not valid in other markets!

Goods that are harmful to health and harmful to society, goods that are not suitable for the family with issues related to addiction and mental health, as the rest of the countries reject such goods and set controls to protect their societies, but the ruling class in Iraq does not care, so the Iraqi market does not mind importing anything even if it is poison !

But if the conversation is specific, then importing medicines has a thousand question marks, importing cars is a mined case, importing cigarettes is subject to major powers, importing eggs a red line, importing construction materials a red line, and even importing alcohol is an active trade behind a political umbrella. And it became difficult for the executive authority to reform the matter – assuming that it seeks reform – because the major political entities have turned into ghouls greater than the forces of the state.

Development in Iraq is faltering for many reasons, including government-related reasons, security reasons, and a simple look at the economic growth rates in Iraq will disappoint you because it is very modest, as a result of the financial abundance that pushes towards consumer imports.

  • The negativity of the Iraqi merchant We add an important point to the cause of the economic imbalance in Iraq, which is the negative behavior of the Iraqi merchant, which produced disasters without understanding the negatives of what his work produces on the country.

Far from reputation and consumer satisfaction, this trend among Iraqi importers and traders emerged after the siege in 1990 and continued beyond 2003 until now. With the absence of the economic system that regulates import and imposes special specifications on imported goods, then the negative behavior took root in the Iraqi merchant who flooded the local consumer with the ugliest produced goods that empty the pockets of the citizen and do not give him long future guarantees.

  • Iraq had to adopt the Emirati experience. The United Arab Emirates is one of the countries that relied on the oil wealth it owned in order to build and advance its economy, unlike what is happening in Iraq, where oil wealth continues to be wasted without economic development. The UAE worked in parallel with the economic construction based on oil wealth, within its long-term public policies, to invest in all possible sectors that give the Emirates a safe area of movement, instead of absolute dependence on one sector. This is what the majority of the ruling class in Iraq, which owns the economic decision, does not understand. http://burathanews.com/arabic/economic/400320

Dollar Exchange Rates In Local Markets

Market  Economy News _ Baghdad  The dollar exchange rates continue to remain stable in the local markets.

Today, Friday, the selling prices of the dollar were 147,500 dinars per 100 dollars, while the purchase prices of the dollar were 147,000 dinars per 100 dollars.

And the Central Bank of Iraq decided earlier to adjust the exchange rate of the dollar against the Iraqi dinar, as the purchase price of the dollar from the Ministry of Finance amounted to 1450 dinars, and the price of selling it to banks was set at 1460 dinars per dollar, while the selling price to the citizen is 1470 dinars per dollar. Views 60 Date Added 09/24/2021   https://economy-news.net/content.php?id=26394

Planning: 70% Of The Private Sector Is Unorganized

Economie| 09:23 – 09/24/2021  Baghdad – Mawazine News The Ministry of Planning clarified, today, Friday, its procedures for surveying small projects, while confirming that 70% of the private sector is unorganized.

The Undersecretary of the Ministry of Planning, Maher Johan, said, “The survey of small projects is part of the private sector development strategy that was entrusted to the Ministry of Planning five years ago,” noting that “there is a big problem in defining small and medium enterprises and naming the unorganized sector, considering that 70% of the private sector unorganized”.

He explained that, “through the survey, the ministry wanted to see a clear picture and a preliminary questionnaire about the size of the sector, its institutional characteristics, its workers, men and women, and the funding mechanism it obtains.

There is a large gap between state institutions and the private sector, and this survey helps in an important part of knowing the small institution and the private sector, whose image may be unclear to provide it with the best support, and how to design its correct policies for economic growth and its contribution to the GDP.  He added that ”   https://www.mawazin.net/Details.aspx?jimare=168596

Oil Continues To Rise For The Fourth Consecutive Day

Saturday 25 September 2021   13Capitals: agencies   Oil prices continued to rise for the fourth consecutive day due to concerns about global supply after two hurricanes in the United States, but the first sale of government crude reserves in China temporarily limited this rise.

Brent crude rose 12 cents, or 0.2%, to $77.37 a barrel, after hitting a two-month high on Thursday and closing at its highest level since October 2018.

The price of US oil rose six cents, or 0.1 percent, to $ 73.36 a barrel, after closing up 1.5 percent in the previous session, its highest level since the beginning of August.

And US Energy Information Administration data this week showed that stocks fell to their lowest levels in nearly three years after damage from two hurricanes sent clouds high in the United States. Prices fell briefly on Friday after the first public sale of state reserves in China.

State-owned PetroChina and Hengli Petrochemical Corporation bought four shipments totaling about 4.43 million barrels, sources told Reuters.

Woodmack analysts said just before the auction that it would have little impact on the market due to the volume of sales relative to China’s consumption and imports. LINK

Minister of Electricity: We are working to complete hundreds of generation and transformer stations

Energy   Economy News _ Baghdad  Today, Friday, the Minister of Electricity, Adel Karim, confirmed the work to complete hundreds of generating and transformational stations.

According to a ministry statement received by the “Economy News”, the Minister of Electricity Agency Adel Karim , received in his office at the ministry and the Minister of Works and Housing of Jordan , accompanied by the Jordanian ambassador, in a goodwill visit aimed at talking about the electric power industry development between Iraq and the Kingdom of Jordan projects. ”

He added that” the Jordanian minister He expressed his gratitude for the fraternal welcome that surrounded their reception from the Iraqi side, stressing the speciality of cooperation with the Iraqi electricity, and praising the efforts it works in, and investing the opportunity of the visit to accomplish many important steps related to harnessing the capabilities and resources of Jordanian companies to serve the Ministry of Electricity.

For his part, the Agency’s Minister of Electricity explained that “there are important steps that were agreed upon in previous meetings, and the prospects are open, and we have a number of strategic partnerships that include renewable energy projects,” noting that “the ministry is working to complete hundreds of generating and transformational stations.”

He added that “cooperation must be The current situation between the two governments is a gateway to what is more comprehensive and broad in all fields that support comprehensive development in the economy and industry. The way Jordan works in the field of investment and energy has always been very consistent with the new global trends that Iraq seeks to catch up with through its transformation into an open market where there are no closed horizons. In front of anyone, and our unlimited support for every idea and method of work expands our steps towards our new goals.”

Views 488 Date Added 09/24/2021   https://economy-news.net/content.php?id=26396

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