Samson: Finance Minister: Al-Kazemi’s government has a clear project in the process of economic and financial reform
23rd June, 2020
The Iraqi Finance Minister, Ali Abdul-Amir Allawi, said that the current government has a clear and ongoing project in the process of economic and financial reform
In his speech at the IRAQ FINANCE EXPO and followed by Al-Iqtisad News, Allawi stressed that the Ministry of Finance will present the reformative white paper to the Council of Ministers and Representatives in the coming days and will include large and broad reform packages in all economic and financial sectors
He added that the Ministry of Finance will play a role in encouraging and creating the appropriate and incubating environment for the advancement of the new Iraqi economy, especially in the financial and insurance aspects, indicating that we will focus on financial markets and try to raise the obstacles that exist in front of investors
Allawi pointed out that the new reforms packages will give incentives to Iraqi and foreign investors to contribute to the advancement of the Iraqi economy, noting that there are new plans for the tax and customs system as well as what is related to state real estate LINK
Samson: Al-Handal calls on the government to cooperate with the private sector to advance the Iraqi economy
23rd June, 2020
The head of the Iraqi Private Banking Association, Wadih Al-Handal, called on the Iraqi government to cooperate with the private sector to develop an appropriate climate that will drive the advancement of the Iraqi economy
The head of the Iraqi Private Banking Association, Wadih Al-Handal, said in his speech at the “IRAQ FINANCE EXPO” conference, which was viewed by the “Economy News“, that “the serious repercussions resulting from excessive dependence on oil and the adoption of inflexible economic policies, led Iraq to a tragic situation so requires to move away from solutions The patchwork that will lead to dangerous social repercussions leads the country to the unknown
He added that the current government requires it to cooperate with the private sector in creating the appropriate climate to lead the wheel of advancing the Iraqi economy at a faster and more effective pace, explaining that economic reform must be based on the digital economy and activating the private sector’s participation in basic sectors such as food industries, electricity, agriculture, gas and others LINK
Don961: Parliamentary support for the Prime Minister’s economic and reform steps
Tuesday 23 June 2020
Baghdad / Muhannad Abdul-Wahab
Members of the House of Representatives confirmed their support for the reform steps of Prime Minister Mustafa Al-Kazemi, by seeking to establish an investment fund for future generations, stating that “the Prime Minister’s reform steps are moving in the right direction, the most important of which is the transfer of oil revenues to development projects.”
Member of Parliamentary Committee for Economy and Investment Nada Shaker Jawdat told: “Al-Sabah”: “Iraq needs to activate non-oil imports and rely on them in proportions commensurate with the size of its investment budget,” stating that “the idea of establishing an investment fund for future generations; It will enhance citizens’ confidence in the state and send a message of reassurance to future generations and achieving social justice, and it is possible to achieve work on this project, because Iraq has a lot of imports in various fields and it is possible to do a lot to invest it.
The youth pointed out that “the prime minister’s insistence on carrying out reforms is important and sends an important message that the country is developing, and therefore everyone should support the prime minister’s reform steps, especially in supporting the Iraqi economy.”
He pointed out that “one of the most important reform measures is to activate the work with non-oil resources, including border crossings, and strategic planning for the establishment of large factories through investment to employ manpower and eliminate unemployment in the agricultural and industrial sector, which is one of the most important sectors that can generate resources for the treasury.” link
Samson: The Central Bank of Iraq announces the success of its efforts to reform the economic environment and achieve stability in prices
23rd June, 2020
The Governor of the Central Bank of Iraq, Ali Al-Alaq, announced that the Central Bank of Iraq has succeeded in reforming the economic environment and stabilizing prices
In his speech at the IRAQ FINANCE EXPO and followed by Al-Iqtisad News, Al-Alaq said that the Central Bank of Iraq made efforts for the purpose of reforming the economic environment based on its goals contained in its law, which aims to achieve stability in local prices and work to maintain a stable financial system based on competition In the market, sustainable development, job creation and economic prosperity
He added that the Central Bank worked as an independent professional institution to prepare its monetary policies and strategic plans that included dozens of different initiatives that resulted in the stability of the Iraqi dinar exchange rate and the decline and stability of annual inflation within low limits is less than 1% in addition to the stability of the interest rate monetary policy of 4%, which is Indicative price that banks can use to determine the debt or credit interest rates that they pay or charge for the credit provided by them
He emphasized that the Central Bank, in cooperation with the National Investment Commission, prepared instructions to enter the capital of foreign investors into Iraq for investment purposes and was put into practice, which contributed to the establishment of many investment projects in Iraq
He noted that the management of foreign reserves in accordance with the standards issued by the International Monetary Fund and work to use them efficiently to serve the requirements of the Iraqi economy and the need of different citizens, which is to cover the issued currency and expected imports within the standards used internationally
He pointed out that the Central Bank of Iraq launched a major initiative to support the housing sector, as it amounted to more than 2 trillion funded through the Housing Fund and the Real EstateBank
He pointed out that the central bank has carried out a series of procedures in light of the financial crisis caused by the Corona virus, including reducing the legal reserve ratio from 15% to 13%, opening an account for the Ministry of Health to donate by all entities and providing an amount of 30 billion dinars in addition to 14 billion donated by banks and payment companies Electronic and exchange for the purpose of providing the requirements to cope with the epidemic of Coron LINKa
Samson: The foreign minister reveals the date of Al-Kazemi’s visit to Washington
Foreign Minister Fouad Hussein met with the representative of the Secretary-General of the United Nations and head of the United Nations Assistance Mission for Iraq (UNAMI) Jenin Hennes-Blackshart at the Ministry’s headquarters in Baghdad; To discuss a number of issues related to international organizations operating in Iraq.
The Minister commended the role and efforts of UNAMI, and other special missions and agencies of the United Nations to assist the government in achieving security, stability, and welfare for the Iraqi people in various fields, especially in the area of providing humanitarian assistance to the displaced. The Minister expressed his desire to hold meetings with all these missions; To discuss the development of working mechanisms, and effective coordination.
The Minister affirmed the importance of respecting the sovereignty of the country by neighboring countries, enhancing the principles of good neighborliness, and pursuing diplomatic channels to meet the challenges and resolve crises. He expressed his rejection and condemnation of any breach or attack on Iraqi territory.
In reference to the aerial bombardment by Turkey on some sites inside Iraqi territory in the past few days, calling for the necessity to stop such violations from the Turkish side, usually it violates international covenants and laws. The Minister noted that the government is keen to pursue a balanced policy in establishing relations with all, especially the neighboring countries, revealing that his first foreign visits will be to Tehran and Riyadh; To enhance bilateral relations, and open horizons for cooperation in the pursuit of common interests.
The two sides also discussed the strategic dialogue round that was held between Iraq and America, and its importance in promoting the interests of the two countries, and its reflection on the security and stability of the region, pointing to the visit of Mr. Prime Minister next month to the capital Washington to complete the dialogue.
The two sides discussed a number of regional issues, including: the Palestinian issue, and the Minister renewed the expression of Iraq’s consistent position to achieve peace and security, an end to the Israeli occupation of the Palestinian territories, and the right of the Palestinian people to establish their independent state. Iraq has expressed these positions in all regional and international forums.
Including: The speech delivered by the Minister at the last meeting of the Human Rights Council on the situation of human rights in Palestine and the occupied Arab territories. LINK
Samson: The International Islamic Bank signs a contract with the Electronic Industries Company to finance solar water pumps for farmers
23rd June, 2020
The International Islamic Bank announced the signing of a contract with the Electronic Industries Company to finance water pumps operating in the solar energy system for farmers, indicating that financing farmers with amounts amounting to one billion dinars within the initiative of the Central Bank of Iraq, one trillion dinars
The bank said in a press release to the Iraqi Stock Exchange and seen by “The Economy News”, “The International Islamic Bank contracted with the Electronic Industries Company in the Ministry of Industry and Minerals to finance water pumps operating in the German solar system type Lorentz according to Islamic contracts (Murabahah contract) within the initiative of the Central Bank of Iraq One trillion dinars, where farmers will be funded with amounts up to one billion dinars
The bank stressed that signing this contract is for the sake of the advancement of our country’s economy, developing agriculture and supporting Iraqi farms and creating an agricultural renaissance, and in order to support and employ young people to eliminate unemployment, and to achieve sustainable development through cooperation between the private banking sector and the public sector, and to achieve the government’s goals by benefiting Of domestic funds and local product