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Tishwash: Representative of the World Bank: There is great support for the reform paper adopted by the government

The Resident Representative of the World Bank in Iraq, Ramzi Numan, confirmed, on Monday, that the bank supports the Iraqi government in several directions to get out of the current economic crisis, and that there is great support for the white reform paper adopted by the government in order to get out of the crisis.

Numan said in an interview with “Al-Sabah” newspaper and followed byAl-Iktissad News” that Iraqi society is a “youth society” that can rise in the country if its energies are properly and seriously invested, indicating that the experience and history of the World Bank to work with the government and people of Iraq extends to a long and rich history. Projects that have been jointly worked on.

He added that the World Bank is currently working more closely with the Iraqi government to confront emerging and accumulating crises that are added to the existing problems in Iraq, and the consequent decline in oil prices, protests, the Corona pandemic and its health, economic and social consequences, which have formed a great burden on the country.

He explained that these conditions are the worst since the year 2003 on a single economy that depends on oil, and there is a fact that all this left great burdens that were reflected in the ability of the Iraqi government to deal with emergency needs.

He pointed out that the World Bank has set up a very large financial portfolio file for the projects it implements in Iraq, and this portfolio is directed to several destinations, whether reconstruction projects for areas liberated from “ISIS” gangs or to face the social crises that have arisen from this matter, in addition to some other projects. Working on structural reforms in the economy.

And we are working hard with the government to approach solutions to emergency crises and keep pace with the reform white paper initiative put forward by Prime Minister Mustafa Al-Kazemi   link

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Tishwash:  Canceling the currency auction, reducing borrowing, and “isolating” the central bank’s reserves … the most important thing for hard currency in the 2021 budget

Today, Monday, the Parliamentary Finance Committee revealed a tendency to cancel the currency auction, while indicating that the Central Bank’s reserves will not be affected in the general budget for 2021.

The committee’s reporter, Ahmed Al-Saffar, said in statements to the official agency and its subsidiary, Yass Iraq, that “when the draft budget is approved in the House of Representatives vote session, it becomes a binding law for the government and enforceable,” indicating that “the Ministry of Finance then issues instructions within a week or two to send to ministries to facilitate The budget execution process ”.

He added that “the budget deficit has been reduced from 71 trillion to 24 trillion only, as the lending scheme was deducting treasury transfers to the central bank 47 trillion, but we reduced it to only two trillion, if the price of a barrel of oil remained at 45 dollars,” noting that “the deficit will disappear soon The government will have an abundance of money if the price of a barrel of oil remains high.

Al-Saffar stressed that “the Central Bank’s reserves will not be affected at all in this budget, as we have reduced borrowing and canceled foreign loans.”

The decision of the Finance Committee indicated that “there is a tendency to cancel the currency auction because it does not exist in all countries of the world except in Iraq,” explaining that “the currency auction mechanism is incorrect, and hard currency is supposed to be given to actual importers, students, professors, and patients who travel outside the country and not to banks.” “.

Al-Saffar indicated that “there is an increase in social care because large numbers of them were included, with the private sector participating in employing the unemployed,” noting that “the budget carries a clear economic and social vision.”

He stressed that “the committee will hold a meeting with the political blocs to bridge the gap in views and come up with the draft budget that can be passed easily under the parliament.”

Regarding the dollar exchange rate, Al-Saffar pointed out that “the exchange rate is exclusively within the authority of the Central Bank and it is not possible to interfere in its work as it is responsible for the monetary system, the monetary mass, the exchange rate and the cash reserve.”  link

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Tishwash:  Deputy: Parliament is waiting for the government green light to present the budget to vote

A representative of the Al-Fateh Coalition, Mithaq Al-Hamidi, confirmed, Monday, that the Parliamentary Finance Committee delivered the final version of the budget bill to the government and that it is waiting for the green light from the latter to present it to the vote, likely the government will approve it and present it to vote at the end of this week.

Al-Hamidi said in a statement to / the information /, that “the context for presenting the budget for voting must be returned to the government for clarification and statement of opinion, and in the event of objections by the government, it will return it to the committee, and on the contrary, the green light will be given to present it to the vote.”

She added that “the government’s response will not be delayed more than two days,” likely “the government’s approval and will be presented to the vote at the end of this week.”
And Al-Hamidi indicated that “the final version included most of the demands of the provinces, including Basra Governorate.”

The Prime Minister received yesterday during a joint meeting with the Parliamentary Finance Committee the final version of the draft budget with the amendments made to it by the House of Representatives.   link

R2D2:  The Entrepreneur’s Credo

“My Creed”

I do not choose to be a common man,
It is my right to be uncommon…if I can,
I seek opportunity…not security.

I do not wish to be a kept citizen,
Humbled and dulled by having the state look after me.
I want to take the calculated risk;
To dream and to build,
To fail and to succeed.

I refuse to barter incentive for a dole;
I prefer the challenges of life
To the guaranteed existence;
The thrill of fulfillment
To the state of calm Utopia.

I will not trade freedom for beneficence
Nor my dignity for a handout.
I will never cower before any master
Nor bend to any threat.

It is my heritage to stand erect,

Proud and unafraid;
To think and act for myself,
To enjoy the benefit of my creations
And to face the world boldly and say:

This, with God’s help, I have done.

All this is what it meant
To be an Entrepreneur.

Thomas Paine 1776