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Tishwash: Returning frozen funds and diversifying the Environment of the Iraqi Economy

Dr. Ikram Abdul Aziz, a member of the Board of Directors of the Association of Economists, hinted that the state’s move to recover frozen funds is a positive step towards employing these funds in ways that contribute to the diversification of the Iraqi economy environment.

“There should be a trend to support structural investment projects that simulate progress like in different countries of the world, employing labor and using environmentally friendly technology,” al-Aqeel told Al-Sabah.

Productive sectors

She pointed out the importance of dismantling the single ring of the oil sector and achieving real revenues by activating the various productive sectors at various levels, and using part of it to develop industrial infrastructure in particular, as well as agricultural and service sectors.”

According to experts, the Iraqi government is seeking to recover Iraqi funds frozen abroad under the former regime, particularly funds frozen by international sanctions, as well as money smuggled out of corruption, but these efforts run into various regulatory and legal obstacles.

Frozen funds

“We discussed the issue of Iraqi funds frozen in Swiss banks,” Iraqi Foreign Minister Fouad Hussein said at a recent press conference with Swiss Federation Vice President Ignazio Cassis, who is visiting Iraq, referring to the signing of a memorandum of understanding between the two countries covering financial and humanitarian issues.

“His visit to Baghdad is also part of a tour that also includes Jordan and Lebanon with the same objectives as strengthening the right relations between our countries and restoring stability to the region,” said Swiss Minister Cassis.

Joint cooperation

In another meeting, Prime Minister Mustafa Al-Kadhimi, vice-president of the Swiss Federation, discussed steps to reopen the Swiss embassy in Baghdad, ways of joint cooperation, bilateral relations between Iraq and Switzerland and prospects for strengthening them in the interests of common interests, the prime minister’s information office said in a statement.

During the meeting, they discussed ways to promote economic development and foreign investment in Iraq, and Switzerland’s support for the steps taken by the Iraqi government in this regard, confirming broader participation of the private sector and creating promising investment opportunities and jobs in the Iraqi labor market, according to the prime minister’s information office.

According to deputies, the money is worth about 500 billion dollars, and the money works in the economies of the smuggled countries and has significant financial returns.  link

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Tishwash:  Plans to stimulate the economy

Stimulus plans are used during economic crises in recessions and declining economic performance to recover as much as possible to the economic life affected by the crisis.

In our country, the current economic crisis we are experiencing as a result of the Corona pandemic and its global impacts has had a negative impact on all economic facilities in our country, owing to the excessive reliance of our economies on a single resource. The national economy has been subjected to a recession caused by the lack of financial flows in commercial markets and the suspension or slowness of most economic businesses and the lack of investment because investors do not take the risk of establishing or continuing various economic projects as a result of hesitation and fear of the next stage, due to uncertainty regarding the prices of crude oil globally, all of which have had a negative impact on our economic reality in general.

This requires the competent authorities to work on scientific economic plans aimed at stimulating and reviving our national economy and moving its wheel instead of the slowdown it is currently experiencing. These plans can be short-term, medium-term and long-term, and can be directed to leading economic sectors or certain sub-economic sectors that can be supported and revived by stimulating economic sectors as a result later. Soft loans can be provided for the establishment of various economic projects, whether industrial, agricultural, urban, service and other types of projects, in order to sustain their work if they are forced to close as a result of the current economic conditions. This necessitates its revival through support plans.

By encouraging domestic and foreign investments by providing incentives and encouraging facilities for them, whether through legislation or through simplified administrative and technical procedures, it can attract more domestic and foreign investors in various types of economic projects through which the current economic situation can be revived, which is reflected in plans to stimulate our national economy in order to get it through to normalcy and overcome the consequences of the current economic crisis.

Citizens can also be encouraged to deposit their money in banks instead of hoarding them by providing them with the right incentives, and then employing them in various economic projects instead of disrupting this huge monetary mass stored in them as a result of their lack of risk and lack of confidence in establishing or participating in various economic projects.

In the current circumstances, stimulus plans for the Iraqi economy are very important in order to get rid of the negative consequences of the economic crisis and succeed in managing the economic situation optimally, and to achieve the maximum positive results.  link

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Tishwash:    Barzani: Our delegation is ready to visit Baghdad again .. We are waiting for the implementation of the budget

The President of the Kurdistan Regional Government, Masrour Barzani, confirmed, on Wednesday, the readiness of the delegation of the region to visit Baghdad again in the event that it is necessary to implement the budget law, indicating that they are awaiting financial dues for the past three months by the federal government

Barzani said in a press conference, followed by “People”, (April 7, 2021), “Passing the budget is a great gain for the Iraqi people and the people of Kurdistan, and the budget was supposed to pass in a simpler way, but this issue was politicized and it took a long time to pass.” “The Kurdish delegation has proven that the problems are not technical or technical. Rather, there are political obstacles.”

Barzani added, “Despite the passage of the budget, the greater wisdom is in its implementation, as the law after its passage must be applied retroactively and we are waiting for the federal government to fulfill its obligations towards the region, and we have asked all ministries to complete the necessary preparations in this regard.”

He stressed that “the Kurdistan government is ready to implement its obligations and is waiting for the federal government to implement its obligations,” indicating the Kurdish delegation’s readiness to “go again to visit Baghdad and if it takes a delegation from Baghdad to visit the region.”

He pointed out that “the regional government will work to secure the financial dues for its employees, but we must not forget that the obligations that have been signed on the province are not a few in the draft budget, but the priority will be to secure salaries and then start securing other needs and we will continue the reform process.”

Barzani added, “I do not want to deal with the Iraqi government on the principle of doubt.  link

Tishwash:  Iraq maintains its rank with the largest gold reserves

The World Gold Council said, on Wednesday, that Iraq has maintained its 38th position in the world’s largest reserves of the precious yellow metal.

In its latest schedule for the month of April 2021, which was seen by “Al-Economy News”, the council said, “Central banks’ possession of the 100 countries listed in the schedule amounted to 35,218 thousand tons,” indicating that “Iraq has maintained its 38th position with the world’s largest reserves of the precious yellow metal and the fifth Arab reserves by 96.3 tons, which represents 8.9% of the rest of the other reserves. ”

He added that the United States of America still ranks first in the largest gold reserves with 8,133,000 tons, followed by Germany with 3,362,000 tons, while Yemen comes to the top with 1.6 tons, followed by Haiti with 1.8 tons.

He pointed out that “the main buyers of gold during this month are India, amounting to 11.2 tons, Uzbekistan, by 7.2 tons, Kazakhstan, 1.6 tons, and Colombia, 0.5 tons, while the main sellers were Turkey, with an amount of 11.7 tons.”

It is noteworthy that the World Gold Council, which is based in the United Kingdom, has extensive experience and deep knowledge of the factors causing market change, and its members consist of the largest and most advanced gold mining companies in the world    link

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