The IMF expects the Iraqi economy to recover in 2024

 money and business

Economy News _ Baghdad

The International Monetary Fund expected, on Monday, that the Iraqi economy will gradually recover, and that imbalances will reduce, even if the prospects remain fraught with challenges. 

The fund said in a statement followed by “Al-Eqtisad News” that it expected in its Executive Board consultations for Article IV of 2020 with Iraq, held in Washington, that the real GDP would return to the pre-pandemic level by the year 2024, and that the fiscal and current account deficits would decline. In the medium term, government debt is expected to reach its peak in 2023 and then gradually decline.

Executive Directors agreed with the guideline for the IMF staff’s assessment, noting the exacerbation of the existing socio-economic vulnerabilities in Iraq due to the Covid-19 pandemic and the sharp decline in oil revenues. The draft 2021 budget referred to Parliament aims to reduce the fiscal deficit to contain the unsustainable expansion of government wages and pension costs and to increase non-oil revenues, with a significant increase in aid directed to protect the most vulnerable groups.

Directors emphasized that reducing public financial imbalances is necessary to ensure the sustainability of public finances and that debt remains within sustainable limits. They welcomed the fiscal reforms that the authorities are planning to undertake, as mentioned in the “white paper”, and urged that care be taken in setting their priorities and speeding up their implementation with the limit. Of its impact on vulnerable groups.

They stressed the importance of strengthening public financial resources, a comprehensive reform of the civil service to contain the public sector wage bill, and re-adjusting the pension system to put it on a stable fiscal path. Priority should also be given to increasing non-oil revenues and strengthening public financial management to reduce spending outside the budget allocations.

They agreed that adjusting the exchange rate would help reduce external imbalances and preserve foreign exchange reserves. They stressed that a strong fiscal framework is still necessary to ensure the credibility of the new exchange rate against the dollar and reduce the need for monetary financing for the budget in the future. 

Directors noted the authorities’ interest in entering into an emergency financing agreement with the fund to support their efforts for stabilization and reform, while some urged a longer-term arrangement to address structural challenges.

 https://economy-news.net/index.php

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Saleh: High oil prices will push the government to prepare a supplementary budget

Financial Adviser to the Prime Minister, Dr. Mazhar Muhammad Salih «Economy News»

money and business

Economy News – Baghdad

The Prime Minister’s Adviser for Financial Affairs, Mazhar Muhammad Salih, confirmed, on Monday, that when oil prices greatly surpass and fill the deficit, there will be a supplementary budget in the middle of the year, and the budget will be reviewed.

Saleh said in a statement reported by Al-Sabah newspaper and seen by Al-Eqtisad News, that “the general budget from 2004 to 2019 is based on speculative prices, except for the years (2014 and 2020), as there was no budget, and the price of a barrel of oil comes conservatively in the budget. It generates a hypothetical deficit and needs regulation. ”

He added that bridging “the deficit comes through external or internal borrowing, but the final revenues of the budget, as a result of the differences in oil prices or oil rents, usually extinguish part of the borrowings and replace them, and the possibility that the deficit will be filled, and thus there is a surplus.”

He explained that “when oil prices greatly exceed and fill the deficit, there will be a supplementary budget in the middle of the year, and the budget is being reviewed, and this is what is found in the Financial Management Law.”

https://economy-news.net/content.php?id=24075

Saleh and the Kurdish delegation discuss the region’s share of the budget: Close agreement

Political | 05:31 – 15/02/2021

Baghdad – Mawazine News

A representative source revealed, on Monday, that a consensus will be achieved between the Parliamentary Finance Committee and the Kurdistan Region delegation regarding the draft budget law.

The source said in an interview with Mawazine News that “the Kurdish delegation headed by the Vice President of the Regional Government, Qubad Talabani, met the President of the Republic, Barham Salih, and discussed with him the Kurdistan’s share in the budget.”

He added, “There is close agreement between the Kurdish delegation and the Finance Committee under the auspices of Saleh.” Ended 29 / h

https://www.mawazin.net/Details.aspx?jimare=141840

President of the Republic for the region’s delegation: The necessity of adopting serious dialogue and a common desire to find solutions in accordance with the constitution

02/15/2021

Baghdad/

Today, Monday, Iraqi President Barham Salih and the Kurdistan Regional Government delegation stressed the need to keep the budget and financial disputes away from political issues.

This came during Saleh’s reception of the delegation at the Peace Palace in Baghdad, in the presence of Deputy Speaker of Parliament Bashir Al-Haddad and Foreign Minister Fuad Hussein, according to a statement issued by the Iraqi presidency.

The meeting dealt with “the importance of strengthening efforts and dialogues to reach radical solutions to the outstanding issues between the Kurdistan region and the federal government, including the budget file, and the need to secure the rights and interests of citizens and not involve them in political issues.”

Saleh stressed, “The importance of adopting serious dialogue and a common desire to find solutions to the unresolved issues in accordance with the constitution and in a manner that fulfills the interests of all citizens.”

He pointed out “the importance of resolving the issue of the region’s employees’ salaries, in addition to other outstanding financial issues, in a way that preserves the rights of the Iraqi people, including citizens, employees and retirees, including the Kurdistan region.”

The region’s delegation had arrived in Baghdad on Sunday evening to engage in a new round of discussions between the parliamentary blocs on the Kurdistan Region’s share in the federal financial budget for the current year. 

https://almawrid.news/contents/view/details?id=26957

The Kurdistan Region delegation meets with Al-Amiri

Politics

Hadi Al Ameri

Qubad Talabani

2021-02-15 13:54

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Shafaq News / The negotiating delegation of the Kurdistan Regional Government headed by Deputy Prime Minister Qubad Talabani met in Baghdad, on Monday, with the head of the Al-Fateh Alliance, Hadi Al-Amiri.

The delegation of the region had arrived in Baghdad on Sunday evening to engage in a new round of talks with the parliamentary blocs regarding the Kurdistan Region’s share in the federal financial budget for the current year. 

A statement issued by the regional government, received by Shafaq News, stated that the two sides discussed the latest political developments in Iraq, and the importance of reaching radical solutions to the outstanding problems between the federal government and the Kurdistan Regional Government was emphasized.

The meeting shed light on the draft federal budget law for the year 2021, as well as stressing the need for the draft law to comply with the constitution and laws in force in a manner that guarantees everyone’s rights, according to the statement.

Last December, Baghdad and Erbil reached an agreement on the financial budget, stipulating that the region hand over 250 thousand barrels of oil per day, and half of the revenues from border crossings and others to the federal government, in exchange for a share in the budget of 12.6 percent.

The agreement was included in the draft budget, but political blocs in Parliament reject the agreement, which hinders its passage in Parliament.

https://shafaq.com/ar/%D8%B3%DB%8C%D8%A7%D8%B3%D8%A9/%D9%88%D9%81%D8%AF-%D9%82%D9%84%D9%8A%D9%85-%D9%83%D9%88%D8%B1%D8%AF%D8%B3%D8%AA%D8%A7%D9%86-%D9%8A%D8%AC%D8%AA%D9%85%D8%B9-%D9%85%D8%B9-%D8%A7%D9%84%D8%B9%D8%A7%D9%85%D8%B1%D9%8A

Erbil airport closed after it was bombed

Kurdistan Region

breaking

Erbil airport

The bombing of Erbil airport

2021-02-15 13:24

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Shafaq News / On Monday, the security authorities in the Kurdistan Region closed Erbil International Airport after it was subjected to missile strikes.

The Shafaq News Agency correspondent said that security measures were tight in the vicinity of the airport, as it was closed with the flight of military helicopters.

And earlier today, the fight against terrorism in the Kurdistan Region announced, on Monday, that Erbil International Airport had been bombed with missiles.

According to a leaflet on the control page, two rockets landed at Erbil International Airport, while a third landed outside the airport, without giving further information.

For his part, the Shafaq News Agency correspondent said that a missile fell on the wall of the Naz City complex – formerly Zakaria’s apartments – and injured two people.

At the end of September of last year, Erbil airport was subjected to a similar bombardment, and the Counter-Terrorism Corporation reported that the missiles “were launched from an area under the control of the Popular Mobilization Forces in Nineveh Governorate.

https://shafaq.com/ar/%D9%83%D9%88%D8%B1%D8%AF%D8%B3%D9%80%D9%80%D8%AA%D8%A7%D9%86%D9%8A%D8%A7%D8%AA/%D8%BA%D9%84%D8%A7%D9%82-%D9%85%D8%B7%D8%A7%D8%B1-%D8%A7%D8%B1%D8%A8%D9%8A%D9%84-%D8%A8%D8%B9%D8%AF-%D8%AA%D8%B9%D8%B1%D8%B6%D9%87-%D9%84%D9%84%D9%82%D8%B5%D9%81

Brent oil exceeds $ 63 for the first time since last year

Time: 02/15/2021 09:41:57 Read: 2,353 times

{International: Al Furat News} R prices of April Brent crude futures rose 1.31% on the London Stock Exchange, and reached a peak of $ 63.27 a barrel.

The last time Brent crude exceeded $ 63 a barrel, in January 2020.

By 02:21 Baghdad time, Brent price rose by 1.39%, and was trading at $ 63.3 a barrel, and at the same time the price of West Texas crude oil increased by 1.4% to $ 60.2.

Forgiveness Al-Khalidi

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Talabani meets with Kurdish representatives in the Finance Committee to discuss the budget

11:47 – 15/02/2021

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The information / Baghdad…

The MP for the Patriotic Union of Kurdistan, a member of the Parliamentary Finance Committee, Sherwan Mirza, revealed, on Monday, that the Kurdish delegation headed by Qubad Talabani has started its meetings in Baghdad, indicating that the delegation will meet with members of the financial committee from the Kurdish component.

Mirza said in a statement to / the information / that “the deputy head of the regional government, Qubad Talabani, arrived yesterday in Baghdad to resume discussions on the federal budget.”

He added, “The delegation will meet, today at noon, with members of the Parliamentary Finance Committee from the Kurdish component and then with political leaders in Baghdad to come out with a solution on stabilizing the proportion of Kurdistan.”

Mirza pointed out that “the proportion of Kurdistan is still the focus of disagreement between the political forces, as some insist on implementing the provisions of the budget proposed by the federal government, while political forces demand that the oil be completely delivered to Baghdad.” End / 25 D.

https://www.almaalomah.com/2021/02/15/520652/