IMF: Jordan’s regional cooperation provides an opportunity for gradual economic recovery

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Amman, October 19 (Petra) – Raef Al Sheyab – Director of the Middle East and Central Asia Department at the International Monetary Fund, Jihad Azour, pinned high hopes that Jordan’s openness and regional cooperation with neighboring countries would contribute to providing a positive space for the economy to return to the stage of recovery.
“We look forward to regional cooperation with neighboring countries, Egypt, Iraq, Syria, Lebanon and others, to return to activity and to provide additional positive space for the Jordanian economy to return to a gradual recovery,” he said in a press conference held today, Tuesday, to talk about the World Economic Outlook for the Middle East and Central Asia.
In response to the inquiries of the Jordan News Agency (Petra) during the conference, he explained that the Jordanian government has taken strict and effective measures to protect the lives of citizens, and speed up the vaccination process against the Corona virus, which mitigated the effects of the pandemic on the economy, and it is expected that “the speed of recovery of the Jordanian economy is expected. “.
Azour indicated that Jordan was able, despite the difficult economic conditions, to achieve economic stability and continue to carry out structural reforms, in order to return to the desired economic recovery for this year.
With regard to unemployment rates, he pointed out that Jordan, like other countries in the world, suffered from high unemployment rates due to the pandemic, which exceeded 24 percent, compared to 19 percent expected next year, which requires the continuation of structural reforms to raise production capacity and the ability of the private sector to increase opportunities the job.
Azour praised, in this regard, the measures taken by the Central Bank during the pandemic of pumping liquidity into the markets and securing financing for small and medium enterprises, which worked to empower them and ensure their continuity, and increased their ability to return to the path of comprehensive recovery.
The Director of the Middle East and Central Asia Department at the International Monetary Fund stressed the need to reduce the cost of production in the Jordanian economy related to energy for the productive sectors and workers by reducing the rate of deductions for the Social Security Corporation.
With regard to the Middle East and Central Asia, Azour stressed that the region has witnessed a recovery since the beginning of this year and progress in economic performance.
He expected the region’s gross domestic product to rise to 4.1 percent for the current and next year after shrinking by 3.2 percent in 2020, expecting that the GDP rate will remain at a level of 2.5 percent in the medium term. He said that the recovery from the effects of the Corona pandemic is still continuing in the region, but it is a “fragile recovery,” noting that the employment recovery is still limited and the escalation of inflation limits the ability to use monetary policy and stimulate growth, in addition to risks, social unrest and geopolitical risks continuing in Dotted.
He indicated that the unemployment rate in the region rose, especially in sectors that depend on the intensity of direct communication, reaching 10.7 percent in 2020, which requires an increase in growth and improvement in employment rates.
He stressed that the IMF continues to closely engage with countries in the region to provide policy advice and technical support, in addition to financing these countries, which amounted to $20 billion since the beginning of the crisis, and that the Fund has distributed allocations from Special Drawing Rights amounting to $49.3 billion as a complement to the reserve assets. special in the region.
The report indicated that, in addition to the Gulf countries, several other countries, including Jordan, Kazakhstan and Morocco, were able to make progress in deploying vaccines.
The International Monetary Fund points to the emergence of new challenges, including a new wave of Corona in countries that are making weak progress in vaccination operations, in addition to the escalation of inflation, and the divergence of recovery paths between countries.
–(Petra)
rash/mq/h 10/19/2021 18:13:28

https://petra.gov.jo/Include/InnerPage.jsp?ID=192614&lang=ar&name=news

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Baghdad sends 67 million dinars to Erbil for this purpose

153 Economie 10/19/2021 21:01
Baghdad today – Baghdad
Today, Tuesday, the Ministry of Trade and Industry in the Kurdistan Regional Government announced that the federal government has sent the fifth installment of the dues of the Kurdistan Region, in the amount of 67 million Iraqi dinars.
The Director General of Trade in the Ministry, Nawzad Sheikh Kamel, said, in a statement received by (Baghdad today), that “the banking instrument for the fifth part of the benefits of the region’s farmers has arrived in the region and will be distributed in the governorates of Erbil, Dohuk and Sulaymaniyah.”
He added that “the amount will be distributed to the provinces, so that the amount of one billion and 190 million for Sulaymaniyah, 762 million for Erbil and 115 million for Dohuk.”

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Al-Kazemi’s government takes 4 new decisions

politicsbreakingdecisionsIraqi Council of Ministers 2021-10-19 11:36A-AA+

Shafaq News/ The Iraqi Council of Ministers took, during its weekly session, headed by Mustafa Al-Kazemi, on Tuesday, four new decisions.

Al-Kazemi’s office said, in a statement received to Shafaq News Agency, that after discussing the topics on the agenda, the Council of Ministers issued the following decisions:

First/ 

– Allocating the Ministry of Finance (3,000,000) dinars, only three billion dinars, to the water directorates in the governorates from the emergency reserve for the fiscal year 2021; To secure chlorine, according to the attached tables, linking the book of the General Authority for Coordination between the Governorates No. (T / 1204), dated September 1, 2021, based on the provisions of Article (5) of the Federal General Budget Law for the fiscal year / 2021. 

– Authorizing the Minister of Finance to carry out transfers between the appropriations of the federal general budget to secure the amount of (1 billion) dinars, only one billion dinars, to the water directorates in the governorates, based on the provisions of Article (4) of the Federal General Budget Law for the fiscal year / 2021.

Second / Approval of the recommendations of the Higher Committee for School Construction regarding the amendment of Cabinet Resolution (326 of 2019), as follows:

1. Amending paragraph (3) of the aforementioned decision to become: (The supervision and liaison of the executive management shall be in the General Secretariat of the Council of Ministers).

2. Amending paragraph (5/Second/A), by replacing the phrase: (the beneficiary entity), with the phrase: (the contracting entity).

3. Referring the implementation of schools to Chinese companies (Power China) and (Sinotes), based on the recommendation of the Central Committee for review and approval of the referral, and giving them an operating advance of no more than (10%) in return for a letter of guarantee from an approved bank.

Third / agree to the following:

1. Authorizing the Minister of Foreign Affairs to sign a draft exemption for diplomatic and service passport holders from entry visa, between the Government of the Republic of Iraq and the Government of the Republic of Cyprus, as amended by the State Council based on the provisions of Article (80/Sixth) of the Constitution.

2. The Ministry of Foreign Affairs prepares the necessary authorization document on behalf of the Government of the Republic of Iraq for the Minister of Foreign Affairs, according to the approved contexts, and submits it to the General Secretariat of the Council of Ministers, in order to obtain the signature of the Prime Minister.

Fourthly/

1. Authorizing the Minister of Foreign Affairs to sign a draft exemption for diplomatic and service passport holders from entry visa, between the Government of the Republic of Iraq and the Government of the Republic of South Korea, as amended by the State Council, based on the provisions of Article (80/Sixth) of the Constitution.

2. The Ministry of Foreign Affairs prepares the necessary authorization document on behalf of the Government of the Republic of Iraq for the Minister of Foreign Affairs, according to the approved contexts, and submits it to the General Secretariat of the Council of Ministers; In order to obtain the signature of the Prime Minister.

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Al-Handal: Dubai Expo is a promising opportunity to invest in Iraq

Part of the opening of the Iraqi pavilion at Expo 2020 Dubaimoney and business

Economy News – Baghdad

The head of the Iraqi Private Banks Association, Wadih Al-Handal, said that the Dubai Expo 2020 is an important and promising opportunity to open the door for investment in Iraq. 

Iraqi Foreign Minister Fouad Hussein inaugurated the Iraq pavilion at Expo 2020 Dubai, in the presence of Deputy Central Bank Governor Ihsan Al-Yasiri, Chairman of the Investment Authority Suha Al-Najjar, President of the Association of Private Banks Wadih Al-Handal, and UAE Minister of State Khalifa Shaheen Al-Marar.

Al-Handal added in an interview with “Economy News”, that “the Iraqi pavilion in the exhibition will show its visitors the civilization, heritage and great successes that Iraqis have achieved over the past and current years,” noting that “the Central Bank and the Association of Private Banks provided financial support through the Tamkeen Fund to establish the pavilion.” .

He pointed out that “Expo Dubai is an opportunity for Iraqi and foreign businessmen to find investments inside the country and contribute to the development of its economy,” explaining that “the coming days will witness many big events to activate the pavilion through coordination with the committee responsible for the pavilion, including the establishment of an exhibition for the banking sector.” .

https://economy-news.net/content.php?id=26629

Demonstrators who reject the elections set up sit-in tents near the Green Zone in Baghdad.. Photos

communityBaghdadThe electiongreennaysayers 2021-10-19 09:01A-AA+

Shafaq News/ The demonstrators who reject the election results began erecting tents today, Tuesday, in preparation for the sit-in near the fortified Green Zone in the center of the capital, Baghdad, according to Shafaq News Agency correspondent.

Dozens of people had protested earlier this morning, condemning the election results in front of the Green Zone, which includes sensitive government departments, the Iraqi parliament building, in addition to the embassies of Western countries.

In Basra Governorate, the far south of Iraq, dozens of protesters set up a marquee for a sit-in in front of the office of the Electoral Commission in the province.

Since the Independent High Commission announced the results of the legislative elections that took place this October, Shiite parties that own armed factions expressed their rejection of these results, and began to escalate and mobilize their audience to take to the street, which is what actually happened with the launch of demonstrations in regions and cities in Iraq.

And political leaders warned of fears that the rejectionist attitudes would take another path, given that the parties objecting to the election results had money and weapons and could worsen the situation and ignite a civil war in Iraq.

The results of the parliamentary elections resulted in the Sadrist bloc, led by the young Shiite cleric Muqtada al-Sadr, winning more than 70 seats, which qualifies him to form the federal government in alliance with winning political forces from the Kurds and Sunnis, and this aroused the resentment of the Shiite parties opposed to Sadr.

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THE ARAB MONETARY FUND, IN COOPERATION WITH THE INTERNATIONAL MONETARY FUND’S CENTER FOR ECONOMICS AND FINANCE IN THE MIDDLE EAST, ORGANIZES A COURSE ON “EXCHANGE RATE POLICY”

 2021-10-19

Abu Dhabi – United Arab Emirates

This morning, the ”  Exchange Rate Policy ” course  , organized by the Institute for Training and Capacity Building at the Arab Monetary Fund, in cooperation with the International Monetary Fund’s Center for Economics and Finance in the Middle East, was inaugurated during the period  18-28 October 2021,  through the distance training method that the Fund adopted as a continuation of its training activity. .

Achieving economic and financial stability is one of the most important economic goals in all countries, so macroeconomic policies are unique in large areas, especially those policies that aim to achieve stability. The course also highlights the differentiation of macroeconomic policies related to different exchange rate regimes, the choice of exchange rate regime, and the most important challenges facing exchange rate policy in developing and emerging market economies.

On this occasion, the speech of His Excellency Dr. Abdulrahman bin Abdullah Al-Hamidi, Director General and Chairman of the Board of Directors of the Arab Monetary Fund, stated:

Dear sisters and E Lakhoua

It gives me great pleasure to welcome you to the opening of the ” Exchange Rate Policy ” course  held by the Institute for Training and Capacity Building at the Arab Monetary Fund in cooperation with the International Monetary Fund’s Center for Economics and Finance in the Middle East, hoping that you will seize the opportunity and benefit from the topics of the course. 

Ladies and gentlemen,

Achieving economic and financial stability is one of the most important economic goals in all countries, so macroeconomic policies are unique in large areas, especially those policies that aim to achieve stability. The course also highlights the differentiation of macroeconomic policies related to different exchange rate regimes, the choice of exchange rate regime, and the most important challenges facing exchange rate policy in developing and emerging market economies.

Ladies and gentlemen,

The exchange rate policy is one of the most important policies adopted by countries to maintain the stability of macroeconomic variables, the most important of which is inflation, which is considered one of the obstacles in achieving economic growth. appropriate exchange. A fixed exchange rate policy helps curb inflation, and a flexible exchange rate policy helps absorb external shocks. The results of adopting such economic policies were clear during the many economic crises that afflicted the world’s economies during the past two decades, which contributed to alleviating the negative effects of those crises.

Ladies and gentlemen,

It is known that the influx of capital significantly in the presence of an effective monetary policy enables countries to avoid the consequences of these flows represented by the rise in real exchange rates, thus reducing the competitiveness of these countries’ exports. Although these flows contribute to an increase in the volume of reserves, the accumulation of reserves may entail costs represented in interest payments on government bonds that are used to absorb the liquidity left by these flows. Therefore, it is necessary for countries to have controls to deal with capital flows, especially short-term, as these funds are often quick to exit.

Ladies and gentlemen,

Your course is rich in topics related to many important topics, as the different types of exchange rate strategies and arrangements and their compatibility with the existing economic policy will be reviewed. The course will focus on the following main themes:

• Fundamentals of analyzing different exchange rate systems.
• How to read international currency market indicators and exchange rates.
• Assessing the adequacy of foreign exchange reserves using traditional and new indicators.
• The relationship between exchange rate policy and macroeconomic policies.
• Basic data for the transition from a fixed to a flexible exchange rate.
• Establishment of early warning systems for currency crises. 

Ladies and gentlemen,

In conclusion, I would like to thank the distinguished experts who presented the course materials, and to commend the fruitful cooperation that exists between the Arab Monetary Fund and the International Monetary Fund. 

I wish you a successful session and may God protect you wherever you are. 

Peace, mercy and blessings of God.

https://www.amf.org.ae/ar/content/%D8%B5%D9%86%D8%AF%D9%88%D9%82-%D8%A7%D9%84%D9%86%D9%82%D8%AF-%D8%A7%D9%84%D8%B9%D8%B1%D8%A8%D9%8A-%D8%A8%D8%A7%D9%84%D8%AA%D8%B9%D8%A7%D9%88%D9%86-%D9%85%D8%B9%C2%A0%D9%85%D8%B1%D9%83%D8%B2-%D8%B5%D9%86%D8%AF%D9%88%D9%82-%D8%A7%D9%84%D9%86%D9%82%D8%AF-%D8%A7%D9%84%D8%AF%D9%88%D9%84%D9%8A-%D9%84%D9%84%D8%A7%D9%82%D8%AA%D8%B5%D8%A7%D8%AF-%D9%88%D8%A7%D9%84%D8%AA%D9%85%D9%88%D9%8A%D9%84-%D9%81%D9%8A-%D8%A7%D9%84%D8%B4%D8%B1%D9%82-%D8%A7%D9%84%D8%A7%D9%88%D8%B3%D8%B7

President Barzani will meet with all the Kurdistan parties ahead of an anticipated visit to Baghdad

 2021-10-19 12:25:32

Shafaq News/ The President of Kurdistan, Nechirvan Barzani, will hold an expanded meeting with all the political parties in the Region ahead of his visit to the Iraqi capital, Baghdad, the Kurdistan Democratic Party (KDP) Politburo Secretary Fadhel al-Mirani said on Tuesday.

Earlier today, al-Mirani headed the KDP delegation that convened with representatives of the Kurdistan Communist Party and Kurdistan Islamic Movement in the capital city of the Region, Erbil.

“After we visit all the parties in Kurdistan, the President of the Region will invite them all to an expanded meeting to set a joint agenda before heading to Baghdad to hold talks regarding the upcoming government,” al-Mirani said in a press conference, “we await the outcomes of the Region’s Presidency meeting. Consequently, we will decide the parties that we will or will not ally with.”

“We prefer not to hold any talks single-handedly. The blocs of Kurdistan shall be united,” he continued, “we do not visit anyone on the basis of the seats won in the election.”

“We expect prolonged talks,” he said, “extending the mission of the caretaker government is not in the interest of the Iraqis. We the government is formed swiftly.”

Shafaq.com