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{Economic: Al Furat News} A member of the Parliamentary Finance Committee in the former parliament, Sherwan Mirza, expected a financial abundance in the 2022 financial budget due to the rise in oil prices.
Mirza told {Euphrates News}: “There is a financial abundance that has been achieved and the possibility of improving the economic situation due to the increase in oil prices.”
He added, “So far, Iraq has not resorted to borrowing, whether external or internal, and it is at the end of the year.”
Mirza pointed out that “there is full financial coverage, meaning there is no financial deficit until now.”
He continued, “The government has fulfilled its full financial obligations towards the citizens, and there are expectations that the price of a barrel of oil will stabilize at the rate of 80 dollars.”
Raghad Daham
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The headquarters of the National Bank of Iraq
banks
Economy News – Baghdad
On Sunday, the National Bank of Iraq announced the launch of certificates of deposit with an annual interest rate of 6.5%.
The bank said in a post on its Facebook site, which was seen by “Al-Iqtisad News”, that it decided to “grant certificates of deposit with a guaranteed return rate of 6.5%.”
He added that “the deposits of the National Bank of Iraq are subject to insurance by the Deposit Insurance Company.”
It is noteworthy that the National Bank of Iraq currently has 18 branches spread across all major Iraqi cities.
Stock Exchange «Economy News»Market
Economy News – Baghdad
The General Secretariat of the Federation of Eurasian Exchanges organized, on 11-12/11/2021, various events in which the Iraq Stock Exchange participated.
The market participated in the meeting of the Board of Directors of the member stock exchanges, including the Iraq Stock Exchange, which was elected in June 2021. Also, in the meeting of the General Assembly of the Federation of Eurasian Exchanges (FEAS), in which the Iraqi Stock Exchange acquired its membership in May 2005.
In addition, the market participated in the Capital Markets Talks conference, in which the Securities Commission represented by its Chairman Faisal Al-Haymes participated, in addition to the Ministers of Economy and Finance in the State of Armenia and a number of chairmen of the boards of directors of the financial markets and the Iraq Stock Exchange represented by the expert Taha Ahmed Abdel Salam, Executive Director of the market And the participation of the Chairman of the Board of Governors and a number of members of the Board of Governors.
In an intervention during the conference, the Chairman of the Securities Commission Faisal Al-Haymes presented the commission’s vision and the role of the stock market in developing the economy through the development of the establishment of joint stock companies and their inclusion in the Iraqi Stock Exchange.
He proposed the nomination of the Iraqi Stock Exchange to the membership of the Business Committee / Committee to Study the Development of the Brokerage Companies Members of the Federation and their role in marketing investment in securities, along with the Muscat Market and the Armenia Stock Exchange, and the approval of the members was obtained.
For his part, the Executive Director of the Iraq Stock Exchange, Taha Ahmed Abdel Salam, participated in the meeting of the Board of Directors of the Federation and in the General Assembly of the Federation, and among the most important plans proposed to the Federation and the financial markets is to nominate the topics required for case studies to universities, in addition to supporting letters and theses through Capital markets journal proposed to be organized as of 2022.
The meetings and the conference concluded by setting the vision of the Federation and the financial markets for the years 2022-2024, including the proposed development plans.
The stock exchanges in Iraq, Egypt, Oman, Iran, Armenia, Kazakhstan, Syria, Ukraine, Greece, Cyprus, Jordan and Union guests from other markets participated in the meetings and conference, along with the participants via the Zoom application.
{Economist: Al Furat News} A large Iraqi banking delegation will visit Saudi Arabia at the end of this week.
An informed source in the Central Bank of Iraq said in a press statement, “A large banking delegation will visit Saudi Arabia, headed by the Governor of the Central Bank, Mustafa Ghalib, on November 19.”
He added that “Saudi Arabia agreed to open two branches for the Trade Bank of Iraq and the National Bank of Iraq.”
It is noteworthy that an Iraqi delegation visited Saudi Arabia last October and agreed to open the two branches, which would develop banking and economic relations.
Iraqi-Saudi relations began to improve with the government of Haider al-Abadi in 2017, and since then, a Saudi embassy has been opened in Baghdad, and the Iraqi-Saudi Coordination Council has been established.
Prime Minister Mustafa Al-Kazemi and Saudi Crown Prince Mohammed bin Salman alike called for economic openness and increased expansionary economic integration in the Gulf.
The opening of the Arar crossing in 2020 was a first step to reopening the four border posts that were closed after the former regime’s invasion of Kuwait in 1990.
Trade between the two countries currently amounts to one billion dollars annually.
Meanwhile, a spokesman for the Border Ports Authority, Alaa Al-Din Al-Qaisi, said that “Saudi Arabia has agreed to establish the Al-Jumaymah port in the Muthanna governorate, and it will bear the cost of its establishment from the Iraqi side.”
“The authority approved the Saudi proposal at its last meeting, but it may need more than a year to establish it,” he added.
{Economic: Al Furat News} The Ministry of Finance justified its adoption by raising the exchange rate of the dollar “to supplement national production, protect the reserves of the Central Bank of Iraq and support the budget.”
And she said in a lengthy statement that the agency {Euphrates News} received a copy of it: “The Ministry of Finance has borne the burdens of a stifling financial crisis during the past three years that threatened the state’s ability to fulfill its obligations that were already burdened by the burdens of a large legacy represented by the inflation of the public spending rate and the rise in the wage bill, which threatened the insurance of Salaries of its employees, in light of a sharp drop in world oil prices and a dangerous health situation due to the consequences of the Corona pandemic (𝗰 𝗰 𝗰 table𝗱-19) on the national economy and its repercussions on the economic reality and the social fabric, the Ministry of Finance continues to balance the need for prudent public financial management with its obligations to ensure the protection of the most vulnerable And the neediest.
She indicated the support of the international community for the policies of the Ministry of Finance, and the International Monetary Fund and the World Bank approved the management of public finances under very difficult circumstances, and the World Bank issued its semi-annual report on the Iraqi economy, which the Ministry reissues below for the benefit of the honorable public.
The Iraqi Economy (Reality and Prospects)
Economic growth has begun to recover gradually following the downturn caused by the Corona pandemic last year, in part due to the increase in non-oil activity. It is expected that the improvement in the global oil market conditions will boost economic growth in the medium term and turn financial and external balances into surpluses from 2021, to reverse the recent rise in debt. The main downside risks are due to potential epidemiological developments, fluctuations in oil prices, setbacks in the security situation, and impeding the implementation of economic reform.
Main conditions and challenges
Iraq is one of the most oil-dependent countries in the world. Over the past decade, oil revenues accounted for more than 99% of its exports, 85% of the government budget, and 42% of GDP, an excessive dependence on oil that exposes the country to macroeconomic fluctuations.
The Corona pandemic had a significant impact on Iraq’s GDP in 2020, which shrank by 15.7%, and budget revenues shrank by 9% to reach 32% of GDP, which led to a sharp decline in public spending and investments.
As of January 2021, the unemployment rate increased by more than 10% than it was before the pandemic, which was 12.7%.
Concerns related to food security persisted despite the recent increase in families receiving social benefits from the government, primarily the salaries of the social protection network and food rations from the ration card system, as well as the efforts made to provide vaccines to treat the Corona epidemic.
While the economic conditions in Iraq are gradually improving with the recovery of international oil markets, this recovery is also fraught with major risks posed by structural constraints, including public investment management constraints that have affected the delivery of public services, and the slow repayment of overdue debt, especially those related to wages. The public and state-owned banks and the Central Bank of Iraq bear the burden of sovereign debt. Not to mention the fragility of the political situation, the weak health care system, and endemic corruption that continues to foment unrest across the country.
The white paper is a comprehensive framework for addressing dependence on oil and structural problems, and represents a medium-term strategic framework for comprehensive economic reform decisions.
Recent Developments
The economy is gradually recovering from its double shock in 2020 represented by (the drop in oil prices and the outbreak of the Corona pandemic), as the statistics indicate the GDP by 0.9% for the first half of 2021, and the growth of the non-oil economy by more than 21% in the first half of the year 2021, and this is due to the strong performance in the service sectors after easing measures to prevent the emerging corona virus, after the spread of the vaccination campaign and the decrease in infections. This recovery reduced lagging in the oil sector, by 10% in the first half of 2021, as Iraq adjusted its share in OPEC early in the year. Since then, OPEC has gradually increased the production share of member states, which was reflected in an increase in GDP. The general and core inflation rate in Iraq in the period from January to July 2021 reached 5.2% and 6.2%.
The financial statements for the first half of 2021 show significant gains in budget revenues (42% increase) as the average export price increased by at least $64 per barrel. These budget gains were also multiplied by the financial effects of last year’s devaluation. In addition, the reforms of the General Customs Authority and the General Tax Authority contained in the 2021 budget law began to bear fruit, as sovereign revenues increased by 53% than they were previously. Which contributed to reducing the public budget deficit.
Externally, the current account deficit also turned into a surplus of 4.7% of GDP in the first quarter of 2021, which contributed to the rise in the total official reserves of the Central Bank of Iraq by about 5 billion US dollars to reach 58.5 billion US dollars in the first quarter of 2021 compared to $54 billion at the end of 2020.
a future vision:
The prospects for the Iraqi economy have improved with the recovery in global oil markets, but the spread of new coronavirus variables and climate change challenges pose new risk factors. The economy is expected to gradually recover on the back of higher oil prices and an increase in OPEC production quotas that are due to be phased out in 2022. Oil GDP will be the main driver of growth in the medium term. It is expected that the non-oil GDP will improve, but it will remain with an average growth of less than 3% between the years 2021-2023 due to the mutated generations of the Corona pandemic, in addition to the challenges facing the Iraqi economy, foremost of which is the lack of water and electric power, which affects agriculture and industry.
The high indicators of the poverty line, which were linked to a direct relationship with the rise of the Corona pandemic, in addition to some of the social turmoil facing Iraq for years, require appropriate planning to achieve effective social goals.
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political| 12:52 – 14/11/2021
Baghdad – Mawazine News
On Sunday, the Federal Supreme Court ruled the unconstitutionality of a number of phrases of Article 46 of the Parliament Elections Law.
And the court’s media stated, in a statement received by Mawazine News, that “the Federal Supreme Court decided, by virtue of its decision No. (144/Federal/2021) on 11/14/2021, that the phrase (otherwise, the one who received the highest votes from the losing candidates from his list would be the alternative to it). in his constituency) and the phrase (individual candidate) from Article (46) of the Iraqi Parliament Elections Law No. (9) for the year 2020, due to their violation of the provisions of Articles (5, 14, 16 and 20) of the Constitution of the Republic of Iraq for the year 2005, and the article remains in the following form (the winning candidate commits to the parliamentary elections By taking the constitutional oath within a maximum period of one month from the date of the first session. Ended 29/b
politicsbreakingElection CommissionParliament electionsJudicial bodyAppealing the results 2021-11-14 05:58A-AA+
Shafaq News/ The Independent High Electoral Commission in Iraq confirmed today, Sunday, that no fraud was recorded in the results of the parliamentary elections that took place on the tenth of last October, after completing the counting and sorting of polling stations.
Imad Jamil, a member of the media team of the commission, told Shafaq News Agency, “The commission sent final and complete all the results of the appeals to the judiciary for the purpose of deciding on them, and no manipulation in the election results was recorded after the manual counting and sorting, and the final word in this regard will be with the authority. Judicial.
He added that “more than 20 stations change their results by a difference of one or two votes within the percentage established by law, and only one station has the authority stamped all its papers as null and has been re-counted, sorted and distributed its votes to all those entitled to it from the total stations of 75 thousand and 900 polling stations.”
Jamil continued, “Therefore, the results were positive, and we await the decisions of the judiciary to resolve the matter, and any decision issued by the judiciary will be binding on us and the parties that submitted the appeals.”
It is noteworthy that the (Shiite) coordination framework blocs questioned the results of the elections and accused the High Commission of tampering and fraud in the votes in many electoral centers and polling stations, and some of them declared their absolute rejection of the election results.
economybreakingMinistry of Financedollar exchange rate 2021-11-14 05:53A-AA+
Shafaq News/ Today, Sunday, the Iraqi Ministry of Finance clarified the reasons for adopting a new exchange rate for the US dollar against the local currency, noting that this came to supplement national production, protect the central bank’s reserves and support the budget.
In a statement received by Shafaq News Agency, the Ministry of Finance said that, during the past three years, it has borne the burden of a stifling financial crisis that threatened the state’s ability to fulfill its obligations that were already burdened by a large legacy represented by the inflation rate of public spending and the rise in the wage bill, which threatened to secure the salaries of its employees, in light of the low Sharp global oil prices and a dangerous health situation due to the consequences of the Corona pandemic on the national economy and its repercussions on the economic reality and the social fabric.
The Ministry of Finance indicated that the general budget continues between the need for a wise public financial management with its obligations to ensure the protection of the weakest and most needy groups, pointing to the support of the international community for the policies of the Ministry of Finance, as the International Monetary Fund and the World Bank approved public financial management under difficult circumstances. Extremely .
In a previous statement, the Iraqi Ministry of Finance issued, on the fifth of last October, a clarification regarding the exchange rate of the US dollar, noting that changing it worked to “stop the fall of the reserve currency and enhance import capabilities.”
The indicators showed, according to the financial statement, a clear improvement in commercial activity in the past nine months of the current year 2021 in light of the crisis of the spread of the COVID-19 virus, and it also helped to stop the penetration of the Iraqi market and flood it with cheap goods that curb attempts to upgrade local production.
It is noteworthy that the Central Bank of Iraq, on December 19, 2020, officially announced the amendment of the foreign exchange rate (the US dollar) to be 145,000 dinars for every $100, according to the state’s general budget for the year 2021 approved by the House of Representatives.
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