Iraq’s decisive moment has come

 

Tuesday 10 May 2022

Toukhr Mazroev  

 

While the political blocs are busy forming the government in the coming weeks, it will also be important to agree on the economic goals that the government will seek to achieve, as these goals are likely to determine the economic future of the country. Iraq suffers from multiple economic challenges known to all. Every year, thousands of Iraqi children are born in difficult socio-economic conditions. More than one-fifth of the population lives in poverty in the absence of a reliable and sustainable source of electricity, drinking water and other basic services. Universities are scarce of economic opportunities, which pushes them to take to the streets, demanding change.

 

The main lesson from Iraq’s recent history is the unsustainability of these policies and their inability to create sufficient job opportunities for the nearly eight hundred thousand young people who enter the labor market each year. The rest of the urgent priorities, which makes public finances vulnerable to the risks of fluctuating oil prices; Therefore, it is not surprising that Iraq finds itself on the brink of economic collapse after every sharp drop in world oil prices, and every time Iraq is exposed to such shocks, economic reform attempts are launched, but they are quickly abandoned as soon as conditions in the oil market improve.

 

This question is more central and important today than ever before. At a time when the world is struggling with climate change, every available opportunity like this may also be the last. In light of the raging global race to save the planet and the uncertainty it entails about the continued dependence on oil, Iraq is entering an existential battle for its economic future. At the same time, rising temperatures, frequent and intense heat waves, droughts and other natural disasters, as well as increased salinity and desertification, threaten to destroy the livelihoods of millions and make major parts of the country uninhabitable. Moreover, current demographic trends will increase pressures on already struggling urban water, sanitation and electricity systems. Without enacting urgent reforms that build resilience to the challenges of climate change and economic diversification, many sectors of the economy could disappear forever.

 

These reforms can only be achieved with broad political support, which was difficult to achieve in the past. 

 

Global oil markets have presented Iraq with another opportunity to secure a brighter future for its citizens, and the response of the new government to that opportunity – before those opportunities disappear forever – may extend to future generations. Herein lies its historical significance.

 

* Head of the Iraq mission to the International Monetary Fund

 

 

After its implementation in Iran… Is it possible to cancel the dollar exchange rate in Iraq? – Urgent

181 Policy 2022/05/11/19:52  
Baghdad today – Special 

, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, commented today, Wednesday, about the possibility of canceling the dollar exchange rate in Iraq after implementing this step in Iran. 

Saleh said in a statement to (Baghdad Today), that “the step taken by Iran means its official exit from the dollar area, whether in settling its foreign transactions with the world or in building its foreign reserves, and accordingly, it will deal with all existing international currencies and will allow the circulation of reserve foreign currencies in various forms, except for the United States dollar. 

He added, “Perhaps the exchange rate of the Iranian currency will be based in the future on the currency basket system, excluding the dollar, which means Iran will leave the International Monetary Fund system entirely, in addition to the embargo imposed by the United States on Iran since 2011, which stopped any Iran’s dealings with the world in the currency of the United States of America.”
Saleh added, “Iraq is completely different from Iran, as it is located within the dollar area, and its oil payments and foreign payments are closely linked to the US dollar and to the policy of a fixed exchange rate between the dinar and the dollar only.” 

He pointed out that “the exchange rate policy is flexible, as the dinar is linked with other reserve currencies, such as the euro, the Japanese yen, the pound sterling, and others.”

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Parliament finishes reading the law banning normalization and votes on members of parliamentary committees {expanded}

  • Time: 05/11/2022 16:25:34
  • Reading: 143 times
Parliament finishes reading the law banning normalization and votes on members of parliamentary committees {expanded}

  {Politics: Al-Furat News} The House of Representatives, in its seventh session, which was held today, Wednesday, headed by Muhammad Al-Halbousi, Speaker of the House, completed the first reading of a proposed law banning normalization and establishing relations with the Zionist entity.

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A statement of the council, which {Al-Furat News} received a copy of, stated that: “At the beginning of the session, the speaker of the council offered condolences on the death of former MP Abdul Karim Al-Ansari, who passed away as a result of an unfortunate traffic accident, as well as reciting Surat Al-Fatihah for his soul.”

He added, “The council completed the first reading of the proposed law banning normalization and establishing relations with the Zionist entity, submitted by the Legal Committee, to preserve national, Islamic and humanitarian principles in Iraq, and given the great danger that poses to normalization with the occupying Zionist entity, promoting it, communicating or establishing any relationship with it.” “.

The council indicated that it “cuts the way for anyone who wants to establish any kind of relations with the occupying Zionist entity, to impose a deterrent punishment against it, and to preserve the unity of the ranks among the people and their national and Islamic identity.”

He continued, “The parliament also voted to complete and distribute the deputies to the permanent parliamentary committees, as well as to vote to authorize the presidency of the Council from excluding a number of parliamentary committees from the conditions of membership according to the council’s internal system, while it was decided to adjourn the session.”

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Biden extends the state of emergency in Iraq: his files still pose a threat to America

10/05/2022 11:16

  • number of readings 3928
  • Section : Arabs and the

Baghdad / Obelisk: The White House announced, on Tuesday, May 10, 2022, that US President Joe Biden has extended the national emergency for Syria and Iraq.

And the White House said in a statement, that President Biden decided to extend the national emergency over Syria, declared since 2004, for a full working period beyond the date of May 11, which is the date that it is supposed to end.

The statement quoted Biden as saying that America will look at changes in policies and actions taken by Syria to confront the unusual threat to the national security of the United States in order to determine whether to continue or end the national emergency in the future.

In this context, Biden also decided to extend the national emergency around Iraq, which was announced under an executive order issued since 2003, for a full year beyond the date of May 22, which is the date that it is supposed to end.

This came in a letter sent by Biden to US House Speaker Nancy Pelosi and Senate Speaker Kamala Harris, in which he said that obstacles to the orderly reconstruction of Iraq, the restoration and maintenance of peace and security in the country, and the development of political and economic institutions there still pose an unforeseen threat. Familiar and unusual for the national security and foreign policy of the United States.”

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The Central Bank warns against trading in digital, encrypted and virtual currencies

  • Time: 05/11/2022 10:32:04
  • Reading: 559 times
The Central Bank warns against trading in digital, encrypted and virtual currencies

  {Economist: Al Furat News} The Central Bank warned, today, Wednesday, against trading in digital, encrypted and virtual currencies

The text of the Central Bank statement stated, and {Euphrates News} received a copy of it, that “in order to ensure the optimal implementation of the care procedures referred to within the Anti-Money Laundering and Terrorist Financing Law No. 39 of 2015 and the instructions issued according to it, it was decided to prevent the use of cards and electronic wallets for the purpose of speculation and trading in digital currencies. of all kinds and subject those dealing with them to the provisions of the above law.” 

The Central Bank stressed “to educate the public in this regard in order to implement the safety of financial transactions in order to avoid operations that are suspected of involving money laundering and terrorist financing.”

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The Iraqi parliament holds its session to discuss the ban on normalization with Israel

politicsbreakingIraqi parliamenthold a session

 2022-05-11 06:42A-AA+

Shafaq News/ Today, Wednesday, the Iraqi Council of Representatives held its seventh session for the fifth electoral cycle, the first legislative year, the first legislative term, headed by Muhammad Al-Halbousi, Speaker of the Council.

Immediately after the session, the council began the first reading of the proposed law banning normalization and the establishment of relations with the Zionist entity.

According to the council’s media department, “the agenda includes three paragraphs, the first of which is the first reading of the proposed law banning normalization and establishing relations with the Zionist entity submitted by the Legal Committee.”

The table also includes, in its second paragraph, the formation of permanent parliamentary committees, and the third “general discussions”.

On Sunday (24/4/2022), the Sadrist bloc, led by the leader of the Sadrist movement, Muqtada al-Sadr, announced that the “Save the Homeland” coalition had submitted a proposed draft law criminalizing normalization or dealing with Israel to the parliament’s presidency with the aim of legislating it in the upcoming parliamentary sessions.

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The name of an Iraqi government bank was removed from the international sanctions list

economybreakingRasheed Bankdelete his nameinternational sanctions

 2022-05-11 06:37A-AA+

Shafaq News/ Al-Rasheed Bank announced on Wednesday the removal of its name from the list of international sanctions of the Charter of the United Nations, which came in accordance with the document issued on April 18, 2022.

In a statement received by Shafak News Agency, the media office said that this decision came due to the efforts made by the Iraqi government, the Ministry of Foreign Affairs, the Permanent Representative of the Republic of Iraq to the United Nations and Al-Rasheed Bank.

The statement stressed that this decision has restored Al-Rasheed Bank to its rightful place in the banking field.

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