In details.. the results of hosting the Minister of Finance in Parliament: a change in the exchange rate is unlikely

politicsMinister of FinanceIraqi parliamentexchange ratedollar exchange rate

 2022-02-28 11:20A-AA+

Shafaq News/ The Iraqi parliament hosted, on Monday, in its second session of the fifth electoral cycle, Finance Minister Ali Allawi, and discussed the dollar exchange rate and its repercussions on the local market, in the presence of 288 deputies.

The council discussed with Allawi, according to a statement received by Shafak News Agency, the repercussions of the high dollar exchange rate on the market, the damage to the poor segment, and the discussion of public debt and the financial policy of the Ministry of Finance and the proposed treatments.

Allawi reviewed, in a detailed explanation, “the reasons for changing the exchange rate and its relationship to economic reform, which was according to an extensive study in which concerned parties participated and was not an individual decision by the Ministry of Finance,” noting that “the exchange rate change at that time was against the background of the deterioration in global oil prices due to the impact of a pandemic.” Corona and the decline in the volume of Iraqi oil exports, according to the International Monetary Fund, amounted to (4.9%) as well as the failure to approve the 2020 budget due to the resignation of the government, which led to a stifling financial crisis that prevented the payment of salaries of employees and retirees, which prompted the House of Representatives to pass a legal deficit financing amounting to 27 trillion dinars.

The Minister of Finance pointed out that “the 2021 budget, which was developed according to reform plans, contributed to developing solutions, addressing the financial situation, and working to develop the long-term financial strategy by presenting the white paper that restored balance to the Iraqi economy, provided economic stability for people with limited income and corrected local investment.”

And he indicated that “the imbalance in the Iraqi economy is due to the negative accumulations and the direct and indirect state control over the economy since the seventies of the last century,” noting that “reconsidering the exchange rate of the currency in an unstudied manner leads to financial chaos similar to some countries, so the trend was to set the price of Exchanging the Iraqi dinar comfortably to protect it from any external changes in a proactive and correct step in coordination with the Central Bank and studying it with the Prime Minister, heads of political blocs and other parties, in addition to the support of the International Monetary Fund regarding changing the price at a reasonable rate.

The minister explained, “The draft budget law for the year 2021 focused on protecting vulnerable groups in society, applying some elements of the white paper, increasing non-oil imports, and the ministry’s treatment of these groups by allocating more than 9 trillion dinars to help increase social protection allocations, improve the effectiveness of the ration card and support projects. In addition to increasing the pensions of retired people and the allocations for martyrs and political prisoners.

Allawi added, “The benefits of devaluing the Iraqi dinar increased government revenues by 23 percent, including maximizing the funds allocated to finance reconstruction projects, allowing the government to respond to the increase in citizens’ needs and contributing to strengthening the balance of payments for the country and avoiding risks.”

He pointed out that “the rise in prices in the Iraqi markets was not only due to the decrease in the exchange rate of the dollar, but rather as a result of the increase in global food prices since 2020,” explaining that “the rise in global oil prices is beneficial for Iraq and at the same time affects its needs of foodstuffs and oil derivatives. And importing gas that is used to generate electricity by 30%, in addition to reducing the Iraqi external debt by 4 billion dollars in 2021.”

The Minister of Finance spoke of a global imbalance in the economy and a flaw in the commercial, import and institutional situation in Iraq, especially the uncontrolled outlets, as well as the weak absorption of the agricultural, industrial and private sectors of the economic changes taking place in the world, noting that “the rate of payment of farmers’ dues amounted to 65 percent with the presence of many accumulations. for 2019 and 2020”.

And he indicated that “the financial crisis that occurred in 2021 affected the possibility of implementing some of the items contained in the budget law,” stressing that “the completion rate of the white paper, which included 322 axes, reached 61%, especially since” 60% of the border crossings are not controlled. including those located in the Kurdistan Region.

According to the Parliament’s statement, a number of deputies demanded to know the possibility of restoring the dinar exchange rate to its predecessor to reduce price inflation, address currency smuggling outlets and delay payment of farmers’ dues, in addition to the demand for the automation of border crossings and the reservation on the government’s reliance on foreign loan policy and overburdening the country with debts, and setting steps Actual reform without overburdening the citizen, and asking the financial authorities to manufacture small denominations of currency to avoid price hikes due to the lack of middle classes.

The First Deputy Speaker of Parliament, Hakim Al-Zamili, called on the government to “work to impose its control over the financial sectors and to put a basic solution to the commitment of the Ministry of Finance to support the simple classes in society.”

In turn, Al-Halbousi indicated that “the background to the exchange rate change was due to the Corona pandemic, the decline in oil prices, the scarcity of Iraqi imports, and what caused a financial crisis, at which time the Iraqi government was unable to pay its obligations towards employees and retirees.”

The Speaker of Parliament said, “The proposed solutions were identified by several options, including reducing employees’ salaries by 30 percent, demobilizing a number of employees and referring them to compulsory retirement, but the parliament chose to amend the exchange rate, which generated state revenues of 22 trillion dinars and found a solution to the problem.”

Al-Halbousi demanded, “finding effective solutions to maximize financial revenues that enable the state to restore the value of the Iraqi dinar,” noting that “the largest corruption deals that occurred in Iraq were in 2012 when the dollar exchange rate was changed.”

He also called on the Ministry of Finance to “work to present a new vision to address the negative effects that resulted from the exchange rate change, to be presented to the Council within a period of two weeks.”

But the Minister of Finance indicated that this matter is not possible at the present time, as changing the exchange rate is difficult now, as it has achieved stability in the Iraqi economy, and its change is linked to the rise in financial abundance that meets ambition.

Al-Zamili: The decision to lift the ban on Iraqi stadiums is an indication of the end of terrorism



Baghdad / Al-Mawrid News

Today, Sunday, the First Deputy Speaker of Parliament Hakim Al-Zamili confirmed that the decision to lift the ban on Iraqi stadiums is an indication of the end of terrorism.
Al-Zamili said in a tweet to him on Twitter: “We congratulate our Iraqi people and the sports sector for the decision to lift the ban on the stadiums of our beloved country. “.
He added, “This decision is an important indication of the end of terrorism and the return of security and stability to our country, and Iraqi football will return to its
natural position on the Arab, regional and international levels, and the start will be from the honorable “Sadr City” stadium, through our team’s meeting with the brotherly UAE team.”

Member of the Democratic Party: The next tripartite meeting will be held in Erbil.. and this is what took place between its leaders today

  • Time: 02/27/2022 22:33:37
  • Reading: 2,860 times

  {Politics: Al Furat News} A member of the Kurdistan Democratic Party, Sherzad Qassem, revealed an upcoming meeting of the leaders of the Triple Alliance in Erbil, while the curtain revealed what was going on between its leaders at today’s meeting.

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Qasim said; For the (unannounced) program broadcast by Al-Furat Satellite Channel on Sunday evening, that: “The tripartite meeting held today in Baghdad came as a prelude to a tripartite summit in Erbil hosted by Masoud Barzani, and he came to arrange this visit and set broad lines and more understandings that will be taken at the meeting of the leaders of the Triple Alliance in Erbil”.
He added, “The meeting will be held in Erbil during the next week unless emergency circumstances arise, and the decision of the Federal Supreme Court will be discussed in the event that the Kurdistan Democratic candidate (Rybar Ahmed) rejects the position of the presidency.”
Qassem announced, “An agreement was made with the Sadrist movement on a number of issues, including Article 140, in the light of which an agreement was reached with the Sadrists, resolved and positions taken on them.”
It was also agreed that the share of the Kurdistan region’s budget would be according to the central census, and that the region’s budget would not be presented within the House of Representatives for discussion, and plans to form the next government by the Triple Alliance, in addition to setting a timetable for resolving differences between the center and the region.”
The Speaker of Parliament, Muhammad al-Halbousi Today, Sunday, he announced, on his official pages, a meeting of the Triple Alliance (the Sadrist bloc, the Sovereignty Alliance and the Kurdistan Democratic Party) in Baghdad.{without giving further details}
With regard to the expected decision of the Federal Court regarding the decision on the claim of reopening the nomination for the post of President of the Republic for a second time, Qassem explained, “The decisions of the Federal Court are binding on everyone, including the Kurdistan region, and we hope that the Federal Court will take a decision in favor of the list of new candidates, but if it comes as a rejection of it We can agree on another candidate, and there may be an agreement with the PUK to support a candidate other than Barham Salih for the presidential seat, and this depends on the party’s position.”
Qassem concluded, “The political positions of the Kurdistan Democratic Party are clear and not volatile, and he takes his positions firmly, and when we went to the tripartite alliance, we wished to go to Baghdad as a united Kurdish bloc, but we did not succeed.”
The Federal Supreme Court postponed the decision on the claim of reopening the nomination for the post of President of the Republic until the first of the beginning of next March.
And the Presidency of the House of Representatives issued a decision to open the door for candidacy for the position of President of the Republic, starting from February 9, and for a period of (3) days.
Representative Basem Khashan announced that he had submitted an appeal to the Federal Supreme Court against the decision of the Presidency of the House of Representatives, which included opening the door for candidacy for the post of President of the Republic again.

Oil prices jump, Brent crude exceeds $ 105 a barrel

  • Time: 02/28/2022 08:05:32
  • Reading: 949 times

  {Economic: Al Furat News} Oil futures rose more than 5%, and stocks were mixed in the Asia-Pacific region on Monday as investors watched the Russian-Ukrainian crisis and related sanctions.

US West Texas Intermediate crude futures posted gains of more than 5% to $99.10 a barrel in Asian trading, easing slightly after rising 6% earlier.

Brent crude rose more than $7 to $105.07 a barrel.

Brent crude crossed the $100 level last week, even touching $105, before paring gains.

Both oil contracts settled down more than 1% on Friday.

The United States and the European Union have said they will exclude some Russian banks from the SWIFT banking system, and that they will impose sanctions, in particular on Russian President Vladimir Putin and his Foreign Minister Sergei Lavrov.

The European Union also banned all dealings with the Russian Central Bank, which led to a nearly 30% drop in the ruble in international exchanges on Monday, Bloomberg reported.

The Minister of Finance and his deputy participate in the Iraqi parliament session

politicsMinister of FinanceIraqi parliament

 2022-02-28 05:52A-AA+

Shafaq News/ Minister of Finance Ali Allawi, accompanied by Deputy Taif Sami, participated in the Iraqi parliament session against the background of the repercussions of the rise in the exchange rates of the dollar against the local currency, at the request of the minister and 100 parliamentarians in this regard.

The session was preceded by a meeting between the Presidency of Parliament with the heads of parliamentary blocs and the Minister of Finance.

Shafak News Agency correspondent in Parliament said that the minister will talk about the financial crisis, revenues and the reasons for raising the exchange rate, and then the questions will be asked to the minister by the council members.

The Iraqi Council of Representatives held a meeting on Saturday (February 19) attended by the Governor of the Central Bank, Mustafa Ghaleb Mikhaif, and the Minister of Finance, Ali Abdul Amir Allawi, boycotted it to discuss the repercussions of the rise in the exchange rate of the dollar against the dinar.

After the meeting, the Iraqi parliament formally requested the Public Prosecution to prevent the current Minister of Finance, Ali Abdul Amir Allawi, from traveling, after the latter refused to attend the hosting.

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.

As a result, according to specialists, the annual inflation in Iraq rose significantly, so that the prices of all materials and commodities in the Iraqi market rose significantly, which sparked a wave of strong resentment among the popular circles, as well as the objections of some interested in economic affairs.

Barham Salih to the European Union Mission: We want a government that protects the interests of the country and achieves reforms

politicsIraqi electionsIraqi President Barham Saliheuropean union missionFormation of the Iraqi government

 2022-02-28 05:50A-AA+

Shafaq News/ On Monday, Iraqi President Barham Salih stressed the need to form a government that protects Iraq’s interests, enhances sovereignty, and achieves the necessary reforms.

This came during his reception at the Peace Palace in Baghdad, the head of the European Union Election Observation Mission, Viola von Cramon, on the occasion of the end of the mission’s work, according to a presidential statement received by Shafak News Agency.

According to the statement, Salih stressed, “the necessity of meeting the national entitlements, joining hands and adhering to the constitutional timings in forming a capable and effective government that protects the interests of the country and enhances sovereignty, protecting and serving the Iraqis and achieving the necessary reforms for a stable and prosperous Iraq.”

For her part, Viola von Cramon, presented to the Iraqi President the final report prepared by the European Union mission on election monitoring, praising the efforts of the Iraqi authorities in making the elections a success, and affirming the Union’s commitment to continue supporting Iraq.

And yesterday, Sunday, the head of the European Union mission to monitor the Iraqi elections, Viola von Cramon, confirmed to Shafak News Agency, that she is not close to any Iraqi political party itself, noting that she is looking forward to meeting Iraqi officials and parliamentarians after submitting the final report on the Iraqi elections that were held on the tenth of October 2021. Karamon said, “The mission presented its final report on the elections, which includes a number of proposals, including a law to protect data and ensure the right of citizens to exercise freedom and vote without friction on the Internet.”

Iraq and its story with Chapter VII

Baghdad/The Obelisk: 

Mohammed Hassan Al-Saadi

Security Council Resolution No. 678, especially its seventh item, came as a natural result of Saddam’s invasion and occupation of Kuwait.. This resolution and its paragraphs led Iraq to be subjected to this strict provision, to be under the hammer of harsh international sanctions, and to be governed by a military, cultural and economic embargo.

Although Iraq was supposed to get out, under the penalty of this bad clause, after the fall of the regime and its fulfillment of all the conditions, as it was no longer concerned with any requirements that would make it remain under the requirements of this clause, as well as from international sanctions in accordance with international legal controls, but this did not happen!

This resolution consists of 19 chapters and 111 articles, and the seventh item of it consists of 13 articles starting with Article 39 and ending with Article 51, where this item included the general blockade of the country, which made Iraq and since 1990 officially under the influence of international sanctions, which controlled its oil and economic resources for an indefinite period It is limited, and despite the strenuous attempts after 2003 to get him out of this item, by investing his regional, Arab and international relations to convince the world, they failed and did not yield anything positive.

Although the Iraqi governments worked hard on this file, by entering the Paris Club, coordinating with the International Monetary Fund to extinguish the Iraqi debt, and implementing all its obligations before the international community, and therefore there were no obstacles left before Iraq exited from Chapter VII, and by its exit From the seventh item, the outstanding issues between Iraq and Kuwait will be completely ended, and there will remain settlement files between the two neighboring countries.

Iraq’s exit from this item will raise international concern about it, as it will enhance confidence between the international community and Iraq, and most importantly, this will end the guardianship over it.. and will open the gateway to movement and economic recovery, along with large and important investments, in various fields, which will make Iraq a country Economically open to the regional situation, which will help Iraq in recovering its smuggled money abroad, and the Iraqi debt file will also be resolved legally, and the rest of Iraq’s debts will be natural debts that fall under the state’s public debts.

An important historical opportunity for Iraq to invest the current circumstance, to achieve this decision, which comes in conjunction with the end of the Kuwaiti debt, opening a new page of economic relations between Iraq and the world, opening the door for investment in all fields and building bridges of confidence with its regional and international surroundings in a way that achieves a colossal economic leap Achieve growth and prosperity in it.

Will we witness real diplomacy from our government, which will be smart enough to obtain such a decision, or will it remain hostage to the will and interests of adults?

 Obelisk Mail 

The Obelisk is not responsible for the content (text and meaning), which includes the name of the author and the source

A government official warns of an economic shock to the country linked to the dollar exchange rate

Economie| 07:29 – 27/02/2022

Special – Mawazine News
, on Sunday, the former Director of the Financial Supervision Bureau, Salah Nuri, ruled out returning the dollar exchange rate to its previous era.
In an exclusive interview with Mawazine News, Nuri confirmed that any change in the current exchange rate will cause a major economic shock to the country, as happened during its lifting, pointing out that all deliberations and hostings in this regard will not produce a result.
He pointed out that the current exchange rate has become a reality and cannot be changed quickly, likening the situation now to slums that cannot be removed directly without finding alternatives for their residents, and this is the case with the exchange rate with the dollar.
It is noteworthy that Parliament will hold a session tomorrow, Monday, to discuss the dollar exchange rate, in the presence of Finance Minister Ali Abdel Amir Allawi. Ended 29/R77

The Triple Alliance renews its commitment to forming a “majority” government

politicsKurdistan Democratic Partythoracic massmajority governmentSovereignty AllianceTriple Alliance

 2022-02-27 13:55A-AA+

Shafaq News/ The tripartite alliance, during a meeting that continues until now, in the Iraqi capital, Baghdad, renewed its adherence to forming a “majority” government despite its rejection by internal and external parties.

The tripartite alliance includes the Sadrist movement, the Kurdistan Democratic Party, and the “Sovereignty” alliance, which includes most of the winning Sunni forces in the legislative elections that took place in October of 2021.

An informed source told Shafaq News Agency, “The meeting of the tripartite alliance in Baghdad is still going on until the moment, during which it was emphasized to expedite the formation of the majority government, despite the rejection of it by internal and external parties.”

The tripartite alliance held a meeting this afternoon in the capital, Baghdad, to discuss the latest political developments.

The meeting was attended by the delegation of the Kurdistan Democratic Party, headed by Fadel Mirani, and the delegation of the Sadrist bloc headed by Nassar al-Rubaie, in addition to the delegation of the Sovereignty Alliance headed by Khamis al-Khanjar, and Parliament Speaker Muhammad al-Halbousi.

Shafak News Agency learned, from informed sources, earlier, that the meeting aims to develop a map to determine the course of the new political process according to the data of the stage, that is, after the decision of the Federal Court on the oil of the Kurdistan Region.

The leader of the Sadrist movement, Muqtada al-Sadr, seeks, through the tripartite alliance, to form a national majority government, while stressing the exclusion of the “State of Law” coalition led by al-Maliki, but the rest of the Shiite forces within the “coordinating framework” reject this and demand a consensual government in which all political forces in Parliament participate. Similar to previous courses.

The decision is made after Tuesday..The Union announces its last agreements with the Democrat regarding the position of President

1,023 Policy  2022/02/27 20:33
Baghdad Today – Baghdad 

, a member of the Kurdistan Union Party, Rizan Diler, revealed today, Sunday, the latest developments in the talks between the Kurdish parties regarding the selection of the President of the Republic. 

Diller said in a statement to (Baghdad Today), that “the Kurdish parties did not reach an agreement on the personality of the next president of the republic, and therefore we are waiting for the decision of the Federal Court to respond to the decision of the Speaker of Parliament regarding opening the door for nomination.”–%D9%86