Newspapers follow the advantages of Iraq's joining the BRICS group and the problems of the Iraqi banking system, 30 oct

 Newspapers follow the advantages of Iraq's joining the BRICS group and the problems of the Iraqi banking system

 Newspapers published in Baghdad today, Monday, October 30, followed the economic advantages of Iraq’s accession to the BRICS group, the problems of the Iraqi banking system... and other issues.

Regarding the advantages of joining the BRICS group, Al-Sabah newspaper, published by the Iraqi Media Network, quoted the Prime Minister’s Advisor for Financial and Economic Affairs,

Dr. Mazhar Muhammad Salih: “The BRICS group was initially formed from countries that included Brazil, Russia, India, China, and South Africa.” Africa,” indicating: There is an objective basis for Iraq’s desire to join the group represented by the Iraqi economy’s ties with the countries of the group due to its dependence on an important percentage of Iraq’s oil exports of no less than 55%, especially China and India, and that approximately 70% of Iraq’s imports are with countries. (BRICS) or those seeking to join it.”

Muhammad Saleh added: “This means that the commercial partnership and Iraq’s strong economic interests automatically push towards international economic cooperation with our trading partners, especially in the issue of looking towards broader areas in the flow of the group’s investments to our country in the context of obtaining The advantages of joining in a way that serves the future of sustainable development and economic progress in our country.”

He explained that: “According to the purchasing power parity standard; Brazil, Russia, India, and China are among the ten largest countries in the world in terms of population, area, and gross domestic product, according to the purchasing power parity standard. The last three countries (India, China, and Russia) are considered major and potential emerging powers, while all five countries in the “BRICS” group are also members of the G20, which includes the United States of America and the rest of the G7

. Jalil Al-Lami, in an interview with Al-Sabah, said: “Iraq has announced on more than one occasion its readiness to join the BRICS group, especially since the Iraqi economy is distinguished in most of its indicators by the diversity of natural, human and capital resources, but it suffers from the control of the oil sector over “Gross Domestic Product.”

He stated: “There is a great similarity between Iraq’s economic capabilities and capabilities with what the BRICS countries possess, and thus it is easy for Iraq to achieve high economic growth rates such as those achieved by those countries due to their reliance on more than one resource.” newspaper

. Al-Zawraa, which is issued by the Iraqi Journalists Syndicate, followed the issue of the problems that the Iraqi banking system suffers from, and the causes of hoarding and lack of confidence in banks. In this regard, it referred to the words of economic expert Nabil Al-Ali: “The banking system is like a young system despite this large number of banks.”

But they were banks that lived during a period of 20 years on one issue, which was the currency selling window, and they were the beneficiaries because it came through the mediation process and benefited from the price differences.”

He added: "Some banks have begun working on the issue of commercial credit and how to profit from it, even if in a limited way. It is possible that these banks will gradually develop and enter into partnerships with major banks or without correspondence and carry out banking operations that benefit the economy, the investor and the country."

Regarding the problem of hoarding, he explained: “Hoarding is a social behavior and part of our behavior because we do not deposit our money in bank accounts. The other matter is that banks do not meet all our needs, so why do we deposit our money in a bank whose branches are few and the withdrawal timings are specific,” indicating: “The banks have not reached A stage of providing services, such as electronic services and other services.

The expert continued: “There are certain periods in which confidence in the banking system weakened, especially after some of them went under guardianship, and the bankruptcy of others during the period from approximately 2014 to 2016, and there were some that were unable to return depositors’ money.” In another matter, Al-Zaman newspaper followed the issue of climate change and trends.

Towards a sustainable green economy.

The Minister of Environment, Nizar Amidi, was quoted as saying: “The Ministry is leading the issue of the green economy and Iraq’s openness to investment in this aspect, with a value of up to 100 billion dollars until the years 2030 and 2035, and allocating some of the necessary budgets in the national budget to support this purposeful trend.” To improve the environment in Iraq, and encourage the adoption of a project to start and stimulate comprehensive environmental improvement and the green economy in the country.”

While the ministry’s spokesman, Amir Ali Al-Hassoun, said, according to Al-Zaman: “Article 35 of the Environmental Protection and Improvement Law No. 27 of 2009, It is linked to clauses two, three and four of Article 20 in the same law, which are concerned with the management of hazardous materials and waste and the criminalization of their possession.

He explained: “The crime of possession includes a prison sentence of three months and the imposition of a fine ranging from one million to ten million dinars, and it is doubled if it is not removed. The person concerned shall be obliged to return hazardous or radioactive materials and waste to the source for safe disposal.”

Al-Hassoun stated: “The Department of Chemical Control and Evaluation of Contaminated Sites in the Ministry completed, during the past year, a study and evaluation of more than a thousand chemicals imported into Iraq, including about 130 environmental approvals after verifying their risks and the safety of their storage.  link