FRANK26:"THE MONETARY REFORM WILL SOON FEED THE IRAQI CITIZENS!!!".F26
Trade: Opening of five central markets and food outlets soon
8/26/2024
- Baghdad
The Ministry of Trade will open five central markets and food outlets in Baghdad in the coming few days. The official spokesman for the ministry, Mohammed Hanoun, said in an interview with "Al-Sabah", followed by "Al-Eqtisad News"
, that the ministry is close to opening two central markets, one in Al-Bayaa and the other in Al-Salihiya in Baghdad, in addition to three marketing centers affiliated with the General Company for Foodstuffs Trade located in Al-Hurriya, Jamila Market, and Al-Rusafa Marketing Center. He added that the establishment of these projects was done according to modern designs, and includes all basic marketing commodities at cost price, including meat, chicken, liquid milk, zero flour, and cheese. Hanoun explained that the opening of marketing outlets played an important role in stabilizing the prices of basic food commodities in local markets. He pointed out that the ministry is working to rehabilitate the central markets in the governorates and make them marketing centers to provide services to the families of martyrs, members of the armed forces, state employees, retirees, and families covered by social care. Hanoun pointed out the adoption of electronic payment systems, and that employees and retirees can obtain loans ranging between 10 and 25 million dinars for the purpose of purchasing their basic needs from marketing outlets and in installments.
The Prime Minister's Advisor for Financial Affairs, Mazhar Mohammed Saleh, announced today, Monday, the most prominent government steps to maximize non-oil revenues, while indicating the imminent launch of new tax reform packages.
Saleh told the Iraqi News Agency (INA): "One of the basic principles of the government's program in the field of financial reform, which was approved by the Council of Representatives in October 2022, is maximizing non-oil resources in the general budgets of the Republic of Iraq, as quantitative targets were set for them so that their contribution to the total revenues generated by non-oil economic activity would increase to 20 percent instead of their historical rates, which do not exceed 10 percent at best."
He added, "Diversifying non-oil revenue sources and maximizing them in public budgets is one of the biggest reform challenges in the financial and economic fields in the country."
He pointed out that "these challenges come from two main factors: the first is the degree of connection between the diversification of budget resources and the success of diversification in the country's gross domestic product, especially the three sectors of agriculture, industry and services."
He explained that "the oil production sector still dominates a percentage of the components of that gross domestic product, which sometimes reaches 60 percent, which gives the national economy a rentier character and direct coexistence with the financial flows provided by the oil resource, mostly without anything else."
He added, "The second factor of these challenges is related to non-governmental activity in generating the gross domestic product, and we mean specifically the activity of the market or the private sector."
He added, "The majority of economic forces generating income and wealth within market activity conduct their economic activities within the framework of what is called the 'shadow economy', which are 'grey' markets that are not regulated and are not known to the regulatory, tax and banking authorities as is commonly known, and their percentage amounts to about 70 percent of the total private sector activity in the country."
He stressed that "the grey or shadow markets are one of the most important factors causing the decline in non-oil revenues in the country's general budget components."
He pointed out that "the first step taken by the current government to maximize non-oil revenues began with adopting a new approach to tax reform," noting that "the Council of Ministers approved earlier this year 8 new packages to reform the country's tax system, led by the principle of expanding tax bases, especially those that are hidden, evading or neglecting annual tax accounting."
He stressed by saying: "Two tax reform packages have been launched, and the remaining packages will be launched sequentially and gradually within the government's reform policy in the financial field and maximizing the state's resources from sources of income and wealth outside the oil sector, as this is accompanied by administrative and legislative reform and high-precision digital governance of tax institutions in the areas of assessment and collection with high transparency and efficiency."
FIREFLY:Mr. Sammy [Iraqi bank manager friend] said the CBI wants the entire deletion of the 3 zero project to go smooth and have very little impact on the citizens...That's why the whole thing is going digital. This way the CBI can switch out currencies so easily...
FRANK: Brilliant Sudani! Brilliant Alaq! Brilliant Dr. Shabibi wherever you may be, Rest In Peace.
FIREFLY: It's going to be automated and the citizens won't even feel it when they switch over to the new exchange rate.
'They won't even feel it' is the words from Saleh. Saleh also say the solution coming will lower the dollar exchange rate.
FRANK26: "THIS ACTION EQUALS HCL FOR CITIZENS!!!".........F26
Oil: We will achieve self-sufficiency in gasoline next year
8/26/2024
Baghdad
The Ministry of Oil announced, on Monday, that Iraq is close to achieving self-sufficiency in gasoline, while indicating that measures have been taken that have contributed to the decline in smuggling of petroleum derivatives.
The Director of the Oil Products Distribution Company, Hussein Talib, said: “The issue of reducing the import of petroleum derivatives depends on two important matters, the first of which is related to the refining industries and the development of refineries and their entry into operation, such as the Karbala refinery, which is considered one of the most modern refineries and produces 140,000 barrels, and the Northern Refineries Group, which has also entered into operation, in addition to developing the Dora refinery and adding the isomerization unit and the Shuaiba refinery.” He explained that “these factors have led to the provision of products and reduced the import of petroleum derivatives,” noting that “Iraq has reached self-sufficiency in gas oil and white oil products, while self-sufficiency in high-octane gasoline (improved) will be achieved during 2025 according to the plans set by the Ministry of Oil and specialized agencies.
” He added, "The second matter that depends on reducing the import of petroleum derivatives is regulating the equipment and determining the real consumption of petroleum products. There are mechanisms put in place by the Oil Products Distribution Company to reduce unreal consumption, including issuing a fuel card for gasoline in Kirkuk and Nineveh governorates." He pointed out that "gas oil is tightly controlled and we have controlled the flow of petroleum derivatives by installing GPRS systems for government and private cars," indicating that "this issue has limited the sale outside the controls and smuggling of petroleum derivatives."
He added, "Smuggling operations have declined during the current year as a result of the tightening of control over the software and technologies put in place by the Oil Products Distribution Company."