MINISTER OF FINANCE DISCUSSES SUPPORT FOR DEVELOPMENT PROJECTS IN IRAQ WITH WORLD BANK

MINISTER OF FINANCE DISCUSSES SUPPORT FOR DEVELOPMENT PROJECTS IN IRAQ WITH WORLD BANK

Minister of Finance Taif Sami discussed with the World Bank Representative to Iraq on Sunday enhancing cooperation to support development projects.

The ministry said in a statement received by the Iraqi News Agency (INA): “Minister of Finance Taif Sami Mohammed received the World Bank Representative to Iraq and his accompanying delegation to discuss plans to enhance cooperation to support development projects by leveraging the technical and financial support provided by the Bank in implementing strategic projects to stimulate economic growth, especially in the areas of infrastructure and human development.”

The statement added, “The two parties discussed developing the private sector and encouraging investment as the primary driver of sustainable economic growth, in addition to the need to support financial reforms to achieve stability and growth.”

The statement explained that “the Bank Representative expressed his commitment to continuing to support Iraq in achieving its development goals and enhancing its ability to confront economic and development challenges.”

TIDBIT FROM PIMPY

 Pimpy   

 Iraq is well on their way of accomplishing what they need to accomplish to get the Iraq dinar back on the global Forex, which is important. 

 We need to get those restrictions off those banks so they can start using the SWIFT system more freely without babysitters because that's going to help the Iraqi dinar get back on the global Forex, which is what everybody is waiting for.

FIREFLY: We are soon to hear that the official rate has matched that of the official CBI rate

 

WHEN DO WE GET OUT OF THE RENTIER ECONOMY?

WHEN DO WE GET OUT OF THE RENTIER ECONOMY?

When do we get out of the rentier economy?

Jawad Al-Attar

The World Bank’s report on Iraq’s economic situation for the second half of this year and the first half of next year, released a few days ago, may be overlooked in the daily news cycle. However, it undoubtedly sounds alarm bells, as the economy is a fundamental component of any country’s national security architecture.

Although government advisors downplayed the report’s significance, asserting that Iraq’s economic situation is robust and capable of overcoming any obstacles or shocks in global oil prices, the Ministry of Finance responded seriously to the report and is moving within a framework that may temporarily extricate us from the crisis. This includes approving budget schedules for the second half of this year that secure funding for salaries and ongoing projects, along with partial payments to investors and a relative deficit based on an oil price of $60 per barrel.

However, the question remains: When will Iraq’s economy decouple from global oil prices? And when will we emerge from the crucible of a rentier economy?

These questions should be addressed by experts and decision-makers, and the country’s politicians should bear the responsibility for accomplishing these tasks by, first, operating productive public sector companies; second, facilitating routine procedures for the private sector and foreign investors; through real decisions, not ink on paper; third, diversifying sources of income; through regulated irrigation agriculture, complementary and transformation industries, and balanced inter-trade with neighboring countries; and fourth, providing the enabling environment and requirements that meet the above requirements; in the shortest possible time.

A country that has managed to oust the occupation and defeat terrorism is capable of overcoming economic crises and achieving growth if the political will is realized and politicians overcome their differences, their pursuit of privileges, and their desire to win elections.

TIDBIT FROM FNU LNU

 Fnu Lnu  

Citizens in the central portion of the country are ready to start burning down government residences like they did to Malaki because while the bureaucrats stall for more time to steal more money, the people are living in squalor and deprivation.

 To try to say that "Stability and Security" are the order of the day is ignorant..

.The citizenry are angry 

because they have been lied to by the PM and others about the "delete the zeros" program and currency revaluation.

 Hell, they won't even specify what delete the zeroes really means...

MARKZ: When those two came together- we would see a change in value of ...

THE PARLIAMENTARY INVESTMENT COMMITTEE CALLS FOR BREAKING THE LEGISLATIVE “STALEMATE” AND PASSING IMPORTANT “ACCUMULATING” LAWS.

 THE PARLIAMENTARY INVESTMENT COMMITTEE CALLS FOR BREAKING THE LEGISLATIVE “STALEMATE” AND PASSING IMPORTANT “ACCUMULATING” LAWS.

The Parliamentary Development and Investment Committee called for breaking the legislative deadlock to pass and address dozens of important laws that have accumulated and directly impact citizens’ lives. The committee emphasized the importance of fulfilling the government’s commitments under the ministerial program and budget-related spending plans.

Hussein Al-Sa’bari, deputy chairman of the parliamentary Development and Investment Committee, said, “More than 140 draft laws, including new ones and amendments to existing laws, are still pending in parliamentary committees and require a vote by parliament.” 

He added, “Many of these laws have been discussed by the relevant committees and are ready to be included on the agendas of the plenary sessions,” noting that “these projects relate to vital aspects that impact the lives of citizens and various state sectors.”

He explained that “the most prominent of these laws is the Popular Mobilization Law, in addition to projects related to higher education, the basis for granting certificates, and other legislation of a service and administrative nature . ”

He pointed out that “the upcoming parliamentary sessions are of particular importance as they will determine the fate of a large number of pieces of legislation, eagerly awaited by citizens and state institutions alike.” He explained that “delaying the passage of these laws could negatively impact the work of ministries and disrupt the provision of services.” 

Al-Sa’bari noted that “there is an increasing number of calls for regular and intensive parliamentary sessions to ensure that the legislative deadlock that accompanied previous periods is overcome and to fulfill the government’s commitments under the ministerial program and spending plans linked to the general budget.”

He explained that “Parliament’s legislative agenda also includes strategic laws such as the Oil and Gas Law, the Civil Service Law, and the Social Security Law, as well as laws related to administrative reform and oversight of government performance.”