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Al-Kazemi makes his first comment after raising the exchange rate

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Al-Kazemi makes his first comment after raising the exchange rate

6,852 policies    12/19/2020 21:37
Baghdad Today - Baghdad

Prime Minister Mustafa Al-Kazemi made the first comment after announcing the change of the exchange rate of the dollar during the special session of the Council of Ministers to discuss the federal budget for the fiscal year / 2021:

Al-Kazemi said during the session, "Since 2003, we have suffered from the wrong establishment that threatens the political and social system to completely collapse.

Either the system collapses and enters into complete chaos, or we enter into a Caesarean section for reform

He added, "It is unreasonable to submit to the previous corruption equation, either to correct the situation or laugh at the people."

And between "we adopted a white reform paper, as all the developed countries of the world, such as South Korea, Singapore and the UAE, made difficult decisions and started with bold steps and a spirit of sacrifice."

He stressed, "I am the first to be affected by the coming budget, as I will be exposed to many criticisms and it was possible to enter the elections and deceive people, but my conscience does not allow me to do that."

He pointed out that "the political crisis in Iraq is linked to three issues, namely power, money and corruption, and we are working to address the crisis from an economic standpoint, and with a bold decision to overcome the obstacles of corruption and money."

Addressing the ministers, he stressed, "It is not permissible for anyone to hesitate, and whoever fears his place is not in the Council of Ministers, and we must be up to the responsibility, as it is a historical and articulated issue."

Today, Saturday (December 19, 2020), the Minister of Finance, Ali Abdul Amir Allawi, spoke about the reasons that led to the increase in the exchange rate, indicating that the step of raising its price will not affect those with limited income.

Finance Minister Ali Allawi said, in a televised interview with a number of media outlets, that "in the event that the exchange rate is not changed, the central bank's reserves will be implemented after 6 months," adding that

"Iraq suffers from a high exchange rate for the dollar that weakens the ability of Iraqi goods to compete.".

He pointed out that "reducing the exchange rate encourages the private sector to produce and export," noting that

"adjusting the exchange rate is part of reforms for the Iraqi economy within the 2021 budget."

He pointed out that "the Iraqi product faced a great challenge and inability to compete," noting that

"changing the exchange rate helped the rise of Egyptian exports, for example."

"It is not correct that people with limited income are more affected by the change in the exchange rate," he said, noting that

"the poor groups will not be affected by the change in the exchange rate because the value of housing rent and the food basket will not change unless they buy imported things."

He added that "those affected most are the travelers and those who deal in imported goods."

And that "the poor groups will be supported in the 2021 budget."

Regarding the effects of this change, Allawi indicated that "the positive effect of changing the exchange rate will be through encouraging Iraqi industry and providing job opportunities," adding that

"Iraq is a consumer country and we want to change the reality by changing the exchange rate first."

"The Iraqi markets are flooded with foreign goods, and policies must be implemented to encourage the local product," he said.

Regarding the trend towards reducing the salaries of employees, the minister said that "employee allocations will be reduced, but they will not affect or affect all employees, and the salaries have not been affected," noting that

"there are exaggerated allocations for some categories of employees."

He warned that "120% of the budget goes to employee salaries, and that the cost of retirement will increase by 40% in the 2021 budget."

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