06/27/2021 12:04 Number of Readings 49 Section: File and Analysis
Why does Parliamentary Finance warn of the collapse of the economic situation in Iraq?
Baghdad / Obelisk: On Sunday, June 27, 2021, MP Abdul Hadi Al-Saadawi warns of the collapse of the financial situation in Iraq.
A member of the Parliamentary Finance Committee told "The Obelisk" that raising the dollar exchange rate is causing the collapse of the financial situation, calling for solutions to automate outlets, customs, taxes and fees
Al-Saadawi considered that there is a clear confusion in the performance of the financial institutions and the Central Bank.
Al-Saadawi revealed that the government cut the expenses of the Ministry of Labor and Social Affairs, in addition to sums of up to 3 trillion dinars that the Central Bank had pledged to provide within Small loans to support large groups and segments of Iraqi society.
An economic confusion is observed in the Iraqi market after the rise in the dollar exchange rate and the new rise in food prices.
The Prime Minister's Advisor for Financial Affairs, Mazhar Muhammad Salih, had He said earlier that the improvement in the value of the Iraqi dinar is related to the economy's ability to grow if significant growth is achieved in the economy and not rentier growth."
He pointed out that "expectations indicate a current growth of 2.5%, and this growth parallels the growth of the real population."
He added that this needs proper development, reducing unemployment, increasing job opportunities, and flourishing investment projects that encourage and generate income that compensates for oil., and gives sustainability in returns and sustainability with the strength of the economy,
indicating that there are two important things, the
first is monetary policy that maintains the stability of the exchange rate and creates a stable environment for a long period, and the
second is supporting investment projects for development and achieving growth because without growth the situation will be bad.