big news

 23/03/2022

Samir Al-Nusairi*

We are actually in the course of the third month of 2022 and most nations of the world have issued their basic funds for the aforementioned yr, apart from Iraq, which we, the financial elites, didn’t know the place the final funds is. Was it ready? Is it nonetheless within the corridors of the ministries of finance and planning? In getting ready them on the gadgets as common, or did they undertake financial applications and plans? Actually, nobody is aware of and we solely know that Iraq’s funds for a number of years will not be accepted and issued till a number of months after the funds yr due to the issues and political quarrels between the political blocs and people who forgot that the funds is the funds of the Iraqi individuals and the funds for the implementation of funding initiatives and initiatives of reconstruction, development and financial reform. How lengthy will the affected person individuals endure this injustice and the encroachment on their rights on this repeated approach yearly?
The present and anticipated monetary state of affairs for Iraq till the top of the yr is superb, as oil costs won’t be lower than $100 per barrel. It fulfills its obligations in direction of inside and exterior money owed, establishes its sovereign fund, 
and overcomes an actual funds deficit for the primary time in years. Due to this fact, within the face of this actuality requires taking fast measures by approving the funds by the brand new authorities and Parliament, with a date not exceeding the primary half of this yr, and to incorporate the next priorities: ‐
1‐ Re Income construction in direction of activating and stimulating the productive sectors, particularly agriculture, trade, housing, providers and tourism, and rising the proportion of the contribution of earnings sources apart from oil to the funds revenues.

2 – Growing the funding allocations within the funds, together with at the very least the completion of initiatives whose implementation price exceeded 50%.
3- Giving a task to the non-public sector in investing in reconstruction and infrastructure initiatives in Baghdad and the governorates

4- Allocating an quantity to ascertain the Sovereign Fund (the Generations Fund) from the financial savings achieved from the rise in oil costs, and it’s managed by a specialised board of administrators, and its funds are invested underneath the supervision of the Central Financial institution and the oversight of the Monetary Supervision Bureau.
5- Allocating a particular quantity to the Ministry of Commerce to safe strategic storage for foodstuffs coated by the ration card for a interval of at least 3 months.
Growing the ration gadgets to achieve 10 gadgets. Allocating funds to assist the costs of flour, rice, sugar and child milk.
6- Allocating an quantity to activate and assist the agricultural, industrial and tourism sectors and to assist the native product.
7- Allocating an quantity to the Ministry of Labor to cowl the rise within the variety of individuals coated by social care, to cowl the rise of their salaries at a price equal to the discount within the Iraqi dinar trade price, to cowl the financing of small and medium initiatives, and to incorporate the displaced who can’t be returned to their properties 
with social care.

* Financial and banking advisor