Finance Minister: The process of changing the dollar exchange rate contributed to the reform of the economic system / expanded

Thursday 26 August 2021 14:36
 
Baghdad / NINA / - Minister of Finance Ali Abdul-Amir Allawi confirmed that the process of changing the exchange rate of the dollar contributed to the reform of the economic system.

Allawi said in a press statement: "Iraq's financial policy during a year and a half passed through five exceptional circumstances, and we entered the beginning of the government's work without any financial safety valve."

He added, "The Iraqi economy has changed since 2019, noting that the Corona crisis led to the collapse of oil prices and increased unemployment."

He continued, "We worked as a government policy to control expenditures that were reflected in state revenues."

The Minister of Finance stressed: "The process of changing the exchange rate was not easy, and the dollar exchange rate should have been changed years ago, and this contributed to reforming the economic system."

He pointed out: "Our fiscal and monetary policy is reformist and must continue, and it aims at balancing oil and maximizing other resources."

He said, "We started with correct reform work, starting with banks and customs, and we came out safely from the difficult economic situation."

Allawi indicated that the preparation of the 2022 budget had been completed.

He said, "The 2022 budget will be presented within 3 weeks to the Council of Ministers."

He explained: "The Kurdistan region has not fulfilled its obligations regarding the payment of oil prices, and that the price of oil obtained by the region is above the equilibrium price by about 10 dollars."

He added: "For humanitarian purposes, the Council of Ministers granted the region's salaries according to the council's directive and with a reservation from the finances, and our position is neutral, professional and objective regarding the region's salaries, and it must be given 200 billion dinars per month."

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And the minister indicated: "65% of the state budget goes to salaries and the delay in disbursing salaries is caused by the massive inflation in Iraq."

He stressed: “We are not against government employment, but we are against the loss of productivity in the state sectors.”/ End

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