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Advisor to "Al-Kazemi": The strong relations support the openness of the Omani and Iraqi markets
April 19, 2021
April 19, 2021
Mubasher: Mazhar Muhammad Salih, the financial advisor to the Iraqi prime minister, confirmed that the Omani and Iraqi markets are open to each other without hindrances as a result of the strong diplomatic relations that bind the two brotherly countries.
Saleh described the Omani-Iraqi relations as "historical", explaining that the two brotherly countries have solid historical ties since Iraq received in the 1960s the expatriates of Omani students to study in Iraqi schools, colleges and universities, ending with the Omani labor market's acceptance of Iraqi expertise from various fields.
In statements to the Oman News Agency, Saleh pointed out that there is complementarity between the Iraqi investment law in encouraging investment and foreign investment on the one hand and the development of relations between Iraq and its Arab environment and its brotherly neighbors on the other hand, where integration and cooperation is in accordance with a priority that investment is the focus of consolidating and strengthening relations between Iraq And its vicinity by providing the correct Iraqi climate for the flow of investment interests into the Iraqi economic arena.
On the other hand, the financial advisor to the head of the Iraqi government touched on the governmental measures taken to limit the economic crisis that Iraq is going through, indicating that "the federal budget for the year 2021 remains a safety valve for the renaissance of economic activity because public spending constitutes approximately 50 percent of the composition of the output." The gross domestic product in Iraq and the government economy is still the main driver of macroeconomic activity in the country.
The advisor to the Iraqi Prime Minister explained that the launch of government investment projects on the one hand and the increase in the banking credit activity provided to the Iraqi market economy, with the support and support of the Iraqi Central Bank, has begun to form a new road map that encourages private investment by facilitating government financial leverage towards operating the business sector and reducing unemployment levels.
And he added that despite the reduction in the exchange rate of the Iraqi dinar for reasons related to the current account deficit of the balance of payments and the deficit of the government budget, the prices of goods and services have remained unchanged, which means the continuation of government support in addition to the expansion of the ration card program that targets the poorest classes.
Saleh stressed that there are immediate policies to address poverty and to provide food and necessities that suit the livelihood of low-income classes in Iraq who are currently on the poverty line and maintain their lifelong sustainability, as Iraq moves to develop the ration card program to direct it to marginalized, poor and deprived segments in terms of the prepared quantities of goods The necessary foodstuffs, their regularity and number, in addition to reviewing the tariffs on the necessary foodstuffs to be the lowest possible to ensure that the demand for foodstuffs is met through the availability of adequate supply and at stable prices.
He added that the monetary policy of the Central Bank of Iraq, through the policy of stability in the general level of prices, works to provide the desired foreign currency to finance foreign trade at a fixed exchange rate, which leads to price stability and price expectations in light of efficient foreign reserves in order to achieve price stability and moderation in the standard of living.
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