Iraq Economic News and Points To Ponder Saturday Afternoon 8-31-24
A Reading Of The “Roles Of Corruption” Between Parliament And Local Councils.. What Is The Story Of The $1,000 Billion?
Politics | 08-28-2024, Baghdad Today – Baghdad Political science professor Issam Al-Faily commented Wed (August 28, 2024), about the extent of corruption between the House of Representatives and the provincial councils and which of them is wasting public money.
Al-Faili told "Baghdad Today", "It is not possible to evaluate the experience of the provincial councils, whether they are corrupt or not, because of the short lifespan of those councils, in addition to their cessation that lasted for years, while they did not carry out their assigned tasks, especially the executive side, as the budget has not been released yet.".
He added, "But in previous experiences, there were many files in the provincial councils that were referred to the Integrity and Judicial Authorities Commission, and some officials in those councils were issued recruitment or follow-up orders, so there were practices that caused the waste of public money and the seizure of state capabilities."
He added, "The House of Representatives is financially burdening the state treasury, especially in light of the demands to increase the salaries of representatives, allocations, and privileges.
This contradicts the legislative work of Parliament, whose work is based on oversight and legislation, as well as evaluating government performance."
Al-Faili pointed out, “There are representatives who have been referred to the judiciary on corruption charges,” adding:
“Corruption does not only include wasting public money and appropriating it, but rather includes violating the law in many cases.”
He stated, “The material damages are distributed between the House of Representatives and the governorate councils.
The governorate councils involve a waste of public money, and
some see it as an extra link and an overlap of the powers of the executive and legislative authority on the one hand with the work of the governorate council, and this has created a state of confusion.”
The information indicates, according to officials’ statements, that
Iraq wasted more than 450 billion dollars during the last period without there being accounts for this money, taking into account that
oil revenues from 2003 to 2021 amounted to more than 1,000 billion dollars, according to what was revealed by the former President of the Republic. Barham Salih, who added that
the value of the looted funds is estimated at 150 billion dollars, noting that
these numbers reveal only a small amount of the truth, according to observers.
https://baghdadtoday.news/256700-قراءة-في-أدوار-الفساد-بين-البرلمان-والمجالس-المحلية.-ما-قصة-الـ-1000-مليار-دولار؟.html
"Rafidain": Implementing The Comprehensive Banking System In 40 Branches In Baghdad And The Governorates
Saturday 31 August 2024 | Economic Number of readings: 265 Baghdad / NINA / Rafidain Bank announced today, Saturday, the implementation of the comprehensive banking system in 40 branches.
The bank stated in a brief statement: "The comprehensive banking system has been implemented in 40 branches in Baghdad and the governorates." / https://ninanews.com/Website/News/Details?key=1150815
Central Bank Meets With Electronic Payment Companies And Contracts With An International Auditing Firm In New York
Banks Economy News – Baghdad The Central Bank of Iraq confirmed on Saturday that its governor, Ali Mohsen Al-Alaq, met with a number of electronic payment companies and signed a contract with an international auditing firm in New York.
The Central Bank said in a statement, seen by "Economy News", that the Central Bank delegation "headed by the Governor of the Central Bank Ali Mohsen Al-Alaq to the United States of America, discussed the use of electronic payment cards and ways to regulate and stimulate their use in line with Iraq's move towards electronic payment."
Al-Ban added that this came "during separate meetings with a group of companies such as (Visa, Mastercard and MoneyGram), as the international auditing firm (KPMG) presented an extensive analytical presentation of the uses of these cards, reinforced with recommendations and proposals to enhance organized use and accommodate the significant increase in citizens' use of these cards."
The statement stressed that the parties praised "during the negotiations the important steps to enhance the banking sector reforms, the most important of which is the contract that the delegation of the Central Bank of Iraq concluded with the company (Oliver Wyman) to conduct a comprehensive review of the conditions of Iraqi banks, especially banks prohibited from dealing in the US dollar, as the company will work to develop practical solutions to reintegrate these banks into the Iraqi and international banking sector,
in addition to improving the level of banks' procedures in line with international standards, as this initiative aims to facilitate the process of establishing direct banking relations, and improve the quality and type of services provided by banks to serve the Iraqi economy, as the company is scheduled to start its work in the coming period. - https://economy-news.net/content.php?id=46987
Al-Sudani Directs The Formation Of A Committee To Review The Financial And Legal Observations Of The Decision To Transfer Oil Companies
Local | 03:25 - 08/31/2024 Mawazine News – Baghdad Prime Minister Mohammed Shia al-Sudani directed today, Saturday, to form a committee to review the Cabinet's decision to transfer the salaries of the Ministry of Oil companies to central financing.
Deputy Prime Minister for Energy Affairs and Minister of Oil Hayan Abdul Ghani said in a statement received by / Mawazine News /, "The government and the Ministry of Oil, in their keenness to support workers in the oil sector, Prime Minister Mohammed Shia al-Sudani directed to form a committee to study and review all financial and legal observations of Cabinet Resolution No. 24600 of 2024 and correct it in a way that ensures the preservation and non-touching of salaries, incentives and profits of members of oil companies and formations."
He added, "This came based on the observations of the Ministry of Oil pursuant to its letters No. (W/644 on 8/21/2024) and (W/666 on 8/28/2024)," stressing that "this issue is receiving attention and follow-up from the leadership of the oil sector, which confirms its keenness to support the rights, duties and interests of workers in oil companies and formations, in a way that ensures a free and dignified life." https://www.mawazin.net/Details.aspx?jimare=254245
Oil Falls In August Amid Supply Concerns
Energy Economy News - Follow-up Oil prices settled lower, as investors assessed expectations that the OPEC+ alliance will increase supplies starting in October.
This is in addition to the fading of hopes for a significant interest rate cut in the United States next month, after US inflation data showed strong consumer spending.
Brent crude futures for October delivery, which expire on Friday, fell $1.14, or 1.43 percent, to settle at $78.80 a barrel, down 0.3 percent on the week and 2.4 percent on the month.
U.S. West Texas Intermediate (WTI) crude futures fell $2.36, or 3.11 percent, to $73.55, down 1.7 percent on the week and 3.6 percent in August.
Six OPEC+ sources told Reuters that the alliance is likely to proceed with a planned gradual increase in oil production from October, at a time when outages from Libya and pledges to cut production by some member states to compensate for overproduction will offset the impact of slowing demand.
Investors, meanwhile, are assessing new data showing U.S. consumer spending rose strongly in July, suggesting continued strength in the economy early in the third quarter, and are seeing no reason for the Federal Reserve to cut borrowing costs by half a percentage point next month.
Lower interest rates could boost economic growth and stimulate demand for oil.
https://economy-news.net/content.php?id=46980
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