Iraq Economic News and Points To Ponder Wednesday Morning 5-20-26
The Judiciary Overturns The Decision To Impose (Service Fees) On Telecommunications Companies.
Money and Business Economy News – Baghdad The Supreme Judicial Council announced on Wednesday the issuance of a decision to overturn the Communications and Media Commission's decision to impose fees on mobile phone companies under the guise of "service charges."
A statement from the judiciary, received by "Al-Eqtisad News," indicated that "the Supreme Judicial Council issued a decision to overturn the Communications and Media Commission's decision to impose fees on mobile phone companies under the guise of 'service charges,' following a review of the appeal submitted by the authorized director of the Atheer Telecommunications Company's branch in Iraq."
Judge Iyad Mohsen Dhamad, head of the Appeals Board responsible for reviewing appeals against decisions of the Communications and Media Commission, explained, according to the statement, that "the 20% fee imposed on recharge cards and electronic applications is in reality a sales tax, not a service charge."
He emphasized that "the imposition of taxes and fees is the exclusive prerogative of the legislative authority, according to Article 28/First of the Iraqi Constitution, which prohibits their imposition except by law."
Judge Dhamad pointed out that "the Media and Communications Commission based its decision on a directive issued by the Council of Ministers during the caretaker period," stressing that "a caretaker government does not have the legal authority to issue decisions that impose new financial burdens on citizens."
He affirmed that "the contested decision lacked a proper legal basis, which necessitated its annulment and the cancellation of its legal effects. The decision was issued finally and unanimously in accordance with the provisions of Section (6/8) of Order (65) of 2004." https://www.economy-news.net/content.php?id=69309
Advisor To The Association Of Banks: Proposes To The Government An Institutional And Structural Reorganization Of The Management Of Finance, Oil, Investment And Development
Money and Business Economy News – Baghdad On the occasion of the new government assuming the leadership of Iraq in extremely complex economic and financial circumstances, and suffering from a clear liquidity crisis, the primary cause of which is the reliance on oil as a primary source of the general budget and the inability of the Ministry of Oil to secure the necessary export channels to continue exporting after the closure of the Strait of Hormuz.
In an interview with "Economy News," Samir Al-Nassiri, advisor to the Association of Iraqi Private Banks, suggested to the government, as it begins its first hundred days in office, that it should restructure and reorganize its economic files and sectors in finance, oil, investment and development by setting strategic goals to overcome the effects of the economic and financial crisis and absorb its repercussions in the short and long term.
Al-Nassiri called for strengthening the Financial Stability Council with advisors with expertise in fiscal policy, monetary policy, strategic planning and crisis management, and establishing an operations room to manage the oil sector, and in particular the management of the affairs of the Ministry of Oil, headed by the Prime Minister and with the membership of executive representatives from the Ministries of Finance and the Central Bank and specialized advisors, and following up on the procedures of the Ministry of Oil and SOMO, which are considered responsible for their inability to seek to secure external export channels to continue and sustain our oil exports after the closure of the Strait of Hormuz, which greatly harmed our national economy.
He pointed to the necessity of establishing the Supreme Council for Investment and Development, chaired by the Prime Minister and with the membership of the Ministries of Finance, Planning, Housing and Reconstruction, the Central Bank, the Head of the National Investment Commission, a representative of the Private Sector Development Council, and the Head of the Contractors Union.
The Council would be responsible for drawing up the investment map for the country in all economic sectors and involving the private sector in financial financing and implementation processes with the participation of private capital and with sovereign government guarantees and protection of laws that reassure the private sector, with the aim of achieving a real transition from the old economy to a market economy. https://www.economy-news.net/content.php?id=69302
The Prime Minister And The Turkish Ambassador Emphasize Mutual Cooperation In Various Fields
Money and Business Economy News – Baghdad Prime Minister Ali Faleh al-Zaidi and the Turkish Ambassador to Iraq, Anil Bora Inan, affirmed their commitment to mutual cooperation and its enhancement across various fields during a meeting held on Wednesday.
The Prime Minister's Media Office stated in a press release received by "Al-Eqtisad News" that "Prime Minister Ali Faleh al-Zaidi received the Ambassador of the Republic of Turkey to Iraq, Anil Bora Inan."
The meeting addressed ways to strengthen bilateral relations and emphasized mutual cooperation and its advancement in various sectors, particularly in oil exports, water management development, the strategic development road project, and security coordination, all in service of the shared interests of both countries.
According to the statement, the meeting also reviewed "efforts aimed at de-escalating tensions in the region and stressed the importance of supporting negotiations between the United States and Iran, adopting diplomatic solutions and dialogue to ensure the sustainability of security and stability in the region and the world."https://www.economy-news.net/content.php?id=69317
Parliamentary Legal Committee: Proceeding with amending the traffic law to address the doubling of fines
Money and Business Economy News – Baghdad The parliamentary legal committee revealed the possibility of addressing previous traffic fines through the Cabinet's authority to write off government debts, while confirming the continuation of amending the traffic law to address the doubling of fines and the mechanism for calculating traffic camera violations.
Member of the Parliamentary Legal Committee, Muhammad Jassim Al-Khafaji, told the official newspaper, as reported by “Al-Eqtisad News”, that traffic fines have become a real harm to many citizens, especially since a large number of them own vehicles and have accumulated large sums of money,” indicating that “the committee is proceeding with amending the traffic law to address the doubling of the fine and a number of problems related to this file.”
Al-Khafaji explained that previous fines, i.e., those incurred before the amendment was approved, cannot be addressed by new legislation except with the government's approval. He pointed out that the clear solution lies in the Cabinet's authority to extinguish these debts, since the fines owed by the citizen are considered a government debt, and the government can request their cancellation or waiver.
He added that the amendment will include obligating the General Traffic Directorate and the Ministry of Interior to address the issue of fines resulting from traffic cameras, although it is a technical detail, but the large number of complaints necessitates a clear legal solution for it.
Al-Khafaji described the amount of fines announced by the Traffic Directorate, which amounted to 162 billion dinars during the past year, as arbitrary and unfair to citizens, stressing that the anticipated amendment to the Traffic Law must balance between applying the law and protecting citizens from unfair fines. https://www.economy-news.net/content.php?id=69304
Al-Zidi Directs Follow-Up On The File Of Increasing The Volume Of Oil Exports And Diversifying Export Outlets.
energy Economy News – Baghdad Prime Minister Ali Faleh al-Zaidi directed on Wednesday that efforts be made to increase the volume of oil exports and diversify export outlets.
His media office stated in a statement received by “Al-Eqtisad News” that “Prime Minister Ali Faleh Al-Zaidi paid a visit today, Wednesday, to the headquarters of the Ministry of Oil in Baghdad, during which he chaired a meeting of the ministry’s senior staff, in the presence of the Ministers of Oil and Foreign Affairs and the Director of the Prime Minister’s Office.”
The statement added that "Al-Zidi listened to a briefing presented by the Minister of Oil on the progress of work on the ministry's projects, especially regarding procedures for addressing the crisis of the closure of the Strait of Hormuz and the cessation of oil exports. He also reviewed the ongoing associated gas projects and highlighted the most prominent challenges facing the progress of work on them."
He added that "the meeting addressed the issue of oil exports and finding diverse export outlets, the mechanism for implementing Cabinet decisions in this regard, as well as discussing the procedures of the Ministry of Foreign Affairs regarding following up on agreements concluded with a number of neighboring countries to export oil by land."