Iraq News Highlights and Points To Ponder Wednesday AM 8-14-24

Parliamentary Wealth: Oil And Gas Law Stalled In Government Halls

Economy  Information / Baghdad..   Deputy Chairman of the Oil, Gas and Natural Resources Committee, Nehru Rawandozi, revealed today, Wednesday, the latest developments related to the legislation of the oil and gas law according to the political agreement between Baghdad and Erbil.

Rawandozi told / Al-Maalouma / agency, "The legislation of the law was part of the political agreement paper on the basis of which the current government was formed, but the issue of its legislation still faces many differences."

He added that "the committees formed by the government have not completed their work in full, which hinders sending the draft of the oil and gas law to the Council of Representatives."

He pointed out that "there are political differences over the draft of the oil and gas law between the center, the region and the oil-producing provinces, noting that there is a government committee formed by the Prime Minister consisting of representatives of the three main components in Iraq: Shiites, Sunnis and Kurds."

He pointed out that "the committee tasked with preparing the draft law has not completed its work in full so far, which hinders sending the draft law to the Council of Representatives." LINK

Finance Issues "Enjaz" Government Bonds (Second Issue)

Wednesday 14 August 2024 | Economic Number of readings: 110 

Baghdad / NINA / The Ministry of Finance announced the offering of government "Achievement" bonds (second issue) for public subscription, with a value of one trillion and 500 billion Iraqi dinars. https://ninanews.com/Website/News/Details?key=1147687

Iraq Stock Exchange Witnesses Active Trading With More Than 398 Million Shares

Banks     Economy News – Baghdad   The Iraq Stock Exchange witnessed an active trading session on Wednesday, with more than 398 million shares traded at a total value exceeding 626 billion Iraqi dinars.

The ISX60 rose 0.70% to close at 878.43 points, while the ISX15 rose 0.19% to 979.73 points.

 The banking sector led the trading activity in terms of the volume and value of traded shares, and the most traded share was the Bank of Baghdad share with more than 113 million traded shares.

Some stocks witnessed significant increases and decreases, with Kurdistan Islamic Bank leading the rise with 13.64%, while the National Home Furniture Industries stock recorded the largest decrease of 5.56%.   19 views 2024/08/14 https://economy-news.net/content.php?id=46296 

Masoud Barzani Calls For National Wealth And Wants To Preserve It, But What Is The Story Of The “Committees Of Commitment”?

Politics |Baghdad Today – Baghdad  Today, Wednesday (August 14, 2024), the leader of the Coordination Framework, Saad Al-Saadi, revealed the results of the agreement between the framework and the leader of the Kurdistan Democratic Party, Masoud Barzani, regarding the oil smuggling file.

Al-Saadi told Baghdad Today, "Smuggling natural resources, including oil, in any country represents a drain on the economy, destruction of infrastructure, and loss of the rights of the people of all stripes. Therefore, the smuggling file must be stopped."

He added, "During the visit of the President of the Kurdistan Democratic Party, Masoud Barzani, to the capital, Baghdad, and his meeting with the leaders of the framework, the issue of natural resources was actually raised within a broad agreement to preserve them as a national wealth."

He continued: "It was agreed to form committees whose mission is to oblige all parties to abide by the decisions of the Federal Court on the oil and gas file, in addition to the rest of the other agreements with Baghdad," adding: "We hope at the same time that there will be seriousness and credibility on the part of our brothers in the region in implementing the terms of the agreement."

He pointed out that "the management of oil and other wealth by the central government and its institutions is within the context of the Iraqi constitution, and this will must be respected and adhered to because it will address many problems and provide greater protection for the national wealth."

The visit of the leader of the Kurdistan Democratic Party, Massoud Barzani, to Baghdad attracted attention because it came after six years of "estrangement" with the ruling political class in Iraq, which suggests that a remarkable development has occurred in the relationship between the Kurdistan Region and the central government.

Political circles believe that the aim of the visit is to crown the partial understandings that occurred recently and covered several files with a comprehensive settlement between the region and the centre.

Barzani's presence as a prominent Kurdish figure aims to lend legitimacy to the settlement and raise its value so that it appears to be an important event and not just a passing meeting, which is what the central government needs to confirm its ability to bring the region's leaders to its square, while the settlement reduces internal pressures on the region's officials, especially if he succeeds in ensuring smooth and continuous payment of salaries.  LINK

Iraq Loses One Trillion Dinars Annually.. MP: Corruption In Ports Is "Dangerous"

Economy |Baghdad Today – Baghdad  Member of Parliament Yasser Al-Hussaini revealed, today, Wednesday (August 14, 2024), that Iraq is exposed to a loss of one trillion dinars annually due to corruption in the ports, while describing what is happening in the ports as "dangerous."

Al-Hussaini said in an interview with Baghdad Today, "The parliamentary investigation committee continues to collect documents and evidence that prove day after day the extent of the major violations of public funds, and the documented numbers confirm beyond doubt that they are higher than what we mentioned previously in terms of losses and financial violations in general."

He added, "What is happening in the ports is the mortgage of this large economic facility to companies affiliated with political forces for decades through contracts that oblige the government, noting that Iraq loses nearly a trillion dinars annually that goes into the accounts and pockets of companies."

Al-Hussaini pointed out that "what is happening in the ports is dangerous and what we have revealed so far raises many question marks, stressing that all investigations and documents will be submitted to the Iraqi judiciary."

On Friday (July 12, 2024), the head of the Parliamentary Order 160 Committee to investigate suspicions of corruption in Iraqi ports, Yasser Al-Hussaini, revealed 3 results that he described as “bitter” in the Basra ports file.

Al-Husseini told Baghdad Today, "What we are doing is perhaps the most important parliamentary investigation to preserve the wealth of Iraqis by addressing a sensitive and dangerous file due to the huge amount of money and the administrative and financial violations that have been detected."

He added, "Investigations are continuing into the file of suspicions of financial and administrative corruption in Iraqi ports, despite the existence of three-dimensional pressures from influential political and governmental parties in a single attempt, which is to undermine the work of the committee as much as possible and obstruct what it is doing."

The MP said, "Three bitter facts were revealed: the waste of 20 trillion dinars is not suspicion, but a fact. There is a lot of evidence accompanied by long decades that mortgage Iraq's wealth to corrupt political parties. In addition, the extent of the pressures revealed the identity of those who want to keep the scourge of corruption eating away at the ports to sustain their coffers with money, without caring about the harm it causes to the Iraqis."

He considered that "the investigation into the Basra ports file is the most dangerous and important and is a courageous step in confronting the scourge of corruption that has large arms," ​​stressing that "what we seek is to preserve public money and stop the draining of the country's wealth."

Member of the Parliamentary Integrity Committee, Ali Turki, had previously stated that the committee formed to investigate corruption files in the ports had failed in its mission.

On April 15, the acting Speaker of Parliament, Mohsen Al-Mandalawi, decided to form a parliamentary committee to investigate “violations” at Iraqi ports.

The committee is formed under the chairmanship of MP Yasser Hashem Al-Hussaini and the membership of MPs Faleh Al-Khazaali, Hassan Salem Abdul Rahim Al-Shammari, Mona Al-Sabil, Siban Aziz Soran Omar Muwaffaq Hussein Saud Al-Saadi Abdul Amir Al-Mayahhi Alaa Al-Haidari Ali Al-Maksousi, and Rafiq Al-Salihi. It is responsible for investigating violations in Iraqi ports, and the committee will be supported by employees from the ministry and the relevant bodies according to the committee’s needs, and the results of the investigation will be presented to the House of Representatives.”   LINK