Iraqi News Early Sunday AM 10-24-21
Iraqi News Early Sunday AM 10-24-21
TLM724 Administrator BondLady’s Corner
With the aim of placing oil revenues on the development track, the successful experiences of countries
Sunday 24 October 2021 88 Baghdad: Imad of the emirate Benefiting from oil revenues and making them more beneficial to the country is of interest to economists and those interested in it, as there are many international oil experiences in managing oil revenues, the most prominent of which is the Norwegian experience, and how it employed the oil sector in creating an integrated and refreshing economy characterized by a solid industrial basis.
Dean of the College of Business Economics at Al-Nahrain University, Dr. Nagham Hussein Nehme, said: “In 1990, the Norwegian Parliament passed the State Oil Fund Law; In order for this fund to support a long-term management of the revenues of the oil sector and to work on the accumulation of government financial assets in order to deal with the large financial obligations in the future, related to the requirements of public spending in the field of retirement, aging population and health care, and this fund separates the state’s oil revenues from the national economy and consumption.
At the same time, it constitutes a reserve that protects the country's economy from violent shocks in oil prices.
She added, "In 1996, the money was transferred for the first time from the state treasury to the fund, and in 1998 it was allowed to use the fund's money in commercial shares, and the fund was named the retirement fund, and the fund includes profit on investments managed by the fund as well as oil revenues."
Norwegian Finance
Dr. Nagham continued: “The Norwegian Ministry of Finance has entrusted the highest responsibility for managing the fund to the Central Bank of Norway, and as a general rule, the majority of politicians in the country agreed that the oil revenue in the regular budget should not exceed 4% of the annual profit for the investments undertaken by the fund, and in the long-term it works The fund and through the savings role it plays to cover and finance public expenditures in the future.”
Experience Licenses
Regarding the oil licensing experience in Iraq, the expert in economic affairs, Dr. Ahmed Al-Rawi, said: “Many specialists in oil management consider the oil licensing experience to be the best for managing and increasing production, so many consider this experience to be a correct start for the development of the oil industry in Iraq, and given the country’s interruption for a period of time.
For decades, there has been a long history of technological developments in the field of oil.
The matter requires that the Iraqi staff deal with the rapid developments in this field in stages, in order to master the work completely.”
Oil Industry
He pointed out that "the result of this trend is to raise its efficiency and advance the oil sector in isolation from foreign companies, as the process of promoting the oil industry requires technology and huge capital."
Al-Rawi said that "the involvement of multinational companies that have weight in the field of oil investments in Iraq to invest in important oil fields is a direction with a strategic dimension, and may be a reason for the advancement of the oil sector." https://alsabaah-iq.translate.goog/56611/
Industry: We Achieved A Growth Rate Of 16%
Sunday 24 October 2021 141 Baghdad: Shatha Al-Janabi and Jinan Al-Asadi
The Ministry of Industry and Minerals confirmed, for the first time, achieving a growth rate of 16% after the opening of many factories, laboratories and new production lines, pointing to the importance of establishing a marketing center that works on preparing marketing staff to promote local products for the public, private and mixed sectors.
The statement was made by Minister Manhal Aziz al-Khabbaz during the conference held by the Industrial Research and Development Authority at the Baghdad International Fair and attended by “Al-Sabah”.
He added during the work of the conference, which was held under the slogan (Marketing is Art, Ambition and Challenge), that “Iraq has industrial experiences for the past long years, but there is a problem that lies in the weakness of its marketing system,” noting that
“the Ministry has now given its attention to two main directions, namely research and development, and the marketing mechanism.” correct.”
The Minister of Industry promised the Iraqi market “young, renewable, and the focus of attention of international companies, and it needs the presence of integrated marketing capabilities and cadres, marketing plans and future goals for most commercial sectors,” stressing that “the marketing process in the country is late, because the state is responsible for marketing products to government departments and institutions.”
In the same context, he affirmed, “The ministry pays great attention to the opening of new factories and factories, and the reliance on the national industry, and this has positive repercussions in the country, such as saving hard currency, reducing unemployment rates and raising the country’s economic level,” revealing
“its success for the first time by achieving a growth rate of 16 percent.”% after opening many new factories, laboratories and production lines. https://alsabaah.iq/56630/
Sources Reveal Former Mps Accused Of Corruption Who Avoid Prosecution By Traveling Abroad
10/23/2021 19:59 number of readings 332 Section : file and analysis
Baghdad / Obelisk: Sources revealed, on Saturday, October 23, 2021, that former deputies left Iraq abroad, for fear of prosecution after the lifting of immunities, while a government official confirmed the existence of judicial files against at least 12 deputies in the dissolved parliament.
As a result of the dissolution of the Iraqi parliament on the seventh of this October, the parliamentary immunity guaranteed by the constitution was lifted from hundreds of deputies, whose results showed the last legislative elections that were held on October 10, the loss of more than 70 percent of their seats, which means that the ministerial committee in charge By pursuing corruption files by the caretaker government headed by Mustafa Al-Kazemi, it will be able to investigate any of them.
The Iraqi constitution grants parliamentary immunity to members of the House of Representatives for the duration of the parliamentary session, which is four years, and the judiciary is not entitled, according to this immunity, to prosecute MPs during this period, except for crimes related to the flagrant offense.
Officials spoke about more than 40 deputies whose names were mentioned in financial corruption cases after investigating officials who were arrested, most notably the director of public retirement, Ahmed Al-Saadi, the director of the Key Card company, Bahaa Al-Maamouri, and the head of the solution party, Jamal Karbouli.
A government official revealed, according to reports, which Al-Masala reviewed, that there are judicial files against at least 12 deputies in the dissolved parliament, including confessions of current detainees on corruption charges.
The value of money wasted due to corruption since 2003 is estimated at hundreds of billions.
At the end of August 2020, Prime Minister Mustafa Al-Kazemi formed a supreme committee, with wide powers, to open corruption files, investigate officials, and put a special force affiliated with the Anti-Terrorism Service under the command of the committee, which succeeded in arresting a number of officials and politicians. LINK Obelisk
China Sneezes And The World Catches A Cold
Thursday, October 21, 2021 310 Prof. Dr. Ahmed Al-Husseini This is how the situation appears after the Chinese factories entered into a new complex and two-fold crisis.
The first is the shortage of electric energy in China, which was reflected in power plants, especially coal-fired ones, and the relationship between prices closely monitored by the Chinese government, and the record high costs of obtaining coal Which later led to a decrease in the volume of production due to operating losses,
not to mention the drought that hit the whole world due to the drop in water levels, which led to a reduction in the quantities of hydroelectric power production.
As for the second part, it is represented in the strict goals of the Beijing government regarding the quantities of electrical energy consumption (which is the amount of energy actually used per unit of production) as part of the Chinese government’s plan to improve environmental conditions,
but with the boom in demand for Chinese goods, factories pushed to intensify production operations and work overtime, especially in Heavy industries such as aluminum, which led to high rates of electrical energy use and resulted in the failure to achieve the environmental goals it set Beijing.
As a result, Goldman Sachs lowered its forecast for the growth of the Chinese economy and expected growth of 0% in the third quarter, as well as the contraction of the second largest global economy in the final months of 2021.
It is expected that chemical producers will decline between 10-20%,
while it is also expected The decrease in the textiles, paper and plastics industry to 5-10%, and this is not limited to heavy industries only, but the impact may extend to other industries such as charging points for electric cars and solar panel manufacturers, and Morgan Stanley expected that total steel production will decrease by 9% in the fourth quarter of In 2021 compared to the same period in 2020,
while the aluminum industry will decrease by 7% and the cement industry by 29%, as the chief Chinese economist Craig Bothham predicted (anything related to metals globally will be affected), even if China does not export directly, the price is determined Through the interaction of the forces of supply and demand; So you can't escape from it.
And it seems that the Chinese infection has begun to affect directly and tangibly, as the German Ifo Institute announced that more than 75% of manufacturers in Germany are beginning to suffer from bottlenecks and problems in their basic supply chain, even if it is possible to find new suppliers in different countries, or If China decides to increase production, the shipping industry will falter, making it difficult to get cheap and fast goods.
It seems that the Iraqi economy is not immune to the disease of the Chinese giant, as the volume of imports from China has reached 30.1 billion dollars in 2020, and China is one of the most important trading partners in the list of trading partners for Iraq, as the Central Bureau of Statistics estimated the volume of imports of commodity materials and products from China at 21 billion dollars,
so it is almost definitively expected that the economic crisis that looms in The horizon due to the situation of the Chinese giant will cast a shadow over the fragile and unprotected Iraqi economy, especially if we know that more than 95% of the commodity content in the Iraqi market is imported from abroad. https://alsabaah.iq/56455/
The private sector council... and the necessity of direct management
Thursday, October 21, 2021 251 Baghdad: Mustafa Al-Hashemi The formation of the private sector board of directors, which was supervised by the Ministry of Planning, is the first step on the right path towards giving it leadership and leadership in development in Iraq, and although the role of this board is temporary, there are expectations that it will be unproductive as it is not directly linked to the presidency of the Council of Ministers / Economic Committee, to be The decision is issued by its owners directly to the stakeholders.
And the Secretary-General of the Acting Federation of Businessmen, Abdul Hassan Al-Ziyadi, said that “restricting the council and limiting it to the Ministry of Planning will make the council a routine economic circle, linked to the ministry only without being productive or effective in reality, calling for its association with the Economic Committee of the Council of Ministers, which has broader authority and decision effective to reach directly to all units of the Economic Council.
Al-Ziyadi pointed out, in a statement to Al-Sabah, that “the existence of a free economic system in Iraq requires the presence of a private sector, which has sufficient capacity and flexibility, to manage this market, in accordance with the development policies required by the current stage, not to restrict the private sector council,
because the country It needs someone to draw up integrated economic policies in which the role of the government is to supervise the activities of the private sector only, and the implementation is done by it.”
The Minister of Planning, Khaled Battal Al-Najm, had previously stated that “the board of directors of the private sector aims to enhance the opportunities for companies and business institutions to obtain financing, as well as to enhance the role of regulatory authorities in implementing quality standards and granting licenses, as well as supervising the management and implementation of a development strategy.”
The private sector, coordination with international development organizations and agencies, and adoption of programs for the development and protection of small and medium enterprises, calling on representatives of the private sector, to give this council special attention, and consider it the first priority among their concerns, because it represents the most important window, to achieve real partnership with the public sector.
Al-Najm stated, at the time, that "the role of this council will be temporary, until the formation of the permanent council, after preparing all the legislative, legal and administrative requirements."
Al-Ziyadi said that "activating the work of this council would contribute to the redistribution of wealth and income in a way that achieves part of the welfare of citizens by employing the largest number of unemployed and graduates of both sexes."
Al-Zayadi expected that the activation of the council would contribute to “optimal recruitment and operation of human resources while controlling the public debt and placing it within safe limits,
in addition to emphasizing the equitable distribution of income and opportunities to diversify the economic base and increase the sources of public revenue, especially since Iraq has opened up economically to neighboring countries wishing to exchange Inter-investments through the contribution of the Iraqi private sector with its counterparts from the rest of the countries that have a unified entity representing the private sector}.
The Viability Of The Agricultural Economy
Sunday 24 October 2021 122 Yasser Al-Metwally Agriculture has two basic pillars in determining the importance and nature of the agricultural economy of any country.
The first is food security, which is a lethal weapon used by countries to weaken their opponents and control their capabilities.
Here emerges the importance of achieving this goal in order to distance itself from the most dangerous enemy weapon.
The second is that it, and I mean agriculture, constitutes an important element in supporting and enhancing the country's revenues, and it constitutes an important number in its gross domestic product, equivalent to oil revenues if it is invested correctly.
On this basis, the need necessitates a return to paying attention to the agricultural sector, especially in countries with single resources, including Iraq, of course.
International reports indicate that Algeria, for example, has achieved first place in Africa in the field of food security in the latest classification of the World Food Program of the United Nations, and this achievement has placed it in the “blue box” at the same level with the most powerful countries in the world.
This classification confirms the importance of the role of agriculture in supporting the country's economy and its importance in providing new opportunities to diversify sources of income.
And I found in Algeria’s experience the best way to draw the attention of those in charge of the country’s economy to take advantage of this information,
as experts in the economy and agriculture see that there are several considerations behind this positive classification of Algeria in a step to bridge the food gap, given the great economic potential of the country, as well as the shift towards attention Agriculture and food industries in the context of getting out of the dominance of oil on exports.
And here is the bottom line, as Iraq really needs to make optimal use of its agricultural assets.
Food security requires multiple strategies, from production to storage, and all of this is part of a long-term plan.
As long as we await the start of a new era, the next government must give the agricultural sector a priority in its economic concerns by activating and attracting agricultural investments that were included in the initial agreements concluded by the current government in this regard, and supporting and stimulating the agricultural sector as well.
As it will contribute to achieving food security, diversifying sources of income and eliminating the largest percentage of unemployment, has the message arrived?
It is necessary to benefit from the experiences of others, and if we note the volume of import of agricultural products, it is the best indicator of the inefficiency of the agricultural economy in achieving economic feasibility, unfortunately.
As a reminder, Iraq has great agricultural capabilities, and agriculture is the second largest in terms of major wealth.
At a time when it is relied upon to diversify sources of income, it costs the country billions of dollars through importing food products and industries. https://alsabaah.iq/56612/
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