Iraqi News Highlights and Points to Ponder Tuesday AM 2-13-24

The Finance Committee Sets The Date For The 2024 Budget Schedules To Reach Parliament

Economy News – Baghdad  The Parliamentary Finance Committee announced on Tuesday that the government will send amendments to the 2014 budget schedules to Parliament within a period not exceeding ten days, stressing that it will study these amendments as soon as they reach the committee with the aim of submitting them for approval by the House of Representatives.

Committee member, Moeen Al-Kazemi, said in an interview followed by Al-Eqtisad News, “The government is currently putting the final touches to the amendments it made to the budget schedules through an increase in ration allocations, oil production costs, and an increase in social welfare allocations and others.”

He added, "The government will send the amendments to the 2024 budget schedules to Parliament within a period not exceeding ten days," noting that "the Finance Committee will study these amendments as soon as they reach the committee, with the aim of submitting them for approval by the House of Representatives."

It is noteworthy that the Finance Committee discussed with the Minister of Finance, Taif Sami, earlier, and the committee heard the problems facing the ministry in preparing the budget schedules for the year 2024, and the plan prepared to fill the deficit, and the interventions of the Finance Committee members included the allocations for governorate projects and how to include them in the 2024 budget schedules.  Views 41 02/13/2024 - https://economy-news.net/content.php?id=40419

Expected Amendments To The Federal Budget...Appointments And Confirmations In Accordance With This Principle

Baghdad today - Tuesday (February 13, 2024), Member of Parliament Ahmed Taha Al-Rubaie revealed new details related to the amendments expected to occur in the financial budget for the current year, while noting that they include job grades and confirmation of contractors.

Al-Rubaie told "Baghdad Today", "The ministries have begun preparing the tables that they want to be included in the 2024 budget for the purpose of continuing to include them on the agenda for passage," indicating that "the budget needs an amendment appendix through texts and tables."

Al-Rubaie explained that “the deletion of job grades may be stopped in order to create appointments according to the grades of deletion and creation, in addition to continuing to confirm those who have completed two years of work as a contract, following the example of those who were previously confirmed.”

On (February 1, 2024), the Parliamentary Finance Committee revealed the latest developments in the financial budget for the year 2024, while indicating that it would rise to 206 trillion dinars instead of 199 trillion dinars .

Committee member Mustafa Al-Karaawi told the official agency, “Article 77/Second of the Tripartite Federal Budget Law for the years 2023, 2024, and 2025 stipulates that the House of Representatives will be provided with updated tables for the 2024 budget in order to discuss the file of increase or decrease in the file of financial allocations according to expected revenues and according to the price of oil.” Installer " .

He added, "The schedules are still being prepared in the Council of Ministers in preparation for approval, and the House of Representatives will begin discussing the budget after it arrives from the government. We believe that transmission must be accelerated because the delay may restrict the disbursement of operational and investment budgets in the coming days," noting, "Disbursement is now limited to salaries." employees and their benefits directly .  ”

Al-Karaawi stressed that “the issue of updating the tables depends on the oil market and the quantities exported, on the basis of which the expected revenues will be calculated, and it is based on the size of expenditures and the percentage of the deficit,” pointing out that “there is a point of view that occurred in the 2023 budget according to the quantities that were spent and how to deal with it.”

The deficit and revenues achieved, and it is assumed that there will be a growth in expenditures given that there is a growth in the operating budget, and there are contracts concluded in 2023 that have not been disbursed yet and must be added in the next budget .  ”

Regarding the appointments, he explained that they “may include contracts, firsts, holders of advanced degrees, and governorate contracts for the 150,000 degrees that have not been implemented yet and which were transferred to the 2024 budget.”  LINK

Won By A Kuwaiti Company.. An International Lawsuit Fines The Kurdistan Region Nearly 500 Million Dollars

Arab and international  Economy News – Baghdad  The Nullification Committee of the International Arbitration Tribunal of the International Center for Settlement of Investment Disputes supported, by a majority, Agility’s appeal of the original arbitration decision while partially invalidating it, which confirms “Agility’s” right to file a claim again against the Iraqi government.

The disqualification panel agreed with Agility's defense that the original arbitration panel had wrongly shielded the actions of the Government of Iraq from scrutiny, and therefore did not consider whether the actions and omissions of the Government of Iraq violated the terms of protection afforded to Agility under the Kuwaiti Bilateral Investment Agreement. And Iraq.

Accordingly, and as a result of the original arbitral tribunal's failure to state the reasons on which it based its decision, it had committed a voidable error pursuant to Article 52 (1) (b), as well as Article 52 (1) (e) of the International Center for Settlement Convention. Investment disputes.

The committee stated that: “By focusing only on confiscation claims that arise solely as a result of the faithful implementation of the CMC order, the arbitral tribunal has failed to address or examine the manner in which the Government of Iraq has implemented the CMC order and, therefore, has grossly exceeded its authority.” "Superior."

The Committee commented helpfully with the following: “The Committee considers that this finding is reinforced by the fact that the failure to exercise jurisdiction to determine consistency with the provisions of the Kuwait-Iraq Bilateral Investment Agreement in relation to the expropriation claims also had multiplier effects on the other claims brought by the Company ( Agility, which ultimately led to none of them being resolved.”

As a result of this decision, Agility will now have the opportunity to re-file its claims before a newly formed arbitration panel at the International Center for Settlement of Investment Disputes that will determine Agility’s claims related to Iraq’s expropriation of the company’s investments, and its failure to grant Agility fair and equitable treatment. And its failure to give the company full protection and guarantee as required under the bilateral investment agreement between Kuwait and Iraq.

Following the issuance of the final annulment decision, Agility reported: “Three years ago, it was clear that the ICSID Arbitration Tribunal had failed. It has protected the actions of the Government of Iraq from any audit procedures, which clearly violates the basic guarantees against confiscation and unfair and inequitable behavior stipulated in the Bilateral Investment Agreement between Kuwait and Iraq, protection from which Agility benefited.

We are aware that less than 5 percent of arbitration awards related to the Kuwait-Iraq Bilateral Investment Agreement have been invalidated, and we are very grateful to Professor Ricardo Ramirez (Chair) and Professor Hai Tak Shin for their courage in invalidating this false patent.”

Assignment of an expert

On the other hand, Alcazar Capital Partners, a subsidiary of Lagility, filed suit No. 8228/21 Commercial Total 5, the subject of which is the assignment of an expert to settle the account regarding a sovereign guarantee issued in its favor by the Government of Kurdistan, on the basis of the statement that it was dated September 11, 2007. The Kurdistan Regional Government of Iraq provided Alcazar Capital Partners with a guarantee to guarantee a loan worth $250 million (about 75 million dinars), plus interest at 7 percent annually, which Alcazar Capital Partners provided to Korek Telecom, to be used for the purpose stated in the guarantee.

This is to finance the payment of the second installment of the price of the national mobile phone license covering Iraqi territory, which the aforementioned company won.

It is stated in the core of the guarantee provided by the Kurdistan Regional Government of Iraq that the guarantee provided by it, individually or jointly with “Korek Telecom”, gives the absolute right to “Alcazar Capital Partners” to have recourse against the Kurdistan Regional Government of Iraq individually, and it is alone with the company that guaranteed it under the guarantee. As stated above, as long as it is agreed at the core of the guarantee to return to the guarantor alone.

“Agility” requested its entry before the Court of Appeal with “Alcazar Capital Partners,” joining its request from the court to oblige the first respondent (the Kurdistan Regional Government) to pay to the appellant (Alcazar Capital Partners) the amount of $490.077 million, the value of the loan and the legal interest from the date of the loan and the letter of guarantee.

Sovereignty dated September 11, 2007, obligating it to pay any new interest at the rate of 7 percent until full payment, while obligating it to pay expenses and 200 dinars in exchange for the actual attorney’s fees for the two levels of litigation. “Agility” reported that the decision of the Court of Appeal came in favor of “Alcazar Capital Partners,” as The text of the appeal ruling, as issued by the court, is as follows:

First: Accepting the appeal in form.

Second: Accepting Agility’s intervention in public warehouses in form.

Third: Regarding the subject of the appeal, canceling the appealed ruling (the ruling of the first instance, which ruled to reject the case and obligating the plaintiff company “Alcazar Capital Partners” to pay its expenses, and 10 dinars for attorney’s fees), and obliging the first respondent (the Kurdistan Regional Government) to pay the appellant (Alcazar Capital Partners) The amount of $490.077 million (about 149.4 million dinars), the value of the loan and the legal interest from the date of the loan and the sovereign guarantee letter dated September 11, 2007, obligating it to pay any new interest at the rate of 7 percent until full payment, while obligating it to pay expenses and 200 dinars for the actual attorney’s fees for the two levels of litigation. .

Agility noted that “the Court of Cassation recently issued its ruling in favor of Alcazar Capital Partners by rejecting the appeal filed by the Kurdistan Regional Government against the appeal ruling, and thus the ruling became final in favor of Alcazar Capital Partners.”

In addition, Alcazar Capital Partners, a subsidiary of Agility, filed a lawsuit to settle the account regarding a sovereign guarantee issued in its favor by the Kurdistan Government, based on the statement that on 9/11/2007, the Kurdistan Regional Government of Iraq submitted to Alcazar Company Capital Partners is a guarantee to guarantee a loan worth two hundred and fifty million dollars, plus interest at the rate of 7% annually, provided by Alcazar Capital Partners to Korek Telecom, a company established in accordance with the laws of the State of Iraq and registered in the Kurdistan region, to be used for the purpose stated in the text.

The guarantee is to finance the payment of the second installment of the price of the national mobile phone license covering Iraqi territory, which was won by the aforementioned company.

It is stated in the core of the guarantee provided by the Iraqi Kurdistan Regional Government that the guarantee is provided by it alone or jointly with Korek Telecom, and this gives Alcazar Capital Partners the absolute right to have recourse against the Iraqi Kurdistan Regional Government individually.

Alcazar Capital Partners requested that the Experts Department at the Ministry of Justice assign one of its specialized experts to review the case file and the documents it contains and to report on the value of the amounts owed to the company by the Iraqi Kurdistan Regional Government, which is the principal of the loan and its accumulated interest at the fixed interest rate in the body of the surety bond of the lawsuit, from the date of Granting the loan and guarantee obtained on September 11, 2007 until full payment, in addition to fees, expenses, and actual attorney’s fees.

Agility requested its entry before the Court of Appeal with Alcazar Capital Partners, joining its request from the court to oblige the first respondent (the Kurdistan Regional Government) to pay the appellant (Alcazar Capital Partners) an amount of $490,077 million and the legal interest from the date of the loan and the sovereign guarantee letter dated 11 /9/2007 and obligating it to pay any new interest at the rate of 7% until full payment, while obligating it to pay expenses and two hundred Kuwaiti dinars in exchange for the actual attorney’s fees for the two levels of litigation. 227 views 02/13/2024 - https://economy-news.net/content.php?id=40407

Due To The Rise In Exchange Rates...A Parliamentary Movement To Speed Up The Approval Of The “Salary Scale”

Economy News – Baghdad  Independent MP Nazem Al-Shibli stressed today, Tuesday, the necessity of accelerating the approval of the new salary scale to address fluctuations in prices due to the continuous rise in the exchange rate of the dollar against the local currency.

Al-Shibli said in an interview followed by Al-Iqtisad News, “There is a parliamentary move to accelerate the completion and approval of the new salary scale to raise the salaries of those with lower grades, improve their living conditions, and confront fluctuations in market prices.”

He added, "The government must explain the steps it has taken regarding amending the salary scale for state employees, which will contribute to achieving social justice."

Al-Shibli pointed out that "there is a large disparity in salaries within the same category in state ministries, despite the similarity of working hours."

Most employees in state departments are still awaiting a decision from the government regarding the new salary scale, especially after many parliamentary requests to prepare the scale to achieve justice among employees in various ministries.

The Presidency's Media Department denied what was broadcast by one of the channels about President Abdel Latif Gamal Rachid submitting a request to visit America, describing the widespread information as "misleading", stressing that it has nothing to do with reality.

Views 81 02/13/2024 - https://economy-news.net/content.php?id=40418

Points To Ponder on Anxiety about the Future:

Needless fear and panic over disease or misfortune that seldom materialize are simply bad habits. By proper ventilation and illumination of the mind it is possible to cultivate tolerance, poise and real courage.- Elie Metchnikoff

Nothing in life is to be feared. It is only to be understood. - Marie Curie

We have to start teaching ourselves not to be afraid.  - William Faulkner

Victory over fear is the first spiritual duty of man. - Nicholas Berdyaev

I am not afraid of storms, for I am learning how to sail my ship.  - Louisa May Alcott

http://famousquotesandauthors.com/topics/anxiety_about_the_future_quotes.html