Dinar Recaps

View Original

Iraqi News Monday AM 11-2-20

Iraqi News Monday AM 11-2-20

TLM724 Administrator BondLady’s Corner

Parliamentary Finance Refuses To Pass The Fiscal Deficit Financing Bill In Its Current Form

Money  and business  Economy News _ Baghdad A member of the Finance Committee, Ahmed Hama, revealed that the committee rejected the fiscal deficit financing bill that the government sent to Parliament, because the loan amount is large and will lead to the collapse of the economic situation and falling into bankruptcy.

Hama explained in a press interview, that the Finance Committee may approve the amount necessary to secure some of the necessary expenses only, indicating that the law will be passed, but not in the specified amount, but even less than 20 trillion dinars.  Number of observations: 166, date added 11/02/2020 https://economy-news.net/content.php?id=22515

See this content in the original post

The Central Bank Opens An Account With Euroclear To Develop The Performance Of Foreign Reserves

November 02, 2020  With unremitting efforts by the administration of the Central Bank of Iraq in developing the management of foreign reserves, this bank opened an account with (EuroClear Foundation), which is the most important custodian institution that provides securities custody services as well as other services, including the ease of conducting investment operations without the need for a contract Agreements with issuer of securities, low cost of custody and ease of tracking.

This bank indicates that soon, the process was carried out by central banks and correspondent banks, which impose an additional commission on keeping these papers, as well as the limited investment due to the multiplicity of procedures and their complexity in the presence of the intermediary.

This step is important in the work of the Central Bank of Iraq, as it simulates international practices in the process of investing foreign reserves, and is an important achievement that this bank adds to its set of achievements in managing reserves and international transactions.

The Central Bank of Iraq, the second of November 2020   https://cbi.iq/news/view/1593

Parliamentary Finance responds to the minister's statement regarding the two-week delay in salaries

Time: 11/02/2020 17:04:30 Read: 2,860 times   {Baghdad: Al Furat News} The Parliamentary Finance Committee responded, on Monday, to the statement of the Minister of Finance, Ali Abdul Amir Allawi, regarding a two-week delay in salaries if the fiscal deficit law was not approved.

Committee member Shirwan Mirza told {Al Furat News} that "the law will not be passed in its current form and the amount contained is exaggerated," indicating that "the committee did not meet to come up with a unified opinion about the Minister of Finance's statement regarding salaries, and we are awaiting the Prime Minister’s response to the letter we sent it to it about A statement by the government spokesman about other options for resolving the issue of paying salaries. "

He added, "It is not possible to pass the law in its current form and with this amount, even if it is set aside for the first two months of the next year, because the number is exaggerated."

He continued, "The statement of the Minister of Finance, Ali Abd al-Amir Allawi, regarding the fiscal deficit law’s inclusion of salary allocations for the first two months of the next year, an indication that the government will not send the budget law during these two months."

The Minister of Finance confirmed yesterday that it is not possible to disburse the salaries of October without approving the fiscal deficit law, and that it may be delayed for two weeks if the law is not passed   LINK

See this content in the original post

Al-Rafidain Gives "Financial Benefits" To Those Wishing To Open An Account

Monday 02nd November 2020   181  Baghdad: Morning   Al-Rafidain Bank continues to open accounts (current and savings) for citizens and other segments to deposit their money, in exchange for granting them financial benefits.

In a statement, the bank’s media office called on citizens to “visit the branches for the purpose of seeing special instructions, placing their money in the bank and not hoarding it in homes in light of the positive benefits set by the bank in return for that.”   LINK

An Oil Expert Warns Of The Oil And Gas Law Being Legislated In Its Current Form

Oil expert Hussein Rabia   Energy  Economy News – Baghdad   The Iraqi oil expert, residing in Britain, Hussein Rabia, has warned against legislating the oil and gas law in its current form that serves the ruling parties.

Rabia said, in a message that reached Al-Eqtisad News, " Everyone should beware of the parliament’s attempt to pass an oil and gas law to serve the ruling parties and those who occupy the highest positions in the state."

He added that after we saw the new lean education law that was approved by the Iraqi parliament, and the main purpose of the law is to give doctoral and masters degrees to those who have elementary degrees or paper degrees they bought from the Internet, the purpose of which is to destroy higher education in Iraq and mock higher degrees and scientific specialization .

"Now parliament uses people without knowledge or experience in the oil and gas industry to debate and pass a lean and failed law to issue the so-called oil and gas law ."

He called on every jealous Iraqi to oppose any law issued by Parliament on oil and gas affairs unless, first, the essential structure of this law is drawn up from Iraqi oil experts, who do not belong to the ruling parties in the country. Number of observations 85 Date added 11/02/2020   

https://economy-news.net/content.php?id=22505

Private Companies Freeze 15,000 Iraqi Employees At Basra Ports

Monday 02nd November 2020  172  Baghdad: Hoda Al-Azzawi  The Parliamentary Integrity Committee uncovered major corruption deals and waste of public money, exemplified this time by contracts concluded between the Iraqi Ports Company in Basra Governorate with private companies to operate ship haulers and rigs belonging to the company, as well as arbitrary measures to remove and freeze approximately 15,000 Iraqi employees under the clause of "disguised unemployment." In return for employing workers belonging to those private companies, most of whom are foreigners.

The decision of the Parliamentary Integrity Committee, Abdul Amir Al-Mayahi, indicated that «there are 12 thousand employees on the permanent staff of the Iraqi Ports Company, with expertise who work on (oil and non-oil towers), they have been frozen and excluded from work in order to refer them to joint operation, and this is a process in which Big corruption because these drawers work well, and there are large revenues coming from them.

Al-Mayahi adds, "The administration of the Iraqi Ports Company deliberately referred the tugboat project to joint operation at very small rates and works in service, meaning that the tugboats work by contracting with foreign staff, and therefore the Iraqi staff are ineffective."

Earlier, the Iraqi Ports Company announced the tender for the project to operate the tugboats, so 3 private companies submitted their bids, namely companies (Al-Rafif Public Transport, Hilal Al-Basra, Al-Rahel for General Trade), and the strange thing is that these companies are not specialized in marine navigation, and Al-Mayahi reveals that “The tender was referred to the Al-Rafif Company that submitted the lowest bids for a period of 20 years,”

noting that “the life span of the marine piece, meaning the tug, according to specialists is from (5 to 6 years), as it works with salt water, and it is impossible for the piece to remain valid, and after The expiration of the contract these sapphires become (remains) ».   LINK

See this content in the original post

Planning Agrees To Sign Three Memoranda Of Understanding With Egypt

Money  and business  Economy News _ Baghdad   The opinion authority of the Ministry of Planning decided, on Monday, to approve the signing of three memoranda of understanding with the Arab Republic of Egypt, in the economic, development, statistical, training and administrative fields.

The ministry stated in a statement that "Al-Eqtisad News" received a copy of it, "This came during the seventh session of the Commission headed by Minister of Planning Khaled Battal Al-Najm, and it was attended by the Ministry's undersecretaries, heads of agencies and centers and general managers in it."

The minister emphasized that "cooperation with Egypt will witness a clear development during the next stage, after the important visit of the Egyptian Prime Minister and his accompanying government delegation to Iraq during the past week."

He pointed out that the memorandums of understanding approved by the Opinion Commission today will be signed during his visit to Cairo at the end of this month.  

Number of observations 283 Date added 11/02/2020    https://economy-news.net/content.php?id=22513


To read more current and reliable Iraqi news please visit BondLady’s Corner:

 https://www.bondladyscorner.com/

See this content in the original post