Iraqi News Saturday Afternoon 5-14-22
Iraqi News Saturday Afternoon 5-14-22
TLM724 Administrator BondLady’s Corner
A delegation from the Peshmerga and the Iraqi army will visit Washington tomorrow, Saturday
Posted On2022-05-14 By Sotaliraq Washington provides aid to the Peshmerga forces and the Iraqi army in various fields Iraqi soldiers participate with the Peshmerga in a military operation to hunt down ISIS in the Karmian area
Tomorrow, Saturday, a delegation from the Ministry of Peshmerga and the Iraqi army will visit the United States, at an official invitation from the US Central Command.
The Director General of Information and National Awareness in the Ministry of Peshmerga, Brigadier Othman Muhammad, said in an interview, that "based on an official invitation from the Central Command of the American forces, a delegation from the Security Media Cell, representing the Peshmerga forces and the Iraqi army, will go to America tomorrow, Saturday."
He added that the delegation consists of five members of the Security Media Cell, and will visit the Central Command of the US Forces and a number of other institutions.
Othman indicated that Washington provides assistance to the Peshmerga forces and the Iraqi army in various fields, especially the media aspect and ways to confront ISIS and combat extremism. LINK
Fluctuations In Global Oil Prices Despite Their Rise
Saturday 14 May 2022 10:13 | economic Number of readings: 223 Baghdad / NINA / - International oil stock exchanges closed on fluctuating prices, despite their increase in their last session yesterday, Friday, by more than 4%.
Brent crude closed in the last session, up by $4.10 to reach $111.55, but it recorded weekly losses of 0.84 cents, equivalent to 0.75%.
US West Texas Intermediate crude closed $4.36 higher to $110.49 a barrel, but recorded weekly gains of 0.72 cents, or 0.66%.
Basra Heavy crude also closed higher, by $2.74, to reach $96.43, but it recorded big weekly losses of $7.33.
Oil prices were volatile, supported by fears that a possible European Union ban on Russian oil could tighten supplies, but under pressure from fears that the outbreak of the Corona pandemic could reduce global demand. https://ninanews.com/Website/News/Details?key=975997
OPEC Decides To Increase Iraq's Export Quota
Economie| 01:41 - 14/05/2022 Baghdad - Mawazine News, Iraq's representative in OPEC, Muhammad Saadoun, confirmed, on Saturday, that the organization agreed to increase Iraq's quota to 4.5 million barrels, starting next June.
Saadoun said in a statement to state television, "Iraq's share this year increased by 50 thousand barrels per day," noting that "the production ceiling will reach 4.5 million barrels per day in the month of June."
He explained, "Iraq has the right to increase its production according to the production ceiling, and there will be another increase during the months of July, August and September by 50 thousand barrels for each month, and thus Iraq will reach the normal level of its reference production," noting that "the plans of the Ministry of Oil include a gradual increase." and invest the increase granted by OPEC. Ended 29/N33.
He pointed out that "the estimates indicate that the average oil price will remain above $100 until the third quarter of this year." https://www.mawazin.net/Details.aspx?jimare=193081
Iraq And The Sultanate Of Oman Sign A Memorandum Of Understanding For Securities
Economie| 09:57 - 13/05/2022 Baghdad - Mawazine News The Iraqi Securities Authority announced, on Friday, the signing of a memorandum of understanding with the Muscat Securities Exchange.
A statement by the authority, which Mawazine News received a copy of, stated, "The Iraqi Securities Authority, represented by its Chairman Hassan Hammoud Al-Akaili, participated in the sixteenth annual meeting of the Federation of the Arab Securities Authority in Muscat / Sultanate of Oman, to cooperate in developing Arab financial markets by upgrading aspects legislative and regulatory.
The statement added, "In the same context, the Iraq Stock Exchange, represented by the Chairman of the Board of Governors, Thaer Al-Mukhtar, and in the presence of the Chairman of the Securities Authority, Hassan Hammoud Al-Akaili, the expert Executive Director Taha Ahmed Abdel Salam, and the Iraqi Embassy in Muscat / Oman, signed a memorandum of understanding with the Muscat Securities Exchange represented by the President Executive Director Haitham Al-Salmi, in the presence of the CEO of Muscat Clearing Company and a number of members of the Board of Directors, with the aim of developing relations and enhancing cooperation between the two parties in the following areas.
1. Enhancing the efficiency of the financial markets through exchanging experiences, information and advisory services related to the trading of securities.
2. Facilitate the participation of mediators in training and development programs.
3. Harmonization of listing requirements - and the promotion of joint and mutual listing.
4. Setting the basic rules for the development of indicators.
5. Developing sustainability, environmental, social and corporate governance between the two parties.
6. Examine ways of cooperation in the field of educating and educating investors about the financial markets.
7. Cooperation in any other areas that would develop the activity.
The statement continued, "The Iraqi Securities Commission and the Iraq Stock Exchange had implemented a strategy during the year 2022 that depends on cooperation with Arab financial markets, developing the activity of brokerage companies, raising the capabilities of brokers in dealings with investors, financial and information analysis, following up on companies' disclosure, and returning joint stock companies to circulation in cooperation with sectoral authorities. ". Ended https://www.mawazin.net/Details.aspx?jimare=193022
Dollar Prices Against The Iraqi Dinar In Local Markets
Baghdad - Mawazine News, today, Saturday, dollar prices witnessed stability, after they rose yesterday in local markets throughout the country. And the selling prices of the dollar were recorded at 148.750 dinars per 100 dollars, while the purchase prices of the dollar were recorded at 147.750 dinars per 100 dollars. https://www.mawazin.net/Details.aspx?jimare=193045
Parliamentary Finance Resumes Its Meetings On The Emergency Food Security Support Law
Saturday 14 May 2022 15:14 | economic Number of readings: 131 Baghdad / NINA / - The Finance Committee in the House of Representatives announced the resumption of its meetings to mature the emergency support law for food security and development, stressing its intention to vote on it./ End https://ninanews.com/Website/News/Details?key=976079
Baghdad And Muscat Sign A Memorandum Of Understanding For Securities
Friday, May 13, 2022 10:21 PM Baghdad / National News Center Today, Friday, the Iraqi Securities Authority announced the signing of a memorandum of understanding with the Muscat Securities Exchange.
A statement by the authority received by the National News Center stated that "the Iraqi Securities Authority, represented by its Chairman Hassan Hammoud Al-Akaili, participated in the sixteenth annual meeting of the Federation of the Arab Securities Authority in Muscat / Sultanate of Oman, to cooperate in the development of Arab financial markets by upgrading legislative aspects. and organizational.”
The statement added, "In the same context, the Iraq Stock Exchange, represented by the Chairman of the Board of Governors, Thaer Al-Mukhtar, and in the presence of the Chairman of the Securities Commission Hassan Hammoud Al-Aqili, the expert Executive Director Taha Ahmed Abdul Salam and the Iraqi Embassy in Muscat / Oman, signed a memorandum of understanding with the Muscat Securities Exchange represented by the President Executive Director Haitham Al-Salmi, in the presence of the CEO of Muscat Clearing Company and a number of board members, with the aim of developing relations and enhancing cooperation between the two parties in the following areas.
1. Enhancing the efficiency of the financial markets through exchanging experiences, information and advisory services related to the trading of securities.
2. Facilitate the participation of mediators in training and development programs.
3. Harmonization of listing requirements - and the promotion of joint and mutual listing.
4. Setting the basic rules for the development of indicators.
5. Developing sustainability, environmental, social and corporate governance between the two parties.
6. Examine ways of cooperation in the field of educating and educating investors about the financial markets.
7. Cooperation in any other areas that would develop the activity.
The statement continued, "The Iraqi Securities Commission and the Iraq Stock Exchange had implemented a strategy during the year 2022 that relies on cooperation with Arab financial markets,
developing the activity of brokerage companies,
raising the capabilities of brokers in dealings with investors, financial and information analysis,
following up on companies' disclosure, and
returning joint stock companies to circulation in cooperation with sectoral authorities.“.
4 Million Unemployed In Iraq Amid The Absence Of Solutions
Observers call for the private sector to be given greater importance by the state
Muayyad Al-Terfi is an Iraqi reporter Thursday 12 May 2022 22:25 Al-Rusafi Square in Baghdad, which is located near one of the important markets in Baghdad (The Independent Arabic)
It seems that finding solutions to the file of the unemployed in Iraq will be out of reach during the coming period,
because the state does not have a clear vision that includes providing job opportunities outside the public sector, which has ballooned in the past ten years to accommodate a large segment of Iraqi youth, which has caused great pressure on the budget. the public.
In an economic situation that lacks the presence of an active and widespread private sector in all areas of life and the control of the state and its penetration into several economic sectors,
it has become difficult to find quick solutions to the problem of unemployment in Iraq until after determining the state’s competencies in economic work, which still ranges between a plan for economic reform The government presented it in its white paper and a broad parliamentary trend rejecting reducing the role of the public sector in agriculture and industry.
Despite the improvement in the financial situation of the Iraqi state during the past few months, the increase in central bank reserves to more than 70 billion dollars, the decrease in the internal debt rate to 70 trillion Iraqi dinars (about 50 billion dollars), and the decrease in external debts to 20 billion dollars,
these matters did not affect In achieving reform of the unemployment file in the country because the current government has limited powers and cannot take strategic decisions regarding this file, despite the Oil Ministry’s announcement early this year that it achieved additional revenues from oil sales amounting to 16 billion dollars during 2021.
4 Million Unemployed
The Ministry of Labor and Social Affairs revealed that there are more than 4 million unemployed Iraqis. Undersecretary Abeer Chalabi told the government newspaper, Al-Sabah, that "the ministry has registered more than two million unemployed people in its database, and there are similar numbers to the unregistered unemployed," noting that
"the phenomenon of youth begging is not caused by a lack of job opportunities, but rather by Social reasons represented in family disintegration and the spread of drugs, especially in poor regions and governorates, where most of their children resort to the capital to escape their difficult reality.
For years, the Iraqi government has implemented a special system for social welfare to help the groups most in need of support, such as the elderly, divorced women, widows and the unemployed.
Under this system, more than 1.6 million Iraqis have been included, receiving financial support ranging from $70 to $170 per month.
13.8 Percent Unemployment Rate
For his part, Ministry of Planning spokesman Abdul-Zahra Al-Hindawi said that "the percentage that was registered during the past years amounted to 13.8 percent."
He explained in an interview with "The Independent Arabia", "We recently conducted a survey of the Iraqi labor market, and the ministry will soon have, according to this survey, new indicators of unemployment rates, and we will find out, if they decreased or increased."
Attention To The Private Sector
Al-Hindawi added that "the government's tendency is to pay attention to the private sector because it is able to contribute to providing job opportunities and absorbing the increases in the Iraqi labor market," noting that
"this trend comes in conjunction with the inability to provide job grades in state institutions due to the inflation witnessed by the functional body. in the country".
Since the fall of Saddam Hussein's regime in 2003, successive Iraqi governments, under pressure from the parties participating in the political process, opened the door wide for appointments to state departments as an important part of their campaign for elections, which raised the number of public sector workers from 850,000 in 2003 to 4.5 million. Currently employed and employed.
With this terrifying increase in the number of workers in the public sector and the state’s inability to pay the salaries of a large part of them except through loans and absorb new numbers of workers in it, the government of Prime Minister Mustafa Al-Kazemi aims, through the new labor and social security law, to divert the demand towards the private sector and convince Young Iraqis work in it, rather than mediating and paying bribes to get a low-paying job.
Al-Hindawi pointed out that "the trend towards the private sector requires providing an appropriate environment to work in this sector, including providing guarantees for its workers, similar to the public sector," noting that
one of the reasons for reluctance to work in the private sector is the lack of social guarantees for workers, and therefore the lack of an environment suitable".
Development Board
Al-Hindawi explained that "the Ministry of Planning has initiated the formation of a council for the development of the private sector, headed by the Minister of Planning.
The council is working temporarily to provide the internal system and the integrated floor for the permanent council," noting that
"the council will take upon itself the coordination between the government and private sector formations and its activities in general and will have a voice in economic decision making.
According to the latest census conducted by Baghdad in 2020, Anbar Governorate (west) recorded the highest unemployment rate at 32.4 percent, while the rate in Kirkuk Governorate reached 6.3 percent, which is the lowest compared to the rest of the Iraqi provinces.
The unemployment rate in rural areas was 14%, compared to 13.2 in urban areas.
The Percentage Is Up To 20 Percent
In turn, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, said that the official figure indicates the presence of 20% of the actual unemployment of the labor force.
He pointed out that "the contribution of real sectors to productive activity continues to decline, as the contribution of the manufacturing industry still constitutes only 1%, With the almost complete death of local crafts due to the policy of uncontrolled import trade openness, as well as the incomplete application of the National Product Protection Law,” noting that
“this reality does not help much in providing great job opportunities.”
Since 2003, Iraqi markets have witnessed an unprecedented openness to The import of goods and merchandise at very cheap prices led to the collapse of the local industry and the sudden layoff of thousands of workers, a large part of them skilled.
Multiple Projects
Saleh pointed out that "the issue of investing in the development of major income-generating projects that employs work is the central wheel of large employment for the unemployed, as well as the importance of spreading the financing of small and medium youth projects within well-studied stimulating project packages provided by the state based on the proposal of the Ministry of Labor and Social Affairs.
In these projects, the young workforce develops to develop lost productive activities, including crafts that have withered. He stressed that "the country needs a comprehensive national operational program to ensure stability and prosperity."
The Iraqi economy depends mainly on the export of crude oil to obtain its financial imports, and it constitutes more than 90 percent of its annual revenues, the majority of which go as salaries and grants to different segments of society.
The Numbers Are Bigger
In this context, Manar Al-Obaidi, head of the "Future Iraq" Foundation for Economic Studies, said that "the real unemployment rate is higher than the rates announced by the government because the latter does not have accurate statistics."
He added that "there are non-workers in the private labor market, in the so-called 'random labor market', as there are no laws to protect them and there are no statistics about their numbers or social security laws of their own," noting that "the real problem in Iraq is the organization of a market the work".
Unregistered Professions
Al-Obaidi explained that "there are many unregistered professions, and therefore the rights of their workers are not guaranteed, and they are like the unemployed, they do not differ from the unemployed except by taking the wage, but they do not have rights," considering that
"the measurements of the Ministry of Planning are not Accurate, given the lack of a population census in Iraq, random samples cannot be measured against the community, as some cities have an unemployment rate of 50 percent, such as Samawa, Diwaniyah and Mosul.
Huge Rates
He expected that "the unemployment rate in Iraq will be very large, especially as the population increases by one million people annually, and the number of graduates increases by 500,000 people annually," noting that
"the number of the unemployed among these graduates reaches 350 thousand, and therefore their number greater than the number announced by government reports.
He considered that "a country that has financial abundance, while unemployment and poverty rates are high, is considered a failure in management because it is known that these percentages are recorded in poor countries that have no money."
Real Projects
Al-Obaidi called for "the adoption of initiatives for real projects, as the local product in the sectors of agriculture, industry and tourism cannot provide large amounts of job opportunities," noting also that
"the industry has become advanced and does not need many employees in the factories, unlike tourism, agriculture, services and banks."
He pointed out that "these sectors need to be developed through initiatives undertaken by the Iraqi government and through the Central Bank to encourage work in these sectors," stressing that
"there is a theory in the economy that says that increasing the GDP in a sector by 1% provides job opportunities. It is estimated at 2 percent, and this does not exist in Iraq."
https://www.independentarabia.com/node/330721/
To read more current and reliable Iraqi news please visit BondLady’s Corner: