Iraqi News Saturday AM 10-31-20
Iraqi News Saturday AM 10-31-20
TLM724 Administrator BondLady’s Corner
Iraq and The Silk Road Economic Belt
Friday, October 30, 2020 29 Baghdad: the pillar of the emirate In 2013, China announced a cooperation initiative between it and the countries of Central Asia under the name of the Silk Road Economic Belt, which would form close economic ties and strengthen cooperation in the Eurasian region.
The specialist in economic affairs, Dr. Abdul Karim al-Issawi, said that Iraq’s position in the Belt and Silk Road initiative is distinguished. From recent history, the initiative included the old East Express train line from Baghdad to Berlin via Istanbul in the days of the Ottoman Empire, and at that time Germany wanted to reach the Gulf.
But the competition ended after the defeat of Germany in the First World War and the line was turned to Britain, and in the new millennium the large port of Faw will represent the new Chinese East Line connecting Eurasia as a free trade zone.
Economic relations
Al-Issawi stated that the economic relations between Iraq and China are not a product of the past few years, but rather go back to the year 1958, when diplomatic representation was established between the two parties, and the process of concluding formal agreements in the field of economic, scientific and technical cooperation was delayed. 2003, as the first agreement between Iraq and China, which is an agreement for economic, scientific and technical cooperation, which was held in Beijing in 1981 and is no longer valid, then the agreement on economic and technical cooperation was also held in Beijing in 1997 and it is in effect Effect ".
Belt initiative
Al-Issawi pointed out that, "In the year 2015, the regional structure of the Belt and Road Initiative was presented at a conference held in (Chu Nafcheng), China, as the Chinese Deputy Prime Minister presented the concept of economic corridors as the guarantee for this initiative, and six corridors were announced: the Chinese, Russia, Mongolia and the Eurasian region. New, the sea bridge, central and western Asia, China, the Chinese Indian peninsula, China and Pakistan And China.
He stressed, "Pakistan has handed over the port of Gwadar to China, as it is close to the port of Hormuz and the port of Aden to the Red Sea, Myanmar, Bangladesh, India, and these corridors have defined the Belt and Road Initiative to reach the Indian Ocean and the region." Asian ". LINK
The Ministry Of Finance Issues A Detailed Statement On The Economic Situation ... To Choose Only Short-Term Loans
Time: 10/30/2020 16:50:52 Read: 8,541 times {Baghdad: Al Furat News} On Friday, the Ministry of Finance issued a detailed statement on the country's economic situation.
In a statement, the Euphrates News Agency received a copy of it today, "Last week, a number of public statements and inquiries were made regarding the delay in paying the salaries of the month of October. This comes in the wake of the delay in paying the salaries of the month of September."
According to the statement, the financial statement repeatedly emphasized that the current government revenues, in light of low oil prices and Iraq's commitment to OPEC decisions related to reducing oil production, are insufficient to meet the government's current expenditures. At present, monthly oil revenues are less than 50% of the government's current expenditures. We expect this situation to continue in the near future.
"To address structural imbalances in public finances, the Ministry of Finance has embarked on a three-pronged program to address short, medium and long-term issues that affect the Iraqi economy," she said.
And she continued, "For the very short period, between now and the end of 2020, the Ministry of Finance does not see any choice but to resort to short-term loans from government banks, which will then be deducted from the central bank. All other options, such as increasing revenues from customs." Or taxes or levies from the electricity sector, simply not possible in the short term.
Moreover, despite the need to rationalize and activate the generation of other non-oil revenues, such measures will not compensate, in the short term, for the shortage in oil revenues, given the The structure of our economy All other measures related to public sector payroll management require legislative approval before they are translated into spending cuts or revenue generation. ”
In this regard, there were a number of important issues that were raised.
First, the ministry does not seek to increase the public debt unless it is necessary and its service is sustainable. Iraq's debt at the present time is not excessive compared to the size of its economy. Public debt in the world has grown tremendously over the past twelve months, to address the negative consequences of the Corona pandemic. Globally, public debt as a percentage of GDP is close to 100%. In Iraq it is still less than 75% of GDP. However, the Ministry of Finance recognizes the need to be prudent in the manner in which the fiscal deficit is financed.
Second, the Ministry of Finance was open and transparent regarding the state of public finances and issued accurate and timely information when requested by the House of Representatives. The Ministry is aware of the concerns that could arise as a result of delays in fulfilling government spending obligations.
The situation today is fundamentally different from previous periods, when public finances were under pressure due to low oil revenues. Not only has public spending grown rapidly in the past five years, but the decline in oil production and prices has been longer and deeper than in previous periods, in light of a difficult global economy.
Third, the Ministry of Finance asked the House of Representatives to authorize it to borrow 41 trillion dinars for the remainder of the current year to meet the deficit in financing salaries and retirement payments, dues in 19 and 20, other expenditures and investment projects.
The Ministry of Finance plans to introduce major reforms affecting public finances in the 2021 budget. If approved by the Council of Ministers and the House of Representatives, we believe that they will form the basis for addressing the economy issues in the medium term and rationalizing public finances during the period from 2021 to 2023.
The Finance Ministry played a key role in leading the team that put together the white paper. These aim to analyze the structural problems affecting the Iraqi economy and provide detailed solutions to solve them. This reform program aims to reorient the axes of the Iraqi economy. The reform program will require a great deal of legislative and institutional work and cannot be implemented without the support of Parliament LINK
A Proposal To Amend The Unified Pension Law
Saturday, October 31, 2020 179 Baghdad: Morning The House of Representatives collected the signatures of more than 60 deputies to add a proposal to amend the retirement law The Consolidator.
Deputy Abdul Hadi al-Saadawi, from the State of Law coalition, a member of the Finance Committee, said: “The Presidency of Parliament
I agreed to include the amendment proposal in the retirement law and referred it to the Financial Committee for study. ”He pointed out that“ the proposal is to establish a division in every body, institution, ministry, or entity not linked to a ministry that is concerned with organizing retirement transactions for the employees of the entity associated with it and sent to the General Retirement Authority to limit its work On issuance of retirement identity Just".
Al-Saadawi said that «this proposal would facilitate the transactions of retirees and end the routine that continues for many months», adding that «the proposal to amend the law does not carry any financial setback, but falls within the organizational and procedural matters, thus contributing to raising the suffering of the auditors to the Pension Authority the public". LINK
Al-Araji to Blashardt: The government's directives were a road map to deal with citizens' demands (expanded)
Time: 10/31/2020 15:37:29 Read: 663 times (Baghdad: Al Furat News) The National Security Adviser, Qassem Al-Araji, discussed, on Saturday, with the Special Representative of the Secretary-General of the United Nations in Iraq, Jeanine Hennes Blasshardt, to strengthen the growing cooperation between Iraq and the United Nations in the areas of human rights.
The media office of the National Security Adviser said in a press statement that "during the meeting, they discussed strengthening the growing cooperation between Iraq and the United Nations in the fields of human rights, in addition to discussing files and issues that promote societal peace and fraternal coexistence among the components of the Iraqi people."
The statement quoted Blashardt as saying that "the current stage has witnessed a clear difference in dealing with the demonstrations, and a significant difference from the previous year," expressing "her deep satisfaction for the security forces' treatment of the demonstrators with all professionalism and humanity."
For his part , al - Araji , confirmed the statement said, " The government directives headed by Kazmi, the road map to deal with the demands of citizens and understand their message", praising the cooperation of the demonstrators and their desire to return life to normal capital Baghdad center. " LINK
New Instructions To Regulate Foreign Labor And Investment
Saturday, October 31, 2020 91 Baghdad: Nassar Hajj The Labor, Social Affairs, Immigration and Migration Committee confirmed the existence of new instructions to regulate the files of foreign labor and investment.
Committee member Hussein Arab said to “Awa”: “The foreign employment and investment files are part of new instructions that the Labor Committee works with the Ministry of Labor and Social Affairs on them,” noting that “these two files will contribute to reducing unemployment and providing job opportunities for youth.”
He added that "there are many proposals related to the file of foreign workers, as well as the employment file," noting "the existence of controls and instructions related to this file at the Ministry of Labor and Social Affairs and the Parliamentary Labor Committee to limit the issue of employment and provide job opportunities for Iraqi youth for the next period."
He added that "there is a new file that has become among the priorities of the Ministry of Labor and Social Affairs related to the work of companies developing the initiatives of the Central Bank of industrial cities and the Iraqi labor market," stressing that "the Ministry of Labor has started this file, and there will be measures to provide job opportunities for all sectors." LINK
Prime Minister Mustafa Al-Kazemi And His Egyptian Counterpart, Mr. Mustafa Madbouly, Chair The Discussions Of The Delegations Of The Iraqi And Egyptian Governments
The Prime Minister, Mr. Mustafa Al-Kazemi, and his Egyptian counterpart, Mr. Mustafa Madbouly, chaired today, Saturday, the discussions of the delegations of the Iraqi and Egyptian governments regarding the work of the Joint Iraqi-Egyptian Higher Committee.
At the outset of the meeting, Mr. Al-Kazemi praised the brotherly relations between the two countries, and Iraq's desire to develop them to the level of strategic relations that serve the interests of the two countries, and also praised Egypt's position in support of Iraq in its war against the terrorist organization ISIS.
Mr. Al-Kazemi expressed his happiness for Baghdad to host the work of the joint Iraqi-Egyptian Higher Committee, where a number of agreements will be signed in the fields of transport, health, energy and electricity, and cooperation in the scientific, technical and cultural fields.
His Excellency stressed the importance of benefiting from the Egyptian experience in the housing and construction sector, calling on Egyptian companies to participate in the reconstruction of the liberated areas.
The joint Iraqi-Egyptian High Committee started its preparatory work in the capital, Baghdad, last Wednesday, October 28, with the participation of a number of ministers from the two countries, in the sectors that are under discussion and cooperation.
The talks focus on discussing strengthening cooperation between the two countries, in many sectors, especially economic and investment, in a way that contributes to the advancement of the level of bilateral relations between the two countries. The Media Office of the Prime Minister, October 31, 2020 https://pmo.iq/press2020/31-10-202003.htm
Iraq's Oil Exports To America Exceed 3 Million Barrels Within A Month
Energy Economy News _ Baghdad The US Energy Information Administration announced, on Saturday, that Iraq's exports of crude oil to America amounted to 3 million 618 thousand barrels during the month of October.
According to a management schedule reviewed by Al-Iqtisad News, "Iraq exported crude oil to America during the first week of October, 343 thousand barrels, at a rate of 49 thousand barrels per day, while one million and 798 thousand barrels were exported in the second week at a rate of 114 thousand barrels per day, while A quantity of one million and 337 thousand barrels was issued in the third week, "noting that" the fourth week witnessed the export of 679 thousand barrels at a rate of 97 thousand barrels per day. "
The American Personnel Information Administration stated that "Iraq came in sixth place after Canada, Mexico, Saudi Arabia, Ecuador and Colombia, and the second place in the Arab world after Saudi Arabia, whose exports to America during the month of October reached 9 million and 485 thousand barrels," indicating that "Canada came first as the most countries. An oil exporter to America, followed by Mexico.
It indicated that "Iraqi exports for the month of October increased from the previous month of September, in which exports reached 3 million and 17 thousand barrels."
America is the world's largest consumer of oil, as it ranked first, with a consumption amounting to 19.4 million barrels per day, which constitutes 19.7% of the global consumption.
Number of observations 113 Date of addendum 10/31/2020
https://economy-news.net/content.php?id=22468
Expected Amendments To The Laws On Fines And Fees For Real Estate, Wheels And Others
Money and business Economy News _ Baghdad On Saturday, the Federal Integrity Commission called on the Baghdad Municipality to adopt a unified form for collecting fees and wages. To prevent violating the law and exceeding the specified powers.
The authority recommended the secretariat to issue a unified form for the payment of fees (profession, advertisement, and waste removal fees) in accordance with the laws and instructions in force, and to circulate it to all municipal departments. In order to work according to it and prevent it from using something else.
The Authority’s Prevention Department indicated, in a report, about the visits that its team had made to Al-Karkh Municipality: To investigate and verify the validity of the issuance of a book by the department in terms of its conformity with the provisions of the Municipal Revenue Law No. (130 of 1963) and the Government Debt Collection Law No. (56 of 1977), until the department issued the book and sent it to several parties, despite the fact that it is an incorrect procedure.
The report, a copy of which was sent to the office of the Mayor of Baghdad, explained that the Al-Karkh Municipality directs the book to the directorates of real estate registration, public traffic, passports and travel to place the sign of seizing the property and vehicle and banning travel, despite the fact that it is not concerned with this matter, which is one of the powers of the legal department in the Baghdad municipality according to Government Debt Collection Law No. (56 of 1977).
He added that the aforementioned book included expressions that have no basis in the law, including the need to pay within a maximum period of (48) hours from the date of notification of the warning. Otherwise, all legal measures will be taken, including seizing movable and immovable funds based on the government debt collection law, while the article The third of the aforementioned law stipulates that “if the debtor delays paying any of the sums mentioned in Article 1 at the appointed time, the employee authorized to apply the law must warn him that the debt must be paid within ten days.”
The report indicated that the municipality of Al-Karkh pledged to adopt a model that avoids the errors indicated with regard to directing the (warning) books, noting that the model to be approved was previously approved by the municipality. Number of observations 242 Date of addendum 10/31/2020 https://economy-news.net/content.php?id=22473
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