Iraqi News Saturday AM 12-5-20
Iraqi News Saturday AM 12-5-20
TLM724 Administrator BondLady’s Corner
Parliamentary Finance: We Will Not Allow The Government To Borrow Again, And We Will Oblige It To Submit The 2021 Budget
Pratha News Agency126 2020-12-05 Member of the Parliamentary Financial Committee, Faisal Al-Issawi, confirmed, on Saturday, that the government did not allow the passage of any law to borrow, indicating that Parliament will vote on a formula in which the government is required to submit the 2021 budget, regardless of the percentage of deficit in it.
Al-Issawi said in a press statement that "Parliament through voting on a formula that obligates the government to present the 2021 budget in its form, regardless of the percentage of deficit to apply the law."
He added, "It is unreasonable to continue borrowing and allow the government to work on debts without any oversight or calculation, and it should think about real reforms."
He pointed out that "the committee presented dozens of solutions to the government in order to take advantage of financial and economic opportunities and not to rely entirely on oil.
http://burathanews.com/arabic/news/381825
Understandings Between The Center And The Region Regarding The Budget Of {2021}, And The Latter Awaits Its Maturities
Time: 12/05/2020 17:02:26 Read: 481 times {Baghdad: Al Furat News} The Kurdistan Regional Government confirmed, on Saturday, that good understandings have been reached between the Kurdistan region and the federal government regarding the draft budget for 2021, indicating that it is awaiting the arrival of part of its dues from Baghdad for the month of October
The regional government stated in a statement received by the Euphrates News Agency that "the President of the Kurdistan Regional Government, Masrour Barzani, met today, Saturday, December 5, 2020, with the delegation of the regional government negotiating with the federal government." Noting that "in the meeting, they discussed the latest developments regarding the course of talks with the federal government regarding salaries and financial rights for the region."
And he praised "the efforts made by the negotiating delegation to reach an agreement with Baghdad to secure salaries and financial dues for the Kurdistan region."
He continued, "In the meeting it was stressed that the Kurdistan Regional Government will not waive its financial and constitutional rights and dues, and it is awaiting the arrival of part of its dues for the month of October by the federal government, which it has not yet sent, just as it has not sent the dues of the months (May, June and July), which are Rights and entitlements for the people of Kurdistan. "
Regarding the draft federal budget bill for the year 2021, the government affirmed that "good understandings have been reached between the Kurdistan Region and the federal government, but the talks are still continuing with the aim of reaching a final agreement within the framework of the principles that have been agreed upon." LINK
Parliamentary Finance Talks About The Budget ... And A Disappointing Statement About "January" Salaries
Time: 12/05/2020 16:38:24 Read: 2,548 times {Baghdad: Al Furat News} A member of the Parliamentary Finance Committee, Ahmed Hama Rashid, said on Saturday that "the budget law has not yet reached parliament.
Rasheed told {Euphrates News} that "until now, the parliament has not received the budget law and we have no information about its arrival," noting that "the cabinet session for the general budget for 2021 was postponed due to the meeting of leaders of political blocs."
And that "the general budget law has not been fully prepared yet, and we will wait for the outcomes of the meeting of political leaders," noting that the region’s delegation that visited Baghdad yesterday did not reveal the nature of the talks.
He stressed that "the salaries of January will be delayed due to the lack of arrival of the budget until this time, and the need for the House of Representatives for time to study it." LINK
The Central Bank and the Union of Arab Banks agree on the digital transformation of banking
Saturday 05 December 2020 39 Baghdad: Morning The Secretary-General of the Union of Arab Banks and Sam Hassan Fattouh made a phone call with the governor of the Central Bank, Mustafa Ghaleb Makhif, during which they reviewed the efforts of the Central Bank in the framework of banking reform in the country.
"The Secretary-General expressed his appreciation for the efforts aimed at strengthening the strength of the Iraqi banking sector and its ability to secure banking services in accordance with the highest international standards," a statement by the central bank said.
He added, “The two sides reviewed aspects of joint cooperation on several levels, as the Governor of the Central Bank of Iraq explained the reform plan, which is mainly based on activating the supervisory approach, increasing confidence in the banking sector with the aim of empowering the sector and strengthening its development and economic role, and working to build relations with banks and international financial institutions. “.
The statement continued, “The two sides discussed research and technical support in the field of digital transformation of the banking business, training and qualification of human resources in the Iraqi banking sector, which includes an elite group of experts, as well as the Central Bank, in line with modern banking developments, working within its framework, and activating the sector’s role in providing Economic and social support and support, and improving the investment environment in the country.
The Secretary-General of the Union of Arab Banks, Wissam Hassan Fattouh, stated that an agreement had been reached with the Governor of the Central Bank of Iraq, Mustafa Ghaleb Makhaif, to agree to establish joint activities, including conferences and special training courses in the field of compliance, governance and digital transformation, to serve and contribute to achieving what was agreed upon between the two parties. .
Fattouh affirmed, "The Union of Arab Banks has set all its capabilities to support the central bank’s reform efforts, and to provide technical and technical support to Iraqi banks, especially in the areas of digital transformation, combating money laundering and terrorist financing. LINK
Parliament And Private Sector Portals
Saturday 05 December 2020 42 Thamer Al Himas Calls for the prosperity of the private sector and its economic importance are very numerous, and this includes its banking and its relationship to the rest of the agricultural, industrial, commercial and educational activities, but when we measure things by their results, this sector is still living in a very narrow field, except for the quantitative expansion in education, in front of the public sector Since 2003, when we entered the transition from state capitalism to a market economy.
Perhaps one of the most prominent factors in prolonging the turn is that the private sector, with its agricultural and industrial wings, is due to the absence of legislators who defend it, as the next parliament should have representatives from businessmen and industrialists, private banks, labor unions, teachers, peasant associations, farmers and agricultural companies.
The private sector, commercially and financially, has expanded exceptionally in import, and the banking service has been a logistical tributary through the transfer of hard currency and its (very liberal) market, to play a pivotal role, even at the level of digitally supportive companies.
After we learned that the stalled and stalled projects amounted to more than 6000 projects, with government projects and factories stalled, paying salaries only since 2003, in addition to a paralyzed mixed sector, why do these opportunities not constitute for Islamic banks, for example, participation, what devotes non-interest in the financial sector?
It may need legislation, as well as the rest of the banks and stakeholders, so work with the currency market was and still is the most effective and secure in the foreseeable horizon, at least, and does not need legislation, because the constitution approved the principle of the market economy, and the details of this are according to non-development rhythms.
Although the investment law was enacted years ago, the single window (the investor's dream) is still in place, as well as other factors that collide with bureaucratic extortion, so that the latter becomes an essential part of the problem.
Perhaps the gaps in the transition to a real economy as an alternative to rentierism, represented in the absence of scientific research in quantity and quality, to become a theoretical weapon in the hands of unions, societies and federations, despite the quantitative expansion of universities that have not moved from education to research, the fact that the commercial nature is a decisive reason, despite the fact that the world's most prestigious universities are civil Like Harvard or Oxford.
Sustainable development and the real economy are not achieved through consumer import and the currency market, as they are a guarantee of stability and social balance.
As for the state, the agricultural and industrial economy will thrive at the expense of the rentier and parallel economy, the latter is not subject to direct or indirect tax, and this eats into the cliffs of the overall economy. Therefore, the next parliamentary portal will be the only option for industrial and agricultural professionals, with their workers, associations and unions. LINK
Salaries And Supervision Are The Main Reasons For The Increase In The Dollar Exchange Rate
Saturday 05 December 2020 39 Baghdad: Mustafa Al-Hashemi The exchange rates of the dollar throughout the governorates have risen again due to a set of reasons - according to specialists in economic affairs - perhaps the most prominent of which is the delay in paying employees' salaries, and the central bank tightening control over the documents of the banks participating in the window of currency sale, in addition to the reasons for supply and demand in the markets for foreign currency.
The specialist in economic affairs, Adel Al-Fattal, believes that "the rise in the exchange rate of the dollar to 125 thousand dinars per hundred dollars, comes as a result of the influence of the street by circumstances, news and general conditions," describing this rise as "temporary and will return to its normal rates, as proven by previous experiences that Iraq went through."
Daily transactions in dinars
During his speech to Al-Sabah, Al-Fattal called on the public to “not acquire the dollar and deal with it in buying and selling, preferring to rely in daily commercial dealings on the dinar, because this will reduce the demand for it, which increases the supply, and thus the abundance will contribute greatly to lowering its exchange rate and returning it to its normal rates. ».
And «the necessity for the public to possess economic awareness and culture that precedes the interest of the country over the personal interest, because immediate circumstances govern that», urging those in charge of the country's economic file to «support the dinar in this economic phase, which Iraq is going through, to relieve the shoulders of those with limited income And the poor segments of society ».
The investigation court, which is specialized in combating money laundering and economic crime, had recently begun to investigate the documents of the banks participating in the window for selling foreign currency, and to ensure their validity and compliance with the law, at the request of the Central Bank.
Delayed payroll
Al-Fattal added that “the government's delay in paying employees’ salaries during the past weeks has contributed greatly to the increase in the dollar’s exchange rate, in addition to the new measures adopted by the Central Bank to tighten control over the documents of the banks participating in the window of currency sale, making the markets unstable and witnessing a state of instability. ».
He believed that «the Central Bank is one of the sober Iraqi institutions, which have the ability to restore balance to the market, in addition to that Iraq is a country rich in oil resources that have not been interrupted, despite the fluctuation of the price of a barrel of oil globally», stressing that prices will return to their normal rates after the passage of Duration of Time ».
Dollar misalignment
Economic researcher Firas Amer said that "such an imbalance in the exchange rate is possible as a result of the conditions the country is going through," adding that "this reality had previously been experienced by Iraq after stabilizing the dollar exchange rate during the two years 2012. And 2013. »
He pointed out that "the high price of the dollar in Iraq is related to the economic threats and concerns that the country may be exposed to due to regional conditions, and fears of the outbreak of conflicts in the region that may have repercussions on the country's economy." LINK
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