Iraqi News Sunday Afternoon 5-22-22
Iraqi News Sunday Afternoon 5-22-22
TLM724 Administrator BondLady’s Corner
Parliamentary Finance Sets The Date For The Second Reading Of The Proposed Food Security Law
Political | 05:46 - 22/05/2022 Baghdad - Mawazine News The Parliamentary Finance Committee set, on Sunday, the date for the second reading of the proposal for the emergency support law for food security and development, before voting on it, and while it indicated the most prominent sectors that the law will support, it revealed the inclusion of allocations for governorate projects that are the highest of their kind and sums to improve services in the center and south .
A member of the Parliamentary Finance Committee, Ahmed al-Jubouri, said in a television interview, which was followed by "Mawazine News", that "the House of Representatives will begin next Wednesday the second reading of the proposed emergency support law for food security and development, and it is likely to vote on it in the week following the completion of the second reading."
He added, "The committee will work in the coming days to set specific numbers for the exchange doors in the law, the most important sectors that will be guaranteed in the law and indispensable, the ration card file, and support the agricultural sector by paying farmers' dues and marketing wheat as well as the electricity file and supporting the poor classes."
Al-Jubouri stressed that "in the event that the law is legislated, the provinces will receive funds for projects, and the initial version of emergency support has been allocated from 9-10 trillion dinars for this section, and this volume of support occurs for the first time in the history of the Iraqi state, and is the largest of its kind in budgets."
He continued that "
And about the government's position on the legislation of the proposed law, al-Jubouri stressed that "the government agreed in principle to pass it, and officials will be hosted whenever there is a need for that."
Regarding the size of the total amount of the emergency support law, he explained that “the total amount was initially set at (30) trillion dinars, and the discussion is continuing about the possibility of reducing it to 25 trillion,” noting that “the statement of the Parliamentary Finance Committee Chairman Hassan al-Kaabi to add 500 billion dinars within the law to the Municipality of Baghdad is accurate.”
Because the emergency support has been allocated 9 trillion to the governorates, and Baghdad is the largest governorate in terms of population, and the total volume allocated to it will be one trillion and 200 million dinars, and the money will go to developing the capital’s neighborhoods.
Al-Jubouri pointed out that Last Thursday, the House of Representatives completed the first reading of the proposed emergency support law for food security and development. https://www.mawazin.net/Details.aspx?jimare=194016
Exploiting The Financial Abundance To Revive Small And Medium Enterprises
Sunday 22 May 2022 66 Baghdad: Haider Falih Al-Rubaie Specialists in economic affairs urged the need to pass laws that would support and encourage small and medium enterprises, stressing the importance of these projects in increasing development rates, employing manpower and motivating the wheel of local production, while stressing the importance of exploiting the financial abundance achieved as a result of high oil prices to support local industries
They suggested the creation of a specialized bank to support small and medium enterprises and work to provide a suitable business environment for their growth and development through laws that support this type of projects. According to the Minister of Finance, Ali Abdul-Amir Allawi, Iraq "will have a surplus of the difference in selling oil in the range of 20 billion dollars," stressing that "in light of the current financial abundance, it is unlikely to resort to borrowing."
Despite the great gains that the national economy can achieve as a result of activating small and medium enterprises, the economist, Manaf Al-Sayegh, believes during his speech to “Al-Sabah” that “these projects are of paramount importance in advancing the wheel of development, and through them it is possible to enhance the economic reality, create job opportunities and legalize capital.
The money needed to develop the developmental reality, as well as creating financial savings to use in enhancing the role of various industrial, commercial and service activities to enable the economy to achieve more flexibility and renewable and advanced productive efficiency that meets the needs of society and enhances its values in creativity, production and development.
Al-Sayegh stipulated achieving a number of points to advance the reality of small and medium enterprises, including “the need for the government to first believe in the importance and role of these projects and their great economic capacity, and to encourage young people to engage in these projects through procedures that should be easy and uncomplicated and in accordance with economic policies that are interconnected with each other.” To provide a suitable business environment for the growth and development of these projects.
specialized bank
Al-Sayegh considers the necessity of “establishing a specialized bank for small and medium industries that aims to support the economic activities of these projects by providing loans and credit facilities, as well as providing advisory services in technical, administrative and financial works, and then these projects will be able to overcome financial and administrative obstacles that they may not have.” Those projects are at the beginning of their work, “the ability to deal with them due to lack of experience.”
Al-Sayegh also suggested establishing an authority to support small and medium industries that would encourage these industries by providing various programs, such as financial aid, administrative services, marketing, training and information, and that this authority would assist the government by providing economic policies related to small and medium enterprises, and its mission would be to modernize the means of production and strengthen activities. Cooperative between small and medium enterprises with the establishment of industrial cities specialized in this type of projects.
The spokesman called for exploiting the financial abundance achieved as a result of the high oil prices to encourage these projects, and working to pass a set of laws to support and encourage small and medium industries and motivate large local companies to produce and cooperate with small companies, stressing that the main pillar of the development of the economy depends on small and medium enterprises and push them towards Achieving development in the country and creating activity
economic.
Sources of income
In his turn, the economic researcher, and a member of the Iraqi Economists Association, Miqdam Al-Shaibani, indicated during his speech to Al-Sabah that, “Based on the 2005 constitution of Iraq, which included the necessity of moving from a directed economy to a free economy, we must focus on the important and pivotal role of small and medium enterprises. in the economic and social development in Iraq,” noting that “the importance of these projects is clearly embodied in the diversification of sources of income and the optimal use of capital, given that the project owner always seeks to make this project a success as he is the owner of the concession in its operation and management, and then collecting the income resulting from it.”
Al-Shaibani explained, “With Iraq obtaining financial abundance and the Central Bank’s announcement of an increase in its capital of 5 trillion dinars, I call on the Central Bank of Iraq, in cooperation with the Ministry of Labor, to expand granting loans and advances to the unemployed to establish small and medium projects, stressing that the importance of these projects is not limited to It contributes to increasing income and stimulating the economic, marketing and production movement, but rather it contributes to providing a large number of jobs at the lowest cost, and then it contributes to a direct and important role in reducing the unemployment problem from which it suffers.
Iraq".
ancient laws
The researcher pointed out that “attention has recently begun to turn towards interest in small and medium enterprises and their support by a large number of young people who are looking for a job opportunity, but they face many challenges, the most important of which is the issue of financing and some of the old laws that are still in force until now. Starting the project is difficult and expensive because these laws are old and do not take into account the technological development taking place in the world.”
A member of the Association of Economists explained that “the difficult controls and instructions for granting advances to the unemployed and the high monthly installments that burden the owners of small and medium-sized enterprises with the benefits that the project owner may be unable to pay, as well as the origin of the loan, are all factors that led to the decline of work in those projects. The Central Bank of Iraq to reconsider the benefits of loans, regulations and instructions to give more advances to the unemployed.” LINK
Learn About The Exchange Rate Of The Dollar Against The Iraqi Dinar
Economie| 09:45 - 22/05/2022 Baghdad - Mawazine News, today, Sunday, dollar prices witnessed stability 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=193951
Erbil Wants To Develop Trade Relations With Washington: 138 American Companies Are Operating In The Region
Posted On2022-05-22 By Sotaliraq On Saturday, the head of the local government in Erbil Governorate, the capital of the Kurdistan Region, Omid Khoshnaw, expressed the region's desire to develop economic relations with the United States of America.
In a joint press conference held in Washington, DC, with the representative of the regional government in America, Bayan Sami Abdul Rahman, Khoshnaw said that after the year 2014 and the emergence of the terrorist organization ISIS, large numbers of foreign commercial companies left the Kurdistan Region.
He added that the regional government has embarked on a process for the return of foreign companies to conduct their business again.
Regarding the relations between America and the region, American companies are ranked eighth in the classification of foreign companies operating in the region, noting that there are 138 American companies operating in the region. LINK
The President Of The Kurdistan Government Leaves For Davos To Attend The Forum
Posted On2022-05-22 By Sotaliraq Baghdad - Ibtihal Al-Arabi Kurdistan Regional Government Prime Minister Masrour Barzani headed to Switzerland to participate in the World Economic Forum in Davos. A statement said yesterday that (the President of the Region will participate in the framework of the activities of the Global Forum, in a panel discussion entitled “A New Security Structure in the Middle East”). The forum will start on the 22nd of this month until the 26th of this month.
On the sidelines of the forum, Barzani will hold a series of meetings and meetings with senior officials, businessmen and economists in the region and the world.
The forum also includes the latest developments in Iraq and the region, during which it will discuss issues of diversifying the economy and sources of income, the importance of developing and reforming the banking system, and finding new markets for Kurdistan's products and agricultural crops. The Davos Economic Forum returns to the meeting in attendance, after a two-year interruption due to the restrictions imposed by the Corona pandemic.
Meanwhile, the Central Bank of Iraq and the Integrity Commission in the Kurdistan Region signed a cooperation agreement to curb money laundering and terrorist financing.
A statement received by (Al-Zaman) stated that (under the auspices of the Chairman of the Anti-Money Laundering and Terrorist Financing Council, the Governor of the Central Bank of Iraq, and based on the office’s tasks in combating money laundering and terrorist financing crimes, and based on the Anti-Money Laundering and Terrorist Financing Law No. 39 of 2015 the office signed an agreement He cooperated with the Integrity Commission in the region to work on facilitating the exchange of information with the office regarding suspicious financial operations, and limiting money laundering and terrorist financing operations).
He added that (the agreement aims to advance an Iraqi reality that is protected from money laundering crimes, prosecute those wanted by the Iraqi authorities, and recover smuggled corruption funds in line with the Iraqi constitution and Iraq's obligations towards international organizations related to combating money laundering and terrorist financing, which require concerted local efforts to confront these crimes and combat their emerging methods). LINK
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