Iraqi News Sunday AM 6-12-22
Iraqi News Sunday AM 6-12-22
TLM724 Administrator BondLady’s Corner
More Than A Billion Dollars .. Central Bank Sales Last Week
Saturday 11 June 2022 10:34 | economic Number of readings: 316 Baghdad / NINA / - The hard currency auction sales of the Central Bank of Iraq during the past week amounted to more than one billion US dollars.
A statement by the bank stated, "The Central Bank sold, during the five days in which the auction was opened, from Sunday to Thursday, one billion and 175 million and 995 thousand and 759 dollars, at a daily rate of 235 million and 199 thousand and 151 dollars, an increase of 11.92% over the previous week."
And he indicated: "The highest dollar sales were on Thursday, as sales amounted to 240 million and 583 thousand and 974 dollars, while the lowest sales were on Sunday, 228 million and 709 thousand and 615 dollars./ End 8 https://ninanews.com/Website/News/Details?key=981559
The Exchange Rate Of The Dollar Against The Iraqi Dinar
Economie| 10:00 - 12/06/2022 Baghdad - Mawazine News , the dollar exchange rates rose, today, Sunday, on the Iraqi Stock Exchange.
And the selling prices of the dollar were 148,350 dinars per 100 dollars, while the purchase prices of the dollar were 148,250 dinars per 100 dollars. https://www.mawazin.net/Details.aspx?jimare=196178
The President Of The Association Of Private Banks Participates In The Turkish-Arab Business Summit In Gaziantep
Money and business Economy News – Baghdad The President of the Iraqi Private Banks Association, Wadih Al-Handal, and his deputy, Ali Muften, participated in the second Arab-Turkish Business Summit, which is being held by the IBF International Business Forum .
The summit was held in the Turkish city of Gaziantep, and includes meetings for Arab and Turkish businessmen, in the presence of 1,600 Arab and Turkish businessmen, under the auspices of the Turkish Ministry of Trade and in cooperation with the Municipality of Gaziantep.
The conference included, according to a statement by the Association of Iraqi Private Banks, an accompanying exhibition, bilateral B2B meetings, seminars, discussions on the most important future technology, discussion sessions on investment incentives provided by the Turkish government to foreign investors, and a discussion session on the problems facing Arab investors in Turkey.
Al-Handal said, according to the statement, that "this summit is very important and contributes to developing trade relations between Iraq and Turkey," adding that "the Iraqi banking sector is open to all countries, including Turkey." 38 . views Added 06/12/2022 - 4:21 PM Update 06/12/2022 - 4:49 PM
https://economy-news.net/content.php?id=28434
Baghdad Is On The Cusp Of A New Development Plan
Posted On 2022-06-12 By Sotaliraq Baghdad: Jinan al-Asadi Baghdad Governorate revealed the preparation of a new development plan in coordination with the Capital Municipality and the concerned authorities, which includes a study of new sites for the establishment of all life activities and events such as railways, roads and administrative cities.
Director of the Urban Planning Department in the governorate, Fatima Al-Hasnawi, said: The scheme aims to expand the city, reduce the momentum it is witnessing, and move polluting activities outside its borders.
She indicated that the project was submitted to the Ministry of Planning, and is awaiting approval, noting that the Baghdad Municipality had previously submitted a similar project in 2008, but it was not approved and was under the designation of the development plan. mass.
Al-Hasnawi explained that the scheme will give a full study of all areas of Baghdad and the possibility of finding new sites for the establishment of all life activities that are causing momentum inside the city, in addition to finding ring roads around the capital and not entering heavy load vehicles, which have become a major damage to the city's streets, as all will contribute These measures significantly reduce the population, traffic and environmental pollution.
She pointed out that the plan also discussed the possibility of establishing circular railways away from the city that would reduce the use of vehicles.
Al-Hasnawi noted that the governorate put forward solutions and proposals represented in establishing administrative cities to transfer ministries to them, benefiting from global experiences. LINK
A Report That Monitors The Rise In Foreign Investments In The Middle East And Reveals Their Proportions
Economie| 03:46 - 11/06/2022 Baghdad - Mawazine Yanouz, "Al-Eqtisadiah" newspaper revealed that foreign direct investment flows to the countries of the Arab world and the Middle East in 2021 increased by 44.2%, reaching 66.85 billion dollars, compared to 46.37 billion dollars in 2020.
In a report based on data of the United Nations Program for Trade and Development "UNCTAD" For its reporting unit, Al-Eqtisadiah newspaper indicated that “this rise in foreign direct investment to the region came with the main support of Saudi Arabia, which contributed about 68% of the increase in investments to the region, amounting to 13.9 billion dollars, while the increase to the region in total was 20.5 billion dollars. ".
The "Al-Eqtisadiah" report stated that "the foreign direct investment flowing into Saudi Arabia rose 257%, at the fastest pace in history, to reach $19.3 billion in 2021, compared to $5.4 billion in 2020," noting that "the foreign direct investment flowing into Saudi Arabia in 2021 is the highest since 2010 when it reached $28.3 billion, as a result of overcoming the obstacles of foreign investment in the Kingdom and the huge investment opportunities available in light of the Kingdom’s Vision 2030 and its huge projects and the privatization of many sectors.”
The report pointed out that "the region's most attractive countries for foreign direct investment in 2021", explaining that "the UAE came first with 20.7 billion dollars, then Saudi Arabia, thirdly Turkey with 12.5 billion dollars, followed by Egypt with 5.1 billion dollars, and Oman with 3.6 billion dollars. dollar".
The report revealed that "Iraq recorded an exit of foreign investments worth 2.6 billion dollars, so that foreign investments continued to leave for more than 6 consecutive years, and that Qatar recorded an exit of foreign investments for the fourth year in a row, reaching 1.1 billion dollars in 2021."
And Al-Eqtisadiah continued: “Unlike the previous seven countries, the flow of foreign direct investment in 2021 amounted to about 2.15 billion dollars to Morocco, Bahrain to 1.8 billion dollars, and Iran to 1.4 billion dollars,” noting that “foreign investment amounted to less than one billion dollars in Algeria with 870 million dollars.” $660 million in Tunisia, $622 million in Jordan, $462 million in Sudan, $456 million in Somalia, $273 million in Lebanon, while Palestine reached $256 million, $198 million in Kuwait, and $167 million Djibouti, $22 million in Mauritania, and $4 million in Comoros.
According to Al-Eqtisadiah, the global investment report showed “the recovery of foreign direct investment and its restoration to pre-Corona pandemic levels, an increase of 64% compared to 2020, bringing its flows to 1.58 trillion dollars in 2021, driven by the momentum resulting from merger and acquisition activity and rapid growth in project financing. International, due to loose funding and major infrastructure stimulus packages.
The newspaper stated that, "while all regions benefited from the recovery, three-quarters of the growth was concentrated in advanced economies, where foreign investment flows rose 134 percent, and multinational companies achieved record profits," explaining that "the top ten economies receiving foreign direct investment in 2021 They were the United States of America, China, Hong Kong, Singapore, Canada, Brazil, India, South Africa, Russia and Mexico."
She pointed out that "flows to developing economies rose 30% to reach $837 billion, the highest level ever recorded, due to strength in Asia, partial recovery in Latin America and the Caribbean and recovery in Africa," noting that "expectations for the current year came More bleak, according to the report, issued by the United Nations Program for Trade and Development (UNCTAD) and titled "International tax reforms and sustainable investments", as foreign investment is expected to decline or at best stabilize, due to the dramatically changing business and investment climate. https://www.mawazin.net/Details.aspx?jimare=196115
A Report That Monitors The Rise In Foreign Investments In The Middle East And Reveals Their Proportions
Economie| 03:46 - 11/06/2022 Baghdad - Mawazine Yanouz, "Al-Eqtisadiah" newspaper revealed that foreign direct investment flows to the countries of the Arab world and the Middle East in 2021 increased by 44.2%, reaching 66.85 billion dollars, compared to 46.37 billion dollars in 2020.
In a report based on data of the United Nations Program for Trade and Development "UNCTAD" For its reporting unit, Al-Eqtisadiah newspaper indicated that “
this rise in foreign direct investment to the region came with the main support of Saudi Arabia, which contributed about 68% of the increase in investments to the region, amounting to 13.9 billion dollars, while the increase to the region in total was 20.5 billion dollars.".
The "Al-Eqtisadiah" report stated that "the foreign direct investment flowing into Saudi Arabia rose 257%, at the fastest pace in history, to reach $19.3 billion in 2021, compared to $5.4 billion in 2020," noting that
"the foreign direct investment flowing into Saudi Arabia in 2021 is the highest since 2010 when it reached $28.3 billion, as a result of
overcoming the obstacles of foreign investment in the Kingdom and the
huge investment opportunities available in light of the Kingdom’s Vision 2030 and
its huge projects and the privatization of many sectors.”
The report pointed out that
"the region's most attractive countries for foreign direct investment in 2021", explaining that "the
UAE came first with 20.7 billion dollars, then
Saudi Arabia, thirdly
Turkey with 12.5 billion dollars, followed by
Egypt with 5.1 billion dollars, and
Oman with 3.6 billion dollars. dollar".
The report revealed that "Iraq recorded an exit of foreign investments worth 2.6 billion dollars, so that
foreign investments continued to leave for more than 6 consecutive years, and that
Qatar recorded an exit of foreign investments for the fourth year in a row, reaching 1.1 billion dollars in 2021."
And Al-Eqtisadiah continued: “Unlike the previous seven countries, the flow of foreign direct investment in 2021 amounted to about 2.15 billion dollars to Morocco, Bahrain to 1.8 billion dollars, and Iran to 1.4 billion dollars,” noting that
“foreign investment amounted to less than one billion dollars in Algeria with 870 million dollars.” $660 million in Tunisia, $622 million in Jordan, $462 million in Sudan, $456 million in Somalia, $273 million in Lebanon, while Palestine reached $256 million, $198 million in Kuwait, and $167 million Djibouti, $22 million in Mauritania, and $4 million in Comoros.
According to Al-Eqtisadiah, the global investment report showed “the recovery of foreign direct investment and its restoration to pre-Corona pandemic levels,
an increase of 64% compared to 2020, bringing its flows to 1.58 trillion dollars in 2021,
driven by the momentum resulting from merger and acquisition activity and rapid growth in project financing. International, due to loose funding and major infrastructure stimulus packages.
The newspaper stated that, "while all regions benefited from the recovery, three-quarters of the growth was concentrated in advanced economies, where foreign investment flows rose 134 percent, and multinational companies achieved record profits," explaining that "the top ten economies receiving foreign direct investment in 2021 They were the:
United States of America, China, Hong Kong, Singapore, Canada, Brazil, India, South Africa, Russia and Mexico."
She pointed out that "flows to developing economies rose 30% to reach $837 billion, the highest level ever recorded, due to strength in Asia, partial recovery in Latin America and the Caribbean and recovery in Africa," noting that
"expectations for the current year came More bleak, according to the report, issued by the United Nations Program for Trade and Development (UNCTAD) and titled "International tax reforms and sustainable investments", as
foreign investment is expected to decline or at best stabilize, due to the dramatically changing business and investment climate. https://www.mawazin.net/Details.aspx?jimare=196115
Economic Crises Faced By The Iraqi Government
Among the other pressing issues that the next government will face is the need to diversify the economy and move in a gradual and orderly manner away from dependence on oil rents.
It will also need to create real job opportunities outside the traditional government sector.
There are approximately 4 million permanent employees in government institutions, while another 4 million receive government benefits from the social welfare network, and 4 million are retired or recipients of pension grants. In a country of about 40 million people,
more than 30% of people depend directly on government salaries and subsidies, which account for nearly 60% of Iraq's total budget.
The database of the Ministry of Labor and Social Affairs includes 1.6 million job seekers, while millions of others are not registered with the ministry.
Each year during this decade, an estimated 800,000 young people enter the labor market.
Foreign and local investors will monitor the practical steps that the government will take to provide suitable environments for work in Iraq.
Despite the keenness of successive governments to invite investors and foreign companies to work in Iraq, the great obstacles imposed by Iraqi government departments contradict the encouraging government rhetoric.
Even if the new government had good intentions to reform the Iraqi economy, unless it also reformed the administrative apparatus, it is unlikely to achieve real results.
The first decision of the Council of Ministers at the beginning of this year was the approval of a “strategy for administrative reform in government departments”.
It is a standard paper similar to many traditional government papers in its formulation,
but it was distinguished by its capacity in diagnosing many problems suffered by the administrative system in Iraq.
It also set time limits for implementation that ranged from several months to periods of up to 5 years.
It included measures for legislative reform, the issuance of a civil service law, the shift towards administrative decentralization, and the restructuring of ministries and administrative units (governorates, districts, and sub-districts).
The paper suggested steps for institutional development,
raising the efficiency and effectiveness of the state's administrative apparatus,
simplifying government services procedures,
standardizing databases, resource management systems and public spending, and
applying good governance standards.
It may be the fiercest battle for the next Iraqi government when it undertakes an administrative reform of its flabby structures.
Which has become riddled with corruption, according to governmental and international reports.
The irony is that the tools that will be entrusted with the reform process will also be accused of similar practices, and their path to enhancing citizen confidence will be full of challenges. Diaa Saad Abdullah
https://www-sotaliraq-com.translate.goog/2022/06/10/ازمات-اقتصادية-تواجهها-الحكومة-العرا/
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