Iraqi News Sunday Evening 10-9-22
Iraqi News Sunday Evening 10-9-22
Tlm724 Administrator Bondlady’s Corner
The Central Bank Of Iraq Receives An International Certificate In The Management Of Cash
October 09, 2022 Today, Sunday, the Iraqi Central Bank (ISO9001: 2015) has been related to the quality management system regarding the criticism management issued by TQCS International PTY LTD.
The company, which granted the certificate to the Director General of the Department of Issue and Carees, praised the efforts of the Central Bank of Iraq in applying international specifications and standards.
It is noteworthy that
this certificate is granted every three years to the institutions that apply international systems and standards for comprehensive quality management and institutional development, and
this certificate is supporting the bank’s operations for the management of cash with the requirements of the international standard for quality management.
The Central Bank of Iraq information Office 9 - October – 2022 https://cbi.iq/news/view/2101
Parliament Presidency: The Finance Committee Will Make Recommendations To The Central Bank
Political | 01:32 - 09/10/2022 Baghdad - Mawazine News The Presidency of the House of Representatives announced, on Sunday, that the Finance Committee will present recommendations to the Central Bank.
The First Deputy Speaker of the House of Representatives, Mohsen Al-Mandalawi, said during the hosting of the Central Bank Governor and his agents, according to the official news agency, that "the Finance Committee has recommendations that it will present to the Central Bank."
He added, "A number of committee members will submit questions to the governor and his agents, and we will listen to the answers," noting that "there will be a second hosting of central bank officials." Ended https://www.mawazin.net/Details.aspx?jimare=207745
Parliamentary Finance Meets In The Presence Of The Governor Of The Central Bank To Discuss A Number Of Files
Political | 11:54 - 09/10/2022 Baghdad - Mawazine News, First Deputy Speaker of Parliament Mohsen Al-Mandalawi chaired a meeting of the Parliamentary Finance Committee, in the presence of Central Bank Governor Mustafa Ghaleb, to discuss a number of files, including Central Bank sales during the foreign currency sale window and the loan file.
And a statement received by Mawazine News stated, "The First Deputy Speaker of the House of Representatives, Mohsen Al-Mandalawi, is chairing an expanded meeting of the Finance Committee, in the presence of the Governor of the Central Bank, Mustafa Ghaleb, to discuss several axes, the most important of which is the Central Bank's sales file during the foreign currency sale window and the file of loans of all kinds, which were granted by the bank."
During the last period, especially the industrial and housing initiative, and the central bank's policy file on increasing the capital of commercial, Islamic and private banks.
The statement added, "The meeting will also witness a discussion of the feasibility study on the numbers of private commercial and Islamic banks, and the banks that have been placed under the custody of the Central Bank, as well as discussions on the results achieved by the platform for letters of guarantee established by the Central Bank and the extent of the banks' ability to apply them in the areas of banking work, and the supervisory role."
The Bank shall have the responsibility of commercial and Islamic banks regarding the fulfillment of some of the reluctance banks to fulfill their obligations towards their customers. https://www.mawazin.net/Details.aspx?jimare=207737
Al-Mandalawi Gives The Central Bank One Week To Answer The Questions Of The Finance Committee
Political | 02:41 - 09/10/2022 Baghdad - Mawazine News, the First Deputy Speaker of the House of Representatives, Mohsen Al-Mandalawi, stressed, on Sunday, the need to take more effective precautionary measures to address the inflation caused by the devaluation of the dinar against the dollar.
Al-Mandalawi said in a statement issued while chairing an expanded meeting of the Finance Committee in the presence of Central Bank Governor Mustafa Ghaleb, that “the Central Bank is directly responsible for implementing the country’s banking policies, and it is concerned with developing the work of banks and monitoring their business in order to protect citizens’ deposits and keep pace with global development in this sector.
The important thing that the state relies on to develop the rest of the sectors such as industry, agriculture, investment, tourism and others,” stressing that “the bank must take more effective precautionary measures to address the inflation caused by the devaluation of the dinar against the dollar.”
Al-Mandalawi added, "The Central Bank has a period of one week to answer clearly the questions submitted by the members of the Finance Committee, and to provide the Committee with all documents related to the file of letters of guarantee and the currency sale window."
During the meeting, according to the statement, “a number of questions were raised by members of the Finance Committee related to the Central Bank’s currency sale window, industrial and housing initiative loans, and the Central Bank’s policies regarding increasing the capital of commercial, Islamic and private banks, custodial banks, letters of guarantee, and the bank’s supervisory role over banks.
And to come up with a set of recommendations, and to agree to hold another meeting soon to answer the questions raised and to provide a full briefing on all topics and details.” Ended 29/N33
https://www.mawazin.net/Details.aspx?jimare=207752
The Minister of Planning and the Chairman of the Board of Supreme Audit participate in the Parliamentary Meeting With The Governor Of The Central Bank
Sunday 09 October 2022 14:17 | politicalNumber of readings: 113
Baghdad / NINA / - Minister of Planning Khaled Battal and Chairman of the Federal Financial Supervision Bureau, Ravel Yassin, joined the joint meeting of the Parliamentary Finance Committee and representatives of political blocs, held today, Sunday, with the Governor of the Central Bank and the bank's management advisers./ End 5 https://ninanews.com/Website/News/Details?Key=1006354
Government Advisor: We Have Missed Great Investment Opportunities Due To The Absence Of A Budget
Posted On2022-10-09 By Sotaliraq A French report stated that Iraq missed many investment projects due to the absence of the budget and the delay in forming the government, despite the passage of a full year since the early elections.
A report by Agence France-Presse, which was followed by Al-Mada, stated that “on October 10, Iraq will complete a full year since the early parliamentary elections, in the absence of a new government or budget due to political paralysis that threatens to deprive the country of much-needed infrastructure projects and reform opportunities. “.
The report continued, "Iraq, an oil-rich country exhausted by decades of conflicts, achieved huge oil revenues during 2022, and these funds are located in the Central Bank, whose foreign currency reserves amounted to 87 billion dollars."
He pointed out, "The benefit of these funds in projects that Iraq needs is subject to the formation of a government with full powers and a budget that controls the pace of spending."
And the report indicated, "The current government, headed by Mustafa Al-Kazemi, has been handling business for a year and does not have the authority to submit the draft budget to Parliament."
Economist Yasar Al-Maliki says that "infrastructure projects need years of constant funding from the government."
Al-Maliki added, "The political situation has caused great turmoil, further weakening Iraq's already fragile position in front of its investors," explaining that "the political crisis was added to other concerns that existed for a long time, especially security and corruption."
The report stressed that “political differences are still continuing between the two prominent Shiite camps, the Sadrist movement on the one hand, and the coordination framework, which includes blocs representing the Popular Mobilization, an alliance of armed factions loyal to Iran that has become affiliated with the state apparatus, on the other hand.”
He stressed, "This is after a year of elections that initially witnessed hesitation among Iraqi voters, and with the inability of the two sides of the political crisis to resolve their differences, a new government has not yet been formed."
The report pointed out that "violence erupted on August 29 in Baghdad, between fighters from the Sadrist movement on the one hand, and the security forces and the Popular Mobilization Forces on the other, killing about 30 Sadr supporters."
And considered the United Nations representative in Iraq, Jenin Plaschaert, before a recent Security Council session, that these events were supposed to represent a "warning bell", adding that "the situation is still very volatile."
She added, "Many Iraqis have lost confidence in the ability of the political class in Iraq to work for the benefit of the country and its people."
The report continues, that “the World Bank estimated the growth of the Iraqi economy at an average of 5.4% annually between 2022 and 2024,” adding that “macroeconomic expectations are surrounded by a large degree of risks due to the heavy dependence on oil, the persistence of budget stalemates, and the delay in Formation of the new government.
And he continues, "Iraq, as a result of the absence of a budget, is spending today on the basis of the Federal Financial Management Law, that is, what was spent in the previous budget divided over 12 months, which does not reflect the reality of the revenues that the country achieved in 2022."
The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirms that "these minimum budgets ... resemble the past, not the present or the future, and in which there are no opportunities for economic growth, and they deprive Iraq of major strategic projects."
And Saleh added, "Iraq has missed great opportunities, opportunities to invest in important, strategic and planned projects."
The report went back to pointing out that “Iraq, for example, signed a contract last summer with the French company (Total Energy), which includes many projects, especially in the field of the exploitation of associated gas and solar energy, worth ten billion dollars, partially funded by the Iraqi government. Its beginnings," an informed source says, "The Iraqi government is working to speed up work in it and raise obstacles before it."
The expert, Yasar Al-Maliki, spoke about “other projects that are moving at a slow pace in the oil sector, and with the absence of a government with full powers, the Ministry of Oil cannot finance, sign and award contracts for these basic projects.”
And the report stated, "The Iraqi parliament, and to meet emergency expenses, legislated the emergency support law in June, worth 25 trillion dinars (17 billion dollars), which allowed to meet the emergency needs of the population and buy grain to ensure food security, but also to ensure the purchase of energy and electricity from abroad."
Al-Maliki believes that “the Iraqi authorities, with the approach of the year 2023 without a budget, will have to either legislate a new law similar to food security” or continue spending on the basis of 12 months, that is, “reducing spending again.”
And the report continued, "Former Finance Minister Ali Allawi, the owner of the reform economic project, which did not completely turn into a tangible reality, did not hesitate upon his resignation to define the problem quite frankly."
Allawi stated, "All government plans and programs are always constrained by the need to obtain broad agreement from a torn political class," adding that "all calls for reform have been hampered by the political framework of this country."
The report is based on “the United Nations, which confirmed that out of every ten young people, four are unemployed, while a third of the 42 million population are below the poverty line.” LINK
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