Iraqi News Sunday Evening 5-8-22
Iraqi News Sunday Evening 5-8-22
TLM724 Administrator BondLady’s Corner
Parliament Decides To Extend The Current Legislative Term By One Month
Sunday 08 May 2022 16:16 | politica lNumber of readings: 43 Baghdad / NINA / - The House of Representatives decided to extend the first legislative term, the first legislative year, the fifth electoral cycle, for one month to complete a number of legislation, tasks and constitutional entitlements./ Ended in
https://ninanews.com/Website/News/Details?key=974682
Al-Kazemi’s Advisor: The Federal Court’s Decision Of The Unconstitutionality Of The Oil And Gas Law In The Region Must Be Implemented
Technical Adviser to the Prime Minister Haitham al-Jubouri stressed that the legislation of the oil and gas law has become an urgent necessity to end the intersections between the federal government and the Kurdistan Regional Government in the oil file.
Al-Jubouri told Al-Iraqiya that "the Federal Court's decision of the unconstitutionality of the oil and gas law in the region obligates all parties concerned to apply it."
He added, "There is no way or option for the federal government and the Kurdistan Regional Government but to implement the decision, and it can be implemented through options, including the legislation of the oil and gas law, or the development of paragraphs that include constitutional and legal deadlines in the budget law if it is legislated."
He stressed that "it is possible to reach a solution through the oil and gas law, whose legislation has become very necessary and urgent, and the budget cannot be legislated without the application of the Federal Court's decision."
On the budget file, al-Jubouri indicated that "the government is ready to present the 2022 draft budget in the event that the House of Representatives votes, authorizing it to send the law to the legislative authority, and the Ministry of Finance completed the initial draft after holding several meetings with the ministries."
On the price of a barrel of oil in the budget, he said, "The current selling price in global markets, which exceeds 100 dollars, cannot be adopted because it was built on global crises such as the Russian-Ukrainian war and made it a price for a whole year in the budget. I believe that setting a price ranging between 60-70 dollars is a safe price." and realistic."
Regarding the closest option to verifying between budget legislation or voting on the emergency support law, al-Jubouri indicated that “the government’s completion of the budget and sending it to the parliament for discussion requires a significant period between 3-4 months, and the best is to legislate the emergency support law to provide strategic storage for foodstuffs and pay some debts. Iraq must pay the gas dues to ensure the sustainability of the supply of electric power, and it can be approved in one parliamentary session.” https://www.radionawa.com/all-detail.aspx?jimare=29352
Minister Of Oil: We Are Going Towards The Literal Application Of The Federal Court's Decision Regarding The Region's Oil / Expanded
Saturday 07 May 2022 23:01 | economic Number of readings: 512 Baghdad / NINA / - Minister of Oil Ihsan Abdul-Jabbar said that more than 75 days of discussion and initiatives, and all Baghdad's attempts, flexibility in dealing with the region, and the desire to bridge trust did not lead to any result.
The minister added, while presiding over the meeting of the opinion board in the Ministry of Oil: "We are going towards the literal application of the Federal Court's decision regarding the region's oil."
He continued, "The Ministry of Oil and the Board of Directors of the National Oil Company should prepare to face the upcoming challenges in implementing the decision, and many arrows will be directed to the Ministry of Oil."
The minister explained: "The Iraqi National Oil Company will be responsible for managing the energy file internally, and the Ministry of Oil will be responsible for dealing with the Ministry of Finance and international and foreign bodies."
He stated: "It seems that historical experiences have led to a rift in trust between the center and the partners in the region," noting: "The beginning of implementing the provisions of the resolution does not mean cutting off the dialogue, and we welcome the brothers responsible for the oil file in the region if they wish to open the discussion again."
He pointed out that "the country's main resource is the oil industry, and it must be far from the mood and political interference in order to prevent the collapse of the country's economic system."
He said, "We do not know what the legal basis is for one part of the country to export energy while another part of the country needs it, and this does not exist even in the old federal states," stressing that: "It is not fair that there be dual dealings in the same The state, all revenues of oil produced in all regions of Iraq must go to the public treasury."
He continued, "The commercial activity is the basis for managing the energy file, not the desire to control the decision. We have emphasized to the region more than once that Baghdad has no desire to control the oil activity in the Kurdistan region, but rather organize that activity and turn it into a real, clear and transparent commercial activity." .
He stressed: "We respect the constitutional authorities of the region and have submitted a proposal to transform these authorities into a transparent normative work system that is compatible with the foundations of the oil industry, and we seek to lay the foundations of a strong federal state that manages the entirety of its oil activity with a scientific standard management to achieve the highest returns with the most sustainable and least cost, and this is the main objective of the National Oil Company Iraq./ E https://ninanews.com/Website/News/Details?key=974566
Al-Kazemi's Advisor Puts Forward A Proposal To Double Growth Rates
Money and business Economy News – Baghdad The financial advisor to the Prime Minister, Mazhar Muhammad Salih, proposed, on Saturday, to raise the volume of investment in 6 sectors to double growth rates, and while detailing employment rates in 3 vital sectors, he identified the reasons for their decline.
Saleh said, to the official news agency, that "Iraq has put at the forefront of its priorities seeking to enter the prospects of rapid development and development to transcend the stage of the rentier economy or the mono-economy, as crude oil still constitutes the largest weight in the components of the gross domestic product."
He added, "The crude oil extractive industry sector still accounts for more than half of the contribution to the country's GDP, as oil revenues remain the major lever to finance investment and development in the sectors targeted by the country's development plans."
Saleh pointed out that "the national workforce is divided sectorally, and strangely, as the workforce in the crude oil sector, which is the largest contributor to the formation of the country's gross domestic product, does not exceed only 2% of the total Iraqi labor force, and the agricultural sector's share of the gross domestic product It does not exceed 5% at best and includes about 21% of the labor force, as well as the manufacturing industry, which accounts for 1% of the gross domestic product and includes in its ranks about 18% of the labor force.
He continued, "This means that there are clear structural imbalances and low productivity polarizations in the agricultural and industrial transformational sectors in the interest of human concentration working in the service sector with low productivity and coexisting on the outputs of the rentier sector returns in the economy."
Saleh explained that "the five-year and ten-year economic and social development plans are the ones that determine the sectoral and overall growth rates in order to bring about a fundamental change in the contribution of the vital productive sectors other than the crude oil sector to the gross domestic product, which is what is called diversifying the production structure of the overall economy."
The Prime Minister’s advisor, proposing solutions, pointed to the “importance of changing production patterns and their components in employing labor and investing in national capital for the benefit of the real vital sectors, starting from maximizing the role of the agricultural sector in the gross domestic product and ending with the manufacturing industry and digital services, without forgetting that there is a major restriction on That diversification is represented by the consistent initiation of investment in physical and institutional infrastructure.”
He stressed that "the growth in the various sectors increases by a double rate whenever the rates of investment in the infrastructure of the economy increase, especially the six sectors: electricity, water, transport, communications, education and health. Thus, nations progress on the basis that development management is joint between state programs and private sector programs in an integrated manner."
Views 487 Date Added 05/07/2022 https://economy-news.net/content.php?id=27896
Iraq's Oil Exports To America Decline To 181,000 Barrels Per Day
Energy Economy News-Baghdad The US Energy Information Administration announced, on Sunday, that Iraq's oil exports to America fell during the past week, reaching an average of 181,000 barrels per day
The administration said in a report, "The average US imports of crude oil during the past week from eight countries amounted to 5.308 million barrels per day, an increase of 135 thousand barrels per day compared to the previous week, which amounted to 5.173 million barrels per day ."
And she added, "Iraq's oil exports to America reached an average of 181,000 barrels per day last week, down from the previous week, in which oil exports to America averaged 242,000 barrels per day ." , according to what was published by Shafak News.
She noted that "most of America's oil revenues during the past week came from Canada, at a rate of 3.492 million barrels per day, followed by Mexico at a rate of 569,000 barrels per day, and oil revenues from Saudi Arabia at a rate of 554,000 barrels per day, and then Colombia at a rate of 313,000 barrels per day ."
According to the administration, "the amount of US imports of crude oil from Brazil amounted to an average of 90,000 barrels per day, from Ecuador at a rate of 66,000 barrels per day, and from Nigeria at a rate of 43,000 barrels per day, while no quantity was imported from Trinidad and Tobago or Russia ."
Views 139 Date Added 05/08/2022 https://economy-news.net/content.php?id=27898
The Central Bank Of Iraq 75 Years In The Face Of Economic Challenges
* Samir Al-Nusairi By the current year 2022, the Central Bank of Iraq will have been 75 years since its founding and carrying out its duties. It has gone through stages of economic and financial challenges and monetary policy applications. During those years, it was in direct confrontation to overcome those challenges and political influences and changes in the economic systems that were prevalent at the time. However, the central bank proved
It is a solid, sovereign financial economic institution founded in 1947 of the last century. It is specialized in drawing the paths and policies of monetary policy applications, supervision and control over the banking sector, and is considered the financial advisor to the government. His role was essential in managing the economic process in Iraq, and he took over the leadership of his administration, 23 governors, all of whom were distinguished by distinguished technical and administrative specifications.
And after the change in 2003 and in accordance with its new law 56 of 2004 and through its management of monetary policy and the achievement of its goals, where Iraq passed during the past 19 years an important stage of its economic system, where the change included the beginning of new applications for economic construction based on building introductions to the transition from the philosophy and strategies of the central economic system in Economics management to the philosophy, strategies and mechanisms of a market economy
Therefore, the Central Bank of Iraq and the banking sector have taken great development steps towards moving from banking activity to real and developmental activity, especially during recent years. to good rates, as indicated by the financial data and indicators, and that the Central Bank of Iraq was able to maintain for several years the exchange rate of the Iraqi dinar against the US dollar in a balanced manner, despite the fluctuation and variation up and down according to
Due to difficult economic conditions and financial and economic crises due to the decline in oil prices, the war on terrorism and the speculation that occurs in the markets. Where it is noted that the daily intervention of the Central Bank of Iraq in managing monetary policy tools in light of policy data
The issuance of instructions, controls, memoranda, and regulations and guidelines that are consistent with international standards and the requirements of regulations and rules for compliance and combating money laundering and terrorist financing, and the issuance of a law regulating this by No. 39 of 2015 and the liquidation of the notes diagnosed by the Financial Action Group (FATF) , which moved Iraq from the gray area to the regular follow-up Every two years and try to control the violations that occur by reviewing, evaluating and classifying banks for the purposes of comprehensive evaluation according to the (camels) system.
And for the purposes of the foreign currency sale window, with the aim of controlling the movement of foreign currency and limiting its disposition, other than the specific economic goals of monetary policy applications.
As dealing with the sale of foreign currency is one of the largest open market operations in controlling the levels of local liquidity and putting the cash surplus in its proper tracks, and it is a good economic indicator that the exchange rate will be stable despite the difficult economic conditions that Iraq went through after 2014 and 2020, the Central Bank of Iraq was also able Maintaining a good foreign cash reserve that exceeded 65 billion dollars, in addition to its gold reserves, despite the conditions of recession and economic depression.
Re-discounting treasury bonds issued by the Ministry of Finance and issuing international treasury bonds, in addition to the World Bank’s praise of the economic and financial reform programs adopted by the Central Bank in accordance with its first and second strategies for the years (2016).
The Central Bank according to its first and second strategy for the years (2016The Central Bank according to its first and second strategy for the years (2016- 2023) and its expectations of good growth rates during the current year for the Iraqi economy , recording progress at the level of Arab countries . And the formation of a joint committee between him and the finance department to coordinate between the fiscal and monetary policies, and many coordinating measures were achieved because of this .
The calculated and bold economic and financial measures undertaken by the Central Bank and its successful experience in providing continuous support to the Iraqi economy, in addition to its initiative to revitalize the economic cycle, launch and follow-up the implementation of its multiple initiatives to finance small, medium, housing and investment projects in the housing, agriculture, industry and services sectors, support banks’ liquidity and achieve two economic and social goals in At the same time, other important measures have been taken by establishing the Deposit Insurance Company, which has begun its tasks for the purpose of restoring confidence in the banking sector and increasing the savings rate for the monetary mass in banks at the expense of the hoarding ratio.
All this was accompanied by structural, structural and developmental developments in all the specialized and qualitative departments of the bank, focusing on total quality management, institutional development, adoption of international standards, compliance with rules and regulations for compliance, risk management, combating money laundering and financing terrorism, banking awareness and technical developments in payment systems, electronic payment and information technology, which contributed to the transition of policies The Central Bank’s work procedures have reached an advanced stage in the pace of achieving economic stability. * Advisor to the Association of Iraqi Private Banks
Views 203 Date Added 05/08/2022 https://economy-news.net/content.php?id=27899
The Iraqi Islamic Bank Wins The Membership Of The General Council Of Islamic Banks And Institutions
Iraqi Islamic Bank logo
Banks Economy News – Baghdad The Iraqi Islamic Bank for Investment and Development announced that it had won the membership of the General Council of Islamic Banks and Institutions.
The bank said in a press statement received by "Al-Iqtisad News", "The Iraqi Islamic Bank for Investment and Development (IIB) won the membership of the General Council of Islamic Banks and Institutions (CIBAFI) , where the Iraqi Bank for Investment and Development (IIB) won the confidence of the General Council of Islamic Banks and Financial Institutions (CIBAFI) , which involves Under the umbrella of the Organization of Islamic Cooperation ( OIC ), as the first Iraqi bank to belong to this official umbrella of the Islamic financial industry, which is the largest institution that sponsors the business of Islamic banks in the world.
He added, "In turn, we congratulate the Central Bank of Iraq and our colleagues in Iraqi banks and the Association of Private Banks for having the honor of representing Iraq by winning the membership of the General Council of Islamic Banks and Financial Institutions (CIBAFI) . Arab and foreign Islamic banking by supporting the Islamic financial services industry, promoting best practices and upgrading the level of global banking services. Views 46 Date Added 05/08/2022 https://economy-news.net/content.php?id=27903
The Dollar Exchange Rate Is Stable For The Third Day In The Local Markets
Economie| 09:59 - 08/05/2022 Baghdad - Mawazine News, the dollar exchange rates recorded, today, Sunday, stability for the third day in the Iraqi local markets. And the selling price was 148,250 dinars per $100, while the purchase price was 147,250 dinars per $100. https://www.mawazin.net/Details.aspx?jimare=192406
Al-Kazemi’s Advisor Proposes A Price For A Barrel Of Oil In The Budget And Requires Sending It With Parliamentary Authorization
Economie| 09:56 - 07/05/2022 Baghdad - Mawazine News Technical Adviser to the Prime Minister Haitham al-Jubouri confirmed that the legislation of the oil and gas law has become an urgent necessity to end the intersections between the federal government and the Kurdistan Regional Government in the oil file, and while he pointed out that the government is able to send the 2022 budget to the House of Representatives if it obtains a parliamentary vote authorizing it to do so. price per barrel of oil.
Al-Jubouri said, "The Federal Court's decision that the oil and gas law in the region is unconstitutional obligates all parties concerned to implement it."
He added, "There is no way or option for the federal government and the Kurdistan Regional Government but to implement the decision, and it can be implemented through options, including the legislation of the oil and gas law, or the development of paragraphs that include constitutional and legal deadlines in the budget law if it is legislated."
He emphasized that " On the budget file, al-Jubouri indicated that "the government is ready to present the 2022 draft budget in the event that the House of Representatives votes, authorizing it to send the law to the legislative authority, and the Ministry of Finance completed the initial draft after holding several meetings with the ministries."
On the price of a barrel of oil in the budget, he said, "The current selling price in global markets, which exceeds 100 dollars, cannot be adopted because it was built on global crises such as the Russian-Ukrainian war and made it a price for a whole year in the budget. I believe that setting a price ranging between 60-70 dollars is a safe price." and realistic."
Regarding the closest option to verifying between budget legislation or voting on the emergency support law, al-Jubouri indicated that “the government’s completion of the budget and sending it to the parliament for discussion requires a significant period between 3-4 months, and the best is to legislate the emergency support law to provide strategic food storage and pay some debts. Iraq must pay the gas dues to ensure the sustainability of the supply of electric power, and it can be approved in one parliamentary session.” Ended 29 / p. 87 https://www.mawazin.net/Details.aspx?jimare=192384
Al-Araji: Iraq Is Keen To Cooperate With NATO
a wish| 02:12 - 08/05/2022 Baghdad - Mawazine News National Security Adviser Qassem Al-Araji confirmed today, Sunday, that Iraq is keen to cooperate with NATO.
And the media office of the National Security Adviser stated in a statement that "Mawazine News" received a copy of it, that "Al-Araji received, in his office today, the commander of the NATO mission in Iraq, Lieutenant-General Michael Losgard, in the presence of the mission's ambassador, Latithiya Fin Ash, on the occasion of the end of the mission's leader's work duties in Iraq." .
Al-Araji stressed during the meeting, according to the statement, that "Iraq is keen to cooperate with NATO and all the parties that helped it in its war against ISIS," reiterating "Iraq's position to solve problems, end the war in Ukraine and sit at the dialogue table, to spare the world the scourge of war."
For his part, the commander of the NATO mission in Iraq explained that "the Ukrainian-Russian crisis did not affect the mission's work and support for Iraq," stressing that "the mission continues to provide support to Iraq." https://www.mawazin.net/Details.aspx?jimare=192426
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