Iraqi News Sunday Afternoon 7-3-22

TLM724 Administrator BondLady’s Corner

The Appearance Of Muhammad Salih: 150 Trillion Dinars, Unamortised Advances Owed By The Ministries

Money  and business  Economy News-Baghdad  Adviser to the Prime Minister for Economic Affairs, Mazhar Muhammad Salih, revealed, on Sunday, the existence of huge un-amortized advances to the ministries, amounting to 150 trillion dinars, which prevents the completion of the final accounts .

Saleh said in a press interview, that "the obstacles that prevent the final accounts from being conducted are the lack of budgets, and the ministries borrowing huge amounts of money that have not been extinguished so far, exceeding 150 trillion dinars ."

He added, "The final account procedure requires the existence of a general state budget, and in the absence of it, it is necessary to issue a budget law (a reality) that is discussed and approved by the House of Representatives ."

Saleh explained, "The final accounts require that they be prepared in succession, as it is not possible to calculate a current year without making the calculation for the previous one, and this is expected to happen during the current year, if the state's general budget is not approved ."

Views 121   Added 07/03/2022 - 11:34 AM   Update 07/03/2022 - 4:03 PM

https://economy-news.net/content.php?id=28747  

Decline In Iraq's Oil Exports To America

Energy  Economy News _ Baghdad  Today, Sunday, the US Energy Information Administration announced that Iraq's oil exports to America fell during the past week, reaching an average of 76,000 barrels per day.

The administration said in a report seen by "Economy News", that "the average US imports of crude oil during the past week from nine countries amounted to 5.162 million barrels per day, down by 146 thousand barrels per day from the previous week, which amounted to 5.308 million barrels per day."

And she added, "Iraq's oil exports to America amounted to an average of 76,000 barrels per day last week, down from the previous week, when oil exports to America averaged 100,000 barrels per day."

She noted that "most of America's oil revenues during the past week came from Canada, at a rate of 2.887 million barrels per day, followed by Mexico at a rate of 743,000 barrels per day, and oil revenues from Saudi Arabia at a rate of 701 thousand barrels per day, and then Colombia at a rate of 215,000 barrels per day."

According to the administration, "the amount of US imports of crude oil from Brazil amounted to an average of 209 thousand barrels per day, and from Nigeria at a rate of 201 thousand barrels per day, and from Trinidad and Tobago at a rate of 71 thousand barrels per day, and from Ecuador at a rate of 59 thousand barrels per day, while no amount was imported from Russia". 107 . views  Added 07/03/2022 - 10:06 AM  Update 07/03/2022 - 4:03 PM    https://economy-news.net/content.php?id=28746

Hamza Al-Jawahiri To / Nina /: The People Will Not See A Change In Their Reality, No Matter How High Oil Revenues Are

Sunday 03 July 2022 11:25 | Economic Number of readings: 292  Baghdad / NINA / - The oil expert, Hamza Al-Jawahiri, confirmed that the people will not see a change in their reality, no matter how high the oil revenues.

He told the National Iraqi News Agency ( NINA ) that the high increases in oil export revenues should be reflected on the reality of the people and their daily life, rather than the continuation of the demonstrations of graduates, certificate holders and others.

Al-Jawahiri added that the increases in oil prices are supposed to go to rehabilitating the stalled factories and factories, increasing exploration operations and employing thousands of manpower, instead of ambiguity of spending it and where it went.

The revenues of the exported oil witnessed a significant increase during the past months, which exceeded 11 billion dollars last month./    https://ninanews.com/Website/News/Details?Key=985742   

The Iraqi Finance Minister Points Out An “Unhealthy” Thing In Government Banks, “It Is Time To Fix It.”

Posted On2022-07-02 By Sotaliraq  Today, Saturday, Iraqi Finance Minister Ali Allawi considered that there is something he described as “unhealthy” in government banks that has no parallel in the world, for their acquisition of 70% of deposits, stressing that “the time has come to reform it” in cooperation with the Central Bank.

Allawi said during a speech he delivered at the Fifth Finance and Banking Exhibition Conference, which was held today, in the capital, Baghdad, that "the time has come for change and reform of government banks in cooperation with the Central Bank," noting that "these banks account for 70 percent of deposits, and this matter is not healthy in a system based on market foundations, and there is no percentage of this size in any country in the world, even in the socialist world.”

Allawi added, "If we do not reform the banks, they will not play their role in providing the economy with loans, financial and advisory support in the productive sectors, including industries, transportation and tourism."

Allawi pointed out that "investment is only made through savings, and this only comes from three sources, either from the state, the savings of people and companies, or from the external flow," explaining that "the external flow is subject to the political and global situation and cannot be relied upon."

And he indicated that "foreign investment is nothing," explaining that "the reception of the outflow must completely change the environment."

Allawi was considered that “the activity of the government’s economic institutions has failed, except for the financial ones,” noting that it is not possible to “create profits that support government investment.”

Allawi stressed the necessity of having “competition for the private banking sector over deposits equally with government banks,” noting that this “does not exist, and therefore one of the government’s most important priorities is reforming banks, which can only be reformed by changing their legal systems, especially the internal ones with regard to a bank.” Al-Rafidain and Al-Rasheed.

Allawi indicated, "The privatization process lasted for a year and a half, as it required a review of laws and legislation," explaining that "the State Council recently gave the position that we can change the banking system of government banks towards not privatization, but rather changing the percentage of our representatives in the private sector in these banks."

He explained, "We dismissed the board of directors and the executive management and used the banking and commercial law," stressing that "all the concepts of governance of the central bank will be applied to government banks as a first step."

He continued, "The second step is related to the restructuring of banks, which is not an easy step, since these banks have been isolated from international banks for 40 years."

Allawi believed that "the first process to reform government banks and to be a qualitative leap to an independent reality that supports the financial institution needs at least three years," noting that "the next government must continue with this achievement for the other step, to reform government banks, and it will be for another 2-3 years, It is the focus on the profitability of these banks.”

He wondered, "What is the meaning of profit if the outputs are subsidized by the government and the inputs are also subsidized," stressing the need for "there to be competition with the private banking sector."

At the conclusion of his speech, Allawi expressed optimism about "the reform of government banks and a qualitative leap for them."   LINK

Allawi Identifies The Elements Of Economic Stability And Stresses: The Banking Sector Is A Fundamental Pillar

Saturday, July 2, 2022 10:39 AM  National News Center/ Baghdad  Today, Saturday, Finance Minister Ali Abdul Amir Allawi identified the 

elements of stabilizing the economy of the higher policies of the state and the central bank, while stressing that

companies outside the oil sector cost the state billions of dollars.

Allawi said, in a press statement followed by / the National News Center /, that "the

banks have gone through difficult circumstances since the beginning of 2020 after the drop in oil prices to unprecedented levels and the impact on the economy," stressing that "the

banking and financial sector is the most important pillar in the economy, not just state resources.

Diversifying the economy is an urgent necessity.”

And he indicated that "there are

3 basic elements for the stability of the economy, the

supreme policies of the state and the central bank, and secondly, the

international situation and direct and indirect external influences on the Iraqi economy, and the third is the institutional element."

He explained that "the banking sector has grown in terms of deposits, loans and ratios between the public and private banking sectors.

The same percentages are still 75% of deposits in government banks," noting at the same time that 

reforming government banks is a vital issue and an essential part of transforming the economy from rentier to diversified.

The Minister of Finance added that

“government banks have been isolated from the world for 40 years, but

the Central Bank has started since mid-2020 in cooperation with the Ministry of Finance in reforming government banking institutions, and that

there is cooperation to reform the internal system of Rafidain and Rashid banks.”

He noted that "companies outside the oil sector cost the state billions of dollars."   https://nnciraq.com/138455/

The Central Bank Of Iraq Participates In The Fifth Annual Exhibition And Conference On Finance And Banking Services

July 02, 2022  The Central Bank of Iraq participates in the Fifth Annual Exhibition and Conference on Finance and Banking Services

 Today, Saturday, the Central Bank of Iraq participated in the opening of the activities of the Fifth Annual Exhibition and Conference on Finance and Banking Services in Iraq, which was held at the Baghdad International Fair, in the presence of His Excellency the Minister of Finance, Dr. Ali Allawi and the participation of the banking sector.

   The Central Bank of Iraq has been allocated a special pavilion on the sidelines of the exhibition, which concludes next Monday.

The Deputy Governor of the Central Bank of Iraq confirmed in a speech, "The Central Bank of Iraq is supportive of the banking sector.

He added that there is great cooperation between the Ministry of Finance and the Central Bank,

with the aim of reforming the banking sector,

which will result in real reform of the banking sector in the coming years.

He also explained that the financing of the Central Bank allocated to banks, as part of its development initiatives, amounted to (18) trillion dinars,

which resulted in the availability of thousands of job opportunities, "and he continued,

"The Central Bank of Iraq continues to support the private sector segment within easy terms."

Central Bank of Iraq  information Office  2 - July – 2022  https://cbi.iq/news/view/2042

The Delegation Of The Central Bank Of Iraq Visits Bank Departments In Erbil

June 30, 2022    The delegation of the Central Bank of Iraq visits bank departments in Erbil

On Thursday, 6/26/2022, the Deputy Governor of the Central Bank of Iraq visited the departments of the banks of Erbil, Jihan, Kurdistan and the region, and

conveying the greetings of the Governor of the Central Bank and his wishes to continue the work and keep pace with the development in its work and roles in promoting financial inclusion in a way that is reflected in the entire banking sector.

 The visit of the President of the Association of Private Banks, the Director General of the Central Bank branch in the Kurdistan Region/ Erbil and the accompanying delegation to the Deputy Governor.

  The Central Bank of Iraq      information Office   30 - June – 2022  https://cbi.iq/news/view/2041

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