Iraqi News Sunday Morning 6-5-22
Iraqi News Sunday Morning 6-5-22
TLM724 Administrator BondLady’s Corner
Al-Zamili reveals serious issues affecting Iraq's economy
Political | 02:32 - 05/06/2022 Baghdad - Mawazine News, the First Deputy Speaker of the House of Representatives, Hakim Al-Zamili, revealed today, Sunday, new information regarding oil smuggling and the bombing of energy towers, while noting that these serious issues affect the country's economy.
Al-Zamili told the official news agency, Mawazine News, that "the meeting that took place today with the Energy Police Command came at the request of the Parliamentary Oil and Gas Committee," noting that "there are many violations, including oil smuggling and energy transmission lines, which cost Iraq millions of dollars." .
He added, "Some are building a house or a farm near the oil tanker line in order to carry out smuggling," noting that "these are specialists, including international companies, that puncture the pipe, as this process is not carried out by simple citizens with primitive tools, but with special equipment for companies, because Any spark will lead to an explosion, and the evidence is that we did not notice any explosion on the oil and gas transmission lines."
He added, "We found devices and equipment for solid international companies that carry out this work, under the supervision of specialized engineers and technicians, and in coordination with oil transportation operations," noting that "there is almost certain information, including influential parties and gangs, such as being an official or an influential person, building a house near the oil pipeline, With the aim of carrying out smuggling operations in millions of dollars and in large quantities.”
Al-Zamili continued, "These dangerous issues affect the country's economy," explaining, "The issue of sabotaging energy towers, which is subject to two axes, the first is a real process of sabotage carried out by terrorist parties, and this is very little, but the truth is what contractors, investors, parties and gangs are doing for the sake of Sabotage and obtaining reconstruction work, that is, it is a deception process in order to obtain large contracts and contracts, Iraq will lose huge sums."
He stressed the need for "the agencies to be at the level of responsibility and deter them and not fear any party to preserve the country's capabilities," noting that "there are recommendations related to some violations to be addressed in the future." https://www.mawazin.net/Details.aspx?jimare=195526
A Government Advisor Expects The Financial Reserve To Reach 40 Billion Dollars
Posted On2022-06-05 By Sotaliraq Baghdad / Murad Hussein The federal general budget of the Iraqi state depends mainly on the rentier economy represented by oil, and is prepared according to the price of a barrel globally, and revenues and expenditures are placed in an unrealistic speculative manner.
The same applies to the financial deficit, and in light of the political impasse and the inability of the caretaker government to send the budget to the elected House of Representatives, the approval of the 2022 budget was delayed for six months, which prompted the government under Article 13 of the Financial Management Law No. 6 of 2019 amended to enter the system 1/12 for disbursing money related to salaries and going about daily matters.
The 2021 budget set the price of one barrel of oil at $45, while prices were exceeding $70 per barrel, in order to avoid economic disruptions and market fluctuations, and with the development of events in the world and the entry of the Corona pandemic and the recent Russian-Ukrainian crisis, oil prices exceeded $100, which generated a surplus. A large amount of money in the federal budget for 2021.
In addition, the caretaker government, headed by Prime Minister Mustafa Al-Kazemi, presented the draft food security law as a solution to dispose of the funds generated from the rise in oil prices to support the service aspects that suffer from a major crisis due to the failure to form the government and the approval of the general budget for 2022.
The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed in an interview with (Al Mada): “There are no financial surpluses in the previous year’s budget, but there are dues and arrears that are still unpaid to farmers and contractors, and the prices of Iranian gas and others,” noting that “the government borrowed during the 2021 budget.” More than 6-7 trillion dinars and ended with a simple deficit.”
He added that, "according to Article 13 of the amended Financial Management Law No. 6 of 2019, if there is no law for the general budget for the year upon entering the new fiscal year, specifically 2022, then the monthly disbursement is made on a 12/1 system of the actual current expenditures that took place in 2021." , indicating that “according to the Financial Management Law, it is not permissible to dispose of any savings achieved outside the 12/1 system.”
He pointed out that “the law prevented the disposal of that financial abundance deposited in the government’s reserve account currently, unless a budget law or another law was issued that allows disbursement, such as the draft law on food security and development,” noting that “otherwise, those revenues achieved due to the rise in oil prices will remain in the form of accumulated balances.” Undisbursed reserves in state bank accounts managed by the Central Bank of Iraq on behalf of the government.
Saleh expected, "the financial reserve will reach 40 billion dollars in the event that the current fiscal year ends without enacting a budget law."
On the first of last January, the former Director of the Financial Supervision Bureau, Salah Al-Nouri, announced the entry into force of the 1/12 system for disbursing funds in the country.
In turn, the economic expert, Nabil Jabbar Al-Ali, said in an interview with (Al-Mada), that "in the event that a revenue exceeding expenditure in the general budget is achieved, the surplus will be transferred to the next year in the state's financial accounts."
On the possibility of using the financial surplus by the daily caretaker government, Al-Ali stressed that “the current government does not have the right to dispose of the financial surplus, but it is able to dispose of a set of spending sections approved in Financial Management Law No. 6 of 2019.”
Regarding the necessity of legislating a food security law, Al-Ali believes that “the government does not have an important economic justification from legislating the law.”
He added that "the purpose of the legislation is to circumvent the budget law, which the government did not submit because of its constitutional status and its transformation into a daily business," noting that "the law is a political way to put a caretaker government with wide powers and enormous financial capabilities."
Member of the Parliamentary Finance Committee Muhannad Khazali, in turn, said in an interview with (Al Mada), that “most of the budgets are prepared according to a planned deficit, but in some rare cases there is a surplus through an external factor, and not within the state’s intervention such as the rise in oil prices.”
And Khazali indicated, "The surplus amounts due to the rise in oil prices turn into a balance for the next budget," explaining that "these amounts are placed within the accounts of the Ministry of Finance in the Central Bank and cannot be hidden from anyone."
He pointed out that “the lack of a budget for the current year and entering the 1/12 system, the government proposed the emergency support law (food security) and after its proposal the law was challenged by the Federal Court,” noting that “the House of Representatives, according to its powers, took a decision after challenging the law to present the law.” For the first and second reading and voting.
On the possibility of appealing the law and resorting to the Federal Court, Khazali says, “The Federal Court does not challenge the laws submitted by the House of Representatives, but is carried out by other concerned parties, which are represented by the government or political blocs, and there are agreements with the government, and official books have been directed to allow the legislation of the law.” LINK
The Iraqi Stock Exchange Is Trading Shares With A Financial Value Of 13 Billion Dinars
Economie Sunday, June 5, 2022 National News Center/Baghdad Today, Sunday, the Iraqi Stock Exchange announced the trading of shares with a financial value of more than 13 billion dinars during the past week.
The market said in a report, that "the number of companies whose shares were traded during the past week amounted to 52 joint-stock companies, while the shares of 37 companies were not traded due to the lack of convergence of the prices of purchase orders with sales orders, while 14 companies continue to be suspended for not providing disclosure out of 103 companies listed in the market."
He added that "the number of traded shares amounted to 10 billion and 703 million and 259 thousand shares, with a financial value of 13 billion and 371 million and 958 thousand dinars, through the implementation of 3205 deals," noting that "the ISX60 traded price index closed at 571.62 points, recording an increase of 0.84% from the closed in the previous session.
He pointed out that "the number of shares purchased from non-Iraqi investors for the past week amounted to 794 million shares, with a financial value of 833 million dinars, through the implementation of 132 deals, while the number of shares sold from non-Iraqi investors amounted to 777 million shares, with a financial value of one billion and 419 million dinars, through Execution of 541 transactions. https://nnciraq.com/132889/
Iraqi Oil Exports To America Increased By 44,000 Barrels Per Day Last Week
Energy Economy News-Baghdad The US Energy Information Administration announced, on Sunday, that Iraq's oil exports rose during the past week, reaching an average of 326,000 barrels per day.
The administration said in a report, that "the average US imports of crude oil during the past week from nine countries amounted to 5.561 million barrels per day, down by 325,000 barrels per day from the previous week, which amounted to 5.886 million barrels per day." According to Shafak News.
And she added, "Iraq's oil exports to America amounted to an average of 326,000 barrels per day last week, up by 44,000 barrels from the previous week, which amounted to an average of 282,000 barrels per day."
She noted that "most of America's oil revenues during the past week came from Canada, at a rate of 3.444 million barrels per day, followed by Mexico at a rate of 747,000 barrels per day, and oil revenues from Saudi Arabia at a rate of 345,000 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 Nigeria reached an average of 193,000 barrels per day, and from Brazil at a rate of 172 thousand barrels per day, and the average imports from Trinidad and Tobago amounted to 71 thousand barrels per day, while no quantity was imported from Russia." 114 . views Added 06/05/2022 - 8:51 AM Update 06/05/2022 - 4:40 PM
https://economy-news.net/content.php?id=28316
The Economic, Commercial And Developmental Structure Under The Approach Of The Iraqi Legal System
Aqeel Al-Mohammadawi Objectively, the systematic and professional deliberation of the merits and contents of the economic, financial and commercial laws and the reasons for subsequent amendments, often occur opposite the rules regulating the economy and public finance organized in the curriculum of the state, and there is confusion in how to organize economic, commercial and financial laws on the basis of the sector or on the basis of the subject or on the basis of the functional unit of relations The organization as well as decisions that are inconsistent with the reality of the structure and approach of the economy or the structure of the commercial law regulating commercial operations in the country.
While thinkers, experts and economic specialists point out that the structure of the laws of economics, finance and trade on the basis of the subject and method of legal regulation is the most effective to avoid complexity and bureaucracy and more dynamic.
Methodologically, economic sciences, as one of the most important components of social sciences, include political economy;
(Thesis, history of economic thought, economic statistics, labor economics, economics of individual sectors of the economy, economics of development technologies and the environment, commercial economics, finance and credit, etc.). The scope of the scientific research aims to study:
First, the various means and methods of production; secondly, forms of ownership and methods of economic management;
Third, the nature of the forces of production and relations of production, problems of labor and wages, etc. These sciences solve not only purely economic issues, but also social and political issues.
Ultimately, the state of the economy, society, state and law depends on the solution of the problems of production, accumulation and distribution of material and other benefits and the ratio of production and distribution relations.
The theory of law regulating the state economy stems from the fact that between the nature and level of development and the state of the state and law, on the one hand, and the corresponding standards of the economy, on the other hand, there is a close connection and interdependence. This means that the successful implementation of state legal reforms in a particular country inevitably means the simultaneous implementation of the corresponding economic reforms, and vice versa.
The experience of Iraq in preparing and approving the laws regulating the economy, finance and development shows that observing the nature of this link and conditionality is of great theoretical and practical importance at the same time.
Law theory also emerges from the fact that economics, development and law have a reciprocal influence on each other, and this process itself is of a reciprocal nature. The world experience in the development of states shows that the development of economic and development processes can lead to the deterioration of the material production system spontaneously, and not through the legal regulation of the state.
The ideas that the market will regulate many issues are in themselves ideal and dynamic, economically and developmental ideas, and we should start and build on it.
And there are proposed laws, some of which are prepared, and some are under discussion, dialogue and preparation, for example, but not limited to:
A proposed law on the sustainability of renewable and solar energy (an existing draft law proposal), a proposal for a law on industrial and commercial waste recycling and recycling, a proposed law regulating green economy activities, a proposal for a law regulating and developing trade and trade in Iraq (unprepared and unexisting draft laws proposed by the researcher), And so on ..
It should be discussed in oases of thought and scientific and professional knowledge in a systematic and objective manner in order to mature and solidify (away from media anarchy or Facebook circulation and the approach of unsystematic and unrealistic tweets and the approach of sustainable dialogue to the dialogue itself that is practically unproductive), and to overcome the uncertainty and complexities of the legal organization structure that does not conform to concepts and regulations The economic, financial and developmental environment in Iraq and to create a more coherent, competitive and appropriate environment to meet the basic needs sought from the formulation and approval of these important laws and see the achievement of the desired economic and development goals.
170 . views Added 06/05/2022 - 11:03 AM Update 06/05/2022 - 5:00 PM
https://economy-news.net/content.php?id=28319
The Stability Of The Dollar Exchange Rates In The Local Iraqi Markets
Economie| 10:05 - 05/06/2022 Baghdad - Mawazine News The dollar exchange rates witnessed stability, today, Sunday, in local markets throughout the country,
and the selling prices of the dollar recorded, 148.750 dinars per 100 dollars, while the purchase prices of the dollar recorded 147.750 dinars per 100 dollars. https://www.mawazin.net/Details.aspx?jimare=195507
The National Union Comments On The Oil Law: Our Position Is With The Constitution And Its Appeal
Political | 02:23 - 05/06/2022 Special - Mawazine News, the Patriotic Union of Kurdistan commented today, Sunday, on the Kurdistan Judicial Council's rejection of the Federal Court's decision regarding the export of oil.
The official of Baghdad organizations in the Union, Rabha Hamad, said in an exclusive statement to "Mawazine News", that "the union's position is with the constitution and resorting to it, so the parties must sit at the dialogue table and meet to deal with the matter."
She added that "the solution to the issue is to legislate the oil and gas law," noting that the Federal Court law is binding and can be applied through understanding and legislating the law by returning to the constitution. https://www.mawazin.net/Details.aspx?jimare=195525
It Includes The Kurdistan Region And The Governorates.. Parliamentary Finance Announces Emergency Support Allocations
Political | 03:17 - 05/06/2022 Baghdad - Mawazine News The Parliamentary Finance Committee revealed the financial allocations in the proposed law on emergency support for food security and development.
The head of the committee, Hassan Al-Kaabi, said in a press conference attended by / Mawazine News /, that "amounts of money have been allocated for the ration card by nine months and three months as strategic storage, as well as adding allocations to electricity, and today we received a letter from the Ministry of Electricity confirming the interruption of 1,000 megawatts due to non-payment of debts to Iran." As well as allocating funds to social welfare and maintenance of the pipeline for the export of marine oil, and allocating funds to end the problems of lecturers, contracts and higher certificates.
He pointed out that "amounts will go to the ministries to support agriculture and electricity," noting that "the law includes local expenses to the provinces and sovereign expenses that include all of Iraq, including the Kurdistan region."
He added, "Meetings are still ongoing regarding the law, and the issues agreed upon in the Finance Committee are many, and there are few problems, and I think today is crucial to finalizing the law."
For his part, committee member Muhannad Al-Khazraji said, "The sums allocated to the development of the regions amount to 8 to 10 trillion dinars and will be distributed according to the number of population, needs and the percentage of poverty. After raising Iraq's quota in OPEC."
A member of the committee, Star Al-Atabi, confirmed that "a trillion dinars have been allocated to social care to support small and medium enterprises and to include new families in social care." Ended 29 / h
https://www.mawazin.net/Details.aspx?jimare=195529
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