Iraqi News Sunday PM 4-18-21
Iraqi News Sunday PM 4-18-21
TLM724 Administrator BondLady’s Corner
Advisor To The Prime Minister Reveals The Budget Materials That Will Be Challenged By The Government
Time: 04/18/2021 14:18:22 Read: 5,304 times {Economical: Al Furat News} The Prime Minister’s Adviser for Financial Affairs, Mazhar Muhammad Salih, revealed the articles that the government will challenge in the fiscal budget law for 2021.
Saleh told Al-Furat News that "the two most important points that will be included in government appeals to the budget are the health sector and electricity."
He continued: "Laws that do not suspend the articles of the budget law after its publication in the official gazette except for a party that has the authority to suspend some articles of the law, which is the federal judiciary, which usually decides in such a case based on a complaint that the government submits to the Federal Court to challenge some of the articles that led to the disruption of some of the powers of the authority Implementation and public policy. "
And he added: “The ruling on the appeal here is the Federal Court’s decision, which is final, binding and enforceable,” indicating that “this is what was customary in a judicial precedent in which the government challenged some articles of the Federal Budget Law in 2015 and in 2016, and the court approved On government appeals cases of some of the materials at the time.
Today, Sunday, the official Al-Waqi’a newspaper published the text of the fiscal budget law for 2021, to be officially implemented.
It is noteworthy that Prime Minister Mustafa Al-Kazemi announced the government's intention to challenge some of the budget's paragraphs for amendments to be made by Parliament. LINK
Representative Economics Proposes Solutions To Curb The Rise In Prices
Sunday April 18, 2021 60 Baghdad: Haider al-Rubaie The Parliamentary Economic Committee welcomed the governmental directions aimed at curbing the rise in prices and working to put an end to those manipulating the value of commodities and materials, especially food, and while the committee member, Nada Shaker Jawdat, called for activating the role of economic security to hit the hands of the corrupt, who seek to raise prices, he suggested Economic expert Bassem Jamil Antoine, re-establishing cooperative societies, stressing their ability to create a kind of competition with the private sector, and thus price stability.
Prime Minister Mustafa Al-Kazemi renewed his directive to the Ministry of Trade to work continuously to provide more foodstuffs in the ration card, stressing during his presidency of the last cabinet session that "the increase in commodity prices is mostly linked to the greed of some merchants," vowing "that there are campaigns to prevent this manipulation."
In turn, Cabinet Spokesman Hassan Nazim indicated that Al-Kazemi recommended the Ministry of Trade to distribute an additional share in its entirety.
Parliamentary welcome
Governmental approaches aimed at controlling price hikes and limiting their effects on the poor were met with a parliamentary welcome expressed by a member of the Parliamentary Economic and Investment Committee, Nada Shaker Jawdat, indicating during her speech to “Al-Sabah” the need for the government to take quick measures to limit the price increase represented by activating the role Economic security; and beatings at the hands of corrupt people who seek to raise prices.
Jawdat stressed the importance of taking other government measures to support the citizen economically, as suggested in this matter, to re-establish "cooperative markets" that can offer their goods at prices subsidized by the state, indicating that "this step can achieve a number of positive points, especially forcing merchants to Reducing prices, creating new employment, as well as informing citizens of the existence of government measures to protect them from greed.
The deputy’s calls were not limited to the food and commodity fields, but went beyond them to include the health field, as Jawdat stressed “the necessity to monitor the prices of doctors, treatments and all joints involved in this field,” stressing that “the existence of a large price increase, which clearly affected citizens who refer to doctors.” Calling for "activating the role of the concerned unions in monitoring price hikes in the health field and putting an end to that."
Absence of competition
The economist, Bassem Jamil Antoine, did not deviate much from the previous opinion, when he stressed the need to create commercial competition by re-working in cooperative societies and central markets, calling at the same time not to rely on the "private sector" to provide most of the commodity and food requirements as a result of "entering Parasites »According to the expert.
During his speech to Al-Sabah, Antoine urged the necessity of having stores full of foodstuffs included in the ration card, to limit any attempt to raise prices by merchants, proposing in this context the provision of about 10-20 percent of basic foodstuffs as a precaution to face any future crisis. .
The Four Laws
The economist called for activating the "four laws" of "customs tariff, consumer protection, product protection, competition and preventing monopoly", indicating that those laws, if done in their true form, could prevent any attempt to raise prices by importers, and work to create competition. The price that will reflect positively on low-income people.
Antoine stressed, “the importance of organizing the work of import licenses, in a way that leads to determining the actual need for each commodity, as well as organizing the work of transporters, and circuits for the distribution of goods and materials. LINK
Economic Will
Sunday April 18, 2021 63 Dr. Mustafa Kamel Rashid The Iraqi economy suffered before the year 2003 from an economic blockade that caused a serious deterioration in the economic relations between the activities and the parties involved in the local economy.
The state of self-reliance was not conducted in a sound economic way that strengthened self-reliance on economic resources and saturated the needs of local markets and was unable to keep pace with the overall demand.
After 2003, it was not at the level that every Iraqi aspired to, and even after the resumption of crude oil exports and the end of the economic blockade, many macroeconomic problems remained unresolved, unresolved to this day, foremost among which is the rentier economy and the sustainability of the structural imbalance in output.
The Iraqi economy today is in dire need of a national will in which the public interacts with the government in order to save the Iraqi economy from its deep-rooted inherited and emerging problems. It also needs good management of economic resources, as the Iraqi economy is blessed with many natural resources, including «phosphate, mercury, oil, gas.
Natural resources, solar energy, water resources, fertile soil and others. ”Human resources are“ inventors, scientists, academics, professionals, amateurs and others. ” It is possible to enlist these resources in the service of the local economy, which would address and face many macroeconomic problems.
The continuing uncertainty in the business climate due to weak law enforcement and bullying in the work and performance of the private sector has caused its expulsion from the economy, which has caused the enormity of the public sector, its slackness, rampant unemployment and poor productivity, as well as the weak financial capacity of the government in the face of these enormous obligations.
This led to the sustainability of public debt and a significant weakening of tax revenues, due to the weak role of the private sector that generates investment and tax returns.
The weakness of production linkages and the deterioration of the infrastructure made it difficult to promote productive activities that meet the ambitions, which helped in the persistence of underdevelopment, high unemployment rates among the youth, and reliance on “consumer and investment” imports in order to fill the shortage caused by the imbalance.
The output and the overall domestic demand increased, which caused the depletion of the foreign exchange reserves at the Central Bank of Iraq to meet the private demand for foreign exchange for purposes
Import. Therefore, we find macroeconomic problems evident from the above by ending closely interlinked with each other, and that the process of removing part of them comes at the expense of the deterioration of the other part.
Therefore, Iraq today desperately needs a free, fair and honest national will towards adopting the nation’s project, instead of factional interests, because the future of Iraq starts from today and everyone bears responsibility towards his country. And builds government credibility and transparency in managing the economy and natural resources in a way that supports local production and the business environment and the prevalence of optimistic expectations by the public. LINK
Poverty Is Rising In Iraq ... And Planning: We Will Announce New Indicators
Time: 04/18/2021 13:06:51 Read: 2,496 times {Baghdad: Al Furat News} The Ministry of Planning announced, today, Sunday, an increase in poverty due to the escalation of the dollar and the prices of foodstuffs.
A spokesman for the ministry told {Al-Furat News} that "the indicators of poverty recorded an increase from 25% to 27% as initial indicators."
He added, "In the event of new developments and indicators, the ministry will announce them later."
On March 16, the Ministry of Planning announced that the poverty rate in the country had decreased to 25 percent of the total population, after it was 31.7 percent in 2020.
A spokesman for the Ministry of Planning, Abdul Zahra Al-Hindawi, said in a previous press statement, that it is during the "first phase." Due to the emergence of the Corona pandemic in the first half of 2020, the poverty rate increased to 31.7%, but it returned to decline thanks to the procedures for lifting the curfew and the return of work and activities to their normal state, which led to a decline in the percentage to 25%. He explained that "the number of poor people in Iraq is less than 10 million people."
The population of Iraq is 40 million and 150 thousand people, according to the latest statistics issued by the Ministry of Planning in early 2021. LINK
General Electric Affirms Its Commitment To Support Iraq With The Latest Technologies, Global Expertise And Large Investments
Time: 04/18/2021 11:28:58 Read: 2,613 times {Economy: Al Furat News} The CEO for Europe, the Middle East and Africa at General Electric Gas Energy, Joseph Anis, announced the company's commitment to support Iraq with the latest technologies, global expertise, experienced local talents, and major investments in the development efforts of the community.
"The company is working tirelessly to achieve tangible results that improve the lives of the Iraqi people, and today we are pleased to announce the start of the work of all four turbines," Anis said in a speech during the opening ceremony of Prime Minister Mustafa Al-Kazemi's combined power plant, which was implemented by General Electric and under the supervision of the Ministry of Electricity. At the Samawah station, after it was handed over to the Ministry of Electricity. "
He added, "The station, which is one of the first electric power stations within the production sector in Al-Muthanna Governorate since 1975, where work was done to install four 9E gas turbines and operate them within the first phase of the project, enabling the station to generate 500 megawatts in a simple cycle." Pointing out that "at the present time the electric energy is transmitted through the transfer station to Samawah and the surrounding areas."
He continued, "General Electric Company formed an important role in supplying the necessary electrical energy to the country through its construction of a group of generating and transforming stations, and it is still working to supply the system with new cards based on agreements and contracts it signed with the ministry and within time limits."
He stressed that "in view of the future and the ruling need for energy demand, and in keeping with the growing demand, the ministry’s cadres are making unremitting efforts to implement the second phase of the Samawah plant, and convert it to work in combined cycle to be able to generate 750 megawatts of energy to feed the national grid."
"The company realizes the need to exert more effort to meet the growing demand for electric power in the country, and affirms to move forward in its commitment to support Iraq with the latest technologies, global expertise, experienced local talents, and major investments in the development efforts of the community," Anees said. LINK
Iraq Is Outside The UK's Ranking Of High Risk Countries
Time: 04/18/2021 11:16:27 Read: 3,224 times {Baghdad: Al Furat News} Today, Sunday, the Central Bank of Iraq announced that Iraq will exit from the British classification of high risk countries.
The Central Bank stated in a statement that the Euphrates News received a copy of it, “In the framework of the efforts of the Central Bank of Iraq and through the Office of Combating Money Laundering and Financing of Terrorism in developing the business environment within the international compliance standards for combating money laundering and terrorist financing, the British Treasury in the Kingdom's government department The United Nations did not include the name of the Republic of Iraq among the lists of high-risk countries according to Resolution No. 392 of 2021. "
He added that "the United Kingdom adopted the recommendations of the Financial Action Task Force (FATF) in classifying countries with high risks in terms of applying anti-money laundering and terrorist financing standards, after their exit from the European Union countries, and promised Iraq is committed to keeping up with and implementing international recommendations."
The statement added: "The fact that Iraq is not included in the list of high-risk countries is positively reflected in facilitating business and entering companies between the two countries, as well as supporting financial operations between the Iraqi banking sector and the United Kingdom." LINK
The Iraqi Stock Exchange Closed Higher
Political| 03:17 - 04/18/2021 Baghdad - Mawazine News The Iraqi Stock Exchange index closed on Sunday, up by 1.10 percent, to reach 595.4 points.
The number of traded shares reached 2,557,420,737 shares, at a value of 1,415,374,768 Iraqi dinars, as a result of the execution of 482 transactions. https://www.mawazin.net/Details.aspx?jimare=150142
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