Iraqi News Thursday AM 10-22-20
Iraqi News Thursday AM 10-22-20
TLM724 Administrator BondLady’s Corner
Parliament Awaits The 2021 Budget Early Next Month
Thursday 22nd October 2020 135 Baghdad: Morning A member of the Parliamentary Finance Committee, Jamal Cougar, stated that "the Financial Management Law requires that the draft federal budget for 2021 be sent in mid-October, but so far the government is late in that."
"The government has only sent the deficit financing law and the 2020 budget bill, and we believe that it wants to pass this project and then send the 2021 bill, which is likely to arrive at the beginning of next November," he added.
He explained that, "If the Minister of Finance has a tendency to include the white paper in the 2021 budget bill, then definitely its arrival in this case to Parliament will be delayed."
The Ministry of Planning had confirmed earlier that the 2021 budget will address the problems in which previous budgets occurred, and will focus on activating tax revenues, border crossings and other productive sectors, in addition to oil revenues. LINK
Issue (4600) Of The Iraqi Newspaper Al-Waqi’a Issued On 19/10/2020
2020-10-22 12:03:00
1- Republic Decree No. (39) of 2020.
2- A statement issued by the Ministry of Finance (Appointment of a principal and reserve member in the Customs Court for the Central Region) No. (7) of 2020.
3- A statement issued by the Ministry of Culture, Tourism and Antiquities No. (6) for the year 2020.
Those wishing to acquire the Iraqi factsheet can refer to the Iraqi investigation department located in Salhiya / Haifa Street (Ministry of Justice building), and obtain the required number. https://www.moj.gov.iq/view.5177/
Prime Minister Mustafa Al-Kazemi Meets In London With British Prime Minister Boris Johnson
The Prime Minister, Mr. Mustafa Al-Kazemi, met today, Thursday, in the British capital, London, British Prime Minister Boris Johnson, as part of his European tour that also included France and Germany.
The meeting discussed issues of common interest, reviewing the overall developments and political and security stances in Iraq and the region, and developing bilateral relations between the two countries in a way that serves peace and local and regional stability.
During the meeting, it was agreed on more cooperation between Baghdad and London, in the field of combating terrorism, as well as in the political and economic sphere, in light of the economic challenges that Iraq faces due to the decline in global oil prices and the repercussions of the Corona pandemic, and moving forward for strategic cooperation between Iraq and the United Kingdom, Includes multiple themes. The Media Office of the Prime Minister October 22-2020
https://pmo.iq/press2020/22-10-202001.htm
Al-Kaabi Calls On Russia To Contribute To Increasing The Ceiling Of Oil Exports To Iraq In "OPEC Plus", Thus Contributing To Overcoming The Financial Crisis
10/22/2020 Al-Kaabi and the Russian ambassador agree to support the implementation of strategic and infrastructure projects inside Iraq
Mr. Hassan Karim Al-Kaabi, First Deputy Speaker of Parliament, considered the role and position Russia plays as “influential and important” with the “OPEC Plus” organization, which makes it capable of influencing the aspect of showing possible facilities to increase the ceiling of oil exports to Iraq to finance the current financial deficit. After reducing production, according to the last meeting of OPEC, in which all member states, including Iraq, have recently committed themselves, despite the financial and economic situation that it is going through.
This came during his meeting in his office today, Thursday, October 22, 2020, the Russian ambassador to Iraq, Maxim Maximov and his accompanying delegation, where they discussed bilateral relations, revitalizing the work of the parliamentary friendship committees between the two countries, in addition to reviewing a number of regional and international files.
During the meeting, His Excellency called for the possibility of the Russian government helping Iraq by providing loans to finance the implementation of strategic projects and infrastructure in Baghdad and the governorates “electricity / housing / water / sanitation networks” and to show the necessary support for Iraq to overcome the current economic and financial crisis, while demanding the need to work on the return Iraqi students to Russia because of the urgent need for them to communicate with their universities, especially since many of them do not obtain sufficient information via the Internet due to the poor service mentioned in the country.
In turn, the Russian ambassador expressed the support of his country's government to facilitate the issue of increasing Iraqi oil exports and revitalizing relations at various levels, in addition to activating mutual meetings in a way that serves the interest of the two friendly peoples, expressing support for Russian companies to implement important strategic projects throughout Iraq. The Media Office of the First Deputy Speaker of Parliament 10/22/2020 LINK
Condition Economic Reform
Thursday 22nd October 2020 119 Dr.. Basem Brahimi There are many strategies, plans and visions that have been written and approved at the governmental level in Iraq during the past two decades, and most of them have included important ideas and proposals that are able to change the reality of the Iraqi economy from what it was to what we all aspire to, and if this is the case, a questioner may ask, then, why have you failed Those solutions and plans, and what reforms did the white paper bring about? Will her fate be like her sisters, or can she succeed?
These inquiries and proposals were the talk of social media and media councils during the past few days after the government proposed what it called the "white reform paper".
And that ?.
The field does not expand into detailing what was stated in it and our evaluation of that detail, so I will speak in the general framework of the paper.
The paper in terms of timing acquires great importance due to the economic crisis in Iraq, not because of the decline in financial returns as a result of lower oil prices only, but rather as a result of the accumulations of previous administrations, which I provided political spending at the expense of economic spending, and all I did was sleep on the "cushion of oil", which made the rest of the economic sectors weaken day after day and as a result the unilateralism of the economy deepened to the point where economic reform is difficult except by a "surgical" operation in the long term while Everyone thinks about the short term today, so some (politicians) reject the paper beginning.
The paper included many ideas that were previously put forward, but perhaps what distinguishes it is that it included important insights and ideas on the level of government financial reform and financial management, especially with regard to the application of the Integrated Financial Information Management System (IFMIS) that connects electronically between all government spending units, as well as the application The unified treasury account (TSA), which combines all government accounts into one account, which, if applied, could contribute to solving the crisis, reforming financial management and reducing corruption significantly.
As for the success of the paper in reform in general, the matter is completely dependent on the political will in Its application and the possibility of coordination and integrated work between the legislative and executive authorities, but if the policy entered the line negatively, we will not see from the white paper except its name. LINK
Governmental Efforts To Conclude Agreements That Boost Economy And Development
Thursday 22nd October 2020 89 Baghdad: Mustafa Al-Hashemi The European tour by Prime Minister Mustafa Al-Kazemi received the attention of observers in the local economic affairs, since this visit came at a time during which Iraq intends to carry out radical economic reforms proposed by the white paper that is expected to be approved by the House of Representatives. In this regard, a member of the Parliamentary Economic Committee, Nada Shaker Jawdat, said: "The prime minister's visit to France, Britain and other countries lies in the purely economic content, which is a good step and must be invested through concluding agricultural and industrial agreements and strengthening the status of the Iraqi economy."
And she assured, "Al-Sabah" that "the economic goal at this stage that the country is going through from economic conditions necessitates the investment of all diplomatic relations in supporting the Iraqi economy, by drawing a vision to conclude real agreements implemented with a time limit on the ground and make Iraq an attractive environment for investors.
She indicated, "The importance of overcoming all obstacles before investors and providing them with the necessary capabilities, by supporting the investment law and opening up to all countries of the world, and working on sending economic diplomatic missions to see all investment methods that the world is following now and in this development in the global economic wheel." .
She indicated that “the prime minister's steps in making agreements with major countries are important, and it remains to be implemented on the ground quickly to support investment in Iraq, because it is one of the countries that accumulates a lot of human and primary resources of oil raw materials and materials included in industry, mining and agriculture, and large land areas, which It could turn into a surplus production and export of agricultural products.
The visit focused on the economic, financial and investment side, as the Governor of the Central Bank, Mustafa Ghaleb Makhaif, stressed during his meeting with his French counterpart the importance of strengthening banking relations between Iraq and France and the importance of developing them.
For his part, the Governor of the French Central Bank affirmed his full readiness to develop banking relations and cooperation between the two countries in the areas of supervision and combating money laundering and terrorist financing.
In a series of meetings with a group of large German banks, frightening discussed opportunities for investment and work with Iraqi banks, which confirmed their desire to complete the talks in Baghdad soon, in addition to meetings held with the German Ministry of Development and Economy and the German Ministry of Finance, in discussing ways to strengthen economic relations between the municipality. And its future prospects.
For his part, the academic and economist Dr. Majid Al-Baidani described the government visit to a group of European countries that it came at the appropriate time, in which Iraq seeks to open up to the countries of the world to enhance the economic and investment side.
Al-Baydani said to Al-Sabah: “The most important aspect of enhancing investment is the existence of a banking infrastructure to facilitate the entry of money for investors and large companies.” LINK
Representative Economy: The Country Needs A Quick Reform Card
Thursday 22nd October 2020 58 Baghdad: Morning The Parliamentary Economic and Investment Committee affirmed the country's need for a quick-implementation reform paper to face the current crisis, stressing the need to develop a clear economic policy to advance the national economy.
Member of the committee, Representative Riad Al-Tamimi, said, “Iraq lacks a clear economic policy from 2003 until now. What led to its dependence on oil revenues and the failure to activate the industrial, agricultural and investment sectors.
He added, "The current government is required to develop a clear economic policy that can advance the national economy, pointing out that there are mistakes and efforts to implement laws on the ground."
He pointed out that “Article 9 of the Investment Law stipulates that a cash allowance should be within the basic design of the lands. But the National Authority calls it a discretionary substitute, confirming that his committee was able through the State Council to interpret this article and be a monetary instead of a discretionary.
He continued, that the current government does not bear the suffering of the Iraqi economy, but the previous governments did not have a clear policy for the economy. LINK
Representative Economics: The Partnership Law With The Private Sector Will Reduce The Demand For Government Jobs
money and business Economy News _ Baghdad The Parliamentary Economic and Investment Committee announced, today, Thursday, that Parliament is about to vote on the law on partnership between the private and public sector, confirming that the law can provide job opportunities and reduce the trend towards jobs.
Committee member Yahya Al-Ithawi said, "Parliament is going to vote on the partnership between the private and public sector law, as it is one of the most important laws."
He added that "investment in Iraq, and law enforcement, can provide job opportunities, employ the workforce, and reduce the trend towards government jobs."
He pointed out that “the amended investment law in Parliament includes several criteria, including its submission to international courts. The investor can file a lawsuit against the party extracted from him in the event his rights are taken from him, as well as his ability to own land inside Iraq, and take out hard currency when he has revenues. In addition to the possibility of bringing in experts and stakeholders from abroad and employment. ”
He explained that "Iraq has many investment opportunities that can be benefited from, such as extracting oil and other minerals, in addition to gas, where there are discovered fields that have not been utilized so far." Number of observations 304 Date of addendum 10/22/2020
https://economy-news.net/content.php?id=22353
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