Iraqi News Thursday AM 2-11-21
Iraqi News Thursday AM 2-11-21
TLM724 Administrator BondLady’s Corner
How Did The Finance Committee Deal With The Largest Budget In The History Of Iraq?
11/02/2021 The economic and political situation was not at all normal when the Finance Committee received the draft budget law on 01/10/2021, which is considered the largest in the history of the budgets of the Iraqi state. The Corona pandemic imposed on the whole world, and even the most powerful economic systems, its conditions for a health catastrophe, which was followed by a stifling economic and financial crisis, from which Iraq, of course, was not spared, but rather it reached the limit of borrowing to pay the salaries of its employees.
The government is supposed to take into account the criticality of the situation and the extent of the crisis when preparing the budget, so that it has an economic dimension that contains real development and reform plans to avoid the country and its people falling into such crises in the future, or at least it contains some of the (white) reform paper adopted by the government.
It was welcomed by the political circles of all walks of life. Rather, it was a large-scale, large-scale budget that was heavily borrowed, whether internally or externally, in which the dangers of these steps and their consequences for future generations in Iraq were not taken into consideration.
All this and more made the Finance Committee in an unenviable position, between dealing with a deficit of 44% and internal borrowing that reached 47 trillion from the central bank, as well as an angry street eagerly awaiting the provision of the simplest services, job opportunities and decent living, what was in front of the parliamentary finance Until it takes upon itself the responsibility of correcting the course, rewriting the budget strategy, and making crucial decisions and rapid, urgent and comprehensive reform measures that put the Iraqi state on the right economic path.
The Finance Committee put all these challenges on its meeting table to start a marathon that extended to 45 meetings with a total of 500 working hours, hosting most of the government ministers, more than 300 government officials and all governors, studying hundreds of statements and tables extensively, and listening in lengthy meetings with the Bureau of Financial Supervision on detailed reports, as well as On holding seminars with academics, economists, trade unions and specialists in the private sector, to be able to reduce the deficit to 19% only and maintain the currency reserves in the central bank from the risk of borrowing and include materials that stimulate the national economy and support agricultural, industrial and real estate banks to advance those sectors that will ensure the creation of thousands of opportunities the work .
With the reduction of spending and the narrowing of the deficit, the committee was able to raise the investment budget that was chaotic and unclear, as the committee took a decision to allocate funds for stalled and stalled projects in the governorates, allocating 400 billion dinars to build the large Faw port and doubling the allocation of petrodollars to (one trillion) for oil-producing provinces.
And increasing allocations for developing regions and providing an allocation for the construction of the Mosul airport, rehabilitating the entrances to the capital, Baghdad, and the Badaa water project in Basra.
With regard to the file of the relationship between the federal government and the Kurdistan Regional Government, the Finance Committee dealt with the issue in a technical and professional manner far from the political dimension, as it was able for the first time to combine the two federal and regional financial oversight offices and study all the data and hosted the Minister of Oil more than once, which enabled it to develop many options Which guarantees the rights of the Iraqi people in a just and mutually satisfactory manner.
Media Department Parliament 2/10/2021 LINK
To All Financial Institutions
February 11, 2021 M / off extension Further to our two uncles numbered (5/9/406) and (5/9/30) dated 11/8/2018 and 1/16/2020 and based on the decision of this bank's board of directors No. 33 of 2021, it was decided to extend the suspension Promote licensing of electronic payment service providers until 12/31/2021. https://cbi.iq/news/view/1654
The Central Bank Meets With Workers In The Profession Of Auditing And Auditing
On 10/2/2021, the Central Bank of Iraq organized a meeting with the gentlemen of the Board of Auditing and Auditing Profession, the Accountants and Auditors Syndicate, the Iraqi Association of Certified Public Accountants, and a number of account auditors and auditing companies to study mechanisms and ways to improve the financial statements of banks and the role of account auditors in this regard.
The meeting was attended by the head and members of the audit committee in the central bank, the general directors of the accounting departments, banking control, investments, internal auditing and financial operations, in addition to a number of experts in the Central Bank of Iraq.
The meeting discussed the importance of enhancing disclosure in the financial statements issued by the auditor after being prepared by the banks' administrations. The meeting ended with a set of recommendations that we hope will be achieved upon the issuance of the financial statements for the fiscal year / 2020, which are hoped to contribute to improving the quality of banks' financial statements within the framework of applying international standards in auditing, control, transparency and risk management. Central Bank of Iraq https://cbi.iq/news/view/1655
Integrity Announces The Restoration And Prevention Of The Waste Of More Than A Trillion And A Quarter Of A Trillion Dinars
Pratha News Agency109 2021-02-11 The Federal Integrity Commission revealed that the restoration and prevention of the waste of more than a trillion and a quarter of a trillion dinars came during its announcement of its annual report for the year 2020, indicating that the public funds that were recovered or that judicial rulings were issued to return them and that prevented and stopped the waste of the Commission based on its procedures, which were actually returned to The general treasury account totaled (702,593,974,949) billion dinars, and (481,934,358) million US dollars.
The commission clarified that it has worked on (13482) criminal cases in which the number of accused reached (8891) accused, and (12007) charges were charged, among them (63) ministers and of their degree, they were charged (92) charges, and (449) accused of special ranks. General managers and those of their rank were charged (701) charges, pointing to the issuance of (639) convictions (854), including (4) convictions against (4) ministers and those of their rank, and (37) judgments against (29) relatives Special grades, general directors, and their grade.
She indicated that she examined (28057) communications, news and criminal cases during the same period, of which (7,386) cases were completed through judicial procedures.
http://burathanews.com/arabic/news/386219
Parliamentary Integrity Reveals The Suspension Of A Plant That Achieves $ 100 Million Annually For Iraq
Pratha News Agency191 2021-02-10 The Parliamentary Integrity Committee revealed, on Wednesday, the suspension of a project whose annual profits, if operated, are at least $ 100 million.
A member of the Integrity Committee, Khaled Al-Jushami, said in a press interview that "the iron and steel plant has been suspended from work as a result of not installing new devices and machines whose cost does not exceed 30 billion dinars, and the funds were not allocated to them."
He added, "If the plant is operational, it will achieve annual profits for Iraq, according to the feasibility study, of not less than $ 100 million, in addition to scrap iron that the company buys and preventing it from leaving Iraq."
He explained that "there you mean not to privatize due to corruption, which entered all the joints of the state and prevent the operation of the Iraqi industry to benefit from the importer."
http://burathanews.com/arabic/news/386166
The Chief Of Integrity Announces The Preparation Of The National Anti-Corruption Strategy And Determines The Solution Of The Convicts And The Smuggled Money
Time: 02/11/2021 11:21:32 Read: 1,898 times {Baghdad: Al Furat News} The head of the Federal Integrity Commission, Alaa Jawad Hameed, announced that seeking assistance from international companies that have experience and competence in the field of recovering assets from convicted convicts and smuggled funds is one of the solutions that the commission will resort to, after preparing international files for this.
During his speech at the conference held by the commission to announce its annual report for the year 2020, the head of the Integrity Commission stated that “the authority’s efforts resulted in the completion of the preparation of the National Anti-Corruption Strategy for the years (2021-2024) in coordination with the United Nations through its development program UNDP, pointing to an increase in the momentum of cooperation.
International Organization for the purpose of recovering assets from convicted convicts and smuggled money.
He added that "there is a noticeable escalation in the authority's efforts to combat corruption, despite the outbreak of the Corona pandemic," noting that "the number of judgments and seizures and the referral of a number of people accused of the crime of money inflation and graft, as well as working on thousands of reports, intelligence and penal cases, and issuing thousands Arrest, recruitment and arrest warrants. "
The president of the commission praised “the cooperation of the three executive, legislative and judicial authorities, indicating that the commission hopes for more cooperation from its major partners, especially since the commission’s law requires it to contribute to the fight against corruption with the support of all partners.” LINK
The Ports And The Central Bank Are Discussing Collecting Customs And Tax Duties For Imported Goods
Time: 02/11/2021 14:04:34 Read: 1,963 times {Baghdad: Al Furat News} A meeting was held at the headquarters of the Central Bank of Iraq, headed by the head of the Border Ports Authority, Major General Omar Adnan Al-Waeli, and in the presence of the Central Bank directors and representatives of the General Authority for Customs, the General Company for Iraqi Fairs and the General Secretariat of the Council of Ministers.
The media office of the Central Bank stated in a statement that Al-Furat News received a copy of it, that "the meeting discussed the issue of collecting the amounts of customs and tax fees for goods imported from all border outlets and collecting them in advance by the banks approved by the Central Bank of Iraq. The topic was elaborated in discussions with the attendees and coming out with a study that exposed The Chairman of the Diwaniya Order Committee 22 for the year 2020, the Secretary-General of the Council of Ministers, Hamid Al-Ghazi.
The statement added, "The electronic linking of data issued by the Central Bank, taxes and customs, the exhibitions company and the border crossing authority to control invoices issued for the import of goods and the pre-fulfillment of their customs and tax fees for the provisions of controlling state revenues and preventing waste of public money were discussed."
He continued: "This step is considered and will be preceded by subsequent steps taken by the Border Ports Authority to organize work and exercise its supervisory role by using the electronic governance system on all the work joints of the operating departments at the border crossings." LINK
Integrity: The Issuance Of 82 Recruitment Orders And Arrests Of Ministers And Those Of Their Rank
Time: 02/11/2021 13:57:02 Read: 2,301 times The Federal Integrity Commission announced that its investigations led to the issuance of (3111) arrest warrants by the judicial authorities, including (709) rounds, (941) orders were executed during the same period, while the number of ministers and those of their degree of arrest warrants were issued against them (Cool ministers, according to ( Cool Arrest warrants, and (133) another arrest warrant issued against (74) of those with special ranks and general managers.
She indicated, in the conference she held to announce its annual report for the year 2020, that the number of judicial recruitment orders issued, based on the Commission’s investigations during the same period, reached (6,546) orders, of which (4,760) orders were executed, explaining that the number of ministers and their rank Those against whom recruitment orders were issued were (52), (74) recruitment orders were issued against them, at a time when the number of those against whom court orders were issued for recruitment from special ranks and general directors were (369) officials against whom (491) orders were issued.
She added that the number of judicial arrest warrants issued during the year 2020 (1150) were judicial arrest warrants, of which (19) were issued against (17) accused of special ranks, directors general and of their grade.
She explained that the number of accused, criminal cases, estimated amounts and cases covered by the general amnesty law amounted to (218) accused in (140) criminal cases, and the funds paid according to the amnesty law amounted to (1,967,396,318) billion Iraqi dinars. LINK
The Central Bank Launches The 15 Million Dinars Loan Initiative For Employees
Time: 02/11/2021 16:04:10 Read: 3,705 times {Baghdad: Al Furat News} The Iraqi Private Banks Association announced that the Central Bank launched a loan of 15 million dinars for national employees whose salaries are exclusively in government and private banks within the 1 trillion dinars initiative.
The Executive Director of the Association of Private Banks, Ali Tariq, said in a statement that the Euphrates News Agency received a copy of it, that the Central Bank of Iraq decided to support workers in state institutions, the public sector and security institutions, by granting them easy personal loans, adding that “the loan does not exceed 15 One million dinars without interest, but with a commission of 4% and a repayment period not exceeding 5 years and without a guarantor. ”
Tariq noted that“ the loan includes only citizen employees whose salaries are in banks, calling on state institutions to localize the salaries of employees so that they can benefit from them.
” This loan is an unspecified personal loan, so the employee can benefit from it to cover his personal needs in daily life, such as construction, marriage, buying a car, etc. " LINK
Weekly Trading Indicators For The Iraqi Stock Exchange
Economie | 04:29 - 11/02/2021 BAGHDAD balances News
Systems Iraq Stock Exchange (KSE) during the second week of February 2021 five trading sessions on Sunday , a brief summary on Thursday 02/07/2021 to 02/11/2021 a brief summary, check this week indicators below: The number of Shares traded during this week more than (17) billion shares.
The value of shares traded this week amounted to more than (13) billion dinars.
The trading index closed in the market for the first session of the week at (511.76) points, while the index closed at the end of the week at (522.55) points, achieving an increase of (2.06%) from its close in the first session. During the week, more than (3500) sale and purchase contracts were executed on the shares of listed companies, https://www.mawazin.net/Details.aspx?jimare=141328
The Central Bank Auction Sales Are Down To More Than $ 7 Billion
Economie| 06:59 - 10/02/2021 Baghdad - Mawazine News A government source revealed, on Wednesday, that the auction sales of the Central Bank of Iraq had decreased to more than 7 billion and a quarter of a billion dollars since the new exchange rate was approved.
The source said, according to the official news agency, that "the auction sales of the Iraqi Central Bank have decreased to more than 7 billion and a quarter billion dollars since the approval of the new exchange rate, compared to the same period last year."
He added, "Corruption outlets decreased after the new exchange rate was approved, and the decision also contributed to preserving hard currency, after sales in the past represented corruption for the owners of exchange and remittances." https://www.mawazin.net/Details.aspx?jimare=141215
Deputy: We Are Committed Not To Vote On The Budget Until The Dollar Exchange Rate Changes
Author: Ahad7 On 2/11/2021 - 6:26 PM 91
A member of the Al-Fateh Alliance, MP Hamid Al-Mousawi, affirmed, on Thursday, the coalition’s commitment not to vote on the current budget that is farthest from reducing the dollar’s exchange rate.
Al-Mousawi said in a statement followed by Al-Ahed News, that “the Iraqi law gave the central bank the centrality of the decision in controlling the exchange rates of the dollar, but political will must be present in this circumstance,” indicating that “the Al-Fatah coalition blocs are all insisting on refusing to vote on The budget only after reducing the dollar exchange rate and returning to what it was a few months ago at 119 dollars.
He added, "Because of the high exchange rates of the dollar, the governmental institution and private sector institutions will incur losses ranging between 9 trillion dinars as the difference in exchange rates between the new and old value."
He pointed out that "among the issues that we have put in place to prevent voting is the government's fulfillment of its obligations and fair segments of the lecturers and contract holders whose contracts have been canceled by the Popular Mobilization Forces, Defense and Interior.
A List Of Dollar Prices In The Iraqi Market For Today
Economie| 11:00 - 11/02/2021 Baghdad - Mawazine News publishes / Mawazine News / the exchange rates of the dollar against the Iraqi dinar in Baghdad and a number of other provinces, for today, Thursday (February 11, 2021).
Baghdad - the price in the Kifah Stock Exchange 145,900
The price in exchange (approximate) 145,500 146,250
Basra / Bursa 145,800 Mosul / Wholesale 146,000 Sulaymaniyah / Bursa 145,950
Erbil / Bursa 146,000 Maysan / Wholesale 145,900 Najaf / Bursa 146,000
https://www.mawazin.net/Details.aspx?jimare=141268
Trade: Electronic Export Introduces Hard Currency
Money and business Economy News _ Baghdad On Thursday, the Ministry of Commerce confirmed that the General Company for Fairs and Commercial Services of Iraq will continue to issue electronic export IDs and licenses, in coordination with the relevant sectors and ministries.
"The electronic export license is a gateway to the advancement of the economy, as it opens the export window wide open to Iraqi exporters, which contributes to the introduction of hard currency into the country," Sarmad Taha Saeed, general manager of the Trade Fairs Company, said in a press interview.
He pointed out that "the electronic linking process between the ministries and the concerned sectors contributes to limiting and eliminating administrative and financial corruption and cases of manipulation and fraud, and misses the opportunity for the weak of souls, as well as reducing time and routine."
He added that "the export license was circulated to the relevant ministries and sectors, represented by the ministries of oil, agriculture, industry, minerals, health and the environment, and in coordination with the General Authority of Customs, in order to connect online and train in the form of meals and hand them over to the accounts of the export system."
Said stated, "The export license reaches all relevant authorities and border crossings electronically, as it has been linked to the Central Bureau of Statistics, with the use of data on export licenses in the trade balance and the Central Bank to follow up on the arrival of the amounts, as well as the possibility of inquiry by the exporter about the stages of completion of the transaction or Where did you stop? "
Number of observations 142 Date of addendum 02/11/2021
https://economy-news.net/content.php?id=24037
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