Iraqi News Tuesday AM 7-13-21
Iraqi News Tuesday AM 7-13-21
TLM724 Administrator BondLady’s Corner
Workshop: The White Paper Guides The Paths Of Economic Reform
Tuesday 13 July 2021 199 Baghdad: Hussein Thaghb The inaugural workshop for the launch of the private sector development and employment promotion project, with the support of the European Union and the German Federal Ministry for Economic Cooperation, focused on the importance of cooperation between Iraq and the international effort in order to overcome economic problems and achieve sustainable development by making use of the white paper to determine the paths for starting reform work in the economic aspects, Job opportunities for youth.
The workshop, organized by the German Agency for Joint International Action (GIZ), in cooperation with local partners, the Ministry of Planning and Development Cooperation, the Ministry of Higher Education and the Integrity Commission, stressed the importance of cooperation in dealing with economic problems, financing projects related to youth and fighting corruption.
Business Integrity
A representative of GIZ said that the project's goal is to create jobs, support development and develop the economy, and support investment and the private sector. Funding amounting to $19 million has been obtained.
Private Sector
The Ambassador of the European Union in Iraq, Martin Huth, said: “The Iraqi economy faces major problems, and we agree that solving problems requires cooperation and effort to reach the goal,” noting that “the private sector provides a good job opportunity, and here we work to pay attention to the work environment and activate the capabilities of the private sector in order to absorb the largest segment of citizens}.
He pointed out that "there is great progress in working with partners to achieve reforms," pointing out "the launch of new support for projects that serve the economy and enhance the capabilities of youth and the country."
Small Projects
In turn, the advisor to the Minister of Agriculture spoke
Dr.. Mahdi Damad Al-Qaisi on the importance of the youth development project and supporting small projects, as these projects achieve great economic returns and global experiences have proven their importance in the progress and development of the economy and addressing most problems Economic.
Great Fortunes
He pointed out that {Iraq contains great wealth and job opportunities on a large scale, which requires work to supply advanced technology and transfer it to various sectors in most regions of the country}.
Julia from GIZ said: {The white paper is an important focus in our work, as it provides us with the possibility to determine where to start and according to importance or priority}, pointing out that {the agency supports the work environment, as well as supports the government's economic policy with regard to women's employment and automation, and projects Others deal with interest in youth and the business environment.
The representative of the Ministry of Planning d. Alaa El-Din Jaafar emphasized {the importance of cooperation with GIZ for its positive impact in addressing economic problems}, pointing to (the importance of knowing the priorities for the projects supported by the organization). LINK
Within Six Months, The Iraqi Stock Exchange Traded More Than 500 Billion Shares
Economie| 01:12 - 07/13/2021 Baghdad - Mawazine News The Iraqi Stock Exchange revealed, on Tuesday, that more than 500 billion shares were traded, with a financial value of more than 462 billion dinars, during the first half of 2021.
The market said in a report seen by "Mawazine News", that it "regulated During the first half of this year, 113 trading sessions were held in joint stock companies, which amounted to 103 companies, at a rate of five sessions per week, indicating that "the number of traded companies amounted to 76 joint stock companies."
He added that "the number of shares traded during this period amounted to 506 billion shares, with a financial value of 462 billion dinars," noting that "the share prices of 43 companies increased, while the shares of 17 companies decreased during this period." https://www.mawazin.net/Details.aspx?jimare=160379
A Slight Decrease In The Exchange Rates Of The Dollar In The Local Markets
Economie| 10:49 - 13/07/2021 Special - Mawazine News The dollar exchange rates recorded, on Tuesday, a slight decline in the main stock exchange and local markets in Baghdad.
According to the correspondent of / Mawazine News / in Baghdad, "the dollar exchange rate decreased on the Central Kifah Stock Exchange in Baghdad, recording 147,850 dinars, for each $100 bill."
And our correspondent added, "The prices of buying and selling the dollar in banking offices and local markets in Baghdad, today, also decreased, as the selling price reached 148,250 dinars, for each $100 bill, while the purchase price was 147,250 dinars, for each $100 bill."
This is also a list of the dollar exchange rates in some governorates, according to the Mawazine News correspondents network, there:
Duhok – Bursa 147,800 Basra – Bursa 148,000 Mosul – Bursa 147,900 Erbil – Bursa 147,725
Najaf – Bursa 147,900 Sulaymaniyah – Bursa 147,800 Kirkuk 147,800 Samawah 148,000.
https://www.mawazin.net/Details.aspx?jimare=160357
For the second day, the Central Bank's hard currency sales exceed $220 million
Economie| 02:49 - 07/13/2021 Baghdad - Mawazine News,the Central Bank of hard currency sales, on Tuesday, exceeded the $220 million barrier, for the second day in a row.
Today, the Central Bank auction for the sale and purchase of foreign currencies witnessed a slight decrease in its sales by 0.88% to reach 224 million, and 195 thousand and 972 dollars, which it covered at a base exchange rate of 1460 dinars per dollar, compared to yesterday, where sales amounted to more than 226 million.
The purchases amounting to 145 million and 935 thousand and 972 dollars went to enhance balances abroad in the form of remittances and credits, while the remaining amount of 78 million and 260 dollars went in cash. Ended 29/A 4 https://www.mawazin.net/Details.aspx?jimare=160397
Moody Foundation: Weakness Of Iraq's Institutions And Mismanagement Will Constrain The Government In The Face Of Shocks
Energy Economy News – Baghdad The Moody American International Foundation for Economic Assessment stated that despite the high oil prices, there will remain challenges facing Iraq's stability represented by the country's absolute dependence on oil with weak institutions in addition to poor management, which will lead to weakness and restriction of the government's ability to face external and internal shocks by relying on the economy It is basically weak .
The International Foundation stated that its assessment took into account Iraq's high rate of political risks and instability resulting from the internal political and social conflict, as well as regional geopolitical tensions, all of which will continue to impede the achievement of institutional and governmental reform, with slow economic growth and the absence of diversification of financial sources .
On the other hand, Moody International Corporation said that implementing the government’s plans to nearly double the oil production capacity in the medium term will support economic growth and enhance Iraq’s financial and external position, but the extent to which this is achieved on the ground will be governed by future expectations of oil demand and price volatility as well as challenges Political instability and mismanagement that undermine investment in the oil and gas sector
The International Foundation indicated in its report that the weakness of the administration was also manifested in the government's inability to pass the budget throughout 2020, with the fact that Iraq is still classified according to the Transparency Index among the 20 most corrupt countries in the world.
The spread of corruption is ultimately one of the biggest institutional challenges for Iraq, which directly affects the nature and effectiveness of the administration and the weakness of the trend towards reform and change
In the view of Moody's Institute for Economic Evaluation, Iraq's divisive political scene and the risks of political instability in it will continue to impede any progress in the field of economic and institutional reforms. In addition, high oil prices and significantly reduced government spending needs since the end of 2020 have reduced incentives to move forward with reforms .
With regard to the aspirations and opportunities for stability in Iraq, most of the technical discussions that took place so far with the International Monetary Fund, which began in late 2020, refer to the opportunity to introduce a structural adjustment program supported by the Financial Support Facility provided by the International Monetary Fund. Such a program will serve as a reform approach, provide a degree of financial support and support Iraq's credit eligibility .
The report of the International Economic Corporation indicated that the continuing challenges of political and administrative instability in Iraq will continue to undermine investment opportunities and the participation of international oil companies in the expansion and development of the oil and gas sectors, which is necessary to achieve higher production rates in the current oil fields .
In its report, the American establishment states that with a degree of uncertainty about what the outcome of the upcoming elections could lead to, due to the electoral amendment approved by Parliament late last year, it does not expect that the composition of the next parliament will be radically different from the composition of the current parliament, which reduces the Opportunity for a tangible material change with regard to the subject of reform .
The aspects of the impact of environmental, social and administrative considerations for Iraq scored high negative points for the assessment of the American Moody Foundation .
Where she mentioned that the country is exposed to very negative environmental risks resulting from carbon residues in the atmosphere left by burning fuel, due to the total economic and financial dependence on the hydrocarbon fuel sector.
The mismanagement of the hydrocarbon sector file and the chronic absence of investment in the infrastructure of the oil and gas sector exacerbated this environmental pollution. Iraq is also mong the countries most vulnerable to desertification and low rates of water flow due to the absence of good management of water resources and chronic neglect of infrastructure and water leads to a lack of dedicated to agriculture and the lack of water suitable for drinking water provides many demographic groupings .
The institution said that the negative social risks are represented in the labor market in the country resulting from the high rates of unemployment, especially among young people, with expectations of high population growth rates, which will further exacerbate this problem. The social risks are further exacerbated by the absence of basic public services such as health care and housing, the weak security situation and the instability of sectarian and ethnic tensions .
The institution stated that the record of the weak efficiency of Iraq's fiscal policy, the weakness of its executive and legislative bodies, its judicial institutions, and its weak control over corruption are the main factors that undermine the country's ability to address social and environmental problems and future shocks . Translation/ Hamed Ahmed Quoted from Al-Mada newspaper
Views 254 Date Added 07/13/2021 https://economy-news.net/content.php?id=25698
Al-Haddad: Legislation Of International Arbitration Law Is Important And Has A Major Role In Settling International Disputes, And We Need More Recommendations And Legal Advice From Specialists And Experts.
07/13/2021 Deputy Speaker of the Iraqi Parliament, Dr. Bashir Khalil Al-Haddad, pointed out the importance of spreading a culture of international arbitration in civilized societies in light of the wide international interest in arbitration. His Excellency's speech came during his reception today at his official office in Baghdad, Dr. Hadeel Adnan Al-Ani, an expert in public international law and an arbitrator in investment disputes.
The Vice-President of the Council stated in the context of his speech: “The legislation of international arbitration law is important and has a major role in settling international disputes, and we need more recommendations and legal advice from specialists and experts,” while Al-Haddad pointed out the need to benefit from the academic studies of researchers in the field of international arbitration because they A legal means to resolve international disputes and implement its provisions in agreements concluded between countries.
This year, the House of Representatives enacted a law for the accession of the Republic of Iraq to the Convention on the Recognition and Implementation of Foreign Arbitral Awards (New York 1958) with reservations to the terms of the agreement.
For her part, Al-Ani expressed her happiness with this fruitful meeting and the opportunity to discuss and discuss issues and files of common interest and ways to enhance the role of the legislative institution, benefit from the experiences of governments in international arbitration, present proposals and recommendations on the future vision, keep pace with development, overcome countries’ mistakes, and spread the importance of international arbitration law legislation and resolution. Disagreements and problems between countries, especially in the commercial and economic field.
Media Office of the Deputy Speaker of the Iraqi Council of Representatives Tuesday, July 13, 2021 LINK
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