Iraqi News Wednesday Afternoon 7-27-22
Iraqi News Wednesday Afternoon 7-27-22
TLM724 Administrator BondLady’s Corner
The Ministry of Finance announces the achievement of 25 achievements in implementing the white paper
Political | 03:44 - 27/07/2022 Baghdad - Mawazine News The Ministry of Finance announced, on Wednesday, 25 achievements in implementing the white paper.
A statement by the ministry, which Mawazine News received a copy of, stated that the Iraqi government adopted, at the beginning of August of the year 2021, the implementation of the economic reform paper to be a comprehensive roadmap, with the main objective of addressing the serious challenges facing the Iraqi economy, reducing dependence on oil as the only resource for the state and stimulating production in various Government and private sectors and other dozens of reform programs and projects.
The statement continued, that the Iraqi government is proceeding with implementing the terms of the white paper, and the Ministry of Finance has made advanced and successful steps under the guidance and follow-up of Dr. Ali Abdul-Amir Allawi, and proceeding with the reform paper procedures to consolidate all possibilities and facilitate their application to all sectors, that work continues to implement the targeted projects, because the nature of their implementation is of A purely professional and economic aspect, and it has positive repercussions on the state’s economy on an ongoing basis regardless of changing governments.
Since last year, the government has initiated procedures for actual implementation, which resulted in the completion of many of the requirements contained in the white paper, which are, for example, but not limited to the following:
1- The rules for organizing the state’s general budget have been developed so that the budget is flexible in its preparation and implementation, as it was formulated to include a basic oil price to estimate revenues and flexible expenditure schedules that are implemented according to changes in oil prices and actual revenues. However, the lack of a government with full powers has led to the failure to send the project to the House of Representatives.
2- The internal bonds were issued in the local markets and were fully subscribed.
3- Several preparations and seminars have been initiated in cooperation with various international organizations and many countries to try to implement the program and performance budget.
4- The government debt strategy was prepared and approved by the Council of Ministers.
5- Preparations for the automation of the tax system have been completed in preparation for the issuance of a tax number for each citizen and for each company operating in Iraq, pending financial allocations in the budget to complete the work.
6- Work is continuing in the Central Bank to develop mechanisms for following up on private banks and activating the work of the Deposit Insurance Company to give full confidence to deal with private banks.
7- All banks operating in Iraq were urged to activate and increase the use of electronic services for them and their customers.
8- The re-amendment of the internal system of Rafidain Bank has been completed and submitted to the State Council for approval in preparation for the restructuring of all government banks.
9- The draft law of the Securities Commission has been completed in cooperation with various economic sectors and the State Council.
10- International consultants have been appointed in the insurance sector and work is underway to study the insurance market in Iraq in preparation for amending the sector’s legislation in cooperation with the British Adam Smith Organization, in addition to involving workers in the insurance sector in various specialized courses in order to raise their professional competence.
11- A draft amendment to the Companies Law was prepared, including governance standards in accordance with international best practices, which would develop the investment environment in Iraq.
12- It was allowed to import damaged cars within the permitted model years and repair them inside Iraq, which would create many investment opportunities.
13- The Higher Committee for Lending and activating the initiatives of the Central Bank to lend, whether within the housing fund or purchase loans for housing units from investment complexes, was reconstituted, which would solve the housing problem on the one hand and provide job opportunities in these projects on the other hand, in a way that works to provide economic development in general. .
14- Data of government companies were collected and categorized into successful, faltering and failed in preparation for presenting them to the next government in order to take the necessary measures to treat them.
15- The normalization of customs automation procedures in Iraq has been initiated according to the ASYCUDA system, and work is underway with it.
16- Activating initiatives from the Central Bank for lending to encourage the use of alternative energy for electricity in Iraq
17- Work is underway to complete the electrical connection with neighboring countries.
18- Work is continuing to control the access gates to end cases of smuggling Internet capacities.
19 - Introducing fourth generation technology services in Iraq.
20 - Completing the legislation of the health insurance law and working on its implementation.
21- Increasing support for groups covered by social protection.
22 - Fixing the defect in the ration card and increasing its vocabulary.
23- Initiating a program to build the 1,000 schools in cooperation with Chinese companies.
24- Implementation of the electronic system for employment in the Federal Service Council.
25- Activating the petrodollars for the governorates and customs imports with the governorates.
The statement concluded, that the white paper came to develop a roadmap that contributes to the advancement of all economic, social, cultural, financial and investment sectors to correct the path of sustainable development in the country and move towards achieving non-rentier revenues that contribute to achieving long-term strategic goals, and strengthening the pillars of a diverse, balanced and strong national economy, especially in Under the current global economic challenges. Ended 29/R77
https://www.mawazin.net/Details.aspx?jimare=200661
Oil Prices Continue To Rise After Data On The Size Of Its Stocks
Economie| 03:32 - 07/27/2022 Follow - Mawazine News Oil prices continued to rise, during trading, on Wednesday, as they rose by about 1%, amid expectations of a decline in crude stocks in the United States.
And by 14:31 Moscow time, US crude futures “West Texas Intermediate” rose by 1.12% to $ 96.06 a barrel.
Meanwhile, Brent crude futures rose 1.16% to $100.58 a barrel, according to trading data. Ended
The Dollar Depreciates Against The Dinar
Economie| 10:11 - 27/07/2022 Baghdad - Mawazine News, the dollar exchange rates fell, today, Wednesday, on the Iraqi Stock Exchange.
The selling prices of the dollar were 148,450 dinars per 100 dollars, while the purchase prices of the dollar were 148,350 dinars per 100 dollars. https://www.mawazin.net/Details.aspx?jimare=200622
Financial Adviser: The Government Plans To Distribute Funds Instead Of The Ration Card Items
Reports Economy News-Baghdad Adviser to the Prime Minister for Economic Affairs, Dr. Mazhar Muhammad Salih, noted that the in-kind support provided by the government to the segments covered by the ration card is better than the financial support that is being planned for implementation.
Saleh said in a statement to "Al-Sabah": The Council of Ministers had earlier put forward a proposal to issue smart cards to disburse money instead of the ration card.
He explained that Iraq needs a commodity offer that the monetary alternative may not provide, and therefore does not fulfill its purpose, indicating that the monetary solution is better and easier for the government, but it is not in the interest of the citizen.
In turn, the economic expert, Alaa Al-Fahd, pointed out during his speech to "Al-Sabah" that the adoption of the cash alternative would raise prices in the markets, in addition to the high prices of foodstuffs we are witnessing globally.
He added that raising the exchange rate of the dollar against the dinar had an impact on the Iraqi market as a result of its dependence on imports.
He added that there is a large segment of society suffering from poverty and unemployment, according to surveys conducted by the Ministry of Planning, and therefore these segments need greater support than the ration card, which requires the next government to achieve food security for the poor and fragile classes, according to what is done in the countries of the world.
Al-Fahd warned of the need to reconsider and take into account the distribution of ration items according to a criterion in which the poorest segments are identified, wondering at the same time, is what is being distributed commensurate with the amounts of money spent, or is this file tainted by large corruption and waste deals, (he said).
And he indicated that Iraq is one of the countries threatened by the food crisis as a result of being affected by the rise in prices, especially in flour and oil, pointing out that wheat, which is the basic material in achieving food security, currently covers 35-40 percent of the local need, as two million tons are available in stores.
Al-Fahd called on traders not to raise prices, taking advantage of the months in which the demand for foodstuffs increases, such as the months of Muharram and Ramadan, stressing the need to activate the role of regulatory authorities and hold price manipulators accountable, especially since the government issued decisions with customs and tax exemptions on foodstuffs to maintain their prices, as well as to support the local product. through the agricultural calendar. 185 . views Added 07/27/2022 - 9:17 AM Update 07/27/2022 - 5:20 PM https://economy-news.net/content.php?id=29034
The Vice-President Of The Iraqi Industrialists Association Explains To / Nina / The Reasons For The Paralysis Of Karbala Factories
Wednesday 27 July 2022 14:53 | Economic Number of readings: 149 Karbala / NINA / - The Vice-President of the Iraqi Industrialists Association, Alaa Al-Asadi, announced today, Wednesday, that most factories in Karbala governorate have stopped, in different proportions.
He told the correspondent of the National Iraqi News Agency / NINA / that the industrial items in Karbala are diverse, including food, textile, construction, metal, wood, chemical, paper and plastic, noting that "most of these projects are suspended, but in different proportions.
He added: "Food projects are halted at a lower rate compared to textile, plastic and construction, while the demand for opening food, metallic and wood factories is increasing," stressing, "In general, it can be said that the suspended projects in Karbala reach the limits of 80%, and for various reasons.
He explained: "The industrial process is an integrative process between the investor, the government (executive authority), and the legislative authority, stressing that" these factors, if they work together and well, will lead to real industrial development.
He continued: "In 2010, Parliament introduced four laws: consumer protection, national product protection, customs tariffs, and the anti-monopoly and anti-dumping law," noting that "all these laws have not been activated, so they must be implemented well, and some laws should be amended." industry and keep it up to date with the development in management and work.
And about the obstacles faced by the investor, between Al-Asadi, that “every industrial project needs elements, and part of it is the provision of land. Most of the Iraqi governorates do not have modern industrial areas or cities, in order to establish investment projects on them, in addition to the fundamental approvals that must be obtained in order to obtain a license.” Foundation of the project.
He continued, "There is no industrial project that can operate without completing the registration of its project, and its registration is through one of three parties, either on the Investment Authority Law, Law 13 of 2006, amended, or obtaining an investment license, or Law 20 of 1998, which is the Industrial Investment Law for the two sectors."
Private and mixed, and it is obtained through the General Director of Industrial Development, and this is only related to industry, and the third is according to the Industrial Services Law Law 30 of 2000, and these are mostly related to services, these three entities are the ones who grant the license
. It is an easy thing, and it takes time, sometimes up to 3 years, to finish it, because of the deadly red tape in state departments, which leads to the approvals of more than 20 departments, including tourism, antiquities and others, as well as the approvals of the Land Allocation Committee in the General Secretariat of the Council of Ministers, which requires time Long to complete all these approvals in order to get the land.
He pointed out that "some projects need approvals for importing their raw materials, for example, which requires customs review, in the absence of electronic automation for review, so we demand that there be a single window and electronic automation with all parties to overcome the difficulties facing the investor in the private industrial sector." /is over https://ninanews.com/Website/News/Details?key=990127
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