Iraqi News Wednesday AM 1-6-20
Iraqi News Wednesday AM 1-6-20
TLM724 Administrator BondLady’s Corner
Parliamentary Finance Officially Receives The Budget And Announces The Date Of The Parliament Session
Time: 01/06/2021 15:06:36 Read: 3,224 times {Baghdad: Al Furat News} The Parliamentary Finance Committee announced today, Wednesday, that it has formally received the draft federal budget bill for 2021.
A member of the committee, Jamal Cougar, said in a press statement, "The committee has officially received a copy of the draft federal budget law for the current year 2021, from the Presidency of the House of Representatives."
He added that "the House of Representatives will hold a session next Saturday to conduct the first reading of the budget bill," indicating that "the committee will make its observations on the draft budget law after the first reading."
Cougar stressed, "The House of Representatives will not hold a session tomorrow, Thursday, to hold the first reading of the draft federal budget bill."
And the media had reported news that the House of Representatives would hold a session tomorrow, Thursday, to hold the first reading of the draft federal budget bill for the current year 2021.
It is noteworthy that the Speaker of Parliament, Muhammad al-Halbousi, announced on the 29th of last month the arrival of the government's 2021 fiscal budget bill and the extension of the current legislative term for one month, in order to complete many important legislations for the coming period, including the budget.
His deputy, Bashir Al-Haddad, confirmed that "the legislative procedures to complete the federal budget law may take 20-30 days, and that the parliament will begin the first reading of the bill in early January."
"Serious and intense discussions will take place towards reducing unnecessary expenditures in the budget law, and reducing the deficit ratio for the benefit of the middle classes, the poor and those with low incomes," he added. LINK
Devaluation Requires Everyone To Join Forces To Reduce The Effects
Wednesday 06 January 2021 74 Baghdad: Morning The economic expert, Dr. Ali Al Masoudi,
The decision to devalue the currency needs to be made
The concerted efforts of all institutions in the public and private sectors to reduce its negative effects.
Al-Masoudi added that the group most affected by
The decision to devalue the currency is the families who live below the poverty line as well as middle-income, as prices rose from 27 to 37 percent, according to the International Cluster Foundation, which requires the parties concerned to work together towards reducing the impact on everyone and in a manner that achieves economic development.
He stressed the importance of controlling the revenues of the border crossings, which bring the country’s revenues estimated at four times what the decision to devalue the Iraqi currency had. LINK
Dollar Exchange Rate In Iraq Today
Time: 01/06/2021 10:47:18 Read: 17,069 times {Baghdad: Al Furat News} The exchange rate of the dollar in Iraq decreased slightly today, Wednesday.
The exchange rate on the Al-Kifah and Al-Harithiya stock exchanges in Baghdad was 1438.5 dinars, or 143 thousand and 850 dinars per hundred dollars. Yesterday's price in Baghdad was 1439 dinars.
As for the exchange office prices, they stabilized at 1450 dinars for sale and 1430 dinars for purchase.
In the governorate of Erbil, the selling price of the dollar was stabilized at 1440 dinars and the purchase by 14,350 dinars, and in the province of Dhi Qar, the selling price of the dollar was 1440 dinars and the purchase price was 1432.5 dinars. LINK
The 2021 Budget Is On The Agenda Of The Next Parliament Session
Political| 02:21 - 06/01/2021 BAGHDAD - Mawazine News The Parliamentary Finance Committee expected, on Wednesday, that the first reading of the draft general budget for 2021 will be included in the next parliament session, which is hoped to be held next Saturday.
The committee's reporter, Ahmed Al-Saffar, said, according to the official media, that "the parliament session is expected to be held next Saturday and the first reading of the budget draft will be included," indicating that "the Finance Committee will receive the project and start discussing its articles and presenting an alternative proposal or confirmation for each article."
He explained, "After completing the discussion of the articles of the project, they are submitted to the Presidency of Parliament and a special session is set to approve the budget law, where the original article submitted by the government and the alternative presented by the committee are presented to Parliament and the vote is in detail each article until the vote on the law is fully completed.
Pointing out that "the whole process takes about a month," noting the efforts made by Parliament to approve the budget, as the current period is sensitive and requires exceptional efforts.
On the other hand, Al-Saffar revealed, "the committee's intention to host ministers, governors, and heads of bodies to ascertain the size of the allocations before submitting the project to the Presidency of the Council of Representatives." Ended 29 / A 43 https://www.mawazin.net/Details.aspx?jimare=136981
In A Symposium That Brought Together The Economic Elites, Activating The Work Of The Private Sector By Adopting Local Resources
Wednesday 06 January 2021 71 Baghdad: Shukran Al-Fatlawi A seminar was held at the headquarters of the Iraqi Federation of Industries and the Iraqi Engineers Syndicate, in cooperation with the Iraqi Institute for Economic Reform and the Center for International Private Enterprise (CIPE), during which the industrial private sector and investors studied the procedures and steps that the government requires after a correction
The exchange rate of the Iraqi dinar, and the complementary measures that the Ministry of Finance should take to complement this amendment to help achieve the desired benefits in revitalizing the Iraqi industry, and to achieve the objectives of exchange rate reform.
Adviser to the Iraqi Institute for Economic Reform d. Hussein Jaber Al-Khaqani said: “The symposium’s dialogues focused on the important points that the private sector looks forward to in revitalizing its work and the impact it expects from using local resources, providing job opportunities, filling the local need or a percentage of it from the local product, and providing hard currency for investment and development projects, instead of wasting it. Towards importing consumer goods that do not conform to Iraqi specifications.
Official outlets
He pointed out that «the proposals that the private sector sees as complementary to the policy of adjusting the exchange rate dealt primarily with the customs field and the need for state control over official and informal outlets through monitoring software and modern means, fair assessment of fees and reducing fees for capital goods and intermediate goods entering the local industry with an increase Duties on finished goods competing with the local product, as well as luxury and entertainment goods.
Productive activity
The symposium deferred to the demand to reduce taxes on productive industrial and agricultural projects, to postpone payment, or to give allowances for a specific period to stimulate productive activity. The proposals also dealt with the issue of ownership of land and real estate for productive projects, so that these projects can obtain investment loans from banks and provide the required guarantees.
European investment
Al-Khaqani returned and stated that “the symposium presented proposals regarding local and international financing for productive projects through the establishment of a fund or financing funds with the participation of the most profitable companies, as well as opening the door for cooperation with international investment banks such as the European Investment Bank and Arab and international financing funds and benefiting from the capabilities of the Iraqi Fund for Foreign Development in Supporting domestic investment, by providing guarantees and facilitating financing.
It has also been suggested to establish an account dinar for the production activity, called the industrial dinar, through which industrial projects can be financed to import production requirements and export support.
The proposals also dealt with dealing with corruption episodes in the customs and tax aspects, along with many other proposals related to legal amendments that help implement the reform policy of the economy. LINK
National Insurance Announces The Inclusion Of All Iraqis And Residents According To Its Mandatory Law
Baghdad markets Money and business Economy News – Baghdad The General Director of the National Insurance Company, Israa Salih Dawood Agency, announced that all Iraqis and residents are covered by its compulsory law, confirming that insurance is free, and "it does not entail legal and judicial fees or fees."
And deserves compensation according to the law, "all car accidents and run over," according to Daoud, as quoted by the official news agency, adding that compensation that includes damages resulting from car accidents includes "death and injury exclusively."
"We have a committee that examines the market value of the damaged car, and it is the one who calculates the premium," Dawood said, stressing that the fuel car accident insurance premiums are collected at a rate of 3 per thousand per liter.
The general manager of the National Insurance Company stipulated that "investigative papers and medical reports be brought to compensate for accidents," explaining that insurance for imported cars is deducted according to the engine capacity.
Daoud quoted the Minister of Finance as instructing him to "restructure insurance companies and stimulate investment in line with the White Paper", revealing "the need for articulated insurance that includes the professions and the health sector."
And it considered that "housing loan insurance is optional, and in the event of the borrower's death, we will pay the loan value in one go."
Number of observations 75 Date added: 01/06/2021 https://economy-news.net/content.php?id=23503
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