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Iraqi News Wednesday AM 10-14-20

Iraqi News Wednesday AM 10-14-20

TLM724 Administrator BondLady’s Corner

Parliamentary Finance: The White Paper Includes 5 Stages, And We Will Discuss It With The Ministries Of Finance And Planning    Time: 10/14/2020 12:55:10 Read: 3,458 times

{Baghdad: Al Furat News} The Parliamentary Finance Committee described the "white paper" that it received yesterday and prepared by the government with the aim of financial and economic reform throughout the country.

"The committee discussed the white paper, and there will be a session with the ministries of finance and planning to reach unified solutions to get out of the current financial crisis," the committee's rapporteur, Ahmed Al-Saffar, said in a press statement today.

He added, "This paper differs from what was presented by previous governments, as it was a condition of Parliament in approving borrowing and financial reforms, and if not applied on the ground, the Iraqi economic and financial reality is going to unknown."

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Al-Saffar stressed, "The paper includes a good reading of the financial situation and the reasons in which Iraq faced these crises and their stages, and it is reasonable in achieving stability in revenues and expenditures, reform and controlling public money, and this is very important because there is mismanagement in it."

And that "this paper includes five stages, and aims to restructure the financial and economic sector in Iraq, as the first stage focuses on achieving financial stability and getting out of the current crisis by rationalizing expenditures, enhancing revenues, improving cash flow and reforming the administration, which is called the stabilization stage."

He explained that "the second stage, which adopts macroeconomic reforms according to strategic principles, consists of 6 paragraphs, the first of which concerns the productive sectors that include: (rehabilitation of the financial and banking sectors, the insurance sector and the stock market), and the second targets the sectors that drive the economy such as: (agriculture, oil and gas) The third focuses on the private sector (through support and simplification of procedures and the provision of job opportunities in this sector), the fourth is to structure self-financed public companies, the fifth is on public works, and the last paragraph of the second phase talks about human development.

Al-Saffar continued, "The third stage of the economic and financial reform paper in Iraq talks about improving basic infrastructure such as: (electric power, transportation, free zones, and industrial cities), and the fourth stage includes providing basic services and directing social care, while the fifth and final stage includes governance. And the legal and administrative environment to enable institutions and individuals to implement the mentioned reforms.

He stressed, "This reform paper is an excellent and comprehensive paper, because it relied on sources and data and includes a comprehensive view of the economy, and set a time period for its completion from 3 to 5 years, and it is like a reform economic development plan to restructure the financial and economic sector," indicating that "if The appropriate environment was provided and the government was able to implement and implement this paper;

The country's economic situation will change, and it will emerge from the state of financial crises, ”noting that“ submitting this reform paper is a (justification) for passing the fiscal deficit law, because one of the conditions for approval is to present the reform paper. ”

He pointed out that "the financial deficit project sent by the government to the House of Representatives and transferred to the Parliamentary Finance Committee is a mini-budget, planned for the remaining four months of the year, and it is also financing some of the obligations from the past months, such as contracts of licenses, debts, interest and other things."

He pointed out that "the mini-budget includes 38 items, and includes many paragraphs within the operational budget and an investment budget for more than 72 items that include stalled and completed projects at high rates and financing the provinces, and this budget project needs approximately 41 trillion dinars to finance the deficit of the remaining four months, meaning the existence of A monthly deficit of nearly 10 trillion dinars, after accounting for expenses and revenues. "   LINK

Parliament Ends The First Reading Of Two Draft Laws

10/14/2020   House of Representatives ended at its eleventh resumed under the chairmanship of Mr. Hassan Karim al - Kaabi , First Deputy Chairman of the Council on Wednesday 14/10/2020, the first reading of two bills.

At the outset of the meeting The Council completed the first reading of the draft law on the accession of the Republic of Iraq to the hydrographic organization agreement, as amended, submitted by the Committee on Foreign Relations in order to enhance the use of hydrography aimed at safety of navigation and increase global awareness of the importance of hydrography and the development of processes, data, information, products and services related to it and for the purpose of the Republic of Iraq joining the agreement.

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The Council completed the first reading of the draft law of the Republic of Iraq to the International Convention for Search and Rescue at Sea SAR of 1979 submitted by the Foreign Relations Committee, to improve measures, procedures and national arrangements related to search and rescue operations following the occurrence of maritime accidents and to develop adequate plans to deal with such cases and circumstances and the accession of the Republic of Iraq to the agreement

Regarding public interventions, the demands of the ladies and gentlemen focused on ensuring the quota for women's seats provided that it is not less than 25 percent or more without violating the decision of the Federal Court, and the demand to host the Commander-in-Chief of the Armed Forces due to insulting and insulting the PMF by a political party, as well as On the call for the adoption of a fair mechanism for the distribution of electoral districts that lead to political and social stability in Iraq and not resorting to partition mechanisms that may lead to a dispersion of the votes of the electorate in the districts and sub-districts.

Mr. Hassan Al-Kaabi, the chairperson of the session, confirmed that the offense to any official institution in the Iraqi state is unacceptable and we will not accept it, pointing out that Mr. Hoshyar Zebari's statement on Al-Hurra TV regarding the Popular Mobilization is unacceptable, calling for an apology worthy of the role of the Popular Mobilization Forces and its sacrifices as an official institution headed by the Commander in Chief. For the armed forces.

Then it was decided to adjourn the session.  Media Department   Parliament  10/14/2020  LINK

Iraqi Markets Are Recording A Significant Increase In The Exchange Rate Of The Dollar

Pratha News Agency110 2020-10-14   The exchange rates of the dollar in the main stock markets and local markets increased significantly today, Wednesday (October 14, 2020).

Al-Kifah Stock Exchange recorded 124.100 dinars against 100 US dollars, while the exchange rate of the dollar on Tuesday recorded 123.800 dinars per 100 dollars.

Selling price: 124,500 dinars per $ 100.   Purchase price: 123,500 dinars per $ 100.   LINK

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The Central Bank Complains About The "Decline" Of Foreign Currency Reserves And Diagnoses Its Causes

Pratha News Agency84 2020-10-14  The Governor of the Central Bank of Iraq, Mustafa Ghaleb Makhaif, complained, on Wednesday, about the "decline" of his foreign currency reserves, attributing the reason to the increase in import financing and the decline in dollar revenues from the Ministry of Finance.

“The decline in the global price of oil and the reduction in production in Iraq, based on the OPEC agreement, led to a decrease in crude oil revenues and thus the dollar amounts that were sold by the Ministry of Finance to the Central Bank of Iraq in exchange for the Iraqi dinar that it used to finance its expenditures locally,” he said. According to the official "Al-Sabah" newspaper.

He added, "This led to a decline in the accumulated quantities of foreign currency at the central bank, as well as the process of discounting the securities issued by the Ministry of Finance, for the purpose of bridging the deficit witnessed by the government in financing its spending, especially the current spending by the Iraqi Central Bank for the benefit of government banks."

He noted, “Most of the current spending will turn into a consumer demand that ultimately represents a demand for the US dollar, and with the central bank meeting this demand to finance imports, foreign reserves are expected to witness a decline in addition to the decline resulting from the decrease in oil revenues if the current data do not change. ". http://burathanews.com/arabic/economic/378383

Parliamentary Finance: The Government Needs “15” Trillion Now, And Its Reform Paper Expenditures Reach 56 Trillion

17:25 - 10/14/2020 Information / Special ...The Parliamentary Finance Committee revealed, on Wednesday, that the government has submitted a borrowing paper with enormous numbers that exceed its need for the coming months of this year, indicating that the state needs 15 trillion and presented a paper to borrow 41 trillion dinars.

A member of the Parliamentary Financial Committee, Abdul Hadi Saadawi, told / Al-Maalouma / that "the Finance Committee received the white paper from the government and includes the expected imports to Iraq during the next four months and has seen a copy of the government borrowing paper."

He added that "the white reform paper indicates that the revenues expected to be collected during the coming months of 2020 will reach 16 trillion dinars, and the state's need to secure salaries and other expenditures to borrow another 15 trillion dinars."

"The committee was surprised by the government reform paper and borrowing talks about the state's need for 57 trillion expenditures for the coming months, with a deduction of 16 trillion revenues, and its demand to borrow 41 trillion dinars," Saadawi said.

He continued, "The amount of the borrowing is exaggerated and exceeds the state's need, which calls for reconsideration and knowledge of the party to which the government wants to spend money beyond its need." https://www.almaalomah.com/2020/10/14/499993/

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Economist For Nina: The White Paper Is Good, But It Needs Time Periods To Work With It

Wednesday 14, October 2020 10:35 | Economical Views: 169  Baghdad / NINA / The economist, Raad Twig, stressed that the reform paper is a good white paper, but it needs to draw up a time map that includes setting up / short, medium and long terms / to draw budgets in a sequential manner with those periods and to form a better economic vision than previously presented.

Twig said in a statement to the Iraqi National News Agency / NINA/ That "The general line proposed by the White Paper + Reform is the approach of liberalizing the Iraqi economy in order to reach the market economy by analyzing the rentier pattern of the Iraqi economy and the decisive dependence on oil, since the rent of the Iraqi economy has surpassed its rentiers in regional and global economies, and the increase in the salary balance exceeded the ability of oil to finance these salaries.

The paper elaborated on analyzing this aspect and the necessity to transform the Iraqi economy from a one-sided economy to a diversified economy.

Therefore, the reform called for by the paper is the privatization of the public sector, gradually reducing support for self-financing institutions, gradually developing the ration card, and paying attention to making the electricity unit pricing consistent with the global pricing and expanding The ability of the retirement fund to finance the salaries of retirees without relying on the state budget, i.e. strengthening the pension fund after its resources became weak and the emphasis on policies that support the private sector is for the first time an emphasis on the low productivity of workers in the state".

He added that the paper confirms the sustainability of financial stability by finding the appropriate exchange rate for the Iraqi dinar and the fate of the currency window, referring to the possibility of floating the currency and finding a suitable alternative to the currency window in addition to restructuring salaries, finding a new salary ladder and developing the associated gas production.

The paper is superior in analysis and economic analysis tools. Future indicators and a work guide to lift the Iraqi economy from the pitfalls and shocks that it may face in economic reform, simplification of procedures, electronic governance, investment development, attention to border crossings and the import of vehicles in a specific plan.

The economist called for evaluating this paper by setting short, medium and long terms in order for budgets to be drawn up sequentially with those periods and to have a better economic vision than previously presented in papers. The fingerprints of the International Monetary Fund's programs may be clear in the paper, but it is the path towards making the economy more balanced and flexible. And he has the ability to resist. ”/ End 8 https://ninanews.com/Website/News/Details?key=862663

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The Council Of Ministers Holds Its Regular Session Headed By Prime Minister Mustafa Al-Kazemi And Issues Several Decisions

Today, Tuesday, the Council of Ministers held its regular session headed by Prime Minister Mustafa Al-Kazemi, during which a number of issues and topics included in the agenda were discussed.

At the beginning of the session, the Minister of Health and Environment presented a detailed report on the latest developments in the Corona pandemic in Iraq, the government efforts made to contain the virus, reduce the rates of injuries and deaths throughout the country, and the efforts of the Ministry of Health in providing the necessary treatments and health supplies to all hospitals, as well as continuing campaigns Awareness of taking the preventive measures to be adhered to.

During the session, the reform white paper was discussed, where the Minister of Finance presented the final report of the emergency cell for financial reform in Iraq, which includes immediate plans to get out of the current financial crisis, and an explanation of the contents of the white paper, and its ability to achieve the advancement of the economy of the country, which suffers from various problems and faces challenges Serious, and the white paper is able to address many of the defects that have accumulated over many years.

After discussing what was included in the agenda, and what the discussions concluded about it, the Council issued the following decisions:

First / Approval of the White Paper for Economic and Financial Reform, taking into account the opinion of the Legal Department in the General Secretariat of the Council of Ministers, and the comments of the members of the Council of Ministers.

Second / Extending the exception granted to the Ministry of Health, according to the decision of the Supreme Committee for National Health and Safety (9 of 2020), and the decision of the Council of Ministers (42 of 2020), regarding the Ministry of Health exemption from the instructions for implementing government contracts (2 of 2014) and its attached controls, and instructions for implementation The federal general budget upon its issuance, and in order to eliminate the Corona pandemic, to ensure the provision of medicines, supplies, and medical and laboratory devices without delay.

Third / Approval of the recommendation of the committee composed according to the Diwani order (34 of 2020) and the Diwani order (247 of 2020), which includes:

- Authorizing the Ministry of Transport to negotiate the Baghdad Suspended Train Project with a consortium of two companies (Alastom-Hyundai), at the cost and period that will be determined based on Outputs of the report that will be presented by the consultant, who will evaluate the offer submitted by the two companies' consortium, and what will be reached through negotiations between the two sides, and present the issue later to the Council of Ministers.

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Fourth / Approval of the following:

1- All creditor ministries and government agencies provide the two ministries of trade and agriculture with lists with a CD containing the debts owed to them by farmers, in order to set off between farmers' dues and those debts and transfer them from the ministries of commerce and agriculture to the creditors.

2- All ministries and government agencies fail to fulfill the principal debts owed by farmers, and cancel the late benefits due on them, for those who have debts owed by government agencies equal to or greater than amounts, and are required to pay them in light of the payment of their dues from government institutions.

3- The farmers who marketed strategic crops (wheat, barley, rice, corn) opened accounts for them at the Agricultural Bank.

4- The Ministry of Commerce and Agriculture released the amounts owed to farmers to their accounts at the Agricultural Bank.

5- The Ministry of Agriculture supplies farmers and farmers with seeds and fertilizers, provided that the Ministry of Trade pays its sums to the aforementioned ministry.

Information Office of the Prime Minister  13 -Oct- 2020  https://pmo.iq/press2020/13-10-202001.htm

Planning And Federation Of Chambers Are Studying The Economic Role

Wednesday 14 October 2020  20  Baghdad: Morning  The Minister of Planning, Dr. Khaled Battal Al-Najm, discussed with the President of the Federation of Chambers of Commerce, Abdul Razzaq Al-Zuhairi, ways to enhance the role of the private sector in economic performance and to be the real actor in managing the economic process.

The meeting, which was attended by the head of the Baghdad Chamber of Commerce, Firas Al-Hamdani, discussed the role of the chambers of commerce in the committees formed for the partnership with the public sector, unifying work between the Federation of Industries and the Federation of Chambers and making them one organization as it was before 1989, and the discussion touched on the issue of the great port of Faw and the interest and support of the Minister remarkably To the port project.

In turn, the head of the Baghdad Chamber of Commerce presented several ideas related to standardization, quality control, capital, and the number of established companies, and the presence of a number of them inactive and only have a title and name, and a focus on local employment and interest in industry and trade and its development, getting rid of the control of neighboring countries, changing the exchange rate and serving the country's current situation .

The meeting tackled the legislations regulating gold trade, the role of standardization and quality control committees and their effects, examining the goods and accrediting the private sector in some committees that touch this important detail, and aspects related to domestic product, import and public and private sector partnership and revitalization.

The Minister affirmed his interest in all that was discussed in the meeting, and that he had information on all that was presented to him and expressed his understanding.  LINK

Issue (4599) Of The Iraqi Newspaper Al-Waqi’a Issued On 12/10/2020

2020-10-14 10:40:00

1- Statement issued by the Ministry of Agriculture No. (2) for the year 2020.

2- A statement issued by the Ministry of Culture, Tourism and Antiquities No. (7) for the year 2020.

3- Announcements for establishing cooperative societies.

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.5162/

 

To read more current and reliable Iraqi news please visit BondLady’s Corner:

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