KTFA Members "Monday News" 10-4-2021
KTFA
Samson: Brent crude jumps above $81 a barrel
10/04/2021 17:08:22
The price of Brent crude jumped, today, Monday, above $ 81 for the first time in nearly three years.
Reuters reported that oil jumped more than 2% at levels of $81.60 a barrel, after OPEC + stuck to the current production policy. LINK
Don961: Proposals to end the contradiction between financial engineering and the white paper
Monday 04 October 2021 Baghdad: Haider Falih Al-Rubaie
The economic expert, Tariq Al-Ansari, urged to take a set of measures that would “end the contradiction” between the applications of financial engineering and the terms of the reform white paper, calling for the need to exploit oil revenues in activities that contribute to economic diversification, and work to reform the monetary system and determine the exchange rate in a way that does not affect In the fragile classes, as well as the trend towards creating a kind of integration between the public and private sectors.
financial engineering
Al-Ansari said that the term financial engineering is based on intelligence and innovation in managing public money, investments, assets, revenues, debts, expenditures, tax reform, and the use of mathematical techniques to provide solutions to financial problems and develop appropriate strategies to address these problems.
The economic expert pointed out that {the white paper launched by the government aims for a sober and honest administration, with an efficient and high-performance economic system} noting that {despite the balanced diagnosis of the economic and financial problem of Iraq, the country is still suffering greatly as a result of corruption and high unemployment rates, In addition to the significant economic risks that the process of almost total dependence on oil wealth poses, which negatively affected the performance of the government and its institutions.
private sector
Al-Ansari personified a set of contradictions in the economic structure, indicating that {the monetary policy has a monetary surplus, but the level of credits provided to the private sector is very weak, while the financial policy is witnessing a clear rise in expenditures and privileges that is not commensurate with the volume of oil and other revenues, as well as the policy
The investment that is still considered shy} indicating that these points are clear contradictions between the applications of financial engineering and the white paper.
suggestions and solutions
With the aim of eliminating these contradictions, Al-Ansari proposed a set of solutions that would bridge the large gap between financial engineering and the terms and applications of the white paper, putting at the forefront of those solutions “the trend towards achieving economic reform and improving the investment environment, working to restructure monetary and financial policy, and providing a safe environment.” To innovate national competencies, as well as to take strict measures to combat corruption and tax evasion.
Al-Ansari also called for the necessity of “utilizing oil revenues for investment purposes in activities that contribute to economic diversification, and actively striving towards reforming the monetary system and setting the exchange rate in a way that does not affect the weak and poor classes, and creating a kind of integration between the public and private sectors and exploiting their economic potential.” .
The economic expert stressed the importance of returning the looted and stolen funds, improving the ration card with more than seven items, revitalizing the domestic and gross product, and raising the level of social welfare and retired salaries by no less than {500 thousand dinars} per month, or equivalent to 23% of the damage rate as a result of raising the exchange rate. . link
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Samson: Iraq implements its economic agreements with Egypt
4th October, 2021
The Iraqi ambassador to Egypt, Ahmed Nayef Al-Dulaimi, announced the start of activating the agreements between Iraq and Egypt, within the Supreme Committee and the outcomes of the summits held in both countries
Al-Dulaimi said in a statement reported by the official "Al-Sabah" newspaper and seen by "Al-Iqtisad News", that "the most important projects of these agreements are the electrical connection, land transport, the industrial zone, and reconstruction in exchange for oil." Sobriety and high quality
He added that "Iraq is not short on experience or competence, but the extent of the destruction that occurred in it requires solidarity and cooperation from the sisterly Egypt
Al-Dulaimi indicated that "there is effective coordination in the field of security, defense and political fields," noting that "there are new (Iraqi-Egyptian) summits in Cairo and Baghdad, in addition to several visits between them by their senior officials LINK
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Samson: With the participation of more than 23 countries... Commerce is preparing for the launch of the Babel International Fair for Industries
4th October, 2021
The company announced to the public for the Iraqi fairs and commercial services at the Ministry of Commerce, on Monday, that the current month of October will witness the launch of the first Babylon International Exhibition for Industries and National Production, with the participation of more than 23 countries.
General Director of the General Company for Exhibitions Sarmad Taha Saeed said, in a statement received by Mawazine News, that "the exhibition will be in conjunction with the launch of the activities of the Babel International Festival for the period from 28/10 to 11/1, which is organized by Dana Exhibitions and Conferences Organization Ltd. and under the supervision of Ministry of Industry and Minerals".
Saeed pointed out that "the exhibition comes within the framework of the (white paper) previously approved by the esteemed Council of Ministers for economic stimulus and consolidation of stability in the provinces of the Middle Euphrates."
He added that "the exhibition will be attended by a large number of ministries and bodies not associated with a ministry, led by the Ministry of Industry and Minerals in all its formations. The ministries of Finance, Planning, Higher Education, Scientific Research, Oil, Construction, Housing, Municipalities and Public Works, in addition to the Ministry of Tourism, Culture and Antiquities, the Ministry of Agriculture, the Ministry of Water Resources and a number of other Universities and private colleges, which contributes to activating the bonds of academic and economic work to serve Iraq.
Saeed pointed out that "the exhibition and the accompanying events, whose activities are launched according to the highest standards of total quality and international standards, and with a high level of professionalism and professionalism for the organizing body (Dana Exhibitions and Conferences), which is a qualitative leap in the industry of exhibitions and conferences in the Middle Euphrates region in particular and Iraq in general."
Noting that "the exhibition and festival activities will witness the presence and participation of representatives of more than 20 Arab and foreign countries in a great national wedding hosted by Babylon's history, civilization and heritage." LINK
Samson: Disruption of official working hours in Najaf next Wednesday
4th October, 2021
The Governor of Najaf, Louay Al-Yasiri, announced on Monday the suspension of official working hours in the province, next Wednesday
The media office of the governor of Najaf stated, in a statement, that al-Yasiri decided to “give a local holiday in Najaf governorate for Wednesday only, corresponding to 10/6/2021, on the occasion of the anniversary of the Prophet’s martyrdom, and for the purpose of providing the best services to visitors coming to the governorate and the sons of Najaf LINK
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Samson: Al-Kazemi announces the submission of a project to consider October 3 a national holiday
2nd October, 2021
On Saturday, Prime Minister Mustafa Al-Kazemi announced the submission of a project to consider October 3 a national holiday.
Al-Kazemi said in a tweet on "Twitter", "In an effort to perpetuate the unifying national identity, we presented a project to consider October 3 as a national holiday, which is Independence Day." Iraq joining as founder of The League of Nations".
He added that "the depth and authenticity of our people is the meaning that Iraqis will express through wide participation in the elections, and the choice of those who believe in the Iraqi national identity."
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Samson: The rise in oil prices between corruption and demands to reduce the price of the dollar
4th October, 2021
About 80 dollars is what the price of a barrel of oil has become, which opened the door to questions about the fate of the surplus funds, which amounted to billions of dollars outside the budget accounts, which were approved at a price of forty-five dollars per barrel.
Economists indicated that this money will open new doors for corruption by categorizing it in new ways through which it closes the loopholes that are raised against it, which prompted them to demand the regulatory and integrity authorities to investigate these funds until they are added to a new draft in the budget and voted on by the next parliament.
While others believe that the rise in the price of a barrel of oil is enough to reduce the exchange rate of the dollar, which has become the heaviest burden on the daily life of the citizen. LINK
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Samson: Al-Rubaie: Dozens Of Files Were Opened To Retrieve The Money Smuggled Abroad, Iraq
3rd October, 2021
Head of the Al-Nahrain Network to Support Integrity and Transparency, Muhammad Rahim Al-Rubaie, member of the UN Convention Against Corruption Coalition, confirmed that countries will cooperate with Iraq to extradite people accused of looting Iraq's money and smuggling it abroad.
Al-Rubaie said, in a statement to the newspaper “Al-Sabah”, which was followed by the independent: “The looted funds conference, which was held in Baghdad last month, achieved great results, including clarification of the mechanisms and formal procedures necessary for cooperation between Arab countries to recover money and people, according to what is stipulated in Chapter Five of the agreement and the recovery of assets, money and people.”
He added, "The cooperation of these countries will be very fast, especially Jordan, Lebanon and the UAE, because there are large funds for the Iraqis in them, and there are dozens of files to recover the smuggled money, which Iraq opened to recover it from these countries."
Al-Rubaie stressed, “Iraq should expedite the opening of a sovereign fund to manage the looted funds after returning them, and the task of this money is to contribute to building infrastructure projects and providing what the governorates need away from budget issues in order to save the country in two important sectors, health and education.”
He explained, "There will be a major role for civil society after the elections to implement the provisions of the United Nations Convention through monitoring, accountability and advocacy campaigns to contribute to changing Iraq's rank on the Corruption Perceptions Index, which is issued annually by Transparency International."
He continued, "The looted money conference came out with satisfactory and significant effective results that contributed to Arab international cooperation in a large way with Iraq," noting that "this cooperation angered some political parties inside, as they live on looting public money." LINK