KTFA Members "News and Views" Saturday 10-15-2022
KTFA:
Samson: Iraq tops the list of Arab countries with economic growth for 2022
12th October, 2022
Iraq is heading towards achieving the highest economic growth rate among the Arab countries for the year 2022 by 9.3%, and half a percentage point higher than the expectations of April, taking advantage of the rise in oil prices
This came according to a report issued by the International Monetary Fund for the month of October, which was reviewed by "Al-Iqtisad News", and it was titled "Global Economic Prospects"
According to the fund's report, it estimates the average price of a barrel of oil at $98 this year, to drop to $85.5 next year 2023
The report indicated that Kuwait comes in second place with growth this year, which will reach 8.7%, followed by Saudi Arabia third with 7.6% growth, then Egypt comes fourth with 6.6% growth, then the UAE 5.1%, Algeria 4.7%, Oman 4.4%, Palestine 4% and each of Qatar and Bahrain with a growth of 3.4%
The report expected that Jordan would reach 2.4%, then Tunisia 2.2%, then Yemen 2%, and Morocco 0.8%, while growth in Sudan would decline by 0.3% LINK
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Samson: Discovery of new oil and gas fields in western Anbar
14th October, 2022
The director of the Jubbah Municipality Department in Anbar Governorate, Qatar Al-Obaidi, announced on Friday the discovery of new oil and gas fields not indicated by the Ministry of Oil in the western Anbar desert regions.
Al-Obaidi said in a statement to the "Information" agency, "The Oil Exploration Company of the Ministry of Oil conducted exploration operations targeting the desert of Hit district, west of Anbar, which resulted in the discovery of new oil and gas fields that are not listed by the Ministry of Oil.
These fields contain large quantities of oil derivatives, minerals and phosphates." The targeted areas are still subject to exploration operations, according to indications that these areas are floating on large quantities of oil and gas fields."
He added, "The discovered fields contain billions of cubic meters of oil and gas, noting that" exploration operations are still going on, and it is hoped that the results of exploration in those areas will be announced within the next few days."
He pointed out that "the security forces have completely secured all the areas where excavations are being conducted, in addition to the explosives handling teams neutralizing the remnants of the ISIS terrorist."
It is noteworthy that a short time ago, the Ministry of Oil sent new seismic teams to the western regions to conduct exploration operations for oil and gas fields. LINK
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Samson: The Central Bank: The inflation rate is controlled and we are not thinking about changing the exchange rate
15th October, 2022
The Deputy Governor of the Central Bank of Iraq, Ammar Hamad Khalaf, confirmed that there is no justification for thinking about changing the exchange rate of the Iraqi dinar, especially in light of the high oil prices and foreign cash reserves, which amounted to more than 80 billion dollars, noting that the inflation rate is about 6% and is controlling. It is necessary to stabilize the exchange rate of the Iraqi dinar
Khalaf said, in an interview with the Kurdish media network "Rudaw", on the sidelines of the IMF and World Bank meetings in Washington, which he described as "the mission", that "there are serious attempts to reform the Rafidain and Al-Rasheed banks, so that they can play their role in the Iraqi economy
He added, "The annual meeting of the International Monetary Fund and the World Bank, the meetings held by central bank governors, finance ministers, and the governors of the IMF and the World Bank are important to exchange experiences, and to meet with leaders of the financial sector as well as international institutions, in addition to bilateral meetings with some central banks and international institutions, which are very important." To continue communicating with international organizations and exchanging experiences
He added, "Iraq's foreign reserves are more than 80 billion dollars, and the credit for this increase is due to the rise in global oil prices," stressing, "there is no thought or desire to change the exchange rate, especially in light of the current circumstances and the high prices of oil and foreign reserves, there is no reason to think about changing the exchange rate of the Iraqi dinar
He explained that "the introduction of more dollars in the markets depends on the demand from banks and traders, and the sales of the window have been stable for a while," noting that "the inflation rate in Iraq is now around 6%, and it is controlled, especially because of the stability of the exchange rate in the local markets, which is controlled." by the Central Bank of Iraq
And regarding the opening of branches for Rafidain and Al-Rasheed banks in the Kurdistan region, Khalaf explained that "these are important Iraqi banks owned by the Iraqi government, which constitutes 80% of the banking sector, and there are serious attempts to reform these banks, to play their traditional and important role in the Iraqi economy LINK
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KandG: Typical Iraq - the new Admin comes out of the gate talking about a new exchange rate and here comes the Central Bank. Kuwait did the same thing and changed it the next day I believe - according to our study, if correct - it is already changed and just needs to be published - We wait – IMO
GMan: No need to change it. Just release the R.E.E.R ( real effective exchange rate) ... for sure certain
KandG: I hear you - I will take a REER and go on about my business also
Harvestor: Boom! There is an “explosion” taking place in Iraq! It will be heard around the world by all of us investors! What an explosion of new articles! I can imagine the dancing for joy in the streets by the citizens. In fact, didn’t Eddie say his banker told him, “the rate will change after the seating of the Gov.”? I bet he is excited now. Looking forward to Franks you be tube Monday.
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Samson: Iraq and the Philippines discuss signing a number of agreements and memoranda of understanding, foremost of which is the Agreement on Avoidance of Double Taxation
13th October, 2022
Iraq and the Philippines discussed signing a number of agreements and memoranda of understanding, foremost of which is the agreement to avoid double taxation.
A statement by the Ministry of Foreign Affairs stated that the Chargé d'Affairs for Iraq in Manila, Bashar Saleh Ibrahim, met the Philippine Assistant Foreign Minister for Middle East and African Affairs, Alfonso Ferdinand Feer, and discussed with him a number of issues and files of common interest, as well as ways to enhance bilateral relations between the two friendly countries. By signing a number of agreements and memoranda of understanding, foremost of which is the agreement to “avoid double taxation and prevent tax evasion,” which would positively affect economic and trade growth between the two countries and how to activate it, in addition to the file of Filipino workers in Iraq.”
For his part, the Philippine Assistant Foreign Minister confirmed that he will communicate with the competent authorities in the Philippine government and coordinate with them to activate the files that have been touched upon, and inform the Iraqi side. LINK
Samson: Integrity: The former head of the Salah al-Din Council received 8 billion dinars and did not distribute it
12th October, 2022
\On Wednesday, the Federal Integrity Commission announced the issuance of a summons order against the former head of Salah El-Din Provincial Council; For deliberately causing damage to the funds and interests of the entity in which he works or is connected by virtue of his position or “the money of the persons entrusted to him.
”The authority said in a statement, “The Rusafa Investigation Court, which is specialized in integrity issues, decided to bring in the former head of the Salah al-Din Governorate Council; In the case related to receiving an amount of (8,209,185,500) billion dinars under the rewards item during the years (2014-2018) without distributing them among those who are entitled to it.”
The commission added, “The Rusafa Investigation Court specialized in integrity issues in Baghdad issued the recruitment order, in accordance with the provisions of Article (340). ) of the Penal Code. LINK
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Samson: The Iraqi parliament begins the procedures for referring Al-Najjar to integrity
15th October, 2022
The Integrity and Investment Committees in the Iraqi parliament began collecting signatures today, Saturday, to withdraw the hand of the head of the National Investment Commission, Suha Al-Najjar.
Member of the Integrity Committee, Representative Hadi Al-Salami, said, in a statement received by Shafaq News Agency, that he and MP Hassan Al-Khafaji, a member of the Investment Committee, started collecting signatures to withdraw the hand of the head of the National Investment Commission, Suha Al-Najjar, due to suspicions of corruption, waste of public money and illegitimate gain, indicating that it was so far, 75 signatures have been collected.
According to Al-Salami, the two deputies confirmed that the file was referred to the Integrity Commission and the Integrity Investigation Courts to resolve corruption cases.
Earlier, on Wednesday, First Deputy Speaker of Parliament Mohsen Al-Mandalawi had directed the formation of a fact-finding committee against the Investment Authority, describing the corruption in the commission as "unparalleled."
This coincides with a protest demonstration organized by the residents of the Basmaya housing complex in Baghdad, in protest against the policy of the Investment Authority, which prompted the Korean "Hanwha" company to withdraw from the completion of the complex project, which is the first and best housing project in Iraq, and work began in 2012. LINK
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Samson: Abdul-Jabbar reveals theft of more than two billion dollars after leaving the position of Acting Minister of Finance
15th October, 2022
Acting Minister of Finance Ihsan Abdul-Jabbar announced, on Saturday, the theft of an estimated two and a half billion dollars in tax funds in the Rafidain Governmental Bank
Abdul-Jabbar, who is currently the Minister of Oil, tweeted on his Twitter account, "The Prime Minister graciously agreed to our request regarding exemption from the duties of the acting Ministry of Finance."
He pointed out, "The results of the investigation that we directed after we were assigned to the ministry, and the official evidence of the theft of an amount of 3.7 trillion Iraqi dinars (2.5 billion dollars) in tax funds / Rafidain Bank by a specific group."
Abdul-Jabbar added that "it was handed over by the Ministry of Finance to the competent authorities, including the Parliamentary Finance Committee, which asked us to do so officially and in the media."
The Minister of Oil said, "We did not submit to any pressure or bargaining to prevent us from performing our role in protecting public money." LINK