KTFA Members "News and Views" Sunday Afternoon 1-16-2022
KTFA:
PrehistoricMan: I was just reading MMs post about .To open a bank branch in the UAE and or even in Saudi Arabia is to be international. That will require the REER.. (Real Effective Exchange Rate) Link So it seems according to that site the bank is already open. So the reer should be any day now right?
Samson: 2019 this happened. “The Iraqi Bank of Commerce is the gate of Iraq in front of the outside world. We congratulate the management of the bank for this wonderful achievement by opening the first commercial bank outside the country and God willing the opening of the bank branches in all Arab and foreign countries from one success to another”
Don961: Can Parliament approve the postponed economic files?
Sunday 16 January 2022 Baghdad: Nafeh Al-Naji
The wheel of the fifth parliamentary session is about to turn its legislative sessions, amid growing needs for big laws, especially those related to the economy, investment, and the regulation of the economic situation for the Iraqi people.
The oil and gas law, the law of public-private partnership, the law of companies, social security, taxes and others, are in dire need of legal adaptation and the issuance of new legislation to suit the current requirements. The economic expert, Dr. Abdul Rahman Al-Mashhadani, explained, “The new parliament has tasks that are not easy, especially in the field of economy, drafting and reading economic bills, and then putting them to a vote.” “The first of these tasks is to expedite the legislation of the 2022 budget and consider it the focus of the government’s daily work program,” he added.
Al-Mashhadani added, “It is necessary to reconsider the set of laws that were enacted in the sixties, seventies, eighties and nineties of the last century, because they were laws that governed the public governmental sector, and we need to re-legislate and organize them in a manner consistent with the transition towards a market economy and giving the greater role for the private sector”.
Analyst and media figure Salam Zeidan said: “The new parliament has demands represented in activating its oversight role to approve and implement lagging laws such as the Local Product Protection and Consumer Protection Law and other similar laws.” He added, “It is also necessary to monitor the work of the Border Ports Authority because its mismanagement during the past years It greatly affected the economy and wasted important money It will pay off the budget.”
Legislation and the development of laws do not achieve the desired goals without implementation, activation and follow-up by government institutions.
Their money is inside.
The economist, Dr. Faleh Al-Zubaidi, said: “Many investors came to Iraq with their capital in order to establish their projects, but most of them returned to withdraw their money and leave the country.” These parties are a well-known issue in Iraq, and after despair descends on the investor, he is forced to withdraw his money and leave the country.”
Al-Zubaidi stressed, “It is necessary to address and study these cases and develop effective solutions to them, and we suggest to the next parliamentary session to end the issue of administrative bureaucracy and red tape that angers and angers investors.”
Economic laws line up next to each other, and they are various laws that travel from one parliamentary session to another, pass on the legislators a first and second reading, and stop at the limits of voting with political will or the differences that affected the work of previous parliamentary sessions in taking their role in oversight and legislation. Will we witness in the coming months a movement Legislative active different from what happened in the past sessions? LINK
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Samson: The Effect Of “Obscene” Wealth… Parliamentary Moves To Compel Al-Halbousi To Disclose His Financial Liabilities
16th January, 2022
Member of the Al-Fateh Alliance, Mahdi Al-Amerli, confirmed, on Sunday, that the second parliament session, during which the financial accounts of all deputies will be resolved in the parliament, will be resolved.
Al-Amerli said, in a statement to the “Information” agency, that “the next parliament session, during which we will demand the disclosure of the financial liabilities of all, starting with the Speaker of the House of Representatives, Muhammad al-Halbousi,” noting that “everyone is required to disclose the financial disclosure, and no one is excluded.”
He added, “After the extreme wealth and the high standard of living of some parliamentarians, we decided that the second session of Parliament will be the resolution of the financial receivables file.”
He pointed out, “The necessity of disclosing the financial receivables of all deputies, especially the Speaker of the Legislative Assembly, and activating the law, where did you get this from.”
And the representative of the state of law, Thaer al-Makhifi, had stated in a previous statement to the “Information” agency, “Everyone knows that the Speaker of Parliament, Muhammad al-Halbousi, came to the parliament from a simple family, and the outrageous wealth he owns today must be revealed to be the start of activating the law” from where. This is for you.” LINK
Samson: State Of Law: We Will Not Allow The Budget To Pass Without Changing The Dollar Exchange Rate
16th January, 2022
Representative of the State of Law coalition, Firas Al-Maslmawi, confirmed that his coalition and other representatives within the same direction will not allow the budget to be passed for the current year except after a reduction in the exchange rate of the dollar against the dinar, pointing out that changing the exchange rate and its rise did not achieve any benefit, and worked on starving people.
Al-Maslamawi told Al-Maalouma, “The general budget for the current year will not be passed in Parliament in the event that the dollar exchange rate continues as it is at the present time.”
He added, “The significant rise in the exchange rate has caused a lot of harm to the people, and it cannot be allowed to continue rising in the current year’s budget, especially since the price change by the government did not achieve any benefit other than starving the Iraqi people.”
And he indicated that “the change in the exchange rate has caused great damage, especially the poor class, and therefore it will not be allowed to continue rising, as there will be a movement towards independent representatives and supporters to reduce the price in order to proceed with it and not pass the budget according to the current rise.” LINK
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Samson: The Central Bank of Iraq congratulates the International Development Bank on the occasion of the opening of its branch in the United Arab Emirates
16th January, 2022
His Excellency the Governor of the Central Bank of Iraq, Mr. Mustafa Ghaleb Mokhief, received the Chairman of the Board of Directors of the International Development Bank, Dr. Ziad Khalaf, congratulating him, the bank and the Iraqi banking sector on this important banking achievement.
His Excellency expressed his sincere thanks to the brotherly Central Bank of the UAE for its confidence in the Iraqi banking sector and for giving it this opportunity to one of our leading banks, stressing the need for the bank to make efforts to live up to the level of confidence we place in it, and the Central Bank of the UAE has placed it in it as well, and for the rest of the banks to follow the same approach in the future.
Central Bank of Iraq
information Office
2022/1/16 LINK
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Samson: The government’s financial advisor clarifies the fate of the 2022 budget and the path of the white paper
15th January, 2022
The financial advisor to the Prime Minister, Mazhar Muhammad Salih, explained, today, Saturday, the fate of the 2022 budget and the path of the white paper.
Saleh said, “The white paper is an economic constitution, which respects future economic life, it must respect what is stated in the paper.”
He pointed out that “the white paper needs an appendix to the policies and for the future on how to implement them. It is a correct and reform path. For the first time, it becomes an understanding and belief that the economy is reformed on the basis of a document that we call the economic constitution.”
He ruled out that “the next government will cancel the white paper and reforms and may amend and improve them or add other policies because they were established correctly.”
On the fate of the 2022 budget, Salih explained, “The budget awaits the integration of the legislative body and its committees, and I think that the first project that the new Iraqi parliament will study is the budget.”
He continued, “The budget is now with the Ministry of Finance and is awaiting the formation of the legislative and executive bodies to send it to Parliament,” stressing that “the vision exists and the next government will study it, and the next parliament will set its vision under the constitution.”
On the first of last November, the Ministry of Planning revealed the features of the 2022 budget. Undersecretary Maher Hammad said, “The general budget for the year 2022 has positive points, including the unification of customs fees and work on preparing an investment budget for (3) years and not for one year to ensure continuation of projects.
And he continued, “The budget also included addressing the deficit that might occur if it is approved, by preparing a budget that is not dependent on a large amount of oil, because oil prices are usually variable.” LINK