KTFA Members "Tuesday News" 2-9-2021

KTFA:

Samson:  The Iraqi budget is on the table of the prime ministers and the republic

8th February, 2021

The Iraqi Prime Minister, Mustafa Al-Kazimi, discussed today, Monday, with the President of the Republic, Barham Salih, efforts to approve the state budget for the current year 2021.

Al-Kazemi's media office said, in a statement received by Shafaq News Agency, that the latter received, this evening, the President of the Republic, Barham Salih, indicating that during the meeting they discussed the latest political developments and general conditions in the country, as well as the efforts made to approve the General Federal Budget Law for the year 2000 2021.

He explained that the meeting discussed preparations for the conduct of the election process and preparations for it and providing all the requirements for its success, in a way that ensures that its results are the true expression of the will of the Iraqi people and their choices.

According to the statement, both the Prime Minister and the President of the Republic stressed the importance of integration in the work between the legislative and executive authorities, in order to face challenges and provide an opportunity for the success of the reform efforts targeted in the government's work program.    LINK

Samson:  Oil continues to rise, recording $ 61 a barrel

02/09/2021 08:33:36

 Oil futures rose 2 percent to their highest levels in more than a year, and Brent surpassed the level of $ 61 a barrel, supported by cuts in supplies between major producers and hopes of more economic stimulus in the United States.

Brent crude, the world benchmark, rose $ 1.22, or 2.1 percent, to settle at $ 61.18 a barrel. U.S. West Texas Intermediate crude futures rose $ 1.12, or 2 percent, to settle at $ 58.97 a barrel. Both benchmarks hit their highest levels since January 2020. Brent and US crude have jumped more than 60 percent since the beginning of November, supported by optimism about the distribution of anti-virus vaccines, as well as production cuts by members of the OPEC + group.

Investors are watching a $ 1.9 trillion aid package to mitigate the repercussions of the Covid-19 pandemic in the United States, which is expected to be approved this month. Oil prices were also supported by dwindling hopes that Iranian oil exports would soon return to the market after US President Joe Biden said the United States would not lift sanctions on Iran just to bring it back to the negotiating table.   LINK

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Samson:  Six years imprisonment for a bank manager in Iraq

9th February, 2021

On Tuesday, an Iraqi court sentenced a bank manager to prison for charges related to corruption files.

A judicial source told Shafaq News Agency, "Based on the investigations of the Anti-Corruption Committee, the convicts were sentenced according to the provisions of Resolution 160 to 6 years imprisonment and a fine of 10 million dinars for the director of the Agricultural Bank, Adel Attia Khudair and four other employees, who were arrested with him by a special force from the committee."   LINK

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Samson:  The US embassy issues a notice to residents of the capital, Baghdad

9th February, 2021

The US embassy in Iraq announced on Tuesday that it will set off warning sirens in the coming days as part of the exercises that it will conduct at the time it apologized for the noise that would cause.

"In the coming days, the US embassy will conduct a series of tests that include our emergency equipment and procedures," the embassy said in a statement today. 

It also noted that the sound of sirens and other types of noise will reach the residents living in the areas surrounding the embassy when these exercises are conducted. 

The embassy said it apologizes for any inconvenience this may cause.  LINK

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Samson:  Nazem reveals joint work with the World Bank on the level of loans and consultations

02/09/2021 18:31:21

Cabinet Spokesman and Minister of Culture, Hassan Nazim, during the weekly press conference:

 
The government received the 2021 budget with amendments from the Parliamentary Finance Committee

Forming a committee in the Council of Ministers to study the budget amendments within two days

There is work to be done for the second part of the projects white paper

The White Paper is a pure Iraqi effort

The Cabinet voted to approve the government's plan for the reform program

There is study and joint work with the World Bank on the level of loans and consultations.  LINK

Don961:  Movement to develop the Iraq Stock Exchange

Tuesday 09 February 2021 Baghdad: Hussein Thahab 

 Empowering the Iraqi market for securities represents the goal of the next stage of the Securities Commission, as the volume of shares circulation is a mirror reflecting the economic activity in the country, and the Commission’s efforts are looking to reach a trading volume of 3 - 5 million dollars per day to be a semi-emerging trading market. 

The head of the Securities Commission, Faisal Al-Haims, said to {Al-Sabah} «There is an active movement to develop the Iraqi market for securities in proportion to the economic potential of Iraq».

Poor circulation

He added, "The reality of stock trading in the market is below the level of ambition, which makes it imperative for us to work on studying the causes of poor trading and moving towards addressing them."

He pointed out that «Iraq has an economy not to be underestimated at the level of the region and the world and has the second oil reserves, and this large wealth in this sector, along with wealth in other sectors, can be more effective and this is positively reflected on the performance of the Iraqi market for securities». 

Re-circulate

He revealed that «the Commission examined the causes of poor circulation and found that a number of companies were suspended due to their failure to make disclosure, and this prompted us to issue decisions based on the reality of the situation that Iraq and the world went through due to the Corona pandemic, which was considered a force majeure, and we were able to re-circulate a number of companies And work continues to look at the reasons for the suspension and address that and return a number of companies to circulation ».

He pointed out that «this measure helped to move inactive funds by re-trading the shares of the suspended companies after raising the reasons and this returned the movement to the reality of stocks».

Maximize circulation

Al-Haims also confirmed, "There are plans to maximize trading and its value, by introducing a daily trading volume of 3 to 5 million dollars, and from here we have a semi-emerging trading market that contributes to attracting foreign investments." Pointing out that «this approach represents one of the most important goals that the Commission is working to achieve during the coming period».

He cautioned that «raising the level of foreign investments in the Iraqi market for securities requires the presence of attracting elements that contribute to this and the most important element of achieving profits by joint-stock companies and making use of price variables in daily trading». 

He explained that «the legal environment for the functioning of the market is appropriate and appropriate for work, especially since the market is not modern and has been operating for a long time, and the country has wealth that makes us have a large stock market».   LINKLINK