Monday Afternoon Iraq Economic News Highlights 9-12-22

In 3 Governorates... Integrity: Delay And Poor Implementation Caused The Waste Of One And A Half Billion Public Funds

Economie| 12:15 - 12/09/2022   Baghdad - Mawazine News, the Integrity Commission announced, on Monday, that the Investigation Department carried out seizures of cases of waste of public money and violations in a number of departments in the governorates of Maysan, Wasit and Karbala.

In a statement received by Mawazine News, the department said, "The Maysan Investigation Office team was able, after investigations and audits, to diagnose cases of neglect in two of the municipal departments in the governorate, which led to a waste of public money by more than one billion and two hundred million dinars. "

She explained, "The waste occurred as a result of the failure of the Municipality of Maysan and the Municipality of Majar al-Kabir to collect the amount of (1,202,340,000) billion dinars as compensation from the company executing projects in the city of Hungary, despite the issuance of a decision by the City Court of First Instance to collect the amount for the benefit of the municipal department for the value of the damages it caused. The company on the streets during the implementation of the project.

The department indicated that "two separate seizure operations were carried out in the Wasit Governorate Water Directorate, during the first operation violations and poor implementation of the project to construct a chlorine storage building by the directorate, and the building has not been used until now despite its completion in 2019, which exposes it to damage and extinction, as well as Regarding the poor implementation of the project and the classification of the exchange in the maintenance section, contrary to the instructions,” pointing out that “the Wasit Investigation Office seized the origin of the exchange documents for the project, whose cost amounted to (186,000,000) million dinars.”

She added that, "during the second operation in the Water Directorate, it was revealed that there was an exaggeration in the purchase prices of alum, which was supplied by one of the private public trade companies to the Wasit Water Directorate in the years 2019 and 2022," noting that "the origin of the exchange transactions for the alum that were made was seized." Purchased, amounting to 360 tons.

On the other hand, the department explained that "the work team of the Karbala Investigation Office revealed, during the seizure of priorities for financial violations that occurred in the financial affairs department in the governorate, that there was an exaggeration in the process of dispatching (7) employees of the local administration in the governorate to the Emirates, for the purpose of reviewing the origin of the pipes.

Regarding the project of preparing and implementing the transmission lines for the unified Karbala water project, which is referred for implementation, noting that the amount allocated for dispatch amounted to (119,000,000) million dinars. Ended 29/N33    https://www.mawazin.net/Details.aspx?jimare=205235

Gold Prices And The Dollar Exchange In The Iraqi Market

Economie| 10:08 - 12/09/2022   Baghdad - Mawazine News   The dollar exchange rates witnessed, today, Monday, stability in the Iraqi Stock Exchange.

And the selling prices of the dollar were recorded at 147,900 dinars per 100 dollars, while the purchase prices of the dollar were recorded at 147,800 dinars per 100 dollars.   While gold prices fell, in the local markets.

The price of a 21-carat gold weight, the most widely traded among the public, reached 351 thousand and 895 dinars, excluding the fees of the craftsman.

The price of a gold weight of 24 carat amounted to 402 thousand and 155 dinars, excluding goldsmithing fees. Ended 29/N33   https://www.mawazin.net/Details.aspx?jimare=205216

Integrity Reveals The Formation Of A Coordinating Team To Improve The Work Of Border Crossings[/Size]

Political | 05:07 - 11/09/2022 Baghdad - Mawazine News, the Federal Integrity Commission announced the formation of the Border Ports Coordination Team headed by the Director-General of the Commission's Prevention Department. In order to improve the reality of its work, it is considered a basic pillar of national security.

The Authority's Prevention Department referred to the Prime Minister's directive that the authority should coordinate with the Border Ports Authority to follow up on the implementation of the recommendations issued by the detailed report on the meeting of the two bodies with the authorities operating at the ports, indicating in a report that it had conducted visits to the border crossings and customs authorities; To follow up on the implementation of the recommendations of the detailed report.

In a report prepared by the department on those visits, the department indicated that the authority's proposal regarding the work of the electronic system has been responded to. To prevent corruption and deter spoilers, indicating that the Central Organization for Standardization and Quality Control works with the electronic system of conformity certificates (online) for incoming goods for all licensed companies contracting with the agency, while the General Company for Ports of Iraq is working to implement the electronic management program;

To improve the effectiveness and productivity of the company and achieve the (IMO) requirements for a single window to get the company to the white list, as well as speed up procedures to reduce the time of delivery of goods to beneficiaries, and improve the processes of loading, unloading, payment and electronic collection.

Regarding the authority’s recommendation to switch to an automation system, the Border Ports Authority activated the customs and tax receipt audit program at the ports. To ensure that it is not falsified and to link the customs exemptions program with (the National Investment Authority, the General Authority of Customs, and the General Directorate of Industrial Development in the Ministry of Finance) through a special window for each department;

In addition to activating the electronic certificate of origin program to ensure that the certificate and commercial invoice are sent electronically, and to prevent forgery of transaction documents, the General Authority of Customs embarked on the first phase of implementing the customs procedures automation contract signed with UNCTAD in accordance with the standards International, and the General Tax Authority in coordination with the Ports Authority; To establish mechanisms for working in tax units.

The report monitors work to strengthen the cadres of inspection committees in customs centers to ensure the smooth flow of inspection procedures for goods and job rotation; To prevent abuse of the position, and to ward off suspicion of corruption, he noted the formation of a committee in the General Authority of Customs to inventory containers located in customs centers; To reduce the momentum caused by the accumulation of containers, and to obtain fundamental approvals to be presented to the judicial authorities;

To resolve them and issue decisions to confiscate them, after which, abandoned funds, after the Border Ports Authority obtained the decision (67 of 2022) from the Council of Ministers, which obligated ministries and agencies not affiliated with the Ministry and the governorates to remove the containers from the ports within (30) days, otherwise they are treated as abandoned funds.

And he touched on the efforts of the Integrity Commission and its control over the ports through its investigation and audit teams to strike preemptively through the operations carried out for smuggling cases that constitute a waste of public money, and to ensure compliance with anti-corruption, as well as holding seminars and workshops that contribute to enhancing integrity and combating corruption,

pointing out that All fees collected by the General Company for Ports of Iraq are fees for services costs and real costs performed by the company by contracting with specialized companies in the form of joint operation, provided that part of the revenues and wages are allocated to these companies.

The report stated that the Ministry of Environment had concluded a consultancy contract with one of the companies; For the purpose of setting up radioactive detection gates at the border crossings, to tighten control over the entry of radioactive contaminated materials, upon the invitation of the Integrity Commission, noting that the health teams of the health departments in Baghdad and the governorates have withdrawn samples of the consignments entering through the border crossing points, and sent them to accredited laboratories;

For the purpose of indicating its suitability for human consumption, as for the construction of laboratories for the Central Organization for Standardization and Quality Control, work is carried out according to the contracting program with international companies to carry out the pre-examination; In implementation of the international trade agreements that Iraq seeks to join; To facilitate the process of trade exchange at border crossings in line with international standards and agreements.

And regarding the detailed report’s recommendation to transfer the trade exchange yards between Iraq and the neighboring countries into Iraqi territory for the benefit of the labor market, and for good management and control over the entry of goods, the Ministry of Foreign Affairs approached the Iraqi embassy in Tehran and Amman to inform the competent authorities in the two countries to work on transferring the yards of trade exchange. At the ports of Zurbatiyah, Shalamcheh, Al-Sheeb and Trebil into Iraqi territory.

It is worth noting that the Integrity Commission announced in mid-2021 the recommendations that resulted from the first meeting to discuss ways to improve the work of the border crossings, which was attended by the President of the Federal Financial Supervision Bureau, the President of the Border Ports Authority and the governors of the governorates that host the ports, and the Director General of the General Authority of Customs, pointing to the President’s confirmation The Federal Integrity Commission Judge (Alaa Jawad Al-Saadi) said that border crossings represent one of the most important areas for supplementing countries’ budgets, and a passage for individuals, goods and merchandise, and one of the main fields in maintaining the country’s national security, and an essential pillar of development and facilitating investment opportunities. https://www.mawazin.net/Details.aspx?jimare=205163

With The Settlement Of The Salaries Of 4 Million Employees, The Percentage Of Financial Inclusion In Iraq Has Risen To 33.5%

Posted On2022-09-11 By Sotaliraq    On Sunday, the Association of Iraqi Private Banks announced that the rate of financial inclusion in Iraq has risen to 33.5% as a result of the measures taken by the Central Bank in implementing the financial inclusion strategy.

The Executive Director of the Association of Iraqi Private Banks, Ali Tariq, said in a press statement today, that the percentage of financial inclusion increased from 22.5% during the year 2020 to 33.5%, an increase of about 49% over the year 2020, due to the policy of the Central Bank to support the project to localize employee salaries and increase Opening banking branches, supporting digital transformation operations, electronic wallets, payment points, and ATMs.

He added that the increase in the percentage of financial inclusion is a reflection of the increase in confidence in the banking sector, and thus will reflect positively on growth in the economy in general.

Tariq also indicated that the number of employees who settled their salaries until the end of 2021 amounted to about 4 million employees, which contributed to the number of bank branches reaching 905.

The Executive Director of the Association of Iraqi Private Banks confirmed that the increase in the percentage of financial inclusion is related to focusing on increasing financial transactions for individuals or companies and benefiting from various banking services.

He continued by saying that the volume of electronic wallets grew by 71% over the past year. As well as with a noticeable increase in the volume of deposits and credit provided to various sectors. LINK

Water Resources Implements A New Plan To Feed The Marshes Of The South And Prevent Its Inhabitants From Migrating

Reconstruction and building   Economy News-Baghdad  The Government Media Cell revealed the plan of the Center for the Revitalization of the Iraqi Marshes and Wetlands, which is affiliated with the Ministry of Water Resources, to reduce the effects of the current scarcity on feeding the marshes of the southern governorates, and to prevent the migration and migration of its population of fishermen and buffalo breeders in those areas .

The Director-General of the Marshes Recovery Center Hussein Ali Al-Kinani, in a statement during the visit of the field cell to the Al-Jbayish area in the Dhi Qar governorate, said, "The marshes were affected by the lack of water revenues from the upstream countries in conjunction with the high temperatures for the past three years, which led to the impact of the marshes and areas of inundation significantly.

This prompted the ministry to take urgent measures, including launching plans to reduce the effects of water scarcity, confront drought and limit the impact of the lack of supplies in the marshlands .

He added, "The ministry's plan was for its staff in the Marsh Recovery Center and the maintenance and irrigation departments to expand and deepen the nutrients of the marshes in Dhi Qar Governorate to preserve good quantities of water through available releases,

which are received according to the operational program prepared by the National Center for Water Resources Management, which was approved during a meeting The ministry’s summer plan, which included the deepening and expansion of the Hammar Marsh’s feeders on the right side of the Euphrates River and the central marshes’ feeders from the left Euphrates River in Dhi Qar Governorate .

According to the data, the dredging works and raising the mud deposits are still going on, especially after the expansion and deepening works that the center started to implement at the beginning of this year, where the implemented distance reached 78 km of pathways and streams feeding the marshes,

on the other hand, this coincided with the completion of important stages From the Euphrates River Water Improvement Project adopted by the General Secretariat of the Council of Ministers, where the plan contributed to reducing the percentage of dissolved salts in the Euphrates River in Dhi Qar Governorate by half, to reach the current ratio to (1850) parts per million at the beginning of this month, after it was (3545) part of Million at the beginning of the sixth month of this year .   18 . views   Added 09/12/2022 - 12:37 PM   Update 09/12/2022 - 1:19 PM   https://economy-news.net/content.php?id=29666

Oil Prices Are Declining During Asian Trading

Economie  2022-09-12 | 01:02  742 views  Alsumaria News – Economy Oil prices fell during Asian trading, as expectations of higher interest rates in the United States and Europe to curb inflation, and the strict restrictions imposed by China to combat Covid-19, cast a shadow on the outlook for global demand.

Brent crude futures fell 78 cents, or 0.9 percent, to $ 86.01 a barrel by 0040 GMT, after settling up 4.1 percent on Friday. US West Texas Intermediate crude fell 73 cents, or 0.8 percent, to record $ 92.11 a barrel, after rising by 3.9 percent in the previous session.

Prices were little changed last week due to the balance between the gains from a small supply cut carried out by the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, a group known as OPEC+, and the ongoing COVID-19-related shutdown in China The largest importer of oil in the world.

Chinese demand for oil may shrink for the first time in two decades this year, as the policyBeijingThe goal of eliminating COVID-19 will keep people at home during the holidays and reduce fuel consumption.

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Vivek Dar, an analyst, wrote in  Commonwealth Bank of Australia  In the note "Concerns about demand centered on the impact of higher interest rates to combat inflation and the policy China about zero covid.  LINK