More Iraqi News Late Thursday PM 10-14-21
More Iraqi News Late Thursday PM 10-14-21
TLM724 Administrator BondLady’s Corner
Improvement In Government Spending Capabilities {Without Financial Hardship}
Thursday, October 14, 2021 151 Baghdad: Haider Falih Al-Rubaie , the financial advisor in the Prime Ministry, Dr. Mazhar Muhammad Salih, confirmed that Iraq has been able to improve the capabilities of aggregate demand, or government spending {without financial hardship}, pointing out that this is one of the convenient indicators in moving The machine of economic activity, while noting that this improvement was positively reflected in the degree of growth in the gross domestic product.
The World Bank announced last week that the gross domestic product in Iraq grew by 0.9% on an annual basis in the first half of 2021, noting that {the growth The economy in Iraq is gradually recovering after the downturn associated with the epidemic last year, partly due to the rise in non-oil activity,” he said, expecting that “improving global oil market conditions will enhance growth in the medium term, and transform public and external financial balances into surpluses from 2021, The recent rise will be reflected in debts.
Dr. Salih said in an interview with {Al-Sabah}, {Iraq was able to Improving the capabilities of aggregate demand or government spending in particular without financial hardship, which is one of the convenient indicators in moving the machinery of economic activity and addressing the problems of regression towards economic stagnation.”
pointing out that {the development of government spending in the year 2021 (which constitutes 50% of Iraq's GDP) was positively reflected in the degree of GDP growth itself to touch slightly less than (positive 1%). After the growth index itself recorded a negative deterioration in 2020, it reached more than (minus 9.5).
The financial advisor believes that these economic indicators indicate that the unemployed sectors in the labor and production market are in a better operational position, as actual unemployment decreased from approximately 23% in 2020 to approximately 14% currently, in addition to the relative decline in poverty levels.
Salih pointed out that {the continuation of stability in the Iraqi economy in a sustainable manner in the next year, 2022, the aspiration will be towards achieving levels of growth in the gross domestic product, which may exceed the level of annual population growth currently amounting to 2 6% due to the development of investment spending, expecting at the same time that {the level of growth will reach about 4% or more}.
Saleh explained that these positive indicators mean {there is a decrease in unemployment levels and an increase in unemployment. Investment spending, both governmental and private, in order to achieve higher levels of economic growth for our country.
In turn, the World Bank said in a report, that {the gross domestic product of Iraq grew in the first half of 2021, by 0.9% over YoY basis (YoY), the non-oil economy grew by more than 21% in the first half of 2011 (YoY) due to the strong performance in the oil sector. services services}, noting that {this recovery exceeded the slowdown in the oil sector, with a decrease of 10% in the first half of 2121.
The new (Covid-19) and climate change challenges are major headwinds}, expecting the economy to gradually recover against the backdrop of high oil prices and OPEC + production quotas that are scheduled to be phased out in 2022, and therefore oil GDP will be the main engine of growth in the long term average}.
https://alsabaah.iq/56059/
Commerce Reveals New Procedures To Help Foreign Investors And Companies
Ministry of Commerce logo Finance and Business Economy News – Baghdad The Ministry of Commerce announced, on Thursday, work on the automation system to facilitate procedures The auditors, while indicating that it had taken measures to reduce the burden on investment companies.
The Ministry of Commerce's spokesman, Muhammad Hanoun, said, "The Ministry of Commerce, through the issuance of import licenses and the work of the Companies Registration Department, was able to provide transparent and clear procedures to help investors, businessmen and foreign companies to issue Licenses for these companies, whether public or private, as well as for branches of international investment companies in Baghdad and the governorates,” according to “NAA.”
And Hanoun added: “We are now working on the automation system and facilitating the task of auditors for the Companies Registration Department and the General Company for Exhibitions and Commercial Services,
A few days ago, we agreed with an electronic payment company in order to help these companies pay through the use of electronic technologies, and thus we facilitated a lot of audits and deadly routines that were taking place in previous years.
In easing the burden on investment companies to obtain opportunities inside Iraq, as well as import licenses for materials entering Iraq through border gates and ports.”
Number of views 24 Date of addition 10/14/2021 https://economy-news.net/content.php?id=26593
Local Production Constitutes 50% Of The Food Basket Items
Thursday, October 14, 2021 69 Baghdad: Suha Al-Sheikhly The shares of local production of materials, in the food basket distributed by the Ministry of Trade, at a rate of 50%, and the national food industry now provides 40% of the hard currency, after it used to go to import the items of the ration, which became It is distributed by six portions annually, and the flour is distributed in ten portions, that is, every 35 days, flour alone, but its cost is one billion dollars and it consists of seven materials, three of which are local, including rice.
Basket Vocabulary
Associate Director General of Oversight The Finance Ministry in the Ministry of Trade, Engineer Malik Abdullah, spoke about the number of food basket items, saying that {there are (7) materials, some of them are local production and others are imported, three of these materials are local production, and they include sugar, oil, flour and rice, two parts are imported (basmati and Indian) as well as (pure) rice. and Thai) imported}
and explained to (Al-Sabah), {As for the local, it is amber and jasmine, and their production is small, and that the local production constitutes 50% of the basket’s items, and also provides the local production. Ornament 40% of the hard currency, and the food basket costs one billion dollars annually and is distributed with six rations annually of foodstuffs and is distributed among the poorest areas according to the schedules of the Ministry of Planning.
Vegetable Oils
on his part. The Director General of the Technical Department at the Ministry of Industry, which supervises public sector companies, Engineer Nasser Idris Al-Madani, said that {the contribution of a number of the ministry’s companies to supplying the food basket distributed by the Ministry of Trade is represented by vegetable oils produced by Baghdad and Maysan factories, within a short-term plan}.
Al-Madani added in a statement to (Al-Sabah), {This plan will be completed after completing the rehabilitation and operation of our laboratories, and at that time we will have contracts with the Ministry of Commerce for the continuous contribution to the food basket}.
Investment Plan
Al-Madani continued {As for sugar, the factory is presented within the investment plan, and there are specialized international and local companies willing to invest, and within a year we will organize the processing of the ration card with sugar}, noting that {Our contribution to supplying oil is small, amounting to (500) tons to the Ministry of Commerce out of (800) tons, and that the need is great and increasing for this item}.
He indicated that {this production is from the Ali Al-Hadi plant in Maysan, and in If it is fully rehabilitated, it will produce annually between 50-80 thousand tons, as a filling, and will achieve 20% of the need for the Ministry of Trade,” adding,
“Through the partnership contract with the Russian company (Quanzhou), we can cover the need for the basket of oil, the brand of the girl, besides A private sector company that also contributed to supplying the food basket.
It is noteworthy that the food basket materials recently distributed by the Ministry of Trade, were of good quality, whether imported from them or locally made, and they were approved by the citizens.
https://alsabaah.iq/56061/
Traffic Agrees With Kurdistan To Unify Vehicle Plates
Thursday, October 14, 2021 190 Baghdad: Jinan Al-Asadi The General Traffic Directorate of the Ministry of Interior is preparing to conclude a contract with an international company to implement a project to standardize vehicle plates in English in coordination with the Kurdistan Region. In coordination with the Kurdistan region, it includes the standardization of vehicle numbers in the English language, as is the case in all countries.”
He stated that “the new digital plates will be the size of the previous plates and the same colors, white for private, red for taxi, blue for government, and green for the army, as well as It includes a specific code (code) for each governorate that is used instead of its name.”
Al-Rubaie pointed out that “the Ministry of Interior is preparing to conclude a contract with an international company specialized in panels to open a production line for it in Baghdad to ensure the speedy completion of work and granting it within a record time.” For the owner of the vehicle, as well as avoiding the financial differences that the line will provide in the event that the plates are printed abroad.”
https://alsabaah.iq/56085/المرور-تتفق-مع-كردستان-على-توحيد-لوحات-المركبات
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