More Iraqi News Saturday PM 12-12-20
More Iraqi News Saturday PM 12-12-20
TLM724 Administrator BondLady’s Corner
Al-Haddad: Disrupting the 2021 budget will delay salaries
12/12/2020 Deputy Speaker of Parliament Dr. Bashir Khalil Al-Haddad warned of the government's delay in sending the 2021 budget to Parliament, while he stressed that this would delay the salaries of employees.
He said: "Parliament is awaiting the arrival of the budget from the government to read it and enrich it with discussions until it is voted on."
The Vice President added that "disrupting the budget will have negative repercussions on the financial and economic reality in the country," noting that "this will delay the distribution of employees' salaries during the coming months."
The Media Office of the Vice President of the Iraqi Parliament, Saturday 12 December 2020 LINK
IMF Staff Completes 2020 Article IV Mission With Iraq
End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF's Executive Board for discussion and decision.
December 12, 2020 The COVID-19 pandemic and the sharp decline in oil prices and output have aggravated Iraq’s economic vulnerabilities. Real GDP growth this year is expected to contract by 11 percent amid a sharp widening of fiscal and external imbalances.
A comprehensive package of near-term economic policies anchored in a credible fiscal strategy is needed to overcome the health crisis, ensure economic stability, and protect the vulnerable.
Achieving durable and inclusive growth amid formidable challenges will require wide-ranging structural reforms aimed at strengthening public finances, improving governance, reforming the electricity sector, promoting private sector development, and ensuring financial sector stability.
Washington, DC – December 12, 2020: An International Monetary Fund (IMF) team led by Tokhir Mirzoev held a virtual mission with the Iraqi authorities from November 11 to December 10, to conduct discussions for the 2020 Article IV consultation with Iraq.
At the end of the virtual mission, Mr. Mirzoev issued the following statement:
“The fallout of the COVID-19 pandemic and the sharp decline in oil prices and output have aggravated Iraq's economic vulnerabilities. Real GDP growth is expected at -11 percent in 2020, reflecting a contraction of oil output and an interruption of non-oil economic activity. The sharp decline in oil revenue is expected to widen the fiscal and external current account deficits to 20 and 16 percent of GDP respectively.
“A decisive recalibration of near-term economic policies will be critical to ensure macroeconomic stability and protect the vulnerable. Overcoming the health crisis is the highest priority. The next phase of the pandemic will require additional fiscal resources, including to acquire and distribute widely a viable vaccine, supported by a strong governance framework. A comprehensive policy package to reduce fiscal and external imbalances will be critical to relieve financing constraints and ensure debt sustainability, while safeguarding international reserves.
In this context, fiscal efforts in the 2021 budget should target key areas of fiscal vulnerability, notably reversing the unsustainable expansion of wage and pension bills, reducing inefficient energy subsidies, and raising non-oil revenues. Protecting the vulnerable will be of paramount importance and requires boosting significantly the targeted cash transfers and expanding their coverage, as well as improving targeting of other parts of the social safety net.
“Achieving durable and inclusive medium-term growth amid formidable challenges and vulnerabilities will require sustained implementation of wide-ranging structural reforms. These reforms should aim at strengthening public finances to enable critical health and social expenditure needs, reforming the electricity sector, fighting corruption, and expanding institutional capacity. Uncertain medium-term oil market prospects and strong population growth further raise the urgency of advancing the reform agenda.
“Continued strengthening of public finances over the medium term would create much-needed fiscal space for development and social protection. A comprehensive civil service reform would strengthen the effectiveness of the public sector while reducing fiscal costs.
Recalibration of the pension system is needed to ensure its sustainability. Stemming the electricity sector’s mounting financial losses and reforming the sector will enhance service provision and ensure its financial viability. Overhauling the tax and customs policy and administration will help diversify fiscal revenues. These efforts should be combined with improvements in public financial management and reforms to minimize fiscal risks stemming from government guarantees and other contingent liabilities.
“Addressing governance weaknesses and reducing corruption will be vital for Iraq’s future economic development. Simplification, digitalization, and greater transparency of key public services and institutions would reduce corruption risks, especially in public procurement. Alongside, strengthening audits, improving legal and regulatory frameworks in line with international standards and conventions, expanding capacity for risk-based supervision and enforcing compliance with AML/CFT rules will help strengthen public trust and investor sentiment.
“A decisive strategy to reform the large state-owned banks and level the playing field in the financial sector will enable private sector development and secure financial stability. In addition to strengthening control over these banks’ governance and enhanced supervision, it will be important to perform an international audit of the large state-owned banks to inform options for their restructuring.
“The team exchanged views with senior officials of the Central Bank of Iraq (CBI) and the Ministry of Finance, members of the Parliamentary Finance Committee, as well other ministries, government agencies, and representatives from the civil society.
The IMF team would like to thank the authorities for candid and productive discussions during this mission.”
https://www.imf.org/en/News/Articles/2020/12/13/pr20372-imf-staff-completes-2020-article-iv-mission-with-iraq?cid=em-COM-123-42420
Parliamentary Integrity Identifies Obstacles To Recovering Smuggled Funds
Editing date: 12/12/2020 15:43 • 79 read times [Baghdad-Where] The Parliamentary Integrity Committee identified, on Saturday, obstacles to recovering money smuggled abroad.
A member of the committee, Taha Al-Dafi, according to the official agency, said, "The recovery of the smuggled money is entrusted to the Integrity Commission, specifically in the Recovery Department, but the work of this department was not at the level of corruption and the amount of smuggled money," pointing out that "the main reason for the lack of money recovery is due to lack of cooperation.
Governmental institutions, including the Ministry of Foreign Affairs, the Central Bank and the relevant departments, and the move to conclude important agreements with governments that have provided information about the existence of smuggled money for Iraqi officials in order to recover money and people through the International and Arab Interpol.
Al-Dafa'i added, "There is also an important problem, which is the lack of cooperation from some countries with Iraq in following up the money and people such as Jordan and Lebanon, because these countries benefit from these funds and are present in their banks." Countries and states to which the corrupt fled, as well as the presence of smuggled money and pressure on these countries to hand over fugitives against whom arrest warrants were issued, as well as recover the money. "
He pointed out, "The role of the Integrity Committee is to detect corruption and to deliver news and information, verify them and transfer them to the competent judicial authorities or the Integrity Commission." http://www.alliraqnews.com/modules/news/article.php?storyid=105085
Arar Port Manager: Our Revenues Will Reach One Billion Dollars Annually
Money and business Economy News – Baghdad The director general of the Arar border crossing, Habib Kazem Al-Ali, confirmed that the port will contribute to reviving the local markets, while the port’s revenues are likely to reach one billion dollars during the next year.
Al-Ali said in a statement reported by the official news agency "Conscious" and seen by "Al-Iqtisad News", that "the Arar border crossing with the Kingdom of Saudi Arabia has been officially opened to trade traffic, and it will also be opened to travelers after the completion of international controls for the Corona pandemic as it is the international land line that It passes through Iraq to transport Iraqi pilgrims. "
He added that "the concerned departments have completed all their requirements for the port to operate at 100% and at full capacity for 24 hours," pointing out that "the entering materials are officially authorized, that is, every material they are exported with is on an official import permit, and no material is allowed to enter Without a license or certificate of origin. "
He pointed out that "the port will become a huge institution, and it will provide great job opportunities for the people of the holy provinces of Anbar and Karbala in particular, and for the people of Iraq in general," noting that "customs clearance and transportation companies will be practiced and the establishment of a commercial exchange arena inside Iraqi lands, which is a unique experience, and all work will be conducted." Iraqi hands, which increases the availability of job opportunities. "
He explained that "the volume of revenues will be high and upward in the coming days," stressing that "the port will become a gateway for the Gulf countries and Egypt to export their products and goods to Iraq."
He expected that "the port's revenues will reach one billion dollars next year," pointing out that "the Iraqi exhibitions company has begun to launch import licenses through the Arar border crossing, and will begin to practice commercial activity, and the dispatches enter if goods are shipped from the Saudi side, which showed complete flexibility in dealing." To avoid delays and ease of workflow. "
He pointed out that "the opening of the outlet will contribute to the revitalization of the Iraqi market by providing food, construction, medical, equipment, and car trade materials, and that the Saudi product is a good and competitive product in the Iraqi market," stressing that "the land road is completely secure in front of the movement of cargo shipping, and there are no problems." Or obstacles. " Number of observations 147 Date of addendum 12/12/2020 https://economy-news.net/content.php?id=23092
Iraq Receives Requests From Four Countries To Export Its Agricultural Crops
Money and business Economy News _ Baghdad The Ministry of Agriculture announced, on Saturday, that it had achieved a large surplus in the production of most agricultural crops during 2020, while it confirmed that it had received new requests from Arab countries, Russia, China, Germany and France to export Iraqi crops.
Undersecretary of the Ministry Mahdi Sahar Al-Jubouri said in a statement seen by "Al-Eqtisad News", "The ministry is currently pursuing a policy of exporting surplus agricultural products after achieving self-sufficiency in many crops and agricultural products by implementing a plan to rehabilitate and support the sector that had been destroyed in the past." The areas occupied by ISIS terrorist gangs in 2014 ».
He added, "During the year 2020, the ministry has made great progress in producing crops and agricultural products, as the local product played an important role in the local market, especially with the closure that accompanied the measures to prevent the Corona pandemic, as the Iraqi market did not witness any shortage of food supplies."
Al-Jubouri indicated that "there is a high level of coordination with other government agencies to prevent the smuggling of agricultural goods into the country," explaining that "most of the smuggling operations are through the border outlets in Kurdistan." Number of observations 117 Date of addendum 12/12/2020
https://economy-news.net/content.php?id=23096
Parliament Presidency: Any agreement regarding the region’s oil and its dues that violates the deficit law is considered "null."
Political| 04:00 - 12/12/2020 BAGHDAD - Mawazine News , the First Deputy Speaker of Parliament, Hassan Al-Kaabi, stressed on Saturday that any agreement regarding the oil and dues of the Kurdistan region violates the financial deficit law, is considered null.
Al-Kaabi said, in a brief statement that Mawazine News received a copy of, that "any agreement regarding the oil and dues of the Kurdistan region contradicts what was mentioned in the provisions of the Financial Deficit Law is considered null." https://www.mawazin.net/Details.aspx?jimare=133879
Parliament Presides Over The Oil Agreement With The Region
Time: 12/12/2020 16:04:21 Read: 2,444 times {Baghdad: Al Furat News} The Presidency of the Council of Representatives stated, on Saturday, regarding the oil agreement with the region.
Hassan Karim Al-Kaabi, First Deputy Speaker of Parliament, said in a brief statement that "any" agreement "regarding the oil and dues of the Kurdistan region contradicts what was mentioned in the provisions of the Financial Deficit Law is" null. "
Discussions continued between the center and the region about disbursing the region’s dues and employees ’salaries in exchange for implementing the oil agreement and delivering the region’s oil to the national oil company. LINK
Dollar Exchange Rates In The Local Market
Pratha News Agency128 2020-12-12 The exchange rates of the dollar rose in the main stock markets and local markets, today, Saturday (December 12, 2020).
The Kifah Stock Exchange recorded 127,100 dinars against 100 US dollars, while the exchange rates for last Thursday on the Kifah Stock Exchange were recorded at 126,800 dinars per 100 dollars.
As for the exchange rate in the local market, it also rose, as it was:
Sales price: 127,500 dinars per $ 100. Purchase price: 126,500 dinars per $ 100.
http://burathanews.com/arabic/economic/382288
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