More Iraqi News Sunday PM 11-14-21
More Iraqi News Sunday PM 11-14-21
TLM724 Administrator BondLady’s Corner
Al-Kazemi's advisor: Oil prices will continue to rise over the next two years
Energy Economy News _ Baghdad On Sunday, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, suggested that oil prices will continue to rise globally over the next two years.
Saleh said, in a press interview, that "oil prices will continue to rise throughout 2022 and 2023," attributing this to "the reaction due to the closure of the global economy caused by the Corona pandemic."
He added, "The openness of the economy and the recovery of its health, will lead to higher energy consumption, than its precautions, as well as its new stocks," noting that "there are investments withdrawn, which leads to the maintenance of demand for oil and gas," explaining that it "may exceed $100 per barrel."
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Iraq Expects Oil Price At $100
Sunday, 14 November 2021 9:22 AM Baghdad/National News Center The economic and financial advisor to the Prime Minister, Mazhar Muhammad Salih, suggested the continuation of the rise in global oil prices during the next two years.
Saleh said, "Oil prices will continue to rise throughout 2022 and 2023, attributing this to the reaction due to the closure of the global economy caused by the Corona pandemic."
He added, "The openness of the economy and the recovery of its health, will lead to a rise in energy consumption, as well as to its new precautions and stocks."
And he indicated that "there are investments that have been withdrawn, which leads to the maintenance of demand for oil and gas," explaining that it "may exceed $100." https://nnciraq.com/101568/
National Oil Seeks To Boost Proven Reserves
Sun 14 November 2021 228 Baghdad: morning Yesterday, Saturday, the National Oil Company of the Ministry of Oil held a meeting to discuss several files, including ways to enhance the proven reserves of oil and gas.
The ministry stated, in a statement, that "the National Oil Company held a meeting headed by Oil Minister Ihsan Abdul-Jabbar Ismail, head of the company, and in the presence of the two vice presidents, members of the council and officials of oil companies," noting that "the meeting's agenda included discussing mechanisms for updating the 2015 National Energy Strategy, including It is in line with the directions and plans of the national oil in developing the oil industry in Iraq, and the changes and expectations in the global energy markets.”
The statement added: "Also, during this meeting, the company's plans to increase exploratory drilling activity in order to increase and enhance the proven reserves of oil and gas were discussed."
He added, "In order to accelerate the development of the crutch gas field in the Western Desert of Anbar Governorate, the meeting discussed plans to start operating the crutch gas field by the national effort as a first stage to enhance gas supplies, in preparation for attracting global investments in this framework." LINK
Planning: Census Data Includes All Sectors Of Development And The Economy
Sunday 14 November 2021 156 Baghdad: Suha Al-Sheikhly The census is very important for development, because it gives a detailed, comprehensive and complete picture of the reality of life. It will also provide accurate and reliable indicators of the overall life. According to the official spokesman for the Ministry of Planning, Abdul-Zahra Al-Hindawi, such indicators are needed to draw up policies and long-term development plans. Al-Hindawi added to Al-Sabah: "Since 1997, Iraq has not witnessed a comprehensive population census.
This has created a huge gap in the lack of comprehensive and complete data.”
Al-Hindawi stressed, "The necessity and need to start a population census, so that development plans are based on real, sound and realistic indicators. The more they are, the more we can meet the requirements of life and change reality for the better."
He pointed out that {the implementation of the census will be in the field and will include all families throughout Iraq, and that each family will pass the census more than once, and all data related to the family, individuals or public life will be recorded, and these data will give us complete details and a true picture of reality.”
And he indicated that {the census was previously carried out in one day, preceded by procedures and stages of work to implement the numbering and inventory operations, and then the census teams will come}. He pointed out that "the current trend is for the census to be more than one day so that it does not affect people's lives, and it will be electronic and not paper," noting that "the data is not limited to a specific sector, but includes all sectors of development and the economy."
Feasibility
Obtaining accurate numbers and basic information for planning in a scientific and accurate manner cannot be without a census showing the number of skilled and unskilled workers, upon which the five-year economic plan is built. In turn, the economic affairs specialist, Basem Antoine, confirmed to Al-Sabah: “In order to determine the economic feasibility of the census, it must be carried out according to a precise sequence of a large indicator to build the foundations of the economy, but if it is an estimate, then this Difficult}.
Tax and fines
Antoine continued, {In Iraq, the citizen is afraid to give accurate numbers because he imagines that he will be held accountable for the income tax, or the imposition of fines, and accordingly the census must be accurate}, explaining that {years ago he announced the preparation for the census, but it was postponed because there were no allocations, which necessitates that The census is not subject to moods because it is purely economic and achieves sustainable development for the country.
He pointed out that “Achieving good economic growth and sustainable development requires the provision of a population survey and census that shows the number of males, females, and rural or city workers, and the number of cars, homes, families, health, education, to determine the real poverty rate and the situation plans to reduce it.
And Antoine added, "There were large population increases that were previously
3%, but it decreased to 2.6%, and the increase is large in the countryside,” adding that “the importance of the population census is great, and in order to build a healthy society, there must be figures proportional to the revenues to achieve growth in the gross domestic product, and that the calculations be accurate, and that all the forces of society participate in the census. To reach accurate results that lead to real development, not just growth, but sustainable development.” LINK
Building Sound Financial Institutions
Sunday 14 November 2021 193 Yasser Al-Metwally Fingers are pointed at the banks that they do not perform their role as stipulated by the objectives of their establishment, meaning; There are shortcomings in providing the required banking services.
These accusations come at a time when developed and even developing countries rely on them, and I mean banks in achieving sustainable economic development.
This had its reasons, as things deteriorated after the loss of trust between the banks and the public of depositors on the one hand, and between the banks and borrowers on the other, with the banks’ departure from playing their required role in development, which led some to describe them as shops.
Now that the banks have recovered from this dilemma after their attempts to restore confidence in the borrowers public through strict guarantees, they took the initiative to play their role gradually in this aspect.
The most important thing is to know that the official reports indicate that 90% of the cash mass is hoarded by its owners (in the homes), meaning that the role of banks is weak due to the lack of the flow of savings and personal deposits that enable them to expand credits to support development projects.
In addition, government deposits are confined to public banks, which means restricting the role of banks.. This phenomenon was noticed by the monetary institution and responded to it by permitting the establishment of a company to guarantee deposits, which is supposed to encourage citizens to deposit their money in banks and get rid of the risks of hoarding such as damage, theft and loss of value.
Returning to the title of our article, how do we build sound financial institutions?
This fledgling institution is a model for institutional building that can be relied upon by increasing banking awareness and banking culture to encourage
The citizen has to deposit his savings in banks with the aim of investing them in the implementation of development projects with compound interest. The benefit belongs to depositors and banks develop their credit capabilities.
As well as supporting the stock exchange by raising the trading of bank shares, which were achieving the highest profits, and thus we develop the speed of capital turnover, which contributes to creating financial revenues and its diversity.
Here we make a note on the company’s management that its marketing to banks is weak, and this is one of its most important duties, and this requires presenting data on the company’s impact on deposits in banks and indicating its percentage and the percentage of investment of these deposits in development programs in all transparency and clarity, so that researchers and those interested in economic affairs can obtain indicators
The company’s success is to help them enlighten the economic decision makers with the requirements of development on the one hand, and it is also a way to spread banking culture and encourage citizens to deposit their savings. Thus, we have presented one of the most important pillars of a sober financial institutional building. The company needs strong media and relations capable of attracting the public so that the interest is compound and the return is common to all, and the banks should create incentives in order to attract the public of depositors.
Finally, we record some drawbacks in the weakness of the banking awareness departments of some banks for not choosing young scientific media competencies capable of persuading the public. LINK
Approval of the creation of a component (letter of guarantee entitlements)
Sunday 14 November 2021 17:18 | economic Number of readings: 48 Baghdad / NINA / - The Ministry of Finance has agreed to create a component entitled (Letters of Guarantee entitlements) or increase the costs of projects, equivalent to the entitlements and for each project separately according to its nature, in order to resolve and address the compensation file in Article 51 first of the Federal General Budget Law No. 1 of 2019. /finished5 https://ninanews.com/Website/News/Details?key=939050
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