More Iraqi News Sunday PM 11-29-20
More Iraqi News Sunday PM 11-29-20
TLM724 Administrator BondLady’s Corner
The Minister Of Oil Expects A Rise In Oil Prices Early Next Year
Pratha News Agency137 2020-11-29 On Sunday, Oil Minister Ihsan Abdul-Jabbar expected a rise in oil prices in global markets early next year (2021), stressing that Iraq did not ask OPEC to make an exception from the decision to reduce production, and while he confirmed the ministry’s efforts to conclude the first pre-payment sale deal of up to 48 million barrels .
The semi-official Al-Sabah newspaper quoted Abdul-Jabbar as saying, "The production cut agreement approved by the oil-producing countries (OPEC +) achieves the goal of restoring stability and balance to global oil markets," indicating that "the results of the agreement were positive and relatively influential despite The repercussions of the Corona pandemic on the economies of the producing and industrialized countries.
He added, "The keenness of OPEC members to adhere to the determinants of production cuts greatly contributes to the rise in prices to certain levels," noting that "Iraq has not asked OPEC to exclude it from reducing production for fear of a new decline in the price of a barrel in global markets."
Abdul-Jabbar expected that "the price of a barrel will touch $ 50 at the beginning of the year 2021 amid indications of a slight recovery in global demand after the closures to confront the Corona pandemic," stressing that "Iraq is seeking to conclude the first prepayment sale of 48 million barrels of crude oil on the global markets." http://burathanews.com/arabic/economic/381467
The Minister Of Planning Discusses With A Un Official The Mechanisms Of The Trust Fund's Work
Time: 11/29/2020 15:55:31 Read: 676 times (Baghdad: Al Furat News) Minister of Planning Khaled Battal Al-Najm discussed with the Deputy Special Representative of the Secretary-General of the United Nations Irina Solorano, today, Sunday, the mechanisms of work of the Trust Fund for the United Nations Strategic Framework.
In a statement, the Euphrates News received a copy of it, the ministry stated, "Minister of Planning Khaled Battal Al-Najm received Irina Solorano, Deputy Special Representative of the Secretary-General of the United Nations, Resident Coordinator for Humanitarian Affairs in Iraq, and during the meeting a number of issues of common concern were discussed. Within the framework of cooperation between Iraq and the United Nations organizations related to the implementation of the development plan for the United Nations organizations. "
In the meeting, the two parties also discussed the mechanisms of action of the Trust Fund for the United Nations Strategic Framework in Iraq, and the proposals submitted by the Ministry of Planning in this regard. LINK
Parliamentary Finance In Announcing A "Double-Edged" Employee Salaries Are Insured, But ??
Time: 11/29/2020 17:20:20 Read: 3,458 times {Baghdad: Al Furat News} The Parliamentary Finance Committee confirmed, on Sunday, that "the salaries of employees are insured and the government is able to pay them in this way."
A member of the Finance Committee, Ahmed Rashid, told {Al-Furat News} that "any delay in sending the budget bill is reflected in salaries and the government bears its responsibility," stressing that "the government's reluctance to send the budget law has negative consequences for salaries and services in general, because Parliament needs No less than 30 days for the law to be passed. "
And he indicated that "addressing the issue of salaries must be adopted by the government, and it has sufficient funds to provide salaries from oil imports, especially with the recent rise in oil prices." Some financial obligations or postponing them and paying salaries because it is a red line. "
He pointed out that "salaries are the only way to move the market, and the government collects more than 3 billion dollars a month, and these amounts are sufficient to meet the salary allocations, and it is invoking the money to walk other sectors." LINK
The Launch Of The Electronic Collection Project For The Housing Fund
Sunday 29th November 2020 96 Baghdad: Morning The Central Bank launched the electronic collection project for the housing fund.
"This project will contribute to enhancing government resources and collecting them in a safe and transparent environment, by relying on the infrastructure of payment systems and electronic payment platforms provided by the Central Bank and its authorized payment service providers," a bank statement said.
He added, "The project generally targets ministries and collection departments that collect their revenues through bills and fees, especially the Iraqi Housing Fund." This will enable the Housing Fund to automate all lending processes, adopt electronic payment tools and cancel cash transactions, which in turn will help reduce On the shoulders of citizens who are borrowers through speeding up the completion of transactions and using payment platforms instead of attending the housing fund headquarters. LINK
Al-Rafidain Bank Announces The Reason For Closing Its Branches In Dhi Qar, After Rumors Of Its Threat
Time: 11/29/2020 12:29:16 Read: 1,313 times {Baghdad: Al Furat News} Today, Sunday, Al-Rafidain Bank announced the closure of its branches in Dhi Qar Governorate, after the decision to impose a curfew.
The bank’s spokesman, Wissam Muhammad, said in a press interview, that “Al-Rafidain Bank decided to suspend the official working hours in its two branches in the city center of Nasiriyah and the rest of the districts after the governorate police command decided to extend the curfew, and the news that there are threats that may affect the bank’s branches in Sobi Al-Shamiya and Al-Jazeera are untrue. ".
The new Dhi Qar police chief, Major General Odeh Al-Jabri, held a security conference on Saturday, and it was decided to extend the complete curfew and security deployment, to intensify the work of detachments and fixed and mobile patrols, and to provide assistance to humanitarian cases in order to preserve the security and stability of the province. LINK
Economist: Imposing Value-Added Tax On Citizens Is An Economic Crime
Economic and oil expert Dergham Muhammad Ali Money and business Economy News – Baghdad The economist, Dergham Muhammad Ali, considered the government's decision to impose a value-added tax of 12% on citizens as "an economic crime."
Yesterday, Saturday, the Parliamentary Finance Committee presented proposals to address the financial crisis in Iraq, including imposing a value-added tax of 12% on citizens and establishing a national communication company.
In an interview with Al-Eqtisad News, Ali said, "The imposition of value-added tax has no justification at the present time in light of widespread corruption in the state and the deterioration of the public services sector."
He added, "Approving it is an economic crime, as it will raise inflation rates and increase poverty levels among citizens."
He continued, "The government must convince citizens of the taxes it imposes on them by obtaining various services, as well as ensuring that they reach the state treasury and not the pockets of the corrupt." Number of observations 101 Date added 11/29/2020
https://economy-news.net/content.php?id=22924
Finance Announces The Budgets Of The Three Presidencies And Ministries For The Current Year 2020
Sunday 29, November 2020 16:14 | Economical Views: 301 Baghdad / NINA / The Ministry of Finance announced the volume of government spending from the beginning of this year until last September, and the oil and non-oil revenues achieved by the state.
The ministry published the monthly spending report from the beginning of the current year 2020 until last September, which showed that "the volume of government spending for all state institutions, provinces, regions and ministries amounted to more than 51,734 trillion dinars."
The ministry added, according to its report, that "the total budget of the Kurdistan Regional Government amounted to more than two trillion dinars, and the total budget of Parliament reached 313.6 billion dinars, while the total budget of the Presidency of the Republic amounted to 30.2 billion dinars, while the total budget of the Council of Ministers amounted to 3.24 trillion dinars." .
She pointed out that "the Ministry of Finance's spending was the highest of 14.3 trillion dinars, followed by the Ministry of Interior of 8.5 trillion dinars, and then the Ministry of Defense with 5 trillion dinars."
The ministry also published a statistical report with numbers on oil and non-oil revenues, and the percentage of each of them from the total revenues of the current and investment budget, from the beginning of the current year 2020 until the month of last September. ”
According to the ministerial report, the total oil revenues amounted to 35,311 trillion dinars, and the total revenues were not Oil revenues reached 3,129 trillion dinars, and
indicated that "the proportion of oil revenues out of total revenues amounted to 92%, while the percentage of non-oil revenues out of total revenues amounted to only 8%, and the total total of investment budget expenditures amounted to 1,141 trillion dinars." / End 5 https://ninanews.com/Website/News/Details?key=873310
Economic Expert For / NINA /: Iraq Can Fulfill Its Internal And External Obligations Within Ten Years In This Case
Sunday 29, November 2020 10:34 | EconomicalViews: 401 Baghdad / NINA / Economic expert Saleh Al-Hamashi confirmed that: Iraq can fulfill its internal and external obligations for a period of ten years at a price of 80 dollars per barrel of oil.
He said in a statement to the Iraqi National News Agency / NINA / that: Iraq suffers from a double crisis in the decision-making process due to the lack of a database and the lack of a goal, so it is not possible to determine the future needs of the country in light of the population increase of up to 3%, equivalent to about Million people, annually. This greatly complicates the scene in light of the great shortage of services and the increasing indebtedness of the country.
”Al-Hamashi added:“ I believe that the level of 80 dollars per barrel makes Iraq able to fulfill its internal and external obligations for a period of ten years, without any financial surplus for the development process in the country. ”
He explained that: "After ten years of repaying the debt, the souls of the country will have increased by ten million people, which embarrasses the Iraqi finances, and here the government should not rely too much on oil prices, because the probability of high oil prices to record levels in the next phase is very weak, and it must be addressed." The problem is internally through activating the role of the private sector to take its role in a big way to reduce the burden on the public sector. "
It is noteworthy that oil prices began within days to rise relatively to reach the limits of $ 49 a barrel, a level that has not been reached for more than 6 months, after several companies announced the success of their drug against the Corona virus. / End 3 https://ninanews.com/Website/News/Details?key=873242
Parliamentary Finance Reveals Its Own Recommendations
Sunday, 29 November 2020 1:25 PM Classification: Iraqi Post View: 42 Baghdad / National News Center Today, Sunday, the Parliamentary Finance Committee revealed its recommendations, which are represented by a package of reforms consisting of three axes, confirming that the white paper contains reforms that harm the interests of some influential people.
The reporter of the Finance Committee, Ahmed Al-Saffar, said that "the recommendations of the Financial Committee's paper are a package of reforms consisting of three axes, the first relates to maximizing revenues and rationalizing or reducing expenditures, the second relates to re-correcting the course of the fiscal and monetary policy, and the third concerns the general economic policy in Iraq."
He added that "the white paper needs will, boldness and a specialized administration," noting that "the obstacles facing the white paper are political, security and other aspects related to corruption, as the paper aims at reforms that harm the interests of some influential people."
He pointed out that "the Finance Committee needs more than a month, at least, to approve the government's general budget for 2021." https://nnciraq.com/45129/
The Stock Market Begins Its Week On Losses
Iraqi Stock Exchange «Economy News» Market Economy News – Baghdad The bourse started its week with losses by 0.38%, after 11 companies entered the red zone. And 753.1 million shares were traded, worth 1,2 billion dinars.
Eleven companies entered the red zone, led by the shares of the Khazir Company for Construction Materials by 4.83% and the shares of the Karbala Hotels Company by 2.47%.
While the shares of 3 companies rose, during the Sunday session, the shares of the National Bank were advanced by 3.17%, followed by the shares of the Mamoura Real Estate Company by 1.70%. In turn, foreign investors bought 301 million shares, worth 279 million dinars, after executing 69 deals on shares of five companies. Number of observations 161 Date of addendum 11/29/2020
https://economy-news.net/content.php?id=22928
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