More Iraqi News Thursday PM 7-8-21
More Iraqi News Thursday PM 7-8-21
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Parliamentary Demands For The Government To Adopt A Transparent Fiscal Policy Regarding Excess Oil Revenues
Pratha News Agency88 2021-07-08 The Parliamentary Finance Committee called on the government to adopt a financial policy and announce how to dispose of the surplus funds from oil revenues after their prices rose globally, indicating that the increase in revenues should go to address the deficit in the federal budget for the year 2021.
Committee member Shirwan Mirza said in a press statement that "the price of a barrel of oil was set in the budget law at 45 dollars, but prices rose during the time to about 76 dollars."
Merz added, "The government should use the revenues generated by the rise in oil prices to fill the deficit in the budget, and it must also send data on the increase in revenues to the Finance Committee and ways to use it."
He explained that "the government can use the revenues generated by the increase in oil prices to bridge the financial deficit or to hand over the revenues to the Central Bank of Iraq to raise the financial reserve."
International oil prices continue to rise, reaching more than 77 dollars per barrel, while the government estimates prices at about 45 dollars within the current year's budget.
http://burathanews.com/arabic/economic/395794
Oil Prices Fall After Talks With Major Producers Collapse
Economy Thursday, July 8, 2021 | 09:04 AM| Number of readings: 64
Oil prices fell, on Thursday, amid uncertainty over supplies after talks between major producers collapsed this week, which could lead to the abandonment of the current production agreement .
Brent crude futures were down 7 cents at $73.33 a barrel by 05:07 GMT, and US West Texas Intermediate futures were down 23 cents, or 0.32%, at $71.79 a barrel .
Brent prices have fallen nearly 5% since Monday's close after talks between the Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia, known as OPEC+, collapsed when Saudi Arabia, its largest producer, rejected demands from the United Arab Emirates to increase its production .
Three OPEC+ sources said on Wednesday that Russia was trying to mediate between Saudi Arabia and the UAE to help seal a deal to increase oil production. Read more
And prices found some support from the significant decline in oil inventories in the United States, where oil inventories in the largest oil consumer in the world fell by eight million barrels in the week ending in the second of July .
Concerns about the Corona virus affected prices as well, as Japan, the fourth largest oil user in the world, is set to declare a state of emergency for the Tokyo region until August 22 amid a new wave of infections and South Korea reported its highest level ever. Daily COVID-19 cases .
https://aynaliraqnews.com/index.php?aa=news&id22=149461
Parliamentary Finance: The Oil Price Difference Will Save The Treasury 29 Trillion Dinars
Posted On 2021-07-07 By Sotaliraq Baghdad/ Firas Adnan
The Finance Committee in the House of Representatives expected, yesterday, Tuesday, that the oil price difference established in the budget at the end of this year will provide about 29 trillion dinars, indicating that the amount through which the deficit will be covered in full, while I talked about the possibility of achieving an abundance of it that goes to the payment of previous debts, and I spoke There are indications that the price of a barrel will reach in December between 80 to 100 dollars.
The committee's rapporteur, Representative Ahmed Al-Saffar, said, in a statement to Al-Mada, that "all the numbers and data contained in the state budget law are in fact estimates because they have been developed for a future period."
Al-Saffar added, "These numbers may correspond to reality and may differ with it, and in most cases the difference occurs."
He pointed out, "The budget was set in light of the presence of two financial and health crises, accompanied by a drop in oil prices on which Iraq depends by about 93% to feed its revenues."
Al-Saffar explained, "Determining the price of oil is the main influencing factor in the volume of revenues, and it also determines the deficit in the law."
He noted, "The budget was built on the price of a barrel of $45, at a time when the current price was $50, a difference of five dollars."
Al-Saffar continues, "What was approved in the budget, I was at odds with him, because I followed the oil agencies and had a perception that the price of a barrel might reach $100 in December, or between $80 and $90 at the very least."
He believes, "The adoption of a price of $45 was completely contrary to reality and is more conservative than what the economic reality requires, and it would have been better to put it at about $50."
The decision of the Finance Committee stated that "the difference for the current month is about $30, and this figure is able to cover the deficit completely."
He stressed, "The financial deficit in Iraq is illusory and unreal, and as soon as the year ends, this deficit will disappear through the difference in the price of a barrel of oil between what is put in the budget and what is in the markets."
Al-Saffar pointed out that "some years have witnessed a surplus and the reason is the price difference, and Iraq is used to not implementing its budget by 100%, and in the best cases, implementation did not exceed 80%."
He stressed, "The average price difference for the whole of the current year, if we take into account the past months, is estimated at about 22 dollars per barrel."
Al-Saffar continues, "This provides 24 billion dollars, and this amount, according to the current exchange rate, is 29 trillion dinars, while the amount of the deficit is 28 trillion dinars."
And he stated, “If there is any financial abundance from the sale of oil, the financial management law stipulates either that it revolve over the following year in the absence of an intention to present a supplementary budget, or that the government is given powers to use this abundance to finance lagging and stalled projects.”
Al-Saffar continued, "The existing data do not show the possibility of submitting a supplementary budget, because the original budget has not been implemented so far, despite our arrival in the seventh month, and therefore the amounts resulting from the oil price difference will revolve until next year."
Al-Saffar concluded, “The lack of complete implementation of the budget is due to several reasons, the most important of which is its late submission to the House of Representatives, as well as the circumstances that accompanied its legislation leading to its approval at the end of last March, and that it also needs to be approved, and that the issuance of implementation instructions from the Ministry of Finance requests A whole month.”
The House of Representatives voted on the budget on March 31, after a round of discussions, where the Finance Committee described its project as not being a draft law, but rather a financial paper only.
For his part, a member of the committee, Representative Mahmoud Al-Shabki, said in a statement to Al-Mada that "the House of Representatives did well when it did not put paragraphs in the budget authorizing the government to obtain new loans."
Al-Shabki continued, "The price difference will provide us with good amounts, which will help fill the planned budget deficit completely, and the good increase in the price of a barrel of oil has helped us, and we hope that the rise will continue over time."
He stressed, "The increase that will be achieved at the end of the year will be distributed either to cover the deficit in the budget, or it will go to repay previous loans, and therefore we will witness an improvement in the economic situation by about a year."
Al-Shabki hopes that “the government will prepare a budget for the coming year that is commensurate with the current economic situation and according to the developments, and it is not without the problems that we have experienced in our legislation of the current law.”
A government adviser revealed that Iraq's internal and external debts amounted to $113 billion, including $40 billion outstanding debts since the eighties and nineties of the last century, in addition to the accumulation of debts due to the war against the terrorist organization ISIS, and development projects provided by some global funds, and a total of $23 billion payable. LINK
Severe Imprisonment Against Iraqi Bank Officials And Obligating Them To Return More Than 13 Billion Embezzled
Local news Thursday, July 8, 2021 | 02:05 PM| Number of readings: 98
On Thursday, a judicial source announced the issuance of a three-year prison sentence against officials of the Rafidain Bank, obligating them to return more than 13 billion Iraqi dinars that were embezzled .
The source said that as a result of the investigations of the Anti-Corruption Committee, the Karkh Criminal Court/Anti-Corruption decided to sentence the accused, Bahaa Abdul-Hussein Abdul-Hadi, the accused, Afrah Muhammad Abdul Ali, General Manager of Al-Rafidain Bank, and the accused, Walaa Abdul-Jawad Hussein, responsible for smart cards in Al-Rafidain Bank, to severe imprisonment for a period of three years, based on Article 316 in terms of Participation Articles 47, 48 and 49 of the amended Penal Code No. 111 of 1969 .
The source pointed out that the aforementioned convicts are obligated to return the embezzled amount of 13173696096 (thirteen billion, one hundred and seventy-three million, six hundred and ninety-six thousand Iraqi dinars ).
The source added that it was decided to notify the judiciary that the investigation was completed on the damage resulting from the acquisition of the profits of Rafidain Bank as a result of the contribution with Key Card Company for the period from 2013 to 2019. https://aynaliraqnews.com/index.php?aa=news&id22=149484
Severe Imprisonment For Three People In The "Key Card" Company
Pratha News Agency113 2021-07-08 Today, Thursday, the Karkh Anti-Corruption Criminal Court decided to sentence Bahaa Abdel-Hussein Abdel-Hadi, Afrah Mohamed Abdel-Ali and Walaa Abdel-Gawad Hussein, employees of the "Key Card" company, to severe imprisonment for three years as a result of their involvement in embezzling a large sum of money.
A judicial source said that "as a result of the Anti-Corruption Committee's investigations, the Karkh Criminal Court / Anti-Corruption decided to sentence Bahaa Abdul-Hussein Abdul-Hadi, Afrah Muhammad Abdul Ali, General Manager of Al-Rafidain Bank, and Walaa Abdul-Jawad Hussain, responsible for smart cards in Al-Rafidain Bank, to severe imprisonment for three years based on Article 316 In light of Articles of Participation 47, 48 and 49 of the amended Penal Code No. 111 of 1969.
He added that "the court obligated the convicted persons to return the embezzled amount of 13173696096 billion Iraqi dinars, as well as notifying the judiciary to complete the investigation of the damage resulting from the acquisition of the profits of the Rafidain Bank as a result of the contribution with Key Card Company for the period from 2013 to 2019". And he continued, "This ruling is considered the second for Bahaa Abdel Hussein http://burathanews.com/arabic/news/395793
The Iraqi Government Approves 50 Billion Dinars In Lending To Electricity Companies
Energy Economy News _ Baghdad The Cabinet decided to lend to the companies of the Ministry of Electricity to improve the reality of the national grid system in the country.
The Council of Ministers decided in its twenty-sixth regular session, held on 6/7/2021, the following:
Lending to profitable Ministry of Oil companies and Ministry of Electricity companies an amount of (50 billion) fifty billion dinars; To improve the reality of the electrical system, provided that the amount is paid after one year.
The council also agreed to allocate the Ministry of Finance two billion dinars to the Karbala governorate to secure the expenses of the Arafa visit.
The Council of Ministers, in its twenty-sixth regular session held on 6/7/2021, approved the allocation of the Ministry of Finance an amount of (200,000,000) two billion dinars to the Karbala governorate from the emergency reserve.
comes the decision; For the purpose of securing the expenses of visiting Arafa and providing the service to the visitors, based on the provisions of Article (5) of the Federal Budget Law for the fiscal year / 2021.
Views 142 Date Added 07/08/2021 https://economy-news.net/content.php?id=25653
Official Statistics: More Than Two Million Iraqi Families Suffer From Poverty
Pratha News Agency99 2021-07-08 The Ministry of Planning revealed that there are more than two million Iraqi families suffering from poverty, while confirming the imminent launch of the recovery and reform plan.
Ministry spokesman Abdul-Zahra Al-Hindawi said in a press interview that "indicators always tend to increase the poverty rate," noting that "the poverty rate has increased by a large percentage as a result of the Corona epidemic and the decline in oil prices."
Al-Hindawi explained, "The poverty line means 130 thousand dinars per person," noting that "the recovery and reform plan will be launched in the coming days."
A planning spokesman revealed that "there are more than two million families suffering from poverty in Iraq," noting that "the conditions that Iraq is going through have disrupted poverty reduction policies."
http://burathanews.com/arabic/news/395805
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