More Iraqi News Tuesday PM 1-26-21
More Iraqi News Tuesday PM 1-26-21
TLM724 Administrator BondLady’s Corner
Saleh: Iraq Faces An Arduous Task To Address The Recession Of The Economy
The appearance of Muhammad Saleh Money and business Economy News – Baghdad The financial advisor to the Prime Minister, Dr. Mazhar Muhammad Salih, announced that Iraq faces an arduous task to address the recession in the economy.
Saleh said, in a symposium on the 2021 budget, that "the general budget for 2021 was born in harsh conditions, and public opinion must know it, including a decrease in GDP by 11% with a deficit of 16% in a single-rent country that depends on oil sales to finance its budget in At a time when the Corona pandemic, during the past year 2020, led to a decline in oil prices and a deterioration in the health and economic situation, which required compulsory austerity, halting investment projects, and increasing the area of poverty to 30% of the proportion of the population and adding to them about 10 million new poor, accompanied by a rise in unemployment to 27% of young .
He stressed that "these risks negatively affected Iraq and put it in front of the arduous task of dealing with the economic recession, which is preparing a large budget to avoid a contraction within the Iraqi economy and with a large deficit that allows to provide new job opportunities." Number of observations 5 Date added 01/26/2021 https://economy-news.net/content.php?id=23835
Representative Economy: The Country's Rentier Economy Behind Iraq’s Tendency To Borrow
Money and business Economy News _ Baghdad A member of the Parliamentary Economic Committee, Representative Nada Shaker Jawdat, indicated, on Tuesday, that Iraq's rentier economy is behind its tendency to borrow, noting that corruption and poor planning are eroding the Iraqi economy.
"The government borrowed twice in the budget last year, and there is a request for loans in the 2021 budget," Jawdat said in a press interview, indicating that "the main reason behind this is that Iraq's rentier economy relies on oil to finance its general budget."
She added, "The decline in oil prices due to the Corona pandemic has led to a deterioration of the economic conditions in Iraq, and the existing policies inside Iraq have not activated other economic sectors such as agriculture and industry, which made Iraq's markets open for importation. Therefore, the government resorts to borrowing because the government does not have enough money to walk." Things. "
"The activation of the economic sectors is a task that is not easy and needs time to advance it again," Jawdat emphasized, noting that "Iraq ravages its economy with corruption and poor planning."
The International Monetary Fund said, last Sunday, that Iraq had requested emergency assistance under the Rapid Financing Tool, in a long-term arrangement, to support the planned economic reforms.
Number of observations 74 Date of addendum 01/26/2021
https://economy-news.net/content.php?id=23828
Planning: We Have 44 Committees Regarding The Specifications Of The Construction Materials Industry
Money and business Economy News _ Baghdad The Ministry of Planning announced, on Tuesday, that the Central Organization for Standardization and Quality Control has succeeded in developing specifications for the construction materials industry in the country.
Planning Minister Khaled Najm Al-Battal said in a statement, which "Al-Iktissad News" received a copy of, that "the ministry has succeeded, through the Central Organization for Standardization and Quality Control, in developing specifications for the manufacture of construction materials, especially cement, sand, gravel, and ceramics, in a way that suits the Iraqi environment, according to To European quality standards. "
He added that "there are more than 44 technical committees, which include representatives from ministries, relevant authorities, and universities," stressing that "the trend now is to introduce the economic dimension into Iraqi specifications with the aim of encouraging the local product, while ensuring quality and safety standards, because the greater goal is consumer protection ".
Al-Battal pointed out that "the cement industry in Iraq has witnessed a great development over the past years, in terms of quality and quantity," calling "all state institutions to adopt energy efficiency and thermal insulation standards, with the aim of rationalizing electrical energy consumption." Number of observations 102 Date added 01/26/2021 https://economy-news.net/content.php?id=23833
3 New Decisions From The Kurdistan International Bank
Kurdistan Bank Banks Economy News – Baghdad The Kurdistan International Islamic Bank announced that it will activate deposit boxes to store customers' documents.
The bank said in a document received by "Al-Eqtisad News", that "the Kurdistan International Islamic Bank made deposit boxes of all kinds, small, medium, and large for its customers, so that the precious jewelry and your valuable documents could be stored."
The bank decided, according to the document, "to launch project financing and open documentary credits in exchange for mortgaging the golden records." It also decided to open a new branch in Zakho.
Number of observations 109 Date added 01/26/2021 https://economy-news.net/content.php?id=23827
4 Companies Lead The Stock Market Index To The Upside
Iraq Stock Exchange Market Economy News – Baghdad On Tuesday, four profitable companies led the stock market index to rise by 0.27%.
The Mosul Bank Company topped the winning companies by 7.69%, followed by Al Mamoura Real Estate Company with 7.14%.
While the Petroleum Products Transport Company topped the losing companies with a rate of 6.67%, followed by the Palestine Hotel Company by 3.07%. The session also witnessed the circulation of 244.3 million shares worth 360.8 million dinars. Bank of Baghdad Company topped the traded companies with 44.9 million shares. Number of observations 121 Date added 01/26/2021
https://economy-news.net/content.php?id=23832
Parliamentary Energy: A Meeting This Evening To Raise The Price Of A Barrel Of Oil In The Budget To 50 Dollars
Pratha News Agency73 2021-01-26 The Parliamentary Energy Committee announced, on Tuesday, its intention to raise the price of a barrel of oil in the budget to $ 50 per barrel, indicating that it will approve the final decision in an upcoming meeting this evening that brings it together with the Finance Committee.
A member of the Energy Committee, Zahra Al-Bajari, said, "Oil is high and its price set at 42 dollars per barrel is a great injustice and leaves a large deficit.
She added that "the committee intends to raise its price in the budget and it could reach 50 dollars," noting that "an upcoming meeting this evening will be held by the Parliamentary Energy and Finance Committees to discuss the price that is set per barrel."
Al-Bajari explained that "the price is likely to be set at $ 50 per barrel and the government will be informed of the matter." http://burathanews.com/arabic/economic/385179
Improving The Investment Environment In Iraq
Tuesday, January 26, 2021 65 Baghdad: the pillar of the emirate Adopting national strategies and plans, which contribute to reforming the investment climate, represent a necessity that should be approved by investment authorities in the governorates, provided that they are binding on implementation by ministries, government institutions and oversight, which will be reflected in the development of the economic and investment policy to be the first goal of the desired reform. Arab and International Amr Hisham said: “The investment authorities are required to work to improve the investment climate in the country, especially when relying on the single window in each agency,
Which is supposed to lead to the simplification of all the procedures that the investor goes through in order to complete them, but despite the existence of the investment law and the establishment of the necessary bodies to implement that law, we find a significant decline in the proportion of investments in the country.
Phosphate riches
Hesham added that "phosphate, glass, sulfur and other wealth must have major strategic plans to promote the investment of these wealth by adopting advanced technologies that international investments can supply to the country," noting that "the National Investment Commission must achieve its goals that do the reality of investment in Iraq, including It attracts all international companies wishing to come to the Iraqi market and work to change the reality of the economy, especially as opportunities are available in the sectors of industry, agriculture and tourism, as well as the infrastructure.
The investment climate
In turn, the former Dean of the College of Administration and Economics, Dr. Qusay Al-Jabri, stated that "the investment climate depends on improving the infrastructure of the national economy by stimulating private activity and diversifying its resources, which leads to reducing pressures on financial oil revenues and positively affecting sustainable development."
Al-Jabri said, "Despite the negative impact on the infrastructure, policy-makers would convert that challenge into an opportunity that can be exploited by creating an investment climate and opening the way for foreign and local investment to contribute to rebuilding the infrastructure." The former Dean of the College of Administration and Economics warned that “creating new job opportunities that contribute to reducing unemployment requires major investments in all productive and service sectors, especially since the focus on the industrial sector is very important and industrial investment can be described as successful because of the local market that absorbs production the National".
The World Bank
Al-Jabri explained that “the World Bank believes that the investment climate reflects many spatial factors that constitute investment opportunities and incentives for companies, and that the investment climate represents a political, institutional and organizational environment in which companies operate. The investment climate is also defined as a changing political, economic, legal and social group, and therefore we find The concept of investment climate is an evolving dynamic concept. LINK
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