More Iraqi News Tuesday PM 11-17-20
More Iraqi News Tuesday PM 11-17-20
TLM724 Administrator BondLady’s Corner
Minister Of Finance: More Than 450 Actions Must Be Taken To Achieve The Goals And Remedies Of The White Paper
Wednesday 18, November 2020 11:55 | Economical Views: 230 Baghdad / NINA / The Minister of Finance, Ali Abdul Amir Allawi, confirmed that more than 450 measures must be taken to achieve the goals and remedies of the White Paper.
Allawi said during an economic symposium held by the Iraqi Economic Council to discuss the white paper, today that "in the first meetings of the Council of Ministers we agreed to form a committee to address the financial crisis consisting of five people, indicating that the committee began working in cooperation with five other Iraqi experts and was the nucleus of the committee preparing the paper." Al Bayda has 10 people, then expanded to include 40 people. "
Allawi continued, "After the historical narration of the reasons for the deterioration of the economic situation, we began by analyzing the causes of the problem of low productivity of the Iraqi employee and indicating cases of continuous decline in the Iraqi economy until the state became lacking in control of its finances."
He added, "In the result, we reached the approval of more than 450 measures that must be taken to achieve the goals and processes of the white paper, in addition to the presence of annexes that will be issued to the white paper."
https://ninanews.com/Website/News/Details?key=871239
Parliamentary Finance Expects The Date Of Arrival Of The 2021 Budget To Parliament
Time: 11/18/2020 12:26:02 Read: 3,458 times (Baghdad: Al Furat News) A member of the Finance Committee, Ahmed Al-Saffar, said today, Wednesday, that the deficit will be more than 50% of the volume of spending.
Al-Saffar said in an interview with the Euphrates News Agency, "It is assumed that the draft budget will arrive on October 15, and will end in November, and it has not arrived." Al-
Saffar added, " It is expected that the draft budget will arrive in next December."
He also expected that "the proportion of the deficit in the budget will be more than 50% of the volume of spending due to the absence of any reforms and the financial situation in the country is proceeding with borrowing."
The Finance Committee had said earlier that "the total expenditures for the months from September to December 2020 were estimated at 57.8 trillion dinars, of which 53.9 trillion dinars were for current expenditures (93%) and 3.9 trillion dinars for investment expenditures (6.7%)."
Referring to the actual amount required to be borrowed, the committee clarified that according to the Ministry of Finance Book No. 4700 on September 1, 2020, the financing gap for the entire fiscal year 2020 amounts to 70.6 trillion dinars, and 48.9 trillion dinars of this amount have been funded, thus the size of the required financing will reach 21.7 One trillion dinars. LINK
Constitutional Amendments Committee: Five Articles Remaining From The New Amendments And A Sharp Split Due To Article 140
Wednesday 18, November 2020 17:00 | Political Views: 218 Baghdad / NINA / The Parliamentary Committee on Constitutional Amendments disclosed the remaining articles so far in the new amendments that are charged with resolving them.
A member of the committee, Representative Yonadam Kanna, stated, in a statement to the Iraqi National News Agency ( NINA ), that "the remaining constitutional articles so far and still not settled yet, relate to the Federation Council and the provisions of Article 76 regarding the formation of the new government and the description of the bloc winning the elections, as well as Article 140, and the powers of Regions and provinces with the central government. "
He added, "The nature of the ruling regime in Iraq, whether presidential, parliamentary or mixed, is still one of the unresolved constitutional articles, and most likely the system will remain parliamentary as it is currently due to the political blocs' fear of a return to centralization."
Regarding the fate of Article 140 of the Constitution, he explained that "the absence of the two main components, the Arabs and Turkmen, has postponed the meeting to discuss Article 140 to a date that will be determined soon," noting that "the options presented are under discussion and we have not agreed on a final formula regarding them, because some consider the article has expired Officially, on 12/31/2007, and others prepare it as a list because Article 143 stipulated the cancellation of the previous constitution, except for Articles 85 and 53 of it, indicating that "Article 140 is still not repealed in practice, and there is a clear division between amending it or keeping it as it is currently."
The Parliamentary Committee on Constitutional Amendments decided last month to postpone the discussion of Article 140 of the Constitution until a later meeting. / End 5 https://ninanews.com/Website/News/Details?Key=871313
Economic Specialist For / NINA /: $ 12 Billion In Profits From The Sale Of The Currency Auction Due To The Rise Of The Dollar Against The Dinar
Wednesday 18, November 2020 11:00 | Economical Views: 373 Baghdad / NINA / The expert in economic affairs, Hussein Shaker Tahilo, confirmed that the profits of selling the currency auction amount to 12 billion dollars for the beneficiaries due to the high value of the dollar exchange rate against the Iraqi dinar.
In a statement to the Iraqi National News Agency ( NINA ) , Tuhilo said, "The continued rise in the foreign exchange rate in the markets due to an official’s statement entered its third month in the absence of clear and explicit measures by the Central Bank to control the rise, and this would burden the Iraqi citizen and the depreciation of the Iraqi dinar. As for the profits of selling the currency auction, it may reach 12 billion dollars for the beneficiaries as a result of this increase.
He pointed out: "The failure of the central bank to take measures will contribute to the decrease in the value of the dinar further, and the rise of the dollar will continue."
Today the local stock exchange recorded the selling price of the dollar at 125,500 against $ 100 and the purchase price of the dollar 124,500 against $ 100. / https://ninanews.com/Website/News/Details?key=871227
Parliamentary Finance Clarifies The Reality Of Compulsory Saving For Employees In The 2021 Budget
11:25 - 11/18/2020 The information / Baghdad ..Member of the Parliamentary Finance Committee, Thamer Theban, confirmed, on Wednesday, that there is a parliamentary tendency to squeeze high expenditures in some ministries and demand the government to increase revenues, while the fact that there is a proposal to include the 2021 budget of compulsory savings clarified.
"The 2021 budget will witness a reduction in unnecessary expenditures for the sovereign ministries and ministries and those with special degrees, and work to increase revenues," Theban said in a statement to Al-Maaloumah.
He added that "the Parliamentary Finance Committee is working from now on developing a plan to increase the state's resources through border crossings, taxes, telecommunications and other sectors, and not prejudice the salaries of employees, retirees and social welfare."
Theban pointed out that "there is a tendency in the government previously and currently to compulsory saving part of the employees' salaries, and we have stood against any proposal affecting the segment of employees as well as retirees." Compromising salaries./ https://www.almaalomah.com/2020/11/18/505805/
After Discovering Many Irregularities, The Central Bank Is Heading To Seize Control Of The National Bank
Wednesday, 18 November 2020 2:14 PM Post View: 205 Baghdad / National News Center -Informed sources said, Wednesday, that the Central Bank is heading to seize control of the Islamic World Bank, which is headed by Saif Bedir.
The sources said, "Central Bank Governor Mustafa Al-Katib is heading to lay the hand on the Islamic World Bank after discovering many irregularities in dealing with currency auction." Suspect
The Islamic World Bank lacks the elements of a professional bank, as it only has one headquarters and has no modern banking activities and is based only on currency auction transactions. https://nnciraq.com/44622/
Qubad Talabani: The Law On Financing The Fiscal Deficit Brought About Many Problems For The Temporary Agreement Between Baghdad And The Regional Government
Wednesday 18, November 2020 16:44 | Political Views: 185 Sulaymaniyah / NINA / Deputy Prime Minister of the Kurdistan Regional Government Qubad Talabani said: "The content of the federal fiscal deficit financing law and the date for its passage have created many problems for the temporary agreement between the federal government and the regional government, which was until the end of the year 2020.
Talabani added during his meeting with heads of diplomatic missions and representatives of institutions The federal government did not send any financial allocations to the Kurdistan Regional Government during the months of May, June and July, and if the obstacles continue to the end of the year, the Kurdistan Region will remain without financial dues for a period of 6 months.
He explained: “Depriving the Kurdistan region of its financial dues creates economic, social and political problems in Iraq,” stressing: “The Kurdistan Regional Government has committed itself to the demands of the federal government in accordance with the recent agreement, and thus there is no excuse for it to stop the payment of financial allocations to the region’s employees.” / End https://ninanews.com/Website/News/Details?key=871309
The Central Bureau Of Statistics: The Manufacturing Industry In Iraq Does Not Exceed 2% Of The GDP
Money and business Economy News _ Baghdad The Central Bureau of Statistics announced, on Wednesday, that the Corona outbreak has made the manufacturing industry no more than 2% of GDP.
The agency said in a report seen by "Al-Eqtisad News", that "the rapid spread of the Corona virus has negatively affected the economy and worsened, as the manufacturing industry does not constitute more than 2% of its contribution to the gross domestic product," indicating that "the reasons for the decline in the contribution of manufacturing industries It is almost total dependence on oil production. "
The agency added that "because of the disruption of life and the comprehensive curfew that led to the closure of many factories and factories, which was limiting the movement of workers and the inability to reach their workplace, as the number of workers reached 94301, the effect of the production value that reached in the second quarter of the current year 2020 Large industrial 1422 billion dinars. "
He added, "Reducing the curfew and allowing movement between regions to increase the rate of re-starting work in some industrial establishments after the closure period, while adhering to health and safety measures imposed on workers. So the value of production in the third semester became 2136 billion dinars, at an increase rate from the previous quarter, amounting to 46.7%. An increase in the number of employed, which reached 124302 employees.
He pointed out that "comparing the third quarter of 2020 with the third quarter of 2019, we notice an increase in the value of production by 6.4%." Number of observations: 113, date of addendum, 11/18/2020
https://economy-news.net/content.php?id=22761
Oil Invites International Companies To Implement The Faw Refinery Project
Energy Economy News _ Baghdad On Wednesday, the Ministry of Oil invited international companies to participate in the competition to implement the Al-Faw investment refinery project, with a capacity of 300 thousand barrels per day.
Oil Minister Ihsan Abdul-Jabbar Ismail said in a statement that Al-Iqtisad News received a copy of, that the ministry is proceeding with its procedures to re-invite international companies to participate in the implementation of an investment refinery project in Basra Governorate (Al-Faw Investment Refinery) with a capacity of (300) thousand barrels per day in the manner (BOO) ) Or (BOOT) according to the Investment Law in Refineries No. 64 of (2007) and its amendments, "explaining that" the project is one of the large and important strategic projects in the field of sustainable development and the development of the oil industry in the country. "
Ismail added that "the production specifications in the refinery will be environmentally friendly and in conformity with international specifications (EURO_5)," noting that "a petrochemical complex will be added in the future to the project."
Ismail pointed out that "the ministry has many plans and projects in the oil derivatives refining sector to achieve self-sufficiency for local consumption of various types of fuel for citizens and government institutions, and to stop importing petroleum products that cost the state sums of money."
For its part, the Ministry of Studies, Planning and Follow-up Department stated that it "has prepared a portfolio of information for the project with the aim of providing it to companies wishing to participate in the competition for the implementation of the project." Number of observations 104 Date added 11/18/2020 https://economy-news.net/content.php?id=22762
Al-Kazemi: Great Pressure Prevents The Prosecution Of The Corrupt
Council of Ministers headed by Mustafa Al-Kazemi
Money and business Economy News – Baghdad The Prime Minister, Mustafa Al-Kazemi, confirmed that there is great pressure to prevent the prosecution of the corrupt, indicating that there is no cancellation of the Iraqi-Chinese agreement.
Al-Kazemi said, "There is great pressure to prevent the prosecution of corrupt individuals and corruption whales.
Al-Kazemi did not explain what kinds of pressures he is exposed to and what are the parties that put pressure on him.
He added that the country is available for investment to all countries in the world wishing to invest, and we reassure them of extortion, explaining, "The Minister of Finance authorized us to contract with international companies with customs automation." He stressed that there is no cancellation of the Iraqi-Chinese agreement, and it is still valid.
Number of observations 391 Date of addendum 11/17/2020 https://economy-news.net/content.php?id=22745
5 Stocks Cause Losses In The Stock Market
Iraq Stock Exchange
Market Economy News – Baghdad Five losing companies caused the stock market index to drop, on Wednesday, by 0.06%. And during the Wednesday meeting, 410.09 million shares were traded, at a value of 514.4 million dinars.
While the Al-Amin Financial Investment Company led the losing companies by 14.77%, followed by Al-Ataa Bank Company, 12.50%.
The shares of 7 companies provided by the Modern Handicraft Company rose by 2.50% and the meat production and marketing company by 2.20%.
Al-Mansour Pharmaceutical Company’s shares were the most valuable, with shares worth 127.3 million dinars.
Number of observations 82 Date of addendum 11/18/2020 https://economy-news.net/content.php?id=22764
The Dollar Continues To Rise In Iraq
Time: 11/18/2020 14:02:23 Read: 6,266 times {Baghdad: Al Furat News} The exchange rate of the dollar in Iraq increased on Wednesday for the second day in a row.
The exchange rate on the Kifah Stock Exchange reached 1249.5 dinars against the dollar, or 124 thousand and 950 dinars per hundred dollars, while the Al-Harithiya Stock Exchange recorded an increase of 1250 dinars, or 125 thousand dinars for a hundred dollars.
As for the selling price in the money exchange shops in Baghdad, it was 1255 dinars, and the purchase price was 1245 dinars. In Basra, the dollar rose to 1251 dinars, and in Erbil, 1249.5 dinars. LINK
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