More Iraqi News Wednesday PM 1-20-21
More Iraqi News Wednesday PM 1-20-21
TLM724 Administrator BondLady’s Corner
Parliamentary Finance: The Budget Will Be Ready Next Week
Money and business Economy News _ Baghdad The Parliamentary Finance Committee confirmed, on Wednesday, that the draft federal budget law for 2021 will be ready next week, while indicating the continuation of discussions on the budget. A member of the Parliamentary Finance Committee, Sherwan Mirza, said in a press interview, that the Finance Committee is continuing to discuss the draft federal budget law for 2021 with the relevant ministries and government agencies.
He added that the Finance Committee holds about 10 daily meetings with government agencies, stressing that the committee has received all observations and proposals on the budget.
He explained that the Finance Committee will start amending the budget as of next week, and I think that the bill will be ready for voting during the next week. Number of observations 221 date of addition 01/20/2021 https://economy-news.net/content.php?id=23722
The American Credit Rating .. Iraq Is Among The Countries With The Highest Political And Economic Risk
The Baghdad Post Wednesday, January 20, 2021 3:01 PM The American insurance agency AM Best ranked Iraq among the most dangerous countries in the political, economic and financial fields.
The agency’s special report on Iraq came within the framework of "risk reports" related to 138 countries around the world, in which risk levels are determined for each country, in a way that serves international insurance companies to fulfill their financial obligations, based on a study and evaluation of all factors that directly or indirectly affect the insurance sector. And it is done by classifying countries according to their danger, as Iraq was classified among the most dangerous countries (CRT5), meaning that it poses a great risk to the financial stability of the guarantors.
The report stated that Iraq falls within the level of the highest risk countries, based on measures of the economy, politics and the financial system.
While the GDP growth during the year 2019 was 4.4%, it is expected that the outcome of a decline of 12% in the year 2020, which is an economic decline due to the measures taken to limit the spread of the Corona epidemic and the collapse of oil prices.
Among the countries that pose a high risk, a map published by the agency shows countries such as Iraq , Egypt, Libya, Algeria, Lebanon, Ethiopia, Kenya and Nigeria.
In a depiction of the regional scene, the agency's report said that the global collapse of oil prices in 2020 was a "big shock" for the region, given that many of the economies of their countries depend on the export of oil and gas.
The agency believed that the social and political unrest in the region may escalate, especially in countries suffering from limited resources that cannot provide incentives. She added that countries such as Saudi Arabia, the UAE, Kuwait and Qatar can absorb the economic cost of the epidemic, but other countries, such as Algeria, Tunisia and Lebanon, have less room for maneuver. The situation in Lebanon constitutes a particular instability.
She noted that many of the currencies of the region's countries are linked to the US dollar, which limits the ability of financial policies to deal with the crisis.
On the economic risks in Iraq, the report stated that "the Iraqi economy is severely lacking in diversity, and relies heavily on the oil sector," adding that the Corona epidemic has exacerbated the country's economic exposure. The decline in oil prices and incomes led to greater pressure on the financial situation of the country, exacerbating the deficit to reach 20% and 16% of the gross domestic product.
Because of Iraq's strained relations with major Western countries, it is likely that it will not receive a large volume of foreign aid. The central bank established a fund to collect donations from financial institutions and raise the equivalent of $ 37 million to confront the Corona epidemic.
And he considered that inflation may worsen in the medium term, despite the decline in domestic demand and the devaluation of the national currency, which kept inflation at 1% during the year 2020.
According to the International Monetary Fund, addressing the weakness of the government and reducing corruption will be vital for the future development Economic.
As for political risks, the report mentioned that government stability is under great pressure in light of the epidemic, noting that the waves of demonstrators who protested, while the risks, including those related to non-payment of salaries, have increased due to the inability of Mustafa Al-Kazemi's government to collect enough Of revenue.
He believed that widespread corruption remains an important element, and Iraq ranks 162 out of 198 countries in Transparency International.
As for the risks of missile attacks on US military and diplomatic bases, by "militias" linked to the Popular Mobilization Forces, they have increased. In addition, it is likely that ISIS will take advantage of the partial withdrawal of US forces and escalate its attacks against security forces and energy sites in Iraq.
The agency also classified the Iraqi financial system as suffering high risks. She indicated that the central bank helped to stabilize the economy by financing and supporting small and medium enterprises.
According to the International Monetary Fund, a decisive strategy to reform the large state-owned banks and settle issues in the financial sector will promote private sector development and provide financial stability.
AM Best agency was established in the year 1899 in New York City, with branches around the world including London, Dubai, Amsterdam, Hong Kong, Singapore and Mexico City. In addition to its primary work in the insurance sector, the agency publishes news reports and analysis of information related to the insurance sector. LINK
Imprisonment For The Director General Of The Window In The Investment Authority, Confiscation Of His Money And Dismissal From His Position
Author: Ahad6 On 1/20/2021 - 11:47 AM 116 The Misdemeanor Court of Integrity sentenced the convict (Saad Jamil Huwaidi) to a 4-year prison sentence, confiscating his money and dismissing him from his post. LINK
The Central Bank Cancels Two Previous Decisions Pertaining To The Sharia Committee In Islamic Banks
Banks Economy News _ Baghdad The Board of Directors of the Central Bank of Iraq decided to cancel two decisions (112) of 2020, which include amending paragraph (2) of the conditions for independence of the controls of the Sharia advisory committee, and resolution (136) of 2019 that includes the approval of the controls of the Sharia advisory committee in its final form.
The bank published documents on its website that Al-Eqtisad News reviewed. The bank’s board of directors, in its Resolution No. (213) for the year 2020, canceled two resolutions (112) for the year 2020, which include amending Paragraph (2) of the conditions for independence of the controls of the Sharia Advisory Committee, and Resolution (136). For the year 2019, which includes approval of the Sharia advisory committee's controls in their final form, and the previous decisions that are related to the subject, and is satisfied with relying on international standards for deciding on Sharia Islamic banking products and developing the capabilities of the functional staff of the Sharia Supervision Division in the Islamic Banking Supervision Department.
The controls of appointment of the Sharia advisory committee included:
First - To have legal capacity, to be a fit and qualified person according to what was stated in the Banking Law No. (24) of 2004, and to not be an article by any institution inside and outside Iraq for reasons related to job behavior.
Second - That he is at least 40 years old.
Third - To have a doctorate in transactional jurisprudence, Islamic finance, or Islamic economics.
Fourth - He must have experience of no less than (5) years in the field of issuing fatwas and legal rulings.
Number of observations 116 Date of addendum 01/20/2021 https://economy-news.net/content.php?id=23720
Iraq Is The Third Largest Oil Exporter To China In 2020
Energy Economy News _ Baghdad Chinese government data showed, on Wednesday, that Iraq ranked third as the largest oil exporter to China during the past year 2020.
According to the data reviewed by Al-Eqtisad News, the Chinese demand for oil remained strong last year even with the spread of the Covid-19 pandemic, as it imported 542.4 million tons during 2020, or the equivalent of 10.85 million barrels per day, with an increase of 7.3% from the previous year, Note that one ton equals approximately 7 barrels.
She explained that Iraq's oil exports rose to China during the past year 2020 by 16.1 percent to 60.12 million tons, or about 715 thousand barrels per day, in 2020 compared to the previous year, to occupy the third largest supplier of oil to China.
She added that "Saudi Arabia ranked first in oil exports to China during the past year, reaching 84.92 million tons, or about 1.69 million barrels per day, an increase of 1.9 percent over the previous year."
She noted that Russia came in second place, with shipments of 83.57 million tons, or 1.67 million barrels per day, an increase of 7.6% over 2019. Number of observations 78 Date added 01/20/2021 https://economy-news.net/content.php?id=23717
40 Korean Experts To Implement The Major FAO Project
Economie| 09:42 - 01/20/2021 BAGHDAD - Mawazine News The Korean company assigned to it will start its work soon after the completion of some administrative and financial procedures, and the presence of 40 Korean experts to complete the project, at a time when the Ministry of Transport warned that the rail link currently with neighboring countries will cause great damage to the country's ports.
The General Director of the General Company for Iraq Ports affiliated to the Ministry of Transport, Farhan Muhaisen Al-Fartousi, said, according to official media, that "the Korean company will actually start work at Al-Faw Port during the next few weeks, that is, after the completion of administrative procedures with the follow-up of the Minister of Transport and the Director of Planning, and confirmation of allocating an amount 400 billion dinars for the port company’s account, after which the funds would be opened directly, stressing that “this matter has become almost conclusive.”
Al-Fartousi added, "The Korean company asked to start work several days ago to conduct tests for the soil at the bottom of the Khor Al-Zubair Canal, in cooperation with the Director of Navigation for the Khor Al-Zubair region, by introducing some marine vessels to carry out this operation, but this matter requires controlling the movement of ships in the region To avoid any accidents. " https://www.mawazin.net/Details.aspx?jimare=138554
Iraq Tops The First Place In The Arab World In Terms Of Activity And Trading
Economie| 02:32 - 01/20/2021 Baghdad - Mawazine News The Arab Monetary Fund announced, on Wednesday, that Iraq ranked first in the Arab world in terms of activity and trading.
"The announcement was made by the Arab Monetary Fund in its latest statistics. Iraq is ranked first in the Arab world for the first time in many years in terms of the change in the percentage of activity and trading." A43 https://www.mawazin.net/Details.aspx?jimare=138611
Iraq ... A Plan To Establish 925 Industrial Projects For The Private Sector
Economie| 02:56 - 01/20/2021 BAGHDAD - Mawazine News The Ministry of Industry and Minerals announced, on Wednesday, a plan to establish 925 industrial projects for the private sector, while affirming its endeavor to implement automation in procedures and transactions to reduce red tape.
In an interview reported by government media, the Director of Industrial Development and an agency in the ministry, Aziz Nazem Abed, said, "The directorate's mission is to receive industrialists, establish private sector projects and supervise their establishment."
He added, "The directorate has a plan launched in June last year that includes establishing projects in the private sector estimated at 925 projects, of which 120 factories have been completed," noting that "the establishment of these factories came after the industrialists sensed the market's need for national goods, and this also comes based on the vision of the Ministry of Industry and the Platform." Government.
He pointed out that "there are facilities provided to the industrialists to create an industrial investment climate, launch initiatives and reassurances to protect the capital of investors, bring in experts, and facilitate the entry of production lines and the necessary requirements for production into the country."
He continued, "The obstacles that were facing the work of the Directorate were routine procedures," noting that "the ministry and other ministries are continuing to apply electronic automation in order to facilitate transactions and procedures and reduce red tape." https://www.mawazin.net/Details.aspx?jimare=138617
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