Sunday Evening Iraq Economic News Highlights 10-9-22

Al-Kazemi’s Advisor Sets The Basic Criterion In Formulating Economic Policy

October 9, 2022   Baghdad / Obelisk: The Financial Adviser to the Prime Minister, Mazhar Muhammad Salih, set on Sunday, October 9, 2022, the main and main criterion in drawing up the country's economic policy, while stressing the country's need to establish a permanent economic council.

Saleh said in a statement followed by the obelisk, that "the basic and main criterion adopted by the government in drawing up economic policy, especially those affecting economic development, is the five-year development plan, which is the tool and chart that indicates essential goals, foremost of which is the happiness and well-being of the people."

He added, "The five-year development plan is funded in accordance with the budget strategy and its quantitative objectives, whose estimates extend to at least three years, and are renewed annually on a continuous basis with the mechanisms for preparing the annual federal budget and its legislation, as investment projects are divided sectorally according to fundamental criteria, the most important of which is the amount of their contribution to growth.

The annual economic index indicated by the development plan and according to the priority of the investment project in achieving economic diversification and sectoral integration and its ability to operate human energies and various other local capabilities and resources and their humanitarian necessities without neglecting their geography, which should affect the most disadvantaged areas in the country.

He continued: Based on the foregoing, the financing and important part of the annual general budget (after the operational budget) is the government's annual investment spending and ways of financing it, as it sets aside at least 20% of the total public spending planned to finance government investments, not to mention the activity of The investment undertaken by the private sector, which is indicated by the five-year development plan among its indicators, and which takes up no less than 35% of the annual investment in some sectors and reaches more than 50% in the housing sector, for example, out of the total annual target investment in the country.

He stressed, "The country is still in dire need of a permanent economic council that has executive powers for infrastructure and reconstruction, to ensure the implementation of strategic projects across governorates, such as major agriculture, transportation, water, energy, housing, construction and digital economy projects, all of which accelerate the degree of economic diversification and the transition to an advanced development era in an accelerated manner."

In the economic well-being, as well as the role of the Council in following up the sustainability of financing and implementation of these projects according to the timing and priority without delay or delay.”    https://almasalah.com/archives/21829

Governmental Adviser: Iraq Needs To Establish A Permanent Economic Council

Economie  14:25 - 09-10-2022   Today, Sunday, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, set the main and main criterion in drawing up the country's economic policy, while stressing the country's need to establish a permanent economic council.

In the economic well-being, as well as the role of the Council to follow up the sustainability of financing and implementation of these projects according to the timing and priority without stumbling or delaying.   https://kirkuktv.net/AR/Details/9561

Al-Kazemi's Advisor Confirms Iraq's Need To Establish A Permanent Economic Council

09/10/2022  Baghdad - Mawazine News, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, on Sunday set the main and main criterion in drawing up the country's economic policy, while stressing the country's need to establish a permanent economic council.

He stressed, "The country is still in dire need of a permanent economic council that has executive powers for infrastructure and reconstruction, to ensure the implementation of strategic projects across governorates, such as major agriculture, transportation, water, energy, housing, construction and digital economy projects, all of which accelerate the degree of economic diversification and the transition to an advanced development era in an accelerated manner." https://www.mawazin.net/Details.aspx?jimare=207747

Basra Gas Announces That Its Production Has Increased To 1000 Million Standard Cubic Meters Per Day

Energy      Economy News-Baghdad  On Sunday, Basra Gas Company revealed that its production has increased to 1,000 million standard cubic meters per day, and that greenhouse gas emissions have been reduced in the province's atmosphere.

"The company is currently treating 65 percent of the amount of gas produced per day, compared to oil production rates," the deputy director general, director of the Higher Production Authority, Marfa al-Asadi, said in a statement.

Al-Asadi added, "Gas production has increased by four times, as the company produces 1,000 million standard cubic meters per day, after production did not exceed 200 million standard cubic meters per day."

He pointed out that "this increase in the investment of burning gas has positively affected the reduction of greenhouse gases in the atmosphere of Basra, and the transformation of gas into cleaner energy for the benefit of Iraq."

He continued, "The company, since its establishment, has prevented the equivalent of 160 million tons of carbon dioxide equivalent gas, which was thrown into the atmosphere in exchange for its investment and conversion into clean energy." 67 . views    Added 10/09/2022 - 12:19 PM  Update 10/09/2022 - 3:06 PM    https://economy-news.net/content.php?id=30125

The Iraqi Stock Exchange Is Trading Shares Of 4 Billion Dinars In A Week

Shafaq News/ The Iraq Stock Exchange announced today, Sunday, the trading of shares with a financial value of more than 4 billion dinars during the past week.

The market said in a report seen by Shafak News Agency, "The number of companies whose shares were traded during the past week amounted to 55 joint-stock companies, while the shares of 45 companies were not traded due to the lack of convergence of purchase orders prices with sales orders, while 3 companies continued to stop for not providing disclosure out of 103 companies." listed on the market.

He added that "the number of traded shares amounted to 9 billion and 495 million and 958 thousand shares, an increase of 69% compared to the previous week, with a financial value of 4 billion and 320 million and 953 thousand dinars, down by 13% compared to the previous week, through the implementation of 2487 deals." Noting that "the ISX60 traded price index closed at 603.48 points, recording a decrease of 0.26% from its closing in the previous session."

He pointed out that "the number of shares purchased from non-Iraqi investors for the past week amounted to 229 million shares, with a financial value of 257 million dinars, through the implementation of 85 deals, while the number of shares sold from non-Iraqi investors amounted to 494 million shares, with a financial value of one billion and 12 million dinars from During the implementation of 339 transactions.

It is noteworthy that the Iraqi Stock Exchange organizes five trading sessions a week from Sunday to Thursday, and includes 103 Iraqi joint stock companies representing the sectors of banking, telecommunications, industry, agriculture, insurance, financial investment, tourism, hotels and services.

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The Five-Year Plan For Economic Reform Is On The Cusp Of Expiration... What Have You Achieved?

2022-10-08  Yes Iraq: Baghdad   Today, Saturday, the Ministry of Planning confirmed that Iraq is on the cusp of the end of the five-year plan for economic reform and addressing the effects of the Corona pandemic and the financial crisis in the country, while citizens and observers wonder about the results of the five-year plan that do not appear clear on the economic, financial and social indicators.

Ministry of Planning spokesman Abdul-Zahra Al-Hindawi said, "We are in the last year of the five-year plan from 2018-2022 and we have started preparing to write the third development plan 2023-2028."

He added, "As a result of the conditions that Iraq experienced after 2020 due to the Corona pandemic, and the financial crisis, the five-year plan derailed some of its tracks, and in order to address it, we developed a short-term plan for two years from 2022-2023, according to which we took three axes and basic plans."

He pointed out that "the first axis relates to the economic aspect, which talks about supporting the economy in its various sectors, supporting investment and the private sector, and the other social axis includes addressing the reality of health, education, social protection, and the ration card, indicating that" the third axis is spatial, which is concerned with bridging development gaps in the governorates. Within the vision map developed by the ministry.

Al-Hindawi added that "tasks were distributed to ministries, independent bodies and governorates to implement the policies and programs stated in the plan."    LINK

Previous Parliamentary Finance Decision: Only 10% Of Taxes Reach The State Treasury

2022-10-08   Yes Iraq: Baghdad   The former Rapporteur of the Parliamentary Finance Committee, Ahmed Al-Saffar, confirmed, on Saturday, that the taxes that enter the state treasury do not exceed 10 percent of the collection operations, indicating that the real percentage falls within the aspects of tax evasion and other pockets outside the state treasury.

Al-Saffar said that "the Iraqi tax system is old and is incompatible with the economic, administrative and social changes, and the country needs a comprehensive tax reform, and plans to address the widespread corruption in the joints of this institution."

He added, "Iraq is still working with Income Tax Law No. 113 of 1982, and this law is very old and needs a comprehensive change," stressing "the importance of changing the form of management of the Tax Authority through cadres working according to modern and advanced techniques and systems to eliminate corruption and suspicious agreements."

Al-Saffar revealed that “what enters the state treasury of taxes does not exceed 10 percent of the collection operations, while the real percentage falls within the aspects of tax evasion and other pockets outside the state treasury,” calling on the Integrity Commission and the supervisory authorities concerned to “investigate to uncover corruption and waste operations.” that affected the work of the Tax Authority over the past years.”

The Iraqi judiciary is currently investigating the case of the disappearance of $800 million from an account belonging to the tax department in the Rafidain Bank.   LINK