"Tidbits From TNT" Wednesday 11-16-2022

TNT:

Tishwash:  An economist diagnoses 3 challenges to the decision to restore the exchange rate

The local economist, Bassem Adnan, identified, on Wednesday, three challenges facing the decision to restore the exchange rate in Iraq.

Adnan said in an interview with Al-Maalouma, "The laws set clear powers for the financial management file in Iraq, and it is within the jurisdiction of the Central Bank, which is considered an independent entity and cannot be interfered with or impose decisions, including restoring the exchange rate to its previous state." 

He added, "3 challenges face any decision to restore the exchange rate of the dollar to its previous state, the most prominent of which is the loss of financial liquidity estimated at 22 trillion dinars, which is a large amount, especially since we are facing a period of frequent fluctuations in the oil price exchange, which will make any next step in this direction difficult or even impossible."

He pointed out that "Al-Kazemi's government committed grave mistakes that made raising the exchange rate a tool for grinding millions of poor people, because it did not protect the markets and did not put in place mechanisms to prevent monopoly and speculation in basic materials to push prices to rise by a rate ranging between 20-50%." 

Dozens of members of the House of Representatives support the decision to return the exchange rate of the dollar to its previous position due to the repercussions of the high prices of basic materials in the markets.  link

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Tishwash:  Global data talks about Iraq signing contracts worth more than half a billion dollars last October

Iraq came fourth in the Middle East with the value of contracts signed last October, as it signed contracts worth more than half a billion dollars, although there is no clear data on these contracts.

And the British magazine “Med” stated that the value of the “Med Projects” index showed that last October became the third best month for the Middle East markets this year in terms of contracts awarded, indicating that the total of its signed deals amounted to $ 11.3 billion during the past month.

She added that Iraq ranked fourth in the region in terms of the value of contracts that were leaked during the month of October, as it awarded contracts worth $698 million.

The magazine indicated that “Saudi Arabia topped the order of awarding contracts for projects with a value of $4.6 billion, most of which was in the electricity sector, and Qatar ranked second with one deal in the gas sector worth $4.5 billion, while the UAE ranked third in terms of October deals, while it ranked Kuwait ranks fifth in the region, having awarded contracts worth 93 million dirhams.

The Iraqi state did not announce contracts signed with this number, which exceeds half a billion dollars, during last October, which raises questions about these contracts, when they were signed, and related to any investment projects.   link

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Tishwash:  Iraq contracts auditing firm after 2.53 billion USD disappeared

The Iraqi government contracted an international auditing firm to deal with tax insurance funds after what became known as the ‘theft of the century’ was discovered.

The Iraqi cabinet agreed to authorize the office of the Prime Minister to contract with a major international company specialized in financial auditing after a theft of tax insurance funds was discovered, according to a statement issued by the press office of the Council of Ministers.

The statement added that the approval was granted in order to audit tax insurance funds.

Supervisory authorities previously discovered the embezzlement of more than 3.7 trillion Iraqi dinars (2.53 billion USD) from the General Commission for Taxes, which became known as the ‘theft of the century.’

The Iraqi News Agency (INA) reported in mid-October that an internal investigation carried out by the Ministry of Finance found the money had been withdrawn from the account of the General Commission for Taxes at a state-owned bank.

The Iraqi judiciary issued arrest warrants against those involved in the ‘theft of the century,’ confiscating movable and immovable assets, and seizing real estate belonging to them and their families.

Financial corruption in Iraq is one of the most important and complex challenges facing successive governments running the country since 2003, and which caused drainage of huge wealth.

Prime Minister Mohammed Shia Al-Sudani, during his speech in the Parliament after his government was granted confidence, described corruption as a ‘pandemic,’ and vowed to develop programs and plans to restrict corruption and limit the waste of public funds.   link

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Tishwash:  Iraq will participate in the Arab-Chinese summit in Saudi Arabia next month

Iraq announced its participation in the Arab-Chinese Summit to be held in Saudi Arabia next month, which aims to build a strategy for economic cooperation between the Arabs and China.

The official spokesman for the Ministry of Foreign Affairs, Ahmed Al-Sahaf, said, "Minister Fuad Hussein assured the Chinese ambassador to Baghdad {Cui Wei} of Iraq's participation in this important summit," noting that "the two sides discussed full preparation for it, especially as it takes place in exceptional circumstances that the region and the world are going through."

The minister explained to the Chinese ambassador Iraq's vision of the solution mechanism, ending the crises that the region suffers from, and its position on all economic and security issues in the region and the world.

The two sides also stressed the importance of strengthening relations between Baghdad and Beijing in all fields for the benefit of the two friendly countries, according to the ministry's spokesman.

In addition, the Arab countries intensified their preparations for the Arab-Chinese summit, which will be held in Saudi Arabia, next month, and organized the agenda of the summit, which is at the forefront of the economic file and the file of enhancing opportunities for a peaceful solution in the region that is living today on the impact of the Russian-Ukrainian war that cast a shadow over the region and the world as a whole.

It is worth noting that China is the largest trading partner of the Arab countries, as the volume of trade exchange between the two countries amounted to about $330 billion, an increase of 37% in the past year, compared to the previous year.   link

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