Tuesday Afternoon Iraq Economic News Highlights 8-9-22

More Than 10 Billion Dollars In Iraq's Imports From China In A Year

Posted On2022-08-09 By Sotaliraq    Iraq's imports from China during the past year 2021 amounted to more than 10 billion dollars, while Iraq's exports to China amounted to more than 26 billion dollars, according to the trade map website, which provides a map of countries' trade for exports and imports.

The website stated in its statistics that "Iraq imported from China during the past year 24 articles of goods, with a value of 10,689.813 billion dollars," noting that "these imports grew by 9% between 2017 to 2021."

He added, "The three most important materials and goods imported by Iraq from China are machinery, mechanical devices and their parts, with a financial value of 1.657 billion dollars, followed by electrical machinery and equipment and parts with a financial value of 1.500 billion dollars, followed by furniture, pillows and furnishings with a value of 809 million dollars."

He pointed out that "Iraq's exports to China amounted to 26.647 billion dollars, indicating that" these exports grew by 12% between 2017 to 2021.

She pointed out that "the most important Iraqi exports to China are mineral fuels, mineral oils and their distillation products, with a financial value of 26,643 billion dollars, followed by chemical products with a value of 1.263 million dollars."   LINK

Iraq's Total Imports Are Close To 17 Billion Dollars... And China Is The Most Important Partner

Posted On2022-08-09 By Sotaliraq   The Iraqi Central Bureau of Statistics announced, on Monday, that the country's total imports of commodities and petroleum products in the past 2021 amounted to nearly 17 billion US dollars, indicating that China is the most important trading partner.

The agency of the Ministry of Planning said in a report that “the total imports for the year 2021 of commodities and petroleum products amounted to 16.9 billion dollars, equivalent to 24.8 trillion dinars, recording an increase of 34.8 percent over the year 2020 of 15.4 billion dollars, equivalent to 18.4 trillion Iraqi dinars.”

He added, "The total imports for the year 2021 of non-oil commodity materials amounted to 10.7 billion dollars, equivalent to 15.6 trillion dinars, recording a decrease of 5.7% from the year 2020, when it amounted to 13.8 billion dollars, equivalent to 16.5 trillion dinars."

He pointed out that "the total imports for the year 2021 of oil products amounted to 6.3 billion dollars, equivalent to 9.2 trillion Iraqi dinars, an increase of 395.1 percent over the year 2020, where it amounted to 1.6 billion dollars, equivalent to 1.9 trillion dinars."

He explained that "January recorded the highest percentage of total imports for the year 2021 by 26.4%, reaching 4.5 billion dollars, equivalent to 6.6 trillion dinars, while January represented the highest percentage of imports of petroleum products by 51.8%, reaching 3.2 billion dollars, equivalent to 4.8 One trillion dinars, while the month of November recorded the highest percentage of non-oil commodity imports by 13.7%, reaching 1.5 billion dollars, equivalent to 2.1 trillion dinars. According to the report, "China still ranks as the most important trading partner for Iraq for the year 2021." LINK

Its Imports Are Equivalent To Oil.. Iraq Loses Its Religious Tourism To “Win” Morale

Posted On2022-08-09 By Sotaliraq   Today, Monday, economic experts stressed the importance of tourism in the development of the national economy, and while they pointed out the reason for Iraq's "omission" of this aspect that is equivalent to oil in its imports, they explained the difference between "moral" Islamic tourism and its "profitable" European counterpart.

Duraid Al-Enezi, an economist, said, "Religious tourism or tourism in general is a basic entry and a double income in a way that is less than the trouble of industry and agriculture, and it is one of the basics of national income and the country's intangible moral and cultural imports."

Al-Enezi added, "The countries that depend on tourism in our region are (Turkey, Lebanon, Egypt and the UAE), the latter is distinguished in tourism because of its orientation towards modern ages, while Lebanon has its climate, atmosphere and location, and Turkey and Egypt are distinguished by their history, faces and location."

And the specialist continued, "As for Iraq, there is a possibility that there will be tourism, especially religious tourism, in every inch of it, but Iraq has not benefited from it, as fees are reduced for incoming tourists, and they are given privileges in order to encourage tourism, but in fact this is a loss. Imposing $100 on each tourist - and this is approved in the countries of the world - religious tourism would have been a resource equivalent to oil in its imports.

Al-Enezi explained, "Iraq neglected the economic aspect, so the prices of airlines, accommodation, hotels and food were all reduced at subsidized prices, in addition to other privileges and many free things."

On the other hand, Al-Enezi indicated, “If European religious tourism enters, especially at the Shrine of Abraham, then we will notice a difference between Islamic religious tourism and global or Christian religious tourism. This will differ greatly, and will be profitable, unlike intangible Islamic tourism.” LINK

More than 43 thousand tons of raw sugar reach the southern port of Umm Qasr

Money  and business   Economy News-Baghdad   The southern port of Umm Qasr received the ship IZMIR with a tonnage of (43,100) thousand tons of raw sugar, docked at berth No. (1).

The company's general manager, Farhan Al-Fartousi, said in a statement that "the port staff is working with high efficiency by receiving, docking, unloading and loading ships and oil tankers that fill the port berths."

He added that "the southern port received today a commercial ship with a tonnage of (43,100) thousand tons of raw sugar docked at berth No. (1), and work is underway to unload its cargo by the company's staff." 8 . views   Added 08/09/2022 - 12:55 PM   Update 08/09/2022 - 1:09 PM

https://economy-news.net/content.php?id=29234

The Issue Of The 600-Dollar Contract Is Escalating.. A Sadrist Leader: Ali Ghulam "My Tire" And The Ishtar Gate Belongs To Them

Shafaq News/ The leader of the Sadrist movement, Sabah al-Saadi, said on Monday, that the managing director of the Ishtar Gate Company, Ali Ghulam, is "a framework", referring to his association with the Shiite coordination framework that includes Shiite forces, with the exception of the Sadrist movement.

The media and social networking sites had circulated a document of the judiciary obligating the Rafidain Bank to pay (600) million dollars to the Ishtar Gateway Company for systems and electronic payment services for money, which is managed by Ali Ghulam; Following the bank's termination of one of the contracts concluded with the company.

Al-Saadi said in a tweet seen by Shafak News Agency, "Moqtada Al-Sadr called more than 6 months ago to investigate the activities of certain banks, the most important of which is the (Middle East Islamic Bank) owned by the boy, and here is the corruption case (Ishtar Gate) in which (the boy's name) appears. It is clear and surprising today from (the court’s decision) to compensate the boy with 600 million dollars on the pretext that there is a clause in the contract that was annulled by the text of the judicial decision.”

And he continued, "However, it is surprising that some of the framers were quick to weep over public funds, and that was nothing but to cast ashes in the eyes.

Today, Monday, Al-Rafidain Bank said that it had submitted an appeal against the decision to fine him $600 million with the judiciary.

It is noteworthy that the Iraqi Minister of Finance, Ali Allawi, decided on 3/9/2021 to refer the director of Al-Rafidain Bank to the investigation and withdraw his hand because of his signature on the “Ishtar Gateway” project for electronic payment, which does not meet the conditions and laws related to contracts.   LINK

After The Controversy Over The $600 Million Contract, Faik Zeidan Talks With Allawi About "Contract Problems"

Shafaq News/ The President of the Supreme Judicial Council, Judge Faiq Zaidan, received on Monday, Minister of Finance, Dr. Ali Abdel Amir Allawi, and discussed with him the legal problems related to contracts signed with private sector companies.

A brief statement of the Judicial Council received by Shafaq News said, "The two parties also discussed the role of the judiciary in correcting the errors raised regarding those contracts and cooperation in order to preserve public money."

This comes at a time when the Iraqi judiciary issued a decision to fine Al-Rafidain Bank an amount of 600 million dollars in favor of a person named Ali Ghulam, the managing director of the Ishtar Gate Company.

On Monday, Al-Rafidain Bank issued a clarification regarding the Iraqi judiciary's decision to pay a fine of $600 million to Ishtar Gate Company, noting that it had appealed the decision to the judiciary.

The "Ishtar Electronic Payment Company" fined Al-Rafidain State Bank 600 million dollars after filing a lawsuit to the competent court.

It is noteworthy that the Iraqi Minister of Finance, Ali Allawi, decided on 3/9/2021 to refer the director of Al-Rafidain Bank to the investigation and withdraw his hand because of his signature on the “Ishtar Gateway” project for electronic payment, which does not meet the conditions and laws related to contracts.   LINK

A “Historic” Corruption Deal Fines An Iraqi Government Bank $600 Million

Posted On2022-08-09 By Sotaliraq   The Iraqi judiciary issued a ruling to compensate the “Ishtar Gate” company with an amount of 600 million dollars as a penalty clause against the Rafidain Governmental Bank, due to the termination of a contract by the bank.

The Parliamentary Integrity Committee confirmed that the contract bore suspicions of great corruption involving the Rafidain Bank.

The ruling sparked angry official and popular reactions, due to the great corruption in the contract between the bank and the company for electronic payment systems.

The former Minister of Housing and Reconstruction, Two Banks Rikani, wrote, “The Rafidain Bank contract and its penalty clause amounting to 600 million dollars, the electricity has been almost completely extinguished and the gasoline is scarce.. compelling evidence of the inability of state agencies to choose projects, nor to formulate contracts professionally and follow them, nor to choose contractors.

Two Rikani banks called for a comprehensive restructuring of state institutions by professionals, warning that failure to restructure the institutions would lead to more collapse. Isn’t this an outrageous injustice against the state and public money?

The journalist Abdel Samie Al-Azzawi tweeted: “The Ishtar Gate Company says that the fine clause in the contract is a consensual condition that can only be achieved by requiring one of the parties to implement the terms of the contract, which means that the Rafidain Bank “with its consent.”

Pay a fine of 600 million dollars! Iraqi activists, bloggers and academics called for those involved in the corruption deal to be held accountable, especially since the funds allocated for compensation are large and sufficient to finance many projects that the Iraqi people lack.

Al-Rafidain Bank had issued, earlier today, Monday, a clarification on the issue of the 600 million dollars, which was decided by the Iraqi judiciary as a fine in favor of the "Ishtar Gate" company.

The bank said in a statement: “It would like to clarify to the public opinion about what was reported by the media regarding the court’s decision to pay a fine to the Ishtar Gate Company, and in this regard, the bank confirms that it had the need to contract with more than one electronic payment company at the time to expand the base of competition to provide The best services for citizens at acceptable prices, as invitations were sent to electronic payment companies licensed by the Central Bank of Iraq to submit their offers.

He added: “The contract that was concluded with the Ishtar Gate Company was on 4/3/2021 by the former general manager of the bank before obtaining the Ministry’s approval according to the rules on the contract formula, as the contract violated many of the previous technical conditions that the Ministry had specified for the bidders. “

And he continued: “After presenting the contract to the ministry and reviewing the commercial aspects of it, which grants the bidder unjustified advantages and profits at the expense of the bank’s customers, and when the ministry was informed of the conclusion of the contract, the minister directed the re-audit of the contract in the interest of the ministry on 3/9/2021 or to cancel it if necessary where no The contract should be signed only with the approval of the legal department and the information technology department in the ministry and according to the previous instructions.”

He pointed out that "the matter was referred to investigation with the withdrawal of the hand of the former general manager of the bank at the time, with the file referred to the Integrity Commission to take legal measures against the negligent."

The bank’s statement also indicated that, “The company resorted to the judiciary to request the termination of the contract and compensation after the Ministry’s decisive procedures, and the competent court issued its decision to terminate the contract with obligating the bank to the amount of compensation, as the bank continues to follow up the legal procedures where the unfair decision issued against him was appealed in the hope of returning Consider its content in a way that secures the preservation of public money.”  LINK

Alia Nassif calls for the arrest of those involved in the Ishtar Gate scandal... and confirms: This is an innovative method of corruption

Posted On2022-08-09 By Sotaliraq   Representative Alia Nassif called on the Public Prosecution and the Integrity Commission to address the innovative corruption methods, which include concluding contracts that contain intentional defects, and setting a penalty clause to make companies (which are often fictitious) be able to fine the state, indicating that the Ishtar Gate company scandal is (intentional) and the fine of $600 million. You will go to an influential party.

And she said in a statement today: “The scandal of the fake Ishtar Gate Company contract with Al-Rafidain Bank is a new innovation for a type of corruption represented in concluding a contract that includes a defect and making the company benefit from the penal clause that allows a lawsuit to be instituted and the state fines huge sums,” indicating: This contract is behind an influential party that will receive the $600 million.”

Nassif added: "If the regulatory and security institutions have the courage and concern for public money, they must arrest the participants in the (Ishtar Gate scandal) and prosecute them, and that the case is not forgotten after a short period." LINK