KTFA:

Samson:  Finance Minister Ali Allawi submits his resignation during the cabinet session

16th August, 2022

Minister of Finance Ali Allawi submitted, today, Tuesday, his resignation from his position during the cabinet session.

A source told "Mawazine News", that "Finance Minister Ali Allawi submitted, during the cabinet session held today, his resignation from his position."

Today, Tuesday, the Council of Ministers held its regular session, headed by Prime Minister Mustafa Al-Kazemi.  LINK

Samson:  The Minister of Finance submits his resignation, and Al-Kazemi agrees

16th August, 2022

On Tuesday, Iraqi Finance Minister Ali Allawi submitted his resignation from his post.

A source in the Council of Ministers told Shafaq News Agency, that Al-Kazemi agreed to resign during the current cabinet session.

It is not yet clear the reasons for the resignation.  LINK

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Samson:  Al-Kazemi assigns the Minister of Oil the duties of the Ministry of Finance as an agency

16th August, 2022

On Tuesday, Prime Minister Mustafa Al-Kazemi assigned Oil Minister Ihsan Abdul-Jabbar with the tasks of managing the Ministry of Oil as an agency.

An informed source in the Council of Ministers told Shafaq News that the decision to assign it will be temporary, and it came after the approval of the resignation of Finance Minister Ali Allawi.  LINK

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Samson:  With the resignation of the Minister of Finance.. the dollar is falling in the Baghdad markets

16th August, 2022

The dollar exchange rates declined in Baghdad markets, on Tuesday, with the resignation of Finance Minister Muhammad Allawi.

Shafak News Agency correspondent said that the Central Kifah and Al-Harithiya Stock Exchange in Baghdad registered at 3:00 pm today, Tuesday, 148,200 Iraqi dinars, compared to 100 US dollars.

The price of the dollar this morning recorded 148,450 Iraqi dinars, compared to 100 dollars.

Our correspondent indicated that buying and selling prices decreased in banking shops in the local markets in Baghdad, where the selling price amounted to 148,750 Iraqi dinars per 100 US dollars, while the purchase prices amounted to 147,750 Iraqi dinars per 100 US dollars.

This decline comes shortly after the Iraqi Finance Minister, Ali Allawi, submitted his resignation from his position during the session of the Council of Ministers held, while the Prime Minister agreed to it.

LINK

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Samson:  Food security and the white paper.. Expose the reasons for the resignation of the Minister of Finance

16th August, 2022

A political source revealed the reasons for the sudden resignation of Iraqi Finance Minister Ali Allawi.

The source said in an interview with / Mawazine News / that "Allawi met with Al-Kazemi before today's session and spoke about his resignation before entering today's session."

He added, "Allawi justified his resignation by continuing corruption in the banking sector and not implementing the terms of the white paper, with the exception of the paragraph of raising the dollar, as well as political interference in the ministry's work."

He indicated, "Among the reasons is the disbursement of the funds of the Emergency Food Security Support Law," noting that "Al-Kazemi tried to dissuade Allawi from resigning, but the latter was insisting on his resignation."   LINK

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Samson:  An Iraqi move to establish economic free zones

15th August, 2022

The Free Zones Authority confirmed, on Monday, that Iraq is ready to establish free zones, and the presence of all factors of success, while indicating that there is a tendency to establish free zones adjacent to the Baghdad and Najaf airports

The director of the Free Zones Authority, Munther Abdul Amir Asad, said in a statement to the official news agency, "Iraq is ready and all the factors for success exist to establish free industrial, commercial or multi-activity zones

He added, "The authority has a plan approved by the board of directors to establish free zones adjacent to Baghdad International Airport and Najaf International Airport and a free zone on the Iraqi-Jordanian border, which is part of the joint economic city, and this will be one of the most important future projects as well as working to open free zones near the border." Iraq - Saudi Arabia

He pointed out, "It is important to establish free zones near the hubs of external roads, and this supports the process of trade exchange and foreign trade development  LINK

Samson:  Oil prices continue to decline amid fears of economic recession

16th August, 2022

Oil prices fell on Tuesday, as bleak economic data from China, the largest buyer of crude, renewed fears of a global recession.

Brent crude futures fell 82 cents, or 0.86 percent, to $94.27 a barrel by 04:59 GMT.

West Texas Intermediate crude futures were down 52 cents, or 0.58%, at $88.89 a barrel.

Oil futures were down about 3% during the previous session.

China's central bank cut lending rates to revive demand as the economy unexpectedly slowed in July, with factory and retail activity slashing due to Beijing's COVID-free policy and real estate crisis.  LINK

Investors also watched talks to revive the 2015 Iran nuclear deal, with analysts predicting that more oil could enter the market if Iran and the United States accepted an offer from the European Union to lift sanctions on Iran's oil exports.

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Samson:  Iraq records a decline of nearly a billion dollars in holding US bonds

16th August, 2022

The US Treasury announced, on Tuesday, that Iraq's possession of US bonds decreased by nearly one billion dollars during the month of June.

The Treasury said in its latest schedule, seen by Shafaq News Agency, that "Iraq's possession of US Treasury bonds for the month of June of 2022 decreased by 929 million dollars, or 2.82%, to reach 31.965 billion dollars, after it was 32.894 billion dollars in the month of May," indicating "These bonds rose from the same month last year, 2021, when Iraq's possession of bonds amounted to $21.2 billion."

She added that "Iraqi bonds, including long-term guarantees amounting to 15.939 billion dollars and short-term guarantees amounting to 16.026 billion dollars," noting that these bonds represent 0.4% of the world's bonds.

In the Arab world, Saudi Arabia is at the forefront of the most possessing countries, reaching 119.155 billion dollars, Kuwait comes second with 45.957 billion dollars, the UAE comes third with 39.868 billion dollars, then Iraq is fourth, Oman is fifth with 6.702 billion dollars, then Morocco comes with 3.892 billion dollars.

And she pointed out that "the largest holder of US bonds is Japan, at $1,236.291 trillion, followed by China, at $967.778 billion, followed by the United Kingdom, at $615.413 billion, and then Luxembourg with $306.833 billion."  LINK

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Samson:  Talabani assigns "commando forces" to cleanse a government institution of "corrupt officials"

16th August, 2022

The leadership of the commando forces of the Patriotic Union of Kurdistan announced on Tuesday that it had received orders from the President of the Patriotic Union of Kurdistan to purify the Sulaymaniyah municipality of the corrupt. 

The forces said in a statement received by Shafak News Agency; Recently, several irresponsible parties and government officials, under pressure, allocated several plots of land and occupied them for their own purposes, and prevented the implementation of many strategic projects that were implemented to serve the city.

The statement added; The head of the Patriotic Union of Kurdistan, Pavel Talabani, ordered the commandos of Kurdistan to move towards the Sulaymaniyah municipality to purge corrupt officials and arrest those who obstructed the implementation of service projects in the city.

The "commando forces" are a military force affiliated with the Patriotic Union of Kurdistan, supervised by the Vice President of the Kurdistan Region and member of the Political Bureau of the Patriotic Union of Kurdistan, Jaafar Sheikh Mustafa, and it is under the command of the President of the Patriotic Union of Kurdistan.  LINK