Zig’s Place Chat and News Sunday AM 5-23-21

Zig:  Welcome to zig's place, a chat room for dinar speculators and others....discuss any topic that you wish her

BobbyC   Dear Colleague, You are cordially invited to join the World Bank in the launch of their latest publication, ‘Addressing the Human Capital Crisis: A Public Expenditure Review for Human Development Sectors in Iraq’, to be held live in the Babylon Hotel, Baghdad, on May 31st-June 1st, and streamed live and on demand across the globe.

Iraq is facing a human capital crisis. As an early leader and investor in health & education (H&E), the country has fallen behind. Iraq spends the lowest share of public budget on H&E compared to MENA and upper Middle-Income countries. With limited public expenditure and questions over its efficiency, effectiveness and equity, poor quality services and macroeconomic challenges, Iraq is in need of immediate actions to achieve better human capital outcomes and subsequent long-term economic growth and diversification.

The launch of the upcoming “Iraq Human Development, Public Expenditure Review”, is a landmark moment to support the Iraqi Government with tangible steps to address human capital deficiencies in the country.

BobbyC   Over two days, join leading figures in the Iraqi Government, World Bank and distinguished speakers on a new economic vision for Iraq that creates opportunities for all Iraqis. Iraq Human Development Forum is being held over two days, socially distanced and with extensive media coverage at the Babylon Hotel. For those that cannot join in Baghdad, do not worry, the conference is being live-streamed virtually across the world. There is no reason to miss out as all content will be available on-demand with complete interaction across all mediums.

Keynote Speakers

H.E. Dr. Khalid Batal Najim, Minister of Planning

H.E. Ali Hamid Al-Dalimi, Minister of Education

H.E. Dr. Nabil Kazem Abdel-Saheb, Minister of Higher Education and Scientific Research

Saroj Kumar Jha, Regional Director of the Mashreq Department, World Bank Group

Ramzi Neman, Head of World Bank Office in Iraq, World Bank Group

Dr. Wafaa Al-Mehdawi, Professor of Economics, Mustansiriya University and former Minister of Labor and Social Affairs

Highlights:

The importance of human capital development for Iraq’s growth & diversification agenda.

How could Iraq spend more and better on its Human Capital?

Addressing issues of equitable access to quality health and education services across Iraq.

The reform agenda to regain Iraq’ leading position on human capital.

Launch of the WB Human Development Public Expenditure Review Report.

BobbyC  To our own government, we are their greatest capital because of our workforce and what we produce.....TAX REVENUE

BobbyC   Iraq Oil Report 23 May 2021...........Argument and Analysis

Iraq desperately needs to grow its private sector — and it can. Mohammed Hussein, who is both a reporter for Iraq Oil Report and an economic expert and fellow with the Iraqi Economists Network, argues in a recent paper that reform-minded Iraqi leaders can take concrete steps now to lay the groundwork for stronger private sector development (PSD).

"Given the political constraints and challenges that have hindered the PSD strategy... any reform or PSD programme should start with practical steps from where the interests of the ruling elite do not contradict development goals," he writes, highlighting tourism, agriculture, and light food as industries where there is quick growth potential.

One way for policymakers to start taking advantage of that opportunity is simply to keep the government out of the way. For example, lawmakers could streamline legal obstacles that make it costly and time-consuming for businesses to get licenses to operate.

"Although Investment Law Number 13 (2006) is supposed to facilitate a single-window system and provide the investor with a business license within two weeks, the reality is different," Hussein writes.

"The law contradicts several other laws and the investor still needs a business license from investment offices of all relevant ministries.

He also recommends that the Central Bank of Iraq make loans accessible to young start-ups by easing eligibility requirements. In the longer term, he concedes, Iraq can only achieve the kind of total overhaul envisioned in the government's White Paper if political power shifts toward committed reformers and away from an entrenched elite supported by militias and corrupt patronage networks.

BobbyC    Until then, Iraq will likely suffer from "an unbalanced playing field" created by and for "corrupt business people to bypass competition, benefiting their links to the political parties and armed groups. As a result, they have kept the investment climate very unfriendly and the private sector too weak."

Butterfly  The Central Bank of Iraq launches the Scorecard project

Sunday 23, May 2021 10:29.........The Central Bank of Iraq announced the completion of the Scorecard Project for Environmental, Social and Governance Standards in cooperation with the International Finance Corporation (IFC) affiliated with the World Bank Group to address supervisory issues in the banking sector.

According to a statement to inform the bank, the Central Bank of Iraq adopted the application of corporate governance in banks as a goal within the strategic plan period (2016-2020) to strengthen the systems of control and supervision based on international best practices in this as well as the field to keep pace with developments in the banking services.

He said The Scorecard project represents the (quantitative measure) of environmental, social and governance standards.

It should be mentioned that work on this project has started at the end of 2019, as pilot tests for the scorecard were conducted during the period (2020-2021) with the participation of all commercial and Islamic banks operating in the Iraqi banking sector. ”

According to the statement, the project will be launched through a meeting. Hypothetically, on the twenty-sixth of current May, in the presence of relevant local and international institutions, relevant authorities, and representatives of the Iraqi banking sector .

butterfly   Member of Parliament: Increasing Iraq's share of oil exports is a step that will transport it qualitatively during the coming period

Sunday 23, May 2021 11:21 .......The Parliamentary Oil and Energy Committee affirmed that: Increasing Iraq's share of oil exports is a step that will transfer it qualitatively during the coming period.

Committee member Ghaleb Muhammad Ali indicated in a press statement: The possibility of Iraq to agree with the Kingdom of Saudi Arabia to raise the quantities of oil exported through "OPEC" after the reduction of its quota during the past year, which it committed to.

He said: Any economic agreement that takes place in the Organization of Petroleum Exporting Countries (OPEC) is in the interest of Iraq, as it is one of the countries with a rentier economy, and 97% of which depends on the export of oil.

Ali added that: Any increase in the price of oil, even for one dollar, will positively affect the economy in the country, as it is now exporting more than 3,250 thousand barrels, and revenues can increase.

And Muhammad Ali added that: Iraq, represented by Prime Minister Mustafa Al-Kazemi and the Minister of Oil, should discuss raising its share of oil exports with neighboring countries or an agreement with the Kingdom of Saudi Arabia, which has an influential decision in the organization, indicating that: This increase can transfer Iraq in a qualitative manner during the next stage. Because he suffers from security and economic problems.

butterfly   Parliamentary law reveals to NINA the articles that the government will challenge in the General Budget Law

Sunday 23, May 2021 16:11....The Parliamentary Legal Committee disclosed the details of the articles and paragraphs that the government intends to challenge within the Federal Budget Law 2021 before the Federal Court.

A member of the committee, Representative Salim Hamza, stated in a statement to the Iraqi National News Agency / NINA / that "the House of Representatives has made amendments to the General Budget Law, and the government has the right to appeal the amendments and additions introduced by the House of Representatives before the Federal Court."

He added that "there are more than 10 articles in the General Budget Law that the government will challenge in front of the Federal Court, and the decision on the constitutionality of these amendments is up to the court," indicating that "the government will challenge an article requiring ministries to transfer some formations and join them to the Federal Service Council, as well as the article related to projects The development of regions, and the materials in which there may be deduction and tax on the salaries of employees and retirees. "

A member of the Parliamentary Legal Committee reiterated that "appealing to the general budget law will not stop its implementation. Even the mistakes that will be corrected by the Presidency of the Republic do not affect the application of the law, with the exception of the contested articles, which will be suspended until the court's decision."

The Cabinet session decided, in its session held on April 20, to authorize its president to appeal before the Federal Court a number of articles of the Federal Budget Law for the fiscal year 2021.

butterfly   The exchange rate of the dollar is declining slightly in Baghdad

05/23/2021......{Economical: Al Furat News} Today, Sunday, the exchange rates of the dollar witnessed a slight decline in the main stock exchange in Baghdad.

Al-Kifah Central Stock Exchange in Baghdad recorded 148800 Iraqi dinars against 100 US dollars, while Al-Harithiya Stock Exchange in Baghdad recorded 148,750 dinars against 100 dollars.

While the Central Kifah Stock Exchange recorded 148800 Iraqi dinars during its opening on Saturday morning.

The selling and buying prices were stabilized in the exchange shops in the local markets in Baghdad, where the selling price reached 149,250 Iraqi dinars, while the purchase prices reached 148,250 dinars per 100 US dollars.

In the governorate of Erbil, the dollar prices also witnessed a slight decrease, as the selling price reached 148800 dinars per hundred dollars, and the purchase, at 148500 dinars per hundred dollars.

butterfly   Parliamentary oil calls on the government to agree with Saudi Arabia to raise Iraq's share in OPEC

05/23/2021......  {Economical: Al Furat News} The Parliamentary Oil and Energy Committee affirmed that Iraq could agree with the Kingdom of Saudi Arabia to raise the quantities of oil exported through "OPEC" after the reduction of its share during the past year.

Al-Mukhtasar al-Mufid .. Committee member Ghaleb Muhammad Ali said in a press statement, "Any economic agreement that takes place in the Organization of Petroleum Exporting Countries" OPEC "is in the interest of Iraq, as it is one of the countries with a rentier economy and that 97 percent of it depends on exporting oil.

He continued, "Any increase in the price of oil, even if one dollar, affects positively the economy in the country, as it now exports more than 3,250 thousand barrels, and revenues can increase," noting that "Iraq is one of the countries that has committed to reducing its share of the exported crude oil." .

He stressed that "Iraq, represented by Prime Minister Mustafa Al-Kazemi and the Minister of Oil, should discuss raising its share of oil exports with neighboring countries or an agreement with the Kingdom of Saudi Arabia, which has an influential decision in the organization," noting that "this increase can transfer Iraq in a qualitative manner during the next stage as it is." He suffers from security and economic problems.

butterfly  2021-05-23 05:17 Shafaq News/ The Central Bank of Iraq sales of hard currency declined to nearly $173 million today, Sunday.

Shafaq News Agency correspondent reported that CBI sales at the Foreign Exchange Auctions registered a 16.83% decline in its sales to settle at $173,985,464, compared to $208,988,635 on the 15th of this month. The weighted average rate of the dinar to the U.S. dollar amounted to 1460.

Our correspondent explained that 30 banks and 11 exchange companies cashed $23.850 million, while $150,135,464 went to boost funds abroad in the form of transfers and credits, with 31 banks meeting those requests.

butterfly  2021-05-23 03:28   Shafaq News / Gold prices hiked today, Sunday, in the Iraqi markets.

The price of one mithqal of the 21-carat of Gulf, Turkish and European gold reached 387 thousand dinars, while its purchase price stood at 382 thousand dinars.

The selling and purchase prices of one mithqal of 21-carat Iraqi gold reached 357 thousand and 352 thousand dinars respectively.

The selling price of one mithqal of 21-carat Gold in black smithing shops ranged between 390 thousand and 395 thousand dinars, while its purchase price ranged between 360 thousand and 365 thousand dinars.

A mithqal is equivalent to five grams.

butterfly  2021-05-23 03:14  Shafaq News/ The Dinar/Dollar exchange rates dropped in Baghdad and Erbil today.

Shafaq News Agency correspondent said that Al-Kifah and al-Harithiya Central Exchanges are trading the 100 US dollar at 148800 Iraqi Dinars.

Our correspondent added that today's selling and buying prices in the local markets rose to 149250 and 148250 dinars per 100 dollars.   In Erbil, the US buying and selling prices reached 148800 and 148500, respectively.

butterfly   2021-05-23 03:06  Shafaq News / The Central Bank of Iraq announced today completing the scorecard project for environmental, social, and governance standards, in cooperation with the International Finance Corporation (IFC) affiliated with the World Bank Group, to address supervisory issues in the banking sector.

The Bank said in a statement that it had adopted corporate governance in banks as a goal within the strategic plan for the period between 2016 and 2020 to enhance control and supervision systems, based on international practices in this field, as well as keeping pace with developments in banking services.

The statement pointed out that work on this project had started by the end of 2019, as pilot tests for the scorecard were conducted during 2020-2021 with the participation of all commercial and Islamic banks operating in the Iraqi banking sector.

The project will be launched through a virtual meeting on May 26, to be attended by local and international institutions, as well as the relevant authorities and representatives of the Iraqi banking sector, as by the statement.

butterfly  2021-05-23 02:29   Shafaq News / Iraq ranked 80th in the world among the poorest countries during the year 2021, according to the Global Finance magazine.

In a recent report for the year 2021, the magazine reported that Iraq ranked 80th out of the 194 countries listed in the table in terms of per capita GDP, advancing 30 places towards poverty compared to the year 2020, in which it ranked 110.

Burundi ranked first in the world's poorest countries, followed by South Sudan, Somalia, and the Central African Republic. Malawi ranked, the Republic of the Congo, Niger, Mozambique, Liberia and Madagascar ranked fifth, sixth, seventh, eighth, ninth and tenth respectively.

In the Arab world, the poorest Arab countries were ranked as follows: Somalia, Yemen, Sudan, Libya, Morocco, Iraq, Jordan, Lebanon and Egypt.

"While GDP per capita is often considered the standard metric, by compensating for differences in living costs and rates of inflation, the purchasing power parity (PPP) can better assess an individual’s buying power in a particular country", the statement said.

"It is hard to pinpoint a single cause of long-term poverty. Dictatorial and corrupt governments can make what could be a very rich nation into a poor one. And so does a history of exploitative colonization, weak rule of law, war and social unrest, severe climate conditions or hostile, aggressive neighbors. Hence why economists often refer to “cycles” of poverty."

The magazine pointed out, "Underprivileged households worldwide, it goes without saying, suffered the worst social and economic consequences of the coronavirus pandemic. Less than a year ago, the IMF warned: “The fraction of the world’s population living in extreme poverty—that is, on less than $1.90 a day—had fallen below 10% in recent years (from more than 35% in 1990). This progress is imperiled by the COVID-19 crisis, with more than 90% of emerging market and developing economies projected to register negative per capita income growth in 2020.

xyz  What IF?  

butterfly   Parliamentary Committee for / NINA /: The Social Security Law will allocate pension salaries for private sector workers   Sunday 23, May 2021 17:30...........The Parliamentary Committee to Monitor the Implementation of the Governmental Program and the Strategic Planning has assured the workers of the possibility of enacting the Social Security and Workers' Retirement Law during the sessions of the current legislative term of the Council of Representatives.

The deputy head of the committee, Muhammad Al-Baldawi, said in a statement to the Iraqi National News Agency / NINA, / that "the Social Security Law will allocate pensions to this segment through the Security Department at the Ministry of Labor," indicating that "Parliament will proceed with the second reading of the articles of the Social Security Law and the retirement of workers within The next sessions. "

He added that "the new law will be broader and comprehensive than the previous law, as it will grant any profession from the private sector a pension," indicating that "employers, after the approval of this law, pay monthly retirement pensions in the Ministry of Labor, as well as taking into account the educational qualification of the worker before it is calculated." Rent ".

He went on to say, "This law defines a health insurance in the event that the worker is exposed to a specific accident, and whoever pays pension contributions at the Ministry of Labor will be covered by the pension within certain controls."

He explained that "private professions (a car driver, barber or worker) are entitled to a pension based on specific regulations and instructions once the law is passed."

On April 19, the House of Representatives postponed the second reading of the Social Security and Workers' Retirement Bill due to the lack of a quorum..

Butterfly   Al-Kaabi: The legislative authority is keen on exercising the judicial authority its natural role in a democratic system  Sunday 23, May 2021 16:58.........Barak Hassan Al-Kaabi, First Deputy Speaker of Parliament, formed the Federal Supreme Court and its members to assume their positions, stressing that the legislative authority is keen to ensure that the judicial authority exercises its natural role in a democratic system.

Al-Kaabi said, during his visit to the headquarters of the Federal Supreme Court and his meeting with its President, Jassem Al-Amiri: "No matter how developed countries that do not pursue a democratic system, they are unable to achieve an independent judicial system without interference by the authority in its affairs."

He added: "Our need now for a judicial institution with its various specializations stems from our need for the stability of the democratic system, and the Federal Court is one of the most important judicial institutions that are capable of creating stability, impartiality and justice, and a decision is made between opponents, whether at the level of institutions or even between the individual and the institution, good governance. It is achieved in the rule of law and faith in the justice of the law, not the other way around. "

Al-Kaabi noted, "Everyone agreed on one goal represented by the Federal Court exercising its great role in the unity of Iraq," stressing the need for cooperation between the legislative authority and the Federal Court in regard to legislating laws and drawing on their legal opinions to ensure the enactment of laws that are more sober and more beneficial to the citizen and the country as a whole.

butterfly   Al-Halfi: This is what happened in the meeting with the French Security and Defense Committee

Sunday 23, May 2021 17:27.........A member of the Security and Defense Committee, representative of the "Sairoun" bloc, Saad Mayea Al-Halfi, revealed the details of the meeting held with the French Security and Defense Committee at the headquarters of the committee.

"During the meeting, views were exchanged on the most important security events on the local and international arenas and their repercussions on international peace, and the methods used to deal with them were discussed," Al-Halfi said in a statement.

"During the meeting, they discussed the possibility of increasing joint security cooperation between Iraq and France, and activating mutual coordination between the security and intelligence agencies in the two countries," he added.

He explained, "The meeting stressed the importance of unifying security efforts, specifically with regard to the aspect of exchanging information and delegations, and benefiting from experiences in a way that guarantees security and stability."

"We in the Security and Defense Committee focused during the meeting with the French delegation on the necessity of defining the tasks of the international coalition forces operating in Iraq within the framework of development and consultation, and not for anything else," Al-Halfi added.

He also announced an invitation extended by the guest committee members for the purpose of visiting France in order to enhance the understandings that are in the interest of the two friendly countries and to unify efforts in the face of violence and extremism.

butterfly Barham Salih: We have lost a thousand billion dollars since the fall of Saddam Hussein’s regime

2021-05-23  Barham Salih - We have lost a thousand billion dollars since the fall of Saddam Husseins regimeIraqi President Barham Salih revealed today, Sunday, that his country has lost a thousand billion dollars since the fall of Saddam Hussein’s regime in 2003 due to “rampant financial and administrative corruption in state institutions.”

In a speech on corruption in Iraq, he said, “The law on recovering the proceeds of corruption includes practical, deterrent, proactive measures, and includes subsequent steps to recover stolen money.”

He added, “The law to recover the proceeds of corruption also includes support for financial and supervisory institutions and activating their tools.”

The Iraqi president pointed out that “the draft law on recovering the proceeds of corruption seeks to recover the stolen money through agreements with states and cooperation with international bodies.”

Saleh called for the formation of an international coalition to combat corruption.   burathanews.com

Butterfly   The Central Bank of Iraq announces the launch of the Scorecard project within days

Sunday May 23, 2021 | 10:32 a.m.   The Central Bank of Iraq announces the launch of the Scorecard project within daysOn Sunday, the Central Bank of Iraq announced the completion of the scorecard project for environmental, social and governance standards in cooperation with the International Finance Corporation (IFC) affiliated with the World Bank Group to address supervisory issues in the banking sector .

The Central Bank of Iraq said in a statement; He adopted the application of corporate governance in banks as a goal within the strategic plan for the period (2016-2020) to strengthen the control and supervision systems based on international best practices in this field, as well as to keep abreast of developments in banking services .

He pointed out that the Scorecard project (quantitative scale) represents environmental, social and governance standards .

He pointed out that work on this project had started at the end of 2019, as pilot tests for the scorecard were conducted during the period (2020-2021) with the participation of all commercial and Islamic banks operating in the Iraqi banking sector .

He stressed that the project will be launched through a virtual meeting on the twenty-sixth of May, in the presence of relevant local and international institutions, relevant authorities and representatives of the Iraqi banking sector.

aynaliraqnews.com

butterfly  Deputy: The upcoming parliamentary sessions will include voting on important laws

05/23/2021 12:35:26  Deputy - The upcoming parliamentary sessions will include voting on important lawsThe representative of the Sairun Alliance, Salam Al-Shammari, revealed, on Sunday, that the upcoming sessions of the House of Representatives will include voting on important laws.

Al-Shammari said in a statement that Al-Furat News Agency received a copy of, that “the upcoming parliamentary sessions will witness a vote on important laws in order to leave positive imprints for the work of the current parliament,” stressing that “many of the laws have been completed by the relevant committees, whether it is an amendment or laws.” New and she is awaiting the inclusion of the presidency of the parliament in the next voting sessions. ”

He pointed out that “one of the most important of these laws is the amendment of the provincial councils law, the criminal court law, oil and gas, and the Federation Council, in addition to other laws,” stressing “the need to attend the sessions and achieve the required quorum in order to pass laws and the continuity of the supervisory work of Parliament in the service of the public interest.”   alforatnews.com

butterfly   The exchange rate of the dollar is declining slightly in Baghdad

05/23/2021 12:28:08   The exchange rate of the dollar is declining slightly in BaghdadToday, Sunday, the exchange rates of the dollar witnessed a slight decline in the main stock exchange in Baghdad.

Al-Kifah Central Stock Exchange in Baghdad recorded 148800 Iraqi dinars against 100 US dollars, while Al-Harithiya Stock Exchange in Baghdad recorded 148,750 dinars against 100 dollars.

While the Central Kifah Stock Exchange recorded 148800 Iraqi dinars during its opening on Saturday morning.

The selling and buying prices were stabilized in the exchange shops in the local markets in Baghdad, where the selling price reached 149,250 Iraqi dinars, while the purchase prices reached 148,250 dinars per 100 US dollars.

In the governorate of Erbil, the dollar prices also witnessed a slight decrease, as the selling price reached 148800 dinars per hundred dollars, and the purchase, at 148500 dinars per hundred dollars.   alforatnews.com

Dave the Integrity Commission had frozen several hundred billion dollars of this Trillion in banks abroad....fer well over 1 yr now......figure that could go a long way to cover budget deficits fer yrs and yrs......

Dave  1 trillion usd ......1.5 Quadrillion IQD.........who could count that?

butterfly Representative Law: The government authorized Al-Kazemi to challenge 10 articles in the budget

12:22 – 23/05/2021  Representative Law - The government authorized Al-Kazemi to challenge 10 articles in the budgetThe information / Baghdad ..

The Parliamentary Legal Committee confirmed, on Sunday, that the government has the right to appeal the new articles in the budget by Parliament, which include sums of money that the government cannot provide, pointing out that the Council of Ministers authorized Al-Kazemi to submit the appeal with 10 new articles. It is noteworthy that the constitution grants the government legal authority to appeal before the Federal Court to cancel and annul the provisions that Parliament added to the Budget Law in accordance with the provisions of Article (13) of the Constitution, as they are unconstitutional provisions.

A member of the committee, MP Salim Hamza, said in a statement to / information /, that “the government has not yet submitted any appeal to the Federal Court regarding some of the articles contained in the Budget Law for the year 2021”, noting that “the Council of Ministers authorized Al-Kazemi to present the appeal with ten new articles.” .

Hamza added, “The articles that Al-Kazemi intends to challenge are articles created by the House of Representatives, which include sums of money that the government believes in its inability to provide it this year,” noting that “the most prominent appeals that will be submitted to the Federal Court are related to regional development projects.”

almaalomah.org

Dave  Did you know?   Today is the 21st day of the 21st week of the 21st year of the 21st century

Dave  oops the other day......figured gurus would be all over that

Zig  Dave : I'll take 21 cents each my Dinar....lol

butterfly   Zig A 10K note for 21 cents?

Zig  Each Dinar

butterfly Zig well that would make a difference but we have no clue when or even if it matters anymore. lol

23 May 21, 11:42 AM Dave Zig a nickle would be great.......

Zig  @BobbyC: Thanks for contributing here...interesting stuff...

Doug_W  Zig baxter only wants a dime

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