Saturday Evening Iraq Parliament News Highlights 9-17-22

Saturday Evening Iraq Parliament News Highlights 9-17-22

Al-Kazemi: We Are Going Through A Political Crisis That May Be The Most Difficult After 2003 - Urgent

Policy   2022-09-17 | 05:10   1,581 views   Alsumaria News – Politics Caretaker Prime Minister Mustafa Al-Kazemi affirmed today, Saturday, that the political crisis that Iraq is going through may be the most difficult since 2003, while calling on all political forces to put Iraq and the Iraqis in mind and solve the current crisis.

Al-Kazemi said in a statement received by Alsumaria News, "The Iraqis and their honorable guests commemorated the fortieth anniversary of Imam Hussein (peace be upon him) and his family and companions. The Iraqis sent a message of the meanings of patience, redemption and sacrifice in its most wonderful forms, and they gave the world lessons in hospitality and courage."

He added, "Here, I offer my sincere thanks and appreciation to our security forces - of all kinds - that are still deployed throughout Iraq to pursue terrorists, and at the same time provide protection for visitors. I extend my thanks to the provincial administrations, service ministries, and procession owners for providing services to visitors."

Al-Kazemi indicated, "Iraq received millions of visitors in these exceptional circumstances, but we were able, according to the responsibility, to offer the maximum that can be offered," noting that "we do not hide from our patient and able people that Iraq is going through a political crisis that may be one of the most difficult crises after 2003." But we have hope and determination to find solutions to overcome this crisis, in order to cross and move towards a secure and stable Iraq.

And the caretaker prime minister continued: "My appeal to all political forces .. let us take inspiration from this forty-year-old occasion, and put Iraq and the Iraqis in mind," noting that "Iraq and Iraqis deserve to sacrifice for them, and that Iraq is a trust in the necks of all."   LINK

It Has Reached Advanced Stages” .. A New Movement To Form A Government Between 3 Forces - Urgent

Policy   2022-09-17 | 05:25   0 views   Al-Hilali called on the political forces to "accelerate their steps towards resolving the crisis and completing what is required of them, pointing out that there is a serious and effective move led by the party and sovereignty with the coordination framework to resolve the crisis and end the file of forming the government, which has taken a long time."   LINK

Prospects For Dissolving Parliament At The End Of 2023 After Forming A Government With The Desire Of The Framework And The Current

Posted On2022-09-17 By Sotaliraq   Baghdad…   On Friday, the independent politician, Naseem Abdullah, suggested dissolving parliament at the end of next year after forming a government that meets the desire of the coordination framework and the Sadrist movement.

Abdullah said, "The next stage will witness the formation of the new government that prepares for early elections, and it is expected that Parliament will dissolve itself at the end of 2023."

He added that "the formation of the interim government with the agreement of the movement and the framework in order to hold early elections, all represent the wishes of the Sadrist movement and are in its interest."

And he indicated that "the coordination framework and through the formation of the interim government, what he will gain is to re-amend the electoral law and bring a new commission, in addition to that it will ensure the work of the election results in the next stage."

He pointed out that “holding early elections may bring results that are different from what the Sadrist movement aspires to, and thus the government cannot be paralyzed because the results did not meet the ambition, as well as the case for the coordination framework that must accept the formation of the majority government in the event that the movement and its allies obtain the majority of votes.” “. LINK

Al-Jubouri: The Kurds And Sunnis Have Set Conditions To Go Towards Forming A Government

Posted On2022-09-16 By Sotaliraq   Baghdad..   The head of the Al-Rafd Center for Strategic Studies, Abbas al-Jubouri, revealed, on Friday, that the Kurdish and Sunni forces did not move towards forming a government until after they set conditions to achieve their interests, pointing out that the two components sought to be present in the parliamentary and government formation in order to ensure the dissolution of the House of Representatives in the future.

Al-Jubouri said, "The Kurds and Sunnis have set conditions on the coordination framework in order to proceed with forming the new government, and on this basis, Barzani and Al-Halbousi sat down to discuss the political process."

He added that "the Kurds set 7 conditions and wanted pledges, as well as the case for the Sunni parties, which also set 13 conditions to come to the coordination framework after discussions and pledges to meet what they want."

And he indicated that "there are political balances that must exist between the three components, and therefore there are dialogues in order for the blocs of the Sunni and Kurdish components to be present in the House of Representatives, in order to ensure its dissolution in the future." LINK

The Political Stalemate Between The Ambitions Of The Outside And The Interests Of The Sunnis And The Kurds... Will Their Goals Be Achieved?

Posted On2022-09-16 By Sotaliraq   Baghdad..   Getting out of the political blockage and going towards forming a government has become conditional on achieving the interests of the Sunni and Kurdish forces and the external parties supporting them, especially the Turkish ones, a series whose episodes have been renewed despite the presence of optimism for the formation of the new government from the largest Shiite bloc to be applied afterwards as “every incident has a talk.”

During his speech, the representative of the State of Law coalition, Muhammad Al-Sihoud, pledged, “The stability of the political process is the dismissal of the Al-Kazemi government and its removal from power and the formation of the new government, accusing him of fabricating the political crisis since the elections and until the present time.”

The interests of the Kurds topped the political agenda during the current dialogues, as a member of the State of Law coalition, Fadel Al-Azrajawi, confirmed that “other non-Shiite blocs are not interested in the continuation of the conflict within the Shiite house, as they seek to achieve their interests, as the Kurds have placed most of their concern in obtaining 50 percent of Iraq’s imports.

And they have a basic condition related to the head of the new government, and this condition requires the new president to ignore the decision of the Federal Court regarding oil and not to deal with its decision.”

The external factor was strongly present to remove the stick from the wheel of the political process, as the political analyst Muayyad Al-Ali saw during his speech, “Al-Halbousi and Barzani’s decision to share the dagger to go towards forming the government was issued days after the visit of the head of the Turkish intelligence service to Iraq and his meeting with the dagger, and therefore things will move forward.” After the fortieth visit, towards the holding of the parliament session and the formation of the government.” LINK

Iraq Abstains From Voting On A UN Resolution On The Ukrainian President

563  On Friday, the United Nations General Assembly approved a draft resolution allowing Ukrainian President Volodymyr Zelensky to participate in its high-level meetings, which start in New York next Tuesday, through a videotaped speech.

This came as a result of voting on the project submitted by 65 countries, including Turkey, in the General Assembly Hall in New York.

The resolution received the approval of 101 out of 193 countries, while 7 countries (Russia, Syria, Eritrea, Cuba, North Korea and Nicaragua) rejected, and 19 countries abstained (including Iraq, Iran, Bangladesh and Sri Lanka).

Among the sponsors of the resolution, in addition to Turkey, are the United States, France, Britain, Switzerland, Germany, Italy, Japan, Austria and Monaco.

Commenting on the decision, Stephane Dujarric, spokesman for the Secretary-General of the United Nations, said at a press conference held at the permanent headquarters of the international organization in New York: "We always welcome the decisions issued by representatives of Member States."

The resolution, seen by Anatolia, stated that "the General Assembly notes with concern cases in which the leaders of countries cannot personally participate in its sessions for reasons beyond their control, due to the continued foreign invasion, aggression and military actions that do not allow them to leave their countries and return to them safely."

And he added: “It was decided that Ukraine could submit a pre-recorded recording of the head of state that will be played in the General Assembly Hall during the general debate at its 77th session, after being presented to him by the representative of the State physically present in the General Assembly Hall.”

Next Tuesday, the activities of the high-level week of the United Nations General Assembly will begin in New York, where heads of state and government of more than 110 countries are expected to deliver their statements in the assembly hall.

On February 24, Russia launched a military attack on Ukraine, followed by international rejection and economic sanctions against Moscow, which required to end its operation Kyiv's abandonment of plans to join military entities, which the latter considers an "interference" in its sovereignty.   LINK

Saturday Evening Iraq Economic News Highlights 9-17-22

Saturday Evening Iraq Economic News Highlights 9-17-22

Deputy: Iraq Faces Major Economic Challenges That Require The Formation Of The Government

Economie   18:33 - 09-16-2022   A member of the State of Law coalition, Muhammad Chihod, confirmed today, Friday, that Iraq faces major economic challenges that require the formation of the government.

Chihod said, "Iraq is going through a very critical situation, especially in economic terms, in light of the presence of a caretaker government and its inability to present the budget law."

He added, "The government is currently working on a 12/1 budget, which will expire at the end of this year, and this means that the situation has become difficult for employees' salaries and has a negative impact on the overall economic reality."

And he indicated that "these challenges are serious, and a government with full powers must be formed in order to carry out its duties towards the country."]    https://kirkuktv.net/AR/Details/8943

Iraq's Currency Inflation Imposes A New Reality With Old Legislation

2022/09/16 Baghdad After 2003, Iraq witnessed changes at all levels, which necessitated a legislative revolution for the citizen to seek the effect of change, but what happened is that the reality has changed while the legislation remained constant in many aspects, most notably the fines, the value of which did not change despite the massive inflation that hit the local currency Therefore, many of the penalties are not commensurate with the nature of the crime, which threatens the spread of crimes and the destabilization of societal peace.

The fine in the penal laws

The legal specialist, Sadiq Abdul-Hassan Al-Lami, describes the fine in the penal laws, saying, “It is a punishment imposed on the convict by a court ruling. It was mentioned in Article 85 of the Iraqi Penal Code No. 111 of 1969, amended among the original penalties, which are death, life imprisonment, temporary imprisonment, aggravated imprisonment, a fine, and school confinement. delinquent boys and confinement to a reform school.

He continued, "If we discuss the issue of imposing a fine in the aforementioned Iraqi Penal Code, we will find that it is imposed on defendants who commit offenses and misdemeanors, and is rarely imposed on perpetrators of felonies."

Al-Lami points out that before the amendments were made, the fines were minimal. In the amended Penal Code No. 111 of 1969, the amount of the fine ranged, depending on the nature of the crime, from 10 dinars to 300 dinars, equivalent to (0.00675 cents to 0.20 cents) of the dollar value.

First Amendment

After the currency inflation, the legislator found that the previous fines were not worth, so he resorted to amending them according to Law No. 206 of 1994. The fine for violations became from 50 to 200 Iraqi dinars (equivalent to less than the value of one dollar), and the fine for misdemeanors ranged from 201 to 1000 Iraqi dinars (less than a dollar) and a fine Felonies range from 1,001 to 10,000 Iraqi dinars (the maximum penalty is approximately six dollars).

Second Amendment

After the increase in inflation, the legislator resorted to amending the fines again under Law No. Six of 2008, as the fine for violations became from 50,000 to 200,000 Iraqi dinars (equivalent to 34 to 168 dollars) and the fine for misdemeanors ranged from 200,000 to one million Iraqi dinars (i.e. equivalent to 168 to 675 dollars) and a fine for felonies from one million to 10 million Iraqi dinars (675 to 6 thousand and 750 dollars).

Freedom-Depriving Punishments

Regarding the legislative authority’s observance of the stage of change and the possibility of adjusting the fines in proportion to the value of the currency, Judge Hadi Aziz said that if the court finds that the fine is small and does not achieve the goal of the legal legislator, it should turn towards freedom-depriving penalties and stop imposing them.

He added, "The punishment is imposed by an authority authorized in the name of the people as a social reaction to protect the security of society and ensure its stability, and not merely as a deterrent, in both the private and public sectors, to an act committed by an actor or a group, in violation of public order and morals.

It is proportional to the act attributed and fixed to the perpetrator, so the penalties and in all penal legislation have a minimum such as a fine, and a higher limit such as life imprisonment or the death penalty.

Aziz continued, "If the penalty imposed on the perpetrator is light so that it does not fit with the act committed, which leads to a violation of the security of society and does not guarantee its stability, then in this case the punishment loses the function that the legislator wanted, and this inaction will lead to a lack of discipline and chaos that pushes the aggrieved to seek refuge in parties that do not It has a connection with state institutions to request protection, such as the clan or religious institution.”

He concluded, "Included in this flawed situation are the fines stipulated by the punitive laws and at times when the exchange rate of the currency differed, which made the perpetrator easy to impose and the goals intended by the legislator to protect society and its security could not be achieved, which threatens the spread of crime."

Damage Amount

Assistant Professor of Civil Law at the University of Maysan Majid Mijbas says, "It must be noted that the fines prescribed in the applicable Iraqi Penal Code and some special laws are prescribed penalties for committing certain crimes that may not reach a certain extent, so their punishment is either a fine or a fine.

Combined with imprisonment or optional, and accordingly, the fine has nothing to do with the extent of the harm resulting from the crime, as it may be decided simply to commit the criminal act without the existence of harm in the first place on the victim or the public right, and it may be associated with the existence of harm, but it is not proportional to it in terms of The amount is up or down, and this in itself does not represent a legislative deficiency.”

He adds, "The damage is forced by right by filing a civil lawsuit accompanying the criminal lawsuit, and the latter revolves around existence and non-existence, strength and weakness with the damage, and through this, just compensation is provided with the presence or absence of the fine, and with the strength or weakness of the fine."

He elaborates, saying that "what constitutes a legislative deficiency that must be addressed, the fines should not be at the level of the change in the financial conditions of the country and the monetary value of the Iraqi dinar," noting that the legislator has deliberately changed some of the fines, but this change is still below the level of the size of the change in the financial and monetary situation. Iraqi.   LINK

The Iraqi Stock Exchange Stopped Its Activity For One Day

Shafaq News/ The Iraq Stock Exchange announced the suspension of its activity for one day.

The market said in a statement received by Shafaq News Agency, that "according to the decision of the Council of Ministers to declare an official holiday for a period of one day on the occasion of the fortieth anniversary of Imam Hussein, the market will not organize the stock trading session for tomorrow, Sunday."

He added, "The activity will be practiced after the official holiday and starting on Monday, September 19, according to its official timings."

It is noteworthy that the market organizes five trading sessions per 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.   LINK

Oil Prices Rise Despite Weekly Loss

Economie   2022-09-17 | 02:44   693 views   Oil prices rose slightly, after a leak in the Basra port, which apparently restricted crude supplies, but it recorded a weekly loss amid fears of sharp increases in interest rates, which is expected to curb global economic growth and fuel demand.

Brent crude futures rose 51 cents, to $91.35 a barrel, when they settled.

US West Texas Intermediate  crude futures rose one cent, to $85.11, upon settlement.

The two benchmarks fell about 2% for the week, partly because the strength of the US dollar makes oil more expensive for buyers who use other currencies.

Since the beginning of the third quarter until now, both crudes have fallen by about 20%, in the worst quarterly percentage decline since the beginning of the Corona pandemic in the first quarter of 2020.

The Iraqi Basra Oil Company announced in a Friday statement the gradual resumption of crude exports from the port of Basra after containing The leak caused a halt in operations last night.

The port includes four loading platforms with an export capacity of 1.8 million barrels per day.

"It certainly created panic in the market because the initial report was that those volumes were going to be out of the market for some time," said   John Kilduff, partner at Again Capital in New York

Related Articles

Investors are preparing for a significant increase in US interest rates, which could lead to a recession and reduce fuel demand.

The Federal Reserve is widely expected to raise its benchmark overnight interest rate by 75 basis points at its September 20-21 policy meeting.

Market concern is also dominated by the International Energy Agency's forecast of negligible growth in oil demand in the fourth quarter due to weak demand forecasts in China.    LINK

Video: American Pressure To Cancel The Decision To Sell The Region's Oil And Threats Of Economic Isolation

Sumerian special   2022-09-16 | 09:26   Source:  Sumerian    5,771 views

Great pressure from Washington on Baghdad to stop the Federal Court's decision to prevent the Kurdistan government from selling oil, this was revealed by a British report that confirmed that if implemented, dozens of American companies operating in the region would stop working in conjunction with a global fuel crisis.

According to the British report, the United States urged Baghdad Not to enforce a court rulingKurdistanOn the delivery of oil extracted from its territory to the central authorities, warning that this may exacerbate an economic crisis in the country Iraq.

Barbara Leaf The chief diplomat for Middle East affairs at the US State Department expressed concern Washington That rushing to implement this decision could risk driving American companies out of the country Iraq And other companies, at the same time threatening a shocking vote of no confidence in the business environment in Iraq It could have broader economic repercussions beyond the Kurdish region in Iraq.

The dispute over oil sales escalated this summer after a court in Baghdad Contracts between government Kurdistan and foreign energy companies including exploration, extraction, export and sales agreements. LINK

Basra Oil Company Denies Stopping Export Operations

Iraq    20:35 - 09-16-2020    Today, Friday, the Basra Oil Company denied the suspension of export operations, while confirming the treatment of a crude leak.

In an official clarification, the company said, "The technical and engineering teams have dealt with a leak of crude oil in the surplus tanks system in the Basra oil port, and pumping operations have been gradually resumed, until emergency maintenance work is completed."

The company confirmed that the loading and exporting of single buoys did not stop, and loading from them is carried out at the normal planned rates.      https://kirkuktv.net/AR/Details/8946

The Basra Oil Company issues an explanation for the suspension of its crude production[/size]

Economie| 07:56 - 09/16/2022   BAGHDAD -   The Basra Oil Company denied, on Friday, the suspension of export operations, while confirming the treatment of a crude leak.

In an official clarification received by Mawazine News, the company said, "The technical and engineering teams have dealt with a leak of crude oil in the surplus tanks system in the Basra oil port, and pumping operations have been gradually resumed, until emergency maintenance work is completed."

The company confirmed that the loading and exporting of single buoys did not stop, and loading from them is carried out at the normal planned rates. Ended 29/R77   https://www.mawazin.net/Details.aspx?jimare=205638

Technical Problems Stop Basra Oil Exports

Economie| 06:29 - 16/09/2022   Technical problems stop Basra oil exports 151692022_140-013514-iraqi-oil-export-russia-shortage_700x400

Baghdad - Mawazine News             Reuters news agency reported, quoting sources in the Iraqi oil sector, today, Friday, that crude exports from the port of Basra stopped last night due to a leak.

She added that "oil loading operations are suspended from the Basra port until the completion of the repair of the defect." Ended 29/R77    https://www.mawazin.net/Details.aspx?jimare=205630

Border Ports Authority: More Than 3 Million Visitors Entered Iraq

Iraq   14:13 - 09-17-2022   Today, Saturday, Omar Al-Waeli, head of the Border Ports Authority, confirmed that more than three million visitors have entered through the border crossings, except for the Kurdistan Region.

Al-Waeli said during a press conference in Najaf Governorate, that "it is not correct for visitors to enter without visas," noting that "all visitors have undergone legal procedures."

He pointed out that "more than 3 million visitors entered Iraq from its approved outlets, with the exception of the Kurdistan Region," noting that "no breach has occurred so far."

He added, "Cooperation continues with the director of Najaf Airport, as well as with all the supporting authorities, as the departure of visitors begins today," stressing "full readiness to leave the visitors."

He added, "Approximately 200,000 visitors entered the airport, while the departures reached 130,000 visitors so far."

He pointed out, "Najaf Airport had various great efforts, because it received large numbers of arrivals and departures," noting that "the airport witnessed 130 daily flights, and this requires great effort."

https://kirkuktv.net/AR/Details/8961

Iraqi News Saturday Evening 9-17-22

Iraqi News Saturday Evening 9-17-22

Tlm724 Administrator Bondlady’s Corner

Al -Ghazi Is Directed To Study The Proposals To Amend Lending Controls And Raise Recommendations Within Ten Days
Economie    Today, 13:30   Baghdad - conscious - Amna Al –Salami   The General Secretariat of the Council of Ministers announced today, Saturday, the discussion of amending the lending controls for industrial projects, while clarifying the approval of approval to lend to small and medium enterprises.

A spokesman for the General Secretariat, Haider Majeed, told the Iraqi News Agency (conscious) that

"there are several initiatives launched by the Central Bank of Iraq to lend citizens with easy benefits as well as an initiative to lend to investors in the sectors of industry, agriculture and housing for large projects,

in addition to the initiative to
lend citizens to purchase housing units to encourage To build housing units, including granting loans to citizens who have been in housing plots within the (Dari) initiative launched by the Prime Minister.

Majeed added that
"the Secretary -General of the Council of Ministers, Hamid Al -Ghazi, heads the Supreme Committee for the Leading of Big Enterprises, and

it continues with its meetings to discuss the projects that are presented to them in order to provide facilities and simplify procedures,

and constantly stresses the importance of simplifying procedures for granting large loans to investors and industrialists,

to finance projects (residential (residential And service, industrial, and agricultural) within the initiative of the Central Bank of Iraq,

which would contribute to developing the industrial and commercial reality in Iraq, and providing job opportunities for engineering, technical, administrative and service energies. The committee recommends during its meetings. 

He continued:
"The committee also discussed recently the amendment of the lending controls for industrial projects, and the
involvement of discreet private banks to implement documentary credits, in order to enhance competition and reduce lending costs for borrowers." 

He pointed out that
"the Secretary -General of the Council of Ministers directed the formation of a team of members of the committee, to study the proposals submitted and submit their recommendations within ten days,

in a way that does not contradict the controls and instructions of the Central Bank of Iraq, for the purpose of deciding and approved them."

Regarding the loans for small and medium enterprises submitted by citizens, Majeed said that
"after providing the committee by studying the feasibility of the project, and all the required requirements, the
approval of lending to implement the project takes place, and to

provide all banking facilities, and these projects contribute to supporting the local product and operating the workforce."     https://www.ina.iq/165728--.html

A Specialized Site That Monitors The Iraqi Banks: Its Difficulties And Prosperity
 
Reports and analyzes    Breaking    gold    The Central Bank of Iraq    Cash reserve  2022-09-17 17:39
 
Shafaq News/ The British website "International Banners", which specializes in bank issues, considered that Iraq, despite the wars and crises it faced, its efforts through the Central Bank of Iraq are now contributing to strengthening its banking sector to develop.
 
Under the title "The growing central bank’s ambition is granted the prosperous banking sector in Iraq, the British website stated that  "maybe no country in the world has witnessed internal chaos during the past twenty years, more than Iraq."
 
The British report translated by Shafaq News; 
In this context, he referred to the devastating military conflicts that Iraq witnessed, such as the US invasion in 2003, and ten years later, adding that Iraq fought an arduous battle in order to resume its civil and ordinary life.
 
After being made to the efforts made by Baghdad and the Central Bank of Iraq, which contribute to a great development in the banking sector,

he mentioned the statements of the Chairman of the Board of Directors of the International Development Bank, Ziad Khalaf Abdul Karim,

in which he said that 
"Iraq suffered for a long time of isolation at a time when financial and international banks worked on setting Many of the international standards that we all have to work, "

noting that there was  "a lack of communication between Iraqi banks and the rest of the world, which led to weakening confidence in the Iraqi banking sector."
 
Despite this, the report drew attention to the great efforts made by the central bank by continuing to show its fixed commitment to stabilizing the banking sector, recalling that the bank announced last May that it raised its capital to 5 trillion dinars (3.42 billion dollars) from 3 trillion dinars.
 
The Central Bank also indicated that the capital of the central banks and their financial centers
"reflect the sobriety of these institutions, the durability of their assets and
capabilities to support the banking sector and the economic sector in general." 
 
The report continued that in mid-August, the Central Bank announced its cash reserves to 82 billion dollars, which means that these reserves have returned to the level of the stage before the ISIS war,
 
during the era of former heads of ministers Haider al-Abadi (2014-2018) and Adel Abdul-Mahdi (2018-2020) Where the bank’s reserves were drained significantly,
 
indicating that a spokesman for the bank said recently that  the bank will continue to increase reserves with the aim of reaching 90 billion dollars by the end of this year. 

In addition, the central bank jumped 10 centers in the world rankings for gold reserves to reach the 30th place, by acquiring 130 tons of gold, indicating that the World Gold Council was noty that Iraq was the largest gold buyer of the year during the month of June. 

Meanwhile,  the Central Bank of Iraq is making a lot behind the scenes in order to provide the lenders with sufficient financial sources to finance the development that has strengthened the need in Iraq after the war. 

For example, in coordination with the Ministry of Finance, the Central Bank took measures to face the most urgent challenges in front of the banking sector, and launched a project to provide banks with an amount of 1 trillion dinars (686 million dollars) with the aim of supporting small and medium companies by creating job opportunities, along with an initiative of their value 5 trillion dinars to support large institutions.
 
In addition, the banking sector was provided with a large amount of 15 trillion dinars in order to enhance development in the real estate, industry and trade sectors.
 
After referring to the concerns that climatic and drought effects will lead to a decline in the gross domestic product of Iraq by 4%,
 
he stated that the central bank is working in one of the largest oil exporting countries in the world and relies heavily on oil revenues, which represents more than 95% of the financial budget for Iraq About 60% of GDP.
 
He added that there are major risks posed by climate change, which prompted the central bank to carry out urgent measures.
 
The report quoted the Director General of Investments at the bank Mazen Sabah Ahmed as saying;  
The bank offers through local banks 1 trillion Iraqi dinars (690 million dollars) through low -interest and easy-to-term loans, to support water and green and renewable energy projects,
 
in addition to working to enhance societal and cultural awareness about the economic repercussions of the climate-related risks to the Iraqi people.
 
With regard to the bank’s foreign relations, the report stated that there is a clear desire to enhance banking and monetary relations with its neighbors,

noting that  the bank’s governor visited Iran in February to meet his counterpart Ali Saleh Al -Abadi, while he was quoted by Iranian Vice President Mohammad Makhbar as saying that
Iraq. It has a special place among the neighbors of the Republic of Iran because of the deep religious, cultural and historical relations with Iran.

While the report regained what was broadcast by Al -Arabiya channel that the 
warm relations between Iraq and Iran are also linked to the help of Tehran to evade the sanctions imposed by Western powers led by the United States, by opening credit accounts in the smaller banks to enable Iran to import oil derivatives to meet local needs,

He considered that the  illegal financial activity represents the greatest obstacle for Iraqi banks to overcome it, including the issues of embezzlement in banks,

Such as what happened recently, which was described as a "organized sabotage of the national economy."
 
The report also reminded President Barham Saleh's statement recently that corruption incidents were a disaster for society, noting that  at least 150 billion dollars have been stolen and smuggled from Iraq since 2003, while  
official figures indicate that this number is greater than that and is 400 billion A dollar, while
 
Iraq ranks 157 out of 180 countries in the corruption index.
 
The report expressed the hope that the Central Bank and Baghdad will quickly address such issues and adhere to guarantees to protect and enhance the credibility of the banks' reputation in Iraq.
 
He pointed to procedures announced last July, in order to combat money laundering and terrorist financing.
 
The representative of the Anti -Money Laundering and Terrorism Office at the Central Bank of Iraq, Hussein Al -Makram, was quoted as saying that

Iraq’s procedures related to combating money laundering and terrorist financing were decided in light of international requirements, standards and local requirements.
 
The report concluded by noting that the possibility of expanding Islamic banking services that may provide hope for Iraq, thanks to the large number of Muslim population, although only 8.1 % of the total assets of the banking system and a share of 3.7 % of total deposits.
 
He also pointed out that according to the World Bank,
about 81% of the adult population had no bank accounts in the year 2021, compared to 60 % in the Arab world.
 
He also indicated that about 24% of the population who do not deal with banks take this position for religious reasons, which is considered among the highest rates in the world.
 
Translation: Shafaq News Agency

https://shafaq.com/ar/تقارير-وتحليلات/موقع-متخصص-يرصد-بنوك-العراق-مصاعبها-وازدهارها

To read more current and reliable Iraqi news please visit BondLady’s Corner:

https://www.bondladyscorner.com/

Some Saturday News posted by KTFA Members 9-17-2022

KTFA:

Samson:  Sri Lanka is considering the possibility of joining the Russian "Mir" system

17th September, 2022

Sri Lanka's Minister of Transport, Pandula Gunawardana, announced that his country's authorities are considering the possibility of joining the Russian payment system "Mir", and negotiations are underway through central banks.

“Our embassy is looking into this issue because I know the Russians want to facilitate card payment in Sri Lanka,” Gunawardana said in a press statement.

He added that the Sri Lankan authorities want Russian tourists to be able to pay with the Mir card.

He continued, "In the near future, there may be progress in this area. Negotiations in this regard are taking place with our central bank. When we obtain approval from the bank, we will be able to announce that."   LINK

The Iraqi Stock Exchange suspends its sessions tomorrow, Sunday

17th September, 2022

Today, Saturday, the Iraqi Stock Exchange announced the suspension of stock trading sessions on Sunday.

A statement to the market received by "Dijla" stated that "according to the decision of the Council of Ministers to declare an official holiday for one day on the occasion of the Arbaeen of Imam Hussein, the market will not organize the stock trading session for tomorrow, Sunday."

The Prime Minister, Mustafa Al-Kazemi, announced the suspension of official working hours, tomorrow, Sunday, on the occasion of the fortieth visit of Imam Hussein.  LINK

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Samson:  World Gold Conference in Colorado

17th September, 2022

Tomorrow, the Gold Forum Americas Conference, kicks off in the United States and will continue from September 18 to 21.

The World Gold Council published a statement on its website, followed by (Al-Oula News) that the event, which is hosted in the month of Eiloa every year in Colorado, represents the most prestigious investment forum in precious metals stocks in the world.

The statement added that the Denver Gold Forum presents seven-eighths of the world's publicly traded gold and silver companies when measured by production and reserves.

The invitation event will be attended by the world's leading precious metal investors, as well as general institutional investors.  LINK

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Samson:  The arrest of a former official on charges of seizing land in the Kurdistan Region

17th September, 2022

Kurdistan Region Parliament member, Ali Hama Salih, announced on Saturday the arrest of the former director of the Bakirjo district, on charges of appropriating land in the region.

Saleh said, in a statement received by Shafaq News Agency, that "the former director of Karago district, called (Luqman), was arrested after filing several complaints against him during the past two years."

He added, "The accused seized lands in the name of the Peshmerga forces and the anti-terrorist forces in the areas of (Bakergo and Rabrin), and seized thousands of lands, even schools, health centers, kindergartens and homes."  LINK

Clare:  Economist for / NINA /: The Central Bank of Iraq has three reserves to serve the requirements of monetary stability and development

Saturday 17 September 2022 

The economic expert, Jalil Al-Lami, confirmed that the Central Bank of Iraq has three reserves to serve the requirements of monetary stability and development.

He told the National Iraqi News Agency ( NINA ) that the central bank is responsible for managing the country's foreign cash reserves, as the central bank, within the framework of this task, influences the credit by controlling the movement of capital inflows and abroad and providing foreign exchange to serve the requirements of monetary stability and economic development.

Al-Lami added: This reserve consists of: Foreign exchange papers: represented in current and fixed deposits in the main international currencies and government bonds held by the resident country in foreign currencies for the benefit of the country over other countries. Which is estimated at more than (85) billion dollars. Gold: It is the state’s reserve, which is in the form of bullion or coins in the vaults of the International Monetary Fund.

He explained: As for the third reserve, it is the special drawing rights: it is the new reserve and it is used to meet the deficit in the country's traditional reserves and drawing rights are granted to each of the member states of the International Monetary Fund. So that the country's share is proportional to the size of that country in the International Monetary Fund.

Al-Lami continued: These rights are used to settle payments between member countries of the International Monetary Fund. Therefore, central banks, including Iraq, seek to buy quantities of gold from time to time. The most recent of which is Iraq’s purchase of a new amount of gold, amounting to approximately (34) tons, bringing Iraq’s balance to (134,4) and thus achieving an increase rate of (35%) on the Iraqi stockpile, which made its classification become the fourth Arab and thirty-three globally. This increase is within the framework of a strategy The Central Bank to manage its assets in order to achieve the highest levels of stability and the ability to face local and international economic changes.

The Gold Promise: One of the most important assets held by central banks and international financial institutions. A haven from in conditions of uncertainty. Because of its acceptance at the international level.

The Central Bank had announced a rise in foreign reserves to more than (85) billion US dollars.

And the bank indicated in a statement that its foreign reserves amounted to more than (85) billion US dollars, which is the highest level achieved by the Central Bank since 2003.

He continued that gold reserves also exceeded (130.4) tons, worth (7) billion dollars, bringing Iraq to 30th place globally and 4th in the Arab world.   LINK

More Iraqi News Late Friday Evening 9-16-22

More Iraqi News Late Friday Evening 9-16-22

Tlm724 Administrator Bondlady’s Corner

 Including Loans And Interest Rates.. (Aware) Opens Ten Files With The Director Of The Rafidain Bank

Investigations and Reports      09-13-2022, 11:07  Baghdad -
The Rafidain Bank identified, today, Tuesday, 7 types of advances and loans and the conditions for granting them, and while referring to the move to reinstate the granting of advances electronically and automating banking operations, he sent a message to the citizens.

Implementation Of The Electronic Banking System
The director of the bank, Abdul Hassan Jamal, said during an interview with the Iraqi News Agency (INA), that
"the bank is continuing to complete the technical and legal requirements to re-work the electronic grants for advances, and

it seeks to complete the project of implementing the electronic banking system, which will contribute to the automation of all banking operations to provide the best services to its customers.

Lending Initiative 

Jamal added that
"the Central Bank of Iraq launched the lending initiative, which contributed to providing liquidity to private banks, through which some private banks launched the advances initiative for individuals,

in addition to the liquidity available at those banks, through which they finance some investment projects and personal loans for various segments of society."

He pointed out that
"the Central Bank is the official body that carries out the process of supervising banking operations that take place in banks."

Bank Loans

and he added:
"It is no secret to everyone that the Rafidain Bank is one of the largest banks that supports housing projects based on the government's directions and the market's need,

As the bank contributed to supporting the Basmaya housing project at the government level, in addition to other residential investment projects." 

He continued:
"With regard to supporting small projects, the bank grants loans to support small projects in various sectors and with measures that contribute to supporting this sector and providing decent livelihoods for many segments of society." 

He stressed that 

"the bank takes into account all segments of society and has the largest base of effective banking products that not only serve the segment of employees, retirees and the security forces,

As the bank provides loans to citizens in general for various purposes (housing, building, repair, buying a car, and small projects),"

In addition to loans and advances to other segments of them (scientific research loans, operational loans, including kindergartens, private schools and universities, as well as loans for financing scientific research...etc.”

Interest Rates On Loans

Regarding the interest rate on loans, Jamal explained,
"It cannot be certain that the interest rate on loans is high compared to other countries, as the concept of lending in all countries of the world is divided into two basic principles:

1- Supply and demand for the monetary mass and competition in the banking sector.

2- The rate of inflation in the country, and as it is known to all that the global central banks are working to control the rates of inflation by raising or lowering interest rates on lending and borrowing and according to the situation of each country. 

He continued,  "Our bank sought to reduce the interest to the minimum for the loans granted,"

noting that "the Rafidain Bank and the Central Bank are in the process of attracting the cash mass of individuals and introducing it to the banking sector."

Jamal:  "The criteria that are adopted in granting loans are as follows:-

1- Studying the borrower’s reputation and financial solvency.”

2- Studying the official documents of the company and its founders, taking into account the company’s capital.

3- Studying and evaluating the guarantees provided.

4- Referring the credit file to the credit department to study the feasibility of the project

5- Referring the file to the risk department for a risk assessment The project". 

He continued:
"With regard to determining the interest rate, consideration is given to studying the
market situation and competing banks, as well as the size of expenses compared to revenues,
so that in light of this, the interest rate can be determined."

Encouraging Citizens To Deposit Their Money With The Bank

On encouraging citizens to deposit their money with the bank, Jamal said:
"The bank seeks to encourage customers to transfer their money to banks instead of storing it at home, through the high interest rates it grants to customers on savings accounts and deposits, as well as
offering various banking products that are granted to customers.".

Deposit Guarantee Company Project  

The Director of Al-Rafidain Bank said:
"The Deposit Insurance Company is one of the companies that preserve the public's money, knowing that the bank has contributed to the establishment of the company, as the borrowing process depends on the available funds (liquidity) in the banking sector." 

He added:
"As it is known to everyone that increasing the confidence of individuals in the banking sector is associated with the extent to which they can obtain their money, and that the company contributes to this effectively.

Therefore, the  availability of funds in the banking sector contributes to managing the cash wheel that begins with customers' deposits and ends with the process of operating those funds before Banks (lending that money)."

Financing strategic and economic projects.

Jamal adds:  "The Bank has a clear strategic vision and a tight mechanism in the field of financing strategic and economic projects, where it is not hidden from everyone the size of the projects that the Bank contributed to financing and in various sectors, including residential, industrial and operational...etc." 

He continued:  "Whereas the bank does not look at the project from the profitability side only,
but also looks at the economic side of the project and its capabilities to employ manpower and support the national product, as Rafidain Bank is one of the reputable government banks that always strives to provide the best services in all sectors."

The Banking Sector In Iraq. 

Jamal continues:
"Through our assessment of the reality of the Iraqi banking sector, although most private banks focus on banking and financial transfer activities, we note that the sector is capable of growth and development
if the necessary ingredients are provided for this,
which calls for concerted government and civil efforts. 

To provide the infrastructure necessary for the transformation to automate all banking operations and to provide automated teller machines (ATMs) and direct points of sale (POS) in shopping centers to
facilitate the use of electronic cards by the public.” 

He pointed out that

"this will contribute to increasing cash in banks and thus increasing investment opportunities, and will also contribute to preserving citizens' money and reducing high-risk financial operations (financial fraud, money laundering and terrorist financing)." 

He pointed out that  "the banks provide a safe environment for the circulation of cash, due to the presence of controls and instructions that govern all aspects of banking work,"

stressing that  "the Rafidain Bank seeks through re-examination of banking instructions to facilitate lending to all segments of society and to finance strategic projects of economic importance."

Implementation of Governance Standards

On the application of governance standards and comparing them with neighboring countries, Jamal emphasized,"

He added,
"As we compare Iraq with neighboring countries in the field of governance, we must mention that there are many applicable areas of optimal governance in all countries, not only in Iraq, as achieving optimal application requires continuous improvement of governance procedures in the banking sector and all other institutions.".

https://www.ina.iq/165415--.html

To read more current and reliable Iraqi news please visit BondLady’s Corner:

https://www.bondladyscorner.com/

"Tidbits From TNT" Saturday 9-17-2022

TNT:

Tishwash:  Iraq ranks 47th among the largest economies in the world

An American economic report revealed today, Saturday, that Iraq ranked 47th globally and fourth in the Arab world in the largest economies in 2022, while the United States ranked first in the world and Saudi Arabia at the Arab level.

 The American (CEOWORLD) magazine, which covers a wide range of topics from banking and finance to management and investment, said in a report seen by Shafak News Agency that "Iraq ranked 47th in the largest economies in 2022."

 The magazine added that "the United States is by far the largest economy in the world for 2022 out of the 100 countries included in the table with a total output of 25.346 trillion US dollars, followed by China in second place with a total GDP of 19.919 trillion US dollars, and then Japan with a gross domestic product." It amounts to 4.912 trillion US dollars, then Germany came fourth with a total GDP of 4.256 trillion US dollars, while India came fifth with a total GDP of 3.534 trillion US dollars.

 And in the Arab world, according to the magazine, "Saudi Arabia came first in the 18th place globally with the largest GDP, amounting to 1.040 trillion US dollars, followed by the United Arab Emirates second and 32nd globally, with a total GDP of 501.354 million US dollars, followed by Egypt third and 35th globally with a total GDP of 435,621 One million US dollars, followed by Iraq fourth and 47th globally, with a gross domestic product of 297.341 million US dollars, and then Qatar ranked fifth and 225.716 million US dollars.

 The magazine noted that "the global gross domestic product is nearly 94 trillion US dollars, and the United States accounts for more than one-fifth of this number alone," noting that "the world's fastest growing major economies are China, India and Brazil.   link

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Willoninny:  Wanted to share a video about the Streets of Iraq and Kurdistan to be specific. YOu might be surprised - https://www.youtube.com/watch?v=wQQzrwwIMBM

JudiBlueEyes:  Thank you so much for forwarding that vid clip in Erbil. Sure looks like life there is very normal. Nothing broken, no damaged buildings, everything looked very clean. Very impressive willoninny thanks!

CandyKisses:  The International Monetary Fund, Organizes A High-Level Roundtable Workshop On “Central Bank Digital Currencies And The Future Of The Monetary System”

The workshop discusses

 Technical, regulatory and supervisory requirements related to the issuance of digital currencies

 Central banks and their implications for monetary policy, financial stability and financial intermediation

The role of central bank digital currencies in promoting financial inclusion  

Opportunities and applications of central bank digital currencies in cross-border payments

His Excellency Dr. Fahd bin Abdullah Al Mubarak, Governor of the Central Bank of Saudi Arabia, and His Excellency Dr. Abdul Rahman bin Abdullah Al Hamidi, Director General and Chairman of the Board of Directors of the Arab Monetary Fund, will be inaugurated on Monday morning, September 19 (September) 2022 at the Ritz-Carlton Hotel in Jeddah in the Kingdom Saudi Arabia

The high-level round table workshop on “Digital currencies for central banks and the future of the monetary system”, organized by the Arab Monetary Fund in cooperation with the Saudi Central Bank and the International Monetary Fund, within the framework of the activities of the meeting of the forty-sixth session of the Council of Governors of Arab Central Banks and Monetary Institutions. Also speaking at the opening session is Dr. Jihad Azour, Director of the Middle East and Central Asia Department at the International Monetary Fund.

The workshop will be attended by their Excellencies the governors of Arab central banks and monetary institutions, and a number of senior officials from the International Monetary Fund, the World Bank, the Bank for International Settlements, the Swedish Central Bank, the Central Bank of Indonesia, the Monetary Authority of Hong Kong, the Financial Stability Board, and the International Committee on Payment Systems and Infrastructure Financial Infrastructure, the World Economic Forum, in addition to a number of Their Excellencies the General Managers of the most prominent Arab banks and financial institutions.

The workshop discusses design considerations and technical and regulatory requirements related to issuing digital currencies to central banks and their repercussions. The different design options will be identified and provide feasibility criteria that motivate users and service providers to use digital currencies for central banks, as well as the impact of these options on monetary policy and financial stability. Payment systems, and financial intermediation.

The discussions also include the role of digital currencies for central banks in promoting financial inclusion, and how to improve risk management in order to enhance the protection of consumers of financial services, in terms of maintaining the integrity of financial transactions and strengthening the regulatory and supervisory aspects . 

 The discussions will also touch on the applications of digital currencies for central banks in cross-border payments, and identify the requirements for building digital platforms to enhance the efficiency and comprehensiveness of cross-border payments.

The workshop provides an opportunity for dialogue between their Excellencies, governors of central banks and Arab monetary institutions, on the trends of digital currencies and the future of the global monetary system, and its impact on the business models of financial and banking institutions and payment services.

On this occasion, His Excellency the Director-General and Chairman of the Board of Directors of the Arab Monetary Fund, Dr. Abdulrahman bin Abdullah Al-Hamidi, stressed the importance of the topic for central banks, pointing out that the workshop provides an important opportunity for dialogue, knowledge transfer and exchange of experiences and expertise between Arab central banks in this regard. His Excellency also praised the guiding principles and papers prepared by the Arab Monetary Fund on the subject, especially the "Practical Guide for Arab Central Banks on Issuing Digital Currency", which was published in February 2022.

His Excellency Dr. Al-Hamidi also renewed his thanks and gratitude to the Kingdom of Saudi Arabia for hosting the meeting of the Board of Governors of Arab Central Banks and Monetary Institutions and this accompanying workshop,  praising the existing cooperation with the Saudi Central Bank and the facilities it provided for the success of the meeting and the workshop.  

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Tishwash:  Al-Kazemi: Iraq is going through a political crisis that may be the most difficult after 2003

Prime Minister Mustafa Al-Kadhimi suggested on Saturday that the current political crisis in the country will be the most difficult since the fall of Saddam Hussein's regime at the hands of the forces of the United States of America and its allies.

Al-Kazemi said in a statement on the occasion of the end of the ceremony of the fortieth visit of Imam Hussein in Karbala, that "Iraq is going through a political crisis that may be one of the most difficult crises after 2003, but we have hope and determination to find solutions to overcome this crisis, in order to cross and move towards a secure and stable Iraq."

He added, "My appeal to all political forces is, let us take inspiration from this forty-year occasion, and to put Iraq and the Iraqis in mind," adding, "Iraq and Iraqis deserve to sacrifice for them. Iraq is a trust in everyone's neck."

The political scene in Iraq has undergone a dangerous turn since the supporters of the Sadrist movement led by the prominent Shiite cleric Muqtada al-Sadr stormed the parliament building in the fortified Green Zone in central Baghdad, and protested against Al-Sudani’s nomination for the position of prime minister of the next federal government, and withdrew from it by order of their leader after an armed clash With the security forces and elements of the armed factions.

The Sadrist bloc had obtained the highest votes in the early legislative elections that took place in October of 2021, but the efforts of the leader of the current failed to form the new federal government due to the Shiite coordination framework standing in its way by obtaining a fatwa from the Federal Court with the so-called blocking third in a contract The session for electing the President of the Republic, which paves the way for naming the Prime Minister.

The three-way alliance between the Kurdistan Democratic Party led by Masoud Barzani, the Sovereignty Alliance headed by Khamis al-Khanjar, and the Sadrist movement led by Muqtada al-Sadr was broken following the resignation of the Sadrist bloc's deputies, and the movement's withdrawal from the political process by order of al-Sadr.

The political scene is living in a crisis situation and a dead end unprecedented in the history of Iraq, as more than 300 days have passed since the early elections without being able to form a new government in the country, and the survival of the caretaker government headed by Mustafa Al-Kazemi.

On the tenth of last October, Iraq held early legislative elections to get out of a political crisis that swept the country after large demonstrations in the central and southern regions in 2019 in protest against the widespread unemployment in society, the spread of financial and administrative corruption in government departments and institutions, and the deteriorating reality The service and the livelihood, which prompted the former prime minister, Adel Abdul-Mahdi, to resign under popular pressure.

As soon as the preliminary results of the elections were announced, the voices of political forces and actors rose in their rejection of losing many seats, accusing them of major fraud in the ballot, which was denied by the executive and judicial authorities, at a time when the United Nations and international organizations praised the integrity of the electoral process.   link

Mot:  ~~ Sounds Like a Fun Flight!! ~~~

Mot: Cleaned up My Car Today! -- ssiiigghhhh - sooo Ready fer the RV!!

Friday Evening Iraq Economic News Highlights 9-16-22

Friday Evening Iraq Economic News Highlights 9-16-22

The Minister of Oil stresses the importance of developing the Eridu field and investing in gas in West Qurna/2

Economie| 12:28 - 09/15/2022   Baghdad - Mawazine News, Minister of Oil, Ihsan Abdul-Jabbar Ismail, stressed today, Thursday, the importance of developing the Arido field and investing gas in West Qurna/2.

The ministry's media office said in a statement, "Oil Minister Ihsan Abdul-Jabbar Ismail received the Vice President of Lukoil for Central Asia, the Middle East and North Africa Stepan Gorji and his accompanying delegation."

He added, "The meeting took place in the presence of the First Deputy of the National Oil Company, Hamid Younis, and the Director General of the Petroleum Contracts and Licensing Department, Ali Maarij, and from the Russian side, the Director General of Lukoil Mid-East Ltd. Alexei Yakovlev, the project manager of the tenth patch of Lukoil Company, Edward Chiluynch, and the Deputy Director of the Iraq branch, Director The representative office of Lukoil Mid-East Ltd. in Baghdad, Rasan Sidnafi.

The Minister of Oil stressed the importance of "accelerating and directing development and production operations from the Arido field, which is located within the tenth exploration block located between the governorates of Muthanna and Dhi Qar, due to its importance in enhancing national production," noting that "the ministry is awaiting the approval of the Council of Ministers on the joint development program for the said field."

He praised the "technical development study prepared by Lukoil in cooperation with the national effort," expressing his hope to "begin production operations during the coming period."

The Minister of Oil stressed "the need to continue developing the West Qurna 2 field within the development program, to maintain and increase production, and to work on improving economic indicators that are in the interest of both parties," pointing out "the importance of expediting the expansion of optimal investment projects for the associated gas from the aforementioned field." Ended 29/N33 https://www.mawazin.net/Details.aspx?jimare=205523

Experts: Surplus Oil Sales Bring Iraq $20 Per Barrel

Posted On2022-09-15 By Sotaliraq   Baghdad/Bright news   Energy experts expected that oil prices would achieve a surplus for Iraq at a rate of $20 per barrel until the end of this year, pointing out that global markets are affected by a number of factors, the most important of which is the Ukrainian crisis and the decisions of the Organization of Petroleum Exporting Countries.

And energy expert Bilal Khalifa said in an interview with (Al-Mada), that "many reasons affect international oil prices, most notably the US sanctions on some countries."

Khalifa continued, "The prices rose after the war between Russia and Ukraine from $70 to $100 and in some cases reached $120."

He pointed out that "recent days have witnessed a decline in prices after the fears of oil-consuming countries faded from the impact of the war on the lack of energy supplies."

Khalifa noted, "The prices also depend on the seasons of the year, and we are on the cusp of entering the winter season, which needs energy, especially by European countries."

He stressed, "The changes in prices are also the result of the decisions of the Organization of Petroleum Exporting Countries (OPEC) and the recent decision to cut 300,000 barrels, although it is a simple number, but it has a clear role in oil prices."

Khalifa explained, "Oil prices during the remainder of this year may be between 95 to 100 dollars, and there are no indications that they will drop below that."

As for the effects of oil prices in Iraq, he replied that "the lack of a budget provided us with more than 25 trillion dinars, in addition to the Ukrainian crisis, which raised oil prices, and this left positive effects on Iraq."

Khalifa stressed that "the government and the parties will face a real predicament with the end of the Ukrainian crisis, as oil prices will drop."

And he added, "The lowest price that covers the state's public spending is about $75 a barrel, and this means that the surplus that is being achieved for Iraq at the moment is about $20 per barrel."

Khalifa went on to say, "The Iraqi citizen has not, so far, seen any positive results from the rise in oil prices."

For his part, oil expert Hamza Al-Jawahiri said, in an interview with Al-Mada, that "oil prices are currently entering into a confrontation between the United States, OPEC countries and Russia in particular due to international sanctions and the Ukrainian crisis."

Al-Jawahiri added, "The file took different paths after the paths of the movement of oil changed from producers to traditional consumers, and those who continue to sell oil to other countries."

He pointed out, "This is caused by sanctions against Russia," noting that "the United States prevents European countries from buying Russian oil, but this oil has reached those countries through China, India or Saudi Arabia."

Al-Jawahiri said, "Changing the oil paths has changed, and the United States is trying with all its capabilities to put pressure on oil prices and reduce them."

He stressed, "The American side sold more than a million barrels of its strategic reserves in order to contribute to lowering prices while accelerating the issue of sanctions against Iran in the hope of returning to the agreements, but these efforts have stumbled."

Al-Jawahiri pointed out that "the return of the agreement with Iran will contribute to increasing global production by about 1.5 million barrels, and Libya has resumed pumping at a rate of 1.25 million barrels, but new disturbances have occurred and made its export fluctuate."

And he continues, "The main task of OPEC is to maintain oil prices in global markets," noting that "prices by about a year will remain more than $90 until the end of this year."

Al-Jawahiri added, "The developments of next year will depend on the developments of the Ukrainian crisis and dialogue with Iran and China, as they are factors that greatly affect the decisions of the Organization of the Petroleum Exporting Countries, but prices will remain above $90 despite all the variables."  LINK

Al-Jubouri: The Size Of The GDP For The Current Year Will Not Exceed 300 Billion Dollars

Money and business   Economy News – Baghdad   Haitham al-Jubouri, technical advisor to Prime Minister Mustafa al-Kazemi, set, on Thursday, the value of government and private domestic product for the current year, and while he expected the volume of total spending for this year, he revealed projects to increase non-oil revenues.

Al-Jubouri said, "The volume of domestic product for the public and private sectors for the year 2022, according to current oil prices, will not exceed $300 billion," noting that "the government is currently spending according to the exchange rule 12/1 of last year's budget, in addition to what was allocated in the Food Security Law."

He added, "What was allocated from food security amounted to 25 trillion dinars, in addition to 103 trillion dinars spent last year 2021, as it is a base we rely on, so that the total amount disbursed by the end of this year is 128 trillion dinars, which is equivalent to 88 or 89 billion dollars," noting.

He pointed out that "the government output alone will range approximately, according to the current oil prices, from 145 to 155 billion dollars at the end of the year."

On the government’s steps to provide additional non-oil resources, he explained that “there are efforts to activate the transit of goods through Iraq and the port of Faw, as well as the completion of plans and designs for new railways linking northern and southern Iraq by an Italian company, and these will increase revenues, and other steps to complete the automation of border crossings.

And the relationship between the currency sale window, customs and tax, which is supposed to be reflected in the increase in revenues in addition to political and security stability," he said, explaining that "the investment situation in Iraq is improving dramatically."

Al-Jubouri stressed, "the need to conduct a population census to make the numbers of segments of society clear accurately, especially since the Financial Management Law stressed the need for the budget to be based on gender," noting that "determining the percentage of women, the elderly, children and youth is very important according to the expected census," according to the news agency. official.

With regard to the government's efforts to reduce the effects of population growth on the country's economy, al-Jubouri stated that "the growth is continuing, and we should be guided by accurate numbers that we are waiting for from the housing census so that we can rely on them in decision-making."

And he added, "Iraq is one of the very advanced countries in the process of population growth, which reaches an annual rate of 3%, while globally it reaches under half a percent," noting that "this needs an increase in spending and the provision of services and many plans to be parallel to this increase."  

140 . views   Added 09/15/2022 - 7:46 PM   Update 09/16/2022 - 12:34 PM

https://economy-news.net/content.php?id=29729

Iraq Is India's Largest Oil Exporter In A Month

Thursday, 15 September 2022 12:10 PM   Follow-up / National News Center

Data from industrial and commercial sources showed that Iraq retained the first place in the list of oil suppliers to India last August, while it came in second place, according to data published by "Reuters".

According to the data, 863,950 barrels per day of crude were shipped from Saudi Arabia to India, the third largest importer and consumer of oil in the world, up 4.8% from the previous month, while purchases from Russia fell 2.4% to 855,950 barrels per day.

Despite the rise of Saudi Arabia, the share of oil from the Organization of Petroleum Exporting Countries (OPEC) to India fell to 59.8%, the lowest level in at least 16 years as India cut imports from Africa.

India became the second largest buyer of Russian oil after China, after others reduced their purchases following Moscow's invasion of Ukraine in late February.

New Delhi has not publicly criticized Moscow for its "special military operation" in Ukraine. Prime Minister Narendra Modi is scheduled to meet with Russian President Vladimir Putin on Friday on the sidelines of the summit of the Shanghai Cooperation Organization, a regional security organization.

India's monthly imports of Russian oil continue to decline after hitting a record in June, as Moscow reduced the cuts offered on its oil.

Also in August, the UAE remained India's fourth largest oil supplier, while Kazakhstan displaced Kuwait to become fifth.    https://nnciraq.com/151942/

Iraq And Syria Agree To Unify Their International Discourse To Obtain Their Water Rights From Upstream Countries

Shafaq News/ On Friday, the Iraqi government and its Syrian counterpart agreed on the need to unify their discourse in international forums in order to obtain their water rights from upstream countries.

The Iraqi Ministry of Water Resources said in a statement today that Minister Mahdi Rashid Al-Hamdani met with Syrian Prime Minister Hussein Arnous, in the presence of the technical representative authorized with the powers of the Minister of Environment Jassem Abdul Aziz Al-Falahi and Tammam Raad, the Syrian Minister of Water Resources and the Iraqi charge d'affaires in Damascus Yassin Sharif.

He added that during the meeting, they discussed common issues between the two countries in water and environmental affairs in light of the challenges of decreasing water imports and the extremism of climate change and their negative effects on reducing agricultural areas and irrigation projects.

The statement pointed out that the two parties also discussed "the necessity of coordination for joint action between the two countries to harness science and technology, exchange experiences, enhance areas of training and unify discourse in international forums in order to obtain the two countries' water rights from upstream countries with the importance of expanding the horizons of cooperation to include broader areas such as exchanging data and establishing monitoring stations."

Joint management and research applications to achieve sustainable integrated management of water resources and adapt to climate change.

The Minister of Water Resources, Mahdi Rashid Al-Hamdani and Jassim Abdul-Aziz Al-Falahi, who has the powers of the Minister of Environment, arrived last Wednesday to the Syrian capital, Damascus, at the head of a high-level delegation from the Ministries of Water Resources, Environment, Higher Education and Scientific Research and the Ministry of Water Resources and Agriculture in the Kurdistan Region to participate in the high-level bilateral meetings.

Level with the Syrian side, represented by the Syrian Ministry of Water Resources, which is related to the international hydrological program, and to discuss the implementation of the implementation plan for the said program.   LINK

Realme 9 "Best 108MP" Device In Iraq Will Be Launched On September 20

The world's fastest growing smartphone brand

Officially announced today the arrival of the first smartphone with a 108MP ProLight camera, the realme 9 is coming to Iraq on September 20, powered by the Samsung ISOCELL HM6 sensor.

realme numbers series is popular among young people all over the world because it provides an outstanding shooting experience that exceeds expectations from start to finish.

realme 5 Pro was one of the first mid-range smartphones with 48MP camera, realme 8 was one of the few smartphones with 64MP camera. With realme 9, we are ready to make a breakthrough.

Highlight of Samsung's ISOCELL HM6 Image Sensor

NonaPixel Plus technology featuring 9Sum Pixel Binning

The latest NonaPixel Plus technology, upgraded from the traditional 3Sum-3Avg solution to an unprecedented 9Sum reading solution, brings great brightness to images captured by realme 9. In practice, the 9Sum Pixel Binning of NonaPixel Plus technology improves the total amount of light by 123% compared to With the Samsung ISOCELL HM2 image sensor.

Moreover, after comparing the actual image, realme found that the realme 9's low-light image shot is noticeably brighter with better color reproduction.

Ultra-Zoom Technology Inside The Sensor

In an effort to provide users with a high-quality photo experience, realme 9 uses the HM6 sensor's super zoom technology with a built-in algorithm to create a beautiful magnified shot to get close to the details and compose the photos the way they want it.   LINK

Iraqi News Friday Afternoon 9-16-22

Iraqi News Friday Afternoon 9-16-22

Tlm724 Administrator Bondlady’s Corner

The World Bank Warns Of A Global Recession In 2023

Economie   Fri, 16 Sep 2022 10:46 AM   Follow-up / National News Center   The World Bank has warned that the world may be on its way to a global recession as central banks around the world raise interest rates simultaneously to combat persistent inflation.

The bank stated in a new study that "the world's three largest economies - the United States, China and the eurozone - are slowing sharply, and that even a moderate hit to the global economy over the next year could push it into recession."

He added that "the global economy is now going through its most severe slowdown in the wake of the recovery that followed the recession in 1970 and that consumer confidence has already fallen more sharply than in the period leading up to previous global recessions."

“Global growth is slowing sharply, and there is the potential for a further slowdown as more countries enter a recession,” World Bank President David Malpass said, expressing concern that these trends will continue, with serious consequences for emerging markets and developing economies. .

The bank stated that "simultaneous increases in interest rates globally and related policy measures are likely to continue in the coming year, but they may not be sufficient to return inflation to levels that it was before the Covid-19 pandemic."

To drive inflation down, central banks may need to raise interest rates by an additional 2 percentage points, on top of the 2 percentage point increase already achieved above the 2021 average.

But the bank said that “an increase of this size, coupled with financial market pressures, would slow global GDP growth to 0.5% in 2023, or cause a contraction of 0.4% in per capita terms, which would meet the terms of the technical definition of a global recession. .

"Policy makers should shift their focus from reducing consumption to boosting production, including efforts to create additional investment and increase productivity," Malpass said.

The bank said that "previous recessions have shown the risks of allowing inflation to remain high for a long time while growth is weak, noting that the economic recession in 1982 caused more than 40 debt crises." https://nnciraq.com/152049/

Five Specialized Exhibitions For Trade During The Remaining Months Of This Year

Friday 16 September 2022 | EconomicNumber of readings: 131  Baghdad / NINA / - The General Company for Exhibitions and General Commercial Services, affiliated to the Ministry of Commerce, announced the establishment of five specialized exhibitions for the remainder of this year, including the Baghdad International Fair.

The company explained in a schedule published on its website, that the Baghdad International Fair will witness the establishment of the International Exhibition for Food, Livestock and Aquaculture for the period from 26 to 29 of this month, as well as the Iraqi International Construction Exhibition for Building Facilities and Cooling Systems for the period from 27 to 30 of this month. Present.

She confirmed that the beginning of November will witness the holding of the forty-sixth Baghdad International Fair for the period from 1 to 10 of it, adding: "The Iraq International Exhibition for Building and Construction will also be held on the grounds of the Baghdad International Fair for the period from 21 to 24 of it, and that a book fair will be held during The period from 10 to 20 next December, which is the last exhibition for this year.”/ Ended 8    https://ninanews.com/Website/News/Details?key=1000556

Al-Jubouri: The Size Of The GDP For The Current Year Will Not Exceed 300 Billion Dollars

Money and business  Economy News – Baghdad Haitham al-Jubouri, technical advisor to Prime Minister Mustafa al-Kazemi, set, on Thursday, the value of government and private domestic product for the current year, and while he expected the volume of total spending for this year, he revealed projects to increase non-oil revenues.

Al-Jubouri said, "The volume of domestic product for the public and private sectors for the year 2022, according to current oil prices, will not exceed $300 billion," noting that "the government is currently spending according to the exchange rule 12/1 of last year's budget, in addition to what was allocated in the Food Security Law."

He added, "What was allocated from food security amounted to 25 trillion dinars, in addition to 103 trillion dinars spent last year 2021, as it is a base we rely on, so that the total amount disbursed by the end of this year is 128 trillion dinars, which is equivalent to 88 or 89 billion dollars," noting.

He pointed out that "the government output alone will range approximately, according to the current oil prices, from 145 to 155 billion dollars at the end of the year."

On the government’s steps to provide additional non-oil resources, he explained that “there are efforts to activate the transit of goods through Iraq and the port of Faw, as well as the completion of plans and designs for new railways linking northern and southern Iraq by an Italian company, and these will increase revenues, and other steps to complete the automation of border crossings.

And the relationship between the currency sale window, customs and tax, which is supposed to be reflected in the increase in revenues in addition to political and security stability," he said, explaining that "the investment situation in Iraq is improving dramatically."

Al-Jubouri stressed, "the need to conduct a population census to make the numbers of segments of society clear accurately, especially since the Financial Management Law stressed the need for the budget to be based on gender," noting that "determining the percentage of women, the elderly, children and youth is very important according to the expected census," according to the news agency. official.

With regard to the government's efforts to reduce the effects of population growth on the country's economy, al-Jubouri stated that "the growth is continuing, and we should be guided by accurate numbers that we are waiting for from the housing census so that we can rely on them in decision-making."

And he added, "Iraq is one of the very advanced countries in the process of population growth, which reaches an annual rate of 3%, while globally it reaches under half a percent," noting that "this needs an increase in spending and the provision of services and many plans to be parallel to this increase."

147 . views   Added 09/15/2022 - 7:46 PM  Update 09/16/2022 - 2:55 PM

https://economy-news.net/content.php?id=29729

Dollar Exchange Rates In Local Markets

Economie| 10:21 - 16/09/2022  Baghdad - Mawazine News   The dollar exchange rates stabilized today, Friday, on the Iraqi Stock Exchange.   And the selling prices of the dollar were 147.850 dinars per 100 dollars, while the purchase prices of the dollar were 147.750 dinars per 100 dollars.  

https://www.mawazin.net/Details.aspx?jimare=205598

Oil Is Rising And Heading For A Weekly Loss

Economie| 10:40 - 09/16/2022   Follow-up - Mawazine News: Oil prices rose today, Friday, but are heading towards recording a weekly loss, in fears of global demand for black gold.

US West Texas Intermediate crude futures rose 0.27% to $85.33 a barrel.

Brent crude futures rose 0.35% to $91.16 a barrel, according to Bloomberg website data.

Investors are preparing to raise the interest rate by the US Federal Council next Wednesday, after US inflation data, which will cast a shadow on oil prices.   https://www.mawazin.net/Details.aspx?jimare=205599

To read more current and reliable Iraqi news please visit BondLady’s Corner:

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Friday AM Iraq Parliament News Highlights 9-16-22

Friday AM Iraq Parliament News Highlights 9-16-22

Source: Al-Kazemi Participates In The Meetings Of The United Nations General Assembly In New York

Baghdad / Obelisk: A source said, Thursday, September 15, 2022 that Prime Minister Mustafa Al-Kazemi will participate in the meetings of the United Nations General Assembly.

A source close to the Prime Minister told Al-Masala, that Al-Kazemi will head an Iraqi delegation to represent Iraq in the meetings of the United Nations General Assembly.  According to the source, Iraq will present an independent vision of ways to support stability among the countries of the region.

Al-Kazemi had met on July 26, 2022, US President Joe Biden, and discussed with him the relations between Baghdad and Washington, and ways to strengthen them.

Last Tuesday, the meetings of the United Nations General Assembly were launched under the slogan "A watershed moment, transformative solutions to intertwined challenges," as participants seek to find common solutions to the crises facing the countries of the world. https://almasalah.com/archives/17776

National Security Adviser And NATO Discuss Security And Intelligence Cooperation

Policy   2022-09-15 | 10:00  Source:  Alsumaria news   751 views   Today, Thursday, National Security Adviser Qassem Al-Araji discussed with the commander of the NATO mission in Iraq, Lieutenant-General Giovanni Inucci, security and intelligence cooperation.

The media office of the National Security Adviser said, in a statement received by Alsumaria News, that "Al-Araji received, in his office today, the commander of the NATO mission in Iraq, Lieutenant-General Giovanni Inucci. As well as discussing the possibility of training the Federal Police by the Italian Carabinieri, as well as cooperation in the field of intelligence and security.

He added that "Al-Araji stressed that Iraq is keen on its relationship with NATO, and seeks to reach the stage of partnership in the field of security and intelligence training with the intelligence services," noting that "the security work is not affected by the political situation, and that the internal political situation is on the way to a breakthrough."

Al-Araji pointed out at the same time that "we must establish a dialogue of civilizations instead of a clash of civilizations."

For his part, the commander of the NATO mission confirmed that "the alliance will provide support to Iraq with what it needs in the field of cybersecurity." LINK

National Security Adviser: The Internal Political Situation Is On The Way To Détente

Iraq   16:59 - 09-15-2022   Today, Thursday, National Security Adviser Qassem Al-Araji confirmed that the security work is not affected by the internal political situation, and that the latter is on the way to a breakthrough.

A statement issued by the media office of the National Security Adviser said, "Al-Araji received, in his office today, Thursday, the commander of the NATO mission in Iraq, Lieutenant-General Giovanni Inucci. During the meeting, the work of the NATO mission in Iraq was reviewed, and they discussed continuing cooperation in the field of advice and training, as well as Discussing the possibility of training the Federal Police by the Italian Carabinieri, as well as cooperation in the field of intelligence and security.

Al-Araji stressed, according to the statement, that "Iraq is keen on its relationship with NATO, and seeks to bring the relationship to the stage of partnership in the field of security and intelligence training with the intelligence services," noting that "security work is not affected by the political situation, and that the internal political situation is on the way to a breakthrough."

At the same time, he pointed out that "we must establish a dialogue of civilizations instead of a clash of civilizations."

For his part, the commander of the NATO mission confirmed that "the alliance will provide support to Iraq with what it needs in the field of cybersecurity."     https://kirkuktv.net/AR/Details/8926

An Expected Meeting Of The Coordination Framework During The Next Week

Iraq   18:52 - 09-15-2022   The leader of the Al-Fateh Alliance, Muhammad Al-Tamimi, confirmed, on Thursday, that the Coordinating Framework Alliance will hold an important meeting next Tuesday.

Al-Tamimi said, "The coordinating framework will hold an important meeting next Tuesday for its leaders in Baghdad to discuss 3 steps for the next stage, which is the resumption of parliament sessions and initial consensus with political forces regarding the formation of the government and the early preparation of the government program that will adopt the principle of offering solutions."

He added, "The meeting will be the beginning of important dialogues with Sunni and Kurdish political forces regarding the benefits for the next stage," expecting that "the first sessions of the House of Representatives will be at the end of next September.    https://kirkuktv.net/AR/Details/8927

Al-Hakim: Reform Requires The Adoption And Activation Of Institutions And The Recognized Contexts

Iraq   12:45 - 09-15-2022  The head of the Wisdom Movement, Ammar al-Hakim, confirmed today, Thursday, that attendance in the political scene does not necessarily mean participation in the government, but rather a political decision.

Al-Hakim's office stated, in a statement, that "Al-Hakim received today, Eric Chevali, the Ambassador of the Republic of France in Baghdad, and they discussed the political scene, its developments and current events in Iraq, as well as the bilateral relations between Iraq and France and ways to develop them to serve the two friendly countries and peoples."

The statement added, "The two sides stressed the importance of including everyone in the political scene, and the need for everyone to attend, so no party can block another place, and to stress that attendance in the political scene does not necessarily mean participation in the government, but rather through the political decision and the maturation of a unified vision for managing the country."

During the meeting, Al-Hakim called for "restraining to the constitution and the law, and that reform requires the adoption and activation of institutions and recognized contexts, as the current system has established mechanisms for its reform and development, and this must be taken into account."

Regarding the bilateral relations between the two countries, the statement clarified that "France is an important country for Iraq due to its position and influence as one of the permanent members of the Security Council, and cooperation must be sustained and strengthened in order to achieve the interests of the two friendly countries and peoples and preserve the sovereignty of Iraq."    https://kirkuktv.net/AR/Details/8922

Al-Hakim Discusses With The American Ambassador The Latest Developments In The Political Situation In Iraq[/Size]

Iraq   13:47 - 09-15-2022   Today, Thursday, the head of the Wisdom Movement, Ammar al-Hakim, confirmed to the US ambassador, Elena Romansky, his call to form a national service government.

Al-Hakim's media office stated in a statement, "The developments in the Iraqi and regional political affairs, the mechanisms for getting out of the current political impasse, and the bilateral relations between Iraq and the United States of America, were files that were present at our meeting with its ambassador in Baghdad, Elena Romansky.

We renewed our position calling for the formation of a capable national service government ." To manage the stage and restore public confidence in the political system, noting that "this requires a harmonious team that works with priorities, foremost of which are services and job opportunities."

He added, "We called for the restoration of institutions to their natural role, and the necessity of adopting dialogue to bring the views of all political forces closer, and to an equation that includes everyone and includes them in Iraqi decision-making."

He explained that "we pointed out that Iraq cannot be reduced to one nationality, sect, or political title," noting that "we also stressed the need to adhere to the political system, as it is the product of martyrs' sacrifices in the face of dictatorship and terrorism."    https://kirkuktv.net/AR/Details/8924

An Iraqi MP Rejects The Authority Of The "Crowd Committee" To Investigate The Accused And Demands The Dismissal Of Its Head

Posted On2022-09-16 By Sotaliraq   Baghdad: Fadel Al-Nashmi   Yesterday, the tribal sheikh, Dr. Iqbal Dohan Al Jalab, the sheikh of the forefathers of the Marmad tribe from the Al-Agraa tribe, died in Al-Qadisiyah governorate, two days after his release by the security of the “Popular Mobilization” on the background of accusations against him of conspiracy and belonging to the dissolved “Baath” party; What first provoked the anger and outrage of his clan members, and a wide spectrum of activists and some independent representatives in Parliament.

Some circles close to the clan have reported their threat to “target the headquarters of the Popular Mobilization Security Directorate if the Sheikh’s killers are not presented to the security services.”

Last week, the clan condemned, in the strongest terms, the arrest of the old sheikh and one of the governorate's faces and sheikhs.

While the PMF did not issue any statement regarding the circumstances of the arrest, then the release and the recent death, the independent MP, Sajjad Salem, launched a stinging attack on the commission, and demanded the prime minister to dismiss its head, Faleh al-Fayyad. Before winning a parliamentary seat in the last elections, Sajjad Salem, a lawyer and civil activist, said in a post on his personal Facebook page that "the Popular Mobilization Committee is not an investigative authority under Iraqi laws, and Faleh al-Fayyad must be dismissed for violating the law and lacking his independence."

He added, "The recent campaign of arrests by the Popular Mobilization Authority represents a flagrant violation of the law that must be addressed, especially after it was ascertained that this campaign in Qadisiyah Governorate was threatened by activists and protesters."

Salem stressed that there is no "legal text that grants the Popular Mobilization Authority the authority for judicial investigation and even special laws, which are both the Diwani Order No. 91 of 2016 and the Popular Mobilization Authority Law No. 40 of the same year."

It is believed that the “mobilization committee” or its leaders “are not granted the status of (members of judicial control) charged with investigating crimes and accepting complaints, which was specified in Article (39) of the Criminal Procedure Law of 1971.”

Salem considered that "total silence about these legal violations is tantamount to authorizing certain political parties to free their hand in tampering with people's destinies, targeting them and suppressing freedom of opinion." The Commander-in-Chief of the Armed Forces called on Prime Minister Mustafa Al-Kazemi to "remove Faleh Al-Fayyad (the head of the commission) from his position, and we demand the Public Prosecution to take the necessary legal measures against him."

Representative Sajjad Salem had previously directed several criticisms of the PMF, accusing its leaders of transgressing the law and influencing the judiciary. This prompted the authority to file a lawsuit against him for defamation.

Saleh Muhammad al-Iraqi, known as “Minister al-Sadr,” called earlier this month to end the presence of “militias and the Popular Mobilization” in sensitive locations in the country. He does not possess a strong personality, nor does he possess a military mentality, and in general, he is not qualified for this position.”  LINK

Friday AM Iraq Economic News Highlights 9-16-22

Friday AM Iraq Economic News Highlights 9-16-22

Oil Is Heading For A Weekly Loss

Economie   2022-09-16 | 03:15   536 views   Oil prices rose today, Friday, and crude prices are heading towards recording a weekly loss in fears of global demand for black gold.

By 09:40 Moscow time, US crude futures "West Texas Intermediate" rose 0.27% to $85.33 a barrel.

Brent crude futures rose 0.35% to $91.16 a barrel, according to Bloomberg website data.

Investors are preparing to raise the interest rate by the US Federal Council next Wednesday, after US inflation data, which will cast a shadow on oil prices.   LINK

Dollar Exchange Rates For Today

Economie   2022-09-16 | 03:32   1,836 views   Alsumaria News – Economy   The dollar exchange rates stabilized today, Friday, on the Iraqi Stock Exchange.

The selling prices of the dollar were 147.850 dinars per 100 dollars, while the purchase prices of the dollar were 147.750 dinars per 100 dollars.   LINK

Gold Prices In The Local Markets

Economie  2022-09-16 | 01:20  1,221 views   Alsumaria News publishes gold prices in the local markets, on Friday, according to the monitoring of specialists.  LINK

Slight Increase In Oil Prices

Economie   10:33 - 09-16-20 2022  Oil prices rose today, Friday, but they are heading towards recording a weekly loss in fears of global demand for black gold.  US West Texas Intermediate crude futures rose 0.27% to $85.33 a barrel.  Brent crude futures rose 0.35% to $91.16 a barrel, according to Bloomberg website data.

Investors are preparing to raise the interest rate by the US Federal Reserve next Wednesday, after US inflation data, which will cast a shadow on oil prices.    https://kirkuktv.net/AR/Details/8933

 The General Secretariat Addresses The Ministry Of Finance To Release The Financial Dues For Scientists

Iraq   12:03 - 09-16-2022  Today, Friday, the General Secretariat of the Council of Ministers announced that it has addressed the Ministry of Finance to release the financial dues for scientists, while it clarified about the decision to promote the holders of preparatory certificates.

The secretariat’s spokesman Haider Majid said, “The General Secretariat of the Council of Ministers addressed the Ministry of Finance to adhere to what was stated in the Cabinet’s decision regarding the release of financial dues to scientists,” noting that “the decisions of the Council of Ministers are enforceable, since the General Secretariat of the Council of Ministers is the coordinating body and the executive arm of the Council of Ministers. It follows up the implementation of the decisions of the Council of Ministers and the directives of the Prime Minister.

He added that "the Ministry of Finance is obligated to implement the decision of the Council of Ministers, according to what was stated in the response of the General Secretariat of the Council of Ministers to the ministry."

And regarding the decision to promote the holders of middle school certificates, Majid said that "this decision was issued during the cabinet session before the last," noting that "it came after many appeals from the holders of middle school certificates, to do justice to them and remove injustice from them over the previous years." https://kirkuktv.net/AR/Details/8935

Product And The Volume Of Total Spending For The Current Year

Economie| 07:33 - 09/15/2022   Baghdad - Mawazine News, Haitham Al-Jubouri, technical advisor to Prime Minister Mustafa Al-Kazemi, determined today, Thursday, the value of government and private domestic product for the current year, and while he expected the volume of total spending for this year, he revealed projects to increase non-oil revenues.

Al-Jubouri said, "The volume of domestic product for the public and private sectors for the year 2022, according to current oil prices, will not exceed $300 billion," noting that "the government is currently spending according to the exchange rule 1/12 of last year's budget, in addition to what was allocated in the Food Security Law." .

He added, "What was allocated from food security amounted to 25 trillion dinars, in addition to 103 trillion dinars spent last year 2021, as it is a base we rely on, so that the total amount disbursed by the end of this year is 128 trillion dinars, which is equivalent to 88 or 89 billion dollars." He pointed out that "the government's output alone will range approximately, according to the current oil prices, from 145 to 155 billion dollars at the end of the year."

On the government's steps to provide additional non-oil resources, he explained that "there are efforts to activate the transit of goods through Iraq and the port of Faw, as well as the completion of plans and designs for new railways linking northern and southern Iraq by an Italian company, and these will increase revenues, and other steps to complete the automation of border crossings and the relationship Between the currency sale window, customs, and tax, which is supposed to be reflected in the increase in revenues, in addition to political and security stability, "explaining that"

Al-Jubouri stressed, "the necessity of conducting a population census to make it clear the numbers of segments of society accurately, especially since the Financial Management Law stressed the need for the budget to be based on gender," noting that "determining the proportion of women, the elderly, children and youth is very important according to the expected census."

With regard to the government's efforts to reduce the effects of population growth on the country's economy, al-Jubouri said, "The growth is continuing, and we should be guided by accurate numbers that we are waiting for from the housing census so that we can rely on them in decision-making."

And he added, "Iraq is considered one of the very advanced countries in the process of population growth, which reaches an annual rate of 3%, while globally it reaches under half a percent," noting that "this needs an increase in spending and the provision of services, and many plans are parallel to this increase." Ended 29/9 https://www.mawazin.net/Details.aspx?jimare=205562

The Iraqi Stock Exchange Announces The Weekly Trading Indicators

Economie| 04:20 - 09/15/2022   Baghdad - Mawazine News   Today, Thursday, the Iraqi Stock Exchange announced the trading indicators for the current week.

And the market stated in a statement received by / Mawazine News / a copy of it, that "during the current week, it organized 5 trading sessions from Sunday 11/09/2022 to Thursday 15/09/2022."

He added that he checked during this following week; The number of traded shares reached more than (3) billion shares, and the value of traded shares amounted to more than (5) billion dinars.

He continued that “the market trading index for the first session of the week closed at (588.92) points, while the index closed at the end of the week at ( 596.07 points, achieving an increase of 1.20% from its closing at the beginning of the session, while more than (2500) buying and selling contracts were executed in the same period on the shares of companies listed in the market. https://www.mawazin.net/Details.aspx?jimare=205544

Iraq And Syria Are Discussing A Number Of Issues Related To The Waters Of The Two Countries

2022-09-16 | 04:55   153 views   Today, Friday, Minister of Water Resources Mahdi Rashid Al-Hamdani met with Syrian Prime Minister Hussein Arnous, in the presence of the technical representative authorized with the powers of the Minister of Environment Jassem Abdel Aziz Al-Falahi, the Syrian Minister of Water Resources Tammam Raad and the Iraqi charge d'affaires in Damascus Yassin Sharif.

The  Ministry of Water Resources[/url] stated in a statement received by Alsumaria News, that "during the meeting, they discussed common issues between the two countries in water and environmental affairs in light of the challenges of declining water imports and extremism of climate change and their negative effects on reducing agricultural areas and irrigation projects and the need for coordination of joint work between the two countries to harness Science and technology, exchanging experiences, enhancing training areas, and unifying discourse in international forums in order to obtain the two countries' water rights from upstream countries."

The ministry explained that "the meeting also discussed the importance of expanding horizons of cooperation to include broader areas such as exchanging data, establishing joint monitoring stations and research applications to achieve integrated management of water resources in a sustainable manner and adapt to climate changes." LINK

L-Kazemi's Advisor Talks About The Housing Crisis And Confirms: Corruption Has Disrupted Projects

Sumerian special   2022-09-15 | 14:40  Source:  Alsumaria news   7,060 views   Adviser to the Prime Minister for Reconstruction Affairs, Sabah Abdul Latif, confirmed that Iraq needs 3 and a half million housing units to address the housing crisis, stressing that corruption had a major role in disrupting large urban projects and investment, while noting that Salah al-Din is witnessing a political struggle that disrupts reconstruction.

Abdul Latif said in an interview with the "Oana" program broadcast by Alsumaria satellite channel, that "Iraq needs 3 and a half million housing units to address the housing crisis," explaining that "the government has started implementing projects to alleviate the crisis, including the Dari project, which will provide 550 thousand housing units through 17 locations in Iraq, and there is the Sadr City project, which provides 91,000 housing units through the Iraqi-Chinese agreement."

He added that "housing loans are one of the government's means to solve the housing crisis, and the Central Bank's housing initiative is one of them," noting that "residential areas suffer from urban distortion significantly, and the general situation in the country is responsible for this phenomenon," explaining that "there is a plan to preserve landmarks."Baghdad Such as the suspension bridge, the royal cemetery, Tahrir Square, and others.

” Abdul Latif pointed out that “the project to develop Tahrir Square was subjected to several criticisms, including the alabaster, which was covered with the monument in terms of color and quality,” noting that “the Turkish company donated the project as a kind of response to the projects that carried out in Iraq".

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He stressed that "the implementation of projects to solve traffic congestion in the capital has been started, including the Hawally Road, which will solve 35% of the congestion, which will be implemented by Amanat.

"Baghdad In addition to a project to develop entrances Baghdad The five that were implemented under the supervision of the Ministry of Housing and Construction and the governorate of Baghdad Abdul Latif stressed that "corruption played a major role in disrupting large urban projects and investment," stressing that "investment in the agricultural and industrial sector in Iraqnon-existent.”

And between that “Supreme Committee for ages Mosul It started its work by allocating a specific budget to implement reconstruction Mosul Through the riverfront reconstruction projects and old City   He pointed out that "the governorates of Anbar, Diyala and Salahaddin  It has many projects for its reconstruction through the Reconstruction Fund for the Liberated Areas," noting that the governorate of  Salahaddin  It is witnessing a political struggle that disrupts the wheel of reconstruction."

Abdul Latif noted that "there is a plan to develop the old city in Najaf because of its great religious, literary and historical importance," noting that "a municipal department specialized in the city was formed and foreign companies were invited to set a clear vision to discuss the mechanism for implementing the city's development."    LINK

Some "International News" Posted by Samson at KTFA 9-16-2022

KTFA:

Samson:  The Shanghai Cooperation Summit kicks off in Uzbekistan

16th September, 2022

Friday morning in the Uzbek city of Samarkand, the work of the summit of leaders of the countries of the "Shanghai Cooperation Organization", which is the first summit to be held in attendance since the beginning of the Corona epidemic, began.

Before the start of the summit meetings, the leaders of the eight countries (Russia, China, India, Pakistan, Kazakhstan, Tajikistan, Uzbekistan and Kyrgyzstan) took a group photo.   LINK

Samson:  With the participation of Arab countries, the Shanghai summit issues the "Samarkand Declaration"

09/16/2022 14:42:24

At the conclusion of the meetings, the leaders of the Shanghai Cooperation Organization issued a statement "Samarkand Declaration", which included a number of regional and international points and issues.

Here are his main points:

The leaders of the Shanghai Cooperation Organization announced that they would not allow interference in state affairs under the pretext of combating terrorism.

The leaders of the countries of the Shanghai Cooperation Organization condemned terrorist acts all over the world and expressed their determination to continue working to curb terrorism and effectively eliminate the factors of its spread.

- Rapid settlement of the situation in Afghanistan is one of the most important factors for enhancing security in the SCO region.

The member states of the Shanghai Cooperation Organization support the non-proliferation of nuclear weapons in the world and the continuation of nuclear disarmament.

Expanding the Shanghai Cooperation Organization and deepening cooperation with international organizations, which would contribute to ensuring security and stability in the region.

The world is now witnessing global changes accompanied by the exacerbation of conflicts and crises and a serious deterioration of the international situation as a whole.

The member states of the Shanghai Cooperation Organization stress the need to further strengthen international cooperation in combating the spread of the coronavirus.

The Shanghai Cooperation Organization countries work to promote an open multilateral trading system based on the principles and rules of the World Trade Organization, and oppose procedures

Protectionism and trade restrictions threaten the global economy.

The member states of the Shanghai Cooperation Organization are committed to making accurate assessments regarding the current international agenda, and advocate for a more just and shaping world order.

- A common vision of "a community united by a common destiny for mankind".

- The member states of the Shanghai Cooperation Organization referred to the initiative of the Russian Federation to conduct regular activities to identify and respond to emergencies related to the sanitary and epidemiological situation.

The document emphasized that the unilateral application of economic sanctions, other than those adopted by the United Nations Security Council, contradicts the principles of international law.LINK

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Samson:  Putin: We are optimistic about "Arab friendship" in the Shanghai Organization

16th September, 2022

Today, Friday, Russian President Vladimir Putin touched on the role of the organization and a number of regional and international issues

Putin said, "The Shanghai Organization is open to cooperation with everyone and to help solve the world's growing energy and food problems," noting that 90% of Russian food exports go to Asia, Africa and Latin America

He added that "Moscow is ready to give 300,000 tons of Russian fertilizers accumulated in European ports free of charge to developing countries," calling on the United Nations to influence the European Commission's decision "to lift restrictions against developing countries, to ensure that Russian fertilizers reach these markets

The Russian President revealed the intention of the Shanghai Organization to "grant Egypt, Qatar, the Emirates, Kuwait and Bahrain the status of a dialogue partner," explaining that "the reputation of the Shanghai Cooperation Organization is increasing, and it is one of the largest international organizations   LINK

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Samson:  Iraq tops the list of oil suppliers to India within a month

15th September, 2022

Data from industrial and commercial sources showed that Iraq retained the first place in the list of oil suppliers to India last August, while it came in second place, according to data published by "Reuters".

According to the data, 863,950 barrels per day of crude were shipped from Saudi Arabia to India, the third largest importer and consumer of oil in the world, up 4.8% from the previous month, while purchases from Russia fell 2.4% to 855,950 barrels per day.

Despite the rise of Saudi Arabia, the share of oil from the Organization of Petroleum Exporting Countries (OPEC) to India fell to 59.8%, the lowest level in at least 16 years as India cut imports from Africa.

India became the second largest buyer of Russian oil after China, after others reduced their purchases following Moscow's invasion of Ukraine in late February.

New Delhi has not publicly criticized Moscow for its "special military operation" in Ukraine. Prime Minister Narendra Modi is scheduled to meet with Russian President Vladimir Putin on Friday on the sidelines of the summit of the Shanghai Cooperation Organization, a regional security organization.

India's monthly imports of Russian oil continue to decline after hitting a record in June, as Moscow reduced the cuts offered on its oil.

Also in August, the UAE remained India's fourth largest oil supplier, while Kazakhstan displaced Kuwait to become fifth.  LINK

Samson:  Lebanon's banks close their doors after an unprecedented wave of incursions

09/16/2022 14:17:17

 Lebanese banks decided, on Friday, to close their doors, after a wave of attacks by depositors wishing to extract their savings.

Two bankers told Reuters news agency that Lebanese banks would be closed. For three days next week due to security concerns amid an increase in attacks by depositors.

A member of the Association of Banks, Tanal Sabah, explained that an emergency meeting was held against the background of the intrusions into banks by depositors. He said that the banks will not open their doors, Monday, while he has not yet determined conclusively the length of time during which the banks may remain closed.

Sabah said: "Until things settle down, we don't know the time yet, but until this chaos is controlled, whose effects are no longer confined to banks only, we are looking into the possibility of moving on the streets," referring to the association members' fear for their personal safety. 

Today, Friday, Lebanon witnessed the storming of at least 6 banks in different parts of the country, amid reports of multiple other attacks. 

In Ghazieh, in the south of the country, a man carrying a weapon broke into the "Byblos" bank and poured gasoline into the branch, threatening to burn it, as he was seeking to obtain his frozen savings. The man got about $ 19,000, gave it to someone, and then turned himself in to the security forces.

Reuters quoted a security source as saying that the weapon he had was believed to be a toy. 

In a second similar incident a few hours later, another gunman took hostages inside the BLOM Bank (Blom) New Road branch in the capital, Beirut, where he was also aiming to get his money. LINK

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Samson:  Lebanese Finance Minister: Inflation rates exceeded 100%

16th September, 2022

The Minister of Finance in the Lebanese caretaker government, Youssef Al-Khalil, announced that the inflation rates in the country exceeded 100%, expecting that the year 2023 will be the pioneering year for structural reform in Lebanon

During the general parliamentary session to approve the 2022 budget, Al-Khalil said: "Inflation rates exceeded 100%, and we suffer from economic stagnation for more than 4 years. On this basis, this emergency budget came to correct the impact of distortions resulting from successive crises

He stressed that “the budget must be attached to reform steps,” noting that “the deterioration of the exchange rate and its plurality, the public finances incurred significant losses in terms of revenues, which fell from 22% as an average pre-crisis rate, to 10% of GDP in 2021, while The internal revenues remain the most prominent source of financing expenditures due to the inability to resort to the financial markets after failing to pay the dues to the creditors

He pointed out that "in light of the deterioration of the exchange rate as well and with the shrinking of the available financing possibilities, public spending declined from about 30% during 2018-2019 to 12% of GDP in 2021, the primary spending, i.e. spending outside debt service, including salaries, wages and expenses, declined. operational rates from 20% before successive crises to 9% of GDP in 2021, which negatively affected the productivity of work in public administrations and their ability to meet the needs of citizens and secure public services in the most appropriate manner

He added, "More than eight months have passed since the year 2022 and the budget has not been approved, and therefore the imports that were expected in the draft budget for the year 2022 will not be received in full due to the failure to activate the corrective measures desired in the budget articles," stressing that "the unification of the exchange rate at the level of the economy." Overall, it is the pillar of the recovery and stability policy, and the adoption of close exchange rates, in terms of revenue collection and spending, in this context and ensures the control of the fiscal deficit  LINK

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Samson:Russia And China Conduct Joint Patrols In The Pacific

15th September, 2022

The Russian Defense Ministry announced, on Thursday, that the Russian Navy and its Chinese counterpart are conducting joint patrols in the Pacific Ocean.

A statement by the ministry on the Telegram application said that the two sides are carrying out joint tactical maneuvers and military exercises that include the use of artillery and helicopters.

She added that "the tasks of the patrols include strengthening maritime cooperation between Russia and China, supporting peace and stability in the Asia-Pacific region, monitoring the coasts and protecting Russian and Chinese maritime economic sites."  LINK

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Samson:  The "Buna" Platform For Arab Payments Holds The Thirty-Sixth Interactive Workshop Remotely To Share The Most Important Achievements And Developments During The Recent Period

16th September, 2022

The workshop hosts leading banks from the United Arab Emirates and the Kingdom of Saudi Arabia

A wide presence that includes more than 200 participants from representatives of central banks, regional and global financial and banking institutions

Abu Dhabi, September 15, 2022: Today, the Buna platform (the payment system operated by the Arab Payments Clearing and Settlement Corporation, owned by the Arab Monetary Fund) is holding a "remote" workshop to share the most important achievements and developments during the recent period.

The workshop program includes a dialogue with officials from both Abu Dhabi Commercial Bank from the United Arab Emirates and the Arab National Bank from the Kingdom of Saudi Arabia to share their practical experience in using the platform to implement cross-border payments. The workshop also includes briefing the participants on a number of important topics about what the platform has achieved in the technical and regulatory fields and the progress in the field of joining banks and their practical use of the platform.

The workshop hosts more than 200 participants representing central banks, financial and banking institutions, payment service providers and financial services from the Arab region and beyond.

On this occasion, Mr. Mahdi Manea, CEO of the Corporation, said: “We continue to show progress on several levels and based on four main pillars for Bani which are the satisfaction of the platform users from participating banks, operational and technical flexibility, our compliance with regulatory standards and international principles, and our ability to the sustainability of our business, and I am happy today that we are in a position to share tangible achievements on all these levels during this edition of the monthly workshops.”

He added: “Buna is not just another option to implement payments, but rather represents a transformative solution to improve the effectiveness of all current and future payment options, by enabling banks in the Arab region and the world to provide real value to their institutional and individual customers in the form of flexible and effective cross-border payment solutions for various types of use. In multiple currencies, securely, reliably and in line with international best practices.”  LINK