Iraqi News Highlights Friday Afternoon 10-14-22

Iraqi News Highlights Friday Afternoon 10-14-22

Tlm724 Administrator Bondlady’s Corner

The US State Department Welcomes The Election Of The President Of The Republic And The Assignment Of Al-Sudani

political| 08:46 - 14/10/2022   Follow-up - Mawazine News, the US State Department welcomed the election of Abdul Latif Rashid as President of Iraq, and the assignment of Muhammad Shia Al-Sudani to form the new government.

"We urge the political leaders who will form the new government to heed the will of the Iraqis who voted for a government that responds to their needs. The United States also urges all parties to avoid violence and resolve differences amicably and peacefully through the political process," State Department spokesman Ned Price said in a statement.

"The United States reaffirms its commitment to partnering with the people and government of Iraq to advance our many shared priorities. We look forward to continued strong cooperation between our two countries," he added.    https://www.mawazin.net/Details.aspx?jimare=208211

Latif Rashid: I Pledge To Be President For All Iraqis Without Discrimination

Political | 03:21 - 14/10/2022   Baghdad - Mawazine News   On Friday, the elected President of the Republic, Abdul Latif Rashid, pledged to be the president of all Iraqis without discrimination.

Rashid said in a tweet via Twitter, followed by "Mawazine News", "I extend my heartfelt thanks to the representatives of the honorable Iraqi people and all political forces, for giving me their confidence."

He added, "He pledges to work hard to protect the constitution, the sovereignty of the country and the interests of the people, and to be the president of all Iraqis without discrimination."

Yesterday, Thursday, the Iraqi parliament elected Abdul Latif Rashid as President of the Republic, who in turn assigned Muhammad Shia Al-Sudani to head the government. Ended 29/R77

https://www.mawazin.net/Details.aspx?jimare=208242

Blackshart Congratulates The Sudanese On His Assignment To Form The Government

02:47 - 14/10/2022    Baghdad - Mawazine News  congratulated the Special Representative of the Secretary-General of the United Nations in Iraq, Jeanine Hennis-Plasschaert, today, Friday, Muhammad Shiaa Al-Sudani, for assigning him to form the new government, while she expected that this would pave the way for addressing urgent and outstanding issues in Iraq.    https://www.mawazin.net/Details.aspx?jimare=208240

Al-Sudani: I Will Tackle Inflation And Unemployment

Muhammed Shiaa Al-Sudani    Economy News – Baghdad Muhammad Shia Al-Sudani, who is in charge of forming the next government, announced that he will tackle inflation and unemployment in Iraq.

Al-Sudani said, in his speech broadcast by his media office and seen by Al-Iqtisad News, "I will do my best to form a strong government that is determined to implement its goals and program."

He added, "We will not forget the true demands of our youth, and we will work with dedication and sincerity to address the accumulated problems and crises, foremost of which are the lack of services, poverty, inflation and unemployment, and to work to provide job and housing opportunities, and to improve the health, educational and educational reality, the youth and sports sector, and to empower women and guarantee their rights."

He stressed that our work will start from the first hours of assignment according to a realistic government program that adopts economic reforms aimed at revitalizing the industrial and agricultural sectors, supporting the private sector, diversifying sources of income, addressing environmental impacts, desertification, climate change, and protecting water resources.

23 . views  Added 10/14/2022 - 3:56 PM   Update 10/14/2022 - 4:32 PM

https://economy-news.net/content.php?id=30204

Al-Sudani: I Will Present My Government Formation As Soon As Possible, And I Promise To Present A Strong Squad Capable Of Building The Country

The person in charge of forming the new government, Muhammad Shia Al-Sudani, confirmed that he will present his formation as soon as possible.

Al-Sudani said in a brief statement: "I will present the government formation as soon as possible."

Al-Sudani also pledged to present a strong government formation capable of building the country.

Al-Sudani said in a tweet on his Twitter account, "Thank God and thank you to the representatives of the people who gave me their confidence in assigning me to form the government."

He added, "I promise the Iraqis that I will meet their expectations by presenting the cabinet formation as soon as possible, and that it will be a strong government capable of building the country, serving citizens, maintaining security and stability, and building balanced international relations."

On Thursday evening, the elected President of the Republic, Abdel Latif Rashid, assigned the Sudanese to form the new government.    https://www.radionawa.com/all-detail.aspx?jimare=31644

The United Nations: Assigning Al-Sudani To Form A Government Paves The Way For Addressing Iraqi Issues

Friday 14 October 2022 15:11 | political Number of readings: 98   Baghdad / NINA / - The Special Representative of the Secretary-General of the United Nations in Iraq, Jeanine Hennis-Plasschaert, confirmed that assigning candidate Muhammad Shia Al-Sudani to form the new government paves the way for addressing urgent and outstanding issues in Iraq.

"On behalf of the United Nations Assistance Mission for Iraq, I would like to extend my sincere congratulations to you on the occasion of your assignment as Prime Minister of the Republic of Iraq," Plasschaert said, in a press statement today, Friday.

She added, "We hope and expect that the formation of the government will pave the way for a government program that addresses Iraq's long list of urgent and pending issues and meets the needs of the Iraqi people." / End 5    https://ninanews.com/Website/News/Details?key=1007567

Economist: The New Government Has A Golden Opportunity To Reduce The Dollar Exchange Rate

Posted On10-14-2022 By Sotaliraq   The economic affairs specialist, Muhammad Al-Saadi, confirmed that the new government has a golden opportunity to reduce the exchange rate of the dollar in the local markets and raise the value of the Iraqi dinar, pointing out that all conditions are prepared for this measure.

Al-Saadi said that "Iraq achieved a great financial abundance after the significant rise in international oil prices, which raised the central bank's reserves to more than 80 billion dollars."

He added, "The increase in oil prices and cash reserves will enable the new government to gradually reduce the dollar exchange rate during the next stage, as this is considered one of the first decisions that can serve the people."

And he indicated that "there is a suitable ground to attract foreign investments to establish oil refineries in the governorates and work to export derivatives and thus return to the country with large revenues, in addition to achieving self-sufficiency in derivatives, and in the end, the government's high exchange rate achieved can be achieved through other doors." finished 25   LINK

Al-Rabee Brokerage Index In The Iraqi Stock Market Increased By 3.4% Last September

Posted On10-14-2022 By Sotaliraq   After the recent events and protests in Iraq that caused massive unrest across the country, the Iraq Stock Exchange Brokerage Company (ISX) Al Rabeeh Index took a surprising turn and increased by 3.4% in September 2022.

“As the political situation in Iraq continues to dwindle, we remain steadfast in the hope that trading volumes will continue to increase, as outlined last September,” said Ms. Aysigül Ozge Özgur, Head of Research at Al Rabie Stock Exchange Brokerage Company. Foreigners invest in the Iraqi Stock Exchange, and that our monthly trading volumes have increased since last August.

The total trading volume in the Iraq Stock Exchange decreased by 49% compared to last August, to 17.1 million US dollars last September, as a result of the decrease in cross transactions, and with the exception of cross transactions, the monthly trading volumes of the Iraq Stock Exchange increased by 32.8% compared to August, to reach US$13.1 million in September.

The figures indicate that the banking sector had the largest share in the trading volume with 58.3%, followed by the telecommunications sector (10.9%), then the industry (8.3%), then the agriculture sector (7.9%), then the hotel and tourism sector (7.4%), and the services sector (7.2%), foreign shares in total trading volume rose from 4.8% in August to 8.3% in September.

And the Mosul Games Cities Company, a company listed on the Iraq Stock Exchange, distributed its profits during the month of September, with a return rate of: 1.0%. Shares of 28 companies rose in September, of which 17 companies increased by more than 5%, and 11 by more than 10%. Al-Khair Financial Investment Company recorded the largest increase of 77.8% during the month.  LINK

Adviser To The Prime Minister Calls For The Abolition Of The Ministries Of Oil And Electricity And The Establishment Of The Ministry Of Energy

Energy   Economy News – Baghdad On Thursday, Adviser to the Prime Minister, Abdel-Hussein Hanin, called for the abolition of the ministries of oil and electricity, and the establishment of the Ministry of Energy.

Haneen wrote in a post on his Facebook wall, “Talking about reform will not be fruitful without turning into a brave and realistic application that refuses to listen to the undecided and the beneficiaries, and there is no file in Iraq in which reform can be started better than the energy sector, because it still represents 95% of Iraq's direct financial imports.

He added, "As for the reluctance to reform this sector and to be satisfied with talking (entertainment) in seminars and conferences, it means more waste and lost opportunities, and consequently the continued decline of the development total for the rest of the other sectors, as energy is considered the locomotive that leads the economy and that the energy sector in Iraq is still It is the most dangerous place in contracts, and it is the focus of exceptional decisions that go beyond the instructions for concluding contracts, and do not take into account the instructions for implementing the budget law, under the pretext of the lack of competition and the monopoly of contracted companies.

 He continued, "That is why I think it is imperative that we courageously abolish the ministries of oil and electricity, and establish the Ministry of Energy with a law or a temporary bylaw that complies with the law of the ministry to be legislated later, and we believe that this ministry should include:

1- The National Oil Company instead of the Ministry of Oil

2- The National Electricity Company instead of the Ministry of Electricity

3- The National Gas Company instead of the gas companies in the Ministry of Oil

4- The Iraqi Atomic Energy Commission

5- All the remaining current companies and institutions of the Ministry of Oil that are not associated with any of the above companies

6- Energy Research Center - Establishment New: with international standards and is concerned with everything that would develop the energy sector in Iraq, including the local and external energy market

7 - Iraqi Energy Information Administration- IEIA) - new establishment

683 views   Added 10/13/2022 - 7:23 PM   Update 10/14/2022 - 4:40 PM

https://economy-news.net/content.php?id=30200

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

https://www.bondladyscorner.com/

"Tidbits From TNT" Friday AM 10-14-2022

TNT:

Tishwash:  Al-Sadr monitors the framework government and gives Al-Sudani six months

Today, Friday, political analyst Jabbar al-Mashhadani expected that the leader of the Sadrist movement, Muqtada al-Sadr, would give the Prime Minister-designate Muhammad Shia al-Sudani an opportunity of six months to define the features of his government.

Al-Mashhadani said in an exclusive interview with "Mawazine News", "The assignment of Al-Sudani is not considered any blow to the Sadrist movement, because Al-Sadr has a reform project, and therefore if the Sudanese government includes a reformist side, it is certain that Al-Sadr will support it, but if the opposite is proven and the government was formed on the basis of Sectarian quotas follow the approach of previous governments and contradict the approach of al-Sadr, so he will be the first to object."

And he indicated that "we do not rule out that if the Sudanese government and Sadr's reform project do not fit in, he will resort to the street," noting that there is a great possibility that Sadr will give the Sudanese a six-month opportunity to get acquainted with the form of the government.

And he continued, "The government should not be partisan or on the basis of sectarian quotas, and commitment to the cause of the experimenter is not tempted, and the opportunity is given to talented people."  link

************

RVAlready:  Once Iraq and Iran RV, the picture changes…The GCR will change the world…Now, the RV can move forward. I think it will happen sooner than anyone expects.

RVAlready:  The big picture is a new world, with a new financial system. A place run for the people. Not to take advantage of the people…..Post RV, after the derivatives are removed from the market, prices should go back down…..It had to come sometime. I think we had to push the PTB to the edge to get a result.

Yada: Yes. The very thing we were looking for and for some, hard to believe.

Jwill:  Not excited just yet! I’m waiting to see IF Sadr will give these people a chance before he sends his demonstrators out to create ruckus.

Yada:  Jwill, you have your answer. Sadr giving them 6 months. As close to stable we are going to get.

************

CandyKisses:  Coordination framework: Completion of the ministerial cabinet of Muhammad Shia Al-Sudani within 10 days

Baghdad / Obelisk: The leader in the coordinating framework, Jabbar Al-Maamouri, revealed on Friday 10/14/2022 the announcement of the ministerial cabinet for commissioner Muhammad Shia Al-Sudani soon, indicating that it will be ready to vote within 10 days.

Al-Maamouri said, in a press interview, that the movement to identify candidates for the cabinet of the Sudanese government started yesterday evening, indicating that there are preliminary consensus on many points between the political forces, which will contribute to facilitating the task and reducing the time period.

He added that he expected that the cabinet of the Sudanese government would be ready within 10 days from now to be put to the House of Representatives for a vote, pointing out that the most important goals of the next government are to restore the prestige of the state and address economic failures.

The Iraqi Prime Minister-designate, Muhammad Shiaa Al-Sudani, said last Thursday, during his speech after receiving the letter of assignment to form the government from the President of the Republic, that his government will include efficient, honest and capable personalities, and that his program will support local governments, and work with dedication and sincerity for Addressing problems and crises.

Al-Sudani pointed out that the top priority of his government will be in the fight against corruption, and we call on everyone to assume responsibility and participate in a comprehensive national campaign to combat corruption.

He also affirmed that he will seek to hold local and parliamentary elections in a free and fair atmosphere and in light of a transparent electoral system that reassures all contestants.

************

Tishwash:  Oil prices are making up for their losses

Oil prices compensated for losses incurred earlier in the session, and rose in Asian transactions, today, Friday, supported by the weakness of the dollar and the decline in US fuel stocks.

Brent crude futures rose 31 cents, or 0.3%, to $94.88 a barrel by 06:22 GMT, while West Texas Intermediate crude futures rose 36 cents, or 0.4%, to $89.47 a barrel.

"The weakness of the US dollar and the strong recovery of risky assets has lifted oil prices... and the momentum of recovery may continue in the Asian session today," said Tina Ting, market analyst at CMC Markets.

Ting added, "The OPEC + production cut will continue to support crude prices, along with the potential recovery of demand in China in the fourth quarter of the year if Beijing eases anti-Covid restrictions."

Oil prices also received support from a sharp decline in US distillate stocks, which came at a time when there is an expected increase in demand for heating oil with the approach of winter.

The US Energy Information Administration said that distillate stocks, including fuel and heating oil, fell by 4.9 million barrels to 106.1 million barrels, their lowest level since May, compared to expectations for a decrease of two million barrels.  link

Mot:  ... aaaahhhhhh - the Way it used to beee!! ~~~

Mot: A Bus Driver...

Friday AM Iraqi News Highlights 10-14-22

Friday AM Iraqi News Highlights 10-14-22

A Number Of Challenges Await Iraq After Exiting The Year Of Political Blockage

Posted On10-14-2022 By Sotaliraq    Therefore, it is the end of the blockage and a passage to another new stage, although the challenges that Iraq faces after this blockage cannot be considered an opening or a salvation from the restrictions of the previous stages. Prime Minister, while overcoming all of this opens a new page of dialogues with their differences and consensus under the title “forming the government.”  The difficulties of forming the next government are not limited to the consensus of the political blocs.

The masses who are able to sit in the Green Zone are prepared for any step that contradicts what they see as a national interest, and thus dealing with it as a popular opposition force represents a political challenge in the next stage, and it is clear that it will have a longer life than any Another hindrance.

Not far from the political calculations, the economy also has its challenges. Approval of the budget next year 2023 may be the biggest catalyst for accelerating the formation of the government, and the problem of the exchange rate and its adjustment or not represents one of the most important problems left by Mustafa Al-Kazemi’s government during its short life, in addition to that. ‘

The problems of global energy security and Iraq’s oil productivity, which call for a strong government that puts the country’s interest ahead of other external pressures in any direction, as well as the urgent need to return to investment projects that have been postponed for years due to the repeated failure to approve budgets.

As Iraq emerges from its political impasse and its economic suffocation, it faces security challenges that are not limited to the sporadic attacks of ISIS. With any decision or step that does not serve the interest of this armed party or that, the Green Zone turns into a missile landing site and a Katyusha mailbox, and there are conflicts between factions.

Armed forces that occur from time to time currently represent the feature of the security situation and reveal the extent of its fragility and the state’s lack of power with what weapons are outside its hand.

And the more the differences intensified within a country, the more the interests of others on its land were greater and its interests lost. For quite some time, Iraq has been receiving rockets and marches without the ability to respond or put an end, which means that the next stage requires a more firm stance to stop the continuous aggression on its lands.

And to deal with international and regional differences in a way that prevents turning it into an arena for settling accounts, especially that stopping the attacks on diplomatic missions was not in the capacity of the caretaker government to stop them, but rather a shift in interests and accounts related to the conflict between Washington and Tehran and its reflection on Baghdad, which means that this problem is postponed. It must not appear in the next stage as an old, renewed challenge if the ship is to reach safety.   LINK

Full Text Of Prime Minister-Designate Mohamed Al-Sudani's Speech

Posted On10-14-2022 By Sotaliraq    (Baghdad Today) Thursday publishes the most important statement of Muhammad Shia Al-Sudani after receiving the letter of assignment from the President of the Republic to form the new Iraqi government.

In the name of of Allah the Merciful - Our honorable Iraqi people - Peace, mercy and blessings of God

Today, we were honored to receive a letter instructing us to form the new Iraqi government from His Excellency, the President of the Republic, Dr. Abdul Latif Rashid, relying on God and the support of our people, who endured pain, sacrificed the dearest blood, and the most precious sacrifices.

It is a matter of pride that we stand up to this great responsibility, continue to serve our people, perform our duty and pay the debts we owe to Iraq and its proud people.

I extend my sincere thanks to the political forces for their broad support in giving us the confidence to assume the responsibility of forming the new government, at this exceptional stage in the history of Iraq and the transformations the world is witnessing, and I have great confidence in God, the people, and their political forces in defeating difficulties and overcoming challenges.

We declare our full readiness to cooperate with all political forces and societal components, whether represented in the House of Representatives or present in the national space.

We will not allow exclusion and marginalization in our policies. Disagreements have cracked state institutions and lost many opportunities for Iraqis in development, construction and reconstruction. Here, I declare a serious desire to open the door for real and meaningful dialogue;

To start a new page in the work of serving our people and alleviating their suffering by strengthening national unity, rejecting division, and erasing hate speech.

I will do my best to form a strong government that is determined to implement its goals and program through the synergy of political forces by nominating efficient, professional and honest personalities capable of carrying out their responsibilities. damaged over the past years.

We will not forget the true demands of our youth, and we will work with dedication and sincerity to address the accumulated problems and crises, foremost among them the lack of services, poverty, inflation and unemployment, and work to provide job and housing opportunities, improve the health, educational and educational reality, the youth and sports sector, empower women and guarantee their rights.

Our work will start from the first hours of assignment according to a realistic government program that adopts economic reforms aimed at revitalizing the industrial and agricultural sectors, supporting the private sector, diversifying sources of income, addressing environmental impacts, desertification, climate change, and protecting water resources.

<

Oh dear people of Iraq:

I pledge before you that the service government is determined to close the outlets of corruption through strict laws and legislation, in cooperation with the legislative and judicial authorities, and that the fight against corruption will be at the forefront of the government’s priorities, and we call on everyone to assume responsibility and participate in a comprehensive national campaign in the fight against corruption.

Our vision is clear and our program supports local governments to enable them to provide the best services to our citizens, implement their duties and meet the legitimate demands of our children, in addition to our commitment to work according to the constitution in strengthening the relationship between the federal government and the Kurdistan Regional Government and settling disputes and pending issues for all Iraqis for a long time. us and our civilization; Under a unified and stable Iraq.

We will seek to hold local and parliamentary elections, in a free and fair atmosphere and under a transparent electoral system that reassures all contestants.

The time has come to restore the prestige of the state, impose respect for the law, stop the hemorrhage of deterioration and lawlessness in all its names and forms, and the victory of the authentic Iraqi society;

The state has the legitimate right to spread security, extend the law and defend national sovereignty through its official military and security institutions, and we will work hard to create a safe environment for investment companies and diplomatic missions.

Our message to brotherly and friendly countries is a message of cooperation, understanding and coordination, stemming from an independent national vision based on common interests, non-interference in internal affairs and respect for sovereignty, in a way that enhances the higher interests of our people, their status, and their rights in their land, waters and skies.

To establish the most successful relations, to renounce wars and aggression, and for Iraq to be a meeting point between its brothers and friends, and we will not allow its lands to be used as an arena for aggression against others.

The challenges and concerns are great, but our ambition is greater with the help of God Almighty. We will fulfill our responsibility at this stage with a sincere patriotic spirit, clean hands and a determination befitting the aspirations and precious sacrifices of Iraqis.

Thanks, gratitude and gratitude to our wise reference for its paternal role in preserving the unity of Iraq and protecting its social fabric, and for its continuous calls for reforms, the necessity of the law and respect for the rights of citizens of all religions, nationalities, sects and affiliations.

Mercy and satisfaction to the souls of our martyrs - May God protect Iraq and the Iraqis

Peace, mercy and blessings of God   LINK

Muhammad Shiaa Al-Sudani: I Promise To Present A Strong Government Formation Capable Of Building The Country

Iraq  21:39 - 2022-10-13   Today, Thursday, the person in charge of forming the government, Muhammad Shiaa Al-Sudani, pledged to present a strong government formation capable of building the country.

Al-Sudani said in a tweet on his Twitter account, "Thank you to God and thank you to the representatives of the people who gave me their confidence in assigning me to form the government."

He added, "I promise the Iraqis that I will meet their expectations by presenting the cabinet formation as soon as possible, and that it will be a strong government capable of building the country, serving citizens, maintaining security and stability, and building balanced international relations."

https://kirkuktv.net/AR/Details/9715

Al-Sadr Monitors The Framework Government And Gives Al-Sudani Six Months

political| 12:45 - 14/10/2022   Special - Mawazine News  Today, Friday, political analyst Jabbar al-Mashhadani expected that the leader of the Sadrist movement, Muqtada al-Sadr, would give the Prime Minister-designate Muhammad Shia al-Sudani a six-month opportunity to define the features of his government.

Al-Mashhadani said in an exclusive interview with Mawazine News, "The assignment of Al-Sudani is not considered any blow to the Sadrist movement, because Al-Sadr has a reform project, and therefore if the Sudanese government contains a reformist side, it is certain that Al-Sadr will support it, but if it is proven otherwise, and the government was formed on the basis of Sectarian quotas follow the approach of previous governments and contradict the approach of al-Sadr, so he will be the first to object."

And he indicated that "we do not rule out that if the Sudanese government and Sadr's reform project do not fit in, he will resort to the street," noting that there is a great possibility that Sadr will give the Sudanese a six-month opportunity to get acquainted with the form of the government.

And he continued, "The government should not be partisan or on the basis of sectarian quotas, and commitment to the cause of the experimenter is not tempted, and the opportunity is given to talented people." Ended 29 / M 99     https://www.mawazin.net/Details.aspx?jimare=208230

Western Opinion: A "Fatal" Political Blow To Al-Sadr In Iraq

Shafaq News/ The American newspaper "Washington Post" sheds light on the Iraqi issue, in light of the election of the Iraqi parliament as a new president who immediately ordered the formation of a government, after a full year of political paralysis in the country after the parliamentary elections last October.

This came after Abdul Latif Rashid, a veteran Kurdish politician and former water minister, won the second round of voting for outgoing President Barham Salih. He quickly appointed Muhammad al-Sudani as prime minister, giving him 30 days to form a government.

Al-Sudani, 52, is part of the largest Shiite bloc in parliament and is a close ally of former Prime Minister Nuri al-Maliki.

The newspaper said that Iraq has been witnessing a political crisis since last year, amid hostility between the Sadrist movement, led by prominent cleric Muqtada al-Sadr, and the "Coordination Framework", an alliance that includes al-Maliki's party and other Shiite factions more closely linked to Iran.

The Iraqi presidency, traditionally held by a Kurd, is a largely ceremonial position, but the vote for Rashid, 78, was a major step toward forming a new government, which politicians have failed to do since the election.

The dispute, which prevented the election of a president or the formation of a government, escalated in July as supporters of the two sides took to the streets and inaugurated competing sit-ins in central Baghdad, sparking memories of the civil war.

In this regard, the newspaper quoted Muhammad Jassim, an Iraqi political analyst residing in Baghdad, as saying: "I think what happened today is a fatal blow to Muqtada al-Sadr politically. With the victory of the members of the coordination framework over Muqtada al-Sadr, the way is completely paved for them to pass their candidate (the prime minister). ) and government formation.

Jassim considered that the victory of the "coordinating framework" is also a victory for Iran and a setback for US interests in the region. He added: "They will do everything in their power to eliminate any American presence in the country and put obstacles in the way of any economic cooperation with the United States...all for the benefit of Iran."

For its part, the British newspaper "Financial Times" quoted analysts warning that the victory of the Iranian-backed coalition would be a setback for Washington, which has been tacitly supporting a government led by al-Sadr.

And the newspaper said, in a report, that Al-Sudani's supporters claim that his proven record in local and federal government means that he can form an efficient government capable of tackling some of the problems of oil-rich Iraq, foremost among which is rampant corruption and dilapidated public infrastructure. On the other hand, she added, others warn that Al-Sudani's candidacy is a "name only" breakthrough.

The newspaper quoted Renad Mansour, director of the Iraq Initiative at Chatham House, as saying that assigning Al-Sudani to form the government cannot address the deep political tensions in the country. He added: "It does not address the deep sense of alienation of the Iraqi people from the political elite," criticizing the political system in Iraq.

Mansour continued, "Today it is heralded as a breakthrough in the deadlock. But we still see the same figures who have dominated the political scene since 2003, who have stifled reform and encouraged political corruption that harms Iraqis every day."   LINK

King Charles III Coronation Date Revealed

King Charles III Coronation Date Revealed: What Happens And Will It Be A Bank Holiday?

Amira Arasteh   Fri, October 14, 2022

King Charles III ascended the throne upon the death of Queen Elizabeth II in September, becoming the oldest new monarch in British history.  While Britain came to the end of its national mourning period for the late Queen on Tuesday September 20 following her state funeral, the coronation of the new King will not take place until summer next year.

But when exactly is the coronation and what will it mean for both the monarchy and the rest of the country?

When did Charles become King?

Upon the death of Queen Elizabeth II on Thursday September 8, Charles officially became King.

However, it is tradition to wait for a sufficient period of time before crowning the new sovereign.

A large amount of preparation is also required to organise the ceremony.

The accession ceremony of King Charles III at St James's Palace - Jamie Lorriman/Daily Telegraph

When is the Coronation of King Charles III?

King Charles III's coronation is set to take place on Saturday May 6, 2023 at Westminster Abbey.

It is expected that the King will sign a proclamation formally declaring the date of the coronation at a meeting of the Privy Council later this year.

The late Queen's coronation took place on June 2, 1953, following her accession on 6 February 1952, over a year after she ascended the throne.

Will there be a bank holiday?

An additional bank holiday is not guaranteed for the coronation despite tradition, The Telegraph has learned.

The assumption that there would be an extra bank holiday is believed to have caused an "issue" with government planning, amid fears for the economy. One alternative option would be for an existing May bank holiday to be moved to mark the event.

It was reported earlier this year that the Government had modelled the cost of an extra bank holiday at £1.36 billion. But the accountants PwC believe this is an over-estimation and that the true cost is nearer to £831 million.

However, Jacob Rees-Mogg, the Business Secretary, has declared his support. "The coronation is an important symbolic act with constitutional resonance about the stability of our system," he said. "To have a day off for that is perfectly reasonable, and the effect on growth will not be enormous."

One option being considered by Whitehall officials is to create a new bank holiday on May 8, in addition to the existing one the previous week. The Prime Minister's official spokesman said: "All options remain on the table."

What will happen at the Coronation?

To continue reading, please go to the original article here:

https://www.yahoo.com/news/king-charles-iii-coronation-date-062509830.html

Thursday Evening Iraq News Highlights 10-13-22

Thursday Evening Iraq News Highlights 10-13-22

In conjunction with the secret vote.. Alsumaria publishes the constitutional stages for electing the president of the republic

Policy   2022-10-13 | 07:00     6,173 views   Alsumaria News - Politics

Alsumaria News publishes the constitutional stages for electing the President of the Republic and assigning the candidate of the most numerous parliamentary bloc to form the Council of Ministers, coinciding with the secret vote in the House of Representatives to choose the President of the Republic.

Below are the constitutional stages for electing the President of the Republic and assigning the candidate of the most numerous parliamentary bloc to form Council of Ministers :

▪ Article (70)

First: to elect Parliament Among the candidates for the President of the Republic by a two-thirds majority of the number of its members.

Second: If none of the candidates obtains the required majority, competition will take place among the candidates who obtain the highest votes, and whoever obtains the majority of votes in the second ballot is declared president.

▪ Article (71) ▪ Article (76)

The President of the Republic takes the constitutional oath before Parliament As stipulated in Article 50 of the Constitution.

First: Assigns the President of the Republic, the candidate of the most numerous parliamentary bloc, to form Council of Ministers within fifteen days from the date of the election of the President of the Republic.

Related Articles

The House of Representatives begins a secret vote to choose the President of the Republic

05:26 | 2022-10-13

Once again, the Presidency of Parliament opens the door for candidacy for the post of President of the Republic

03:50 | 2022-02-9

Constitutionally, the designation of the three presidencies goes through several stages

00:05 | 2022-01-3

Second: The head of the Council of Ministers The taxpayer shall nominate the members of his ministry within a maximum period of thirty days from the date of the assignment.

Third: The President of the Republic appoints a new candidate for the presidency Council of Ministers Within fifteen days, upon failure of a principal Council of Ministers The person in charge of forming the ministry during the period stipulated in item “Second” of this article.

Fourth: Presents the head Council of Ministers [/url] In charge of the names of the members of his ministry, and the ministerial curriculum, on Parliament And he is considered to have gained its confidence, when approving the ministers individually, and the ministerial curriculum, by an absolute majority.

Fifth: The President of the Republic assigns another candidate to form the ministry within fifteen days in case the ministry does not gain confidence.   LINK

Al-Azm: The Quorum For Thursday’s Parliament Session Will Be The Highest Since The Elections: The President Will Be Decided

Posted On2022-10-13 By Sotaliraq   The representative of the Azm Alliance, Ahmed al-Jubouri, expected, on Wednesday, the registration of tomorrow’s parliamentary session for the election of the President of the Republic, the highest attendance since the elections, indicating that the second voting round will decide the election of the President of the Republic.

Al-Jubouri said in a televised interview that "the political blocs are divided over the presidential candidate, but the second round of voting will decide the election."

He added, "Tomorrow will be a decisive session for electing the president and assigning the Sudanese, and that the quorum for the parliament session tomorrow will be the highest in a year, since everyone is fully convinced not to delay the constitutional entitlement."

And on the nature of the formation of the government, al-Jubouri said that “the next government will be a coalition of all blocs, and whoever does not attend tomorrow’s session will not have a government entitlement.”

The Presidency of the House of Representatives set, on Thursday, an official date for electing the President of the Republic, after a political blockage that lasted for more than a year since the early parliamentary elections.   LINK

Mazhar Muhammad Salih: Iraq Achieved The Highest Growth Rates In The Arab World This Year

Economie   09:43 - 2022-10-13   The financial advisor to the Prime Minister, Mazhar Muhammad Salih, explained the reasons that allowed Iraq to record the highest Arab growth rates this year, which exceeded nine percent, according to a report by the International Monetary Fund, describing this percentage as the highest in the history of Iraq.

Saleh said that the reason for the growth achieved during one year, which is the highest in Iraq's history, is due to the increase in Iraq's exports by about one million barrels compared to the period of the emergence of the Corona pandemic, as well as the rise in oil prices, as well as the presence of a large reconstruction campaign in the liberated cities.

He added that there is a fourth reason due to the activity of the digital communications sector and a fifth due to the initiative of the Central Bank, which amounted to nineteen trillion dinars and provided housing loans and support for youth projects.    https://kirkuktv.net/AR/Details/9680

Iraq Records The Highest Economic Growth Rate In Its History This Year

Economie   21:34 - 10-12-2022  The financial advisor to the Prime Minister, Mazhar Muhammad Salih, explained today, Wednesday, the reasons that allowed Iraq to record the highest Arab growth rates this year, which exceeded 9%, according to a report by the International Monetary Fund, describing this percentage as the highest in the history of Iraq.

Saleh said, "The reason for the growth achieved by 9.4% within one year, which is the highest in Iraq's history, is due to the increase in Iraq's exports by about one million barrels compared to the period of the emergence of the Corona pandemic, as well as the increase in oil prices by 40%, as well as the presence of a large reconstruction campaign in the liberated cities."

He added, "There is a fourth reason due to the activity of the digital communications sector, and a fifth is due to the initiative of the Central Bank, which amounted to 19 trillion dinars and provided housing loans and support for youth projects."

On how to maintain this growth, Salih explained that “there are financial savings represented by the increase in the Central Bank’s reserves that support economic stability, and others related to the rise in oil prices, and it ranges, according to our estimates, between 15-20 billion dollars, and this should be invested in a budget legislation for the next year, especially since the budget represents 50% of the The value of the domestic product has an investment aspect that supports the development sector in the country and maintains good growth rates.”    https://kirkuktv.net/AR/Details/9671

Trade: The Stock Of The Food Basket Is Secured For The First Months Of 2023

Economie| 03:44 - 10/12/2022  Baghdad - Mawazine News    The General Company for Food Stuff Trading in the Ministry of Commerce revealed, on Wednesday, the reasons for distributing the food basket items in the form of meals, while indicating that the food basket storage is secured for the first months of next year.

The assistant general manager of the company, Talib Abbas Al-Hamdani, told the official news agency, "The food basket contract is one of the important contracts that have achieved a balance in food prices in the market so far," noting that "the eighth basket has been equipped by 90%, in Baghdad and the provinces." And we are working on preparing the stores for the ninth and tenth baskets with all the materials.”

Al-Hamdani added, "The food basket includes oil, lentils, rice, chickpeas, beans and tomato paste," noting that "the processing of the food basket is financed from the allocations of the Food Security Law until the end of the current year, with emergency stocks for the first months of the next year."

Al-Hamdani added, "The company's administrative and financial department is still continuing correspondences to coordinate with the Ministry of Finance to finance the amounts for the food basket in preparation for the next year."

He stressed, "The food basket is integrated, especially this month, as it was distributed by preparing the checks in all ports, whether in the ports or border crossings, to prepare the food items related to the basket, and it reached the stores in order to distribute the food basket items in one meal without dividing it."

He pointed out, "The division of the distribution of food basket items in the form of meals is out of our control, as some materials are delayed in examination," noting that "the company is making double and continuous efforts, in order to examine the materials and deliver them in a timely manner and in full quantity."

Al-Hamdani stated, "About 30% of the ninth quota has been prepared and is located in the warehouses, which the company seeks to absorb all the materials."

He continued by saying, "The company has reviewed all the technical procedures for the stores and fully prepared them to accommodate the largest possible number of quotas in order to be distributed monthly on an ongoing basis and be delivered to the citizen." Ended 29/R77

https://www.mawazin.net/Details.aspx?jimare=208039

Planning Offers A Short-Term Alternative... The Five-Year Plan Is Nearing Completion And Its Effects Are Absent!

Posted On2022-10-13 By Sotaliraq  Baghdad / Hussein Hatem  The five-year development plan is approaching its end at the end of this year, as set by the Ministry of Planning (2018-2022), and the ministry has begun to develop a short-term plan of three economic, social and spatial axes to address the financial crisis.

The five-year development plan is financed according to the budget strategy and its quantitative objectives, according to government officials, while specialists believe that the five-year plans are passing without achieving tangible results on the ground, calling for a change of the authorities and personalities that draw up the plans.

The spokesman for the Ministry of Planning, Abdul-Zahra Al-Hindawi, said, “Iraq is in the last year of the five-year plan, which was set from 2018-2022, and we have started preparing to write the third development plan 2023-2028.”

Al-Hindawi added, "Our ministry headed towards three axes and basic plans, as a result of the conditions that Iraq went through after 2020 due to the Corona pandemic, and the financial crisis took the five-year plan off some of its tracks, and in order to address it, we developed a short-term plan for two years from 2022-2023."

A spokesman for the Ministry of Planning explained that “the first axis relates to the economic aspect, which talks about supporting the economy in its various sectors and supporting investment and the private sector,” noting that “the second axis is social and includes addressing the reality of health, education, social protection, and the ration card.”

Al-Hindawi pointed out that “the third axis is spatial, which is concerned with bridging the development gaps in the governorates within the vision map set by the ministry,” pointing to “the distribution of tasks to ministries, independent bodies and the governorates to implement the policies and programs stated in the plan.”

For his part, the Economic Adviser to the Prime Minister, Mazhar Muhammad Salih, said, “The basic and main criterion that the government adopts in drawing up economic policy is the five-year development plan,” stressing that it is “the tool and pattern that indicates essential goals, foremost of which is the people’s happiness and well-being.”

Saleh added, "The five-year development plan is funded according to the budget strategy and its quantitative objectives, whose estimates extend to at least three years, and are renewed annually on a continuous basis with the mechanisms for preparing the annual federal budget and its legislation, as investment projects are divided sectorally according to fundamental criteria, the most important of which is the amount of their contribution.

In the annual economic growth, which is indicated by the development plan, and according to the priority of the investment project in achieving economic diversification and sectoral integration, and its ability to operate human energies and various other local capabilities and resources, and their humanitarian necessities without neglecting their geography, which should touch the most disadvantaged areas in the country.

In turn, the economic expert Salam Sumaisem says, "The successive governments have developed many five-year plans and projects over the past years at different levels," adding, "But in reality, there are no such projects and plans, but we hear about these plans in the media only."

Sumaisem added, "The country has approached poor countries in several aspects, especially since the Ministry of Planning announced some time ago that the fifth-degree employee is one of the groups that live below the poverty line," noting that "some governorates where poverty rates have reached a high rate that exceeds or approaches the 50 percent.”

The economic expert asked, "What is the point of such plans and projects without achieving anything of them on the ground?" And the personalities who make such plans do not actually implement it.”

Iraq has achieved a large financial surplus since the beginning of this year, due to the rise in international oil prices to 130 dollars per barrel and their stability at the 100 dollars barrier, in addition to the repayment of Kuwait’s debts, as it was deducting an amount of 5-7 million dollars per day to pay compensation, in addition to the decision of the Organization OPEC raised the country's oil export ceiling by more than 400,000 barrels per day, which is added to the total revenues.  LINK

OPEC Announces Its Average Production Of Oil And Indicates A Decline In Iraq's Exports In September

Energy   Economy News-Baghdad   The Organization of the Petroleum Exporting Countries announced that the production of oil by the 13 member states of the Organization of the Petroleum Exporting Countries amounted to 29.767 million barrels per day, an increase of 146,000 barrels per day compared to last August, supported by increased supplies from nine countries, while Iraq's production declined.

According to the monthly report of the Organization of the Petroleum Exporting Countries, "the largest increases came from Saudi Arabia, as its oil production rose by 82,000 barrels per day, to reach 10.991 million barrels per day, followed by Nigeria, which recorded an increase of 31,000 barrels per day, and then Libya, with an increase of 29,000 barrels per day."

He added, "The highest drop in production in OPEC was for Iraq, by 28 thousand barrels per day, to reach 4,518 million barrels per day," but production increased by 469,000 barrels per day from the same period in 2021.

And he added, "Venezuela also decreased its production by 19,000 barrels per day, followed by Iran by 14 barrels per day."    59 . views   Added 10/13/2022 - 12:28 PM   Update 10/13/2022 - 3:09 PM

https://economy-news.net/content.php?id=30196

More News, Rumors and Opinions Thursday Afternoon 10-13-2022

KTFA:

Clare: :  Washington's first comment on the election of Rashid and the assignment of Al-Sudani

10/13/2022

We look forward to a cooperative relationship with newly elected Iraqi President Abdul Latif Rashid and Prime Minister-designate Muhammad Shiaa Al-Sudani to continue working together side by side through the new government to create jobs, combat climate change and ensure the enduring defeat of ISIS.   LINK  

MilitiaMan:  We look forward to the plan working smoothly from here on out too. imo  ~ MM.

Popeye7:  It looks like this is how it will play out, and the Iraqi's will benefit from it... Kazami set the table so to speak, and he knows his job is done... The process continues to benefit the people of Iraq, as well as re-funding the world's coffers in order for this economic system to continue... It will soon be time to eat, and enjoy... PS.. Remember the world is watching, and this includes Sadr's group... Better not mess it up.. And Imho, they will not.. Lot's to be thankful for folks... God bless

Margarita:  Frank was totally right in his call the other day.  I think having the international pressure finally made them kick their govt into high gear.  My only concern if is Kazemi is out....do the white papers go out along with him?  Those were his baby...although he NEVER implemented them fully. Hope they do the reinstatement very soon. 

Daytrader:  The White Papers are law.  They were included in the EFSL.  (Emergency Food Service Law) IMO

MilitiaMan:  That is how I see it as well. They are in stone and from the looks of it that stone is about to be turned... imo ~ MM

*****************

TNT:

StrangerSolo:  with the Iranian control Iraqi Prime minister? Are we going to see the RV at all now?

RVAlready: Stranger, I am sure Iran and the UN were in the loop. This is a win, win situation

Samadhi:  seems like people are afraid to believe it is going to happen this time. I say just have positive expectations and go with the flow

RVAlready:  Iraq came very close to being taken over by the UN. And Iran came very close to losing their gravy train. I think they both know who is in control now.  The UN let them play their games for a year, and then enough was enough.

Still Waiting:  So are we waiting to see if the pro Iranian Prime minister acts in Iran's interest? If he doesn't a Sadr led insurrection is likely?

RVAlready:  If Sadr was upset, you would have heard by now…I  think this was all a back room deal, with everyone involved, as is usual for Iraq.

Ivantulafitov:  Definitely agree about a backroom deal those guys replies we're very fast in the media and everything else as soon as he was elected the nomination was in the nominee already said hes got his cabin it lined up that was really fast they are… Definitely had it planned in advance

CharlieOK:  rv: I tend to agree with you on the backroom deal. The lack of riots, the lack of news about Sadr being upset, no news about more than usual Roman Candles coming into Iraq from Iran, in the context of this very late date, makes it seems like they all know the end game.

Yada:  Believe Sadr knows he can still wield his force with this government than with a UN appointed one. This way the UN can not do anything to them while they settle their differences…. At this point, with the president in place. The rest is just appointments

RVAlready:  Of course, the entire last year could have been stagecraft, all planned in advance. We will never know….makes you wonder if world events are not scripted in advance, and we just watch the movie

RVAlready:  They told us it would all be over real quick, and they delivered.

************

RayRen98:  What’s Next for The Iraqi Government

The Information" publishes the texts of the constitutional articles related to the election of the President of the Republic and the assignment of the Prime Minister

Article (70)  first: The House of Representatives elects from among the candidates a president of the republic by a two-thirds majority of the number of its members.
Second: If none of the candidates obtains the required majority, competition will take place among the candidates who obtain the highest number of votes, and whoever obtains the majority of votes in the second ballot shall be declared president.

Article (71)
The President of the Republic shall take the constitutional oath before the House of Representatives, in the form stipulated in Article (50) of the Constitution.

 Article (76)
first: The President of the Republic assigns the candidate of the most numerous parliamentary bloc to form the Council of Ministers, within fifteen days from the date of the election of the President of the Republic.

Second: The Prime Minister-designate shall nominate the members of his cabinet within a maximum period of thirty days from the date of the assignment.

Third: The President of the Republic assigns a new candidate to head the Council of Ministers, within fifteen days, when the Prime Minister-designate fails to form the ministry within the period stipulated in item “Second” of this article.

Fourth: The Prime Minister-designate presents the names of his cabinet members and the ministerial curriculum to the House of Representatives, and is considered to have gained its confidence, upon approval of the ministers individually, and the ministerial curriculum, by an absolute majority.

Fifth: The President of the Republic assigns another candidate to form the ministry within fifteen days in case the ministry does not gain confidence   link

Iraqi parliament elects Abdul Latif Rashid as new president

Al-Jazeera-Engish:  Oct 13, 2022

Lawmakers in Iraq have elected Kurdish politician Abdul Latif Rashid as the country’s new president, paving the way for the formation of a new government and ending a year of deadlock.

He replaces fellow Iraqi Kurd Barham Saleh as head of state after the two-round vote in parliament on Thursday, winning more than 160 votes against 99 for Saleh, an assembly official said.

Rashid, 78, is a British-educated engineer and was the Iraqi minister of water resources from 2003 to 2010. He has 15 days to invite a nominee from the largest parliamentary bloc to form a government.

Al Jazeera’s Mahmoud Abdelwahed joins us live from Baghdad for the latest updates.

https://www.youtube.com/watch?v=TAmI7RIOA9w

Iraqi News Highlights Thursday Afternoon 10-13-22

Iraqi News Highlights Thursday Afternoon 10-13-22

Tlm724 Administrator Bondlady’s Corner

The Start Of The Second Round Of Electing The President Of The Republic

Political | 04:09 - 10/13/2022  Baghdad - Mawazine News, the Media Department of the House of Representatives announced the start of voting in the second round to elect the President of the Republic.   The department said in a statement that Mawazine News received a copy of it, that "the second round of electing the president of the republic has begun."

She added, "The number of attendees in the second round amounted to 242 deputies."

https://www.mawazin.net/Details.aspx?jimare=208149

Despite The Insistence Of The Central..A Deputy Talks About The Possibility Of Changing The Dollar Exchange Rate

Posted On2022-10-13 By Sotaliraq   The representative of Ishraqa Kanon, Basem Al-Gharabi, spoke on Wednesday about the possibility of changing the exchange rate of the dollar in Iraq.

Al-Ghurabi said in a statement that "the dollar's exchange rate in its current condition promises that the treasury of the Sultan will be full and the stomachs of the subjects will be hungry."

And he indicated that "in an intervention during the expanded meeting held by the Finance Committee and in the presence of the Governor of the Central Bank, he prepared a full study in cooperation with solid Iraqi universities and specialized professors, in which he proved the possibility of changing the exchange rate to suit the market situation and the condition of the poor citizen in conjunction with the current economic growth."

And earlier today, Wednesday, the Central Bank denied the existence of any efforts to change the exchange rate of the dollar, and that any possibility to change it now will cause the destruction of the Iraqi economy.   LINK

Central Bank: Changing The Exchange Rate Will Destroy The Economy

Economie| 06:19 - 10/12/2022  Baghdad - Mawazine News, on Wednesday, the Central Bank of Iraq denied the existence of efforts to change the exchange rate of the dollar, while warning against the process of destroying the economy and its stability.

Central Bank adviser Ihsan Shamran al-Yasiri told the official news agency, "The Central Bank of Iraq is an independent body, and the exchange rate adjustment is done in agreement with the government, and there are no efforts now to change it."

He added, "The pressures exerted to change the exchange rate are populist, and if the change takes place, it will destroy the economy and stability, because financial and economic transactions and investors built their projects on the new rate, and it is incorrect to seek to change the exchange rate."

Al-Yasiri continued, "Changing the exchange rate raised the competitiveness of the local product, and although there are some harms to the consumer, the change process enabled the government to pay the salaries of employees after the state budget was empty." Ended 29/R77

https://www.mawazin.net/Details.aspx?jimare=208059

Dollar Exchange Rates Against The Dinar

Economie| 09:35 - 10/13/2022  Baghdad - Mawazine News, the dollar exchange rates rose, today, Thursday, on the local stock exchange.   Selling  price: 147.900 dinars per $100 purchase price: 147.800 dinars per $100    https://www.mawazin.net/Details.aspx?jimare=208099

The Stock Market Closes Higher At The End Of The Week's Trading

Market   Economy News – Baghdad   The Iraqi Stock Exchange closed, on the last trading day of this week, up by 0.18%.   The stock exchange traded the shares of 40 companies through 602 transactions, with a number of shares amounting to 437 million, with a value of 742 million dinars.

Shares of the Iraqi Islamic Bank rose by 6.67%, followed by metal and bicycles by 4.89% and electronic industries by 3.5%.   The shares of agricultural products fell by 3.61%, and then modern livestock production by 3.12%.   18 . views    Added 10/13/2022 - 4:55 PM   Update 10/13/2022 - 5:15 PM

https://economy-news.net/content.php?id=30198

Oil Price Stability

Economie| 09:18 - 10/13/2022   Follow-up - Mawazine News:  Oil prices struggled to find a foothold in Asian trading, on Thursday, after falling in the previous session on the back of weak global demand expectations.

Brent crude futures rose 3 cents, or 0.3 percent, to $92.48 a barrel by 0410 GMT. US West Texas Intermediate crude fell 12 cents, or 0.14 percent, to $87.15 a barrel.

Last week, the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia pushed prices higher when they agreed to cut supplies by 2 million barrels per day.

But on Wednesday, OPEC cut its forecast for demand growth this year by between 460,000 barrels per day and 2.64 million barrels per day, citing the return of measures to contain the Corona virus in China and high inflation.

The US Department of Energy also lowered its forecast for both US production and demand, and is now seeing a just 0.9% increase in US consumption in 2023, down from the previous forecast for a 1.7% rise.

US crude oil inventories rose by 7.1 million barrels for the week ending October 7, according to data from the American Petroleum Institute.

The energy market is also under pressure from the US dollar, which has rebounded broadly, including against lower-yielding currencies such as the yen.

The Fed's commitment to continue raising interest rates to stem high inflation has increased yields, making the US currency more attractive to foreign investors.

https://www.mawazin.net/Details.aspx?jimare=208095

Iraq And The Philippines Discuss Signing A Number Of Agreements And Memoranda Of Understanding, Foremost Of Which Is The Agreement On Avoidance Of Double Taxation

Thursday 13 October 2022 16:48 | Economic Number of readings: 83

Baghdad / NINA / - Iraq and the Philippines discussed signing a number of agreements and memoranda of understanding, foremost of which is the agreement to avoid double taxation.

A statement by the Ministry of Foreign Affairs stated that the Chargé d'Affairs for Iraq in Manila, Bashar Saleh Ibrahim, met the Philippine Assistant Foreign Minister for Middle East and African Affairs, Alfonso Ferdinand Feer, and discussed with him a number of issues and files of common interest, as well as ways to enhance bilateral relations between the two friendly countries.

By signing a number of agreements and memoranda of understanding, foremost of which is the agreement to “avoid double taxation and prevent tax evasion,” which would positively affect economic and trade growth between the two countries. And how to activate it, in addition to the file of Filipino workers in Iraq.”

For his part, the Philippine Assistant Foreign Minister confirmed that he will communicate with the competent authorities in the Philippine government and coordinate with them to activate the files that have been touched upon, and inform the Iraqi side. https://ninanews.com/Website/News/Details?key=1007337

Washington Condemns The Bombing Of Al-Khadra And Extends An Invitation To The Iraqis

Political | 01:00 - 10/13/2022   Baghdad - Mawazine News   The US Ambassador to Iraq, Alina Romansky, condemned on Thursday the missile attack that targeted the Green Zone today, calling on Iraqis to find solutions to their political differences and to achieve their demands through peaceful means only.    https://www.mawazin.net/Details.aspx?jimare=208128

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

https://www.bondladyscorner.com/

"Iraq Elects New President and New Prime Minister Today!" From TNT Members 10-13-2022

TNT:

Ivantulafitov: Iraq’s parliament elects Abdul Lateef Rasheed as president For months, political rivals have been at loggerheads over who should be the next prime minister and the country's next president:  https://www.thenationalnews.com/mena/iraq/2022/10/13/iraqs-parliament-​elects-abdul-lateef-rasheed-as-president/

Norm:  From kadhimi. We congratulate Dr. Abdul Latif Rashid on his election as President of the Republic of Iraq, and we wish him success in his mission, and we call on all political forces to cooperate and provide him with support.

Speedy:  Abdul is new President, Prime Minister next !!!

KaseyKo1:  As I understand it, Rashid appoints the prime minister & he has chosen Sudani.

Ivantulafitov:  11 minutes ago tweet Sinan S. Mahmoud @sinansm · 11m #Iraq: Mr Rasheed immediately just tasked the nominee of Iran-backed Co-ordination Framework for prime minister post Mohammed Shia Al Sudani to form the government

RVAlready:  In the end, all it took for Iraq to get its act together was a threat by the UN to take over the government. Perhaps this is good to be known for next time.

Cutebwoy:  Now we are screwed the white papers plans will now be history IMO ,I SO HOPE NOT

RValready: The white papers were officially approved. They cannot be set aside.

Cutebwoy: rvalready remember what u just said about white papers ,AL Sudani has his agenda which is not aligned with Al kazimi white paper agenda IRAQ changes anything at anytime nothing is set in stone for them , one party agenda is different from the other IMO

RVAlready:  Cuteboy, Iran would be really stupid to mess with the white papers at this point. That would bring Sadr’s folks into the streets, and have the UN very angry. If s Iraq tries to not implement the white papers, international support will be withdrawn

Yada: Get ready folks, we are going to the bank.

RVAlready:  I agree Yada. All we need now is word from the CBI to begin exchanges. The CBI is unlikely to expose the date or give a back wall. They will just spring it on us.

TP40:  I think Sudani will need to do the RV soon to make the people and Sadar happy.. time will tell IMO.. Everyone wins , Once we get the RV

Jiminkc:  The UN and EU and US did not want this. They wanted Kasemi.  So, we wait to see what Sadr, and the citizens who wanted Kasemi, will do.  The ball is back in Sadr/citizens' court.

Ivantulafitov:  I'm guessing the banks will be on high alert starting now

RVAlready:  The framework will do nothing to jeopardize Iran’s position. Iraq will RV, Iran will RV, and all will be well.

************

Tishwash:  In detail.. Biography of the Prime Minister-designate

Our agency publishes the biography of Prime Minister-designate Muhammad Shia Al-Sudani, succeeding Mustafa Al-Kazemi, the outgoing term.

He was born in the city of Baghdad in 1970, and when he reached the age of ten in 1980, the ruling regime under President Saddam Hussein executed his father and five members of his family for belonging to the banned Islamic Dawa Party at the time. He participated in the popular uprising in 1991, and because of the security conditions and harassment, he moved to Baghdad for three years until he completed his university studies. He is married and has four children. 
He holds a Bachelor's degree in Agricultural Sciences from the College of Agriculture, University of Baghdad, and a Master's degree in Project Management.
 Here are some personal and professional information of the Sudanese:  
- Maysan Governorate was born in 1970.  

Bachelor of Agricultural Sciences.  
- Secretary General of the Euphrates Movement.  
Positions he held:  
- Mayor of the city of Amarah 2004.  
- Governor of Maysan 2005.  
- Minister of Human Rights 2010.  
- Head of the High Commission for Accountability and Justice, 2011  
- Deputy Minister of Agriculture 2013.   
- Head of the Political Prisoners Foundation, acting 2014.  
- Minister of Migration and Displacement, 2014 Acting Minister of  
Finance 2014.  
Minister of Labor and Social Affairs 2014.  
Acting Minister of Commerce 2015.  
Acting Minister of Industry 2016.  
Also, Al-Sudani is considered one of the internal leaders, and he has never worked in the opposition, does not have a Western residency, and has never had Work in security positions.  link

************

Tishwash:  Al-Fath: Al-Sudani will form his government within only one week – Urgent

A member of the Al-Fateh Alliance, MP Abdel Amir Al-Mayahi, confirmed today, Thursday, that the Prime Minister-designate, Muhammad Shiaa Al-Sudani, will form .his government within a period of one week

Al-Mayahi said in a statement to (Baghdad Today) that "Al-Sudani pledged to form a strong government that can provide the best services to citizens, and that the ".duration of its formation will not be long Al-Mayahi indicated that "the Sudanese man received a letter of assignment to the ".office of the Speaker of Parliament, and there are no other decrees for assignment Earlier in the day

Muhammad Shiaa Al-Sudani received his official letter signed by the elected President of the Republic, Abdul Latif Rashid, in the presence of the .leaders of the coordination framework Abdul Latif Rashid was sworn in as President of the Republic of Iraq after winning .the second round of the secret ballot process in Parliament About a month ago, the coordinating framework announced the nomination of Muhammad Shia Al-Sudani as an official candidate for prime minister, after the .Sadrist movement withdrew from Parliament  link

Iraqi News Highlights Wednesday Evening 10-12-22

Iraqi News Highlights Wednesday Evening 10-12-22

Tlm724 Administrator Bondlady’s Corner

The Former President Of "SOMO": The Government Wants To Continue Depositing Iraqi Oil Revenues In The US Reserve Bank

September 21 15:37  Information / Baghdad..   The oil expert, former head of the Oil Marketing Company (SOMO), Falah Al-Amiri, confirmed that the money from the sale of Iraqi oil has been deposited in American banks since the nineties of the last century.

Al-Amiri said in an interview followed by "The Information" that  "Iraq would have been able to produce 8 million barrels per day now, had it not been for the Iraq-Iran war,"

noting that  "Iraq's oil reserves are concentrated in central Iraq, and very few of them are located in the border areas, and the quantities of crude in it range from one billion to one and a half billion barrels.

He added,  "Agreeing to sell Iraqi oil to companies is the exclusive authority of the Minister of Oil, not SOMO,"

noting that  "all the money from the sale of oil goes to the US Reserve Bank since 1996, and

the government demanded after 2003 that this mechanism remain to preserve funds from the risks of lawsuits."".

He explained that  "the Kirkuk-Ceyhan export line accommodates more than one million barrels per day, while it is planned to accommodate one million and 600 thousand barrels per day, and it has been suspended from 2014 until now, due to the security situation," noting that

"Iraq now exports Kirkuk oil through Kurdish pipelines. And then to Jihan."

https://almaalomah.me/news/economy/الرئيس-السابق-لـسومو:-الحكومة-تريد-الاستمرار-بايداع-عائدات-ا

Government Advisor Reveals The Value Of Iraq's International Bonds

September 6 21:58  Information / Baghdad..  The financial advisor to the Prime Minister, Mazhar Muhammad Salih, revealed, on Tuesday, the value of Iraq's total international bonds in global markets and the revenues generated.

Saleh said, to the official agency and followed by / the information /, that

"the international bonds issued by Iraq are divided into two parts, the

first relates to the bond called (Iraq 2028), which represents the foreign private sector dues for its debts owed by Iraq and called debts before 1990, which It was discounted by 80% under the Paris Club agreement for the year 2004, and the

remaining receivables, i.e. 20%, were replaced by European bonds that are due to be amortized once in 2028 and are currently traded in buying and selling in the European secondary capital markets, with a total value of 2.7 billion dollars and carrying an annual interest of 5.8%.

He added,  "The annual interest to the holders is paid according to regular semi-annual schedules, and the management of these bonds is handled by the major international banks in the London market of the undertakers."

He pointed out that  "the second section was issued in the year 2016 and they consisted of two bonds of the first Iraq with a value of (one billion dollars), and with the guarantee of the United States government and it is called (Tigris), and with an interest paid annually of about 2.4%, and the principal of the bond (Tigris) is paid once in the next year.".

And Saleh continued,  "The proceeds of the aforementioned bond go to the benefit of financing the deficit in the general budget during the war on ISIS terrorist gangs,"

noting that  "the second bond was issued with a value of (one billion dollars also) in the year 2016 and was called (the Euphrates) and with the guarantee of the government of the Republic of Iraq and with an interest that exceeded 6.7 % annually.

He pointed out that  "the amount went to directly finance the deficit in the general budget in the circumstances of the war on terrorism, and it will be paid once in the next year as well,"

noting that  "the lowest category of bonds is worth 200 thousand dollars, and the bond categories increase in multiples, and the interest is paid semi-annually." To bond holders through major international banks (obligors) until the value of the bond is amortized once in the next year.

Salih stressed that   "the total value of Iraq's international bonds currently circulating in European markets is about $4.7 billion, and these bonds are subject to Iraq's current credit rating of B, which is part of the country's external public debt to be paid."

https://almaalomah.me/news/economy/مستشار-الحكومة-يكشف-قيمة-السندات-الدولية-للعراق

The Central Bank: Changing The Exchange Rate Is In Agreement With The Next Government

Today 18:38   Information / Baghdad..  The Central Bank of Iraq announced, on Wednesday, that any efforts to change the dollar exchange rate will be in agreement with the next government.

And the bank's advisor, Ihsan Shamran al-Yasiri, said in a statement to the Iraqi News Agency, which was seen by "the information", that

"the Central Bank of Iraq is an independent body, and

the exchange rate adjustment is done in agreement with the government, and

there are no efforts now to change it."

Al-Yasiri added, "The pressures exerted to change the exchange rate are populist, and

if the change takes place, it will destroy the economy and stability, because financial and economic transactions and investors built their projects on the new price, and

it is incorrect to seek to change the exchange rate."

He continued,  "Changing the exchange rate raised the competitiveness of the local product, and

although there are some disadvantages to the consumer, the change process enabled the government to pay the employees' salaries after the state budget was empty.

https://almaalomah.me/news/economy/البنك-المركزي:-تغيير-سعر-الصرف-يكون-بالاتفاق-مع-الحكومة-المق

Central Bank Governor: New Cooperation Between Iraqi And International Banks

The Governor of the Central Bank, Mustafa Mokhif, announced receiving requests from international banks to open prospects for cooperation with Iraqi banks, which have a credit rating from accredited rating agencies.

1 week ago   Makheif (October 4, 2022), said that

"work is currently underway with a number of sober international banks to prepare the ground for the crisis for banking cooperation with Iraqi banks that have outstanding performance and have a credit rating from accredited rating agencies."

He added,  "The requirements and proposals for this subject, which were submitted by some international banks, are currently being studied for the purpose of opening accounts for Iraqi banks and opening new horizons for international cooperation."

He pointed out that  “the issuance of a decision by the Board of Directors of the Central Bank to grant the Iraqi Deposit Insurance Company, the final license with a capital of 100 billion dinars, to practice the work of guaranteeing deposits, taking into account the Central Bank of Iraq Law No. 56 of 2004, Banking Law No. 94 of 2004 and the amended Companies Law No. 21 For the year 1997, to be subject to the control and supervision of this bank, and the members of the company’s board of directors were selected and the authorized manager was appointed, the company’s site was chosen to complete the procedures and start doing its business.” https://altaghier.tv/2022/10/04/محافظ-البنك-المركزي-تعاون-جديد-بين-مصا/

Parliament directs the formation of a fact-finding committee against the National Investment Authority

political| 04:50 - 12/10/2022  Baghdad - Mawazine News   The First Deputy Speaker of the House of Representatives, Mohsen Al-Mandalawi, directed, on Wednesday, the formation of a parliamentary fact-finding committee against the Investment Authority and to submit a detailed report to be read in the parliament session next week.

In a statement received by Mawazine News, Al-Mandalawi's office stated that "During his presidency, today, Wednesday (12-October 2022), Al-Mandlawi directed an expanded meeting of the Parliamentary Integrity Committee, during which he hosted the head of the National Investment Authority, Suha Al-Najjar, to form a parliamentary fact-finding committee from The committees (integrity, investment and development) have the right to the authority, to determine the mechanism for granting it licenses, the investing companies, the beneficiaries, the achievement percentages, and the steps taken against those who were granted leave and did not invest since receiving Al-Najjar” until today, provided that the report is submitted next week and read in the parliament session to take a decision regarding the results.

According to the statement, Al-Mandalawi stressed that "the corruption in the Investment Authority is unparalleled, and that the country's interest requires us to block the way for investments to reach the hands of the corrupt, as it will not be reflected in the life of the poor citizen." Ended

https://www.mawazin.net/Details.aspx?jimare=208051

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

https://www.bondladyscorner.com/

"Tidbits From TNT" Thursday Morning 10-13-2022 "The Vote"

TNT:

Tishwash:  The House of Representatives begins a secret vote to elect the President of the Republic

The House of Representatives began a secret vote to elect the President of the Republic.

The competition has become almost exclusively between the Patriotic Union of Kurdistan (PUK) candidate Barham Salih and Latif Rashid, among dozens of candidates.

A parliamentary source revealed the number of votes required for a candidate to win the presidential election.

The source told {Euphrates News} that "the first round of secret balloting, if the candidate gets 220 votes, then he will go to a second round between the first and second winners, and whoever gets the highest votes will win the position of the presidency."

He added, "In the second round, any candidate who gets more than 165 votes will be the president of the country."     link

Tishwash: The start of the election session for the Iraqi president, in the presence of 258 deputies in Parliament

The Media Department of the House of Representatives announced, on Thursday, the opening of the presidential election session, in the presence of 258 deputies.  

 The constituency stated in a statement, of which "Nass" received a copy (October 13, 2022), that "the fifth electoral cycle, of the first legislative year, the second legislative term, Parliament Speaker Muhammad al-Halbousi inaugurated the works of session No. (6)."  

The statement added that "258 deputies attended."  

Moments later, the media department announced that the number of deputies present had increased to 269. link

************

Tishwash:  The Green Zone is being bombarded and the security forces are blocking the roads leading to it

Informed sources said, on Thursday, that the Green Zone was subjected to a missile attack, followed by the closure of some roads and bridges leading to the area.

The sources told Al-Maalouma that "the Green Zone was subjected to a missile attack and the sound of its explosion was heard, without announcing the nature of the damage and the location of the launch."

And she added, "The security forces worked to close some roads and bridges leading to the area, including Al-Qadisiyah Road."

And she indicated that "the most prominent bridges and roads that were cut are Al-Jumhuriya Bridge, Al-Sinak Bridge, Al-Shuhada Bridge, Al-Ahrar Bridge, Bab Al-Moadham Bridge, Suspension Bridge, Al-Shaab International Stadium Bridge, Talbieh Bridge and Al-Qadisiyah Street towards Nisour Square. link

************

RVAlready:  I think, if the parliament fails to name a president, the UN will take action to put one in place.  The world needs the GCR too much to let Iraq politicians be the holdup. Two weeks ago the UK’s 1.6 trillion dollar pension fund almost crashed. Things are going to get ugly without a reset.

Tishwash:  Alright, here we go ….Parliament bell rings to invite deputies to enter the parliament hall…there were even some missiles that struck the green zone but it seems they are continuing

Tishwash:  Parliamentary source: The quorum is complete and parliament is awaiting the holding of the session so they say they have quroum now we hope there are no fights!   The House of Representatives begins a secret vote to choose the President of the Republic

Tishwash:  Yhe process of counting and counting the votes for the presidential elections begins it seems they count the votes twice….The end of the secret vote in Parliament to choose the President of the Republic no announcement who won yet though

Tishwash: ok so now Officially.. the end of the secret parliamentary vote to choose the President of the Republic hahaha maybe they will announce it soon I think twitter may announce it first

************

Tishwash:  Postponement of the presidential election session to one o'clock

Representative Jawad Al-Ghazali revealed today, Thursday, the main reasons behind the postponement of the parliament session to one o'clock in the afternoon.

Al-Ghazali said in an exclusive interview with "Mawazine News", "A large number of deputies in the governorates have not been able to reach the parliament building so far," noting that the precautionary measures made their arrival more difficult, which necessitated the postponement of the session until their arrival

He stressed that "the agreements are valid and he will present two candidates who will have the greatest opportunity, namely Barham Salih and Latif Rashid, who will be the closest to the position." link

Mot: ..... Loving Fall!! ~~~~

Mot: A Current Converstaion~~~~

Iraqi News Highlights Wednesday Afternoon 10-12-22

Iraqi News Highlights Wednesday Afternoon 10-12-22

Iraq And OPEC + .. How Will It Be Affected By The Production Cut And What Fields Are Included?

Reports   Economy News-Baghdad   Next month, Iraq will begin to cut 220 thousand barrels per day from its production of 4.65 million barrels per day, in response to the OPEC Plus agreement.

The OPEC Plus alliance consists of 20 countries, producing 43.85 million barrels per day, and decided to reduce production by two million barrels, in order to reduce the supply in the oil market, which exceeds 105 million barrels per day, while demand is 102.4 million barrels.

In a statement to Al-Iqtisad News, the oil expert, Hamza Al-Jawahiri, believes that the goal of the latest OPEC Plus decision is to achieve stability in the oil market and not to drop oil prices.

The OPEC Plus countries aim to keep the price of a barrel of oil above $80 to support their budgets and implement infrastructure projects in their countries.

An informed source told "Economy News", that "Iraq will reduce the national fields in the south, specifically in the governorates of Basra, Dhi Qar, Maysan and Wasit," noting that "the volume of exports may be affected very slightly."

He pointed out that "the fields supervised by international companies, which are called licensing roving fields, will not allow the companies any reduction, due to the international energy crisis and the need for these companies to use oil in their refineries."

The government spends 9 trillion dinars per month to finance the budget, as it needs the price of a barrel of oil to be $70 to achieve the fiscal budget revenues.

OPEC Plus decided to reduce production by 4.7%, as Iraq’s production currently stands at 4.65 million barrels per day, including the production of the Kurdistan region’s oil, which exceeds 550,000 barrels per day, as it requires the region to reduce its production by 11.8%, or about 65 thousand barrels per day.

For his part, the Saudi oil expert, Muhannad Al-Shahbol, says that "Iraq's history in the OPEC Plus agreement shows that it is a country that is not committed to the agreement, due to the political nature, as the Kurdistan region is not subject to the federal government."

The latest OPEC+ decision is the second-highest reduction it has taken in its history, after cutting 10 million barrels per day in May 2020 after oil prices fell to less than $30, and gradually reduced it.

Some OPEC Plus countries will not be able to reduce their production, as a result of its decline to large levels, such as Algeria, Angloa, Kango and others, while Iraq is required to reduce 220 thousand barrels per day out of its production of 4.65 million barrels.

Most of the oil-consuming countries have witnessed a significant increase in the prices of oil derivatives since the beginning of this year, such as France 77%, America 84% and Britain 70%.

6 countries in OPEC Plus out of 20 countries, will decrease more than 1.56 million barrels, due to their high production, including Iraq, Saudi Arabia, Russia, Kuwait and the UAE.

Views 197   Added 10/12/2022 - 11:11 AM   Update 10/12/2022 - 5:22 PM

https://economy-news.net/content.php?id=30179

The Continued Decline In Global Oil Prices

Economie| 08:54 - 10/12/2022   Follow-up - Mawazine News:  Oil prices fell for the third consecutive session, on Wednesday, as investors feared that the demand for fuel would be affected by the increasing risks of a global recession and the tightening of restrictions on COVID-19 in China.

Brent crude futures were down 43 cents, or 0.46 percent, at $93.86 a barrel by 04:28 GMT. US West Texas Intermediate crude was $88.82 a barrel, down 53 cents, or 0.59%.

Both benchmarks also fell 2% in the previous session.

The International Monetary Fund on Tuesday lowered its global growth forecast for 2023, and warned of an increased risk of a global recession, but also urged central banks to continue their fight against inflation even as investors worried that policymakers could cause a severe economic downturn by raising costs. Borrow too fast and too high.

The dollar rose broadly, after a senior Bank of England official told pension fund managers to finish rebalancing their positions by Friday, when the Bank of England is set to end its bond-buying programme.

A strong dollar makes dollar-denominated commodities more expensive for holders of other currencies and tends to affect oil and other risky assets.

The oil market is also under pressure from the tightening of COVID-19 restrictions in China, the world's second largest oil consumer.

Major Chinese cities, including Shanghai and Shenzhen, have ramped up COVID-19 testing and tightened restrictions after infections surged to their highest levels since August.

Last week, the Organization of the Petroleum Exporting Countries and allies including Russia, collectively known as OPEC+, decided to cut production target by two million barrels per day.

https://www.mawazin.net/Details.aspx?jimare=207998

Iraq Tops The List Of Arab Countries With Economic Growth For 2022

Money and business   Economy News _ Baghdad   Iraq is heading towards achieving the highest economic growth rate among the Arab countries for the year 2022 by 9.3%, and half a percentage point higher than the expectations of April, taking advantage of the rise in oil prices.

This came according to a report issued by the International Monetary Fund for the month of October, which was reviewed by "Al-Iqtisad News", and it was titled "Global Economic Prospects".

According to the fund's report, it estimates the average price of a barrel of oil at $98 this year, to drop to $85.5 next year 2023.

The report indicated that Kuwait comes in second place with growth this year, which will reach 8.7%, followed by Saudi Arabia third with 7.6% growth, then Egypt comes fourth with 6.6% growth, then the UAE 5.1%, Algeria 4.7%, Oman 4.4%, Palestine 4% and each of Qatar and Bahrain with a growth of 3.4%.

The report expected that Jordan would reach 2.4%, then Tunisia 2.2%, then Yemen 2%, and Morocco 0.8%, while growth in Sudan would decline by 0.3%.

Views 103   Added 10/12/2022 - 9:52 AM   Update 10/12/2022 - 5:20 PM

https://economy-news.net/content.php?id=30176

"Investing Iraq's Money In America" ​​.. A Former Candidate For Prime Minister Presents A Detailed Project To End The Housing Crisis

Money and business  Economy News-Baghdad   The former candidate for prime minister, Muhammad Tawfiq Allawi, presented the details of a project plan to end the housing crisis in Iraq, by building two million housing units within six years at a cost of $25 billion.

Allawi said in a post on his Facebook page that "there is a great lack of adequate housing, many citizens live in slums and houses in a miserable and tragic condition, at the beginning we need a well-thought-out housing plan and we need people who are able to turn this plan into reality."

With regard to housing projects, Allawi explained that Iraq "needs at least two million housing units distributed over twenty cities or residential complexes in all governorates of Iraq, in each complex of up to one hundred thousand housing units, half of which are distributed as lands and the other half as built housing units."

He suggested that "the project will be in several stages. It is possible to implement the project in four stages, each stage for half a million housing units, half of which are land and half are built units. Each stage takes a year and a half, which means providing two million housing units within a period of six years."

And he set the cost of the project “up to twenty-five billion dollars, according to semi-detailed preliminary studies of two million housing units. Martyrs and poor families.

As for the method of financing the project, Allawi said, "We have funds from the central bank reserves deposited in the US Federal Bank, which can easily be converted into assets inside Iraq, which are residential homes on the internationally recognized basis (Mortgage), and this does not affect at all on the reserve, where the reserve is either deposited money.

Or assets on the ground that pay their full values ​​within limited periods of time, and this is exactly what developed countries do with the reserves of their central banks, but unfortunately there is a high degree of ignorance inside Iraq so that they do not know or understand these facts.”

He pointed out that "the Iraqi budget resources have increased due to the rise in oil prices, but we may not need money from the budget as we can think of the Chinese agreement to establish infrastructure, so we can initially rely on the Chinese agreement with the Belt and Road Initiative for infrastructure because there was an agreement with the government of Adel Abdul Al-Mahdi set a minimum limit for this agreement to give a loan of ten billion dollars to the reconstruction by Chinese companies, and the upper limit was to give a loan of thirty billion dollars to the reconstruction, and I think we must move towards the upper limit to obtain a loan of thirty billion dollars.

He pointed out that "not all of the thirty billion dollars will be used for housing, but we can assume for the sake of argument that we will allocate $10 billion for housing, and this amount covers the cost of all infrastructure for two million housing units."

He cautioned that "the establishment of this project does not mean that we will provide two million housing units only, but this will provide opportunities for the work of very large numbers of engineers and professionals in different sectors, and most importantly, such a project will provide opportunities for the establishment of many construction industries, such as cement factories.

Glass and aluminum factories, iron and steel factories, ceramics factories, mosaics and bathroom furniture, electrical wires factories, electrical installations and lighting, and many other industries that will bring about a great renaissance in the country and provide job opportunities for millions, and I think that the need will exceed the number of qualified engineers, professionals and others.”

He pointed out that "this project can be shortened by eliminating the problem of housing and slums during a period of six years and creating a real and major renaissance in the country and creating job opportunities for millions of the unemployed without assigning the state budget to one dollar.

It was preceded by governments in which many corrupt and incompetent ministers work for their personal interests and the interests of their political parties. In this case, we will not be able to establish such promising projects and we cannot achieve a real renaissance in the country.”

Views 290   Added 10/12/2022 - 9:03 AM   Update 10/12/2022 - 5:31 PM

https://economy-news.net/content.php?id=30175

Al-Kazemi’s Advisor: Extinguishing Foreign Debt From Financial Surpluses Needs A Law

Money and business   Economy News – Baghdad   The financial advisor to the Prime Minister, Mazhar Muhammad Salih, explained, on Wednesday, the mechanism for repaying loans and debt installment payments, while stressing that extinguishing external debts from financial surpluses requires a law.

Saleh said, to the official news agency, that "the repayment of loans is subject to specific mechanisms and agreements in repayment within the so-called public debt management," noting that "the payments of debt installments are subject to allocations within the actual current expenditures covered by paragraph 13 of the Federal Financial Management Law No. 6 For the amended year 2019, and the annual budgets laws shall set the allocations for outstanding debt services.

He added, "There are undrawn international loans whose withdrawals are spent on specific projects such as the projects of the Japan International Cooperation Agency or projects funded by the World Bank and funds for European governments," noting that "external borrowing issues are among the usual issues recognized in international finance, especially if It was for developmental purposes and free of acquiescence and various conditionalities.”

He continued, "Extinguishing the remnants of external debt from the expected financial surpluses is an issue that needs a law or a text in the next general budget law, provided that it is not linked to the generation of risks for claims for almost non-existent international debts that belong to the previous regime." 9 . views   Added 10/12/2022 - 5:19 PM   Update 10/12/2022 - 5:22 PM

https://economy-news.net/content.php?id=30185

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

https://www.bondladyscorner.com/