"Tidbits From TNT" Monday AM 10-17-2022
TNT:
Harambe: Zimbabwe engaging with World Bank, IMF on clearing IFI debt, says finance minister
10-17-22
Zimbabwe is engaging with the World Bank and International Monetary Fund on how to clear its debts with international financial institutions, finance minister Mthuli Ncube said at an IMF press conference on Saturday.
He said Zimbabwe had begun issuing bonds with maturities of between two and 20 years in order to honour its debt to creditors and was looking at how they can be traded, while it was also looking to issue bonds to compensate white former farmers over time.
Zimbabwe, which has suffered bouts of hyperinflation in the past 15 years, has over $10 billion in external debt, mostly in arrears. It has not received funding from lenders like the IMF and World Bank for more than two decades as a result.
TNT:
Harambe: Zimbabwe engaging with World Bank, IMF on clearing IFI debt, says finance minister
10-17-22
Zimbabwe is engaging with the World Bank and International Monetary Fund on how to clear its debts with international financial institutions, finance minister Mthuli Ncube said at an IMF press conference on Saturday.
He said Zimbabwe had begun issuing bonds with maturities of between two and 20 years in order to honour its debt to creditors and was looking at how they can be traded, while it was also looking to issue bonds to compensate white former farmers over time.
Zimbabwe, which has suffered bouts of hyperinflation in the past 15 years, has over $10 billion in external debt, mostly in arrears. It has not received funding from lenders like the IMF and World Bank for more than two decades as a result.
“We’ve begun to make token payments to the World Bank, the AfDB (African Development Bank), European Investment Bank,” Ncube said. “And all the Paris Club creditors, 17 of them, we will be making token payments to show that we want to be a good debtor.”
He said IMF staff would visit Zimbabwe in December and then discuss a staff-monitored programme in the first and second quarter of 2023.
That, he said, would enable access to “resources from a sponsor who will help us with bridge funding in order to clear the arrears” to international lenders and after that to restructure its debt to bilateral Paris Club creditors.
Inflation in Zimbabwe fell in September to 280.4% annually and 3.5% month on month, from 285% and 12.5% in August.
Ncube said that the country would consider cutting interest rates after three to four months of monthly inflation at 3%, though he would prefer 1%.
In September, Zimbabwe’s central bank held its main interest rate at 200%, having hiked the rate from 80% in June.
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Harambe: Vietnam Central Bank Widens Currency Trading Band Amid Slump | Bloomberg
10/17/22
Vietnam’s central bank widened the dong’s trading band, signaling authorities are willing to tolerate more weakness in the currency.
The State Bank of Vietnam widened the dong’s daily trading range to 5% on either side of the fixing rate from 3%, effective Monday, it said in a statement on its website on the same day. The dong dropped as much as 0.8% to 24,310 per dollar to set a new record low.
“This is a signal to the market that it’s tolerating more FX weakness and volatility,” said Trinh Nguyen, a senior economist at Natixis SA in Hong Kong. “It suggests the central bank is less willing to use reserves to defend the dong.”
The US dollar’s relentless climb higher is forcing central banks to step up intervention, with emerging nations at risk of exhausting their dollar reserves too soon. Vietnam’s decision underscores the path that some nations may take to conserve their firepower, in contrast to others like China which is keeping a tight leash on the yuan.
Proactive
The adjustment was made “in order to proactively cope with unpredictable developments in the international market” and monetary policy tightening by global central banks, SBV said. The move came three weeks after the monetary authority surprised with a 100-basis-point interest-rate hike.
Vietnam’s foreign reserves held near a record $109.6 billion in February, according to International Monetary Fund data. The nation doesn’t regularly release reserves data.
The central bank also said it will “closely monitor market developments, coordinate monetary policy tools, and be ready to sell foreign currencies to stabilize the market.” It set the dong reference rate at a record low of 23,586 per dollar on Monday.
The dong has room to weaken further to 24,700 per dollar, Natixis’ Trinh said.
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Annie68: Do we dare hope for the RV this week???
JimB49: I dare hope it happens. It beats hoping it doesn’t happen
Yada: annie,,,I believe! With all we've come to understand about the process, we can surmise based on what we've seen happen, the government is formed. The release is upon us.
RVAlready: If the RV wasn’t needed, the UN wouldn’t have gone to the security council, and threatened drastic action…. Iraq is sitting with the IMF right now, talking over implementation details.
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Tishwash: Officially.. the new Iraqi President Abdul Latif Rashid takes office
Today, Monday, the new Iraqi President, Abdul Latif Rashid, assumed his duties during his inauguration ceremony at the Republican Palace in the capital, Baghdad.
In his speech, Rashid said that "the previous stage was difficult for everyone," stressing that "it is close to announcing his program to manage the next stage."
He added, "I am seeking to establish strong relations with neighboring countries and the international community," hoping "the formation of the new government quickly to meet the citizens' demands." He stressed that he is committed to protecting the constitution and the sovereignty of Iraq and solving internal problems.
Abdul Latif Jamal Rashid, born in Sulaymaniyah in northern Iraq, on August 10, 1944, is married and has 3 children: Asuz (40 years), Sarah (35 years), and Zakros (34 years).
Rashid speaks 3 languages which are Arabic, Kurdish and English.
Abdul Latif Jamal Rashid’s political history began in the sixties of the last century, when he joined the Kurdistan Democratic Party and became a member of it, then a leader in the Kurdish Student Association in Europe, and participated in meetings and meetings for the formation of the Patriotic Union of Kurdistan, which emerged from the Democratic Party, and joined it Abdel Latif after its formation.
He was chosen to be the PUK's delegate in Britain and its representative in a number of European countries. He had a prominent role in this party since its founding in 1975 under the leadership of the late Jalal Talabani. link
Mot: It's that time of the week again..........
Mot: ........ HUH!!??? ~~~~~
Iraqi News Highlights Sunday Afternoon 10-16-22
.Iraqi News Highlights Sunday Afternoon 10-16-22
Tlm724 Administrator Bondlady’s Corner
Economist To / NINA /: The Delay In Approving The Budget... Harmed The Economy And Prevented Benefiting From High Oil Prices
Sunday 16 October 2022 13:27 | Economic Number of readings: 190
Baghdad / NINA / - The economic expert, Jalil Al-Lami, confirmed: The delay in approving the budget ... harmed the economy and prevented benefiting from the rise in oil prices.
He told the National Iraqi News Agency ( NINA ): According to the preparatory data for the 2022 budget, the general budget can be approved during the remainder of the current year, as the legislative authority can directly discuss the draft general budget during these days, especially since the draft general budget for 2022 in the corridors of Parliament was the Al-Kazemi government. It was submitted to Parliament during the month of December of last year.
Iraqi News Highlights Sunday Afternoon 10-16-22
Tlm724 Administrator Bondlady’s Corner
Economist To / NINA /: The Delay In Approving The Budget... Harmed The Economy And Prevented Benefiting From High Oil Prices
Sunday 16 October 2022 13:27 | Economic Number of readings: 190
Baghdad / NINA / - The economic expert, Jalil Al-Lami, confirmed: The delay in approving the budget ... harmed the economy and prevented benefiting from the rise in oil prices.
He told the National Iraqi News Agency ( NINA ): According to the preparatory data for the 2022 budget, the general budget can be approved during the remainder of the current year, as the legislative authority can directly discuss the draft general budget during these days, especially since the draft general budget for 2022 in the corridors of Parliament was the Al-Kazemi government. It was submitted to Parliament during the month of December of last year.
Al-Lami added: The budget items are implemented by the Sudanese government in the event that the federal government is formed during the constitutional times.
Al-Lami expressed the hope that the first act of the Sudanese government, which raised the slogan of the government, would be the completion of approving the general budget, the delay of which affected the Iraqi economy and did not benefit from the rise in Iraq's oil exports./
https://ninanews.com/Website/News/Details?Key=1007941
The Appearance Of Muhammad Salih To / Nina /: The Intention Is To Present A Current Reality Budget And A Final Account For The Current Year At The Same Time
Sunday 16 October 2022 10:48 | Economic Number of readings: 345
Baghdad / NINA / - The financial expert, advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed that the intention is to present a current budget for the current fiscal year and a final account at the same time.
He told the National Iraqi News Agency ( NINA ): I think it is very difficult to approve the federal general budget law for the current fiscal year 2022 in the remaining time of the current fiscal year because the general budget is an estimated future financial plan for one fiscal year to come.
He explained: The expenditures that were approved during the current year were implemented through two different laws, the first: through the implementation of Article 13 of the Financial Management Law No. 6 of 2019 amended by the 12/1 disbursement of the total actual current expenditures that took place in the year 2021, and the second, Through the Emergency Food Security and Development Law No. 2 of 2022, and accordingly, I see that the intention may move to present (a current budget for the fiscal year 2022 and prepares a final account at the same time) for approval by the House of Representatives soon./End 3 https://ninanews.com/Website/News/Details?Key=1007892
Experts: The 2023 Budget Will Reveal The Failure Or Success Of Sudan's Economic Policy
Prime Minister-designate Muhammad Shia Al-Sudani Reports Economy News-Baghdad With the entry of President-designate Muhammad Shia Al-Sudani to the fortified government palace and the initiation of the procedures for forming the government, the economic circles are awaiting the first reform steps of the expected government and the features of the economic policy, through the suspended budget bill until today.
And a professor of economics at Basra University, Nabil al-Marsoomy, said in a Facebook post that "Iraq's federal budget for 2023 is the decisive factor in whether the economic policy of the Sudanese government is different or is an exact copy of its predecessors."
He added, "The budget will be delayed a lot if the new economic policy is different from its predecessors, because this requires a radical modification in the rules and foundations of building the budget and in its objectives and programs in order to be consistent with the new economic policy and the Sudanese government program."
The total financial budgets in Iraq, since 2003, amounted to 100 billion dollars, with security and defense needs at the forefront of the budgets’ doors, amid accusations leveled by members of the House of Representatives and specialists against successive governments because of their “mismanagement” of the country’s finances.
For his part, the economist, Sadiq Al-Bahadli, says in a Facebook post: “In order to do right, we must start with the 2023 budget with a new approach and new rules and foundations. We suggest that it be in two parts, the first for the operational federal budget and the second for the federal investment budget for development and service projects.”
He adds, "It may be for five years, for example, and projects for which funds are allocated in order to get rid of the old foundations that caused hundreds of projects to lag behind on the pretext that there are no financial allocations because the state's general budget allocates part of the projects' needs and then leaves the project without funds from the budget and so on until we found Lots of projects without a known completion rate.”
He continues that "dividing the state's general budget into operational and investment reduces its dependence on politics and its conflicts, especially since the state's general budget in Iraq has a significant impact on the market and business and represents a stable income for more than eight million people who support most segments of Iraqi society."
The delay in approving the Iraq budget bill raises concern among economists, who considered that the rivalries between the political forces will have bad economic effects on the country, which is experiencing difficult circumstances in light of the fears of global recession and high levels of inflation.
Views 202 Added 10/16/2022 - 10:33 AM Update 10/16/2022 - 5:42 PM
https://economy-news.net/content.php?id=30227
Al-Hakim Receives The Sudanese To Discuss The Management Of The Next Political Stage
Political | 12:32 - 10/16/2022 Baghdad - Mawazine News , the head of the National Wisdom Movement, Ammar al-Hakim, received today, Sunday, Prime Minister-designate Muhammad Shiaa al-Sudani to discuss and discuss the formation of the government and the management of the next political stage.
A statement issued by Al-Hakim's media office, a copy of which was received by Mawazine News, stated that "the head of the National Wisdom Movement, Ammar Al-Hakim, received the Prime Minister-designate, Muhammad Shiaa Al-Sudani, as the two sides discussed the file of forming a government according to constitutional times, and the need to form a capable national service government. to achieve the aspirations of the Iraqi people.
Al-Hakim stressed the need to enlist competent ministers who are attested to by their professionalism, competence, integrity and good management, and to select a coherent team in managing the next phase, reiterating that “we do not participate in the government.”
pointed to "
Al-Hakim called for "openness to the regional and international environment and finding a balance equation that guarantees Iraq's rights and preserves its sovereignty, taking into account the completion of projects and plans of previous governments and benefiting from the financial abundance in the field of reconstruction and sustainable development." Ended 29 / M 99
Al-Sudani Receives Blackshart To Discuss The General Political Situation In The Country
Political | 02:43 - 10/16/2022 Baghdad - Mawazine News, Prime Minister-designate Muhammad Shia Al-Sudani affirmed today, Sunday, his readiness to work for balanced external relations with the regional and international environments.
The media office of the Prime Minister-designate said in a statement received by Mawazine News that "the Prime Minister-designate, Muhammad Shiaa Al-Sudani, received today, the Special Representative of the Secretary-General of the United Nations in Iraq, Jenin Plasschaert," noting that "the meeting witnessed a discussion of the general political situation in Iraq." The country, emphasizing the strengthening of cooperation with the United Nations, and the strengthening of the mechanisms of the democratic system in Iraq.
Al-Sudani affirmed that "his government program will focus on addressing service problems and combating corruption," expressing "the keenness of the next government to listen to the voice of youth, take into account the file of human rights and minorities, as well as its willingness to work for balanced external relations with the regional and international environments on the basis of interests." common interests that preserve the sovereignty of Iraq.
For her part, Plasschaert congratulated the Sudanese on the occasion of his assignment to the presidency of the Council of Ministers, stressing the support of the UN mission "to form a government that meets the aspirations of the Iraqi people with all its components." Ended 29 / M 99
https://www.mawazin.net/Details.aspx?jimare=208409
Acting Minister Of Finance: The Next Stage Requires Doubling Efforts And Enhancing Capabilities
Sunday, October 16, 2022 3:17 PM Baghdad/National News Center Today, Sunday, the Ministry of Finance announced that Minister of State Hiyam Neamat Mahmoud has started her duties as Acting Minister of Finance.
The Ministry's media office said in a statement received by the National News Center: "Today, Hiyam Nemat Mahmoud began her duties as Acting Minister of Finance, in addition to her job as Minister of State," indicating that a number of the ministry's general managers were received by the minister.
And she added, "The minister met with the applicant in the Ministry of Finance and discussed with them a number of issues related to the ministry's work."
She stressed, "the importance of advancing the role of the ministry as it is a basic pillar of the Iraqi state," noting that "the next stage of the ministry's work requires doubling efforts, enhancing capabilities, and supporting the work process in a way that contributes to the advancement of all departments and bodies affiliated with the ministry in the service of the public interest." “.
She stressed, "on the cooperation between the legislative and executive authorities."
For their part, the general managers extended their thanks and appreciation to the minister, wishing her continued success and payment in completing the tasks entrusted to her.
The Volume Of Electronic Commerce In Iraq Exceeds $6.6 Billion By The End Of 2022
Money and business Economy News-Baghdad The head of Miswak Electronic Company, Ammar Amin, confirmed that the e-commerce market in Iraq will exceed $6.6 billion by the end of 2022.
“The e-commerce market in Iraq will exceed $6.6 billion in 2022 - more than 60% annual growth ($4.2 billion in 2021), Amin said via Lincoln.
He added, "Beginning to invest in this market, will attract many other investors and thus gain the best value-for-money deals in this system - which still has a lot to offer in the coming years."
"At a time when investment decisions are more difficult than ever, this opportunity is even better: Regional players will think twice before expanding, and local, investable players will be within everyone's reach," he explained. Hits 143 Added 10/16/2022 - 9:57 AM Update 10/16/2022 - 5:31 PM
https://economy-news.net/content.php?id=30225
A Decrease In Iraq's Oil Exports To America Within A Week
Economie| 11:09 - 16/10/2022 Baghdad - Mawazine News The US Energy Information Administration announced on Sunday that Iraq's oil exports have more than halved during the past week.
The administration said in a report, "The average US imports of crude oil during the past week from eight countries amounted to 5.117 million barrels per day, down by 103 thousand barrels per day compared to the previous week, which amounted to 5.220 million barrels per day."
She added that Iraq's oil exports to America amounted to an average of 109 thousand barrels per day last week, down by more than half from the previous week, when oil exports to America reached an average of 275,000 barrels per day.
She also indicated that "most of America's oil revenues during the past week came from Canada, at a rate of 3.300 million barrels per day, followed by Mexico at a rate of 759 thousand barrels per day, and oil revenues from Saudi Arabia at a rate of 370 thousand barrels per day, and then Colombia at a rate of 242 thousand barrels per day." .
According to the administration, "the amount of US imports of crude oil from Ecuador amounted to an average of 136 thousand barrels per day, and from Brazil at a rate of 111 thousand barrels per day, and from Libya at a rate of 90,000 barrels per day, while it did not import any quantity from Russia or Nigeria. https://www.mawazin.net/Details.aspx?jimare=208390
To read more current and reliable Iraqi news please visit BondLady’s Corner:
MilitiaMan Sunday Afternoon "It Is Definitely Underway" 10-16-2022
.KTFA:
The Central Bank of Iraq participates in the annual meetings of the International Monetary Fund and the World Bank LINK
MilitiaMan: There is a 15 page pdf file on this subject out from the CBI in Arabic. It goes into detail for letters for credit and guarantees. All of it on and about their electronic platform.. They are readying to get this country into an international environment for trade.
The likes of the World Bank, International Monetary Fund, US Treasury, American Chamber of Commerce, etc.. of late are all about moving forward and apparently finalizing necessary formalities. The document is instructions on the implementation and rules of the platform, letters of bank credits and guarantees.
All items are looking to be in place now or at least well underway.. A good thing.. imo ~ MM
KTFA:
The Central Bank of Iraq participates in the annual meetings of the International Monetary Fund and the World Bank LINK
MilitiaMan: There is a 15 page pdf file on this subject out from the CBI in Arabic. It goes into detail for letters for credit and guarantees. All of it on and about their electronic platform.. They are readying to get this country into an international environment for trade.
The likes of the World Bank, International Monetary Fund, US Treasury, American Chamber of Commerce, etc.. of late are all about moving forward and apparently finalizing necessary formalities. The document is instructions on the implementation and rules of the platform, letters of bank credits and guarantees.
All items are looking to be in place now or at least well underway.. A good thing.. imo ~ MM
KandG: Thanks MM - what are your thoughts about all of the instability that is now occurring based on multiple articles today. Do we really think the CBI will act under these conditions. Seating a government and seating this train wreck are 2 separate things. Will the CBI choose to ignore the politics which we have been taught - in order to releive the pressure of the UN, WB, etc - assuming their pressure is really being applied for the good of the Iraqi citizens ?? Inquiring minds would like to know your thoughts on these specific points. IMO
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MilitiaMan: Just because one feels the circumstances are a "train wreck", may not be the case at all. Once the voted the president and then the PM we watch for a seated cabinet.. There is nothing to say that is not underway nor going to be postponed. They gave a within time frame. The authority on the matter has not spoken to a date specific. A deputy apparently has stated end of next week.
As I pointed out today, they are in consistent with news and likely on purpose to keep things specific to be on the backfoot if you will. Something Dr Shabibi told us would happen at the end.
Kuwait had no running water nor electricity when they RI'd. They have a President and a PM working to sort the cabinet while today there is a new Finance Minister in her office while the deputy is in WDC with the World Bank, IMF, UST, US Chamber of Commerce...
The CBI is independent don't forget.. The meetings are all about electronic platforms and letters of credit and guarantees.
The meetings are likely final training on the new system.. They are not going to drop off a new electronic system and not train them on the rules and regulations and processes.. That would be like bringing a new MRI machine to a hospital and drop it off with out instructions.. lol
Getting the purchase power is all about the citizens. My contact source "a Doctor" from Iraq tells us that the citizens are happy and expectant of a rate change..
So, there are my thoughts.. I am in a good place as I understand it to be, it is not all about Iraq.. It is far bigger than that and it is definitely underway and we see evidence in the aforementioned articles too. imo.. ~ MM
There is nothing politically incorrect about calling something a train wreck. Call it for what it is.. The thing that gets me is many do try and bring in links to support the good side of things and even the bad side of things.. I would bet if I were to go to articles and look for all the negative things that can be found in them and then focused in on them and put that negative focus into the forum, there would likely be mayhem.
I can see where people see things after 10-15 years or more of things not having happened yet. There is laundry list of reasons why to that, that are very valid to support the why they haven't changed the exchange rate yet. For instance. ISIS, Spichter massacre, new electronic digital systems coming on line, political shifts, Iranian influence, Covid-19, Oil shocks, etc..
All of this things are in articles and support that what I am saying is and are very real. I get the frustration just as much as anyone, however, I get the positives too, and when we can clearly see the positives unfolding before us, it is surprising to me to see such frustrations and the negativity.
The atmosphere I see leads me stay with those items of positivity. This is not all about Iraq, but, it has an Iraq centric component to it be sure. Iraq is a very wealthy country and in the global scheme of things, she is a necessary component to help fix the financial system before us..
Iraq knows that they are a key player, not the only player. What we have witnessed from and by the pressures from the UN, IMF, WB, UST, etc.. are all focused on a legitimate government and reforms to be completed for the citizens and to interconnect with the international markets via electronic platforms.
True, there are many that don't want change.. Those that are a part of the cash cow of corruption know if they lose that? They likely will lose immunity from the circumstances they see before themselves. That is likely t obe life threatening for some. Hence, the extreme push back to not get reforms done..
With what we see with the push now to get the GOI off and running is a very good sign that should actually be a breathe of fresh air. Even with the Coordination Frame work influence. Sadr has told the UN and the Frame work that corruption is on watch for the next six months.. The man may have not taken a seat that helm in the GOI, but, he can easily throw cross currents in the millions of supporters on the street and quickly. We can see that there is a peaceful side to the street now, thus likely what Sadr did was not a mistake, but a tactical move that was agreed upon by the whole..
Global expectation is very high for Iraq and the world to interlink with electronic trade on platforms.. That will take an international Article 8 compliant currency.. That is what the world expects and likely to have been the focus of the past few days in DC... Follow the money... There is going to be much afloat here on out.. imo ~ MM
"Iraq's Trillion's in Dinar Tax Theft" News posted by Samson at KTFA 10-16-2022
.KTFA:
Samson: Integrity clarifies the circumstances regarding the theft of 3.7 trillion dinars
16th October, 2022
The Federal Integrity Commission clarified the circumstances that accompanied the news of the theft of more than (3.7) trillion Iraqi dinars from the General Tax Authority, and the publication of a book by the Ministry of Finance entitled to the authority.
The authority, while talking about the book circulated by some media and social networking sites and issued by the Ministry of Finance entitled the Integrity Commission, stated that the authority confirms that the case has been investigated and is now before the judiciary, and it will accompany the information contained in the Ministry of Finance’s book after it is organized according to Minutes with investigative papers and deposited with the judiciary; for the latter to issue the appropriate decisions against the defaulters.
KTFA:
Samson: Integrity clarifies the circumstances regarding the theft of 3.7 trillion dinars
16th October, 2022
The Federal Integrity Commission clarified the circumstances that accompanied the news of the theft of more than (3.7) trillion Iraqi dinars from the General Tax Authority, and the publication of a book by the Ministry of Finance entitled to the authority.
The authority, while talking about the book circulated by some media and social networking sites and issued by the Ministry of Finance entitled the Integrity Commission, stated that the authority confirms that the case has been investigated and is now before the judiciary, and it will accompany the information contained in the Ministry of Finance’s book after it is organized according to Minutes with investigative papers and deposited with the judiciary; for the latter to issue the appropriate decisions against the defaulters.
She added that the judiciary had previously issued summon orders against senior officials in the ministry regarding the loopholes that led to this major breach and the terrible abuse of public money, pointing out that the letter of the Ministry of Finance, which the authority was surprised to see leaked to the media, reached the authority at the end of the official working day on Thursday, corresponding to the third The tenth of this October, calling on the ministry to investigate the leakage of its book entitled to the commission.
The media and social networking sites had published a book issued by the Ministry of Finance entitled to the Integrity Commission regarding allegations of theft of tax deposits deposited in Al-Rafidain Bank amounting to (3.7) trillion Iraqi dinars. LINK
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Samson: Human Rights Center: The amount that was stolen from the secretariats of the Tax Authority will build 4,000 schools
16th October, 2022
The Vice President of the Strategic Center for Human Rights in Iraq, Lawyer Hazem Al-Rudaini, revealed that the sum of the two and a half billion dollars that was stolen from the General Authority for Taxes’ trust account in the Rafidain Bank is enough to build 4,000 modern schools
Al-Rudaini said in a statement, “The Iraqi citizen is beginning to not comprehend the amount of thefts that are taking place in the country,” noting that “if these numbers are converted into services, this amount is sufficient to build four thousand modern schools, or build forty thousand apartments that match Samaya’s apartments, or build a power station that suffices.” To equip three governorates instead of importing them from neighboring countries, or to pay the salaries of all employees, retirees and the social protection network for a whole month
He called on the Supreme Judicial Council, the government and the Integrity Commission to "swiftly take legal measures against everyone involved in stealing this huge amount and to preserve public money, and we demand that all measures be announced publicly LINK
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Expert: The stolen amount represents the tax authority's revenue for 10 years
16th October, 2022
A professor of economics at Basra University, Nabil Al-Marsoumi, confirmed on Sunday that the stolen money from the Tax Authority is equivalent to the authority's revenues for 10 years, and is also equivalent to half of Syria's budget
A few days after the resignation of the technical finance minister, financial and banking specialist, professor at Harvard University, and expert in the World Bank, this man filled Iraq with his white paper and occupied the Iraqis a lot by devaluing the Iraqi dinar exchange rate while trying to reform the Iraqi economy at a time when he was unable to reform his ministry, which it has become the source of corruption in Iraq
Al-Marsoumi said in a post on his Facebook page that “the Minister of Oil, who performed the duties of the Minister of Finance, was not well versed or expert in the world of finance and banking, but he discovered the largest theft in the history of Iraq, worth 3.7 trillion dinars from the trust account of the Tax Authority in the Rafidain Bank by editing 247 checks to five Contracting and oil services companies from September 2021 to August 2022, through which this large amount of money was delegated from the account of the General Authority for Taxes to these companies
He added, "The strange thing in the matter is the short period of time during which the amounts were transferred to these companies, which amounted to only 11 months, in addition to the fact that whoever discovered corruption was exempted by Parliament from the duties of the Deputy Minister of Finance, and that the one who signed the book proving the existence of this theft He was the Director General of the Legal Department of the Ministry of Finance, and he was not from a high-level group or any of the specialized financial and banking cadres in the Ministry of Finance
He explained that "the large size of the stolen or wasted amount, which may represent tax revenues for 10 years, which is equivalent to approximately half of Syria's budget for 2022, puts us in front of several possibilities.
The second is that the amount was invested by the five companies in collusion with some employees of the Tax Authority and the Rafidain Bank. The third is that we are in front of an Indian movie that we have not seen before, and politics may play a major role in this scandal, which will enter the Guinness Book of Records LINK
Samson: Against the background of the theft of 3.5 trillion .. the judiciary issues an order to stop the disbursement of tax deposits
16th October, 2022
On Sunday, the Iraqi judiciary issued an order to stop the disbursement of tax deposits by the Ministry of Finance, against the background of the theft of 3.7 trillion dinars.
According to a document issued by the Presidency of the Baghdad / Al-Karkh Appeal Court, the second Karkh Investigation Court, dated August 21, seen by Shafak News Agency, the court informed the Office of the Minister of Finance to stop disbursing customs and tax deposits. She indicated that this matter came until the completion of the investigations and fundamental scrutiny of the case.
Earlier today, the Federal Integrity Commission clarified the circumstances that accompanied the news of the theft of more than 3.7 trillion Iraqi dinars from the General Tax Authority.
The commission indicated that the case was investigated and is now before the judiciary. It will accompany the information contained in the Ministry of Finance’s book after organizing it according to minutes with the investigative papers and depositing it with the judiciary. For the latter to issue the appropriate decisions against the defaulters.
She added that the judiciary had previously issued summoning orders against senior officials in the ministry regarding the loopholes that led to this major breach and the outrageous abuse of public money.
Representatives and officials had previously revealed an estimated 3.7 trillion Iraqi dinars theft from the General Tax Authority, and investigative committees were formed, in turn, confirming the theft. LINK
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Samson: The presidency of the Iraqi parliament vows to hold accountable those involved in the theft of two and a half billion dollars
16th October, 2022
Mohsen Al-Mandalawi, the first deputy speaker of the Iraqi parliament, vowed on Sunday to hold accountable those involved in stealing two and a half billion dollars in tax funds in Al-Rafidain Bank.
Al-Mandalawi said in a tweet on the social networking sites “Twitter” today, that what happened from the “looting” of the funds of the General Tax Authority, and the withdrawal of (2.5) billion dollars from the Rafidain Bank, will not pass easily. He pointed out that there is an upcoming account for all those involved in the process that is intended to demolish the state, destroy its economy and spread chaos, stressing that the House of Representatives will have a strict stance in the coming days.
For its part, the Parliamentary Integrity Committee announced that it had followed up the reports received about the process of losing an amount of 3.7 trillion Iraqi dinars from the General Tax Authority's trust account in the Rafidain Bank.
Committee member Vian Dakhil said in a statement today, that the committee will hold an extraordinary and urgent meeting, in which it will summon the Acting Minister of Finance, exempted Ihsan Abdul-Jabbar, Deputy Minister of Finance and General Director of the Tax Authority, the former and current, and the general manager of Rafidain Bank, as well as hosting the head of the Integrity Commission and the authorities.
All concerned and responsible, in order to verify the reasons for the loss of this huge amount. She noted that the committee will announce the results of summoning and hosting to public opinion immediately after the meeting, and will continue to monitor all investigation procedures.
On Saturday, Acting Finance Minister Ihsan Abdul-Jabbar announced the theft of an estimated two and a half billion dollars in tax funds from the Rafidain State Bank. Abdul-Jabbar, who is currently the Minister of Oil, tweeted on his Twitter account, "The Prime Minister graciously agreed to our request regarding exemption from the duties of the acting Ministry of Finance." He pointed out, "The results of the investigation that we directed after we were assigned to the ministry, and the official evidence of the theft of an amount of 3.7 trillion Iraqi dinars (2.5 billion dollars) in tax funds / Rafidain Bank by a specific group."
Abdul-Jabbar added that "it was handed over by the Ministry of Finance to the competent authorities, including the Parliamentary Finance Committee, which asked us to do so officially and in the media." The Minister of Oil said, "We did not submit to any pressure or bargaining to prevent us from performing our role in protecting public money."
Last Tuesday, the House of Representatives voted to terminate the assignment of Ihsan Abdul-Jabbar, Minister of Oil, from the position of Minister of Finance/Agency.
In mid-August, the Iraqi Prime Minister, Mustafa Al-Kazemi, assigned Oil Minister Ihsan Abdul-Jabbar with the tasks of managing the Ministry of Finance as an agency. The decision to assign came after the approval of the resignation of Finance Minister Aslah Ali Abdul Amir Allawi.
Yesterday, the head of the Turkmen Front, Hassan Turan, announced the assignment of a woman to the component as the acting Iraqi Minister of Finance, instead of Ihsan Abdul-Jabbar, who occupies this position as acting in addition to being the original Minister of Oil. "We congratulate Tasnam, the first Turkmen woman of a sovereign ministry," Turan said in a brief statement. He added, "Ms. Hiyam Neama Koberlo is the Acting Minister of Finance."
It is noteworthy that the Parliamentary Integrity Commission has attached its statement with documents confirming the theft of an amount of two and a half billion dollars. Shafak News Agency, published by my agencies: LINK
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Samson: Al-Rafidain Bank distances itself from the issue of stealing billions of dinars from the tax account
16th October, 2022
On Sunday, Al-Rafidain State Bank distanced itself from stealing more than 3 trillion Iraqi dinars from the account of its General Tax Authority.
In a statement received by Shafaq News Agency, the bank's media office confirmed, in response to what is being circulated regarding the theft of sums of money from the account of the General Tax Authority in Rafidain Bank, that it "has nothing to do with any manipulation or theft that is being talked about, and that his task was limited to disbursing the bonds of the General Tax Authority from its branches after verifying the validity of their issuance in official letters between the bank and the authority. He explained that "what is being talked about recently is an issue related to the General Authority for Taxes and their bank accounts."
Al-Rafidain Bank stressed, "not to steal any sums of money from its branches, and indicates that it is committed to the mechanisms related to the anti-money laundering and terrorist financing law, and that the whole issue is being examined by the judiciary, and that the bank continues to cooperate with the competent authorities to reveal the facts."
The media and social networking sites had published a book issued by the Ministry of Finance entitled to the Integrity Commission regarding allegations of theft of tax deposits deposited in Al-Rafidain Bank amounting to (3.7) trillion Iraqi dinars.
Prime Minister-designate Muhammad Shiaa al-Sudani commented on the incident and said, "We will never hesitate to take real measures to curb corruption, which has brazenly spread in the joints of the state and its institutions." ? He continued, "We have put this file in the first priority of our program, and we will not allow the Iraqis' money to be stolen, as happened with the funds of the General Tax Authority's trusts in the Rafidain Bank."
Today, Sunday, an Iraqi lawyer submitted a request to the Public Prosecution Authority to prevent the travel of Prime Minister Mustafa Al-Kazemi and his government team outside the country until the completion of the investigation procedures on charges of financial and administrative corruption. LINK
"Tidbits From TNT" Sunday 10-16-2022
.TNT:
Tishwash: The Central Bank of Iraq participates in the annual meetings of the International Monetary Fund and the World Bank (CBI)
A high-level delegation from the Central Bank of Iraq, headed by Deputy Governor Dr. Ammar Hamad Khalaf, participated in the annual meetings held by the International Monetary Fund and the World Bank in Washington, DC.
During the meetings, several meetings were held with some officials of the International Monetary Fund and the World Bank to discuss ways of cooperation with Iraq, and to provide the necessary support for the development of various economic sectors, especially the banking sector due to its importance in economic development.
TNT:
Tishwash: The Central Bank of Iraq participates in the annual meetings of the International Monetary Fund and the World Bank (CBI)
A high-level delegation from the Central Bank of Iraq, headed by Deputy Governor Dr. Ammar Hamad Khalaf, participated in the annual meetings held by the International Monetary Fund and the World Bank in Washington, DC.
During the meetings, several meetings were held with some officials of the International Monetary Fund and the World Bank to discuss ways of cooperation with Iraq, and to provide the necessary support for the development of various economic sectors, especially the banking sector due to its importance in economic development.
The delegation discussed with the American Chamber of Commerce and a number of American companies, the electronic payment file in Iraq, and the efforts of the Central Bank to develop it, which contributes to increasing the rate of financial inclusion.
International institutions praised the efforts of the Central Bank, which contributed to achieving growth in the national economy, which is more than 9% during the current year.
Central Bank of Iraq
Media Office
16 - October – 2022 link
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Yada: Kazimi was the best thing that happen for the Iraqi people. He got things aligned as they should be so the next goverment cant stray from the set up short of the rest of the world coming to their borders. They are internationally connected.
Yada: Based on Tony's statements since Oct 2021, having the president in place is considered a formed government, I'm expecting it any moment now
Yada: Once the currency is Reissued, the world now has some flexibility….Remember the 87 billion in reserves? Thats foreign money reserves. The dinar increases, the countries holding dinar get a boast in their dinar reserve accounts and that cause the foreign reserves in Iraq to go up for them.
KaseyKo1: Do you think France will try to reenter their agreement with Iraq with the Total contract they lost?
Yada: LOL,,,France is like us exchanges, of course we will run to the banks for the perks of greater exchanges and higher interest investment, especially with the prime so high, the banks will drool over our deposits and pay us well to keep them there. So France will do the same thing,,,,go in and take advantage of the oil they pump that will go to the world as well as Europe and France.
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Tishwash: Report: The names of the Sudanese booth will be ready in two days
A press report stated, on Saturday, that the names of the ministerial cabinet for the government of Prime Minister-designate Muhammad Shia Al-Sudani will be ready within two days.
And the "Arabi 21" website stated in its report, which was reviewed by "The Information", that "the road ahead of the Sudanese is paved to form the government, especially since it represents the largest bloc, which was able to resume holding parliament sessions and elect a president of the republic."
He added, "The final agreement on the names of the Sudanese ministerial cabinet will be ready within two days, and the information available is that an agreement occurred between the political blocs that Thursday will be a date for voting on the government in Parliament."
The report indicated that "
The report quoted the Iraqi researcher Wahid Abbas as saying, "Before the Sadrist movement's supporters stormed Al-Khadra, we used to say that the Sudanese government would not be long, and would do nothing but prepare for the upcoming elections, while today the evidence, the general atmosphere and international support all point to the opposite." link
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CandyKisses: Al-Sudani to the British Ambassador : My program will focus on the economy and services
On Sunday, October 16, 2022, the person in charge of forming the government, Muhammad Shia Al-Sudani, confirmed that the government program will focus on service and economic aspects
And the media office of the Prime Minister-designate stated in a statement that "Ultra Iraq" received a copy of it, that "Al-Sudani received the British ambassador to Iraq, Mark Bryson Richardson, and during the meeting, they discussed the future of bilateral relations and ways of joint cooperation between Iraq and Britain, as well as a review of the overall political situation." economics at the national and regional levels
The statement indicated that "Al-Sudani stressed during the meeting that the political and democratic process must proceed under the umbrella of the constitution," noting that "his government program will focus on the service and economic aspects that affect the lives of citizens, and he also stressed the rejection of the exclusion of any national active party in this path
The Prime Minister-designate stressed the "importance of constructive partnership with the United Kingdom, and work to make Iraq an effective anchor in a stable regional order
For his part, the British ambassador expressed his country's government's support for the efforts made to form a new Iraqi government that meets the aspirations of the Iraqi people for progress and prosperity, according to the statement
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CandyKisses: The presidency of the Iraqi parliament vows to hold accountable those involved in the theft of two and a half billion dollars
Mohsen Al-Mandalawi, the first deputy speaker of the Iraqi parliament, vowed on Sunday to hold accountable those involved in stealing two and a half billion dollars in tax funds in Al-Rafidain Bank.
Al-Mandalawi said in a tweet on the social networking sites “Twitter” today, that what happened from the “looting” of the funds of the General Tax Authority, and the withdrawal of (2.5) billion dollars from the Rafidain Bank, will not pass easily. He pointed out that there is an upcoming account for all those involved in the process that is intended to demolish the state, destroy its economy and spread chaos, stressing that the House of Representatives will have a strict stance in the coming days.
For its part, the Parliamentary Integrity Committee announced that it had followed up the reports received about the process of losing an amount of 3.7 trillion Iraqi dinars from the General Tax Authority's trust account in the Rafidain Bank.
Committee member Vian Dakhil said in a statement today, that the committee will hold an extraordinary and urgent meeting, in which it will summon the Acting Minister of Finance, exempted Ihsan Abdul-Jabbar, Deputy Minister of Finance and General Director of the Tax Authority, the former and current, and the general manager of Rafidain Bank, as well as hosting the head of the Integrity Commission and the authorities. All concerned and responsible, in order to verify the reasons for the loss of this huge amount. She noted that the committee will announce the results of summoning and hosting to public opinion immediately after the meeting, and will continue to monitor all investigation procedures.
On Saturday, Acting Finance Minister Ihsan Abdul-Jabbar announced the theft of an estimated two and a half billion dollars in tax funds from the Rafidain State Bank. Abdul-Jabbar, who is currently the Minister of Oil, tweeted on his Twitter account, "The Prime Minister graciously agreed to our request regarding exemption from the duties of the acting Ministry of Finance." He pointed out, "The results of the investigation that we directed after we were assigned to the ministry, and the official evidence of the theft of an amount of 3.7 trillion Iraqi dinars (2.5 billion dollars) in tax funds / Rafidain Bank by a specific group."
Abdul-Jabbar added that "it was handed over by the Ministry of Finance to the competent authorities, including the Parliamentary Finance Committee, which asked us to do so officially and in the media." The Minister of Oil said, "We did not submit to any pressure or bargaining to prevent us from performing our role in protecting public money."
Last Tuesday, the House of Representatives voted to terminate the assignment of Ihsan Abdul-Jabbar, Minister of Oil, from the position of Minister of Finance/Agency.
In mid-August, the Iraqi Prime Minister, Mustafa Al-Kazemi, assigned Oil Minister Ihsan Abdul-Jabbar with the tasks of managing the Ministry of Finance as an agency. The decision to assign came after the approval of the resignation of Finance Minister Aslah Ali Abdul Amir Allawi.
Yesterday, the head of the Turkmen Front, Hassan Turan, announced the assignment of a woman to the component as the acting Iraqi Minister of Finance, instead of Ihsan Abdul-Jabbar, who occupies this position as acting in addition to being the original Minister of Oil. "We congratulate Tasnam, the first Turkmen woman of a sovereign ministry," Turan said in a brief statement. He added, "Ms. Hiyam Neama Koberlo is the Acting Minister of Finance."
Mot: Good luck, sports fans! Remember: the outcome of the game rests on you.
Mot: Makes Me Love Ladybugs Even More
Iraqi News Highlights Saturday Evening 10-15-22
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Abdul-Jabbar Heads A Delegation To Participate In The Meetings Of The International Monetary Fund And The World Bank In Washington
Economie| 09:16 - 10/14/2022 Baghdad - Mawazine News On Friday, the Deputy Minister of Finance, Ihsan Abdul-Jabbar, headed the Iraqi delegation participating in the meetings of the International Monetary Fund and the World Bank, held in the American capital, Washington, with the participation of the Undersecretary and a number of general managers.
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Abdul-Jabbar Heads A Delegation To Participate In The Meetings Of The International Monetary Fund And The World Bank In Washington
Economie| 09:16 - 10/14/2022 Baghdad - Mawazine News On Friday, the Deputy Minister of Finance, Ihsan Abdul-Jabbar, headed the Iraqi delegation participating in the meetings of the International Monetary Fund and the World Bank, held in the American capital, Washington, with the participation of the Undersecretary and a number of general managers.
A statement by the ministry, which Mawazine News received a copy of, stated that "the Minister of Finance held several side meetings with a number of financial and economic institutions, on the sidelines of the meetings, during which he stressed the importance of strengthening relations with various international partners, and the trend towards developing areas of regional and international cooperation."
And the minister indicated, "the efforts aimed at solving all problems and removing the obstacles that accompany the process of promoting investment opportunities and establishing projects in Iraq, stressing the need to involve the private sector to take its role in the overall economic activity to achieve comprehensive and sustainable development."
According to the statement, "participation in the meetings of the Fund and the World Bank included: central bank governors, ministers of finance and development, senior officials from the private sector, representatives of civil society organizations, and academics to discuss issues of global concern."
The statement indicated that "the visit of the Iraqi delegation comes as part of efforts to enhance and deepen the areas of economic cooperation with the two international institutions, as well as Iraq's intention to obtain technical and technical support from the US Treasury and other financial institutions." Ended 29/R77 https://www.mawazin.net/Details.aspx?jimare=208271
The Central Bank: The Inflation Rate Is Controlled And We Are Not Thinking Of Changing The Exchange Rate
Money and business Economy News-Baghdad The Deputy Governor of the Central Bank of Iraq, Ammar Hamad Khalaf, confirmed that there is no justification for thinking about changing the exchange rate of the Iraqi dinar, especially in light of the high oil prices and foreign cash reserves, which amounted to more than 80 billion dollars, noting that the inflation rate is about 6% and is controlling. It is necessary to stabilize the Iraqi dinar exchange rate.
Khalaf said, in an interview with the Kurdish media network "Rudaw", on the sidelines of the IMF and World Bank meetings in Washington, which he described as "the mission", that "there are serious attempts to reform the Rafidain and Al-Rasheed banks, so that they can play their role in the Iraqi economy."
He added, "The annual meeting of the International Monetary Fund and the World Bank, the meetings held by central bank governors, finance ministers, and governors of the IMF and the World Bank are important to exchange experiences, and to meet with leaders of the financial sector as well as international institutions, in addition to bilateral meetings with some central banks and international institutions, which are very important." To continue communicating with international organizations and exchanging experiences.
He added, "Iraq's foreign reserves are more than 80 billion dollars, and the credit for this increase is due to the rise in global oil prices," stressing that "there is no thought or desire to change the exchange rate, especially in light of the current circumstances and high oil prices and foreign reserves, There is no reason to think about changing the exchange rate of the Iraqi dinar."
He explained that "the introduction of more dollars in the markets depends on the demand from banks and traders, and the sales of the window have been stable for a while," noting that "the inflation rate in Iraq is now around 6%, and it is controlled, especially because of the stability of the exchange rate in the local markets, which is controlled." by the Central Bank of Iraq.
And regarding the opening of branches for Rafidain and Al-Rasheed banks in the Kurdistan region, Khalaf explained that "these are important Iraqi banks owned by the Iraqi government, which constitutes 80% of the banking sector, and there are serious attempts to reform these banks, to play their traditional and important role in the Iraqi economy." 168 . views Added 10/15/2022 - 11:59 AM Update 10/15-2022 - 5:42 PM https://economy-news.net/content.php?id=30211
The Central Bank publishes interest rates on loans and deposits for government banks
Economie| 12:11 - 10/15/2022 Baghdad - Mawazine News The Central Bank has published the interest rates granted by government banks on fixed deposits, and the interest due on credit (loans).
The Central Bank explained in its publication on its website, that "the interest rates granted by government banks, in Iraqi dinars, differ from those granted by private banks."
And he indicated that "the interest rate granted on the fixed deposits of the Rafidain Bank in Iraqi dinars ranges between 4 percent to 6 percent, while the interest rate on credit (loans) ranges between 9 to 11 percent, while its rate at Al-Rasheed Bank, on fixed deposits, ranges between 3.5 percent and 6.5 percent, and on loans between 10 and 12 percent.”
He explained, "The interest of the Trade Bank of Iraq granted on fixed deposits ranges between 3 to 3.75 percent, while the interest rate on credit (loans) is 10 percent."
He continued, "As for the interest on fixed deposits granted by the Industrial Bank, it ranges between 4 and 7 percent, while the interest on bank loans is between 9 and 12 percent," noting that "the interest rate of the Agricultural Cooperative Bank granted on fixed deposits ranges between 4 and 6 percent, and loans range between 12 and 14 percent.
According to the Central Bank, "the interest rate granted by the real estate bank on fixed deposits ranges between 3 and 5 percent, while the interest rate on its loans ranges between 10 and 13 percent." Ended https://www.mawazin.net/Details.aspx?jimare=208306
The Economic Contact Group Renews Its Commitment To Support The Iraqi Government In Facing Challenges
Economie| 11:05 - 10/15/2022 Baghdad - Mawazine News, The Economic Contact Group of Iraq confirmed, on Saturday, its commitment to support the government to face economic and social challenges, while identifying the most important points that help in the economic advancement of the country.
The Iraq Economic Contact Group stated in a joint statement that "the United Kingdom and Japan co-hosted a meeting on economic reform and climate action in Iraq, at the annual meetings of the International Monetary Fund and the World Bank Group."
She added that "the Iraq Economic Contact Group met in Washington, DC, with representatives from Iraq."
And she continued, "The representatives from Iraq, the World Bank, the International Monetary Fund, and the Group of Seven discussed economic challenges and opportunities in Iraq, and the need for broad-based economic reform."
She noted that "despite the progress that has been made under the current government and in the midst of difficult conditions, Iraq continues to face enormous medium and long-term economic difficulties, exacerbated by the negative effects of climate change - including water scarcity, desertification, drought, high Temperatures".
For its part, the Economic Contact Group for Iraq is working to "encourage the Iraqi government to present an ambitious plan for economic reform and to take decisive climate action."
The contact group stressed that "the reform and recovery of the Iraqi economy, the consolidation of democracy in the country, and the increased participation of women and girls in all aspects of economic and political life, are all essential factors for enhancing stability not only in Iraq, but also in the region."
He pointed out that "the diversification of the economy and building a dynamic private sector that includes everyone to complement the fossil fuel sector, which leads to strengthening the resilience of the overall economy and providing opportunities and livelihoods for the Iraqi people, and this requires reforms that will improve the business environment, modernize the financial sector, and enhance the stability of the overall economy and financial management." public sector, combating corruption, and thus stimulating growth and laying the necessary building blocks for the prosperity of the private sector.
He explained that "prudently investing Iraq's oil revenues - through good governance, effective financial management and transparency - will be important to rebuilding climate-resilient infrastructure, improving basic services, and laying the foundations for sustainable growth."
The Iraq Economic Contact Group affirmed its commitment to support the Government of Iraq to face the important economic and social challenges in Iraq. Ended 29/N33
https://www.mawazin.net/Details.aspx?jimare=208297
In Billions... Ihsan Abdul-Jabbar Reveals Thefts In The Ministry Of Finance
Political | 04:14 - 10/15/2022 Baghdad - Mawazine News On Saturday, Oil Minister Ihsan Abdul-Jabbar revealed billions of thefts in the Ministry of Finance.
Abdul-Jabbar said in a tweet via Twitter, which was followed by "Mawazine News", that "the (outgoing) prime minister has graciously agreed to our request regarding the exemption from the duties of the acting ministry of finance."
He added, "The results of the investigation that we directed after we were assigned to the ministry, and the official evidence of the theft of an amount of 3.7 trillion Iraqi dinars (2.5 billion dollars) in tax funds / Rafidain Bank by a specific group, which were handed over from the Ministry of Finance to the competent authorities, including the committee. Parliamentary finances, which asked us to do so officially and in the media.”
He continued, "We did not submit to any pressure or bargaining to prevent us from performing our role in protecting public money." Ended 29/R77 https://www.mawazin.net/Details.aspx?jimare=208335
Mazhar Muhammad Salih: The Financial Surplus Will Reach $20 Billion Within 60 Days
Today 18:53 Information / Baghdad..The financial advisor to the Prime Minister, Mazhar Muhammad Salih, expected, on Saturday, that Iraq will achieve a financial abundance that may reach 20 billion dollars during the next two months.
And Arab media quoted Saleh as saying that "Iraq's foreign reserves may reach 90 billion dollars at the end of this year, and most of these reserves are for the Central Bank, as a cash cover for the Iraqi dinar."
He described the central bank's foreign currency investment portfolio as a "sovereign fund or quasi-fund."
He also called for the establishment of what he described as the "Generation Fund", adding:
"The establishment is one of the savings in the general budget, which may reach the end of this year 15 to 20 billion dollars, which must be invested after the issue is legally adapted, through the Reconstruction Council, especially in projects Infrastructure and productive activities to bring about a renaissance in the Iraqi economy. https://almaalomah.me/news/economy/مظهر-محمد-صالح:-الفائض-المالي-سيصل-الى-20-مليار-دولار-خلال-6
For The First Time, Local Bank Deposits With The Central Bank Of Iraq Exceed 40 Trillion Dinars
460 Economie 10/15/2022 10:52 Baghdad today – Baghdad Today, Saturday, the economist, Manar Al-Obaidi, revealed that local banks’ deposits with the Central Bank have exceeded the 40 trillion dinars barrier for the first time.
Al-Obaidi said, in a Facebook post, which I followed (Baghdad Today), that “for the first time, local banks’ deposits with the Central Bank of Iraq exceed the 40 trillion dinars barrier, and represent 22.5% of the total liabilities of the Central Bank, with an annual growth rate of 36.5% compared to last year".
He added, "In contrast, the value of the issued currency remained within the barrier of 82 trillion dinars, representing 47% of the total liabilities of the Central Bank, with an annual growth rate of 9.7% compared to the same period last year,
and then deposits of government institutions, amounting to 21 trillion Iraqi dinars, which represents 12% of the total liabilities of the Central Bank of Iraq, with a growth rate of 420 percent compared to the same period last year.
Al-Obeidi explained, "The rise in local banks' deposits with the Central Bank and their exceeding the barrier of 40 trillion dinars indicates the improvement in the level of financial inclusion in Iraq,
which contributed to increasing the assets of monetary banks and depositing them with the Central Bank," noting that "this illustrates the success of the Central Bank of Iraq's policy in The financial inclusion strategy, which contributed to the arrival of local bank deposits with the Central Bank of Iraq to this level.
And he continued, "The total assets of the Central Bank of Iraq until the end of the month of 8 amounted to 178 trillion Iraqi dinars."
He pointed out that "the assets with the Central Bank were distributed between securities worth 68 trillion dinars and dues to the Ministry of Finance worth 44 trillion dinars, as well as gold and now reserves worth 27 trillion dinars,
in addition to deposits with central and foreign banks worth 27 trillion Iraqi dinars, While there are loans to finance small and medium enterprises worth 9 trillion dinars Iraqi".
He pointed out that "this is the first time in the history of the Central Bank of Iraq that its assets reach the barrier of 180 trillion Iraqi dinars, and it is expected that the barrier of financing loans for small and medium projects until the end of the year will exceed the barrier of 12 trillion Iraqi dinars."
https://baghdadtoday.news/news/203303/لأول-مرة-ودائع-البنوك-ال
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Iraqi News Highlights Saturday Afternoon 10-15-22
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Economist: Reviewing The Dollar Exchange Rate Requires These Measures
Saturday 15 October 2022 10:26 | Economic Number of readings: 339
Baghdad / NINA / - The economic expert, Safwan Qusay, confirmed: "The process of reviewing the dollar exchange rate and determining the fair value of the Iraqi dinar requires several precise economic measures before starting them," warning against a sudden reduction in the dollar exchange rate.
Qusay said in a statement to the National Iraqi News Agency / NINA /: "The process of changing the exchange rate is within the responsibility of the Central Bank, which is still with the exchange rate fixed at 1470 dinars per dollar, despite its dollar reserves exceeding the actual need to cover the currency.
Iraqi News Highlights Saturday Afternoon 10-15-22
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Economist: Reviewing The Dollar Exchange Rate Requires These Measures
Saturday 15 October 2022 10:26 | Economic Number of readings: 339
Baghdad / NINA / - The economic expert, Safwan Qusay, confirmed: "The process of reviewing the dollar exchange rate and determining the fair value of the Iraqi dinar requires several precise economic measures before starting them," warning against a sudden reduction in the dollar exchange rate.
Qusay said in a statement to the National Iraqi News Agency / NINA /: "The process of changing the exchange rate is within the responsibility of the Central Bank, which is still with the exchange rate fixed at 1470 dinars per dollar, despite its dollar reserves exceeding the actual need to cover the currency.
And it is still Iraq needs to expand and diversify production support before thinking about restoring the exchange rate to what it was, 1190 dinars per dollar.
He added, "The reduction in the price of the dinar has led to an increase in the rate of poverty and unemployment, so the process of reviewing the exchange rate and determining the fair value of the Iraqi dinar requires a reduction in operational spending by no less than 20%, and this requires the fiscal policy to reconsider salaries in general and the salaries of grades."
The Supreme Council in particular, in addition to rationalizing spending at the level of the remaining items of current spending and reconsidering the subsidy policy in general and directing it to support production and reduce consumer support and open a window to compensate for the shortfall in public spending by encouraging investment to create job opportunities and maintain financial and economic stability.
He stressed that: "It is important and better to gradually support the value of the dinar within specific timings to maintain financial stability and reduce losses for those who own the dollar or the dollar-denominated commodities, with the need for the fiscal policy to respond to correct the public spending path before adjusting the monetary policy to the exchange rate. All of this is governed by oil prices. Global forecasts indicate that it will decline, so that the world will enter the region of deflationary deflation during the coming period.”/ https://ninanews.com/Website/News/Details?key=1007690
For The First Time In Its History, Bank Deposits In The Central Bank Approach 180 Trillion Dinars
Banks Economy News-Baghdad The economist, Manar Al-Obaidi, revealed that the Central Bank’s assets from bank deposits amounted to 180 trillion dinars for the first time in the bank’s history.
Al-Obaidi said in a post on his page that "local banks' deposits with the Central Bank of Iraq for the first time exceed the 40 trillion dinars barrier and represent 22.5% of the central bank's total liabilities with an annual growth rate of 36.5% compared to last year."
He added, "The value of the issued currency remained within the barrier of 82 trillion dinars, representing 47% of the total liabilities of the Central Bank, with an annual growth rate of 9.7% compared to the same period last year, and then deposits of government institutions, amounting to 21 trillion Iraqi dinars, which represents 12% of The total liabilities of the Central Bank of Iraq with a growth rate of 420 percent compared to the same period last year.
He believed that "the rise in local banks' deposits with the Central Bank and their exceeding the barrier of 40 trillion dinars indicates the improvement in the level of financial inclusion in Iraq, which contributed to increasing the monetary assets of banks and depositing them with the Central Bank, which illustrates the success of the policy of the Central Bank of Iraq in the strategy of financial inclusion, which contributed to the arrival of deposits The local banks of the Central Bank of Iraq have reached this level."
He pointed out that "the total assets of the Central Bank of Iraq until the end of the month of August amounted to 178 trillion Iraqi dinars.
These assets were distributed between
Securities worth 68 trillion dinars?
Dues from the Ministry of Finance amounting to 44 trillion dinars
gold and cash reserves worth 27 trillion dinars?
Deposits with central and foreign banks worth 27 trillion Iraqi dinars
Small and medium-sized enterprises financing loans worth 9 trillion Iraqi dinars
He pointed out that "this is the first time in the history of the Central Bank of Iraq that its assets reach the barrier of 180 trillion Iraqi dinars, and it is expected that the barrier of financing loans for small and medium projects until the end of the year will exceed the barrier of 12 trillion Iraqi dinars."
Views 224 Added 10/15/2022 - 12:09 PM Update 10/15-2022 - 5:39 PM
https://economy-news.net/content.php?id=30212
Low Dollar Exchange Rates
Economie| 10:18 - 10/15/2022 Baghdad - Mawazine News, the exchange rates of the US dollar fell against the Iraqi dinar, on Saturday, on the Iraqi Stock Exchange.
And the selling price was 148,250 Iraqi dinars per 100 US dollars, while the purchase prices were 147,250 Iraqi dinars per 100 US dollars. https://www.mawazin.net/Details.aspx?jimare=208293
Al-Sadr's Minister Attacks The Formation Of The New Government
Saturday, October 15, 2022 12:38 PM Baghdad / National News Center
Today, Saturday, Al-Sadr Minister Salih Muhammad Al-Iraqi attacked the formation of the new government, describing it as a “tested militia coalition,” while renewing his categorical refusal to participate in it, and disclosed the existence of efforts to satisfy the Sadrist movement by granting him a position in that government.
Al-Iraqi said in a post on the social networking sites “Facebook” quoting Al-Sadr, that “in the midst of forming a coalition government of proven militia dependency, it did not and will not meet the aspirations of the people and does not conform to the principle (the tried is not tested), and after the efforts to form a national majority government, not an eastern one, have failed. ]
There is no Western where justice, law and impartial judiciary prevail, and arms are confined to the hands of the heroic national security forces.”
He added that after the transformation of democracy and party coalitions through rallies and internal and external bombing, arbitrary charges were made.
Al-Sadr stressed, “While we denounce and denounce the suppression of the voice of the people rejecting Iraq’s return to square one, as they express, we denounce and denounce the frank disobedience to the legitimate and national directives issued by the highest levels from inside Iraq first and from outside it secondly. loose hands, and that the people’s money not be diverted to the pockets and banks of the corrupt.” https://nnciraq.com/157580/
Appointing A Woman To The Position Of Acting Minister Of Finance
Saturday, 15 October 2022 1:10 PM Baghdad/National News Center
Today, Saturday, the head of the Turkmen Front, Hassan Turan, announced the assignment of a woman for the component to the post of the Iraqi Finance Minister, instead of Ihsan Abdul-Jabbar, who occupies this position in addition to being the original Minister of Oil.
"We congratulate the first Turkmen woman to become a sovereign minister," Turan said in a brief statement, followed by the National News Center.
He added, "Ms. Hiyam Neama Koberlo is the Acting Minister of Finance."
Last Tuesday, the House of Representatives voted to terminate the assignment of Ihsan Abdul-Jabbar, Minister of Oil, from the position of Minister of Finance/Agency. https://nnciraq.com/157592/
US Ambassador: We Support The Formation Of A New Iraqi Government Dedicated To Serving The People
The US ambassador to Baghdad, Alina Romanowski, affirmed her country's support for the formation of a new Iraqi government dedicated to serving the people.
"I welcome Prime Minister-designate Muhammad Shia'a al-Sudani's pledge to fight corruption, defend Iraqi sovereignty and security, and form a government dedicated to serving the people of Iraq," Romanowski said in a tweet.
She added, "The United States is committed to supporting and partnering with the new Iraqi government to advance these common goals." https://www.radionawa.com/all-detail.aspx?jimare=31654
Brent Crude Prices Fall 6.4% In A Week Amid Mounting Recession Fears
Energy Economy News-Baghdad Oil prices fell by more than 3% in Friday's trading, as fears of a global recession and weak demand for oil, especially in China, outweighed the support it received from the OPEC + production target cut significantly.
Brent crude futures fell $2.94, or 3.1%, to settle at $91.63 a barrel, while US West Texas Intermediate crude futures fell $3.50, or 3.9%, to $85.61.
Both Brent and West Texas Intermediate contracts fluctuated between high and low for most of the Friday session, but the first fell in the past week by 6.4% and the second by 7.6%.
Energy Oil Prices Oil prices rise after US diesel stocks fall before winter
Core inflation in the US posted its biggest annual increase in 40 years, reinforcing views that interest rates will remain higher for longer with the risk of a global recession. The next US interest rate decision is due in early November.
A survey showed that consumer sentiment in the United States continued to improve steadily in October, but inflation expectations for households eased slightly.
147 . views Added 10/15/2022 - 11:49 AM Update 10/15-2022 - 5:45 PM
https://economy-news.net/content.php?id=30210
To read more current and reliable Iraqi news please visit BondLady’s Corner:
KTFA Members "News and Views" Saturday 10-15-2022
.KTFA:
Samson: Iraq tops the list of Arab countries with economic growth for 2022
12th October, 2022
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
KTFA:
Samson: Iraq tops the list of Arab countries with economic growth for 2022
12th October, 2022
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% LINK
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Samson: Discovery of new oil and gas fields in western Anbar
14th October, 2022
The director of the Jubbah Municipality Department in Anbar Governorate, Qatar Al-Obaidi, announced on Friday the discovery of new oil and gas fields not indicated by the Ministry of Oil in the western Anbar desert regions.
Al-Obaidi said in a statement to the "Information" agency, "The Oil Exploration Company of the Ministry of Oil conducted exploration operations targeting the desert of Hit district, west of Anbar, which resulted in the discovery of new oil and gas fields that are not listed by the Ministry of Oil.
These fields contain large quantities of oil derivatives, minerals and phosphates." The targeted areas are still subject to exploration operations, according to indications that these areas are floating on large quantities of oil and gas fields."
He added, "The discovered fields contain billions of cubic meters of oil and gas, noting that" exploration operations are still going on, and it is hoped that the results of exploration in those areas will be announced within the next few days."
He pointed out that "the security forces have completely secured all the areas where excavations are being conducted, in addition to the explosives handling teams neutralizing the remnants of the ISIS terrorist."
It is noteworthy that a short time ago, the Ministry of Oil sent new seismic teams to the western regions to conduct exploration operations for oil and gas fields. LINK
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Samson: The Central Bank: The inflation rate is controlled and we are not thinking about changing the exchange rate
15th October, 2022
The Deputy Governor of the Central Bank of Iraq, Ammar Hamad Khalaf, confirmed that there is no justification for thinking about changing the exchange rate of the Iraqi dinar, especially in light of the high oil prices and foreign cash reserves, which amounted to more than 80 billion dollars, noting that the inflation rate is about 6% and is controlling. It is necessary to stabilize the exchange rate of the Iraqi dinar
Khalaf said, in an interview with the Kurdish media network "Rudaw", on the sidelines of the IMF and World Bank meetings in Washington, which he described as "the mission", that "there are serious attempts to reform the Rafidain and Al-Rasheed banks, so that they can play their role in the Iraqi economy
He added, "The annual meeting of the International Monetary Fund and the World Bank, the meetings held by central bank governors, finance ministers, and the governors of the IMF and the World Bank are important to exchange experiences, and to meet with leaders of the financial sector as well as international institutions, in addition to bilateral meetings with some central banks and international institutions, which are very important." To continue communicating with international organizations and exchanging experiences
He added, "Iraq's foreign reserves are more than 80 billion dollars, and the credit for this increase is due to the rise in global oil prices," stressing, "there is no thought or desire to change the exchange rate, especially in light of the current circumstances and the high prices of oil and foreign reserves, there is no reason to think about changing the exchange rate of the Iraqi dinar
He explained that "the introduction of more dollars in the markets depends on the demand from banks and traders, and the sales of the window have been stable for a while," noting that "the inflation rate in Iraq is now around 6%, and it is controlled, especially because of the stability of the exchange rate in the local markets, which is controlled." by the Central Bank of Iraq
And regarding the opening of branches for Rafidain and Al-Rasheed banks in the Kurdistan region, Khalaf explained that "these are important Iraqi banks owned by the Iraqi government, which constitutes 80% of the banking sector, and there are serious attempts to reform these banks, to play their traditional and important role in the Iraqi economy LINK
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KandG: Typical Iraq - the new Admin comes out of the gate talking about a new exchange rate and here comes the Central Bank. Kuwait did the same thing and changed it the next day I believe - according to our study, if correct - it is already changed and just needs to be published - We wait – IMO
GMan: No need to change it. Just release the R.E.E.R ( real effective exchange rate) ... for sure certain
KandG: I hear you - I will take a REER and go on about my business also
Harvestor: Boom! There is an “explosion” taking place in Iraq! It will be heard around the world by all of us investors! What an explosion of new articles! I can imagine the dancing for joy in the streets by the citizens. In fact, didn’t Eddie say his banker told him, “the rate will change after the seating of the Gov.”? I bet he is excited now. Looking forward to Franks you be tube Monday.
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Samson: 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
13th October, 2022
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. LINK
Samson: Integrity: The former head of the Salah al-Din Council received 8 billion dinars and did not distribute it
12th October, 2022
\On Wednesday, the Federal Integrity Commission announced the issuance of a summons order against the former head of Salah El-Din Provincial Council; For deliberately causing damage to the funds and interests of the entity in which he works or is connected by virtue of his position or “the money of the persons entrusted to him.
”The authority said in a statement, “The Rusafa Investigation Court, which is specialized in integrity issues, decided to bring in the former head of the Salah al-Din Governorate Council; In the case related to receiving an amount of (8,209,185,500) billion dinars under the rewards item during the years (2014-2018) without distributing them among those who are entitled to it.”
The commission added, “The Rusafa Investigation Court specialized in integrity issues in Baghdad issued the recruitment order, in accordance with the provisions of Article (340). ) of the Penal Code. LINK
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Samson: The Iraqi parliament begins the procedures for referring Al-Najjar to integrity
15th October, 2022
The Integrity and Investment Committees in the Iraqi parliament began collecting signatures today, Saturday, to withdraw the hand of the head of the National Investment Commission, Suha Al-Najjar.
Member of the Integrity Committee, Representative Hadi Al-Salami, said, in a statement received by Shafaq News Agency, that he and MP Hassan Al-Khafaji, a member of the Investment Committee, started collecting signatures to withdraw the hand of the head of the National Investment Commission, Suha Al-Najjar, due to suspicions of corruption, waste of public money and illegitimate gain, indicating that it was so far, 75 signatures have been collected.
According to Al-Salami, the two deputies confirmed that the file was referred to the Integrity Commission and the Integrity Investigation Courts to resolve corruption cases.
Earlier, on Wednesday, First Deputy Speaker of Parliament Mohsen Al-Mandalawi had directed the formation of a fact-finding committee against the Investment Authority, describing the corruption in the commission as "unparalleled."
This coincides with a protest demonstration organized by the residents of the Basmaya housing complex in Baghdad, in protest against the policy of the Investment Authority, which prompted the Korean "Hanwha" company to withdraw from the completion of the complex project, which is the first and best housing project in Iraq, and work began in 2012. LINK
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Samson: Abdul-Jabbar reveals theft of more than two billion dollars after leaving the position of Acting Minister of Finance
15th October, 2022
Acting Minister of Finance Ihsan Abdul-Jabbar announced, on Saturday, the theft of an estimated two and a half billion dollars in tax funds in the Rafidain Governmental Bank
Abdul-Jabbar, who is currently the Minister of Oil, tweeted on his Twitter account, "The Prime Minister graciously agreed to our request regarding exemption from the duties of the acting Ministry of Finance."
He pointed out, "The results of the investigation that we directed after we were assigned to the ministry, and the official evidence of the theft of an amount of 3.7 trillion Iraqi dinars (2.5 billion dollars) in tax funds / Rafidain Bank by a specific group."
Abdul-Jabbar added that "it was handed over by the Ministry of Finance to the competent authorities, including the Parliamentary Finance Committee, which asked us to do so officially and in the media."
The Minister of Oil said, "We did not submit to any pressure or bargaining to prevent us from performing our role in protecting public money." LINK
"Tidbits From TNT" Saturday AM 10-15-2022
.TNT:
Tishwash: The Prime Minister of Iraq accepts the resignation of the Minister of Finance and appoints Hiam Nemat as his successor
Today, Saturday, the Iraqi Prime Minister, Mustafa Al-Kazemi, approved a request to exempt Oil Minister Ihsan Abdul-Jabbar from the duties of the acting Ministry of Finance
And a government source told the Iraqi News Agency: "The Prime Minister agreed to the request of the Finance Minister, Ihsan Abdul-Jabbar Agency, to relieve him of the above position," noting that "Al-Kazemi assigned Minister of State Hiam Naamat the tasks of the Ministry of Finance as an agency, until the formation of the new government. link
TNT:
Tishwash: The Prime Minister of Iraq accepts the resignation of the Minister of Finance and appoints Hiam Nemat as his successor
Today, Saturday, the Iraqi Prime Minister, Mustafa Al-Kazemi, approved a request to exempt Oil Minister Ihsan Abdul-Jabbar from the duties of the acting Ministry of Finance
And a government source told the Iraqi News Agency: "The Prime Minister agreed to the request of the Finance Minister, Ihsan Abdul-Jabbar Agency, to relieve him of the above position," noting that "Al-Kazemi assigned Minister of State Hiam Naamat the tasks of the Ministry of Finance as an agency, until the formation of the new government. link
Tishwash: The framework sets the date for Al-Sudani to announce his program and cabinet
The deputy of the coordination framework, Muhammad Hassan, confirmed, on Saturday, that the completion of the selection of the cabinet ministers of Muhammad Shia Al-Sudani and the presentation of his government program will not exceed two weeks from now, indicating that Al-Sudani moved intensively before being officially assigned with the political forces.
Hassan said in a statement to "Information", that "the early announcement of the coordination framework for his candidate for prime minister, Muhammad Shiaa Al-Sudani, gave the latter an opportunity to move on the political forces to present his government program and present his vision regarding his acceptance of the candidates of the political forces for ministerial seats, which is a good thing that has reduced the time it will take." Interview and selection of the cabinet.
He added that "the political forces dealt with Al-Sudani during his talks before he was officially assigned by the President of the Republic as if he was officially charged," adding that "the selection of the Sudanese cabinet ministers will be completed and the presentation of his government program will not exceed two weeks from now."
It is noteworthy that the President of the Republic, Abdul Latif Rashid, has assigned the candidate of the largest bloc, Muhammad Shiaa Al-Sudani, to form the next government. link
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Blackbird: Is it true that Iraq has a new Prez? My wife told me she heard it on the news.
Sammi: Yes Iraq has a New President and a new Prime Minister as well
Blackbird: New Prez: https://www.reuters.com/world/middle-east/rockets-hit-baghdads-green-zone-sources-2022-10-13/
GraceRenewed: So any interesting updates?
Yada: I’m of the mind that Sadr is maintaining his opposition to this government by keeping his distance. At least it’s not a threat to tear it down now. More like give them time to prove him correct. To me, In the mean time, release the rate. The rest will go into my rearview mirror
Annie68: Amen, yada! Do the RV and we're outta here!! Maybe we'll hear something tomorrow. The President is supposed to be sworn on Sunday.
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CandyKisses: For the first time in its history, bank deposits in the Central Bank approach 180 trillion dinars
Economy News-Baghdad
The economist, Manar Al-Obaidi, revealed that the Central Bank’s assets from bank deposits amounted to 180 trillion dinars for the first time in the bank’s history.
Al-Obaidi said in a post on his page that "local banks' deposits with the Central Bank of Iraq for the first time exceed the 40 trillion dinars barrier and represent 22.5% of the central bank's total liabilities with an annual growth rate of 36.5% compared to last year."
He added, "The value of the issued currency remained within the barrier of 82 trillion dinars, representing 47% of the total liabilities of the Central Bank, with an annual growth rate of 9.7% compared to the same period last year, and then deposits of government institutions, amounting to 21 trillion Iraqi dinars, which represents 12% of The total liabilities of the Central Bank of Iraq with a growth rate of 420 percent compared to the same period last year.
He believed that "the rise in local banks' deposits with the Central Bank and their exceeding the barrier of 40 trillion dinars indicates the improvement in the level of financial inclusion in Iraq, which contributed to increasing the monetary assets of banks and depositing them with the Central Bank, which illustrates the success of the policy of the Central Bank of Iraq in the strategy of financial inclusion, which contributed to the arrival of deposits The local banks of the Central Bank of Iraq have reached this level."
He pointed out that "the total assets of the Central Bank of Iraq until the end of the month of August amounted to 178 trillion Iraqi dinars. These assets were distributed between
????Securities worth 68 trillion dinars?
???? Dues from the Ministry of Finance amounting to 44 trillion dinars
????gold and cash reserves worth 27 trillion dinars?
????Deposits with central and foreign banks worth 27 trillion Iraqi dinars
????Small and medium-sized enterprises financing loans worth 9 trillion Iraqi dinars
He pointed out that "this is the first time in the history of the Central Bank of Iraq that its assets reach the barrier of 180 trillion Iraqi dinars, and it is expected that the barrier of financing loans for small and medium projects until the end of the year will exceed the barrier of 12 trillion Iraqi dinars."
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Tishwash: 14 million dollars, the value of cooperation between Russia and Iraq in the field of energy and investments
The Russian ambassador to Iraq, Elbrus Kutrashev, said today, Friday, that his country has cooperation with Iraq in the field of energy and investments worth $14 million, pointing out that Moscow is seeking to expand in this field.
Nutrashev added - in statements to the Iraqi News Agency (INA) - that military cooperation between Iraq and Russia is one of the files of cooperation between the two countries, but it is not the most important one.
He explained that Moscow has promising prospects for expanding trade with Baghdad, and also has cultural cooperation and a promising future
The ambassador pointed out his country's efforts to overcome logistical problems between the two countries, and that the political desire exists between the two countries.
Nutrashev pointed out that military cooperation cannot be disclosed about its details as it is a sensitive file, explaining that Iraq knows the importance of Russian weapons and wants to rely on them link
Mot: More insight into Raising the ""Wee Folks"" ~~
CandyKisses: NO MATTER HOW OLD YOU ARE....
Saturday Morning Iraqi News Highlights 10-15-22
Saturday Morning Iraqi News Highlights 10-15-22
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."
Saturday Morning Iraqi News Highlights 10-15-22
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." LINK
Abdul-Jabbar Heads A Delegation To Participate In The Meetings Of The International Monetary Fund And The World Bank In Washington
Economie| 09:16 - 10/14/2022 Baghdad - Mawazine News On Friday, the Deputy Minister of Finance, Ihsan Abdul-Jabbar, headed the Iraqi delegation participating in the meetings of the International Monetary Fund and the World Bank, held in the American capital, Washington, with the participation of the Undersecretary and a number of general managers.
A statement by the ministry, which Mawazine News received a copy of, stated that "the Minister of Finance held several side meetings with a number of financial and economic institutions, on the sidelines of the meetings, during which he stressed the importance of strengthening relations with various international partners, and the trend towards developing areas of regional and international cooperation."
And the minister indicated, "the efforts aimed at solving all problems and removing the obstacles that accompany the process of promoting investment opportunities and establishing projects in Iraq, stressing the need to involve the private sector to take its role in the overall economic activity to achieve comprehensive and sustainable development."
According to the statement, "participation in the meetings of the Fund and the World Bank included: central bank governors, ministers of finance and development, senior officials from the private sector, representatives of civil society organizations, and academics to discuss issues of global concern."
The statement indicated that "the visit of the Iraqi delegation comes as part of efforts to enhance and deepen the areas of economic cooperation with the two international institutions, as well as Iraq's intention to obtain technical and technical support from the US Treasury and other financial institutions." Ended 29/R77 https://www.mawazin.net/Details.aspx?jimare=208271
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.
Views 568 Added 10/14/2022 - 3:56 PM Update 10/15-2022 - 12:09 PM
https://economy-news.net/content.php?id=30204
Oil Prices Fall Amid Fears Of Global Recession And Weak Demand
Economie 2022-10-15 | 02:46 Source: Alsumaria news 614 views Oil prices ended the week's trading on a strong decline, amid strong fears of a global recession and weak demand for oil, especially in China, which exceeded the support that prices received from the OPEC + production target, a significant reduction.
During trading on Friday, Brent crude futures fell $2.94, or 3.1 percent, to settle at $91.63 a barrel, while US West Intermediate crude futures fell $3.50, or 3.9 percent, to $85.61.
Both Brent and West Texas Intermediate contracts fluctuated between high and low for most of the Friday session.
Over the course of the week, Brent crude fell by 6.4 percent, while WTI fell by 7.6 percent.
Core inflation in the US posted its biggest annual increase in 40 years, reinforcing views that interest rates will remain higher for longer with the risk of a global recession. The next US interest rate decision is due in early November.
Related Articles
A survey showed that US consumer sentiment continued to improve steadily in October, but household inflation expectations eased slightly.
The dollar index rose by about 0.8 percent. A stronger dollar reduces demand for oil by making fuel more expensive for buyers who use other currencies.
On Thursday, the International Energy Agency lowered its forecast for oil demand for this year and next, warning of a possible global recession.
The market is still absorbing a decision issued by the Organization of Petroleum Exporting Countries (OPEC) and its allies, in what is known as OPEC +, when they announced a cut of two million barrels per day from oil production targets.
The International Energy Agency estimates that the lack of production among the countries of the group means the possibility of reducing production by one million barrels per day.
Oil prices were also supported by a sharp decline in US distillate inventories, although US crude oil inventories are larger than expected. LINK
The Economic Contact Group Renews Its Commitment To Support The Iraqi Government In Facing Challenges
Economie| 11:05 - 10/15/2022 Baghdad - Mawazine News, The Economic Contact Group of Iraq confirmed, on Saturday, its commitment to support the government to face economic and social challenges, while identifying the most important points that help in the economic advancement of the country.
The Iraq Economic Contact Group stated in a joint statement that "the United Kingdom and Japan co-hosted a meeting on economic reform and climate action in Iraq, at the annual meetings of the International Monetary Fund and the World Bank Group."
She added that "the Iraq Economic Contact Group met in Washington, DC, with representatives from Iraq."
And she continued, "The representatives from Iraq, the World Bank, the International Monetary Fund, and the Group of Seven discussed economic challenges and opportunities in Iraq, and the need for broad-based economic reform."
She noted that, "Despite the progress that has been made under the current government and in the midst of difficult conditions, Iraq continues to face enormous medium and long-term economic difficulties, exacerbated by the negative effects of climate change - including water scarcity, desertification, drought, high Temperatures".
For its part, the Economic Contact Group for Iraq is working to "encourage the Iraqi government to present an ambitious plan for economic reform and to take decisive climate action."
The contact group stressed that "the reform and recovery of the Iraqi economy, the consolidation of democracy in the country, and the increased participation of women and girls in all aspects of economic and political life, are all essential factors for enhancing stability not only in Iraq, but also in the region."
He pointed out that "the diversification of the economy and building a dynamic private sector that includes everyone to complement the fossil fuel sector, which leads to strengthening the resilience of the overall economy and providing opportunities and livelihoods for the Iraqi people.
This requires reforms that improve the business environment, modernize the financial sector, and enhance overall economic stability and financial management." public sector, combating corruption, and thus stimulating growth and laying the necessary building blocks for the prosperity of the private sector.
He explained that "prudently investing Iraq's oil revenues - through good governance, effective financial management and transparency - will be important to rebuilding climate-resilient infrastructure, improving basic services, and laying the foundations for sustainable growth."
The Iraq Economic Contact Group affirmed its commitment to support the Government of Iraq to face the important economic and social challenges in Iraq. Ended 29/N33
https://www.mawazin.net/Details.aspx?jimare=208297
The Minister Of Finance Heads An Iraqi Delegation To Meet With The World Bank On Investment
2022-10-15 05:25 Shafaq News/ The Minister of Finance, Ihsan Abdul-Jabbar Agency, headed on Friday the Iraqi delegation participating in the quarterly meetings of the International Monetary Fund and the World Bank in Washington.
According to a statement of the Ministry of Finance received by Shafak News Agency, "the meeting, in which the Undersecretary and a number of general managers participated, included several meetings on the sidelines of meetings with a number of financial and economic institutions."
During the meetings, Abdul-Jabbar stressed the importance of strengthening relations with various international partners, and the trend towards developing areas of regional and international cooperation. The minister referred to efforts aimed at solving problems and removing obstacles that accompany the process of promoting investment opportunities and establishing projects in Iraq, stressing "the need to involve the private sector to take its role in the overall economic activity to achieve comprehensive and sustainable development."
The statement continued, "Participation in the meetings of the Fund and the World Bank included central bank governors, ministers of finance and development, senior officials from the private sector, representatives of civil society organizations, and academics to discuss issues of global concern."
The statement indicated, "The visit of the Iraqi delegation comes within the efforts to enhance and deepen the areas of economic cooperation with the two international institutions, as well as Iraq's intention to obtain technical and technical support from the US Treasury and other financial institutions." LINK
MilitiaMan Friday PM "The Opportunity is Now and it's a Golden One" 10-14-2022
.KTFA:
Clare: Blackshart to Al-Sudani: We expect the government program to address a long list of urgent issues 10/14/2022 LINK
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Clare: The United Nations: Assigning Al-Sudani to form a government paves the way for addressing Iraqi issues
- 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.
KTFA:
Clare: Blackshart to Al-Sudani: We expect the government program to address a long list of urgent issues 10/14/2022 LINK
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Clare: The United Nations: Assigning Al-Sudani to form a government paves the way for addressing Iraqi issues
- 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." /
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MilitiaMan: The language that is used is strong. The UN now expects the plan to take shape and it is an urgent matter.
I am sure the pending issues for the people is Exchange Rate related.
The opportunity is now and it is a golden one. Now that the UN doesn't have to put Iraq back into the stone age again (Chapter 7) we are likely to see results from the new government as planned and is expected. There are billions of dollars of contracts outstanding and on the table. Total, is one of them in the tune of $27 Billion alone..
The new government spoke directly about announcing his cabinet within two weeks and address the exchange rate.
The man has hit the pavement out of the the gate.. The UN is likely to have had a word with him, as would the Ambassadors of the USA, Canada, Japan, Norway, Europe, etc..
All currencies have been under extreme pressure lately and the meetings in Baghdad the other day must have been an event of all events.
The immediate rate at which the new PM spoke is very telling and supports the idea his collar was tapped.. lol Sadr gave him six months leeway is keen focus too..
His eyes are all about the people and now the 15 days has been reduced to ten days and reflective of the above and all about the people. More meetings on the Cabinet today, as well.
Pompey Peter says hello and so does Petra, they are also happy campers... lol ~ imo ~ MM
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Economist: The new government has a golden opportunity to reduce the dollar exchange rate
Information / Baghdad...
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 told "The Information", "Iraq has 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 an appropriate ground to attract foreign investments to establish oil refineries in the governorates and work on the export of derivatives and thus return to the country with large revenues, as well as achieving self-sufficiency in derivatives, and in sum, the government's high exchange rate achieved can be achieved through other doors." LINK
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A member of Fatah: Al-Sudani will announce his booth within two weeks and reduce the dollar exchange
10/13/2022
Ali Al-Fatlawi said; For the program “Al-Mastra” broadcast by Al-Furat satellite channel tonight, it said: “We have now begun a stage of balance and true partnership, and an exploitation of time that surprised the coordinating framework and the forces with it to assign the Sudanese at the same time as the election of the President of the Republic.”
He added, "The Sudanese is serious about supporting the prestige and sovereignty of Iraq, and the economy is at the forefront of the files that he will care about and will work to gradually reduce the price of the dollar. The framework supports it in 3 files of economy, service and politics, and he will present his expected government within two weeks."
Al-Fatlawi pointed out, "Al-Sawadni's ability to take control of matters and the framework has confidence in crossing the country to safety. As for the talk about changing security leadership positions, it is a fantasy, and we cannot speculate, and the whole issue is entrusted to the prime minister, who will also choose the ministers nominated by the political forces."
Commenting on the difference in the framework on Abdul Latif Rashid and Barham, Al-Fatlawi explained, "The difference was positive, as it led to the withdrawal of the Democratic candidate from the competition for the position of president, and the political process needs flexibility to end the blockage."
He concluded by saying, "The National Union is a key element in the coalition of state administration, and Paval Talabani is a key partner for the framework that cannot be abandoned, and all the demands that fall within the constitution will be resolved."
The House of Representatives, in its session today, Thursday, elected Abdul Latif Rashid (of Kurdish nationalism) as President of the Republic after two rounds of secret ballots in front of his rival, former President Barham Salih, and the first won by 162 votes against 99 votes for the latter.
Today, the elected President of the Republic, Abdul Latif Rashid, commissioned the candidate of the most numerous parliamentary bloc (the Coordinating Framework) MP Muhammad Shia Al-Sudani to form the government. LINK