What Is A Recession? The Economic Concept Explained And What Happens During One.

What Is A Recession? The Economic Concept Explained And What Happens During One.

Olivia Munson and Paul Davidson, USA TODAY   Mon, October 17, 2022

As prices increase and gross domestic product declines, many people worry about a potential economic downturn, also known as a recession.  Consumer prices rose 8.3% from a year earlier in August while core prices, which exclude volatile food and energy items, climbed 6.3% annually, according to the Labor Department's consumer price index.

Meanwhile, GDP, or the value of all goods and services produced in the U.S., dropped at an annual rate of 1.6% in the first three months of the year and 0.6% in the second three.

Adding to concerns, Jamie Dimon, chief executive of JPMorgan Chase, the largest bank in the U.S., warned at a conference in London on Monday that a “very, very serious” mix of challenges was likely to push both the U.S. and global economies into recession by the middle of next year, CNBC reported. For now, he noted, the U.S. economy was “actually still doing well”  and consumers were likely to be in better shape compared with the 2008 global financial crisis.

If a recession does happen, how will it unfold, and what does it mean for everyday life? Here is what you need to know.

What is a recession?

In simple terms, a recession is "a contraction in economic activity" or "when the economy shrinks," said Sameer Samana, senior global market strategist for the Wells Fargo Investment Institute.

To be more specific, a recession is "a significant decline in economic activity that spreads across the economy and lasts more than a few months," said Michael Pugliese, an economist with Wells Fargo.  In determining whether a recession has occurred, the nonprofit National Bureau of Economic Research doesn't just look at GDP but rather at a variety of indicators such as employment, consumer spending, retail sales and industrial production.

When it comes to defining a recession, it could be a technical recession or a true recession, said Samana.

"The biggest distinction is the severity," he explained. "A technical recession is more of a mathematical downshift. A true recession is a more meaningful contraction across a broader range of categories."

What Happens During A Recession?

During a recession, the economy shrinks as a result of a pullback on individual spending, said Samana.

"Consumption, consumer spending makes up about 70% of the U.S. economy," he said, explaining that during a recession, the cutback in spending "then feeds into overall demand for services."

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

https://money.yahoo.com/recession-economic-concept-explained-happens-152030300.html

Thursday Evening Iraq Parliament News Highlights 10-20-22

Thursday Evening Iraq Parliament News Highlights 10-20-22

A Member Of The Wisdom Movement Reveals The Latest Developments In The Formation Of The Government

Policy   2022-10-19 | 14:31   Source:  Alsumaria news     7,013 views   A member of the General Authority of the Wisdom Movement, Rahim Al-Aboudi, confirmed, on Wednesday, that his bloc will not participate in the next government, while stressing that the distribution of ministries follows the “points custom.”

Al-Aboudi said during his speech to the program "Bil-Makhtaz" broadcast by Alsumaria satellite channel, "We announced and on the tongue of Mr. Ammar al-Hakim  [/url] We will not participate in this government."

He added that "12 ministries will go to the Shiites, and the sovereign ministry has 18 points," explaining that "the distribution of private ministries regarding components follows the custom of points."

Al-Aboudi added, "Our strategy at this stage is positive neutrality," stressing that "if the government is successful in its work, we will support it."

On Thursday (October 13, 2022), the House of Representatives voted to choose Abdul Latif Rashid For the post of President of the Republic, who in turn was assigned Muhammed Shiaa Al-Sudani to form a new government.   LINK

Rashid And Al-Sudani Are At The Same Table To Discuss The Mechanisms Of Forming A Government

Policy   2022-10-19 | 07:00   2,587 views  Alsumaria news - Baghdad, President of the Republic, Abdul Latif Rashid, received today, Wednesday, at Al-Salam Palace in Baghdad, the Prime Minister in charge of forming the new government, Muhammad Shia Al-Sudani.

The media office of the President of the Republic stated in a statement received by  Alsumaria news  Al-Sudani renewed his congratulations and blessings to the president on his election as president of the republic, wishing him success and success in carrying out his mission.

According to the statement, the President of the Republic expressed his "thanks and appreciation to Al-Sudani, and renewed his congratulations to him on the occasion of his assignment to form the new government, wishing him success in his mission."

The statement stated, "During the meeting, the general situation in the country was discussed, and the two sides stressed the importance of unifying the national ranks and working to form a new government that confronts the challenges facing the country and works to serve the Iraqi people and improve their living and service conditions."  LINK

The New Government: The Scenes Of The Division Of Positions At The Center Of The Negotiations

Video   2022-10-20 | 04:40  Source:   Sumerian  408 views   With the Prime Minister-designate, Muhammad Shia Al-Sudani, completing the formation of his government, which is expected to be voted on next Saturday, observers monitor a number of challenges that stand in the way of the performance of the next booth.

As was widely expected, the major parties brokered a consensus that would see the formation of another coalition government, after the government-designate, Muhammad Shiaa al-Sudani, completed naming his cabinet and prepared before commissioning interviews with candidates for ministries.

Competition is increasing within the coordination framework over the shares of the ministries, while political sources from within the framework confirm that there is an agreement to divide the ministries, where the State of Law coalition will get three ministries, namely oil, higher education and agriculture, while five ministries will go to the Al-Fateh coalition, namely the interior, electricity, communications, transport, labor and social affairs on to remain positions  Sadrist Movement   in her position and to remain the position of Secretary-General of the  Council of Ministers  to  Hamid Al-Ghazi  as well  Ministry of Health  Remain by proxy, managed by the agent  Hani Al-Aqabi    

And that the ministries of water resources, sports and youth will go to the independents, while immigration and displaced persons will go to the Christians, while it will happen  Kurdistan Democratic Party, on three ministries: Foreign Affairs, Justice, Construction, Housing and Municipalities, while you will go The Ministry of Environment to the Patriotic Union of Kurdistan.

While the commissioner stipulated that the blocs present three candidates for the ministerial portfolio, and that one of these names would be chosen for the position of minister, while disagreements revolve around the creation of new positions and he is still betting on the return of al-Sadr to the government at any time, despite the attack launched by the latter on the expected cabinet formation.   LINK

Maliki's Coalition Reveals New Negotiations With The Sadrist Movement

Political | 11:42 - 10-2022   Special - Mawazine News, a member of the State of Law coalition, Wael Al-Rikabi, revealed today, Thursday, the negotiations of the political parties with the Sadrist movement in order to participate in the expected government.

Al-Rikabi said in an exclusive interview with "Mawazine News", "Political negotiations are continuing to persuade the Sadrist movement to participate in the new government," noting that the ministries' divisions will be 12 ministries for Shiites, 4 for Kurds, 6 ministries for Sunnis, and one ministry for minorities.

He added that "there is no truth to the news ." Which says that the number of ministries will be 26, but it will be between 22 to 23 ministries, according to the highest estimates.

https://www.mawazin.net/Details.aspx?jimare=208763

An American Report Talks About Three Possible Scenarios For Al-Sadr's Response To Forming The Government

Posted On20-10-2022 By Sotaliraq   Baghdad today – translation   The Iraqis woke up a few days ago to the sounds of 9 Katyusha rockets that fell on the Green Zone, prior to the Iraqi parliament session dedicated to electing the president of the republic.[/size]

It does not seem that those rockets were an expression of joy over the breakthrough that took place a year after the last elections, at a time when the security forces cut off all roads leading to the Green Zone, but they failed to prevent the rockets from reaching the Green Zone and express a clear protest against the selection of Abdul Latif Rashid as the fourth president Republic since the overthrow of the previous regime in 2003.

A report by the "Washington Institute for Near East Policy" website and its translation (Baghdad Today) said that "although the new Iraqi government has ended the year-long impasse, the way forward is still full of obstacles."

He added: "The Sadrists' withdrawal from the House of Representatives gave way to other political forces, most of which are affiliated with the coordination framework, to become the largest force and proceed to form the government.

Those political forces succeeded in reaching an agreement and choosing Rashid as President of the Republic. In turn, the new Prime Minister appointed Muhammad Shia al-Sudani, who is affiliated with al-Maliki, even though he resigned from al-Maliki's party some time ago. Thus, the political process in Iraq returned to its old track, despite Mr. Al-Sadr’s attempt to turn it into a path that rejects the principle of political consensus.”

He continued: “Even after the President of the Republic was appointed and a candidate for prime minister was appointed, the big question revolves around the reactions of two main parties in the political equation, both of whom were opposed to the nomination of Mr. A wild idea in the minds of most Iraqis, especially young people, and it represents a success story they were not familiar with, achieved in 2019-2020, and it is still stuck in the memory and imagination of ordinary Iraqis and is feared by the leaders of the parties participating in power.

He explained, "Although the number of those who came out to commemorate the third anniversary of October a few days ago was less than expected, there are serious calls and real possibilities for more people to come out on the 25th of this month.

The choice of Al-Sudani during the Tishreen revolution represents a challenge to Tishreen's will. So, it remains to be seen whether these events will prompt young people in Baghdad and southern Iraq to protest further against the regime.”

He said: “As for Al-Sadr, Al-Sudani’s candidacy represents a personal challenge to him and his broad popular movement. Following in the footsteps of the Tishreen movement, al-Sadr himself had previously opposed al-Sudani’s candidacy.

Several months ago, al-Sadr’s spokesman published on social media sites mocking al-Sudani’s nomination for the position, hinting at his closeness to Mr. Maliki, whom al-Sadr considers his main political opponent.

And he explained: “But the question that everyone wants to know the answer to now, what will Al-Sadr’s response to this nomination be?

There are three possible scenarios: The first is Al-Sadr’s silence about this nomination in order for Al-Sudani to proceed with forming his government, then Al-Sadr begins to mobilize his supporters after giving Al-Sudani a deadline (not exceeding a few months) to discover the extent of his success.

Al-Sadr's silence so far over Al-Sudani's candidacy seems likely, contrary to what many observers expected, for this scenario. However, the expected problems at the start of the cabinet selection process, and the provocations of the framework forces for Al-Sadr may make the scenario of Al-Sadr's silence for a longer period of time unlikely.

In addition, Al-Sadr may find that the opportunity is ripe now before the framework forces take control of the state apparatus, especially the security ones, which will then take sides against any peaceful popular protest movement. Of course, this scenario may also lead to a political schism within the Sadrist camp.”

He went on to say: “The second scenario is the success of mediations conducted by some of the framework forces to satisfy al-Sadr, whether by granting him ministerial portfolios or giving him guarantees of early upcoming elections, or even granting him the right of veto over risk candidates for ministerial positions.

The possibilities of this scenario do not seem strong in light of what al-Sadr personally said, and what those close to him said that he had decided his decision not to negotiate with the forces of the framework except in public and under the eyes and ears of all Iraqis.

In an example of this, al-Sadr's spokesman tweeted on social media a few days ago that al-Sadr will not allow any of his supporters to join the new government.

He pointed out: “The third scenario remains the most likely, and it is represented by Al-Sadr investing on a close occasion, such as the third anniversary of the escalation of the October Revolution on the 25th of this month, or perhaps investing in any other event close to launching popular protests that may abort the formation of the government before its birth.

This scenario can be reinforced by leaking information about the existence of talks aimed at establishing understandings between the October leadership and the Sadrists, after which efforts will be united and forces mobilized for a major popular uprising that overthrows the regime.

If the popular alliance between the Sadrists and the forces of October succeeds, there is no doubt that the splits within the coordinating framework forces that appeared to the public at the time of the election of the President of the Republic will increase.

Then the possibilities of armed chaos will return unless the political and religious forces represented by Ayatollah Al-Sistani are able to control the weapons of non-state spread in the hands of everyone.

In any case, the new government (even if it was formed and carried out its duties) has fields and not a single minefield, which makes Mr. Al-Sudani's mission more like an impossible task. Will the Sudanese Mr. Tom Cruise be Iraq and end this impossible task?? Certainly, it will not be long before we know the answer.”  LINK

Iraqi News Highlights Thursday AM 10-20-22

Iraqi News Highlights Thursday AM 10-20-22

Tlm724 Administrator Bondlady’s Corner

The Rise In The Price Of Oil Is A Result Of The International Monetary Fund’s Expectations Of Weak Global Economic Growth

Economist to / NINA /: Thursday 20 October 2022 16:19 | Economic Number of readings: 76

Baghdad / NINA / - The economic expert, Jalil Al-Lami, confirmed: The rise in the price of oil is a result of the International Monetary Fund's expectations of weak global economic growth.

He told the National Iraqi News Agency ( NINA ): After the expectations of the International Monetary Fund and other international institutions. Regarding the decline in the growth of the global economy during the years (2022) and (2023) the “OPEC Plus” group accelerated several measures, the first of which was to reduce its oil production by about (2 million) barrels starting from November (2022) compared to what was required for production in August. 2022).

Al-Lami added: The OPEC Plus measure raised oil prices in the international market to reach (93.3 dollars) per barrel for Brent crude. And about (87.7 dollars) a barrel of US crude. As a first step, indicating that this rate is likely to lead to the return of oil prices again to the ceiling of (100 dollars) per barrel. Or exceed this ceiling, especially with the onset of the winter season in Europe.

He explained that there is a set of measures that countries can take from them. Rationalizing energy consumption and raising the cost of goods and services.

Al-Lami pointed out that the Arab countries, especially oil-importing countries, would be the most affected in terms of rising prices. As well as in terms of economic crises that will worsen even more, which were contemplating financing from the International Monetary Fund. / End 3

https://ninanews.com/Website/News/Details?Key=1008846

Iraq Is Unable To Pay Its Full Debts Despite The Great Financial Abundance

Posted On20-10-2022 By Sotaliraq   Baghdad/ Saif Abdullah   Since the rise in oil prices during the year 2021 until now, Iraq has witnessed a large surplus of funds as a result of the escalating oil imports, while the government confirms its inability to repay the debts in full for several reasons, amid a parliamentary emphasis on money control to ensure the achievement of the government program and benefit from these surpluses.

In this regard, Mazhar Muhammad Salih, the financial advisor to the Prime Minister, confirmed that it is not possible to pay the debts in full from the financial abundance due to oil revenues at the end of the fiscal year.

Saleh pointed out that there is a "vague confusion between the foreign reserves of the Central Bank of Iraq, which today represent 85% of the country's foreign currency reserves (which correspond to the liabilities represented by the issued national currency - the dinar - and represent the currency cover for the purpose of economic stability and maintaining purchasing power) on the one hand, and abundance on the one hand.

On the other hand, the finances come from the accumulated oil revenues as a financial reserve that is not currently spent (due to the lack of legislation for the general budget).

Saleh added, "As part of it has been allocated today to cover the expenses of the Emergency Food Security and Development Law No. 2 of 2022," expecting that "the financial abundance or remaining surpluses at the end of 2022 will be about $15 billion, so it is illogical to go with it to extinguish long-term debts and make The country is free of any basic financial hedging against potential international economic risks.”

He continued, "If the repayable foreign debt is between 20-23 billion dollars, the expected financial abundance is itself not enough to pay the total foreign debt immediately in front of great national needs required by the country's investment spending, which is strategically important and urgent."

For his part, Member of Parliament, Rafiq Al-Salihi, revealed that Iraq has a large financial surplus that is the result of high oil prices.

Al-Salihi said in an interview with (Al-Mada): "We will work with deputies in Parliament during the coming period to improve the country's economic situation and proceed towards repaying debts in a way that suits the economic policy that will be drawn up by the new government."

He added, "We, in turn, will work to monitor the money to ensure the achievement of the government program and the benefit of these surpluses."

In addition, the researcher in economic affairs, Abdul Salam Hassan, explained that debts, whether external or internal, entail interests, and therefore paying them in one payment does not bring this interest to the other party, and therefore paying them all requires a prior agreement.

Hassan said in an interview with (Al-Mada), that "the political will has nothing to do with the issue of debt repayment, and the evidence for this is what happened with Kuwait's debts that were paid through the rise in oil prices and the complete termination of its file."

He pointed out, "The budget stipulates that the caretaker government does not have the right to dispose of these debts."

On (September 23, 2022), the caretaker Prime Minister, Mustafa Al-Kazemi, had expected to increase the country's cash reserve to $100 billion, stressing that Iraq had obtained the largest and fastest economic growth and became the first in the Middle East and fifth in the world.  LINK

Al-Sudani Affirms The Next Government's Desire To Consolidate Iraq's Relations With Canada

Today, Thursday, Prime Minister-designate Muhammad Shia Al-Sudani affirmed the desire of the next government to consolidate Iraq's relations with Canada.

The media office of the Prime Minister-designate stated, in a statement, that "Al-Sudani received Canadian Ambassador to Iraq Gregory Galligan, who presented the Canadian government's congratulations to Al-Sudani on his assignment to head the next Iraqi government, wishing it success in his mission and the implementation of the goals set for his new government."

The Prime Minister-designate stressed "the future government's desire to consolidate its relationship with Canada in various fields," noting "its contribution to the war against the terrorist Daesh within the international coalition, as well as its role in supporting the Iraqi security forces by providing advice and training within the framework of NATO, and the importance of Continuing and developing this cooperation to include other aspects of the economy, investment, and facing the challenges of climate change.   https://www.radionawa.com/all-detail.aspx?jimare=31755

Ali Al-Delfi To / Nina /: Passing A Full Ministerial Cabinet In The Middle Of Next Week

Thursday 20 October 2022 16:50 | political Number of readings: 55  Baghdad / NINA / - Representative Ali Gharkan Al-Delfi suggested passing the cabinet in the middle of next week.

He told the National Iraqi News Agency ( NINA ) that some partial differences are still within the same component over the distribution of ministries entrusted to it.

Al-Dalfi added: These differences will not be resolved if the session takes place next Saturday, and a vote on a full ministerial cabinet will be held in the middle of the same week./End 3

https://ninanews.com/Website/News/Details?Key=1008862

The Iraqi Stock Exchange Ends The Week's Trading With An Increase Of 0.57%

Market   Economy News / Baghdad   On Thursday, the Iraqi Stock Exchange announced the weekly trading indices, with an increase of 0.57%.

A statement to the market stated that "the third week of October 2022 witnessed five trading sessions from Sunday 10/16/2022 to Thursday 20/10/2022."

The number of shares traded this week was "more than (3) billion shares, and the value of shares traded this week amounted to more than (4) billion dinars."

And the trading index closed in the market for the first session of the week at "595.32 points, while the index closed at the end of the week at (598.71) points, achieving an increase of 0.57% from its closing in the first session."

"During the week, more than (3,500) purchase and sale contracts were executed on the shares of companies listed in the market."  79 views Added 10/20/2022 - 2:44 PM Update 10/20-2022 - 5:00 PM

https://economy-news.net/content.php?id=30320

NATO: Iraq Is An Element Of Stability In The Middle East, And We Seek To Strengthen Joint Cooperation With It

Political | 03:34 - 10-2022   Baghdad - Mawazine News, NATO affirmed that Iraq is an element of stability in the Middle East region, and that the alliance seeks to strengthen its positive relations and joint cooperation with it.

And the office of National Security Adviser Qassem al-Araji stated in a statement that Mawazine News received a copy of it, that "the latter received the Assistant Secretary-General of NATO for Operations, Thomas Govos, and his accompanying delegation, in the presence of the commander of the NATO mission in Iraq, Lieutenant-General Giovanni Maria Iannucci.’

Discussing joint cooperation between Iraq and the NATO mission in the fields of training, advice, exchange of experiences, and capacity building for the Iraqi armed forces and security services.

Al-Araji stressed, "the need to update training programs to keep pace with developments in the world in the military and security fields and the use of modern technologies, especially in the field of cybersecurity."

Al-Araji stressed to the guest delegation that "Iraq seeks to strengthen the strategic relationship with NATO, and to develop Iraqi national expertise, especially in the field of border protection and drug control."

For his part, the Assistant Secretary-General of NATO stressed that "Iraq is an element of stability in the Middle East, and that the alliance seeks to strengthen its positive relations and joint cooperation with it," praising Iraq's cooperation in protecting the mission's personnel and facilitating their tasks.

He pointed out, "The alliance continues to support Iraq in the fight against terrorism." Ended 29

https://www.mawazin.net/Details.aspx?jimare=208785

A New Rise In Oil Prices

Economie| 08:48 - 10-2022  Follow-up - Mawazine News : Oil prices rose, on Thursday, due to the tightening of supply, offset by fears that a global slowdown would curb demand.

December Brent crude futures rose 55 cents, or 0.60 percent, to $92.96 a barrel at 04:032 GMT, and US West Texas Intermediate crude for November delivery rose 65 cents, or 0.76%, to $86.20 a barrel.

Oil prices were boosted by a looming European Union embargo on Russian crude and oil products, as well as production cuts from the Organization of the Petroleum Exporting Countries (OPEC) and other producers including Russia, known as OPEC+.

OPEC+ agreed to cut production by 2 million barrels per day in early October - but analysts expect a slight drop in actual production by about 1 million barrels per day due to production shortfalls in countries such as Iran, Venezuela and Nigeria.

Separately, US President Joe Biden announced a plan on Wednesday to sell the remainder of his release of the nation's emergency oil reserves by the end of the year, or 15 million barrels of oil, and begin refilling the stockpile as he tries to curb future gasoline price hikes.

Meanwhile, global fuel demand remains uncertain, the Federal Reserve said on Wednesday in a report that US economic activity has expanded modestly in recent weeks, although flat in some areas and declining in others, showing companies are increasingly pessimistic about the outlook.

China has also continued to impose severe restrictions on COVID-19 this year, hurting business and economic activity in the world's largest importer of crude.

Leon Lee, analyst at CMC Markets, said fears of a global recession and the possibility of another strong rate hike in the US have clouded the outlook for oil prices.

"Therefore, oil prices will return to a downtrend after a short-term recovery," he added.

The Fed is expected to raise interest rates again in November, and eventually raise rates to 4.75%-5% by early next year, if not more, after a government report showed inflation remained very high last month.

https://www.mawazin.net/Details.aspx?jimare=208746

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

https://www.bondladyscorner.com/

MilitiaMan Thoughts "Internationalism" 10-20-2022

KTFA:

MilitiaMan:  Looking like they are gearing for international travel.. Investors will be looking for good fast, safe and reliable service from country to country.. A good sign things are getting closure to internationalism.. imo The new customs electronic systems are in place.. All pointing in the right direction.. imo ~ MM

Samson:  The first foreign flight departs from Kirkuk International Airport

19th October, 2022

Kirkuk International Airport is scheduled to witness, tomorrow, Thursday, the launch of the first foreign flight, after it was opened by the Iraqi authorities last Sunday. 

The flight schedule of Iraqi Airways showed, for tomorrow, Thursday, the allocation of the first foreign flight from Kirkuk International Airport to Medina in Saudi Arabia.

And last Sunday, the sixteenth of this October, the Iraqi Ministry of Transport inaugurated the Kirkuk International Airport, where a presidential plane landed on the airport's soil, authorizing the opening of the airport, with a high official and security presence.  

The civil airport was inaugurated suddenly and without inviting local and foreign media to cover the opening ceremony.

While the Kurdish component in Kirkuk expressed its displeasure with the timing and opening ceremonies of Kirkuk airport and the accompanying media blackout and popular and political marginalization, what it considered a "new coup" against the Kurds in the disputed province between Erbil and Baghdad.

It is noteworthy that Kirkuk Airport has completed all preparations to start the process of operating internal flights between the Iraqi governorates as a first step, and then it will launch to the horizons of the outside world.   LINK

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Samson:  Deputy for the law: The Sudanese are facing a difficult economic test, and we will press to reduce the dollar

10/19/2022

The representative of the State of Law coalition, Aref Al-Hamami, believes that the Prime Minister-designate, Muhammad Shia Al-Sudani, is facing a difficult economic test, while revealing the collection of signatures to pressure towards reducing the exchange rates of the dollar.

 
Hamami said; For the program {Al-Mastra} broadcast by Al-Furat satellite channel tonight, that: “So far, officially, the Saturday session has not been set by the Presidency of the House of Representatives, and we have not officially been informed of its contract, and the schedule has not yet been decided; but more than 50% of the ministries have been completed in the cabinet in general, and the sensitivity of the stage requires Scrutinizing the candidates for appointment, but there is no harm in voting for them and then joining the rest of the ministries."

And he expected, that "the portfolios of {oil, higher education, labor and social affairs} will be from the share of the law coalition," adding that "the Sudanese have a good space to choose their ministers and there is no pressure on him and the legitimate scramble for positions aims to serve the citizen."

Al-Hamami noted, "
Commenting on the return of the Vice-President of the Republic, Al-Hamami explained, "It is a constitutional entitlement and imposed by law, and the position is important and cannot be kept vacant as it is a legal violation, and social benefits funds can be removed from the three presidencies, but the names of these positions have not been resolved until now." 

However, he added, "As for the adoption of the oil and gas law, it has become an urgent necessity after the final and binding decision of the Federal Court. Oil revenues must be distributed equitably to all provinces, and there must be solutions."

Al-Hamami concluded, "The region's difference from the governorates of the center and the south is by a single decision. The problems of these governorates are linked to the center by the routine and the miserable administrative system in addition to the existing corruption, and the coalition of state administration with its multiple forces is responsible for the success and failure of the government, which will also be a criterion for holding early elections."  LIN
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MilitiaMan:  The collection of signatures is being applied to pressure in reducing the exchange rate of the dollar whereby increasing the value of the Iraq Dinar would be the reciprocal of that. Interesting again the mix the seating of the cabinet in with the exchange rate and the adoption of the oil and gas law. The latter is an urgent necessity after the final binding decision of the Federal Court. The needs of the citizens are front and center, as the oil revenues must be distributed equitably to all provinces. ~ All very timely and to the points.. imo ~ MM

"Tidbits From TNT" Thursday Morning 10-20-2022

TNT:

Skinman:  So Saturday they’re supposed to vote in the Prime Minister and his cabinet, if that happens how long will it be until the budget was accessed that has the new rate in it?

Yada:  That is just it skinman, they dont need the budget to release the rate because the EFSL will include it. Expecting the CBI to release the rate after affirmation of the cabinet. Besides,. they dont need the budget for the rate, they need the rate for he budget. Days away for the release.

CharlieOK:  Totally yada. They need the rate for the budget. However, implementation of this appears more easily said than done.

Yada:  Charlie, technically, all they needed was the President but due to other issues, such as Sadr, the people demostating, and the UN, expect it released after the full government is voted in.

CharlieOK:  Tony has clearly said he is not expecting anything until the complete govt. is formed; with the constant caveat that it can happen at any time. What really is upsetting to me is that Sadr has played us all.

Yada:  LOL Charlie, I think differently, Sadr was our advacate. He stopped the Framework from just running all over the Iraqis by showing he can rally the people against them, causing them to think twice before making moves. Even after the full government is formed and we are paid, he can tear it down any time.

CharlieOK:  It sure is lol Yada. Sadr, who is definitely not a friend of the US, has decided to be the sole person who will accept or not the next govt. What a joke. We are in limbo for the next 6 months minimum per his exact words.

Yada: But the rate change is not waiting on that. We do not have to wait to see how the government performs to see the change. 6 months will be in our review mirror.

RVALready:  I think the framework is stuck. They promised the populace an RV as first priority. The populace has been told to expect an RV soon. If they do not deliver, there will be protests in the streets…the UN will keep the pressure on until the RV is delivered.

Mauij:  Any moment now

Yada:  Agreed rvalready and mauij.

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Tishwash:  Al-Hakim: The chances of success exist due to the availability of the required budgets and international and regional cover

On Thursday, October 20, 2022, the head of the Wisdom Movement, Ammar al-Hakim, confirmed that the chances of success exist due to several factors.

He said during a meeting with a number of tribal sheikhs, according to a statement received by Ultra Iraq, that "one of the most important pillars of restoring the citizen's confidence in the political system is meeting the needs of citizens, achieving their aspirations and providing services to them, and forming a strong government with an efficient and harmonious team that represents an important entry point and a condition for achieving that".

He pointed out that "the chances of success exist for several considerations, the first of which is the availability of the required budgets due to the high oil prices and the availability of international and regional cover, which has become convinced of the necessity of the security and stability of Iraq as a prelude to the security and stability of the region and the world, as well as the security stability that would not have been achieved if it were not for the sacrifices of the Iraqi people and its security services and the bloodshed of the Iraqi people. Martyrs".

Al-Hakim added, according to the statement: "We renewed our position in support of the government without participating in it, and we called for procedural steps to combat corruption and dry up its sources   link

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CandyKisses:  Al-Sudani resolves the names of 14 ministers in his government.. There is no session to gain confidence and postponement of the rest of the ministries

The leader in the coordination framework, Turki Al-Atabi, revealed, on Thursday, that the commissioner, Muhammad Shiaa Al-Sudani, decided the names of the 14 ministries’ candidates in his cabinet

Al-Otbi told (Baghdad Today), "The movement of Prime Minister-designate Muhammad Shiaa Al-Sudani is continuing in continuous meetings with political forces and currents in Baghdad, stressing that the names of the candidates for 14 ministries, including a security ministry, have been decided so far, according to the information

He added that "the rest of the ministries may be resolved in the next 72 hours in preparation for the next Saturday session," stressing that "some ministries may postpone after the session to agree on it, but in all cases, things are taking place in their contexts, and we expect that all problems will be resolved in the coming days

And the leader of the Al-Fateh Alliance, Mahmoud Al-Hayani, suggested, earlier today, Thursday, that the parliament session will not be held next Saturday, which is dedicated to granting confidence to the government of Muhammad Shia Al-Sudani

. Al-Hayani told (Baghdad Today), "The parliament session next Saturday, which is dedicated to granting confidence to the government of Muhammad Shia Al-Sudani, according to the data, will not be held on time," noting that "the session will be postponed to another date, as the dialogues between the Sudanese and the blocs to resolve the ministerial portfolios and their candidates." still going"

. He explained that "the Sudanese need more time to resolve the dialogues with the blocs and parties regarding the ministerial portfolios and their candidates, and for this the session of granting confidence to the new government will be postponed until further notice until this file is resolved

It is scheduled that Muhammad Shia Al-Sudani will present the names and details of his cabinet next week, according to what observers see

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Iraqi News Highlights Wednesday Evening 10-19-22

Iraqi News Highlights Wednesday Evening 10-19-22

Tlm724 Administrator Bondlady’s Corner

Economist: 25 Trillion Dinars Is The Cost Of Reducing The Dollar Exchange Rate

Today 14:56  Information / Baghdad..  The economic expert, Nabil Al-Marsoumi, determined, on Wednesday, the financial cost of returning the dollar exchange rate to before 2020 levels.

Al-Marsoumi said in a post on his Facebook page that "the annual financial cost of restoring the dinar exchange rate to what it was before amounts to about 25 trillion dinars."

He added, "The cost is renewable every year and is not a one-time cost."

The exchange rate of the dollar against the dinar recorded a new decline, today, Tuesday, and reached 1460 per dollar, for the first time in months.

Conflicting news is currently circulating about the next government's intention to return the dollar exchange rate to the old levels

https://almaalomah.me/news/economy/اقتصادي:-25-تريليون-دينار-كلفة-تخفيض-سعر-صرف-الدولار

Allawi distances himself from the "trillion scandal" and throws the ball into the Parliamentary Finance Court. Documents

politics  breaking  Minister of Finance  Iraqi parliament  Ali Allawi  tax authority  Tax money theft
2022-10-19 19:18    Shafaq News/
The "resigned" Finance Minister Ali Allawi held today, Wednesday, the  Finance Committee of the former parliament, responsible for  canceling the Oversight Bureau, which led to the "big trillion theft."

To the disbursement of 247 checks to “influential political parties”
that profit from “whales of corruption” and
provide “immunity” for the corrupt.

And the statement of former Minister Allawi, which was received by Shafaq News Agency, stated that
"on August 16, 2022, he submitted his resignation from the Iraqi government, and

at that time explained the decay and deterioration of state institutions, especially in the financial, and the  spread of interference from outside the illegal ministry in the state administration."

He explained,  "Two months after the resignation, we faced perhaps one of the biggest financial scandals of the modern era." and punishment."  

The minister added,  "The enormous scope of the scandal also provides opportunities to make irresponsible allegations and draw conclusions without any serious justification, and

for this purpose we found it necessary to clarify in detail the position of the Ministry of Finance from the perspective of the Minister of Finance so that the public is aware of the facts of the matter."

 And Allawi indicated that  "a letter received from the Finance Committee of the previous parliament, dated July 13, 2021, and carried the issue 2021, requesting that the audit of tax and customs secretariats be limited by the General Tax Authority without going through the Office of Financial Supervision, and

based on that request, the receipt of complaints to the Finance Committee regarding delays and others.

One of the reasons mentioned in the committee’s book,”

noting that  “there is correspondence between the Financial Supervision Bureau and the Prime Minister’s Office on the same content, as the Bureau supports the proposal of the Parliament’s Finance Committee.”

He noted that  "the letter of the Office of Financial Supervision of the Office of the Prime Minister No. 12772/3/1/1 on July 27, 2021 and

a letter that the Office of the Prime Minister answered to the Office in the number M.S.R.S./S.D. 2907/2 on August 1, 2021."

Allawi pointed out that  "the approval of the Minister of Finance on August 26, 2021 was made according to the above, as

it was based on the  request of the legislative body represented by the Finance Committee of the previous parliament and the approval of the Financial Supervision Bureau and the
Office of the Prime Minister, as well as the request of the authority responsible for the process (the General Authority for Taxes),

which allows It may request that the nature of the work structure in the ministry, which includes the institutions, companies and bodies affiliated with it, to manage its financial affairs in accordance with its founding laws,”

stressing that  “the approval of the Minister of Finance was conditional on the implementation of the regulations in force in the matter.”  And the former minister continued in his clarification, that

"and to ensure that the tax secretariats are not tampered with, the Minister of Finance issued on August 5, 2021 Ministerial Order No. (5)

in which he decided to form a central ministerial committee headed by him for the purpose of organizing and supervising the tasks of tax work, including by following up on the responses of taxpayers in coordination with The financial section on the correctness of the taxpayer’s payment,”

noting that  “the above administrative measures and control tools instructed by the Minister of Finance led to the impossibility of acquiring tax trusts by promoting false return transactions by the group accused of theft.”  

The resigned minister added that  "the Integrity Commission has investigated some transactions to return suspicious tax deposits," explaining that

"the results of this investigation came in the Federal Integrity Commission letter No. T5/7079 on August 31, 2021, which indicated that the Integrity Commission did not request to stop The instrument resulting from the treatment of refunding questionable tax deposits and the absence of damage to public funds.  

And he continued,  "The above Integrity Book indicated taking the necessary measures to proceed with refunding the tax deposits," noting that

"the Minister of Finance informed the Prime Minister's Office several times about the risks involved in allowing this situation to continue."

 Allawi added,  "On September 29, 2021, he informed the Prime Minister's Office of the text, verbatim:

 “They move around and appoint fools whom I have to clear up later.

I can't go on like this when I know the ministry is being eaten up from within and I can't do anything about it.

All circles are infiltrated by parties and oligarchs and
there is no one capable and capable who is willing to work in This atmosphere."    

 Minister Allawi stated,  "Nevertheless, when the Minister's office received indications that raise doubts about the continuation of manipulation operations with regard to the recovery of tax deposits, the Minister of Finance addressed the General Tax Authority on November 1, 2021, requesting the priorities of all transactions to recover the deposits that took place during the years 2020 and 2021."

Indicating by saying,  "And to confirm the prevention of manipulation, the Minister of Finance attributed on November 4, 2021 that the General Tax Authority did not issue a refund of deposits to the taxpayers before obtaining the approval of the Minister, provided that all the transactions of refunding the deposits are presented to the Minister after completing all the fundamental procedures."

He continued,  "On November 5, 2021, he confirmed to the Prime Minister's Office that there were doubts about the continuation of manipulation operations with regard to the recovery of tax trusts, and a report was submitted on this."      

The former minister pointed out that
“what could not be monitored is the group accused of theft issuing sukuk without promoting deposit recovery transactions through a direct process between the General Tax Authority and Rafidain Bank and without being disclosed by the Ministry’s Audit and Oversight Department.

It was an operation that was carried out within the corridors of the General Tax Authority and the Rafidain Bank.  

He added, "Among the powers available to them, without the Ministry of Finance having any interference in these dangerous practices, as

the Minister of Finance did not receive any notification from the Ministry's departments about the process of releasing and withdrawing the aforementioned instruments,

and the Rafidain Bank, in turn, did not inform the Minister about the huge sums that were He withdrew it from the bank despite the minister’s meeting with the banks’ departments periodically to follow up on their affairs.  

Allawi believed that "the withdrawal of the Financial Supervision Bureau and
limiting the process of auditing transactions to return the amounts of tax deposits to the General Authority for Taxes,

and according to  the request of the Finance Committee of the House of Representatives,
led to an increase in the possibility of fraud on the Tax Authority,

however, the internal procedures of the Tax Authority to verify the legitimacy of the transactions of trusts were They should have stopped outright fraud, but
what seems to have happened is that checks were issued to return the deposits without any recorded transaction or paper trail,

which means that no audit, from any source, could stop them because they were off the records,” adding, “So received The bad guys were not registered in the tax authority accounts.

According to the instructions issued by the Minister of Finance, it was not possible to issue bonds without going through the audit steps of the tax authority, followed by specific approval from the minister's office."  

The resigned minister pointed out that  “one of the main factors that led to this brazen theft is the fact that the ministry, its arms, and the state as a whole are unfortunately behind in terms of adopting automated information, accounting and reporting systems,”

explaining that  “to address this, the finance minister has put in place four different programs to fully automate the ministry.”, customs and tax authorities, and the establishment of a single treasury account, and he continued,

"If these systems were fully available, it would have been impossible for a theft of this magnitude to occur. However, these programs are not yet fully installed.

It takes more time and will to rein in resistance to change and to confront the broad and deep resistance to automation until systems are rescued and fully operational.”  

Minister Allawi warned against "some general managers and state employees
not complying with the regulations and laws governing their tasks,
not following the ministerial orders and the minister's directives,
concealing information and
preventing the supervisory departments from playing their role and reporting it,"

pointing to "what happened in the Ashtar case, where the
contract was signed despite The explicit directive of the Minister of Finance to the contrary and the

issue of tax secretariats where no less than 247 trust response instruments have been issued despite the explicit directive of the Minister of Finance to stop it.  

He said,   "All of this is due to loyalty to influential political parties that
profit from whales of corruption and
provide immunity to the corrupt."

The resigned minister advised whoever assumes responsibility to "check the accounts of other trusts in the state, including the accounts of the customs authority,"

wishing success for "the judicial authorities that are looking and working to punish the corrupt by performing their duties in the fullest manner and returning the right and public money to the people."

https://shafaq.com/ar/سیاسة/علاوي-ين-ى-بنفسه-عن-الفضيحة-الترليونية-ويرمي-الكرة-في-ملعب-المالية-النيابية-وثا-ق

Integrity: 33 Arrest And Recruitment Orders Were Issued Against High-Ranking People During Last September

On October 18, 2022  The Independent/ - The Federal Integrity Commission announced today, Tuesday, the issuance of 33 arrest warrants and summonses against high-ranking people during last September.

A statement by the commission, which received the Independent, stated that

"its operations, activities and results achieved during the month of September were represented in 86 arrests, 52 defendants who were caught in flagrante delicto, and 33 arrest warrants and judicial summons issued against high-ranking persons."

He added that  "judicial convictions during last September amounted to 41, while the number of those convicted by judicial rulings reached 60, and the files for receiving fugitives and smuggled money amounted to 35 files." 

He continued,  "While the forms of those covered by the list of received financial receivables amounted to 3,018 forms, as for those covered by the disclosure that appeared to have a conflict of interest, their number reached 11, in addition to the visits to monitor job performance in state institutions, which amounted to 66 visits."  And he indicated that

"the training courses, workshops and seminars held by the authority amounted to 13, while the paper versions and television and radio episodes amounted to 6, while the research, studies, statistical reports and other practical activities amounted to 4."  https://mustaqila.com/النزاهة-صدور-33-أمر-قبض-واستقدام-بحق-ذوي/

The Former Finance Minister Breaks His Silence And Talks About The Details Of The Theft Of Tax Money

   1,797 Policy 10/19/2022 21:52  Baghdad today   Today, Wednesday, former Finance Minister Ali Allawi issued a detailed statement regarding the theft of tax funds from the Rafidain Bank, while revealing the most important officials responsible for the file.

Allawi said in his statement, which was obtained by (Baghdad Today), that

"the theft of the tax authority's money took place through a direct process between the General Tax Authority and the Rafidain Bank." 

He added that  "Al-Rafidain Bank did not play its role in the process of informing the ministry about the amount of large withdrawn amounts,"

noting that  "the main factor for this brazen theft is that the Ministry of Finance and the state's arms are behind in terms of adopting information and computing systems."

To view the full statement, click here https://drive.google.com/file/d/10oTEE27kw_qnSoU9qf5SL1nfoz05W74B/view

https://baghdadtoday.news/ar/news/203741/وزير-المالية-الأسبق-يخرج

Treasury: Iraq Has Increased Its Holdings Of Us Bonds By More Than One Billion Dollars

Last update October 19, 2022   The Independent/ - The US Treasury announced, on Wednesday, that Iraq increased its holdings of US bonds to more than one billion dollars during the month of August.

The Treasury said in its latest table and its independent follow-up, that

"Iraq's possession of US Treasury bonds for the month of August of 2022 increased by 1.043 billion dollars, or 3.02%, to reach 35.630 billion dollars, after it was 34.587 billion dollars in the month of July," indicating that

“These bonds rose from the same month last year 2021, when Iraq’s holdings of bonds amounted to $18.9 billion.”

She added that  "Iraqi bonds, including long-term guarantees amounting to 23.430 billion dollars and short-term guarantees amounting to 12.200 billion dollars,"

noting that  these bonds represent 0.44% of the world's bonds.

In the Arab world, Saudi Arabia comes at the forefront of the most possessing countries, reaching $122.089 billion, followed by Kuwait with $51.031 billion, the UAE third with $47.767 billion, then Iraq fourth, Oman fifth with $7.134 billion, then Morocco with $3.708 billion.

She pointed out that"the largest holder of US bonds is Japan, with a value of 1,199.778 trillion dollars, followed by China, with a value of 971,808 billion dollars, followed by the United Kingdom, with a value of 644.710 billion dollars, and then Luxembourg with 305.974 billion dollars."

https://mustaqila-com.translate.goog/الخزانة-العراق-زاد-من-حيازته-للسندات-ا/

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

https://www.bondladyscorner.com/

US Recession Forecast? 100% chance

US Recession Forecast? 100% chance  10.19.22

America's 6 biggest banks are expected to set aside $4.5 billion in Q3 to cover future loan losses — why that's a clear bad sign for the global economy

Lauren Bird    October 12, 2022

Fears of a looming recession and a tightening economy are pushing the country’s big banks to prepare for the worst.  According to a report from Bloomberg, six of the biggest banks in the U.S. — JPMorgan Chase, Bank of America, Citigroup, Goldman Sachs, Wells Fargo and Morgan Stanley — plan to set aside about $4.5 billion to protect against loan losses in their third-quarter earnings.  Banks typically build up their loan loss provisions when there are concerns borrowers won’t be able to make their payments.

It’s not hard to see why they’re scrambling to prepare. The unrelenting increases in the federal funds rate set by the Federal Reserve — now at 3% to 3.25% — has already seen borrowers begin to default on loans, credit card payments and other variable-rate debts.

And by setting aside these massive reserves, banks are signaling they’re anticipating having to handle more losses in the future as consumers continue to feel the squeeze of rising interest rates and scorching-hot inflation.

What these banks are reacting to

Lenders are already starting to feel the effects of the Fed's fight on inflation. Four of the biggest banks in the country are expected to report losses this week in their quarterly earnings reports, including JPMorgan Chase, Wells Fargo, Citigroup and Morgan Stanley.

Normally, a higher interest rate would be a good thing for banks — their earnings tend to rise with interest rates. But banks are seeing a dip amid the fluctuating markets — fewer deals are being made and investors are holding back as warning signs of a recession persist.

And that’s led many banks to add to their loss reserves.

The amount banks add to their loan loss reserves then gets subtracted from its earnings. Conversely, when a bank releases those reserves, that money is added to its earnings.

Banks and lenders adjust their cash reserves according to the potential losses on their outstanding loans — they’re setting aside money for problem loans that get paid late or not at all. When a loan goes unpaid, a bank will tap into the loss reserves cash to cover it.

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

https://finance.yahoo.com/news/americas-6-biggest-banks-expected-210000438.html

Wednesday Evening Iraq Economic News Highlights 10-19-22

Wednesday Evening Iraq Economic News Highlights 10-19-22

Companies Involved In The Theft Of Tax Deposits Are Not Registered In The Social Security Law

October 19, 2022   Baghdad / Obelisk: Documents obtained by the obelisk revealed, on Wednesday, October 19, 2022, that the Humpback Whale Company is not registered under the Social Security Law and its founder Ali Jassim Muhammad.

The documents indicate that “the Humpback Whale Company is not registered under the Social Security Law, and its founder, Ali Jassim Muhammad.”

The documents included:

First: The Humpback Whale Company.

1- The company is not registered under the provisions of the Social Security Law.

2- We were contacted at the phone number (07716742200) which is installed in the Companies Registrar's database, and the owner of the number claimed that he had nothing to do with the company.

With the offer, the above figure also belongs to the Baghdad Wind Company.

The inspection committee was instructed to conduct an urgent visit to the project according to the mentioned address, and the company's location was not inferred because it is located within a residential area, which is Mr. (Ali Jassim Muhammad).

3- Project address, Baghdad, Bab Al-Moadham, M. 119, D. 34, D. 15.

Second: Baghdad Wind Company.

1- The company is not registered under the provisions of the Social Security Law.

2- When referring to the Companies Registrar Department database, it was found that the founder of the company is Mr. (Abd Ali Selim).

3- Project address Baghdad Al-Saadoun M 102 G 9 D 12.

4- The Inspection Committee was directed to make an urgent visit to the project according to the above address.

Third: Al Qant General Contracting Company.

1- The company is included under registration number 714275 as of 01/10/2003 and the last payment is 30/6/2022.

2- The last visit to the company was until 31/3/2022 with only one worker. The new owner (Mohammed Falah Abdullah) was assigned the initiation responsibility as of 9/11/2020.

3- The company has been granted a number of parking safety letters to the General Tax Authority.

The company has a contract (supplying materials and carrying out construction works for the parking lot of civil defense vehicles for the Ministry of Science and Technology) with a movement of work (17 workers) for the period from 3/3/2013 to 11/4/2013. completed contract. 5- There are no new contracts for the company except for the above contract according to the company’s final accounts.

Fourth: The Creators Oil Services Company.

1- The company is included with us under registration number (10206027) and as of 1/1/2017 and the subscriptions have been paid until 31/12/2020.

2- The company has been granted a number of position safety letters to the General Tax Authority.

3- The last visit to the project was until 31/8/2020, and the competent inspection committee was directed to conduct an urgent visit.

4- There are no contracts with the company, according to the subscriptions database

https://almasalah.com/archives/23830

After The Theft Of Trillions Of Taxes, The Parliamentary Transport Reveals A "Scandalous Scandal"

Shafaq News/ The head of the Parliamentary Transport and Communications Committee, Zahra Al-Bajari, accused today, Tuesday, Oil Minister Ihsan Abdul-Jabbar and officials in the ministry of being involved in Iraq's loss of more than 820 billion dollars.

Al-Bajari said in a statement received by Shafaq News Agency, "At a time when the Iraqi public is preoccupied with the scandal of theft of 3.7 trillion dinars from the secretariats of the General Tax Authority, there is a resounding scandal and more stubborn of its heroes, the Minister of Oil of Al-Kazemi's government and two general managers in the Ministry of Oil."

And she indicated that "according to an audit report issued by the Federal Financial Supervisory Board in the number: N/14/28/10/5798, it was mentioned in paragraph (g) of it under the title of contract amendments, which is the contract concluded with the British companies BP and China's Petrogina to develop The Rumaila oil field in Basra, these amendments cost Iraq losses estimated at 825 billion and 520 million and 500 thousand dollars, which cannot be counted, and it needs specialized international financial companies to determine the real losses.

Al-Bajari added, "Among the shortcomings - which rise to the level of the crime of high treason - in the amendments made to the aforementioned contract, the share of the government partner (the Iraqi Oil Marketing Company SOMO) decreased from 25% to 6%, and this means that Iraq lost 19% of his share, and the term of the contract was increased after the amendments from 20 years to 25 years, so we will be in one of the largest crimes committed against the Iraqi economy, which depends more than 90% of its revenues on oil.”

In addition, the amendment included a decrease in stable production at the net production rate from two million and 850 thousand barrels per day of oil and natural gas for the stable production period to two million and 100 thousand barrels per day, and this means a loss of oil revenues at a rate of 750 thousand barrels per day. The amendment also included the postponement of The period of continuous production from 1/1/2016 for a period of seven years according to the contract to 31/12/2019 with a delay period of four years.

Al-Bajari pointed out that "the above-mentioned financial control report confirmed that all amendment procedures are in favor of foreign companies without taking into account the main reason for concluding contracts (which is to develop and increase oil production). Therefore, we call on the public prosecutor and the just Iraqi judiciary to take urgent action regarding this scandal and open extensive investigations to hold the officials involved accountable. ".   LINK

The Iraqi Parliament Is Preparing A Report On The "Stealing Of The Century" And Warns That The Accused Will Be Out On Bail

Shafaq News/ The Parliamentary Integrity Committee announced, on Wednesday, that it will prepare a detailed report on the theft of two and a half billion dollars from the amounts of tax trusts in the Rafidain Bank.

This came in a press conference held by Sarwa Abdel Wahed, a member of the Parliamentary Integrity Committee, at the parliament building, with the participation of a number of committee members, and was attended by Shafak News Agency correspondent.

During the conference, Abdul Wahed said that the Integrity Committee will have a report to diagnose the main official responsible for the theft of the century, and everyone is responsible, indicating that the Iraqi judiciary must play an active role and the accused cannot be released on financial bail.

She called for the necessity of diagnosing all those involved in the theft, adding that there was talk about the former head of the Finance Committee and he is now an advisor to the Prime Minister, and the Office of the Prime Minister has a hand in the matter and sent a letter to the Tax Authority, and these, including the Tax Authority, Rafidain Bank and the Office of the Prime Minister must Referring them to the judiciary, banning them from traveling, interrogating them, and arresting the accused.  LINK

A "Rumor" Is Causing A Significant Drop In Dollar Prices In Iraq

2022-10-19 06:59   Shafaq News/ On Wednesday, specialists attributed the decline in dollar prices in the Iraqi markets to rumors and speculators.

The Oasis Exchange Office said in an interview with Shafaq News Agency, "The rumors circulating about the new government's intention to reduce the price of the dollar against the Iraqi dinar to be 130,000 dinars for 100 dollars, and the possibility that it will be returned to its old price prompted citizens to sell their dollar banknotes. This led to a large supply compared to demand in the local markets.

While a government official considered in an interview with Shafaq News Agency that "speculators in the dollar exchange are active in such markets, taking advantage of the government formation process to spread such rumors with the intention of profit."

He pointed out that "what was circulated a while ago by some officials and representatives about the government's intention to change the dollar exchange rate was denied by the Parliamentary Finance Committee," adding that "the Prime Minister in charge of forming the government had previously admitted that there were negative effects on the decision to raise the dollar exchange."

It is noteworthy that the exchange rates of the dollar decreased in the Iraqi markets, for the Kifah Stock Exchange to trade today, Wednesday, at 147,000 dinars, compared to 100 dollars, after it recorded yesterday, Tuesday, the price of 147,600   LINK

Dollar Prices In Baghdad Recorded A New Decline Below 147 Thousand Dinars

Posted On2022-10-19 By Sotaliraq      The exchange rates of the US dollar against the Iraqi dinar continued to decline, today, Wednesday, on the main stock exchange in the capital, Baghdad, to record less than 147 thousand dinars.

Our correspondent said that the Al-Kifah and Al-Harithiya Central Stock Exchange in Baghdad recorded this Wednesday afternoon 146700 Iraqi dinars against 100 US dollars, after it opened in the morning at a price of 147000 Iraqi dinars.

Our correspondent indicated that buying and selling prices decreased in banking shops in the local markets in Baghdad, where the selling price amounted to 147,250 Iraqi dinars per 100 US dollars, while the purchase prices amounted to 146250 Iraqi dinars per 100 US dollars.

Specialists attributed the decline in dollar prices in the Iraqi markets to rumors and speculators.

And the Waha Exchange Office said in an interview, “The rumors circulating about the new government’s intention to reduce the price of the dollar against the Iraqi dinar to be 130,000 dinars for 100 dollars, and the possibility that it will be returned to its old price prompted citizens to sell their dollar banknotes, which led to The occurrence of a large supply compared to the demand in the local markets.”

While a government official considered in an interview that "speculators in the dollar exchange are active in such markets, taking advantage of the government formation process to spread such rumors with the intention of profiting."

He pointed out that “what was circulated a while ago by some officials and representatives about the government’s intention to change the dollar exchange rate was denied by the Parliamentary Finance Committee,” adding that “the Prime Minister in charge of forming the government had previously acknowledged the existence of negative effects on the decision to raise the dollar exchange.”

It is noteworthy that the dollar exchange rates recorded yesterday, Tuesday, the price of 147,600 Iraqi dinars, compared to 100 US dollars.    LINK

Iraq Increases Its Holdings Of US Bonds By More Than One Billion Dollars

Shafaq News/ The US Treasury announced, on Wednesday, that Iraq increased its holdings of US bonds to more than one billion dollars during the month of August.

The Treasury said in its latest schedule, seen by Shafak News Agency, that "Iraq's possession of US Treasury bonds for the month of August of 2022 increased by 1.043 billion dollars, or 3.02%, to reach 35.630 billion dollars, after it was 34.587 billion dollars in the month of July," indicating "These bonds rose from the same month last year, 2021, when Iraq's holdings of bonds amounted to $18.9 billion."

And she added, "Iraqi bonds, including long-term guarantees amounting to 23.430 billion dollars and short-term guarantees amounting to 12.200 billion dollars," noting that these bonds represent 0.44% of the world's bonds.

In the Arab world, Saudi Arabia comes at the forefront of the most possessing countries, reaching $122.089 billion, followed by Kuwait with $51.031 billion, the UAE third with $47.767 billion, then Iraq fourth, Oman fifth with $7.134 billion, then Morocco with $3.708 billion.

She pointed out that "the most holder of US bonds is Japan, with a value of 1,199.778 trillion dollars, followed by China, with a value of 971,808 billion dollars, followed by the United Kingdom, with a value of 644.710 billion dollars, and then Luxembourg with 305.974 billion dollars."  LINK

Iraqi News Highlights Wednesday Afternoon 10-14-22

Iraqi News Highlights Wednesday Afternoon 10-19-22

(Recaps Note: Typo in Title Date - Correction 10-19-22)

Tlm724 Administrator Bondlady’s Corner

The New Government Will Prepare Next Year's Budget After Its Formation

Planning By / NINA /:  Wednesday 19 October 2022 14:23 | politicalNumber of readings: 185

Baghdad / NINA / - The Ministry of Planning confirmed that the next government will prepare the Federal General Budget Law 2023 and send it to the House of Representatives in preparation for its approval, after its formation.

The Minister of Planning, Khaled Battal, stated, in a statement to the National Iraqi News Agency (NINA) that "the current government, the outgoing one, is the conduct of daily business, and it cannot present a budget, nor can it propose a budget at all, until the formation of the new cabinet."

He added, "The next government will legislate or propose a general budget law and send it to the House of Representatives later to proceed with its approval during the coming period," noting that "the current government is a caretaker that does not have the authority to send the budget law to the House of Representatives or any other party."/    https://ninanews.com/Website/News/Details?Key=100

The Judiciary Brings In A Former Member Of The Parliamentary Finance Committee Over The Tax Money Scandal

Money and business  Today, Wednesday, the Supreme Judicial Council announced the recruitment of a member of the Finance Committee in the House of Representatives for the previous session.

The Council said in a statement, "The Second Karkh Investigation Court, which is specialized in integrity issues, decided to bring in a member of the Finance Committee in the House of Representatives for the previous session on the charge of intentional damage to state funds in accordance with the provisions of Article 340 of the Penal Code."

He added, "The committee member issued a recommendation to disburse the tax deposits before completing the audits by the regulatory authorities."

Views 72   Added 10/19/2022 - 3:08 PM   Update 10/19-2022 - 5:30 PM

https://economy-news.net/content.php?id=30298

Barzani Announces The Launch Of The Digital Transformation Strategy For The Kurdistan Regional Government

The Prime Minister of the Kurdistan Regional Government, Masrour Barzani, announced today, Wednesday, the launch of the digital transformation strategy for the Kurdistan Regional Government.

Barzani said during a press conference, "Today we announce the launch of the digital transformation strategy, which is part of the reform program announced by the current Kurdistan Regional Government," noting that "this project is the way to reach an electronic government."

He added, "In 2025, the regional government will join the rest of the world's electronic governments," stressing that "the electronic visa system will be implemented during the next month."

He continued, "A new system for registering companies will be announced," noting that "the electronic system will support the economic sector in Kurdistan."  https://www.radionawa.com/all-detail.aspx?jimare=31733

Oil Prices Rise Due To Supply Problems

Wednesday 19 October 2022 09:28 | Economic Number of readings: 182  Baghdad / NINA / - Oil prices rose in early Asian trading today, Wednesday, to reduce the losses of the previous session, as concerns about tight supplies after reports of low inventories in the United States offset fears of lower demand from China, the largest oil importer.

Brent crude futures rose 52 cents, or 0.58 percent, to $90.55 a barrel. US West Texas Intermediate crude was at $83.95 a barrel, up $1.13, or 1.4%.

Brent and West Texas Intermediate touched two-week lows and fell 1.7% and 3.1% respectively in the previous session on reports of US President Joe Biden's plans to free more barrels from the Strategic Petroleum Reserve (SPR) and concerns about weak Chinese fuel demand.

A senior US official said that the administration plans in December to sell 15 million barrels of its reserves, which was announced earlier this year, which is 180 million barrels.

Oil price gains were capped by fears of weak fuel demand from China as it continues its strict COVID-free policy.

US crude oil inventories fell by 1.3 million barrels for the week ending October 14, according to market sources citing figures from the American Petroleum Institute on Tuesday.

Earlier in October, the Organization of the Petroleum Exporting Countries (OPEC) and other producers including Russia agreed to sharply cut oil production by 2 million barrels per day.

The OPEC+ production cut, which comes before the European Union's ban on Russian oil, will squeeze supplies in an already tight market. European Union sanctions on Russian crude and oil products will enter into force in December, February and February, respectively./End 8

https://ninanews.com/Website/News/Details?key=1008523

Iraq Increases Its Holdings Of US Bonds By More Than One Billion Dollars

Wednesday 19 October 2022 09:26 | Economic Number of readings: 237

Baghdad / NINA / - The US Treasury announced today, Wednesday, that Iraq increased its holdings of US bonds to more than one billion dollars during the month of August.

The Treasury said in its latest table, "Iraq's possession of US Treasury bonds for the month of August of 2022 increased by 1.043 billion dollars, or 3.02%, to reach 35.630 billion dollars, after it was 34.587 billion dollars last July," noting that "these bonds It rose from the same month last year 2021, when Iraq's holdings of bonds amounted to $18.9 billion.

And she added, "Iraqi bonds, including long-term guarantees amounting to 23.430 billion dollars and short-term guarantees amounting to 12.200 billion dollars," noting that these bonds represent 0.44% of the world's bonds.

In the Arab world, Saudi Arabia comes at the forefront of the most possessing countries, reaching $122.089 billion, followed by Kuwait with $51.031 billion, the UAE third with $47.767 billion, then Iraq fourth, Oman fifth with $7.134 billion, then Morocco with $3.708 billion.

She pointed out that "the largest holder of US bonds is Japan, with a value of 1,199.778 trillion dollars, followed by China, with a value of 971.808 billion dollars, followed by the United Kingdom, with a rate of 644.710 billion dollars, and then Luxembourg with 305.974 billion dollars." / End 8

https://ninanews.com/Website/News/Details?key=1008521

Planning Announces A Slight Increase In The Inflation Rate Last Month

Economie| 05:12 - 10/19/2022   Baghdad - Mawazine News   The Ministry of Planning announced, on Wednesday, an increase in the inflation rate during the month of September by (0.2%) compared to the previous month of August.

The official spokesman for the ministry, Abdul-Zahra Al-Hindawi, said in a statement received by Mawazine News, that "the annual inflation rate has also increased by 5.3% compared to what it was during September of the past year 2021, attributing the monthly change in inflation.

The food and non-alcoholic beverages section increased by (1.6%), compared to the decrease in the clothing and shoes section, by (0.7%), and the housing section decreased by (1%) as a result of the decrease in water and electricity supplies by (5.1%) due to the decrease in generator subscription fees, and the decrease The fuel group increased by (0.5%), while the household supplies and equipment department recorded an increase by (0.2%), and the health and tobacco departments maintained their same level in the previous month of August.

And Al-Hindawi said, "Other departments recorded a slight increase in their rates during the month of September, including the Transportation Department, which rose by 0.1%, the Communication Department, which rose by 0.2%), the Entertainment and Culture Department, which rose by 0.8%, and the Education Department, which rose by 0.8%. (0.2%), with the same percentage, the restaurants and hotels section rose, while the miscellaneous goods and services section recorded a decrease of (0.6%), affected by the drop in gold prices.

A spokesman for the Ministry of Planning pointed out that "the Central Bureau of Statistics has updated a number of goods that were lost in the markets, with the aim of increasing the accuracy of the indicators, as well as updating the mechanism for calculating the rental methodology in the housing department, as well as updating car prices in the transport department, and the prices of phones and computers. also".    https://www.mawazin.net/Details.aspx?jimare=20870

Parliament: We Will Take Real Measures Until Those Involved In “The Theft Of The Century” Are Imprisoned

Political | 04:03 - 10/19/2022   Baghdad - Mawazine News   The First Deputy Speaker of the House of Representatives, Mohsen Al-Mandalawi, confirmed, on Wednesday, that he will not tolerate the largest theft in the history of Iraq, and that the House will take real and serious measures until the imprisonment of those involved in this theft in cooperation with the judiciary to protect public money.

A statement by Al-Mandloub’s office said that Mawazine News received a copy of it, that this came during his chairing today, Wednesday (19-October 2022) an expanded meeting of the Parliamentary Integrity Committee, during which the former Minister of Finance hosted the agency “Ihsan Abdul-Jabbar” and the Deputy Minister of Finance “Taif Sami” And a number of officials in the relevant departments, to find out the details of theft of the sums of trusts collected at the General Tax Authority.

According to the statement, Al-Mandalawi called on the judiciary to take appropriate legal measures against all those accused of “stealing the century,” and to deter anyone who begged himself to tamper with the capabilities of the people and to impose the most severe penalties against those who are proven to be involved in this crime, regardless of their position, in order to save the money and bounties of Iraqis from the hands of the corrupt. ". https://www.mawazin.net/Details.aspx?jimare=208694

Details Of The Meeting Of The President Of The Republic And The Prime Minister-Designate

Political | 02:01 - 10/19/2022   Baghdad - Mawazine News, President of the Republic, Abdul Latif Rashid, received today, Wednesday, the Prime Minister in charge of forming the new government, Muhammad Shia Al-Sudani.

And a statement by the Presidency of the Republic, received by Mawazine News, said, "At the beginning of the meeting, Al-Sudani renewed his congratulations and blessings to the President on the occasion of his election as President of the Republic, wishing him success and success in performing his mission."

During the meeting, according to the statement, "the general situation in the country was discussed," and the two sides stressed "the importance of unifying the national ranks and working to form a new government that confronts the challenges facing the country and works to serve the Iraqi people and improve their living and service conditions." https://www.mawazin.net/Details.aspx?jimare=208681

The Dollar Exchange Rate Fell For The Second Day In A Row

Economie| 10:24 - 10/19/2022   Baghdad - Mawazine News, the dollar exchange rates fell, today, Wednesday, on the Iraqi Stock Exchange.  Selling price: 147.000 dinars per $100   purchase price: 146.900 dinars per $100   https://www.mawazin.net/Details.aspx?jimare=208658

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

https://www.bondladyscorner.com/

Some "Wednesday News" Posted by Samson at KTFA 10-19-2022

KTFA:

Samson:  Planning : The new government will prepare next year's budget after its formation

19th October, 2022

The Ministry of Planning confirmed that the next government will prepare the Federal General Budget Law 2023 and send it to the House of Representatives in preparation for its approval, after its formation.

The Minister of Planning, Khaled Battal, stated, in a statement to the National Iraqi News Agency ( NINA ), that "the current government, the outgoing one, is the conduct of daily business, and it cannot present a budget, nor can it propose a budget at all, until the formation of the new cabinet."

He added, "The next government will legislate or propose a general budget law and send it to the House of Representatives later to proceed with its approval during the coming period," noting that "the current government is a caretaker that does not have the authority to send the budget law to the House of Representatives or any other party."  LINK

Samson:  A new currency will be introduced soon ... What is the economic feasibility of it ?

19th October, 2022

Iraq intends to introduce a new currency on the market soon, in a move described as "a patchwork", especially with the increase in popular demands to reconsider the Central Bank's decision to raise the value of the dollar compared to the Iraqi dinar, which caused an increase in the prices of all materials consumed in the country.

The currency to be introduced by the Central Bank comes with the aim of relieving pressure on the circulation of local currencies in the markets

On the sidelines of the Al-Rafidain Forum, which was held late last month in Baghdad, the Governor of the Central Bank of Iraq, Mustafa Ghaleb Mukhif, revealed an intention to present a banknote of 20 thousand dinars, while confirming that the bank has a project on raising zeros from the currency, but it needs to issue a law, especially since Deleting zeros affects the trade balance. 

What is the benefit of the new currency?

In conjunction with the efforts of the Central Bank and other sectors to reduce inflation in the local markets in Iraq, the World Bank said that the annual inflation of food in Iraq reached 6.4% between May and August of 2022.

Meanwhile, economic expert Salama Sumaisem believes, during her talk to "Ultra Iraq", that "the currency to be offered by the Central Bank came with the aim of reducing pressure on the circulation of local currencies in the markets."

The economic expert added that "the introduction of such a currency also serves to reduce the inflationary pressure that is trying to consume small groups of currency in the markets, as well as being a step to fill the shortage of existing currencies in Iraq."

According to previous economic studies, the annual inflation level rose for the month of July of this year, reaching in 2022 to 117.8, which is the highest inflation rate recorded in Iraq in more than 10 years.

Regarding the inflation that hit the markets, Sumaisem points out that "the best way to eliminate inflation lies in reducing the currencies circulating in the markets, because the more money increases in the market, the less its material value, in addition to improving banking performance by increasing reliance on sukuk and other securities."

No economic benefits

Economist Amer Al-Jawahiri says that "issuing the 20,000 dinars currency has no economic feasibility in terms of solving the inflation file in the markets, since this currency will fill the shortage of currencies circulating in the markets."

In an interview with "Ultra Iraq", Al-Jawahiri continues, saying that "the Iraqi economy is a meager one, and it depends mainly on imports, and therefore it is not possible to control inflation in the markets by offering this category of local currencies."

The weakness of domestic production with the increase in global inflation, all of which helped to increase the economic crisis in Iraq, and the words of Al-Jawahiri, who stressed that “supporting the industrial, agricultural and other sectors to meet the need for import is the only and optimal thing to reduce economic inflation in Iraq.”

At the end of his speech, Al-Jawahiri said, "The interest in the private sector and the implementation of stalled economic projects is the best way to solve the inflation crisis in the markets, because offering this currency does not help in resolving this file."

Meanwhile, there were conflicting opinions in the Iraqi street, especially among economic circles, regarding the feasibility of issuing this cash category, amid a statement issued by the Parliamentary Finance Committee, which confirmed that they would discuss with the Governor of the Central Bank the feasibility and motives behind the decision to offer a category of 20 thousand dinars.

Gateway to new categories

Mustafa Hantoush, a researcher in economics, says, for his part, that "the currency is considered one of the middle classes, and therefore it does not indicate the inflation of money in the markets," noting that "the issuance of such currencies indicates the existence of a balance and parity of prices in the local markets."

According to Hantoush's talk to "Ultra Iraq", the issuance of such categories opens the door to the issuance of other categories of currency, such as (15,000 Iraqi dinars), stressing that "the existence of this (new) category may fall within the marketing and contractual reasons."

The economic expert also indicates that this is a pricing category and does not have any harm to the economy of Iraq, explaining that "this step is within the Central Bank's steps to destroy the damaged currencies and issue new currencies."

Iraq owns 7 categories of cash circulating in the markets, which are: 

250 dinars is roughly equivalent to 17 cents. 

500 dinars is roughly equivalent to 34 cents. 

1000 dinars is roughly equivalent to 68 cents. 

5000 dinars is equivalent to 3.5 dollars.

10,000 dinars is roughly $7.

 25,000 dinars is roughly equivalent to 17 dollars.

50,000 dinars is roughly equivalent to 33 dollars.

The Central Bank of Iraq reduced the value of the dinar against the US dollar in 2020, in a measure that caused great anger among the Iraqi street as a result of the high prices in the markets and the low value of financial salaries in the country.

According to the official pricing of the Central Bank, the exchange rate amounted to 1,450 dinars to the dollar, instead of the previous rate of 1,190 dinars.  LINK

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Iraq is ranked second in the list of the most developed countries in 2022

19th October, 2022

Arab countries are among the top 10 countries that will record high GDP growth rates for the current year, according to the International Monetary Fund’s classifications issued in the October World Economic Outlook report

This comes while the global economy is witnessing geopolitical tensions and fears of a recession in the US economy extending to the European Union and Asia during the next year

The consequences of the Russian-Ukrainian war have added pressures on the world's economies through inflation, while the European Union countries are facing a shortage of gas needed for power generation, which casts negative shadows on their economies however, many countries will benefit from high growth rates due to the high demand for their trade, especially the oil-producing Arab countries, as well as other countries that have not witnessed any negative effects of the existing global conditions

The International Monetary Fund classified Guyana as the fastest growing economy in both forecasts issued last April and this October, with a growth rate of 57.8 percent this year. The sparsely populated country is growing thanks to new oil exploitation projects

In second place, Iraq came with economic growth expectations of 9.3 percent, driven by the rise in global demand for crude oil and natural gas, as Iraq is a major exporter of crude

Iraq is the second largest producer of crude oil in the Organization of "OPEC" after Saudi Arabia, with an average daily production of 4.6 million barrels per day, of which about 3.3 million barrels per day are exported under normal conditions

In third place came Ireland, whose growth has been significantly revised upwards, bringing the IMF's forecast of 9 percent this year but Ireland's GDP is notoriously volatile due to the many multinational corporations that are based there that benefit from favorable tax laws within the European Union

In fourth place came Kuwait, which is expected to record a growth of 8.7 percent this year, driven by the growth in global demand for crude oil, as the country produces an average of 2.8 million barrels per day

In fifth place came Saudi Arabia, which is expected to record a growth of 7.6 percent during the year, a growth that comes thanks to crude oil exports and its high prices. Saudi Arabia is the second largest producer of crude oil in the world, with a daily average of 11 million barrels, and the largest exporter of it, with a daily average of more than 7.4 million barrels

In sixth place came Colombia, which the International Monetary Fund expects to record a growth of 7.6 percent, driven by the production of fossil bullet sources, while in seventh place comes Panama, with a growth rate of 7.2 percent

In eighth place comes Vietnam, which is expected to record a growth of 7 percent this year, followed in ninth place by India, with a growth rate of 6.8 percent

India's GDP grew by 4.1 percent in the first three months of 2022, which cut annual growth slightly in 2021 to 8.7 percent due to Omicron's restrictions that hampered economic activity in the fourth quarter of the Indian fiscal year. While in the first quarter of the new fiscal year (April to June), growth returned to 13.5 percent, looking at the big picture Indian GDP growth is still doing well globally

And Egypt ranked tenth in the world, which is expected to record a growth of 6.6 percent this year, driven by a package of reforms in cooperation with the International Monetary Fund  LINK

Samson:  Iraq increases its holdings of US bonds by more than one billion dollars

19th October, 2022

The US Treasury announced, on Wednesday, that Iraq increased its holdings of US bonds to more than one billion dollars during the month of August.

The Treasury said in its latest schedule, seen by Shafak News Agency, that "Iraq's possession of US Treasury bonds for the month of August of 2022 increased by 1.043 billion dollars, or 3.02%, to reach 35.630 billion dollars, after it was 34.587 billion dollars in the month of July," indicating "These bonds rose from the same month last year, 2021, when Iraq's holdings of bonds amounted to $18.9 billion."

And she added, "Iraqi bonds, including long-term guarantees amounting to 23.430 billion dollars and short-term guarantees amounting to 12.200 billion dollars," noting that these bonds represent 0.44% of the world's bonds.

In the Arab world, Saudi Arabia comes at the forefront of the most possessing countries, reaching $122.089 billion, followed by Kuwait with $51.031 billion, the UAE third with $47.767 billion, then Iraq fourth, Oman fifth with $7.134 billion, then Morocco with $3.708 billion.

She pointed out that "the most holder of US bonds is Japan, with a value of 1,199.778 trillion dollars, followed by China, with a value of 971,808 billion dollars, followed by the United Kingdom, with a value of 644.710 billion dollars, and then Luxembourg with 305.974 billion dollars."  LINK

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Samson:  Economist: The tax has more than 100 trillion that has not been submitted to the final accounts

19th October, 2022

The economic expert, Dr. Safwan Qusay, confirmed that the tax has more than 100 trillion dinars as amounts that have been accumulated for decades, and have not been liquidated or final accounts have been submitted.

Qusay told Al-Maalouma that "tax deductions are deducted from government units according to purchases from suppliers, contractors and others, as many of the invoices submitted to those units are not real, but came from parties that manipulate the name of the store or the type of goods, and when they go Withholdings to the tax, the invoice holder does not review for the purpose of recovering the amounts because they are fake invoices.

He added, "The tax has accumulated amounts for decades that exceed 100 trillion dinars, and they have not been liquidated or final accounts are presented so that these trusts appear to those who return, and when the person concerned is not reviewed, it is assumed that they will turn into final revenues for the Iraqi state, but this procedure has not taken place."

And he indicated that "the corrupt were able to pass instruments to unknown parties, and it seems that there is more than one party responsible for the manipulation, especially since the party that confirms the entitlement is not the same as the one doing the disbursement, and therefore there is more than one party, as well as the body of the internal audit, in addition to the absence of a budget and lack of The presence of a return of the trusts indicates that there is a criticism that was seized by the issuers of the sukuk, and it is a criticism that does not belong to the parties to whom it was issued.”

He pointed out that "the investigations will clarify to whom the money was transferred, where it went and withdrawn, where the money will be recovered, and those who were behind the liberation of the fictitious checks will be punished."   LINK

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The Iraqi parliament is preparing a report on the "stealing of the century" and warns that the accused will be out on bail

19th October, 2022

The Parliamentary Integrity Committee announced, on Wednesday, that it will prepare a detailed report on the theft of two and a half billion dollars from the amounts of tax trusts in the Rafidain Bank.

This came in a press conference held by Sarwa Abdel Wahed, a member of the Parliamentary Integrity Committee, at the parliament building, with the participation of a number of committee members, and was attended by Shafak News Agency correspondent.

During the conference, Abdul Wahed said that the Integrity Committee will have a report to diagnose the main official responsible for the theft of the century, and everyone is responsible, indicating that the Iraqi judiciary must play an active role and the accused cannot be released on financial bail.

She called for the necessity of diagnosing all those involved in the theft, adding that there was talk about the former head of the Finance Committee and he is now an advisor to the Prime Minister, and the Office of the Prime Minister has a hand in the matter and sent a letter to the Tax Authority, and these, including the Tax Authority, Rafidain Bank and the Office of the Prime Minister must referring them to the judiciary, banning them from traveling, interrogating them, and arresting the accused.  LINK

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Samson:  Al-Mandalawi: We will not tolerate “the theft of the century” until those involved in it are imprisoned

19th October, 2022

Today, Wednesday, the First Deputy Speaker of the House of Representatives, Mohsen Al-Mandalawi, stressed that there will be no tolerance in the face of “the theft of the century” until those involved in it are imprisoned in cooperation with the judiciary.

The media office of the First Deputy Speaker of the House of Representatives said in a statement received (Al-Oula News), that “Al-Mandlawi chaired an expanded meeting of the Parliamentary Integrity Committee, during which the former Minister of Finance hosted the agency “Ihsan Abdul-Jabbar”, the Deputy Minister of Finance “Taif Sami”, and a number of officials in The concerned departments, to find out the details of theft of the sums of deposits collected at the General Tax Authority.

Al-Mandalawi affirmed, "He will not tolerate the largest theft in the history of Iraq," noting that "the Council will take real and serious measures until those involved in this theft are imprisoned in cooperation with the judiciary to protect public money."

The First Deputy called on the judiciary to “take appropriate legal measures against all those accused of stealing the century,” stressing the need to “deter anyone who begs himself to tamper with the people’s capabilities and inflict the most severe penalties against those who prove their involvement in this crime, regardless of their position, to save the money and bounties of Iraqis from the hands of the corrupt.”  LINK

Wednesday AM Iraq Parliament News Highlights 10-19-22

Wednesday AM Iraq Parliament News Highlights 10-19-22

Latif Rashid and Al-Sudani confirm the formation of a new government that confronts the challenges facing the country

Shafaq News/ The President of the Republic, Abdel Latif Jamal Rashid, the Prime Minister in charge of forming the new government, Muhammad Shiaa Al-Sudani, affirmed on Wednesday, the work to form a new government that faces the challenges facing the country.

This came during a meeting with Latif Al-Sudani at Al-Salam Palace in Baghdad, according to a statement issued by the Presidency of the Republic.

The statement stated that during the meeting, the general situation in the country was discussed, and the two sides stressed the importance of unifying the national ranks and working to form a new government that confronts the challenges facing the country and works to serve the Iraqi people and improve their living and service conditions.   LINK

Iraq   16:47 - 10-18-20-20   Today, Tuesday, the Parliamentary Legal Committee confirmed that more than 20 bills will be legislated in the coming months.

The head of the committee, Muhammad Anouz, said in a press statement, "The priority of the House of Representatives after the formation of the government or the cabinet is the budget law."

Anouz added, "The budget will be among the first laws that will be sent by the new government to legislate it, and then turn to other laws that affect the citizen's condition, including the Civil Service and Unified Pension Law."

He continued, "The other important laws that pertain to the Legal Committee and accumulated since previous sessions, are the Social Security Law, the Residential Abuse Treatment Law, the Civil Service Law, and many laws that directly affect the citizen's condition and suffer from it."

He continued, "All political blocs are in agreement on these projects, laws and proposals, and during the next few months, more than twenty to twenty-five laws will be legislated as a first package agreed upon by all political blocs."    https://kirkuktv.net/AR/Details/9853

Parliament Receives A Heavy Legacy From Previous Sessions And Begins With 20 Laws

Posted On2022-10-19 By Sotaliraq    Baghdad/ Firas Adnan   Representatives revealed the existence of 120 laws carried over from previous electoral cycles, noting that Parliament began discussing about 20 of them, stressing the exclusion of what is controversial and political disagreement at the present time, and they talked about a new mechanism that will be implemented in order to ensure the discussion of the largest number of projects. .

Independent MP Mortada al-Saadi said, "Parliament held three sessions before electing the president of the republic, and it is awaiting the formation of the government in order to continue its duties more vigorously."

Al-Saadi added, "These sessions witnessed a discussion of about 20 laws, which concern the work of important ministries and affect the life of the citizen."

He pointed out that “the projects and proposals have been transferred to the relevant committees so that they can proceed with them either by direct legislation in accordance with the constitutional contexts, or some amendments are made to them before being submitted to a vote.”

And Al-Saadi, that "the past sessions did not witness a discussion of controversial laws, with the exception of the draft law to address abuses and slums, which was carried over to more than one parliamentary session."

He spoke about “a vision of the House of Representatives that we should proceed with this law after making the amendments to it, as it provides a service to two million citizens living in slums, by converting the rental process into ownership according to a specific mechanism that helps in knowing the beneficiaries who must be included in the law.”

Al-Saadi continued, "The interest in non-controversial laws at the present time is the best option so that the House of Representatives can pass as many of them as possible, especially after the disruption to the legislative authority for several months."

For his part, the other independent deputy, Mohamed Anouz, stated that "the parliament has 120 projects dating back to previous electoral cycles, and we need to invest time and make up for what we missed in a serious and vital way."

And Anouz added, "Some of these laws affect the lives of citizens and motivate the economic process, such as social security, civil service, the needs of people of determination and disabilities, corporate laws, civil investment and partnership between the private and public sectors."

He revealed, “a mechanism put up for discussion within the Parliamentary Legal Committee, that the discussed laws take place in two meals, each meal includes a group of members so that we double the effort and reduce time.”

And Anouz concluded, “there is a real desire in Parliament to practice its work again, especially in the field of legislation, in addition to its other competence to monitor the performance of the executive authority.”

In addition, the representative of the New Generation bloc, Omid Muhammad, stated that "Parliament is waiting for the government to be formed and have full powers in order to receive bills from it."

And Muhammad added, "The priority will be after the formation of the government, is to legislate the federal general budget law for the next year."

He pointed out, "The House of Representatives, after it finishes the budget, will have the convenience of switching to other laws that affect the lives of citizens."

The House of Representatives had completed, during the session held on the 11th of this month, before the presidential election session, the first reading of the draft law to amend the Companies Law No. 21 of 1997, submitted by the Committee on Economy, Industry and Trade, and the first reading of the draft law regulating service wages in state departments Centrally funded and its priorities, provided by the financial, services, reconstruction, strategic planning and federal service committees.

That session also witnessed the completion of the first reading of the draft law on the National Day of the Republic of Iraq, submitted by the Committee on Culture, Tourism, Antiquities and Media, the first reading of the draft law on the second amendment to the Public Roads Law No. 35 of 2003, submitted by the Services and Construction Committee, and the first reading of the draft law on the third amendment to the Law The Great Imam No. 19 of 1997, submitted by the Committees of Endowments and Tribes, Higher Education and Scientific Research.

In the same session, the Council also completed the first reading of the draft law of the National Authority for Nuclear, Radiological, Chemical and Biological Control, submitted by the committees of health and environment, higher education and scientific research, and the first reading of the draft law on the third amendment to the law on the implementation of irrigation projects No. 138 of 1971, submitted by the Committee on Agriculture, Water and Marshes .   LINK

The President Of The Republic Receives The Prime Minister In Charge Of Forming The Government

Iraq   14:44 - 10-19-20-20   His Excellency the President of the Republic, Dr. Abdul Latif Jamal Rashid, received today, Wednesday, October 19, 2022, at the Al-Salam Palace in Baghdad, the Prime Minister in charge of forming the new government, Mr. Muhammad Shia Al-Sudani.

At the beginning of the meeting, Mr. Muhammad Shiaa Al-Sudani renewed his congratulations and blessings to His Excellency the President on his election as President of the Republic, wishing him success and success in carrying out his mission.

The President expressed his thanks and appreciation to Mr. Muhammad Shiaa Al-Sudani, and renewed his congratulations to him on the occasion of his assignment to form the new government, wishing him success in his mission.

During the meeting, they discussed the general situation in the country, and the two sides stressed the importance of unifying the national ranks and working to form a new government that confronts the challenges facing the country and works to serve the Iraqi people and improve their living and service conditions.    https://kirkuktv.net/AR/Details/9884

Al-Kazemi: I Wish Prime Minister-Designate Muhammad Shia Al-Sudani Success In Forming The Government

Iraq  21:35 - 10-18-20-20   Today, Tuesday, Prime Minister Mustafa Al-Kazemi affirmed his confidence in the new government, and while stressing the need for it to have a quick budget, he called on political forces to support the Prime Minister-designate and give him freedom to choose his cabinet.

Al-Kazemi said in a speech during the cabinet session that was held today, “I congratulate the President of the Republic, Abdul Latif Rashid, assuming his duties in the Peace Palace, and I wish the Prime Minister-designate Muhammad Shia Al-Sudani success in forming the government,” noting that “the task is difficult, and I wish the forces The political task is to facilitate the task of the Sudanese, and give him the freedom to choose his cabinet to serve his people, a freedom that we have been denied.”

He added, "We have complete confidence in the new government, and it must have a quick budget to carry out its tasks and duties towards the people," noting that "the circumstances of forming this government began with a complex social circumstance. that guarantees the dignity and lives of citizens, as this movement that I call the revolution has pushed many martyrs from our youth, and many serious injuries, for the sake of the dignity and future of Iraq.”

He continued, "This government came and was formed in a very difficult economic situation, as we were on the verge of a real economic collapse, and the challenges of the Corona situation and the collapse of oil prices, as well as the international conflict that some wanted to turn Iraq into a backyard for international and regional conflicts, but we were able with patience and wisdom to cross those challenges.

And he indicated that "we developed a reform plan in the economy from the first moment, and established a new economic vision through the white paper, and we succeeded in saving our economy and moving it from the stage of collapse to the stage of growth," explaining that "Iraq has now registered, according to an international report issued this month, the fastest growth." in the Middle East and the second country in the world, with a growth rate of 9.3%.

He stressed that "there are those who doubt the government and do not want these successes to be recorded in its name, as some say that the document is old while it was issued in October, and with all this some questioned the reforms of this government, and all the correct measures that it took," noting that "This government is two and a half years old. It worked for twenty-eight months and did not receive only six months of the budget. Despite all this, we managed to cross an important stage."

He stated that "the central bank's reserves were downward at the moment we received the government, as it was 49 billion dollars, and today we have a reserve of 85 billion dollars, and we had gold reserves close to 96 tons, and today it has become up to 134 tons," noting that "this did not come randomly, some He says of oil prices, and this is not true, and many countries of the world have increased oil prices, but no growth has been recorded in them, and this is due to the reform paper that we applied."

He pointed out that "from the first moment, we had a vision to reform the Ministry of Finance, which was adopted by the former minister, and we presented a set of reform projects, and it was met with strong objections by parliamentarians and political blocs to prevent reform in the Ministry of Finance and to maintain traditional mechanisms that do not fit the times," explaining that "A former minister presented a comprehensive accounting project that requires automation and modern methods, but everyone fought it, and yet we went ahead with it, and it takes time."

He pointed out that "comprehensive accountability helps us to stop waste, reduce corruption and stop manipulation in many cases, as happened in the issue of secretariats in the Tax Authority, which we announced its disclosure, and some tried to protect the corrupt and thieves and transfer the accusation to the government," stressing that "this issue does not concern the government." The government, but a department of the Ministry of Finance, and with all this, I was the first to alert the former minister about this phenomenon in 2021, and directed him to conduct an investigation, and in light of the investigation, he issued an order preventing the disbursement of any tax trusts without obtaining the minister’s approval.”

He pointed out that "some people are trying to obstruct any success, since the first day we announced the anti-corruption project, we fought corruption and were subjected to great pressure, threats and extortion, and we saw that the government did not obtain parliamentary sponsorship for well-known reasons, but rather continued opposition to it, because of the damage to the interests of some, we announced since The first day is to fight corruption, and we will end the last day of the government’s life by fighting corruption.”

And Al-Kazemi indicated that "what was announced on the issue of taxes is one of the great challenges," noting that "history will do justice to this government, and this will be shown by the investigations that the judiciary is quietly carrying out."

He stressed that "the judiciary began the investigations for months and quietly, but some knew that accountability would reach him, so he tried to make a fuss, and take advantage of some circumstances to create chaos and cover up the real corrupt and the causes of this problem," adding, "When the ministry did not succeed more than 17 years ago." In finding an electronic automation system that

integrates with the times and the correct calculation mechanisms, and if these systems existed, we would not have fallen into these problems.”

He explained that "the issue of tax secretariats is long-lived and has nothing to do with this government and it is old, but with all this we have taken a decision on the issue of comprehensive accounting and its implementation, but it needs time because it needs restructuring and arranging some procedures in the ministry," noting that "the uproar that occurred Regarding the automation of customs, it also caused a problem, and there were many objections from some, but thank God we signed agreements with the United Nations to re-automate some joints in the Ministry of Finance and it takes many years, and it was supposed to start since 2003, and all countries in the region have adopted it.” .

He continued, "The customs regimes that we proposed are compatible and complementary with 90 countries in the world, including all the neighboring countries of Iraq, but with great regret there are those who are trying to blackmail the government and come out with populist and extortion speeches aimed at bringing down and preventing any achievement of this government," stressing "the presence of parties Many have tried to pressure, directly or indirectly, that the ministry not take its measures, despite all this, the government has adhered to a policy of silence in order to avoid any attempt to frustrate the people.

And he stated, "We remained silent so as not to create despair, and we have little knowledge of what is happening on the ground, and the state knows everything, and if the state wants to open the files, it will cause earthquakes, and the Iraqi situation does not bear earthquakes, but rather needs construction and patience for the future of Iraqis." He pointed out that "there are those who took advantage of the policy of silence that we adopted from the first moment, and Iraq has many problems and challenges, and we resorted early to the policy of patience and silence, and we were not willing to exaggerate the problems or engage in political rivalries in an environment in which poverty became a part, the lack of services and the shortcomings in education".

He stated, "We did not want to engage in quarrels and thus create despair among the people, so we preferred silence and let our work stand out, and we did not want to frustrate the people's resolve," pointing out that "we have endured many accusations and slanders and even assassination attempts, for the sake of the people's eyes, which were subjected to For three assassination attempts, I did not develop the issue, although the last attempt witnessed international pressures to internationalize it, and it refused to protect Iraq and the Iraqis.

He pointed out that "there are those who try to question any step taken by the government in favor of the Iraqis, with all this, we must protect everyone who raised the banner of fighting corruption, and people know that this campaign of confusion comes to try to distort the investigation or influence it with false accusations, and people know who They are the corrupt, and they know that there are big whales behind this process," noting that "there is no government that fails or succeeds because it has wealth, and the successful country is the one that invests in people's minds, and we see that many countries in the world have wealth, but they are failed countries.

" The countries of the world do not have wealth, but they are successful countries. We have Singapore as a model, and Taiwan, small countries, but they have the fourth or fifth reserves in the world, and sometimes they are forced to import stones, and they have been able to build countries that have turned into icons.”

He stressed that "Iraq possesses history, civilization, wealth, the youth generation, geography and culture. All the ingredients for success are ours, and what we need is paternity and honesty in dealing with service files." Iraq did not have a government that remained for two years without a budget," he asked, "How did we continue to work then? And how did we succeed with deprivation of money? We have prevented the economy from collapsing, and we have built a kind of economic growth in a world that is witnessing a great decline and great challenges for all countries of the world."

He stated, "We got the second place in economic growth, and today we have distributed to you the achievements of the government, last year, and today we end this year of the government's life with the submission of the report on government performance, and the percentage of achievement in it is a high percentage," explaining that "some people accuse us that we did not market."

Achievements, I say yes: We have a flaw in marketing because we did not rely on corrupt money to create electronic armies, and I do not believe in them, and I believe that in politics there should be a minimum of cavalry qualities and moral values, because we work for the people, not for agendas partisan, sectarian, or ethnic.

He pointed out, "We have achieved a lot of what we are proud of as a government and as ministers, and we should not pay attention to the dissonant voices that try to blackmail under the headings of concern for public money, while they are the parties most involved in wasting money," explaining.

Al-Kazemi called on "the political forces to support the next government, and to give the prime minister-designate a space to carry out his mission as soon as possible," addressing the ministers by saying, "Prepare yourselves and the files regarding the handing over of your fellow ministers to come, each ministry in its own ministry."

Al-Kazemi thanked "everyone who supported this government," explaining that "our bet and our hope for the Iraqi people is to interact and embrace hope for a better future than the present."

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