Iraqi News Highlights Early Friday AM 10-28-22

Iraqi News Highlights Early Friday AM 10-28-22

Tlm724 Administrator Bondlady’s Corner

Iraq’s Wealth And The Forty Thieves: Structural Enablers Of Corruption With Impunity

by Ahmed Tabaqchali

The disclosure on 15 October 2022 of the embezzlement of 3.7 trillion Iraqi dinars (IQD), about US$2.5 billion, from the General Commission of Taxes (GCT) brought the stinging resignation letter of the outgoing finance minister into sharp focus –

in particular, the charge that ‘vast underground networks of senior officials, corrupt businessmen and politicians operate in the shadows to dominate entire sectors of the economy, and siphon off literally billions of dollars from the public purse.’

Righteous indignation notwithstanding, severe punishments and new measures to root out corruption are doomed to fail, as were all prior anti-corruption measures,

because the root causes are inherent in the post-2003 political order’s politically sanctioned corruption;

and the inevitable politicisation of the senior civil service, which have hollowed out the state and its institutional capacity to function.

In particular, the Ministry of Finance (MoF), is structurally weak and ill-equipped to deal with the complexities of managing the state’s budget.

Specifically, the absence of coherent revenue and expenditure management policies and systems, i.e., a Public Financial Management (PFM) system,

combined with the prevalence of decades old paper-based systems,

makes it impossible for the government to monitor its finances,

in particular its cash management operations.

Now You See Me, Now You Don’t

The audacity of the embezzlement is matched only by the ease and impunity with which it was carried out.

The Sad State of the Ministry of Finance

Lacking a sound PFM, the MoF operates without an Integrated Financial Management Information System (IFMIS)

which electronically links

budget planning,

budget execution,

accounting and

reporting of all government entities;

exacerbated by the absence of a Treasury Single Account (TSA),

which consolidates all the government’s accounts in a single account controlled by the MoF.

As such the MoF has a tenuous control over government entities’ expenditures, and only a partial knowledge of its cash balances.

The White Paper and Resistance from Within

Two key aspects of the ‘White Paper for Economic Reform’, were to

address the MoF’s structural weaknesses through the introduction of a PFM system,

by reviving the long-stalled implementation of an IFMIS and a TSA;

and to restructure state-owned banks Rafidain and Rasheed.

While this has moved both projects from their multi-year aspirational phases to the realms of the possible, the system valiantly resisted – more passively than aggressively in the face of a strong push from the leadership of the MoF from May 2020 until October 2022.

A Feature and Not a Bug

Consequently, each government entity continues to have nearly full autonomy over its expenditures and bank accounts, making central accountability and effective governance a pipe dream.

As such – whether by design or a happy coincidence – this state of affairs maintains the substantiveness of ministerial appointments within the Muhasasa Ta’ifia structure, and within its Wikala sub-structure for the appointments of senior civil servants.

READ FULL ARTICLE at

https://blogs.lse.ac.uk/mec/2022/10/26/iraqs-wealth-and-the-forty-thieves-structural-enablers-of-corruption-with-impunity/

Within 9 Months, Iraqis Bought 5,250 Homes In Turkey

economy    breaking    Iraqis in Turkey    houses in Turkey    Real estate in Turkey

2022-10-26 21:57  Shafaq News/ Iraqis bought about 5,250 homes in Turkey during 9 months of the current year 2022, according to the latest Turkish census published today, Thursday.

In the latest statistics seen by Shafak News Agency, the Turkish Statistics Authority said that "Iraq came in third place as the largest buyer of homes in Turkey, as Iraqi citizens bought 5,255 homes during 9 months of the current year 2022, down by 6 percent from the same period last year, which Iraqis purchased 5,585 Turkish homes.  And she added,

"Citizens of Russia came first with 9,311 houses, followed by Iranians second with 6,540 homes, Germans came fourth with 2,058 houses, and then Kazakh citizens came 5th with 2,045 houses."

Iraqis have been at the top of the list of home purchases in Turkey since 2015, but the ranking fell to second place after Iran at the beginning of the current year 2021, to fall back to third place with the month of March 2022 after Russia became the most purchaser of Turkish homes.

https://shafaq.com/ar/اقتصـاد/خلال-9-اشهر-العراقيون-اشتروا-5250-منزلا-في-تركيا

Al-Sudani: The Corruption Pandemic Is More Deadly Than Corona And Was The Cause Of Many Problems

On October 27, 2022   The Independent/- The parliament session began Thursday evening, devoted to voting on the new government headed by Muhammad Shiaa al-Sudani.

In a speech before the Council, Al-Sudani said it is an honor to stand today in the house of the legislative authority, as stipulated in Article 76/4 of the Constitution, in order to present the ministerial curriculum and present the government cabinet, hoping to gain the confidence of the people’s representatives and start a new page in the fields of implementation.  He added,

"Our ministerial team will address the responsibility at this stage in which the world is witnessing very large political and economic transformations and conflicts, which adds new challenges to our country, which is already suffering from accumulated crises that have had the most severe economic, social, humanitarian and environmental impact."

And he promised the people "a sincere promise to make the utmost effort and our utmost, in order to succeed in lifting these monuments, in a spirit befitting the courage of Iraqis."  Al-Sudani pointed out that

“the success of our ministerial curriculum stems from our belief that the Iraqis, with their different convictions, beliefs and tendencies, are all righteous sons of our beloved Iraq, and by meeting around us they will form a basis for the success of our government, and openness to all political forces, whether or not they participated in the government.”

And he announced seeking to ensure close cooperation between the members of the House of Representatives and the ministerial team, "in a manner that guarantees a legislative and oversight role that our people deserve, who have entrusted us and you with the trust of representing them."

"We must cooperate to develop the work and effectiveness of state oversight bodies, and strengthen the capabilities of the free national press to play its role," he stressed.

Al-Sudani expressed his government’s keenness to

“increase the capacity and effectiveness of local governments, as is the case in federal systems, and to

find sustainable solutions to files with the Kurdistan Regional Government of Iraq, through a true partnership based on rights and duties, and to

guarantee and preserve the independence of the judiciary as stipulated in that constitution.”.

He stressed, "The corruption pandemic that affected all aspects of life is more deadly than the Corona pandemic, and was the cause of many economic problems, weakening the state's prestige, increasing poverty, unemployment and poor services, and

accordingly our program will include firm policies and measures to combat this pandemic."  He expressed his belief that

"building a strong Iraqi economy is able to

achieve qualitative change in services,

create many job opportunities and

open the doors for investment wide, and

contribute to strengthening the foundations of cooperation with countries of the world,

based on the principle of common interests and mutual respect for sovereignty."  He stated that

"our ministerial team will apply a set of principles to work on building a modern economy that serves Iraqis in the present and the future, namely:

stopping the deterioration that afflicts various sectors,

financing and implementing new and lagging projects, which have a direct impact on the lives of citizens and the services provided to them, in addition to

combating Poverty, unemployment and

empowering low-income people.

He also stressed the work on the gradual transformation of the rentier economy by modernizing the work of the economy through the government's sponsorship of an important economic engine based on investing the creativity of young energies;

To activate the building of small and medium-sized companies in

agriculture,

industry,

information technology,

services and the

environment, to

provide the state with thousands of job opportunities and to

attract local and international investment.  In his speech,

Al-Sudani indicated that God has bestowed upon Iraq many resources, the most important of which are creative human energies, and our government’s endeavor is to start investing and developing these energies, especially since a large percentage of Iraq’s population are young people who deserve a role in building the country and benefiting from its bounties.  He also indicated that

his ministerial curriculum gave priority to returning the displaced to their areas of residence after completing the requirements for return, and was also concerned with human rights and women's empowerment.  He added,

"Our government will give the necessary care and support to our armed forces and internal security forces with all their names and formations, for being the guarantor of civil peace and security of the country and the implementation of the rule of law."  He expressed his belief that

Iraq's strategic location, regional weight and influence in the world economy give it the right to play a major role that represents its true size and to establish the best relations on the basis of mutual and complementary interests with neighboring countries and Arab and friendly countries.

https://mustaqila.com/السوداني-جائحة-الفساد-أكثر-فتكاً-من-كو/

British Report: Iraq Bottoms In The Global Business Environment Rating

322 Economy 10/27/2022 13:38   Baghdad today _ follow up   Iraq is among the five countries that rank at the bottom of the global business environment ranking issued by the British Economist Intelligence Unit, which indicates the country's economic outlook for five years.

According to a report issued by the company and followed by (Baghdad Today), it explained that

“the rating measures the attractiveness of the business environment in 82 countries on a quarterly basis using a standard analytical framework with 91 indicators,” noting that

“its ratings for the fourth quarter of 2022 show that Western Europe and North America are still better Places to do business in the world, Asia ranked third, slightly ahead of Eastern Europe, while the Middle East and Africa made a slight lead over Latin America.  She explained that

"Iraq came during the period from the last quarter of 2019 to the same period of this year among the five countries that occupy the bottom classification in the global business environment, as

it came fourth after Syria first, Yemen second and Libya third, while Lebanon came fifth after Iraq."  She added that

"the low centers of the Middle East and Africa are still under the weight of poor governance and rampant insecurity in many parts of the region, including the contagion of conflicts in Syria, Yemen and Libya, as well as political unrest in a number of countries such as Iraq and Lebanon."

And she considered that  "Singapore will remain the best place for business in the world over the next five years, according to the unit's business environment rankings for the fourth quarter of 2022, while

Canada and the United States ranked second and third, respectively, while Western Europe retained its position within the top 20."

She pointed out that "the greatest improvement during the past three years and prior to the turmoil caused by the Corona pandemic and the war in Ukraine was in the business environment in Greece, Qatar, the United States and the UAE, while the worst cases were in Latin America in addition to Russia and Ukraine." https://baghdadtoday.news/news/204468/تقرير-بريطاني-العراق-يتذ

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

https://www.bondladyscorner.com/

Iraqi News Highlights Thursday Evening 10-27-22

Iraqi News Highlights Thursday Evening 10-27-22

Tlm724 Administrator Bondlady’s Corner

Threatening to adjust the exchange rate threatens the national economy with a new blow

Posted On2022-10-27 By Sotaliraq   Baghdad/Bright news  The dollar exchange rate is one of the most important tools of the Iraqi market, which mainly depends on imports. Accordingly, economic experts believe that adjusting the dollar exchange rate again, could constitute a “big shock” to the markets in Iraq, and its “costs are high.”

Back To The Previous Exchange Rate

Members of the House of Representatives, in an official document, demanded the issuance of a parliamentary resolution that restores the exchange rate of the US dollar against the Iraqi dinar to its previous rate, without considering the likely repercussions of the decision they are requesting.

A member of the Parliamentary Integrity Committee, Hamid Al-Shiblawi, said in an official document, titled “Reducing the dollar exchange rate”, that “due to the repercussions of the rise in the exchange rate of the dollar against the dinar, which negatively affected the economic situation of the Iraqi family, which burdened the citizens, especially those with limited income.

Members of the attached list, we ask the Presidency of the House of Representatives to include a paragraph to reduce the dollar exchange rate and gradually return it to the previous exchange rate within the work schedule of the next session in the public interest.”

The list showed the signatures of 40 deputies so far, and it is reported that the Central Bank of Iraq announced, on December 19, 2020), officially adjusting the foreign exchange rate (the US dollar) to be 1450 dinars, instead of 1200 dinars, for one dollar, according to the budget The General Assembly of the State for the year 2021 approved by the House of Representatives.

New hit to the market

For his part, the researcher in economic affairs, Daoud Al-Halfi, believes in an interview with (Al-Mada) that “the adjustment of the dollar exchange rate once again may generate a painful blow to the Iraqi market, especially if it happened suddenly and without a realistic study,” noting that “decreasing the value of The dollar will not address inflation, as the advocates of the amendment imagine.”

Al-Halfi stressed that "the sudden drop in the price of the dollar has many risks, the most important of which is the loss of the local currency, confusion in the import movement, and a higher price of foreign goods."

And that «the Iraqi market does not need another strike at this time, there is a need to study the impact of reducing the exchange rate of the dollar first, and evaluate the repercussions before embarking on this step».

Populist Pressures

Adviser to the Prime Minister for Economic Affairs, Mazhar Muhammad Salih, said that "the monetary and financial policy institutions have no intention of adjusting the dollar exchange rate at the present time." He considered what is being circulated in the media "populist political pressures".

He pointed out that "the discussion on this issue should not be in this way, because it causes anxiety in the markets," noting that "the exchange rate adjustment should be left to the next government and studied in light of the budget's resources and the state's moves to preserve the foreign currency."

Service For Currency Speculators

For his part, Raed Fahmy, Secretary of the Iraqi Communist Party, believes that “the process of suddenly adjusting the dollar exchange rate will be expensive, and will create great repercussions,” noting that “the issue should not be subject to political moods, as the responsibility lies with the Central Bank.”

He believed that "the sudden change in exchange rates will create new turmoil in the market," stressing that the social repercussions and the impact of the decision on the poorest social segments must be calculated.

Fahmy continued, "The change in the exchange rate will serve the interests of major currency speculators, which is what is happening now, by spreading rumors that caused the exchange rate to become unstable in the markets."   LINK

Dollar Exchange Rates In The Iraqi Market

Economie| 09:28 - 27/10/2022   Baghdad - Mawazine News  The dollar exchange rates witnessed, today, Thursday, a slight increase in the Iraqi markets.

And the selling prices of the dollar were 146.100 dinars per 100 dollars, while the purchase prices of the dollar were 146.000 dinars per 100 dollars.   https://www.mawazin.net/Details.aspx?jimare=209372

Oil Announces The Final Statistics Of Exports And Revenues Last Month

Economie| 05:24 - 10/27/2022   Baghdad - Mawazine News   The Ministry of Oil announced, on Thursday, the total oil exports and revenues achieved for the month of September.

A statement by the ministry stated that Mawazine News received a copy of it, citing the final statistics issued by the Iraqi Oil Marketing Company (SOMO), where "the quantity of exports of crude oil reached (98) million (765) thousand and (153) barrels (ninety-eight). One million seven hundred and sixty-five thousand one hundred and fifty-three barrels), with revenues amounting to (Cool billion and (845) million and (411) thousand dollars (eight billion eight hundred and forty-five million four hundred eleven thousand dollars).

According to the statement, the statistics indicated that "the total quantities exported of crude oil for the month of September from oil fields in central and southern Iraq amounted to (96) million (445) thousand and (421) barrels, while the quantities exported from Kirkuk oil through the port of Ceyhan. (2) million and (169) thousand and (180) barrels, and that the average price per barrel amounted to (89,560) dollars, and additional revenues were achieved from the sale of quantities of shipments of crude oil exported at a price premium, where the total revenue reached (138) million He

pointed out that "the exported quantities were loaded by (36) international companies of different nationalities, from the ports of Basra, Khor Al-Amaya, mono-buoys on the Gulf and the Turkish port of Ceyhan.

It is noteworthy that the ministry, through its belief in informing the people of the export operations and the revenues generated from it, took this monthly measure.

https://www.mawazin.net/Details.aspx?jimare=209429

Oil Prices Rise Due To Weak US Dollar

Economie| 08:34 - 10/27/2022  Follow-up - Mawazine News  : Oil prices rose on Thursday, continuing their rise by more than 3 percent in the previous session, supported by record US crude exports and a weak dollar, although gains in Asia were halted due to persistent demand concerns in China.

Brent crude futures rose 29 cents, or 0.2 percent, to $95.98 a barrel by 0432 GMT. US West Texas Intermediate crude jumped 23 cents, or 0.2%, to $88.14 a barrel.

US crude stocks rose 2.6 million barrels last week, according to weekly government data on Wednesday, with crude exports rising to 5.1 million barrels per day, the largest number ever.

Global investors dumped Chinese assets early this week amid concerns that ideology may increasingly trump growth under China's most powerful leader since Mao Zedong.

Meanwhile, dollar weakness added support, as the dollar's strength recently was a major factor dampening oil market gains. The dollar slipped on Thursday as market expectations mounted that the US Federal Reserve would soften its aggressive stance on raising interest rates.

A weaker dollar makes US dollar-denominated crude oil less expensive for holders of other currencies.

US and Western officials are finalizing plans to put a cap on Russian oil prices amid a warning from the World Bank that any plan would need the active participation of emerging market economies to be effective.    https://www.mawazin.net/Details.aspx?jimare=209368

The Curriculum Of The Sudanese Government Includes Working To Reform The Economic, Financial And Service Sectors

The ministerial curriculum for the government of Prime Minister-designate Muhammad Shiaa al-Sudani, which included holding early elections within a year.

The ministerial curriculum stated that "all political forces agreed on this curriculum," including "work to reform the economic, financial and service sectors."

The ministerial curriculum included emphasizing a number of main points, including: “addressing poverty and unemployment, combating financial and administrative corruption, addressing the electricity crisis, increasing the hours of preparing citizens, protecting the poor groups of society, combating unemployment, providing job opportunities, activating the role of investment authorities and promoting industry, accelerating the reconstruction of regions.” liberation, the completion of the file of the displaced, and the improvement of health services for citizens.

The ministerial curriculum also stressed on “improving the construction sector and municipal services, combating corruption and waste of public money, improving the increase and protection of agricultural production, improving the industrial sector and restoring confidence in the Iraqi product, developing the oil industry, restructuring the public budget and managing public money to reduce the pressure of consumer spending, and improving The quality and protection of telecommunications services and the development of the transport sector.

While he also stressed, “Achieving an educational system that is committed to values ​​and provides learning opportunities for all with high quality, improve investment and expand its horizons, activate the tourism sector to diversify the country’s economy, adopt a population policy that keeps pace with changes in the demographic structure of the population, activate human rights issues and empower women, and strengthen Iraq’s sovereignty.”

To protect its interests, to put forward a vision and project to solve the problems between the federal governments and the Kurdistan Region, to strengthen the foundations for rebuilding the military and security institution, to amend the Parliament’s election law, and to hold early elections within a year.”   https://www.radionawa.com/all-detail.aspx?jimare=31855

The First Deputy Speaker Of The House Of Representatives Receives The Cabinet Candidates

Political | 06:07 - 27/10/2022   Baghdad - Mawazine News  The First Deputy Speaker of the House of Representatives, Mohsen Al-Mandalawi, received, on Thursday, the candidates for the ministerial cabinet of Prime Minister-designate Muhammad Shia Al-Sudani.

And Al-Mandalawi's office said in a statement that Mawazine News received a copy of it, that "the latter received the candidates for the ministerial cabinet."

Today, at six o'clock in the evening, the House of Representatives will hold a session to give confidence to the ministerial cabinet presented by Al-Sudani. Ended 29/R77

   https://www.mawazin.net/Details.aspx?jimare=209435

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

https://www.bondladyscorner.com/

Could A Looming Recession Be More Severe Than Forecast?

Could A Looming Recession Be More Severe Than Forecast?

Some economists say 'yes' and here's why.

Paul Davidson, USA TODAY  Thu, October 27, 2022

A recession is now likely next year, most economists say. But so far that grim warning has been accompanied by this silver lining: Any downturn almost certainly will be mild.  In recent weeks, however, the odds of a more severe slump that would mean millions more job losses have been rising, they say.

Some economists blame a Federal Reserve that’s aggressively raising interest rates in a single-minded mission to tame stubbornly high inflation, even if it risks a recession.

“If the Fed keeps raising rates it could cause more damage,” says Bob Schwartz, senior economist at Oxford Economics.

Economists also point to intensifying economic troubles in Europe, Chinese COVID-19 lockdowns that could escalate this winter, a sharp U.S. housing slowdown and even a U.S. job market that has been so resilient it's prompting even bolder Fed action, among other factors.

Is There Going To Be A Recession In 2022?

The most likely scenario is still a modest recession that lasts six to nine months or so. Eighty-eight percent of economists predict a downturn will be mild, according to a survey earlier this month by Wolters Kluwer Blue Chip Economic Indicators. But that’s down from 95% in October. That means the share of doomsayers has climbed to 12% from 5% within a few weeks.

What Is A Mild Recession?

A mild recession could cost the economy 1.8 million jobs if the nation’s gross domestic product, or economic output, declines 1.2%, and the unemployment rate rises from a 50-year low of 3.5% to 5.4%, estimates Wells Fargo Chief Economist Jay Bryson.

That outcome would be roughly similar to recessions of the early 1990s and early 2000s and less severe than the average downturn in which GDP declines 1.6%, say Bryson and Joseph LaVorgna, chief economist of SMBC Capital Markets.

It also would be far less damaging than the Great Recession of 2007-09 (with its nearly 4% drop in output and 8.7 million job losses) and the COVID-19 recession of 2020 (with about a 10% drop in output, and 22 million job losses).

Consumers' outlook darkens: Consumers are feeling less cheerful ahead of the holidays. What this may mean for spending

Buy now, pay...much later?: Buy now, pay later delinquencies could get 'dangerously' high. What will companies do about it?

What Is A Severe Recession?

A severe recession could mean 3 to 4 million job losses, a 2% to 2.5% decline in GDP, and a 7% unemployment rate, Bryson says.

Such a slump, he says, probably would last longer, perhaps a year or 15 months, as a virulent cycle takes hold, with widespread layoffs leading to less consumer spending, which would spur more layoffs.

Most economists are forecasting a mild slump because consumers and companies are in good shape financially and so have at least some wherewithal to keep spending even if the economy weakens and some people lose jobs. Household debt amounted to 9.6% of disposable personal income in the second quarter, up from 8.4% early last year but well below the 13.2% peak in late 2007 and the average over the past 40 years, according to the Federal Reserve.

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

https://news.yahoo.com/could-looming-recession-more-severe-090245395.html

Thursday Afternoon Iraq Parliament News Highlights 10-27-22

Thursday Afternoon Iraq Parliament News Highlights 10-27-22

(Correction on Day}

Iraq: Incomplete Government Formation In Front Of Parliament

Baghdad   Zaid Salem   Baghdad   fair deputies  October 27 2022  Al-Sudani conducted the final vetting process for the nominees for the ministries (Getty)

Amid huge security measures, which the security forces started early in central Baghdad, attention is turning to the Iraqi parliament, as it is expected to hold an upcoming session today, Thursday, to vote on granting confidence to the government of Muhammad Shia Al-Sudani, who was assigned on the 13th of this month to form the government, through an alliance.

The Coordination Framework", which includes the political forces and blocs close to Tehran, after it was officially named from the largest bloc in Parliament, which the constitution grants to form a government.

After political negotiations led by Al-Sudani (53 years old), which lasted for two weeks with the various political forces in Parliament, the Iraqis are waiting for a new sectarian quota government.

Until yesterday evening, Wednesday, identical sources in the capital, Baghdad, confirmed that Al-Sudani was unable to resolve differences over some ministries , over which several political blocs are competing from within the same component. She pointed out that more than 65 percent of the ministerial portfolios have been resolved, which creates the possibility of voting to grant them confidence, provided that other ministries will be completed later.

Al-Sudani will be a minister from a higher position by proxy (running the ministries himself by proxy) until the vote on the new ministers, according to the Iraqi constitution.

More than 65 percent of ministerial portfolios have been resolved, paving the way for a vote of confidence in the government

The constitution, in force in the country since 2005, allows the prime minister-designate to submit his incomplete cabinet, provided that the shortage does not exceed half the number of his government’s ministries, provided that the remaining part is completed, and through another supplementary voting session, on the rest of the ministries at his request to Parliament.

Refusal of civil forces positions in the government

The same sources revealed to Al-Araby Al-Jadeed that "civil forces and figures in Parliament rejected several offers from Al-Sudani to fill government positions." She stressed that "Al-Sudani's quest to win civilian and independent figures is an attempt to defend the form of government built on the lines of previous governments rejected by the street."

She pointed out that these forces were satisfied with working within the opposition front that monitors the work of the government.

Yesterday, Wednesday, the Iraqi parliament announced the session officially, after two successive statements from the Prime Minister-designate, who spoke that the parliamentary session will be today, Thursday.

Arabic reports

Iraq: Steps to Accelerate the Formation of the Government...The Birth of an Opposition Parliamentary Front

Al-Sudani, the day before yesterday, Tuesday, asked Parliament to hold a session today, Thursday, to vote on the formation and program of his government, but Parliament delayed responding to this request by about 24 hours, which observers interpreted as the most intense differences between the parties, especially Sunni and Kurdish, regarding the sharing The ministries and the names nominated for the positions, in addition to the “continuous replacement of the names of the candidates for the ministries,” according to what Al-Araby Al-Jadeed learned from political sources.

According to a statement issued by Al-Sudani’s office, yesterday, Wednesday, the latter conducted “ the final audit process for the names nominated to take over ministerial positions in the new government, by examining the names by specialized committees from the Ministry of Higher Education and Scientific Research, the Ministry of Interior - Criminal Evidence, and the Integrity, Accountability and Justice Commissions.”

In addition to checking whether there is a criminal record against one of them,” he said, noting that “any candidate indicated in the records of the control and security departments will be excluded.”

The Sudanese succumbed to some pressure

Political sources close to Al-Sudani stated that “all the parties that chose to participate in the government put a lot of pressure on the person in charge of forming the government. The names were freely chosen.

The sources confirmed, to Al-Araby Al-Jadeed, that "the Sudanese have replaced a number of the nominated names with others during the past two days, which sparked new differences between the parties and the Sudanese on the one hand, and between the parties themselves on the other."

The sources confirmed that "the ministerial lineup in the Sudanese government is not entirely partisan, and that there are candidates for ministerial positions from new faces, but they were nominated by the parties as a whole and within the quota system."

The representative of the "Coordination Framework" coalition, Muhammad Al-Sihoud, told Al-Araby Al-Jadeed that "the Sudanese have settled the majority of ministerial portfolios with the blocs and parties, and there are some differences over a few portfolios and some candidates, and the dialogues continue until a few hours before the parliament session."

He stressed that "the decision of Thursday's session came after a political consensus and agreement on the necessity of holding it at this time. However, there is a possibility that voting on some ministerial portfolios will be postponed to a later session."

Chihod added that "the dispute over some ministerial portfolios or candidates is normal, and the Prime Minister-designate rejected a lot of pressure on him from some parties, and relied on the criteria he set in selecting members of his cabinet. The vote to grant confidence to the new government will be by a majority, because it is a government Everyone, everyone participates and supports it."

Giving confidence by an absolute majority

For his part, the representative of the "Sovereignty" coalition Mudar Al-Karawi told Al-Araby Al-Jadeed that "the House of Representatives will vote to grant confidence to the Sudanese government by an absolute majority, and the majority of disputes over ministerial portfolios and the names nominated for these portfolios have been resolved."

Muhammad Al-Sihoud: The Prime Minister-designate rejected a lot of pressure on him from some parties

He explained that "partisan and political differences are still continuing over some ministerial portfolios between the blocs and parties and with the Prime Minister-designate, but the meetings will continue to be resolved even before holding a session of granting confidence, especially since most of the differences are always resolved in the last minutes, because the Sudanese hopes to pass his entire team.

The ministerial session was held, and for this reason he is continuing his dialogue and negotiation with all political parties."

Re-experiences of previous governments

As for the independent deputy, Basem Khashan, he confirmed, to Al-Araby Al-Jadeed, that "the Sudanese government is led by the coordination framework, and it is repeating previous experiences in all governments , by adhering to partisan and sectarian quotas, controlling ministries with all their capabilities, and ripping them off as the money and future of Iraqis were robbed." .

He considered that "this method will show its results through the rebellious and resentful people against the ruling political class, especially since Al-Sudani had confirmed that his government would not be a front for the parties, and that he would form an independent government, but the reality seems to be quite the opposite."

In turn, the researcher and political analyst, Kitab Al-Mizan, said, in connection with Al-Araby Al-Jadeed, that “the mechanism of Sudanese thinking in forming his government and the method for selecting his ministers has never differed from previous methods, as he relied on partisan, sectarian and national quotas under the pretext of state administration, although he Very discreet about the appearance of the names of the candidates for the ministries."   LINK

Parliament Adjourned Its Session Until 6 Pm

Today, Thursday, the Presidency of the House of Representatives issued the parliament's agenda, which included voting on the government and the government curriculum only. The Presidency of the Council set the meeting to be held at six o'clock in the evening.

Yesterday, the Presidency of Parliament decided to hold a session of granting confidence at two o'clock this afternoon.    https://n.annabaa.org/iraq/81358

Iraq: Al-Sudani Puts The Final Touches On The Formation Of His Government

Posted On2022-10-27 By Sotaliraq    A request from the Presidency of Parliament to set a session of granting confidence

Iraq: Al-Sudani puts the final touches on the formation of his government News-271022-iraq

The moment Iraqi President Abdul Latif Rashid assigns Muhammad Shiaa Al-Sudani to form the government (I.P.A.)

While half of the cabinet of the Iraqi Prime Minister-designate, Muhammad Shia Al-Sudani, was leaked to the media, his office began, on Wednesday, the process of final scrutiny of the names nominated to fill the ministries. Al-Sudani's media office said, in a statement, that "the audit process is carried out by examining the names by specialized committees from the Ministry of Higher Education and Scientific Research, the Ministry of Interior - forensic evidence, and the Integrity, Accountability and Justice Commissions.

" The statement added that the aforementioned committees "will verify the academic certificates submitted by the candidates, as well as verify whether there is a criminal record against one of them, and ensure the integrity of their position in the integrity, accountability and justice bodies, and any candidate indicated in the records of the aforementioned control and security departments will be excluded."

This comes after an official request submitted by Al-Sudani to the presidency of the Iraqi parliament to set a session for parliament on Thursday for the purpose of granting confidence to his ministry.

While a source close to Al-Sudani confirmed to Asharq Al-Awsat that “the committees that began their work for the purpose of auditing will finish their work on the same day, so that the booth will be ready to vote on Thursday,” a source close to the parliament’s presidency confirmed that “Al-Sudani’s request to set a session for his government to gain confidence. Not binding on Parliament.

The source added that "the parliament's presidency will decide, after a meeting of Parliament Speaker (Mohammed al-Halbousi) and his two deputies, whether the session will be held on Thursday or not, as it requires the consensus of the presidency."

In the event that the session is held on Thursday, according to the available data and despite the continuation of disagreements over some ministries, especially within the Kurdish and Sunni components, it will easily gain confidence by Parliament, as there is no opposition bloc within it that can affect the quorum or oppose granting confidence to the ministers.

According to the information circulated and identical between the political blocs that nominated the names in circulation, Al-Sudani named candidates for four ministries, including electricity, health, defense and interior, which is something that is happening for the first time, especially for the two sovereign ministries of defense (the share of the Sunni component) and the interior (the share of the Shiite component).

In addition, according to a former minister, "Kurdish-Kurdish and Sunni-Sunni differences still exist regarding some ministries and positions, including the position of Deputy Prime Minister." The former minister, in an interview with Asharq Al-Awsat, said that “some transfers took place at the level of some ministries, especially between the Ministries of Higher Education and Education, whose distribution is subject to a component balance.

While one of them became part of the Sunnis’ share, the other is governed by the share of Shiites and vice versa, which is What actually happened, as there was a dispute regarding them that was not resolved until the last hours,”

noting that “the Sunni-Sunni dispute still revolves around the way some ministries are distributed between the Sovereignty and Azm blocs, but not in terms of ministers’ rotation, but rather crawled to sovereign positions such as the presidency of Parliament. and the positions of Vice President and Deputy Prime Minister.

In this context, Dr. Fadel Al-Badrani, professor of international media at the Iraqi University, told Asharq Al-Awsat that “the incompleteness of the booth indicates that there are differences between the partisan forces over the names of the candidates for some ministries that have been postponed for a later time, without giving the Sudanese the freedom to choose.” .

Al-Badrany added that "this also indicates the parties' adherence to a dictatorial behavior that they have done against those charged with forming the government, and their disregard for the people's entitlements." He pointed out that "the acceleration of putting up the imperfect booth will give the Sudanese, after gaining confidence, strong in imposing his opinion on choosing the best candidate."

Regarding the continuing Sunni disputes over their shares of positions and ministries, Al-Badrany says that “the Sunnis have deep differences, like the rest of the Shiite and Kurdish components, caused by partisan competition for presence in the government booth to serve their self-interest, and I imagine that in the end the Sunnis will agree on the shares within settlements that serve them and do not serve the people.” limit saying.   Baghdad: «Middle East»     LINK

Coordination Framework: Al-Sudani Will Reveal A Surprise In The Session Of Granting Confidence To His Government

Shafaq News/ The coordination framework, which brings together the Shiite forces with the exception of the Sadrist movement, announced on Wednesday that the Prime Minister-designate, Muhammad Shia al-Sudani, has a "surprise" that he will reveal during the parliament session to give confidence to his government, while the names and leaked lists of cabinet candidates are incorrect.

Representative of the framework, Ibtisam Al-Hilali, told Shafaq News Agency, "The Prime Minister-designate, Muhammad Shiaa Al-Sudani, carries a surprise during the presentation of the ministerial cabinet to the House of Representatives in a session of granting confidence to his government."

She stressed that "the lists of candidates for ministerial portfolios that were published in some media and social networking sites are incorrect, but some of those names are already nominated in the cabinet."

Al-Hilali indicated that "the parliament presidency has not yet set an official date for the session, whether it is tomorrow, Thursday, or next Saturday."

Yesterday evening, Tuesday, an informed political source told Shafak News Agency, that the Prime Minister-designate, Muhammad Shiaa Al-Sudani, sent an official request to the Presidency of the House of Representatives to set tomorrow, Thursday, the date for a session of granting confidence to his government, after a meeting of the leaders of the coordination framework on resolving the cabinet formation and sharing The twelve ministries are among the framework blocs, each according to his entitlement.

Today, a parliamentary source told Shafaq News Agency, that Al-Sudani's request to hold a session of granting confidence is "not binding" to the presidency of the House of Representatives, which is the concerned authority and is authorized to determine the dates of the session.   LINK

The Patriotic Union: Many Opinions Support Our Obtaining Two Ministries In The Next Iraqi Government

Shafaq News/ Spokesman for the Patriotic Union of Kurdistan, Soran Jamal Taher, stated that political parties support obtaining half of the Kurds' quota in the ministries in the formation of the federal government to be voted on Thursday evening.

Taher told reporters today, "Four ministries have been allocated to the Kurds," adding that "there are many opinions in favor of the PUK obtaining two of them."

This comes at a time when the Kurdistan Democratic Party revealed the names of its ministers in the government of Muhammad Shia Al-Sudani, which are scheduled to be presented to the parliamentary vote in the evening.

Party member Sherzad Qassem told Shafaq News Agency, "The party deserves three ministries from the new government, namely Foreign Affairs, Construction and Environment," noting that "the names that will receive these ministries have been decided to submit them to the Iraqi parliament and vote to give them confidence."

He added that the names are two banks, Rikani, Minister of Construction and Housing, Fouad Hussein, Minister of Foreign Affairs, and Vian Sabri, Minister of Environment.

Apparently, the dispute between the two main parties in the Kurdistan Region (the Kurdistan Democratic Party and the Patriotic Union of Kurdistan) over the position of Minister of Environment, the position of Minister of Justice for Khaled Shwani of the Patriotic Union has been resolved.   LINK

KTFA Members "Thursday News" 10-27-2022

KTFA:

Clare:  The House of Representatives grants confidence to the Sudanese cabinet

10/27/2022

Members of Parliament began voting on Muhammad Shia'a Al-Sudani's government booth in succession.

Members of Parliament voted to grant confidence to Fouad Hussein as Deputy Prime Minister and Minister of Foreign Affairs, and to grant confidence to Muhammad Ali Tamim as Deputy Prime Minister and Minister of Planning.

Parliament also voted to “grant confidence to Hayyan Abdul-Ghani Abdul-Zahra Al-Sawad as Deputy Prime Minister and Minister of Oil, as well as granting its confidence to Taif Sami Muhammad Al-Shakarji as Minister of Finance.”

Parliament also voted to "grant its confidence to Thabet Muhammad Saeed Reda Al-Absi as Minister of Defense and to grant its confidence to Abdul Amir Kamel Al-Shamri as Minister of the Interior."  LINK

Samson:  Buna Platform For Arab Payments Holds The 37th Interactive Workshop "Remotely"

27th October, 2022

Briefing on the most important developments regarding the platform's strategic partnerships and updates on its services

Announcing during the workshop a major step to create a central platform for instant payments systems in the Arab world

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

Abu Dhabi, October 26, 2022: The “Bunni” platform (the payment system operated by the Arab Payments Clearing and Settlement Regional Corporation, owned by the Arab Monetary Fund) will hold on Thursday, October 27, a “remote” workshop for the participation of platform members, banks and financial institutions participating in the workshop , the most important developments regarding its strategic initiatives.

The workshop program includes a number of topics related to the Buna system and its main developments, including Buna's approach to dealing with the risks of electronic threats, in addition to some important updates on the platform's services during the recent period, which would keep pace with the continuous growth of the needs of participating banks regarding the level of service support provided. Them and multiple improvements to system functionality.

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

On this occasion, Mr. Mahdi Manea, CEO of the Corporation, said, “We are happy to achieve tangible and continuous progress in the platform services and its strategic partnerships. We can share these developments with the community of banks participating in the platform in each interactive workshop, which reaffirms our strategic goals represented in: Enhancing opportunities for economic and financial integration in the Arab world, in accordance with international standards and best global practices.

He added, "This edition of our monthly interactive workshops includes many topics of importance, including enhancing cybersecurity, expanding the functions and advantages of the system, providing more flexible support services to participating banks, in addition to announcing a major step to create a central platform for instant payments systems in the Arab region and the world, and we look forward to Extensive participation in this interactive workshop.  LINK

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

Samson:  Alia Nassif: The first accused in (the theft of the century) has a partnership relationship with a minister and his nephew

26th October, 2022

Representative Alia Nassif confirmed that the first suspect in the theft of tax deposits (the theft of the century) has a partnership relationship with a minister and the minister's nephew, and all of them are involved in corruption deals related to the Faw port, calling on the security authorities and the judicial authority to prevent them from traveling.

And she said in a statement today: "The main accused in the case of the theft of the century, Nour Zuhair Jassim (Abu Fatima), has a relationship with (a minister) and the minister's nephew (A.A. H), in addition to (A. Al-Rubaie), and all of them have a direct relationship to the corruption deal. Al-Faw port, where the accused, Nour Zuhair, was directly responsible for negotiating with the minister and (A. Al-Rubaie), and through him a 25% reduction of the deal was made.

 Noting that the minister's nephew was the one who helped the accused, Nour Zuhair, obtain approval for the private plane to arrange his escape abroad."

Nassif stressed "the necessity of issuing a decision banning the travel of everyone whose name was mentioned until the investigations are completed, especially the minister, his nephew and (A. Al-Rubaie), because there is news that they will flee to Dubai."  LINK

Samson:  A deputy is likely to return the tax deposits to the treasury within a month

26th October, 2022

Independent MP Hussein Arab expected that the judiciary and investigative bodies would finish the case of the theft of the century within a month, and the money would return to the state treasury.

Arabs said, in statements followed by "Al-Maalouma", that "the House of Representatives has begun to have a strike hand on all projects that are tainted by corruption, especially through the representatives who have properly devoted themselves to this file."

He revealed that there are ten accused so far in the theft of the century, but there are big heads who will join them, and many names will be in the accusation circle after completing the investigation with the first accused in this case.

He noted that the matters being investigated are not movable funds, but real estate and must be seized, adding that it is impossible to seize all the looted funds, but what the accused confessed, and work is underway to obtain more information to return as much as possible. From money to the state, especially since the theft is deep, and many large parties stand behind it.   LINK

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

Samson:  A banker was killed in an armed robbery and news of a "big" robbery took place in Baghdad

25th October, 2022

A security source reported on Tuesday that a money exchanger was killed in an armed robbery in the capital, Baghdad.

The source told Shafaq News Agency, "Unidentified gunmen stormed a money exchange shop in Karadat Maryam area in Baghdad, and opened fire on its owner, killing him on the spot."

The source pointed out that "there is information about a major theft."   LINK

"Tidbits From TNT" Thursday AM 10-27-2022

TNT:

CandyKisses:  The ministerial curriculum reveals five priorities for the Sudanese government

The ministerial curriculum revealed five priorities set for the upcoming new government headed by Muhammad Shia Al-Sudani.

 These priorities came in the following order: 

1 - Combating administrative and financial corruption.

2- Addressing the phenomenon of unemployment and creating job opportunities for young people of both sexes.

3- Supporting the poor, vulnerable and low-income groups of citizens.

4- Reforming the economic and financial sectors, especially the agricultural, industrial and banking sectors, and supporting the private sector.

5- Work urgently to improve and develop services that affect the lives of citizens.

CandyKisses:  Economist: The conflicting statements about the exchange rate caused a stagnation in the markets

On Thursday, economic expert Ali Daadoush called on the new government to activate the private sector and support the local industry, instead of thinking about changing the dollar exchange rate

Dadush told Al-Iqtisad News, "After each election and the emergence of the government formation process, events are accelerating and political voices are rising to win the people's affection (the general public), and the shortest way for that is to change the exchange rate under the pretext of reducing poverty and unemployment

He added, "The process of changing the exchange rate does not concern the poor, but rather has a direct relationship with the rich, since the poor do not have foreign currency, but the rich and the rulers of power and politics are the ones who own the dollar

. He explained, "With every formation of a new government, the internal market is destabilized and there is a severe stagnation in the buying and selling operations, which increases the suffering of the earners and the daily wage earners who join the class of the poor and the unemployed, and this is also related to the lofty political voices that seek to change the exchange rate

He called on the government to "work seriously to operate factories and factories in the public sector and support the private sector on the other hand, as the first produces goods that increase the demand for them locally, and the private sector also works to import goods that the government does not produce according to a medium-term action plan, and gradually it turns Work is a partnership in the operation of factories and factories, and local production expands to include those imported goods

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

Tishwash:  Ahmed Tabaqchali: Iraq's Wealth and the Forty Thieves

The disclosure on 15 October 2022 of the embezzlement of 3.7 trillion Iraqi dinars (IQD), about US$2.5 billion, from the General Commission of Taxes (GCT) brought the stinging resignation letter of the outgoing finance minister into sharp focus – in particular, the charge that ‘vast underground networks of senior officials, corrupt businessmen and politicians operate in the shadows to dominate entire sectors of the economy, and siphon off literally billions of dollars from the public purse.’

The disclosure was greeted by cries demanding a thorough investigation, and for imposing punitive measures on the perpetrators and the corrupt officials who facilitated it.

Righteous indignation notwithstanding, severe punishments and new measures to root out corruption are doomed to fail, as were all prior anti-corruption measures, because the root causes are inherent in the post-2003 political order’s politically sanctioned corruption; and the inevitable politicisation of the senior civil service, which have hollowed out the state and its institutional capacity to function.

In particular, the Ministry of Finance (MoF), is structurally weak and ill-equipped to deal with the complexities of managing the state’s budget. Specifically, the absence of coherent revenue and expenditure management policies and systems, i.e., a Public Financial Management (PFM) system, combined with the prevalence of decades old paper-based systems, makes it impossible for the government to monitor its finances, in particular its cash management operations.

Now You See Me, Now You Don’t

The audacity of the embezzlement is matched only by the ease and impunity with which it was carried out.

The funds were taken from a GCT trust account held on behalf of tax payers with Rafidain Bank, which receives deposits from companies that deal with the state as a guarantee for the fulfilment of their contractual obligations. Companies can reclaim the deposits, after an audit and the settlement of their contractual obligations, including taxes. However, due to the complexity of the procedures, and to avoid paying full taxes, many companies don’t reclaim their deposits, which after five years become the state’s property.

Between September 2021 and August 2022, 247 cheques totalling IQD 3.7 trillion were made to five companies, which withdrew the funds in cash as soon as they were deposited into their accounts. These companies did not make any deposits into the trust account, had no authorisations from the companies that made deposits, and at least three of them were formed in the summer of 2021. Nevertheless, the financial report of the GCT’s accounting department, as of 9 October 2022, stated that the balances of the trust account totalled IQD 3.5 trillion, whereas the actual account balances were IQD 0.1 trillion. Moreover, these payments were not recorded in the books, and were in violation of the minister of finance’s November 2021 instructions that no payments should be processed without following procedures and his explicit approval.

The Sad State of the Ministry of Finance

Lacking a sound PFM, the MoF operates without an Integrated Financial Management Information System (IFMIS) which electronically links budget planning, budget execution, accounting and reporting of all government entities; exacerbated by the absence of a Treasury Single Account (TSA), which consolidates all the government’s accounts in a single account controlled by the MoF. As such the MoF has a tenuous control over government entities’ expenditures, and only a partial knowledge of its cash balances.

An IFMIS and a TSA, or even ‘bridging solutions’ till they are fully operational, would have made it extremely difficult to facilitate such an embezzlement, as the two would create an extensive and transparent paper-trail of all transactions. Effectively, under a TSA the cash balances of the trust account would have returned to the management of the MoF and not GCT; and the processing of deposits’ release – from application to audit to final payment – would be through a well-established protocol under IFMIS – which would come with an ‘ex ante’ electronic control of every expenditure transaction.

The White Paper and Resistance from Within

Two key aspects of the ‘White Paper for Economic Reform’, were to address the MoF’s structural weaknesses through the introduction of a PFM system, by reviving the long-stalled implementation of an IFMIS and a TSA; and to restructure state-owned banks Rafidain and Rasheed. While this has moved both projects from their multi-year aspirational phases to the realms of the possible, the system valiantly resisted – more passively than aggressively in the face of a strong push from the leadership of the MoF from May 2020 until October 2022.

Technical challenges and capacity limitations are significant obstacles to the implementation of IFMIS and TSA; while Rafidain Bank’s deep structural weaknesses present a major obstacle to its restructuring and to the roll-out of a modern core banking system – vital for TSA’s smooth functioning. While these obstacles are difficult to overcome in the short period since the White Paper, nevertheless they were the impetus for the system’s push-back.

Without these implementations, starting with bridging solutions, no amount of procedure tightening for the release of funds from the trust account, or adding external auditors, would realistically prevent future occurrences of other acts of embezzlement from the trust account or other government accounts.

A Feature and Not a Bug

Consequently, each government entity continues to have nearly full autonomy over its expenditures and bank accounts, making central accountability and effective governance a pipe dream. As such – whether by design or a happy coincidence – this state of affairs maintains the substantiveness of ministerial appointments within the Muhasasa Ta’ifia structure, and within its Wikala sub-structure for the appointments of senior civil servants.

The persistence of Muhasasa, with the appointment of a new president and the nomination of PM designate, maintains the status quo; which for the MoF means that the implementations of IFMIS and TSA, as well the restructuring of Rafidain Bank, are again purely aspirational.

Consequently, corruption with impunity will continue to be the norm and not the exception.  link

Mot: ... ooooh...... ooooh...... ooooh...... ooooh deer...

Mot: .. Bet it Won't Be Funny When it Happens to You!! ~~~

Iraqi News Highlights Late Wednesday Evening 10-26-22

Iraqi News Highlights Late Wednesday Evening 10-26-22

Tlm724 Administrator Bondlady’s Corner

Economist: The Drop In The Dollar Exchange Rate Against The Dinar Is An Exceptional Case

Today 18:04  information / special   The economic expert, Hashem Al-Habboubi, attributed, on Wednesday,

the reason for the decline in the exchange rate of the dollar against the Iraqi dinar in the local stock exchange to the anticipation of the vote on the ministerial cabinet, explaining that

the decline is an exceptional case and will return as it was a few days ago.

Al-Haboubi said in a statement to “Information” that

“the drop in the exchange rate of the dollar against the Iraqi dinar on the local exchange from 147 thousand dinars per 100 dollars to 145 thousand was caused by

anticipation of the vote on the cabinet and the

submission of a parliamentary request to re-exchange the dollar to 120 thousand dinars per 100.” dollar".  

He added that  "this case of decline is exceptional and

the exchange rate will return to what it was a few days ago," noting that

"the central exchange rate is from the policy of the central bank and

it is not easy to manipulate the price because the Iraqi economy is currently built on an exchange rate of 1460 dinars per dollar, and if this is done, the decline will be gradual".

It is noteworthy that the stock market for buying and selling hard currency witnessed a decline during the past two days, as the exchange rate of the hundred dollar denomination reached 145,000 dinars.

https://almaalomah.me/news/economy/اقتصادي:-انخفاض-سعر-صرف-الدولار-امام-الدينار-حالة-استثنائية

Blessing Or Curse? .. An Expert Explains The Possibility Of Reducing The Dollar And Its Repercussions On The Internal Debt

874 Economy 2022/10/26 14:44  Baghdad today- Baghdad   The economist Nasser Al -Kinani, today, Wednesday, explained the economic repercussions in the event that a decision was taken to return the dollar to its previous price against the dinar.  Al -Kanani told (Baghdad today),

"Returning the price of the dollar against the dinar at the present time will cause major economic problems that are not in the interest of the country."

He added,  "It is difficult to return the exchange rate due to the

state's obligations and debts of the private sector and the public sector, as well as

computational transactions between the state departments as well as

debts between people, as

this will result in major problems."

Al -Kinani continued, "The Iraqi market has settled on the current exchange rate,"

noting that  "any change will cause confusion in the market and

prices have come back, as

the poor class at the present time is not largely affected by raising the price of the dollar, as the

prices are stable, especially agricultural crops".

https://baghdadtoday.news/news/204372/نعمة-أم-نقمة-خبير-يوضح-إ

Barzani Looks Forward To Approving The Oil And Gas Law After The Start Of The New Government

275 Politics 10/26/2022 16:49   Baghdad today – Erbil   Today, Wednesday, the Prime Minister of the Kurdistan Regional Government, Masrour Barzani, accused some parties of interpreting the constitution according to their whims and personal interests, calling for the enactment of a new oil and gas law.

Barzani said in a speech during the opening of the Lanaz refinery in Erbil and followed by (Baghdad today), that

"the region hopes to establish a new oil and gas law that will serve Iraq and the region, after the new Iraqi government begins its work in Baghdad."

He added,  "We were waiting after the constitution was ratified that the constitution would be implemented without discrimination and that the government in Baghdad would implement the constitution as it is,

but that did not happen," noting that

"some people interpreted the articles of the constitution according to their whims and they were implemented in some situations according to the interests of some people. away from the interests of Iraq and the Kurdistan region.  

He pointed out that  "a large part of Iraqis in different regions of the country are deprived of basic services, and

this does not mean that Iraq lacks natural resources,

but rather that it possesses great wealth, but it is poorly managed," stressing that

"contravention of the constitution still exists until now.".

https://baghdadtoday.news/news/204383/بارزاني-يتطلع-لاقرار-قان

The Association Of Private Banks Explains The Reasons For The Slight Decline In Dollar Prices

Economy Yesterday, 13:02  Baghdad - conscious - Mustafa Al-Hashemi  The Association of Private Banks announced, today, Wednesday, that

the return of dollar prices will negatively affect the economy,

noting that  the slight decline in the exchange will not reduce the prices of materials in the markets.

The economic and banking advisor in the association, Samir Al-Nusairi, told the Iraqi News Agency (INA), that

"the current little decline in the dollar exchange rates is a kind of confusion practiced by speculators in the currency trading market, by exploiting rumors to achieve narrow interests."  

Al-Nusairi added,  "This decline confuses the stability of the market, which is supported by the Central Bank,

because the process of raising the value of the local currency will not lead to a significant decrease in prices, because the economic principle confirms (the flexibility of prices in the rise is limited in the decrease)."

He stressed that  "the process of changing and returning to the previous price of the value of the dollar against the Iraqi dinar, will lead to high costs borne by the economy,

in addition to catastrophic damages that will be borne by the citizen because of the problems that will occur in the internal commercial and financial dealings between them,

as well as financial and economic problems that will put pressure on the relations with Countries of the world".

The Central Bank of Iraq confirmed, earlier, that there was no intention to change the exchange rate, and

called on citizens and all stakeholders to preserve the value of their money and stay away from what is rumored in the media.   https://www.ina.iq/168697--.html

A Deputy Is Likely To Return The Tax Deposits To The Treasury Within A Month

Today 21:13  Information / Baghdad...Independent MP Hussein Arab expected that the judiciary and investigative bodies would finish the case of the theft of the century within a month, and

the money would return to the state treasury.

Arabs said, in statements followed by "Al-Maalouma", that

"the House of Representatives has begun to have a strike hand on all projects that are tainted by corruption, especially through the representatives who have properly devoted themselves to this file."

He revealed that there are ten accused so far in the theft of the century,

but there are big heads who will join them, and

many names will be in the accusation circle after completing the investigation with the first accused in this case.

He noted that  the matters being investigated are not movable funds, but real estate and must be seized, adding that

it is impossible to seize all the looted funds, but what the accused confessed, and work is underway to obtain more information to return as much as possible.

From money to the state, especially since the theft is deep, and many large parties stand behind it. https://almaalomah.me/news/politics/نائب-يرجح-إعادة-امانات-الضرائب-للخزينة-خلال-شهر

Economic Center: Citizens Fell Victim To Speculators And Statements That Confused The Dollar Market

389 Economy 10/26/2022 16:10   Baghdad today – Baghdad Today, Wednesday, the Iraqi Political Economic Center accused the

statements of "non-specialists" in the economic field and political tensions of being behind the fluctuation of the dollar's price and confusing the situation in the market,

calling on citizens not to be drawn into rumors launched by speculators to push them to sell the dollar at a lower price than the official one.

And the director of the center, Wissam Hadmal Al-Helou, said in a statement that (Baghdad Today) received a copy of it, that

“the price of the dollar will not change suddenly and suddenly, and it is linked to the budget,” noting that

“the Central Bank has repeatedly confirmed that there are no intentions to change the price of the dollar, and

it is the only institution responsible for setting the price of the dollar.” exchange and

according to the assessment of global markets, the

economic situation around the world, and

commercial and financial dealings with specialized international institutions.  He added that

"the 2023 budget needs months before its approval between sending it from the new government and discussing it in the House of Representatives before voting on it, and

the decision to change the exchange rate

is not easy and

requires political consensus and economic advice to prevent repercussions on the Iraqi economy."  He pointed out that

"what is happening today in the local markets is speculation by spreading rumors and false news to push citizens to sell the dollar at a price below the official exchange rate.

Its official sources are represented exclusively by the Ministry of Finance and the Central Bank.

A number of deputies recently issued statements and mobilizations to change the dollar’s exchange rate and return it to its previous price,

which caused the dollar’s prices to drop in the market,

which was attacked by economists and considered that

these statements are in the interest of speculators and caused losses to citizens who own the dollar currency.     https://baghdadtoday.news/news/204378/مركز-اقتصادي-المواطنون-و

An Expert Explains The Mechanism For The Control Of Private Banks On Loan Profits

Today 14:09   Payroll Information / Baghdad..The economic expert, Nabil Al-Ali, confirmed today, Wednesday, that private banks control the profits of loans by simply mediating between citizens and the Central Bank.

Al-Ali said in an interview with “The Information” that

“private banks take a percentage of the profits by simply mediating between citizens and the central bank,” noting that

“the percentage of profits is fixed in a contract with the central bank, and

this creates a lack of competition that leads to a reduction in the percentage of loan profits.”

Al-Ali added,  "National banks control the highest percentage of profit from citizens and the Central Bank by doing only mediation."

He continued,  "The granting of loans must be controlled and made exclusively by the central bank,

or the opportunity to change the interest rate must be opened in order to compete, which will reduce the benefits that burdened the citizens."

The economic affairs specialist, Muhammad Al-Saadi, earlier criticized the government loans granted to employees and citizens, pointing out that

these loans increased the suffering of the citizen due to the large profits imposed on loans, noting that

most of those profits received by banks do not interfere with the state treasury.

Rather, it is distributed to employees in the form of monthly and annual profits

https://almaalomah.me/news/economy/خبير-يوضح-آلية-سيطرة-المصارف-الاهلية-على-أرباح-القروض

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

https://www.bondladyscorner.com/

Are We Heading Into a Recession? How Bad Would It Be?

Are We Heading Into a Recession? How Bad Would It Be?

Your Questions Answered: Timely personal finance inquiries, resolved

By Diccon Hyatt     Updated on April 8, 2022

The Balance is here to help you navigate your financial life. To that end, we track the money-related questions you most search on Google so we know what’s on your mind. Here are the answers to some of your most recent inquiries.

Are We Heading Into A Recession?

It depends on whom you ask—some economists think a recession sometime in the next couple of years is pretty certain, while others think it’s much less likely.12 Many opinions are somewhere in between, putting the chances at around 30% in some cases. Here are their arguments.

In the first camp are those who think the Federal Reserve’s inflation-fighting campaign is what will send the economy into a recession. (That’s a period when economic activity declines significantly for more than a few months, according to a widely used definition by the National Bureau of Economic Research (NBER), the nonprofit research organization that officially calls the shots on U.S. recessions.)

The Fed has launched a series of increases to its benchmark interest rate in an effort to raise borrowing costs, slow down the economy, and bring today’s soaring inflation under control by rebalancing supply and demand. But pessimistic forecasts show the rate hikes dragging the economy down so much that it causes a recession.

Not only that, but there’s one indicator, which has proven to be a reliable predictor of recessions in the past, that’s flashed a warning sign. It’s the “inverted yield curve,” in which investors do something they don’t normally do: push the yields on shorter-term Treasury bonds higher than longer-term ones. Every time that’s happened in recent history, a recession has followed, and the yield curve did indeed invert for a couple days in early April.

Counterintuitively, some economists also see the plentiful jobs and rising wages of today’s labor market as a bad sign. Harvard economist Lawrence Summers, a former Treasury secretary, recently wrote a paper pointing out that every time since 1955 that the unemployment rate has been as low as it is now, and wages have been rising as fast as they are, a recession has followed.3

On the other hand, some point to that same robust job market as evidence that the economy is strong enough to withstand a few interest rate hikes, making a recession less likely, and argue that the unusual pandemic circumstances make the inverted yield curve a less predictable indicator this time around. Fed Chair Jerome Powell has acknowledged it will be a challenge to quell inflation without crushing the economy, but is optimistic that it can be done.4

How Bad Will The Next Recession Be?

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

https://www.thebalancemoney.com/are-we-heading-into-a-recession-how-bad-would-it-be-5225360

Wednesday Evening Iraq Parliament News Highlights 10-26-22

Wednesday Evening Iraq Parliament News Highlights 10-26-22

Representative Ali Shaddad Reveals That The Sudanese Have Reached Advanced Understandings To Form The New Government

Posted On2022-10-26 By Sotalira   Representative “Ali Shaddad” revealed that the person in charge of forming the government, Muhammad Shiaa Al-Sudani, continues his discussions with the political blocs in order to speed up the completion of the government formation and present it to the House of Representatives to give it confidence and vote on it.

Shaddad said that the State Support Coalition is continuing to facilitate Al-Sudani’s task and help him complete his discussions on forming the government, but the differences within some components are what caused the delay in holding a session of granting confidence to Al-Sudani.

Shaddad pointed out that the differences are now confined to the Sunni house, while some minor problems over the number of ministerial seats for each party dominate the conduct of the ongoing negotiations between the two Kurdish parties, noting that Al-Sudani prefers to go to the House of Representatives with the largest number of ministerial portfolios, especially the sovereign ones. LINK

A Blessing Or A Curse?.. An Expert Explains The Possibility Of Reducing The Dollar And Its Repercuss

Article at link    https://baghdadtoday.news/ar/news/204372/A

At Al-Abadi's House... An "Important" Meeting Of The Leaders Of The Coordination Framework For Sharing The Cabinet

Posted On2022-10-25 By Sotaliraq   On Tuesday, an informed political source said that the leaders of the comprehensive coordination framework of Shiite forces, with the exception of the Sadrist movement, are now holding a meeting at the house of the leader in the framework, Haider al-Abadi, to complete the government formation.

The source said that "an important meeting is to complete the distribution of the twelve ministerial portfolios for the Shiite component, and their sharing between the blocs and the framework parties."

And he indicated that "the distribution of ministries will be in coordination and consultation with the Prime Minister-designate, Muhammad Shiaa Al-Sudani."

Earlier today, the State of Law coalition led by Nuri al-Maliki revealed the number of his ministerial portfolios in the upcoming government headed by Muhammad Shiaa al-Sudani.

The leader of the coalition, Fadel Mawat, said, "According to the electoral weight, the share of the State of Law coalition in the Sudanese government will be four ministries, but we have always been (Umm Al-Walid) and all our concern is to form the government and speed up resolving this file, as we will have only two portfolios in the new government."

And he indicated that "the State of Law coalition will have the Ministry of Higher Education, and perhaps with it the Ministry of Transport or Labor and Social Affairs, and this is subject to the dialogues that are currently taking place between the blocs and parties and the Prime Minister-designate."

While the other framework blocs got the rest of the twelve ministries,

And yesterday, Monday, the leader in the coordination framework, Fadi Al-Shammari, revealed that “the news that talks about the existence of a political agreement to pass half the government during a parliamentary session to be held this evening (yesterday), is incorrect and there is no such approach or agreement at all.”

He added, "Next Wednesday is the semi-final date for a vote of confidence in the government of Muhammad Shia al-Sudani, and government consultations for the prime minister-designate are in their final touches."   LINK

With The Imminent Formation Of A New Government In Iraq, Why Are The Attempts To Prosecute Al-Kazemi Increasing?

Al-Kazemi faces accusations of corruption and demands to prevent him from traveling until the investigations are completed (Iraqi press)

Salah Hassan Baban   10/26/2022   It seems that a new, unexpected front has opened before the outgoing Iraqi Prime Minister, Mustafa Al-Kazemi , with the announcement by the First Deputy Speaker of Parliament, Mohsen Al-Mandalawi, to form a committee comprising representatives of 4 parliamentary committees, namely, integrity, financial, legal and investment, in order to audit and review all decisions taken by the caretaker government for the period. That followed the October 10, 2021 elections until now.

The decision to form the committee sparked a lot of confusion about whether this was a political targeting of Al-Kazemi and his government from opposing parties as a result of his recent rapprochement with the leader of the Sadrist movement Muqtada al-Sadr , especially in light of the talk about demands to issue a travel ban on Al-Kazemi and his advisors.

horn theft

This development coincides with talk about the involvement of prominent officials in what was described as “the theft of the century” of an estimated amount of 2.5 billion dollars of the tax authority’s money, and then the arrest of the first accused in the case, Nour Zuhair Jassim at Baghdad International Airport before leaving his plane for Turkey last Monday, in light of leaks Confessions made by the accused about the involvement of two ministers, 7 undersecretaries and 11 general directors, according to the tweet of the Iraqi journalist Ahmed Mulla Talal, have not yet been proven true.

Yesterday, Tuesday, the Supreme Judicial Council issued arrest warrants and travel bans against the defendants in the same case, namely Hussein Kawa Abdul Qader, Muhammad Falah Al-Janabi, Abdul-Mahdi Tawfiq, and Nour Zuhair Al-Madhhir. Meanwhile, Representative Abdul Rahim Al-Shammari revealed in a tweet on Twitter that the judiciary had brought in Haitham Al-Jubouri, who works as an advisor to Al-Kazemi.

Irregularities

Observers recorded legal violations in the performance of the caretaker government, the most prominent of which was the conclusion of internal and international contracts, and its decision to authorize the Minister of Finance on October 20, the authority to make transfers between the appropriations of the federal general budget to secure an amount of 680 million dollars for the water directorates in the governorates, based on the provisions of Article 4 of the Federal General Budget Law for the fiscal year 2021, without having legal authority to do so.

Prior to this, Al-Kazemi issued, during the last period, orders to assign personalities close to him to sensitive positions, including assigning his office director, Judge Raed Jouhi, the tasks of the head of the intelligence service more than 3 months ago, as well as canceling the assignment of others from their positions.

Here, the legal expert, Ali Al-Tamimi, confirms that the caretaker government does not have the right to make changes in special grades, according to Articles 61 and 80 of the Constitution, and it is not entitled to conclude agreements and deals with states.

As a result, a number of deputies and politicians demanded that the Public Prosecution issue a decision to prevent Al-Kazemi and his entourage from traveling and interrogating him, which was written by Representative in Parliament Basem Khashan in a tweet on Twitter.

These rapid developments coincide with the endeavors of the post of Prime Minister,  Muhammad Shiaa Al-Sudani, to present his new cabinet after a difficult labor that lasted about a year, following the recent legislative elections in October of last year.

With the imminent formation of a new government in Iraq, why are the attempts to prosecute Al-Kazemi Awad called for a review of all decisions issued during the Al-Kazemi government's entry into the caretaker period (Iraqi press)

For his part, the representative of the Al-Fateh Alliance, Uday Awad - the most prominent formations of the coordination framework that nominated Al-Sudani for the position of prime minister - reveals that 150 signatures have been collected to submit a request to the Presidency of Parliament in the next session in which a vote will be presented on the formation of the new government headed by Al-Sudani, to issue a decision banning Al-Kazemi’s travel And his government ministers and advisors until all investigations are completed, especially with regard to the file of the port of Faw and theft of tax and customs funds.

Awad indicates - in his speech to Al-Jazeera Net - that there are files in which the investigation needs to be deliberate and more time to reveal the facts, stressing the need to reconsider all decisions issued during the entry of Al-Kazemi's government into the caretaker period.

With the imminent formation of a new government in Iraq, why are the attempts to prosecute Al-Kazemi File-601Al-Tamimi considered that Parliament has the right to form a committee to review the decisions of the caretaker government (Al-Jazeera Net)

Judiciary opinion

From a legal point of view, the Iraqi judiciary has the right - within the Code of Criminal Procedure - to issue a decision to prevent the travel of Al-Kazemi or any other official as a procedure subsequent to the arrest warrant and followed by investigation, inspection and seizure of movable and immovable funds, which is available according to the type of crime and its classification, except that the legal expert Ali Al-Tamimi This procedure is linked exclusively to the presence of confessions or evidence against Al-Kazemi, based on Article 14 of the Constitution, which equals everyone in terms of law enforcement.

And whether Parliament has the right to form a committee to review the decisions of the caretaker government, Al-Tamimi describes this as “positive”, attributing the reason to the fact that such a government has limited powers and is not entitled to hire or conclude agreements, and in the event of any violation, Parliament has the right to refer it to the judiciary in the event No irregularities detected.

With the imminent formation of a new government in Iraq, why are the attempts to prosecute Al-Kazemi 009-1Al-Sarji considered that the attempt to prevent Al-Kazemi from traveling and to sue him constituted targeting by the coordination framework (Al-Jazeera Net)

Tax proximity to the chest

On the other hand, political analyst Ahmed Al-Saraji sees the attempt of some parties close to the coordination framework to prevent Al-Kazemi from traveling and prosecute him as a kind of orientation to the framework, and is represented by limiting the issue of failure and corruption to Al-Kazemi’s government without addressing his predecessors of prime ministers, whether it was Adel Abdul-Mahdi, Haider Al-Abadi or Nouri al-Maliki.

Al-Sarji acknowledges that Al-Kazemi pays the tax of his rapprochement with the Sadrist movement during the crisis that erupted between the current and the framework, and Al-Kazemi’s attempt to obtain a second term, especially since the leader of the movement, Muqtada Al-Sadr, demanded in one of his tweets that Al-Kazemi remain in his position to supervise the proposed early elections, noting that Al-Kazemi remained alone. And this fate is isolated by the framework after the withdrawal of Al-Sadr.

And about the expected scenarios, the political analyst expects that something like an “agreement” will take place that will take Al-Kazemi out of this crisis without any accountability or even opening files against him “because of his connection with the American embassy, ​​and this makes him a red line that prevents approaching him.”

With the imminent formation of a new government in Iraq, why are the attempts to prosecute Al-Kazemi 002Mushaa Al-Tamimi considered that the formation of a parliamentary committee to review Al-Kazemi's decisions was a violation of the judiciary (Al-Jazeera Net)

Warning to the Sudanese government

On the other hand, political analyst Mushais Al-Tamimi believes that if Al-Kazemi is exposed to any attempt to exclude or abuse and prevent travel, this will send negative messages about the new government, given that the Prime Minister-designate announced that he is against any revenge attempts, ruling out that the judiciary will issue any decision to prevent Traveling against Al-Kazemi.

And whether these attempts were in retaliation against Al-Kazemi, who is close to Al-Sadr, Al-Tamimi added, "The leader of the Sadrist movement has nothing to do with this, and the framework has been at odds with Al-Kazemi since the beginning of his tenure as prime minister."

Regarding the formation of a parliamentary committee to review Al-Kazemi’s decisions, Al-Tamimi says that this is a violation of the judiciary, commenting, “The government, according to the interpretation of the Federal Court, is monitored by the Federal and Administrative Courts, given that the current session of Parliament did not give it confidence, and it is monitored by the judiciary since the end of the last session of Parliament.” "   LINK

Al-Hakim: The Kurds Participate In The Sudanese Government Strongly, And Al-Sadr Is An Essential Part Of The Political System

Posted On2022-10-26 By Sotaliraq   Former Iraqi Foreign Minister Muhammad Ali al-Hakim confirmed that the Democratic Party and the Patriotic Union are strongly participating in the next Iraqi government, noting that the Sadrist movement is an essential part of the country's political system.

Muhammad Ali al-Hakim said in a special statement: "The Democratic Party and the National Union have capable people," stressing that they "appoint competent personalities to important positions."

He added that "the Sadrist movement's participation in the next government is very important," calling on "the Sudanese to expedite the involvement of al-Sadr in the new government."

Al-Hakim said that "the Sadrist movement is an essential part of the Iraqi political system."

The former minister expressed his belief that "the Prime Minister in charge of forming the next government, Muhammad Shiaa al-Sudani, will choose competent people to fill the ministerial portfolios."

He continued, "According to the constitution, Iraq does not pose a threat to any country," calling on "neighboring countries to act responsibly when doing anything related to Iraq."

Muhammad Ali al-Hakim held the position of the Ministry of Foreign Affairs from 2018 to 2020 in the government of Adel Abdul-Mahdi, which resigned after the outbreak of the October demonstrations, and their demands focused on holding early elections. LINK

Attention is turning to the Iraqi parliament to determine the date for granting confidence to the Sudanese government  Arabic reports  Baghdad   fair deputies   October 26 2022   LINK

MilitiaMan Wednesday PM " Private Sector Needs to Hit the Ground Running 10-26-2022

KTFA:

MilitiaMan:  Now this surely looks like an after the fact conference to me.. (See articles below) Once they decide to adjust the exchange rate, then we will have a need for the private sector to hit the ground running.

Everyone knows that. We know that why? The Kuwait conference.. The article of late have been thick about changing the exchange rate, deletion of the three zeros and to a lesser extent but relevant are the small category notes.

The latter is to be a necessity with an exchange rate change. The likes of the CBI to revert back to 1200 makes absolutely no sense at all.

It would like fire the street up like no other. The citizens expect purchase power not a slap in the face.. The private sector will never get off the ground with out an international IMF Article VIII compliant currency.

1200 will not make muster.. EVER... imo.. Lets watch the vote session at 2:00 pm Baghdad time tomorrow. Lets see the GREEN LIGHT for INFRASTRUCTURE shine... imo ~ MM

Samson:  A conference in Dubai to advance the reality of the private sector in Iraq

26th October, 2022

The Iraqi-British Business Council (IBBC) announced the holding of a large conference under the slogan (Iraq and identifying business opportunities for the private sector).

Christoph Michaels, Director of the Iraqi British Business Council IBBC, said in a press statement today that the conference will be held in Dubai and will bring together official government figures from Iraq, the UAE and Britain, in addition to representatives from major companies operating in those countries and international companies.

He stressed the participation and attendance of the Governor of the Central Bank of Iraq as a key speaker in this conference.

He explained that the conference sessions will cover the sectors of industry, finance, water resources and the environment.

He pointed out that the main objective of the conference is to advance the reality of the private sector in Iraq to build an economy capable of providing job opportunities for all Iraqis away from the public sector.  LINK

~~~~~~~~~~~~~~

IBBC focused on 'Iraq - Identifying Business Opportunities' in Dubai conference 10 & 11 November 2022

24th October, 2022

After a year it now appears, the Iraqi government is forming led by PM designate Mr Mohammed Al Sudani under President Abdul Latif Rashid. There are significant implications for this development not least the green light for Infrastructure projects and how the government might apportion the current oil revenue surpluses.

This year's IBBCs Dubai Autumn conference comes at an auspicious time where several Government ministers and officials will be present to discuss the new opportunities and expected agenda for the new government.

Key speakers include H.E. Dr Abdulkareem Al Faisal, Chairman of PM's Advisory Council; H.E Mr. Mustafa Ghalib Mukheef, Governor of the Central Bank of Iraq; H.E. Mr Asaad Al Eidani, Basrah Governor; Mr Laith Al-Shaher, Director General of the Legal, Directorate, Ministry of Oil; Dr Mohammed Shukri, Chairman of the Kurdistan Investment Board; H.E Mr Assad Al Eidani, Governor of Basrah; and more DG's and ministers expected to attend.

In the private sector, Iraq has a bullish consumer market that is struggling to meet demand, as our sponsor Sardar Trading are finding with demand for their Jaguar cars and all over Iraq the consumer private sector is expanding rapidly. Likewise, oil revenues and production are booming and set to increase significantly over the next few years, as Mr Zaid Elyaseri,  BP President-Iraq and Dr Salem Chalabi, President & Chairman of the Trade Bank of Iraq will be outlining likely Government and business strategies.

For the first time the conference is extending over 2 days to accommodate more networking and a special Basrah day, celebrating its business and energy importance with leading organisations, Ministers and high-ranking officials from Iraq. The KRG will feature its investment plans, its businesses and the UAE and the UK Ambassadors and trade officials will attend. There are conference panels on Finance, Energy, Industry & General Trading and business success stories including in Transport & Logistics. There is also a Tech Forum online to which anyone can register and covering very innovative and interesting subjects including Education Tech, Agriculture and Water technology and overviews on the digital and start up economy. 

As Iraq's finances are now in a robust shape with high oil revenues, the Government and private sector are finding funds to invest with more confidence. In a previous meeting with Director Generals of Iraq Oil Ministry, IBBC learned of the extensive and intended expansion of energy production in Iraq, that will serve to drive supply chain and governmental contracts over the coming months and years. Sardar Trading are key sponsors of the conference and have recently opened their new showroom in Baghdad and launching the new I-Pace at the same time.

Preceding the conference on the 9th November at the Address Hotel, Dubai Maria, IBBC members are participating in a special GEMS Consult International Education conference day. The conference aims to bring together stakeholders, government, and the private sector, to address challenges facing the education system in Iraq and to explore potential solutions. In particular, the conference will provide a forum for collaboration between government and the business sector in developing innovation, improvements, and change. Several international educational institutions with interest in Iraq will be attending this conference.   LINK

Iraqi News Highlights Wednesday Afternoon 10-26-22

Iraqi News Highlights Wednesday Afternoon 10-26-22

Tlm724 Administrator Bondlady’s Corner

An Economic Expert To Nina: The Cost Of Returning The Dinar To Its Old Price Against The Dollar Will Be Very High

Wednesday 26 October 2022 Economic Number of readings: 234  Baghdad / NINA / - The expert in the financial affairs, Salam Sumaisem, ruled out the return of the dollar exchange rate to its previous price of 1180 dinars, noting that the cost of returning the dinar to its old price against the dollar will be very high.

She said in a statement to the National Iraqi News Agency / NINA / that "the cost of returning the dinar to its old price against the dollar will be very high, especially since the reduction mechanism will not be as fast and flexible as the previous rise."

Sumaisem confirmed that "what is now rumored by influential parties is for the purpose of political propaganda or for the purpose of speculation by reducing the price of the dollar to get it at a cheap price from the public and then return it."

And the dollar exchange rate in the local market recorded an unprecedented decline, reaching 1450 Iraqi dinars. / End 8     https://ninanews.com/Website/News/Details?Key=1010048

The Dollar Depreciates Against The Iraqi Dinar

Economie| 09:39 - 10/26/2022   Baghdad - Mawazine News, the dollar exchange rates fell, today, Wednesday, on the local stock exchange.

And the selling prices of the dollar were 145.900 dinars per 100 dollars, while the purchase prices of the dollar were 145.800 dinars per 100 dollars.   https://www.mawazin.net/Details.aspx?jimare=209270

Dollar Cash Sales Decline In The Iraqi Central Auction

Posted On2022-10-26 By Sotaliraq   Dollar cash sales to banks and mediation companies decreased today, Wednesday, to reach 22 million in the currency auction of the Central Bank of Iraq.

A reporter stated that the Central Bank sold today, during its auction to buy and sell US dollars, 207 million and 217 thousand and 322 US dollars, which were covered by the bank at a base exchange rate of 1460 dinars per dollar.

Our correspondent added that 88% of these sales went to enhance balances abroad in the form of remittances and credits, which amounted to 185 million and 17 thousand and 322 dollars, while the rest went in the form of cash sales, which amounted to 22 million and 200 thousand dollars.

Our correspondent indicated that 28 banks have met requests to enhance balances abroad, and 8 banks have responded to cash requests, in addition to 48 mediation companies.   LINK

Al-Sudani Re-Sends An Official Request To Hold A Session Of Granting Confidence.. After Its Amendment

Wednesday 26 October 2022 17:43 | political Number of readings: 25

Baghdad / NINA / - Parliamentary circles revealed, an amended version of a new written request that was re-sent, to the Presidency of the House of Representatives by the Prime Minister-designate Muhammad Shiaa Al-Sudani, requesting to set a date for the voting session on the names of the members nominated for the new cabinet and the government curriculum, attached to the CVs of the candidates.

The House of Representatives rejected an official request submitted by the Prime Minister-designate, Muhammad Shiaa Al-Sudani, to hold a session tomorrow, Thursday, to vote on granting confidence to the new cabinet, due to the presence of legal irregularities in the written request./End of 5

https://ninanews.com/Website/News/Details?key=1010122

Saudi Arabia Establishes A Company Targeting Investment In Iraq

Wednesday, October 26 2022 3:18 PM   Follow-up / National News Center

Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince, Prime Minister, Chairman of the Council of Economic and Development Affairs and Chairman of the Board of Directors of the Public Investment Fund announced today, Wednesday, that the Public Investment Fund has established (5) regional companies aimed at investing in several countries, including Iraq.

These companies target investment in Jordan, Bahrain, Sudan, Iraq, and Oman, after the launch of the Saudi Egyptian Investment Company last August. The value of the targeted investments will reach 90 billion riyals (24 billion US dollars). into investment opportunities across various sectors.

According to the official Saudi Press Agency “SPA”, the companies will invest in several strategic sectors, including, but not limited to, infrastructure, real estate development, mining, health care, financial services, food and agriculture, manufacturing, communications and technology, and other sectors. The strategy.

She explained that the establishment of the five new companies will develop and strengthen the investment partnerships of the Public Investment Fund and its portfolio companies, and the Saudi private sector for many investment opportunities in the region, which will contribute to achieving attractive returns in the long term, and develop aspects of cooperation of strategic economic partnerships with the private sector in every country. of the aforementioned countries.

The announcement of the establishment of the new companies comes in line with the strategy of the Public Investment Fund to search for new investment opportunities in the Middle East and North Africa, which support building long-term strategic economic partnerships to achieve sustainable returns, which contributes to maximizing the fund’s assets and diversifying the Kingdom’s sources of income. In line with the goals of Vision 2030, according to the agency.    https://nnciraq.com/160024/

A Conference In Dubai To Advance The Reality Of The Private Sector In Iraq

Wednesday 26 October 2022 14:06 | Economic Number of readings: 195

Baghdad / NINA / - The Iraqi-British Business Council (IBBC) announced the holding of a large conference under the slogan (Iraq and identifying business opportunities for the private sector).

Christoph Michaels, Director of the Iraqi British Business Council IBBC, said in a press statement today that the conference will be held in Dubai and will bring together official government figures from Iraq, the UAE and Britain, in addition to representatives from major companies operating in those countries and international companies.

He stressed the participation and attendance of the Governor of the Central Bank of Iraq as a key speaker in this conference.

He explained that the conference sessions will cover the sectors of industry, finance, water resources and the environment.

He pointed out that the main objective of the conference is to advance the reality of the private sector in Iraq to build an economy capable of providing job opportunities for all Iraqis away from the public sector. /    https://ninanews.com/Website/News/Details?key=1010084

Ports Announce The Termination Of Work On Decisions To Zero Customs Duties And Suspend Import Licenses

Economy News – Baghdad   The head of the Border Ports Authority, Major General Omar Al-Waeli, announced, on Wednesday, the termination of the decisions to zero customs duties and suspend the import licence, while stressing that the exemptions affected the financial revenues of the state.

Al-Waeli said, "On the thirtieth of September 2022, the decisions of the Council of Ministers that included zeroing customs duties and suspending the import license were terminated, after work continued for six months from March 2022 until the end of September 2022, to control the prices of foodstuffs and other necessary." .

He added that "the authority does not support the continuation of the exemptions, as it has burdened the state and greatly affected the revenues generated," noting that "the exemptions in all their forms affected the revenues generated due to their large number and inclusion of various articles," according to the official news agency.   55 . views   Added 10/26/2022 - 4:02 PM  Update 10/26/2022 - 5:39 PM

https://economy-news.net/content.php?id=30427

Low Oil Prices

Economie| 08:37 - 10/26/2022   Mawazine News: Oil prices fell on Wednesday, after industrial data showed that US crude stocks rose more than expected, but the losses were limited by supply concerns.

Brent crude futures for December fell 58 cents, or 0.6 percent, to $92.94 a barrel by 04:10 GMT, after settling at a high of 26 cents in the previous session.

US West Texas Intermediate (WTI) crude futures for December were down 30 cents, or 0.6%, at $85.05, reversing the previous session's gains.

US crude stocks rose by about 4.5 million barrels in the week ending Oct. 21, according to market sources citing figures from the American Petroleum Institute, an industry group.

While rising crude oil inventories reinforced fears of a global recession that would slash demand, continued supply constraints by the OPEC alliance kept prices trading in a narrow range.

Biden announced a plan last week to sell the remainder of a record edition of the country's emergency oil reserves by the end of the year as he tries to bring down soaring gasoline prices.

The strong dollar also affected the market on Wednesday. The dollar index, which measures the greenback against six major currencies, rose to 110.98 by 03:30 GMT.

A firmer dollar reduces the demand for oil because it makes crude oil more expensive for those who hold other currencies. Ended 29/M99    https://www.mawazin.net/Details.aspx?jimare=209265

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

https://www.bondladyscorner.com/