"Tidbits From TNT" Wednesday AM 11-2-2022

TNT:

Harambe:  Zimbabwe Draws on Nigeria Lessons in Crypto Currency Plans | Bloomberg

(11/1/22) 

 Zimbabwe is drawing lessons from Nigeria as it pursues plans for its own central bank digital currency and won’t be deterred by lackluster interest shown in that country.

The slow uptake of the eNaira, Africa’s first CBDC, is unlikely to sway Zimbabwe’s decision-making, according to Innocent Matshe, deputy governor of the southern African nation’s Reserve Bank. Preparations remain in place to introduce a digital currency despite the jury being “still out” on the concept, he said.

“Certainly it’s a point to consider that there is hesitancy in the market,” he said Tuesday in an interview at a conference near Port Louis, Mauritius. “We don’t think that it is a deterrent at this point, we just think that it is a learning point for us. We can then adopt measures to try and mitigate the factors that are causing that hesitancy in the Nigerian market.”

Less than 0.5% of Nigerians transact in the nation’s digital money. That’s prompted the central bank to seek new ways to boost interest, including offering discounts to drivers and passengers of three-wheeler taxis to use the eNaira.

Zimbabwe has had its own currency woes. The local dollar has lost more than 80% of its value against the greenback this year and the government tried a series of measures to contain an even steeper decline on the parallel market that stoked rampant inflation. The US dollar is widely used in the country as an alternative.

The government sent teams to visit several central banks around the world to study their plans for CBDCs, including Ghana and China, Matshe said.

“It will have its own specificities,” he said. “We are not expecting that it will be directly linked to any currency, we are keeping all our options open.”

https://www.bloomberg.com/news/articles/2022-11-01/zimbabwe-draws-on-nigeria-lessons-in-crypto-currency-plans

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Tishwash:  The discovery of oil wells in the poorest Iraqi governorates

Al-Muthanna Governorate said that it had discovered a number of oil wells in the Samawah desert, which will open promising development prospects for the future of the governorate, which has long suffered from high rates of poverty over the past eras for various reasons.  

According to the statistics of the Ministry of Planning, Al-Muthanna ranks first among the poorest governorates in the country with a rate of 52%, due to the accumulation of several decades, the disruption of the industrial and production sectors, the weak activity of the private sector, and the weak foundations of infrastructure. Direct per capita income is low, and it is affected by the level of services, education and health.  

In an interview with the official newspaper, Naas said, "The discovery of a number of oil wells in the Samawah desert will open wide prospects for the future of the governorate, which has long suffered from poverty and deprivation throughout the past eras, as It will create huge resources that will actually contribute to the advancement of the service situation, and the initiation of these wells will inevitably achieve remarkable prosperity that casts a shadow over all sectors in the governorate.”  

And he indicated that "tackling poverty is not an easy issue, especially since the governorate lacks financial resources, and there must be a systematic and studied plan to be developed by the local government and members of the House of Representatives, in order to cooperate in its implementation, as well as activating the supervisory role in the governorate to fight Corruption, which he stressed has played a major role in the spread of poverty and unemployment in the governorate.  

According to specialists, Al-Muthanna enjoys a large number of archaeological sites, in addition to its border connection with the Kingdom of Saudi Arabia through the Al-Jumaymah port, as well as the vastness of the Badia area, its oil wells, and its areas designated for agriculture, which, if properly utilized, will eliminate unemployment and poverty once and for all.  

  For his part, the Director of the Dhar Center for Economic Development, Majed Abu Kell, pointed to the "necessity of activating the capabilities and resources that the governorate enjoys, by adopting stimulating the agricultural sector, which has recorded remarkable growth and increased production quantities to record the highest production."

He noted that the Muthanna Badia, with its vast land and raw materials For many industries, and a large reservoir of groundwater, it could be a turning point in the economy of the province and perhaps the entire country,” calling for “focusing on large investment projects, to absorb unemployment among young people, and to provide an encouraging investment environment for the private sector.”    link

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Tishwash:  The foreign ministers of Iraq, Jordan and Egypt affirm the implementation of the targeted projects

Deputy Prime Minister and Minister of Foreign Affairs Fouad Hussein, Minister of Foreign Affairs of the sisterly Arab Republic of Egypt Sameh Shoukry and Deputy Prime Minister and Minister of Foreign Affairs and Expatriates Affairs Ayman Safadi held a meeting within the framework of the tripartite cooperation mechanism between the three countries on the sidelines of the 31st Arab Summit meeting in the capital The algerian.

During the meeting, the ministers praised the level of achievement achieved by the relevant ministerial teams in the three countries during the past period, in order to achieve strategic integration within the framework of the tripartite mechanism, and stressed the need to follow up on the targeted projects and expedite their implementation in order to maximize benefit and benefit and develop economic capabilities, as a way to achieve further progress and prosperity.

The ministers affirmed that the leaders' political will is translated through enabling joint coordination mechanisms between the three countries in order to enhance tripartite cooperation in various fields, and to embody strategic integration in the service of our peoples and the region.

Al-Safadi stressed his thanks to Jordan and Egypt's continued support for brotherly Iraq and its security, which is considered an essential pillar for maintaining Arab national security in light of what binds their peoples of unity of destiny and common goals.

Safadi and Shukri congratulated their Iraqi counterparts on the occasion of forming the Iraqi government.  link

Mot: ... Parents Unite!! ~~~~ LOL 

Mot:  ... SURPRISE!!!!! - and Just Like That!!! ~~~~

Iraqi News Highlights Tuesday Evening 11-1-22

Iraqi News Highlights Tuesday Evening 11-1-22

Tlm724 Administrator Bondlady’s Corner

Saleh Al-Hamashi to / NINA /: Next year's budget may exceed 170 trillion dinars

Tuesday 01 November 2022 10:05 | Economic Number of readings: 389   Baghdad / NINA / - The economic expert, Saleh Al-Hamashi, confirmed that next year's budget may exceed 170 trillion dinars.

He told the National Iraqi News Agency ( NINA ): The most important thing that the Sudanese government is doing is passing the next year's budget because it represents the government's economic plan for a whole year.

Al-Hamashi added: Without a budget, the Prime Minister cannot implement his government program, and he can take advantage of the financial abundance to prepare a budget that may exceed 170 trillion dinars to implement his government program.

He explained that this figure is able to achieve this if it is able to reduce corruption, especially since the doors of corruption in the Iraqi state have become clear and frank and easy to detect if there is the will and seriousness in fighting corruption.

The Minister of Finance, Taif Sami, confirmed earlier that one of the government's most important priorities is to present and approve the draft budget.

She stressed, during a meeting of officials in the ministry, "the importance of cooperation in the spirit of one team, and to complete the process of reforms necessary for the financial policy and to provide the requirements for comprehensive development of the national economy, especially in light of the current economic conditions," noting that "one of the most important priorities of the new government and the ministry is to present the draft federal budget for the year 2023 and its approval.”/End 3

https://ninanews.com/Website/News/Details?key=1011215

Parliamentary Integrity Of / NINA /: The Technical Report On “Theft Of The Century” Will Include These Facts And Our Recommendations To The Government

Tuesday 01 November 2022 16:28 | politica lNumber of readings: 200 Baghdad / NINA / - The Parliamentary Integrity Committee revealed the content of its technical report, which it will submit to the concerned authorities on the crime of disbursing and stealing tax trust funds, "theft of the century".

And a member of the committee, Deputy Sarwa Abdul Wahed, stated, in a statement to the National Iraqi News Agency ( NINA ), that "the Parliamentary Integrity Committee will mention in its technical report to the concerned authorities the need to prosecute the series of officials involved in disbursing these funds, starting with the office of Prime Minister "Al-Kazemi" and all of His name was mentioned, and that they be held accountable and imprisoned until the investigations are completed."

 She explained, "These thefts occurred during the time of the resigned Finance Minister Ali Allawi, but everyone who took over the position of responsibility after him is all responsible for what happened and we do not exonerate any of them, and therefore we asked that investigations be conducted with all officials and departments of the Tax Authority, the Ministry of Finance, Rafidain Bank and the Prime Minister's Office. All without exception."

She added, "We will mention in the technical report that everyone is evading responsibility, as how the Rafidain Bank disbursed sukuk worth 85 billion dinars within one day through a small branch that has all that cash."

And she continued, "We will request the formation of a judicial and supervisory committee for accountability, and there will also be another ministerial committee to review all the decisions of the caretaker government daily, regarding appointments, projects, bank transfers, and all decisions taken by the Council of Ministers during the period at that time," indicating that "there are those who came out on bail, and we hope Reviewing the decision to hold them all accountable again, as it is not possible for those involved in stealing money to come out, as well as the exemption orders and the withdrawal of the hand help the escape of those officials, just as the tax director Osama fled out of Iraq recently.” /

https://ninanews.com/Website/News/Details?Key=1011311

A New Drop In World Oil Prices

Tuesday 01 November 2022 11:11 | Economic Number of readings: 212  Baghdad / NINA / - Oil prices fell today, Tuesday, to continue their losses, which amounted to one percent in the previous session, with increasing fears of slowing fuel demand in China, the second largest oil consumer in the world, due to the restrictions of Covid-19.

And the economic bulletin of Reuters said: The futures contracts for Brent crude for January delivery fell four cents to 92.77 dollars a barrel. The December contract expired on Monday at $94.83 a barrel, a decrease of one percent.

US West Texas Intermediate crude fell 18 cents, to $86.35 a barrel.

Covid-19 restrictions in China forced the temporary closure of the Disney resort in Shanghai on Monday, while production of Apple's iPhone phones at a large facility in China may drop by 30% this November.

Strict epidemic restrictions caused factory activity in China to drop in October and reduced imports from Japan and South Korea.

US oil production jumped to nearly 12 million barrels per day in August, the highest level since the start of the Covid-19 pandemic, putting pressure on prices, even as shale oil companies announced that they do not expect production to accelerate in the coming months.

Brent and West Texas crude closed higher in October, to record the first monthly gains since May, after the Organization of Petroleum Exporting Countries (OPEC) and allies led by Russia announced plans to cut production by two million barrels per day.

OPEC raised its forecast for global oil demand in the medium and long term on Monday, saying that $12.1 trillion in investment is needed to meet this demand despite the shift to renewables.

US President Joe Biden on Monday called on oil and gas companies to use their record profits to cut costs for Americans and increase production, or pay a higher tax rate.

https://ninanews.com/Website/News/Details?key=1011218

Al-Sudani: We Will Take A Position On The Countries That Refrain From Recovering The Smuggled Money From Iraq

Money and business   Economy News-Baghdad   Prime Minister Muhammad Shia Al-Sudani affirmed today, Tuesday, that recovering funds abroad is a priority for the government, while noting that the battle against corruption is crucial.

Al-Sudani said during his visit to the headquarters of the Integrity Commission and his meeting with the head of the commission, his deputy, and the advanced staff in it, and it followed that "Prime Minister Muhammad Shia Al-Sudani pledged that the first criteria in his government's dealings with the governments of countries is the extent of its cooperation with Iraq in recovering the convicts and the smuggled money,

and the diplomatic effort will be consistent with the procedures The Integrity Commission to enable Iraq to recover its smuggled money, urging it to start opening the most important files in terms of the volume of embezzled or wasted funds, or those related to stopping important projects that by completing the citizen touch the best services provided to him.

Al-Sudani called "to form a supportive team for the Integrity Commission that takes the legal capacity, and does not conflict with the authority's powers and tasks entrusted to it in accordance with its amended effective Law No. 30 of 2011, expressing his readiness "to provide all support to the Commission, whether at the level of executive procedures or legislative interventions for legislative enactment". Laws that combat corruption, which contribute to closing the outlets of this dangerous scourge.

He stressed, "working to improve Iraq's ladder in the international corruption perception index," noting that "we are now in a decisive battle against corruption, and just as we fought ISIS and won it by combining all efforts, we strive to work with the same strength and determination in our battle against corruption that impedes investment, services and development projects."

He stressed, "the fight against corruption and the absence of red lines in front of any corruption file linked to a political party or any person whatsoever, explaining that he will deliberately objectivity, professionalism and integrity in dealing with these files and dealing with them."

And he indicated that "the phenomenon of corruption is developing and changing in the same way as the Corona virus, calling for the development of methods of dealing with it and addressing it and limiting its high levels and its effects on the economy, investment and providing services to citizens, and calling for the development of methods of investigation and investigation of the money of taxpayers to pursue the inflation of funds and illegitimate gain, and not to be satisfied with the methods." The traditional “Where did you get this from” principle?

He urged "providing preventive measures and cultivating a culture of integrity, ethics and chastity of the hand, preserving public money, and preventing employees from being involved in violations or corruption crimes."

For his part, the head of the commission, Alaa Jawad Al-Saadi, reviewed some of the obstacles that may hinder the commission’s work in its tireless quest to combat corruption and beatings at the hands of the corrupt, calling for “legislative intervention to fill the void created by the decision to abolish the system of public inspectors and the violations that have become far from the control and accountability bodies, describing State institutions in the absence of that system are closer to a black box in which it is not known what is going on.”

Al-Saadi pointed to "the achievements made in the field of recovering smuggled funds during the past months, noting that" this file is subject to some difficulties; Because of some legal aspects, such as the difference in the legal system of countries and the issue of dual nationality.

He stressed that "some countries refrain from cooperating with Iraq in the field of recovering its money, and we need to compel government agencies not to conclude any contract or facilitate investment operations inside Iraq with the governments of countries that refrain from cooperating in recovering convicts and smuggled money."

For his part, the deputy head of the commission, Mazhar Turki Abed, proposed “a legislative intervention to amend some laws; In light of the complexity of this dangerous system, it is necessary to rely on what has been adopted by global experiences in eliminating corruption, the most important of which is taking preventive measures to prevent the occurrence of corruption, such as e-government and the governance of services, according to which the phenomenon of auditors’ contact with the employees of departments, especially service ones, ends.

Views 164  Added 11/01/2022 - 12:41 PM  Update 11/01/2022 - 7:09 PM

https://economy-news.net/content.php?id=30525  

The Exchange Rate Of The Dollar Is Slightly Rising In The Local Markets

Economie| 09:13 - 01/11/2022   Baghdad - Mawazine News   The dollar exchange rates witnessed, today, Tuesday, a slight increase in the local stock exchange.  Selling price: 146.300 dinars per 100 dollars   Purchase price: 146.100 dinars per 100 dollars     https://www.mawazin.net/Details.aspx?jimare=209867

Washington Sets A Condition To Increase Opportunities For Private Sector Growth In Iraq

Political | 05:16 - 01/11/2022   Baghdad - Mawazine News   On Tuesday, the United States of America announced a condition to increase opportunities for the growth of the private sector in Iraq.

And the US ambassador to Baghdad, Alina Ruminsky, said in a tweet via Twitter, which was followed by / Mawazine News /, that she "spoke today with members of the United States in the Business Council for International Understanding and told them that economic opportunities exist in Iraq."

She added, "The potential for private sector growth will increase if the new government takes measures to build a more stable, secure and sovereign Iraq." Ended 29/R77

https://www.mawazin.net/Details.aspx?jimare=209912

Al-Sudani Sacks High-Ranking Security Officials

Political | 05:09 - 01/11/2022   Baghdad - Mawazine News  A political source said, on Tuesday, the dismissal of security officials by a decision of the Council of Ministers.

The source told "Mawazine News", "The dismissals included the director of the intelligence service, Raed Jouhi, and the general in the agency, Diaa al-Moussawi."

The source added, "The commander of the special squad in charge of protecting the capital, Lieutenant-General Hamid Al-Zuhairi, has been referred to the Amir."

The source pointed out, "The exemption decisions included the mayor of Baghdad and the governors of Najaf, Dhi Qar, Salah al-Din and Babil."     https://www.mawazin.net/Details.aspx?jimare=209910

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

 https://www.bondladyscorner.com/

MilitiaMan, Petra and Samson "News and Views" 11-1-2022

KTFA:

President of the Republic: There is no decision to hold early elections in Iraq... and the political crisis is over

1st November, 2022

The President of the Republic, Abdul Latif Rashid, confirmed that: "There is no decision to hold early parliamentary elections in Iraq... and the political crisis is over."

He said in a televised statement: "We support a Palestinian state with Jerusalem as its capital, and we will focus on that at the Algeria summit, just as we reject violations in the Palestinian territories."
And the President of the Republic continued: "We continue our mediation between Saudi Arabia and Iran, and the meetings continue, but the results are in their hands."    LINK

MilitiaMan:  There is an announcement. The political crisis is over. .Enough said.. Lets hope this lands on the CBIs desk today.. lol ~ MM

MilitiaMan:  We can see that there is a push to complete the GOI and to implement reforms. Like what we see in the news is today. Much support for the private sector to get stimulated and on the road to re construction.. All is looking very good the GOV done, the Kurds are soundingly like there are agreements to sort Article 140, etc.. What not to like about all of the good news.. imo.. Nothing is not to like.. lol ~ MM

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Samson:  The World Bank: The policy of changing the dollar exchange rate is the prerogative of the Iraqi government 

31st October, 2022

Monday, the World Bank confirmed that the policy of changing the dollar exchange rate is one of the prerogatives of the Iraqi government.

The World Bank said in a statement that it was followed by (Al-Oula News), that "the policy of changing the dollar exchange rate is one of the prerogatives of the Iraqi government."  LINK

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MilitiaMan:  The World Bank looks to be giving the green light on the policy of changing the dollar exchange rate. It is the Iraqi Governments prerogative.. The Article 110 of the constitution talks about this. No doubt this is giving the GOI support to get on with reforms..

Definition of prerogative

1a : an exclusive or special right, power, or privilege: such as. (1) : one belonging to an office or an official body. (2) : one belonging to a person, group, or class of individuals.

Article 110

The federal government shall have exclusive authorities in the following matters:

First.Formulating foreign policy and diplomatic representation; negotiating, signing,
and ratifying international treaties and agreements; negotiating, signing, and
ratifying debt policies and formulating foreign sovereign economic and trade
policy.

Second. Formulating and executing national security policy, including establishing and
managing armed forces to secure the protection and guarantee the security of
Iraq's borders and to defend Iraq.

Third. Formulating fiscal and customs policy; issuing currency; regulating commercial
policy across regional and governorate boundaries in Iraq; drawing up the
national budget of the State; formulating monetary policy; and establishing and
administering a central bank.

Fourth. Regulating standards, weights, and measures.

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Samson:  This is the controller.. Economic: Changing the dollar exchange rate is very possible

1st November, 2022

The economic expert, Nabil Al-Marsoumi, confirmed, on Tuesday, that the possibility of changing the exchange rate of the dollar is a possibility, in light of the policy control of the wheel of the economy in Iraq.

Al-Marsoumi said in a Facebook post seen by "The Information" that "reducing the exchange rate of the dollar against the dinar is very possible for political reasons, to gain the approval of some people, or to fulfill previous promises."

He added, that the decision to reduce may be taken "even if the decision has significant economic repercussions or costs."

He pointed out that "it is difficult to expect the new price of the dollar even if the Ministry of Finance and the Central Bank denied the possibility of adjusting the exchange rate because politics in Iraq is leading the economy."  LINK

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MilitiaMan:  It looks like there is still a push to counter the article about that there is not a move to adjust the exchange rate. We can see the hand hold by the World Bank today saying the GOI has the prerogative .. The private sector is not going to get up and running without an adjustment to the rate change.. imo They know it as we do, far to much work on the electronic side of things is in place now... imo ! MM

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Samson:  Washington sets a condition to increase opportunities for private sector growth in Iraq

1st November, 2022

On Tuesday, the United States of America announced a condition to increase opportunities for the growth of the private sector in Iraq.

And the US ambassador to Baghdad, Alina Ruminsky, said in a tweet via Twitter, which was followed by / Mawazine News /, that she "spoke today with members of the United States in the Business Council for International Understanding and told them that economic opportunities exist in Iraq."

She added, "The potential for private sector growth will increase if the new government takes measures to build a more stable, secure and sovereign Iraq."   LINK

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MilitiaMan:  World Bank, UN, USA, etc.. All in support of the private sector.. Even the Parliament has the renaissance measures on the table. They need to get Industry up and running to create jobs.. Well, get the reforms done and that will stimulate the private sector..... Show time is now.. imo ~ MM 

Samson:  Expectations of an unprecedented budget for Iraq in 2023

10/31/2022 20:52:39

  The former member of the Parliamentary Finance Committee, Ahmed Al-Saffar, expected Monday, an unprecedented budget for Iraq in 2023.

  Al-Saffar told Al-Furat News that: "The federal budget, according to the Financial Management Law, has principles, rules and a life cycle that starts from the smallest units of public spending, and usually the government starts preparing it in early June and ends in mid-October and then sends it to the Finance Committee, which studies it for a period of time." Two or three months, then it becomes law."

He added, "There is no general budget that ends within a week or a month, especially the program of Prime Minister Muhammad Shiaa al-Sudani aims to solve the problems that have existed for 18 years, the most important of which is fighting corruption."

Al-Saffar continued, "For the first time in the history of Iraq, there will be a financial abundance of up to 80 billion dollars as a result of the rise in oil prices for 2022, and with oil revenues for the year 2023 estimated at 120 billion dollars, the total will be approximately 200 billion dollars."

Al-Saffar added, "The Minister of Finance has experience in preparing the budget, and the government can prepare a new budget by reconsidering the mechanism of schedules, returning to spending units, and starting with the smallest spending unit, leading to the ministries' budget."

Monday, the Ministry of Finance announced the actual start of preparing the budget law for the year 2023.  LINK

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MilitiaMan:  The 2003 - 2022 budget have to be sorted before the 2023. They have to have them all completed and audited.. Hence the talk of the oil and Gas Law within 2022.. They only need amendments to that law for it to be sorted.. imo.. It is an old law and not a new one. So, if she has started the 2023 and it is virtually a template done already, then it should flow smoothly especially with the surpluses they are talking about to the tune of 200 billion dollars. A good sign.. ~ MM

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Saleh Al-Hamashi : Next year's budget may exceed 170 trillion dinars

1st November, 2022
The economic expert, Saleh Al-Hamashi, confirmed that next year's budget may exceed 170 trillion dinars.
He told the National Iraqi News Agency : The most important thing that the Sudanese government is doing is passing the next year's budget because it represents the government's economic plan for a whole year.
Al-Hamashi added: Without a budget, the Prime Minister cannot implement his government program, and he can take advantage of the financial abundance to prepare a budget that may exceed 170 trillion dinars to implement his government program.

 He explained that this figure is able to achieve this if it is able to reduce corruption, especially since the doors of corruption in the Iraqi state have become clear and frank and easy to detect if there is the will and seriousness in fighting corruption.

The Minister of Finance, Taif Sami, confirmed earlier that one of the government's most important priorities is to present and approve the draft budget. She stressed, during a meeting of officials in the ministry, "the importance of cooperation in the spirit of one team, and to complete the process of reforms necessary for the financial policy and to provide the requirements for comprehensive development of the national economy, especially in light of the current economic conditions," noting that "one of the most important priorities of the new government and the ministry is to present the draft federal budget for the year 2023 and its approval.”    LINK

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MilitiaMan:  Lets say the government acts on Article 110 of the constitution and if they drops 3 zeros from the exchange rate the ratio becomes very interesting. It gets much closer to a 1:1 ratio than it is now be sure. I could be off, but, it sure looks interesting. imo ~ MM

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Economist: The Sudanese government will stop all lawsuits against the oil companies in Kurdistan LINK

MilitiaMan:  Another interesting bit about the oil and gas law.. Stopping law suits and not opening new contracts.. I suspect there is more to the story. But, it is something of interest at this stage in time. Looks like deals are bein cut to get the show on the road.. imo ~ MM

Petra:   Couldn't agree more MM.  From a grander perspective one is curious about all the subterfuge going on the last 3-4 days.  How many times does a country have to "defend" in one aspect the fact they are "not" going to change the exchange rate....and then, we see articles coming out from within Iraq that this is the very move that needs to be made. 

Couple that with the input from the WB/IMF and other agencies telling the country to move forward and open themselves up for partnership, investment, and international business.  It doesn't get clearer when one of your largest trading partners (Jordan) opens up a bank down the street.  Why?  And why now? 

Why not have articles on how they are going to sell their wheat to other countries, or importing cars, or any other subject.  No, they keep telling us what they are "NOT" going to do.  Sorry, one or two I would take you seriously...but 12?  I don't buy it, nor does the Iraqi people.

The impact of so much "not going to happen" tells a different defensive posture.  Case in point, anybody hear from the French lately?  TOTAL is still on as far as I know.  Why haven't they come back and thrown a few sandls?  Because...THEY KNOW!!!

Oh, and let's not forget the "INTERNATIONAL BAGHDAD FAIR" going on as I type this.  What are the topics to be discussed.  They all remember the Kuwait Conference of 2018 where "BILLIONS" were committed and "$0.000000" was received.  Why?  Because Iraq was not ready to make the changes necessary to be in the international arena. 

Do they "dare" repeat that scenario?  I think not.  IMO, and all of this is IMO, there are things going on we are not privy to but "Not" changing the rate is not one of them!!! 

 Nothing works at the current rate.  The future is locked in Iraq...until....it is unlocked!!

OK CBI, you have the key...do your thing!!!   ALL IMO  PETRA

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Samson:  Parliamentary Finance sets the date for receiving the 2023 budget

1st November, 2022

The Parliamentary Finance Committee confirmed, on Tuesday, that the 2023 budget is almost completed by the specialized team at the Ministry of Finance, as some amendments will be made to it before sending it to the House of Representatives. It is likely that the Council of Ministers will raise the budget to Parliament in the middle of this month.

Member of the committee, MP Jamal Kougar, said in a statement to "Al-Maalouma", that "the team that prepared the budget law at the Ministry of Finance is today in the custody of the new ministry after the formation of the new government," noting that "the budget preparation team will submit it to the Council of Ministers within days." 

 He added, "The Council of Ministers will certainly make some amendments to the draft budget law, but it will push them to the House of Representatives in the middle of this month in order to approve the law." 

Cougar pointed out that "the House of Representatives is firmly determined to pass the budget within a month, or at most, a month and a half." Concerning the features of the budget, Cougar stressed that "the investment budget will rise significantly because the government program is an investment service program and that all things are ready due to the presence of financial abundance and the continued rise in oil prices."    LINK

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MilitiaMan:  The government is done now from the looks of it. They assigned the last to ministries.. The budget for 2023 is well under way. Now we watch how they interlink the EFSL / 2022 budget to this all.. They have to reconcile all budgets going back to 2003. We know they have through 2003-2021. There is not going to be an exclsuion to the 2022. There is a reason the 2022 is not being talked about. Likely we can safely presume it is because there is a calculation that is required to facilitate the 2023 budget.. imo.. ~ MM

Sirwan Barzani praises the curriculum of the Sudanese government: It will be good if it applies Article 140   LINK

MilitiaMan:  Another positive sign there is progress and the importance now to get Article 140 applied. imo ~ MM

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Samson:  In partnership with the Association of Banks and America.. Launching a project to activate lending programs in Iraq

1st November, 2022

The Department of Non-Governmental Organizations, in the General Secretariat of the Council of Ministers, announced on Tuesday the launch of a project to activate lending programs in Iraq, in partnership between the Association of Iraqi Banks and the US Agency for International Development.

This came during a conference inaugurated by the Governor of the Central Bank, Mustafa Ghaleb Mikheeb, in which he affirmed his constant endeavor in order to remove obstacles to borrowers seeking to launch their development projects in Iraqi society.

The Director General of the Non-Governmental Organizations Department, Ashraf Al-Dahan, said that this project aims to build a strong sector for emerging and entrepreneurial businesses that contribute to rebuilding the economic fabric of Iraq and creating sustainable job opportunities.

For his part, the director of a financing platform in the General Secretariat of the Council of Ministers, Shamil Abdel Bari, gave an explanation of the electronic finance program in many sectors of industry, agriculture, craft trade, clean energy, and housing, stressing the General Secretariat’s endeavor to find solutions to the obstacles to the project, which is implemented by staff. Iraqi.  LINK

MilitiaMan:  More and more evidence of the push to go international is on. Electronic finance is transparent and with little allowance or tolerance for corruption. Look the amount of sectors are read to go.. Looks very good.. imo ~ MM

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Samson:  Deputy Ali Al-Mashkoor: There is a ready-made version of the budget that needs amendments only

31st October, 2022

Deputy Chairman of the Parliamentary Oil, Gas and Natural Resources Committee, Ali Al-Mashkoor, announced that there is a ready-made copy of the budget and it only needs amendments.

Al-Mashkour said in a televised statement: "The Parliamentary Oil Committee is facing a difficult test, which is the issuance of the oil and gas law, noting that wasted gas revenues could reach 60 billion dollars."

He continued: "The misplaced loss of financial abundance is a loss of a great opportunity for reform, adding that it is not easy to change the exchange rate again."     LINK

MilitiaMan:  There is a ready-made copy of the 2022 budget I suspect. The oil and gas law is not a new law. If not mistaken the EFSL has this covered for and in the year 2022. It only needs amendments not new law(s).  Timing is of the essence it appears as there will be great loss. Regardless of easy or not the private sector and the citizens want the exchange rate to be an international one. Let not forget the BUNA had an advanced virtual meeting on where they are and that they are ready for electronic cross border clearing and payments, all to be done within the second half of 2022.  Lets see how this day unfolds.. imo ~ MM

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Samson:  Bank of Jordan opens its first branch in Iraq

1st November, 2022

Bank of Jordan announced the launch of its operations in Iraq with the opening of its first branch in Baghdad, after fulfilling all conditions and procedures related to launching its business in the Iraqi market.

The Chairman of the Board of Directors of the Bank of Jordan, Shaker Fakhoury, told Shafaq News, "The decision to branch out in Iraq comes to enhance our regional presence and to translate the bank's strategy that it has adopted to expand its business in the countries of the region, whose markets are witnessing remarkable growth and promising opportunities, which will positively reflect on the services provided to our current and future customers." 

He added, "We also seek to develop our banking system, a translation of the royal visions to increase investment, coordination and economic cooperation between the two countries, and to consolidate the strong economic and historical relations with Iraq."

Fakhoury added: We are launching today in Iraq to translate the Bank of Jordan’s long-standing career, which extends for more than 60 years in banking and financial work, and in a manner that reflects the success in implementing the bank’s aspiring vision to become the leading bank in the Arab region, and to expand its branch network to include the Iraqi market, which is one of the most important markets in the region. 

He also indicated that the bank is currently working on preparing its first branch in Riyadh, Saudi Arabia, after recently obtaining a license to practice banking business in Saudi Arabia, stressing the bank's continued orientation for regional expansion towards countries whose markets are witnessing growth and development at the economic and investment levels.

Fakhoury appreciated the efforts of the Central Bank of Iraq in facilitating the opening of the Bank of Jordan branch in the capital, Baghdad. He also thanked the Central Bank of Jordan for their trust and permanent support for the bank to implement its plans for branching and external expansion.

He pointed out that this step reflects Bank of Jordan's commitment to designing its branch network in a way that enables it to achieve its vision and strategic directions and serve its broad customer base through its traditional channels, in addition to providing electronic and digital services to all its customers. 

Pointing out that Jawdat Jawdat was appointed CEO of the Bank in Iraq, who has a long and extensive experience of more than twenty-seven years in banking. He held a number of important positions during his work in major local, regional and international banking institutions.  LINK

MilitiaMan:  Jordan opening  a bank branch is likely for that they know there is going to be massive trade. Opportunities will abound like ever before in the 60 years they have been doing business. Iraq will be a central hub and Jordan would know that and is acting on that fact now.. A good thing. ` IMO ~ MM

Iraqi News Highlights Tuesday Afternoon 11-1-22

Iraqi News Highlights Tuesday Afternoon 11-1-22

Tlm724 Administrator Bondlady’s Corner

We are heading to change the price of the dollar.. Al-Fath: Strict supervision will accompany the implementation of the Sudanese government's budget

Posted On2022-11-01 By Sotaliraq   On Monday, the representative of the Al-Fateh Alliance, Salem Al-Anbaki, confirmed the determination of the political forces to impose strict supervision during the implementation of the next budget, indicating that the absence of oversight in previous governments wasted huge money.

Al-Anbaki said in a televised interview that "the budget law is the most important thing that the government of Muhammad al-Sudani must implement, and it must be prepared as soon as possible."

He added, "Any budget that does not have real oversight, but in the Sudanese government, oversight will be severe, and the political blocs in support of the government will hold the non-working ministers accountable."

He added, "We are going towards changing the exchange rate of the dollar after taking the opinion of specialists to know the pros and cons in order to avoid any economic crisis afflicting the country."  LINK

Parliamentary Finance To / NINA /: The Resigned Finance Minister Ali Allawi Bears The Responsibility For “The Theft Of The Century” In Order To Conceal It

Tuesday 01 November 2022 17:04 | political Number of readings: 148  Baghdad / NINA / - The Parliamentary Finance Committee confirmed the continuation of joint parliamentary meetings with the authorities concerned with investigating the crime of disbursing and stealing tax trust funds, "theft of the century".

Member of the Committee, Representative Mustafa Sanad, stated, in a statement to the National Iraqi News Agency ( NINA ), that "the totality of the recommendations prepared by the House of Representatives through the financial, integrity and legal committees, the heads of the blocs and the Presidency as well, are completely consistent with the reports of the Financial Supervision Bureau, the Ministry of Finance and the Tax Department, which I clearly indicated the names of the accused and recorded clear violations, and these are not suspicions, but rather confirm the existence of real corruption."

He added, "The resigned Finance Minister Ali Allawi protected himself through an official letter he issued in November last year, in which he prevented the tax department from disbursing the money, but the tax department rebelled against his decision and he did not report it to the judicial authorities, and therefore he bears responsibility definitely because the cover-up of The crime is a crime,” he said,

noting that “the tax department informed the deputies, during the joint meeting with the parliamentary committees, of the travel of its director to Jordan, and claimed that he took a leave two weeks before the issuance of the judicial orders banning travel, under the pretext of conducting a surgical operation in the capital, Amman.”

A member of the Parliamentary Finance Committee confirmed, "The meetings of the parliamentary committees are still continuing in coordination with the concerned authorities to follow up investigations of the crime of disbursement and theft of tax trust funds, pending judicial orders against those involved, and we trust all judicial decisions, whether it issues arrest warrants, recruitment orders, travel bans and others."    https://ninanews.com/Website/News/Details?Key=1011319

More Than 145 Million Dollars Worth Of Foreign Remittances For The Currency Auction

Posted On2022-11-01 By Sotaliraq    Dollar cash sales to banks and brokerage firms fell significantly, today, Tuesday, to reach $6 million.

He stated that “the Central Bank sold today, during its auction to buy and sell US dollars, 151 million and 863 thousand and 380 US dollars, which were covered by the bank at a base exchange rate of 1460 dinars per dollar.

He added that 95% of these sales went to enhance balances abroad in the form of remittances and credits, amounting to 145 million and 163 thousand and 380 dollars, while the rest went in the form of cash sales, which amounted to 6 million and 700 thousand dollars.

He pointed out that 22 banks have met requests to enhance balances abroad, 12 banks to meet cash requests, in addition to 36 financial brokerage companies.   LINK

Al-Sudani Directs All Ministers To Prepare The Government Program Within One Week

Today, Tuesday, the Council of Ministers decided to assign the Minister of Health to manage the Ministry of Environment as an agency, and to assign the Minister of Foreign Affairs to manage the Ministry of Construction, Housing, Municipalities and Public Works.

The media office of the Prime Minister said in a statement that Prime Minister Muhammad Shia Al-Sudani chaired, today, the second regular session of the Council of Ministers, which included a discussion of the overall general situation in the country, and a number of basic economic and service files.

At the beginning of the session, Al-Sudani stressed the government's commitment to implement its government program through high coordination between state institutions, and urged all ministers to develop the work system within their ministries and build the capacities of its employees to achieve the ministry's goals and development policies.

The Prime Minister directed all ministers to prepare the government program within a maximum period of one week, according to the ministerial curriculum, which focuses on issues of unemployment, poverty, services, support for the economy and the fight against corruption, and stressed that the ministers’ evaluation will be based on their efforts and performance in combating corruption.

He also directed to expedite the establishment of the unified treasury account; To control the money in the state and prevent its leakage and waste, as well as for the ministers to review all contracts concluded under previous governments, and see their consistency with the controls and instructions.

In order to streamline work in the vacant ministries, it was decided to assign the Minister of Health to run the Ministry of Environment as an agency, and to assign the Minister of Foreign Affairs to manage the Ministry of Construction, Housing, Municipalities and Public Works.

According to the statement, the Council of Ministers continued to discuss the topics on the agenda, and issued the following decisions:

First /    In implementation of what was stated in the Food Security Law, and to complete the work of the Diwani Order (35 of 2022), the following was decided:

1- The Ministry of Finance will create degrees and job titles for the purpose of appointing the first graduates and holders of higher degrees.

2- The Federal Public Service Council shall take the necessary action to appoint the aforementioned after sending accurate data to the Ministry of Finance in coordination with the Ministry of Higher Education and Scientific Research, by specifying the exact specializations required, in a way that enables the Ministry of Finance to create the required degrees.

Secondly/  In view of the issuance of many decisions, approvals, diwaniyah orders and ministerial orders that were written to the ministries after October 8, 2021, the caretaker government is daily without being subject to the oversight of the House of Representatives as it is a resigned government whose actions are not subject to the oversight of the aforementioned council and its accountability in case of default, and to ensure that matters are put in place The correct, and based on the Federal Court’s decision No. (121/Federal/2022/909) dated May 17, 2022, and what was stated in the ministerial curriculum:

1- Cancellation of all customs orders and approvals issued by the previous government regarding the appointment and assignment of heads of agencies not affiliated with a ministry, special grades, general managers, their rank and those receiving their salaries starting from the date of October 8, 2021.

2- The competent minister or the head of an entity not affiliated with a ministry shall name one of the duly appointed general managers or those charged with the approval of the Prime Minister prior to the aforementioned date, to manage the vacant departments in addition to their duties until a replacement is appointed or duly assigned to him, with the exception of the Ministry of Health and Education assigning assistants.

3- The Prime Minister shall nominate one of the ministers or heads of entities not associated with a ministry to manage the entity not associated with a vacant ministry until a replacement is appointed or duly assigned to him.

4- Forming a committee headed by the Director of the Prime Minister’s Office, with the membership of the Head of the Legal Department in the General Secretariat of the Council of Ministers, and the Chairman of the Federal Service Council, to reconsider the customs orders and canceled approvals and their occupants, and to submit the appropriate recommendations within a period of 21 working days, as a maximum, to the Chairman of the Council Ministers to decide.

5- Ministries and entities not affiliated with a ministry shall abide by the provisions of this resolution starting from the date of its issuance.

Third /  1- Approving the recommendations of the minutes of the meeting (the twenty-seventh) of the Diwaniyah Order Committee (45 of 2018), which is concerned with developing the necessary ways, mechanisms and solutions for the completion of public hospital projects.

2- Approval of the amendment of Paragraph (1) of Cabinet Resolution (119 of 2021), adding the Director General of the Department of Labor and Vocational Training in the Ministry of Labor and Social Affairs, and a representative of the Ministry of Culture to the Higher Committee for Manpower Planning and Employment, as requested by the Ministry of Labor and Social Affairs .

Fourth /  Approval of the recommendations of the committee concerned with preparing a clear study on the winter agricultural plan for this season and focusing on the use of groundwater in the promising areas in all governorates, accompanied by linking the letter of the secretariat of the Supreme Commission for Coordination between the governorates No. (3026/2215324) dated September 27, 2022.

With regard to facilitating the work of the Ministry of Interior and overcoming the obstacles facing some of its work sections, the Council of Ministers approved the following:

Approval of excluding the Ministry of Interior from the attached controls (III / C-2) attached to the instructions for implementing government contracts, allowing an increase in quantities, numbers and goods by 20% According to what is indicated in the Ministry of Interior’s book No. (6939 on October 31, 2022).

Based on the ministerial curriculum, and for the purpose of addressing the lack of services in the governorates, and providing basic services to citizens in cities, districts, and sub-districts, the following was decided:

First: Forming a service and engineering effort team headed by a chosen one by the Prime Minister, and the membership of each of the following:

1- The governor of the concerned governorate.

2- Undersecretary of the Ministry of Electricity for Distribution Affairs.

3- Technical Undersecretary of the Ministry of Health.

4- Director General of Planning in the Municipality of Baghdad.

5- Technical Assistant to the Director General of Municipalities / Ministry of Construction, Housing and Public Municipalities.

6- A competent legal employee / Ministry of Construction, Housing and Public Municipalities.

7- A financial employee in the office of the Prime Minister.

8- A specialist in services affairs in the advisory board.

9- Director of the concerned governorate municipalities.

10- Director General of Roads and Bridges.

11- Technical consultant in construction affairs.

12 - Executive Director of the liberated area.

13- Director of the Engineering Effort in the Popular Mobilization Authority.

14- Director of Military Engineering.

15- A representative of the budget department in the Ministry of Finance.

16- Director General of the General Directorate of Education in the Governorates / Ministry of Education.

17- Director General of the Department of Regional and Local Development / Ministry of Planning.

Second /  The Team Undertakes The Following Tasks:

1- Addressing the service reality in areas that suffer from a lack of services in the sectors (municipalities, water and sewage, electricity, health, environment, and schools) and any other sectors.

2- Take the necessary measures by informing the competent authorities about the violations that hinder the team’s work in accordance with Legislative Resolution No. (154 of 2001), and with the support of the competent security agencies, provided that the evaluation of the work of the committees to remove the abuse is subject to the service and engineering effort team.

3- Follow up on lagging infrastructure projects that affect the lives of citizens, and suggest remedies and ways to ensure.

4- Proposing new projects to improve services in disadvantaged areas, in coordination with the Ministry of Planning and the concerned authorities, and following up on their inclusion.

Third /  The Team Is Authorized To:

1- Form technical teams to carry out its tasks from employees and cadres of state ministries and agencies not associated with a ministry.

2- Lending specialized machinery, equipment and wheels from state ministries and entities not affiliated with a ministry for the purpose of the team’s tasks.

3- Contracting with consultants and experts to monitor the implementation of works when needed.

Fourth /   The Ministry of Finance shall provide the necessary financial funds to carry out the tasks and work of the aforementioned team, and allocate the necessary funds for the team's work in the coming years.

Fifth/   The Ministry of Oil is responsible for setting up a technical workshop for the maintenance of wheels, equipment and specialized mechanisms, in addition to fuel; To carry out the tasks and work of the team in coordination with the Office of the Prime Minister.

Sixth /  The relevant government agencies shall provide all the support the team needs, including technical and engineering support.

Seventh/  The Director of the Prime Minister’s Office is authorized to disburse the authority to carry out the team’s tasks and meet its necessary needs for conducting business and purchasing basic materials that are not available with government agencies.

Eighth/   The service and engineering effort team presents its reports and achievements to the Council of Ministers periodically.    https://www.radionawa.com/all-detail.aspx?jimare=31935

Saleh Al-Hamashi To / NINA /: Next Year's Budget May Exceed 170 Trillion Dinars

Tuesday 01 November 2022 10:05 | Economic Number of readings: 389

Baghdad / NINA / - The economic expert, Saleh Al-Hamashi, confirmed that next year's budget may exceed 170 trillion dinars.

He told the National Iraqi News Agency ( NINA ): The most important thing that the Sudanese government is doing is passing the next year's budget because it represents the government's economic plan for a whole year.

Al-Hamashi added: Without a budget, the Prime Minister cannot implement his government program, and he can take advantage of the financial abundance to prepare a budget that may exceed 170 trillion dinars to implement his government program.

He explained that this figure is able to achieve this if it is able to reduce corruption, especially since the doors of corruption in the Iraqi state have become clear and frank and easy to detect if there is the will and seriousness in fighting corruption.

The Minister of Finance, Taif Sami, confirmed earlier that one of the government's most important priorities is to present and approve the draft budget.

She stressed, during a meeting of officials in the ministry, "the importance of cooperation in the spirit of one team, and to complete the process of reforms necessary for the financial policy and to provide the requirements for comprehensive development of the national economy, especially in light of the current economic conditions," noting that "one of the most important priorities of the new government and the ministry is to present the draft federal budget for the year 2023 and its approval.”/End 3

https://ninanews.com/Website/News/Details?key=1011215

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

 https://www.bondladyscorner.com/

Some "Tuesday News" Posted by Samson at KTFA 11-1-2022

KTFA:

Samson:  The World Bank: The policy of changing the dollar exchange rate is the prerogative of the Iraqi government 

31st October, 2022

Monday, the World Bank confirmed that the policy of changing the dollar exchange rate is one of the prerogatives of the Iraqi government.

The World Bank said in a statement that it was followed by (Al-Oula News), that "the policy of changing the dollar exchange rate is one of the prerogatives of the Iraqi government."  LINK

Samson:  Abu Dhabi Exports signs a financing agreement with the National Bank of Iraq

1st November, 2022

The Abu Dhabi Export Office, the Abu Dhabi Fund for Development, signed a financing agreement with the National Bank of Iraq, owned by Capital Bank, to open a credit line of 36.7 million dirhams (10 million US dollars), to develop economic and trade cooperation between the UAE and Iraq, and encourage Emirati companies to export their goods and services to the markets. and strengthening its presence in the Iraqi market in particular.

Under the agreement, the Abu Dhabi Export Office will open a credit line to the National Bank of Iraq to re-lend it to buyers and importers of Iraqi investors to purchase goods and services from an Emirati exporter.

This agreement reflects the office's keenness to support the directions of the UAE government to promote the policy of economic diversification and promote trade relations with brotherly and friendly countries, which benefit both countries and contribute to advancing sustainable economic growth.

The financing agreement was signed via video call, Acting Director General of the Abu Dhabi Export Office, Khalil Fadel Al-Mansoori, and from the Iraqi side, the delegated director of the National Bank of Iraq, Ayman Abu Dhaim, in the presence of the Director General of the Abu Dhabi Fund for Development, Chairman of the Executive Committee of the Abu Dhabi Export Office, Muhammad Saif Al-Suwaidi, and a number of officials from sides.

Strategic partnerships

Mohammed Saif Al Suwaidi said on the occasion: "This agreement comes within the framework of the Abu Dhabi Export Office's efforts to strengthen its strategic partnerships with regional and international banking institutions, in order to provide new credit lines to motivate foreign buyers to import goods and services of Emirati origin, in addition to achieving common interests." Enhancing the competitiveness of national exports and advancing the sustainable economic growth of the two countries.

For his part, Ayman Abu Dhaim said: "This agreement represents an important step for the development of joint cooperation relations between the UAE and Iraq in various economic and trade fields, as it contributes to providing appropriate funding to support the movement of trade exchange and stimulate economic growth for the two countries."   LINK

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Samson:  The Central Bank: Efforts to lead a national financial system that meets the requirements of the public

31st October, 2022

Today, Monday, Central Bank Governor Mustafa Ghaleb confirmed that there are efforts to lead a national banking and financial system capable of meeting the public's requirements in various aspects.

The Governor of the Central Bank, Mustafa Ghaleb, said in a speech during the conference of the lending program launched by the Association of Banks in cooperation with the Central Bank and the US Agency for Development, which was followed by (Al-Oula News), that “the work mechanisms accompanying the tasks of granting loans in Iraq are not without difficulties, as they are related to the nature of consideration of funds. and their functions and the public’s expectations in dealing with them,”

He said, noting that “some people believe that all lending operations are a type of grant that does not require their refund, which requires banks to double the guarantee procedures that guarantee the recovery of those loans, and this is a problem followed by routine arrangements that some see as unimportant.” necessary while the bank considers it necessary to recover the funds.”

He added: “In our initiative that we launched, and the total of its funds amounted to about 18 trillion dinars, we tried to set requirements that guarantee the safety of the lending process from the outset and then guarantee the process of recovering the funds,” noting that “facilitating assets to funds and supports the strategy of financial inclusion and the cooperation of all parties to the lending and borrowing process, They represent basic pillars for development to remain with its angles related to money and ease of access.”

And he indicated, "The Central Bank is trying hard with the Association of Iraqi Private Banks and supporting international institutions, including the US Agency for Development and other national institutions, to lead a national banking and financial system capable of meeting the public's requirements in various aspects."  LINK

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Samson:  Justice: We will play the role of the ministry by recovering the money looted outside Iraq

30th October, 2022

Sunday, Minister of Justice Khaled Shwani announced the activation of the ministry's role in recovering money looted outside Iraq

Shwani said in a statement received by Al-Ghad Press, a copy of it, that "serving the Iraqi citizen is one of our most important priorities, and the best services must be provided smoothly and in the fastest time, and work to reduce administrative bureaucracy by organizing work, distributing tasks and granting broad powers to administrative officials for the purpose of accomplishing their tasks." With close control over their work, rewarding those who work hard, and taking legal measures against those who fail to perform their duty

Shwani pointed out that "the development of an integrated plan to be a road map for the next stage and to carry out the necessary reforms in order to advance the reality of work in all judicial departments and keep pace with development in developed countries and in the interest of the Iraqi citizen

He pointed out that "the Ministry of Justice is the one who codifies laws and regulates administrative matters and legal actions between the citizen and state institutions," noting that "the Ministry is Iraq's lawyer before the international community through pleading in international courts that affect the rights of the Iraqi state

He stressed, "activating the ministry's role in recovering looted funds outside Iraq through coordination with the Integrity Commission and other oversight departments," noting that "the ministry, with all its employees from the minister to the lowest ranks of the job grade, must be at the service of the citizen

LINK

Samson:  The arrest of senior Iraqi police officers involved in smuggling fuel

1st November, 2022

Iraqi media sources said today, Tuesday, that security forces have arrested the commander of the Energy Police in Iraq, Major General Ghanem Al-Husseini, for his involvement in fuel smuggling.

 The sources pointed out that Iraqi security forces arrested last night a network involved in fuel smuggling in Basra, including the Director General of Energy Police in the Ministry of Interior, Major General Ghanem al-Husseini, Director of Energy Police in Basra Governorate, and a number of officers in the Energy Police Brigades.   LINK

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Samson: Al-Sudani: The need to take exceptional and unconventional measures to combat corruption

01/11/2022 12:08:08

Prime Minister Muhammad Shiaa Al-Sudani stressed the need to take exceptional and unconventional measures in combating corruption and prosecuting its perpetrators, stressing the importance of giving the file of recovering looted funds the utmost importance.

The Sudanese, during his visit to the commission’s headquarters and meeting with the commission’s president, his deputy, the advanced cadre and a few of its employees, pledged that “the first criteria in his government’s dealings with the governments of countries is the extent of its cooperation with Iraq in recovering convicts and smuggled funds, and the diplomatic effort will be consistent with the procedures of the Integrity Commission; to enable Iraq From recovering his smuggled money, urging to start opening the most important files in terms of the volume of embezzled or wasted funds, or those related to stopping important projects that by completing the citizen touch the best services provided to him. 

He called for "the formation of a supportive team for the Integrity Commission that takes the legal capacity, and does not conflict with the authority's powers and tasks entrusted to it in accordance with its effective law No. (30 of 2011) as amended, expressing his readiness to provide all support to the Commission, whether at the level of executive procedures or legislative interventions to enact laws to corruption, which contribute to closing the outlets of this dangerous scourge, pointing to the work to improve Iraq’s peace in the international corruption perception index.” 

He continued, "We are now in a fateful battle against corruption, and just as we fought ISIS and won it with concerted efforts, we seek to work with the same strength and determination in our battle against corruption that hinders investment, services and development projects, stressing the determination to fight corruption and the absence of red lines in front of any corruption file linked to a political party." Or any person, explaining that he will be objective, professional and honest in handling and dealing with these files.

The Prime Minister indicated that “the phenomenon of corruption is evolving and mutating as is the case with the Corona virus, calling for the development of methods of dealing with it and addressing it and limiting its high value and its effects on the economy, investment and providing services to citizens, and calling for the development of methods of investigation and investigation of taxpayers’ funds to pursue the inflation of funds and illegitimate gain, and not to the traditional methods of activating the principle of "where did you get this from" were satisfied

And he concluded his speech by urging the provision of preventive measures and the cultivation of a culture of integrity, ethics and chastity of the hand, preserving public money, and preventing employees from being involved in violations or corruption crimes.

For his part, the head of the commission, Judge (Alaa Jawad Al-Saadi) reviewed some of the obstacles that may hinder the commission’s work in its tireless quest to combat corruption and beatings at the hands of the corrupt, calling for legislative intervention to fill the void created by the decision to abolish the system of public inspectors and the violations that have become far from oversight and accountability bodies, describing state institutions in the absence of that system as being closer to a black box in which it is not known what is going on in it.

Judge Al-Saadi referred to the achievements in the field of recovering smuggled funds during the past months, pointing out that this file is subject to some difficulties. Because of some legal aspects, such as the difference in the legal system of countries and the issue of dual nationality, stressing that some countries refrain from cooperating with Iraq in the field of recovering its money, and we need to compel government agencies not to conclude any contract or facilitate investment operations inside Iraq with the governments of countries that refrain from cooperating in Recover the convicts and the smuggled money.

The deputy head of the commission (Mazhar Turki Abed) suggested a legislative intervention to amend some laws; To give the commission some judicial powers, including: the right to indict, issue summons, arrest and prevent travel, pointing out that the injunctive investigation aspect cannot alone eliminate corruption in light of the complexity of this dangerous system.

The most important of these is taking preventive measures to prevent corruption, such as e-government and service governance, according to which the phenomenon of auditors’ contact with department employees, especially service ones, ends.  LINK

"Tidbits From TNT" Tuesday Morning 11-1-2022

TNT:

CandyKisses:  The World Bank: The policy of changing the dollar exchange rate is the prerogative of the Iraqi government 

The World Bank confirmed that the policy of changing the dollar exchange rate is one of the prerogatives of the Iraqi government.

The World Bank said in a statement that it was followed by (Al-Oula News), that "the policy of changing the dollar exchange rate is one of the prerogatives of the Iraqi government."

Yada:  I still go back to the logic that the UN needed this rate reissued in order to bring in the wealth that Iraq is accumulating. It is like a power circuit that is weak but with the addition wealth of Iraq, more power is garnered. All the countries who already did currency swaps have the dinar as a reserve and once the rate is released, each country's currencies will grow stronger, offsetting the inflation they are experiencing now.

Yada: There are the French and Chinese contracts that require a fully reissued currency for them to work and feed Europe and Asia.

Yada:  Kids talking among themselves what they are going to do but the parents who have the last word.

RVAlready:  If the CBI considers Iraq stable enough, they will release the RV. The RVs will improve stability in the region. The UN is pushing this release. The CBI has had plenty of time to prep for this. They should let this go soon, before anything else happens.

RVAlready:  I think the UN and IMF have given the CBI the green light. The needs of the world are critical. They wasted too much time.

RVALready:  Worst case, the UN sends in peacekeeping troops. But I do not think that will happen.

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Tishwash:  Parliamentary Finance sets the date for receiving the 2023 budget

The Parliamentary Finance Committee confirmed, on Tuesday, that the 2023 budget is almost completed by the specialized team at the Ministry of Finance, as some amendments will be made to it before sending it to the House of Representatives. It is likely that the Council of Ministers will raise the budget to Parliament in the middle of this month.

Member of the committee, MP Jamal Kougar, said in a statement to "Al-Maalouma", that "the team that prepared the budget law at the Ministry of Finance is today in the custody of the new ministry after the formation of the new government ," noting that "the budget preparation team will submit it to the Council of Ministers within days." 

He added, "The Council of Ministers will certainly make some amendments to the draft budget law, but it will push them to the House of Representatives in the middle of this month in order to approve the law." 

Cougar pointed out that "the House of Representatives is determined to pass the budget within a month, or at most, a month and a half."

Concerning the features of the budget, Cougar stressed that "the investment budget will rise significantly because the government program is an investment service program and that all things are ready due to the presence of financial abundance and the continued rise in oil prices."  link

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Tishwash:  Blackshart: Corruption is Iraq's biggest challenge

Today, Tuesday, the Special Representative of the Secretary-General of the United Nations in Iraq, Jeanine Hennis-Plasschaert, confirmed that corruption is Iraq's biggest challenge, while noting that it stands against the progress and development of the country.

Plasschaert said in a speech during the Middle East Forum 2022 held in Erbil entitled "Iraq for all", with the participation of politicians and researchers from inside and outside Iraq, and attended by the correspondent of the Iraqi News Agency (conscious), that "there is great corruption in Iraq, which is the biggest challenge," indicating That "corruption stands against the progress and development of Iraq."

She added: "We give proposals and advice to Iraq and Kurdistan," noting that "the United Nations supports strengthening the relationship between Baghdad and Erbil."

Regarding the bombing of Iraqi territory, Plasschaert stressed that "I cannot stop the Turkish and Iranian bombing of Iraq  link

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Tishwash:  Bank of Jordan opens its first branch in Iraq

Bank of Jordan announced the launch of its operations in Iraq with the opening of its first branch in Baghdad, after fulfilling all conditions and procedures related to launching its business in the Iraqi market.

The Chairman of the Board of Directors of the Bank of Jordan, Shaker Fakhoury, told Shafaq News, "The decision to branch out in Iraq comes to enhance our regional presence and to translate the bank's strategy that it has adopted to expand its business in the countries of the region, whose markets are witnessing remarkable growth and promising opportunities, which will positively reflect on the services provided to our current and future customers." .

 He added, "We also seek to develop our banking system, a translation of the royal visions to increase investment, coordination and economic cooperation between the two countries, and to consolidate the strong economic and historical relations with Iraq."

Fakhoury added: We are launching today in Iraq to translate the Bank of Jordan’s long-standing career, which extends for more than 60 years in banking and financial work, and in a manner that reflects the success in implementing the bank’s aspiring vision to become the leading bank in the Arab region, and to expand its branch network to include the Iraqi market, which is one of the most important markets in the region. He also indicated that the bank is currently working on preparing its first branch in Riyadh, Saudi Arabia, after recently obtaining a license to practice banking business in Saudi Arabia, stressing the bank's continued orientation for regional expansion towards countries whose markets are witnessing growth and development at the economic and investment levels.

Fakhoury appreciated the efforts of the Central Bank of Iraq in facilitating the opening of the Bank of Jordan branch in the capital, Baghdad. He also thanked the Central Bank of Jordan for their trust and permanent support for the bank to implement its plans for branching and external expansion.

He pointed out that this step reflects Bank of Jordan's commitment to designing its branch network in a way that enables it to achieve its vision and strategic directions and serve its broad customer base through its traditional channels, in addition to providing electronic and digital services to all its customers. Pointing out that Jawdat Jawdat was appointed CEO of the Bank in Iraq, who has a long and extensive experience of more than twenty-seven years in banking. He held a number of important positions during his work in major local, regional and international banking institutions.  link

Mot:  ~~ Can I!!??? ..... Can I!!??? ..... Can I!!??? .....

Mot: ~~~~~~~~ UR KIDDING!!!! ~~~~

Tuesday Early AM Iraq Economic News Highlights 11-1-22

Tuesday Early AM Iraq Economic News Highlights 11-1-22

Finance Announces The Actual Start Of Preparing The Budget Law.. What About The Exchange Rate?

Money and business   Economy News – Baghdad Today, Monday, the Ministry of Finance announced the actual start of preparing the budget law for the year 2023. The financial advisor in the Ministry of Finance, Abdul Hassan Jamal, told the official news agency, "The ministry has actually started preparing the 2023 budget, and soon it will be submitted to the Council of Ministers."

And he indicated that "the dollar exchange rate adjustment is within the policies of the government and the Council of Ministers is the one who takes the decision, but in the budget it has not been presented so far."

He added, "There is no time limit for sending the budget law to the House of Representatives, but we are working to send it as soon as possible." Views 236  Added 10/31/2022 - 5:21 PM  Update 11/01/2022 - 11:28 AM    https://economy-news.net/content.php?id=30512

We Are Heading To Change The Price Of The Dollar.. Al-Fath: Strict Supervision Will Accompany The Implementation Of The Sudanese Government's Budget

Posted On2022-11-01 By Sotaliraq   On Monday, the representative of the Al-Fateh Alliance, Salem Al-Anbaki, confirmed the determination of the political forces to impose strict supervision during the implementation of the next budget, indicating that the absence of oversight in previous governments wasted huge money.

Al-Anbaki said in a televised interview that "the budget law is the most important thing that the government of Muhammad al-Sudani must implement, and it must be prepared as soon as possible."

He added, "Any budget that does not have real oversight, but in the Sudanese government, oversight will be severe, and the political blocs in support of the government will hold the non-working ministers accountable."

He added, "We are going towards changing the exchange rate of the dollar after taking the opinion of specialists to know the pros and cons in order to avoid any economic crisis afflicting the country."   LINK

The Exchange Rate Of The Dollar Is Slightly Rising In The Local Markets

Economie| 09:13 - 01/11/2022  Baghdad - Mawazine News   The dollar exchange rates witnessed, today, Tuesday, a slight increase in the local stock exchange.  Selling price: 146.300 dinars per 100 dollars

Purchase price: 146.100 dinars per 100 dollars   https://www.mawazin.net/Details.aspx?jimare=209867

The Iraqi Finance Announces The Start Of Preparing The 2023 Budget And Decides On The Price Of The Dollar

Posted On2022-10-31 By Sotaliraq    There is no time limit for sending the budget law to Parliament.”

The Iraqi Ministry of Finance said today, Monday, that it has actually started preparing the federal general budget for the fiscal year 2023.

The Ministry of Finance prepares the draft budget and then submits it to the Council of Ministers for enrichment and voting, before it is referred to Parliament for legislation within a law.

And the official news agency quoted the financial advisor in the ministry, Abdul Hassan Jamal, as saying that his ministry “has actually started to prepare the 2023 budget.” Gamal did not specify a date for sending the draft budget to the Council of Ministers, but indicated that it "will be submitted soon."

Regarding the controversy surrounding the dollar exchange rate, Jamal said that adjusting the exchange rate falls within the scope of “government policies, and the Council of Ministers is the one who makes the decision.”

But in the budget, (the exchange rate) has not been presented yet," he added.

And earlier yesterday, a member of the Parliamentary Finance Committee, Jamal Kojer, informed Kurdistan 24 that the draft budget may reach Parliament in the middle of next month.

But the advisor to the Ministry of Finance said that "there is no time limit for sending the budget law to the House of Representatives, but we are working to send it as soon as possible."

Finance Minister Taif Sami says that her ministry's priorities are to present and approve the draft budget.

In the 2021 budget, the ceiling of crude oil exports was set at a rate of three million and 250 thousand barrels per day at a price of $45 per barrel.

The 2021 budget draft included stabilizing the dollar exchange rate at 1450 dinars.

Iraq did not approve the 2022 draft budget due to the political crisis that erupted after the elections and left the country without a government for a whole year.

The Parliamentary Finance Committee expected the next year's budget to reach $150 billion.

Iraq relies on oil to finance 97 percent of its budget, at a time when its new government is struggling to address the repercussions of chronic corruption in the country.  LINK

Report: The 2023 Budget Will Exceed The $100 Billion Mark

Money and business   Economy News-Baghdad   The Ministry of Finance announced the actual start of preparing the financial budget law for the year 2023, amid the confirmation of an Iraqi financial official in Baghdad, to Al-Araby Al-Jadeed, that there is no intention to change the Iraqi dinar exchange rate against the dollar at the present time, after a lengthy meeting held by the new Prime Minister, Muhammad Shia. Al-Sudani, with the Governor of the Central Bank of Iraq, Mustafa Ghaleb Mikheeb, yesterday, Monday.

The financial advisor at the Ministry of Finance, Abdel Hassan Jamal, said that the ministry has actually started preparing the 2023 budget, and soon it will be submitted to the Council of Ministers. He added that “there is no time limit for sending the budget law to the House of Representatives, but we are working to send it as soon as possible.”

And Jamal said in statements to the official Iraqi News Agency (INA), yesterday, Monday, that "the amendment of the dollar exchange rate is within the government's policies," adding that "the Council of Ministers is the one who makes the decision, but it has not been presented in the budget so far."

A senior financial official in the Iraqi Ministry of Finance confirmed, "there is no intention to modify the exchange rate of the Iraqi dinar, as it will remain at the threshold of 1460 Iraqi dinars against the dollar."

The official added to "Al-Araby Al-Jadeed", asking not to be named, that "the calls to restore the old exchange rate are political and are not based on any economic or financial data, and there are important proposals that will be put forward to compensate those affected by the devaluation of the dinar, especially employees and the working class working on the daily wage."

He revealed that the financial budget for the new year will exceed the $100 billion threshold for the first time in years, due to the large financial returns available to Iraq, and to try to compensate for the suspension of many development and investment projects that were affected by the failure to approve the 2022 budget.

He continued, "For the first time, the value of operating expenses in the new budget will also be less than the expenditures allocated for investment, development and rehabilitation of infrastructure," suggesting that "the general budget will be sent within a month to the Council of Ministers in order to send it to Parliament for a vote."

In previous statements, Finance Minister Taif Sami confirmed that "one of the most important priorities of the new government and the ministry is to present and approve the draft general federal budget for the year 2023."

The Iraqi Prime Minister, Muhammad Shia Al-Sudani, directed that the draft financial budget law for the next year 2023 be sent as soon as possible.

A statement by the Iraqi government office in Baghdad stated that Al-Sudani “directed the Ministry of Finance to send the draft federal budget law for the fiscal year 2023 to the Ministerial Council for Economy as soon as possible to study it, and then to the General Secretariat of the Council of Ministers, to include it in the agenda of the Council of Ministers, in order to expedite the decision.” Legislation of its importance.

He also stated in another separate statement that Al-Sudani discussed with the Governor of the Central Bank of Iraq, Mustafa Ghaleb, yesterday, the conduct of monetary transactions and the banking reality in Iraq, in the first meeting between the two sides since the Sudanese government granted confidence in Parliament last Thursday.

Iraq's financial budgets have witnessed a significant gradual increase since the US invasion of the country in 2003, but this did not contribute to improving the living and service reality of Iraqis.

The total budgets for the first ten years of the American invasion amounted to about a thousand billion dollars, the highest of which was spent during the two governments of former Prime Minister Nuri al-Maliki from 2006 to 2014, and it is the most in terms of corruption files that accompanied the performance of the two governments. 84 views  Added 11/01/2022 - 11:11 AM  Update 11/01/22 - 1:27 PM    https://economy-news.net/content.php?id=30522

The Ministry Of Finance: The Preparation Of The Budget Law For The Year 2023 Has Already Begun

Economie   17:37 - 10-31-2022   Today, Monday, the Federal Ministry of Finance announced the actual start of preparing the budget law for the year 2023. The financial advisor in the Ministry of Finance, Abdul Hassan Jamal, said in a press statement, that the ministry has actually started preparing the 2023 budget, and soon it will be submitted to the Cabinet.

Within the government’s policies, the Council of Ministers is the one who takes the decision, but the budget has not been presented so far.”

He added, “There is no time limit for sending the budget law to the House of Representatives, but we are working to send it as soon as possible.”

And  Finance Minister Taif Sami confirmed earlier that “One of the most important priorities of the new government and the ministry is to present and approve the draft general federal budget for the year 2023.    https://kirkuktv.net/AR/Details/10239

Surprise About The Dollar Exchange Rate In The 2023 Budget

2022-10-31 09:56   Shafaq News / The Federal Ministry of Finance announced, on Monday, the start of preparing the Federal Budget Law for the year 2023, while it noted an issue related to the exchange rate of the dollar against the Iraqi dinar.

And the financial advisor in the ministry, Abdul Hassan Jamal, said in a statement to the official agency, that "the ministry has actually started preparing the 2023 budget, and soon its project will be submitted to the Council of Ministers."

Jamal added, "Adjusting the dollar exchange rate is within the government's policies, and the Council of Ministers is the one who takes the decision, but in the current draft budget, this issue has not yet been raised."

The government official noted that there is no "time limit for sending the budget law to the House of Representatives, but work is being done to send it as soon as possible."

It is noteworthy that the Central Bank of Iraq officially announced on (December 19, 2020), the amendment of the foreign exchange rate (the US dollar) to be 145,000 dinars for every $100, according to the state’s general budget for the year 2021 approved by the House of Representatives.

As a result, according to specialists, the annual inflation in Iraq has risen significantly, so that the prices of all materials and goods in the local market have risen significantly, which has sparked a wave of strong resentment among the popular circles, as well as the objections of some interested in economic affairs.    LINK

The Ministry Of Finance: Starting The Preparation Of The 2023 Budget, And There Is No Direction To Change The Exchange Rate Of The Dinar

Baghdad - IQ  The Ministry of Finance announced, on Monday, the start of preparing the general budget for the year 2023.

The ministry said that the preparation actually began, without offering to restore the dinar exchange rate against the dollar in the budget items.

Iraq has financial abundance at the present time as a result of the high global oil prices.

And the budget for the current year 2022 was not approved due to the political turmoil before the current government headed by Muhammad Shia Al-Sudani won the confidence of Parliament last week.

https://www.iqiraq.news/society/43183--2023-.html#

Iraqi News Highlights Monday Evening 10-31-22

Iraqi News Highlights Monday Evening 10-31-22

Tlm724 Administrator Bondlady’s Corner

A Leader In The Framework: The Dollar Exchange Rate Will Be Reviewed Within 60 Days

Today 17:59   Information / Diyala.   The leader in the coordination framework, Turki Al-Atabi, confirmed, on Sunday, that the dollar exchange rate file will be reviewed within 60 days from now.  Al-Otabi said in an interview with Al-Information, that  "the dollar exchange rate file and its repercussions are among the major mistakes of the previous government's policy,

because it did not address its negative aspects on the poor and needy segments, and left the markets without any controls, which led to a rise in prices at high rates that burdened millions."

He added,  "The study of the issue of re-exchange of the dollar is one of the priorities of the Sudanese government." Prices and protection of vulnerable segments.

Raising the price of the dollar and decreasing the value of the dinar without any controls for the markets has caused prices to rise at high rates, causing great harm to millions of poor people in Iraq over the past months  https://almaalomah.me/news/politics/قيادي-في-الاطار:-سيعاد-النظر-بسعر-صرف-الدولار-خلال-60-يوما

A Legal Expert For The Tigris: It Is Necessary That The Budget Include Binding Measures In The Event Of A Change In The Dollar Exchange Rate (video)

Policy- 10/31-2022 07:34 PM - Number of readings: 3374

https://www.youtube.com/watch?v=-W1uUD6aVSE

https://www.dijlah.tv/index.php?page=article&id=319441

Customs Secretariats Follow Their Tax Sister .. "The Information" Reveals A "Huge" Theft

Today 18:20   information/private.   Today, Sunday, a member of the Finance Committee, Sajjad Salem, revealed the theft of new funds from the customs secretariats, while confirming the formation of an investigative committee from the committee to open the theft file.

Salem said in Hadit to "Information", that "there is a theft of new funds in the customs secretariats, which are estimated at 3 trillion and 800 billion Iraqi dinars."

He added,  "The Finance Committee formed an investigative committee to open the file of the theft of customs funds, find out the circumstances of the incident and reveal the parties involved."

A member of the Finance Committee explained,

"These deals took place during the caretaker government headed by Mustafa Al-Kazemi, and they will be investigated in order to reveal those involved,"

noting that   "there is a judicial investigation regarding the matter to expose all those involved in the theft of the century and customs and hold them accountable."

Many corruption files were associated with Al-Kazemi’s government, especially in the stage of conducting daily business, which revealed the theft of more than 2.5 billion dollars from tax deposits, which represents the theft of the century, being an unprecedented case in the country, after which it opened many files related to corruption.

Millions of dollars no longer fill the mouths of corruption whales, so they mastered breaking laws and cooperating with some parties and officials to reach astronomical figures that exceeded the budgets of some countries, according to specialists

https://almaalomah.me/news/politics/أمانات-الكمارك-تلحق-شقيقتها-الضريبية-المعلومة-تكشف-سرقة-ضخمة

Economist: There Is No Tendency To Reconsider The Dollar Exchange Rate

Money and business   Economy News – Baghdad   The economic expert, Basem Jamil Antoine, confirmed that Al-Warqa Al-Bayda was obligated to maintain the dollar exchange rate.

Antoine said that "fuelling the file to reconsider the dollar exchange rate is nothing but an electoral file that was used in a period of time," stressing that "through economic studies, there is no initiative or tendency to reconsider the dollar exchange rate."

He continued, "On the contrary, there is confirmation from the governor of the Central Bank and officials specialized in financial affairs that there is no intention to change the dollar exchange rate because this process is all linked to the white paper."

Antoine added, in a statement followed by "Al-Iqtisad News", that "the manipulation of exchange rates destabilizes the confidence of foreign investments and companies in economic dealings with Iraq."

51 . views   Added 10/31/2022 - 4:44 PM   Update 10/31/2022 - 5:42 PM

https://economy-news.net/content.php?id=30511

Aware / Parliamentary Bloc: There Is Something That Will Prevent The Sudanese From Exposing Corruption

October 30, 2022 11 Views   Aa'a/Baghdad/M.A.A   On Sunday, the Parliamentary Extension bloc praised the steps taken by Prime Minister Muhammad Shia Al-Sudani, describing them as good.

The representative of the bloc, Haider Al-Salami, said in an interview carried by a reporter (Iraqi Media News Agency / INA), that

“Al-Sudani’s initiative to go to the Integrity Commission and submit his financial disclosure is a positive matter, indicating that

it is not possible to judge Al-Sudani and his government now because it was quotas with distinction, and this This prompted us to take the position of the opposition.”

Al-Salami pointed out, “The exclusion of the disclosure of major corruption files, similar to the tax trusts known as the theft of the century,” because the political quotas in the division of ministries will lead to courtesies and the failure to show corruption files.  T/M.M   https://al-iraqinews.com/archives/307591

The Dollar Depreciates Against The Dinar

Economie| 10:37 - 10/31/2022    Baghdad - Mawazine News, the dollar exchange rates fell, today, Monday, on the local stock exchange.

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=209781

After His “Bankruptcy” .. The Central Bank Of Iraq Puts A Private Bank Under Guardianship (Documents)

Economy     breaking    North Bank    bankruptcy declaration  2022-10-30 03:37  Shafaq News/ The Central Bank of Iraq has placed the "North Bank" for Finance and Investment under guardianship after it reached the stage of "bankruptcy".

According to a document issued by the Central Bank, seen by Shafak News Agency today, Sunday, the bank's board of directors decided to place the "Al-Shamal" Bank under guardianship, and to designate Muhammad Ali Hussein as a trustee of the bank.

He indicated that the trustee will take legal action against those responsible for wasting and misusing the money of the North Bank.

The Iraq Stock Exchange also sent a letter to the North Bank announcing the suspension of trading of its shares starting from October 31, based on the Central Bank's letter placing the bank under guardianship.

Article 67 of the Banking Law stipulates that the Central Bank of Iraq shall establish and license a temporary bank based on Article 67 and provide it with capital by the state to obtain all or part of the assets and liabilities of the bank subject to rehabilitation.

https://shafaq.com/ar/اقتصـاد/بعد-فلاسه-البنك-المركزي-العراقي-يضع-مصرفا-هليا-تحت-الوصاية-وثا-ق

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

 https://www.bondladyscorner.com/

Iraqi News Highlights Monday Afternoon 10-31-22

Iraqi News Highlights Monday Afternoon 10-31-22

Tlm724 Administrator Bondlady’s Corner

Without Addressing The Exchange Rate, The Ministry Of Finance Announces The Actual Start Of Preparing The 2023 Budget

Political | 05:00 - 10/31/2022   Baghdad - Mawazine News   The Ministry of Finance announced, on Monday, the actual start of preparing the budget law for the year 2023.  The financial advisor in the Ministry of Finance, Abdul Hassan Jamal, told the official news agency, "The ministry has actually started preparing the 2023 budget, and soon it will be submitted to the Council of Ministers."

And he indicated that "the dollar exchange rate adjustment is within the policies of the government and the Council of Ministers is the one who takes the decision, but in the budget it has not been presented so far."

He added, "There is no time limit for sending the budget law to the House of Representatives, but we are working to send it as soon as possible."

The Minister of Finance, Taif Sami, confirmed earlier that "one of the most important priorities of the new government and the ministry is to present and approve the draft general federal budget for the year 2023. Ended 29/R77    https://www.mawazin.net/Details.aspx?jimare=209819

Finance Announces The Actual Start Of Preparing The Budget Law.. What About The Exchange Rate?

Money and business   Economy News – Baghdad Today, Monday, the Ministry of Finance announced the actual start of preparing the budget law for the year 2023.

The financial advisor at the Ministry of Finance, Abdul Hassan Jamal, told the official news agency, "The ministry has actually started preparing the 2023 budget, and soon it will be submitted to the Council of Ministers."

And he indicated that "the dollar exchange rate adjustment is within the policies of the government and the Council of Ministers is the one who takes the decision, but in the budget it has not been presented so far."

He added, "There is no time limit for sending the budget law to the House of Representatives, but we are working to send it as soon as possible."

15 . views  Added 10/31/2022 - 5:21 PM  Update 10/31/2022 - 5:42 PM

https://economy-news.net/content.php?id=30512

Al-Sudani And The Governor Of The Central Bank Discuss Monetary Transactions And The Banking Reality

Money and business   Economy News-Baghdad  Today, Monday, the Prime Minister, Muhammad Shia Al-Sudani, discussed with the Governor of the Central Bank of Iraq, Mustafa Ghaleb Mokhief, the conduct of monetary transactions and the banking reality in Iraq.

A statement by the Prime Minister's Media Office, which it received, stated that "Prime Minister Muhammad Shiaa al-Sudani met with the Governor of the Central Bank of Iraq, Mustafa Ghaleb Mikheib."

And he continued, "Al-Sudani listened to a briefing on the conduct of monetary and banking transactions, and the rest of the aspects of the banking reality in Iraq, presented by the governor of the Central Bank."

He pointed out, "The meeting witnessed a review of all aspects of the Central Bank's work, and the most important challenges facing the national economy."

Views 223    Added 10/31/2022 - 12:02 PM  Update 10/31/2022 - 5:40 PM

https://economy-news.net/content.php?id=30506

In A Meeting Between Barzani And Blackshart.. An Affirmation Of Support For The Sudanese Government Program

Political | 05:13 - 10/31/2022   Baghdad - Mawazine News The Prime Minister of the Kurdistan Regional Government, Masrour Barzani, and the Special Envoy of the Secretary-General of the United Nations in Iraq, Jeanine Hennis-Plasschaert, stressed, on Monday, the need to support the program of the Sudanese government, Muhammad Shia, by all parties.

And the media office of the President of the Kurdistan Regional Government stated, in a statement that Mawazine News received a copy of it, that "Masrour Barzani, received the Special Envoy of the Secretary-General of the United Nations in Iraq, Jenin Hennis-Plasschaert."

According to the statement, "the two parties discussed the course of the political process and the general situation in Iraq after the start of the new government's tasks," stressing "the need to support its government program by all parties, so that it can provide services to all Iraqi citizens and components without discrimination, as well as solve problems." The relationship between the Kurdistan region and the federal government based on the constitution.

The statement continued, "While they dealt with the reforms implemented by the ninth cabinet, especially with regard to the process of establishing a digital infrastructure in the Kurdistan region."

https://www.mawazin.net/Details.aspx?jimare=209821

International Monetary Fund: Oil-Exporting Countries Will Achieve Revenues Of One Trillion Dollars

Monday, October 31, 2022 1:12 PM   Follow-up / National News Center  The International Monetary Fund said that economic activity in the Middle East and Central Asia is resilient as the recovery continues in 2022, but caution should be taken against increasing unfavorable conditions in the world.

The Fund indicated, in the "Regional Economic Prospects" report, that the oil-exporting countries are benefiting from oil gains that were not taken into account, as it is expected to achieve a cumulative trillion dollars during the period from 2022 to 2026.

This comes at a time when emerging markets and middle-income countries are facing A deep shock with regard to the terms of trade index in terms of the value of exports relative to the value of imports.

The Fund also said that global economic activity is witnessing a broad slowdown that exceeded expectations, with inflation rates exceeding their levels recorded during several previous decades.

The outlook is heavily burdened by the cost of living crisis, tightening financial conditions in most regions, the situation in Ukraine, and the continuing COVID-19 pandemic.

Forecasts indicate a slowdown in global growth from 6.0% in 2021 to 3.2% in 2022, and then 2.7% in 2023, while this represents the weakest growth patterns ever since 2001, with the exception of the period of the global financial crisis and the critical phase of the Covid- pandemic. 19.

According to forecasts, global inflation will rise from 4.7% in 2021 to 8.8% in 2022, to decline later to 6.5% in 2023 and 4.1% in 2024.     https://nnciraq.com/161037/

Somo: More Than 90 Billion Dollars In Oil Revenues In Nine Months

Monday 31 October 2022 09:49 | Economic Number of readings: 286  Baghdad / NINA / - The National Oil Marketing Company (SOMO) announced the revenues of crude oil that were exported during 9 months of the current year 2022, which amounted to more than 90 billion US dollars.

According to statistics issued by the company, "the revenues of the Iraqi exported oil during the first nine months of the current year 2022 amounted to 90 billion and 388 million and 786 thousand and 336 dollars, at a monthly rate of 10 billion and 43 million and 198 million and 481 dollars."

And the statistic indicated: "Revenues increased from last year 2021 by 70.6 percent, in which financial revenues amounted to 52 billion and 981 million and 515 thousand and 830 dollars, at a rate of 5 billion and 886 million and 515 thousand and 830 dollars per month."

She pointed out that "the month of May of this year witnessed the highest financial revenue from oil sales, amounting to 11 billion and 477 million and 514 thousand and 4 dollars, while January was the lowest month in terms of revenues with 8 billion and 322 million 679 thousand and 526 dollars."/ finished8     https://ninanews.com/Website/News/Details?key=1011029

Integrity Recommends Activating The E-Governance Project In Municipal Departments

Political | 03:42 - 10/31/2022   Baghdad - Mawazine News   On Monday, the Federal Integrity Commission recommended activating the e-governance project in all municipal departments. To facilitate the procedures for completing transactions, as well as activating the work of electronic leave; To expedite its completion, and reduce routine episodes by reviewing the controls periodically.

And the Authority's Prevention Department confirmed, in a report that Mawazine News received a copy of, about "the visits made by its team to the municipal departments in the center (Al-Rusafa, Karkh, Karrada and Al-Mansour); to see closely the reality of the state of the departments affiliated with the Baghdad Municipality, on the need for the secretariat to obtain Official approvals for the purchase of a fleet of (machines and equipment) to carry out road-cladding and waste removal, and to dispense with renting those mechanisms that drain a large proportion of their resources that can be utilized in the perpetuation of the work of the secretariat departments.

In a report sent to the Office of the Prime Minister, the General Secretariat of the Council of Ministers and the Baghdad Municipality, the department explained that "it is possible to coordinate with the Ministries of Industry and Trade to equip municipal departments with appropriate numbers of modern mechanisms and in a long-term installment method,

in addition to seeking the assistance of the engineering and mechanical efforts of the Ministries of Defense, Construction, Housing and Resources." Water, in carrying out campaigns to show the capital in a proper appearance.

and emphasized " The importance of finding radical solutions; To reduce the traffic momentum within the main streets, and to develop plans and studies for the construction of tunnels and bridges, and the development of main streets, as the report monitored the lack of coordination between the Municipality and the traffic departments regarding the maintenance of roads and bridges, the failure to activate the commercial exchange yards, pivotal weighing stations, and the occurrence of traffic jams in most cases. Streets of partitions within the work tasks of the municipal departments; Which in turn affected the flow of work.”

The report urged the cooperation of the security services holding the land and the relevant authorities with the owners of the Baghdad Municipality to remove the abuses that occurred on their property by influential groups, despite the involvement of the secretariat in removing the abuses on the property of other ministries, which constituted a burden on its staff, calling for the allocation of a laboratory.

Asphalt for the Municipality in both Karkh and Rusafa, to ensure the flow of its work, and divert the work of paving the roads to night, due to the lack of traffic momentum, and to avoid high temperatures in the summer.

The report monitored “the disproportion of the collection amounts with the services provided, and the failure of most departments to provide their services, and their failure to benefit from these amounts in the maintenance and purchase of service mechanisms, as the amount of collection fees for profession, cleaning and advertising fees reached for the period from (1-1-2022) until 30- 9-2022) in the municipalities of (Rusafa, Karkh, Mansour, Karada and Rashid) more than (26,175,000,000) billion dinars, noting that most of those charged with refraining from paying the collection amounts for the years (2019-2021).

The report gave priority to "the issue of addressing the insufficiency of the absorptive and drainage capacity of rainwater by separating rainwater networks from sewage, installing treatment plants and expanding existing networks, and also touched upon the importance of taking into account the absorptive capacity of sewage projects and water networks when granting investment licenses to residential and commercial complexes." affect the services provided to citizens.

With regard to the heritage buildings and roles, he suggested "identifying these buildings within the geographical area of​​the municipal departments and acquiring them by the Ministry of Culture and the Baghdad Municipality, to reduce the abuses that occurred on them, and to facilitate the work of the secretariat's staff in restoring the deer from them."

The report suggested “allocating lands outside the borders of the capital for the construction of model industrial cities, trading yards, and (environmentally friendly) incinerators for the purpose of burning treatable waste in a safe and healthy manner, while studying the possibility of using the ashes left behind for the manufacture of “Pozzolan” cement, or energy production.

Electricity is one of the products of the incineration process, as well as setting up waste sorting and recycling plants in an investment manner in a way that raises the financial burden on the government, and seeks to obtain alternative imports.” Ended 29/R77    https://www.mawazin.net/Details.aspx?jimare=209810

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

https://www.bondladyscorner.com/

"Tidbits From TNT" Monday 10-31-2022

TNT:

CandyKisses:  The Central Bank of Iraq informs the Sudanese of the progress of monetary and banking transactions

 Shafaq News/ Prime Minister Muhammad Shiaa Al-Sudani briefed, on Monday, the nature of banking and monetary transactions of the Central Bank of Iraq.

Al-Sudani's media office said in a statement received by Shafaq News Agency, that the latter met with the Governor of the Central Bank of Iraq, Mustafa Ghaleb, and listened to a briefing on the conduct of monetary and banking transactions, and the rest of the aspects of the banking reality in Iraq, presented by the Governor of the Central Bank.

The meeting also witnessed a review of all aspects of the Central Bank's work, and the most important challenges facing the national economy.

Tishwash:  More than 90 billion dollars in Iraqi oil revenues in 9 months

Iraqi oil revenues from crude oil that were exported during the 9 months of the current year 2022, amounted to more than 90 billion US dollars.

According to a statistic issued by the "SOMO" company, and seen by Shafak News Agency, "the revenues of Iraqi exported oil during the first nine months of the current year 2022 amounted to 90 billion and 388 million and 786 thousand and 336 dollars, at a monthly rate of 10 billion and 43 million and 198 million and $481.

And she added, "These revenues increased from the last year 2021 by 70.6 percent, as the financial revenues amounted to 52 billion and 981 million and 515 thousand and 830 dollars, at a rate of 5 billion and 886 million and 515 thousand and 830 dollars." 

She pointed out that "May of the current year 2022 witnessed the highest financial revenue from oil sales, reaching 11 billion and 477 million and 514 thousand and 4 dollars, while January was the lowest month in terms of revenues, reaching 8 billion and 322 million 679 thousand and 526 dollars. ".

Iraq depends by 96 percent on oil revenues in its general budget, and previous governments were subjected to great pressures with their inability to pay employee salaries and other operating expenses as a result of the drop in oil prices to below $ 30 a barrel at the beginning of 2020 with the spread of Covid 19 disease before it returned Prices to go up again    link

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MontanaCoach:  I keep reminding myself what Tony said about them pushing the program rate 1190 and rv-ing in January! Their history doesn't bode well for fast action

Yada:  Think we are at the point that even the info providers have received all they will receive. Now, we are in the "Engage" command.

RVAlready:  I agree, Yada. I would not be surprised if the bank guys who gave Tony and Ray the data yesterday met with discipline from their bosses from giving out info.

Grace Renewed:  “Remember, remember the 5th of November, gunpowder, treason and plot…” This was the date on which Guy Fawkes, a Catholic renegade, dramatically failed to blow up London's House of Lords. This cultural memory has been faithfully preserved for over 400 years.

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Tishwash:  Iraq's revenues are 90 billion dollars within 9 months, and its expenses are about 54 billion dollars.. 40% of the revenues remain as a surplus.

Iraqi oil revenues from crude oil that were exported during 9 months of the current year 2022 amounted to more than 90 billion US dollars, an average of more than 10 billion dollars per month, while Iraq's expenses during 9 months amounted to about 54 billion dollars.

According to statistics issued by the “SOMO” company, “the revenues of the Iraqi exported oil during the first nine months of the current year 2022 amounted to 90 billion and 388 million and 786 thousand and 336 dollars, with a monthly rate of 10 billion and 43 million and 198 million and 481 dollars.”

And she added, "These revenues rose from the last year 2021 by 70.6 percent, as the financial revenues amounted to 52 billion and 981 million and 515 thousand and 830 dollars, at a rate of 5 billion and 886 million and 515 thousand and 830 dollars."

She pointed out that “May of the current year 2022 witnessed the highest financial revenue from oil sales, reaching 11 billion and 477 million and 514 thousand and 4 dollars, while January was the lowest month in terms of revenues, reaching 8 billion and 322 million 679 thousand and 526 dollars. “.

On the other hand, the state’s expenditures during 8 months amounted to 69.5 trillion, which means about 8.7 trillion per month, i.e. 5.9 billion dollars per month spent by Iraq, which means during 9 months its expenses amounted to 53.5 billion dollars, i.e. out of 90 billion dollars in 9 months, there is a surplus of 36.5 $1 billion, most of it going to the central bank's reserves.  link

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Tishwash:  The draft general budget law 2023 could be approved this month

The legal expert, Ali Al-Tamimi, revealed, on Monday, October 31, 2022, the possibility of submitting the draft general budget law for 2023 this month for approval in the House of Representatives.

Al-Tamimi said, in a statement followed by the obelisk, that “Article 62 of the constitution requires the government to submit the final accounts to Parliament before approving the budget,” explaining that “Article 8 of the Financial Management Law No. 6 of 2019 required the Ministry of Finance and Planning to submit the draft general budget law to The Council of Ministers at the beginning of September of each year.

And he continued, “Article 11 of the above law requires financial management to the Council of Ministers after receiving the budget and submitting it to Parliament after discussing it in mid-October,” noting that “Article 13 of this law above said in the event that the general budget law is not approved until the 31st of the month.” December The Minister of Finance issues instructions to spend at a rate of 1/12 of the total expenditures.

The legal expert pointed out that "the internal and external borrowing law for the year 2020, it is only under which it is possible to borrow internal and external for the year 2020 only."

And the Prime Minister, Muhammad Shia Al-Sudani, directed the sending of the draft budget law as soon as possible.

And the General Secretariat of the Council of Ministers stated, in a statement, that “Al-Sudani directed the Ministry of Finance to send the draft federal budget law for the Republic of Iraq, for the fiscal year / 2023, to the Ministerial Council for Economy as soon as possible for study.”

And she added: And then send it to the General Secretariat of the Council of Ministers; To include it in the Cabinet’s agenda, in order to speed up its legislation, due to its importance, pointing out that the directive came during the Cabinet’s meeting in its first regular session, held on 10/28/2022.  link

Mot:  ..... How Bout a Different Color! - OK!! ~~~~

Monday . How My Pilot Came Up to the Plane!! ~~ ssiiiighgghghghhhhhhhh

Sunday Evening Iraq Economic News Highlights 10-30-22

Sunday Evening Iraq Economic News Highlights 10-30-22

An Economist Reveals The 7 Most Important Topics Absent From The Curriculum Of The Sudanese Government

Money and business   Economy News-Baghdad   On Sunday, the economic expert, Nabil Al-Marsoumi, drew attention to the most important 7 missing topics in the curriculum of the government of Muhammad Shia Al-Sudani, noting that the most important absent topics are the Chinese agreement and the reduction of the dollar price.

Al-Marsoumi said in a post on "Facebook" that "the most important missing topics in the government curriculum are the reduction in the exchange rate of the dollar against the dinar and the Iraqi-Chinese agreement."

He added that "the economic agreements between Iraq, Saudi Arabia, Egypt and Jordan, as well as the electrical linkage agreement between Iraq, Turkey, Kuwait and Jordan were absent from the government program."

Noting that "the program of the Sudanese government did not address the agreement of Iraq's sale of oil to Jordan at reduced prices, and the Iraqi-Jordanian pipeline, Iraq's sale of black oil to Lebanon," noting that "these trends indicate the Sudanese's determination to find alternatives to it."

Views 21   Added 10/30/2022 - 10:50 AM   Update 10/30/2022 - 12:39 PM

https://economy-news.net/content.php?id=30485  

Qatari Report: Saudi Investment May Pave The Way For Iraq's Accession To The Gulf Cooperation Council

Money and business   Economy News-Baghdad   Saudi Arabia is seeking to invest in 5 countries, including Iraq, and intends to establish regional companies to invest 90 billion riyals ($24 billion), according to Saudi Crown Prince Mohammed bin Salman, Chairman of the Board of Directors of the Public Investment Fund.

This came during last Wednesday’s announcement that the Public Investment Fund would target investment in Jordan, Bahrain, Sudan, Iraq and the Sultanate of Oman, after the launch of the Saudi Egyptian Investment Company last August. The investment will be in several strategic sectors, including: infrastructure and development Real estate, mining, healthcare, financial services, food and agriculture, manufacturing, communications, technology, and other sectors.

The latest statistics indicate that the volume of trade exchange between Saudi Arabia and Iraq in 2020 rose to 3.88 billion riyals ($1.34 billion), while in 2019 it was about 3.41 billion riyals ($909 million), distributed among 3.37 billion riyals ($898 million) Saudi exports. And 41.8 million riyals ($11.2 million) Iraqi exports, which means that Iraq ranks 11th among Arab countries in the volume of trade exchange with Saudi Arabia.

Economic Renaissance

In light of this, the financial and economic advisor to the Iraqi government, Dr. Mazhar Muhammad Salih, says that the selection of investment projects will be with the common desire between Iraq and Saudi Arabia, within the policy of building bridges, cooperation, and building opportunities for stability and progress for two large countries with a population of nearly 80 million people, and they are among the major oil producers in the world. the scientist.

Saleh believes - in his statement to Al Jazeera Net - that "the agenda of Iraq's economic interests in the policy of cooperation with neighboring countries in general and Arab countries in particular, should outweigh any narrow considerations that are attached to remnants inherited from a narrow negative past due to the Gulf wars that wasted nearly half a century of development in An ancient country like Iraq, which was generated by the factors of estrangement between the countries of the region at the expense of their stability and progress, and lost opportunities for cooperation between them.

And the government advisor goes on to say that "Saudi Arabia today has distinguished experience in the metallic and semi-heavy industries and distinguished manufacturing in the field of petrochemicals, the maritime transport sector, the technological and digital sector, and others, and in these areas it is possible to invest in Iraq."

Productive Investment

There is a welcome within the economic circles in Iraq for Saudi investment to enter the country, provided that it is productive, and this is explained by the economic researcher, Dr. Ali Dadush, by saying that the entry of these funds in a productive manner will have a positive impact on Iraq through long-term projects such as building factories and laboratories, in addition to the productive Saudi investment. It will contribute to the entry of foreign currency - especially the dollar - into Iraq, which will enhance its foreign cash reserves.

On the other hand, Daadoush - in his speech to Al Jazeera Net - believes that this investment may be a prelude to Iraq's accession to the Gulf Cooperation Council, to benefit from the advantages enjoyed by member states such as energy networking, licenses for goods and services exchanged between them, skilled labor, artificial intelligence and others.

As for the Iraqi banking sector, it can - according to Daadoush - raise its services through this investment, which opens the door for it to open up to the banking sector and Saudi financial services, by organizing specialized training courses for Iraqi banking workers, which will develop the Iraqi stock market and stimulate productive sectors .

Dadush stresses that Iraq needs such investments to employ the unemployed and create added value in the productive sectors, in addition to benefiting from economic and political benefits that contribute to the process of regional economic integration between Iraq and Saudi Arabia.

Upgrading The Infrastructure

For her part, the representative of the "Sadiquon" bloc, Zainab Juma'a al-Moussawi, welcomed the entry of foreign investment into Iraq, including Saudi investment.

Al-Moussawi said - in a statement to Al-Jazeera Net - that "Iraq needs the flow of funds and foreign investments from Saudi Arabia or others, to contribute to the reconstruction of its dilapidated infrastructure and superstructure, and to revitalize its industrial, agricultural, tourism and other sectors, to contribute a greater percentage to the country's gross domestic product."

Diversification Of The Economy

For his part, Dadush says that the rise in Gulf investments - especially Saudi Arabia in Iraq - may diversify the sources of the Iraqi economy and revitalize the private sector, in addition to reducing the volume of commodity imports.

The researcher concludes his speech by urging that investment in Iraq be appropriate and enhanced with government support, through the gradual raising of customs taxes on imported goods and services, since these investments need between 3 to 6 years to meet the local demand for goods and services.

157 . views   Added 10/30/2022 - 10:37 AM  Update 10/30/2022 - 12:49 PM

https://economy-news.net/content.php?id=30484

Customs Issues A Statement Regarding Attempts To "Mix Papers" In The Case Of Theft Of Tax Deposits

Money and business   Economy News _ Baghdad   On Saturday, the General Authority of Customs issued a statement regarding attempts to "confuse the papers" in the case of theft of tax deposits, while threatening those who publicize it to resort to the judiciary.

A statement by the authority stated, "Some are trying to mix papers and pass bad agendas and inhuman desires, and some for the sake of the chair collect misleading information and market it to public opinion as irrefutable facts, which is a falsehood or scattered information that does not belong to the party that is being defamed nor the official who turns to a stated goal, and the truth is to try to get the position to achieve personal positions, goals and objectives."

The statement added that "what happened during the past few days from the repercussions of the issue of theft of tax deposits opened the door wide for those who want to mix papers, earn, try to obtain positions, remove an official and pay others. for individuals and companies now.

He pointed out that "a letter was issued by the Council of Ministers in 2015, to deduct five percent of the currency auction, and it was worked on for forty days only, after which it was canceled, and an amount of 351 billion dinars was collected at that time, and an amount was transferred to the treasury more than 185 One billion dinars according to the Financial Management Law, Article 26, first, and an amount of more than 160 billion dinars was recovered to its owners in varying years from 2015 to 2020, all of which were subjected to the audit of the Financial Supervision Bureau according to the above book.

He continued, "This happened within documented official documents and books," explaining that "some people continue their projective approach, and do not want to change, and to work according to an ethical approach and take into account the difficult circumstances and transformations in the country and the desire to confront the repercussions of the previous stages."

He pointed out that "anyone who defames the authority, its director and employees will be prosecuted."   Views 166   Added 10/29/2022 - 4:18 PM   Update 10/30/2022 - 9:02 AM

https://economy-news.net/content.php?id=30473

More Than 9 Billion Cubic Meters Of Gas Production In Iraq In 2021

Shafaq News/ Data and statistics of the British company BP monitored that Iraq produced more than 9 billion cubic meters of natural gas in one year.

The statistics, seen by Shafak News Agency, showed that "Iraq's production of natural gas during the past year 2021 amounted to 9.4 billion cubic meters, an increase of 34.29 percent over the previous year, in which production amounted to 7 billion cubic meters," noting that "the highest production The gas in Iraq was in 2019 when it amounted to 11 billion cubic meters.

She added that "the growth rate of gas production in Iraq between 2011 and 2021 increased by 4 percent," noting that "the proportion of Iraq's production in relation to world production is 0.2 percent."

According to the Arab statistics, Saudi Arabia came first with the largest natural gas producer in 2021 with 177.3 billion cubic meters, followed by Qatar by 177 billion cubic meters, Algeria by 100.8 billion cubic meters, followed by Egypt by 67.8 billion cubic meters.

Globally, "America ranked first as the largest gas producer in 2021, with 934.2 percent, followed by Russia with 701 billion cubic meters, and then Iran with 256.7 billion cubic meters."

Despite Iraq’s low production of gas, it ranks 12th with the largest gas reserves in the world, at 130.5 trillion cubic feet per day, according to data from the British BP Oil Company for 2016. Iraq consumes most of its gas to feed power stations while it imports the rest from Iran.   LINK

The Industry Clarifies The Fact That 60 Thousand Factories And Factories Have Stopped In Iraq

Calendar 10/29/2022   Baghdad / Al-Mawrid News   Today, Saturday, the Ministry of Industry detailed its plan to reopen the stalled factories and establish a national industry in Iraq, and while it summarized the reasons for stopping the factories over the past periods, it indicated that the talk about the disruption of more than 60 thousand factories and factories is incorrect.

Hassan Nazim, Director General of the General Directorate of Industrial Development, one of the formations of the Ministry of Industry and Minerals, said in an interview with the official agency, "The directorate continues to support the private sector and grants licenses to establish projects for the private and mixed sectors under Law No. 20 of 1998, under the title of industrial investment."

Nazim added, "The law showed facilities and flexibility for private sector projects, especially with regard to two files: importing production lines and raw materials, as well as coordination with sectoral authorities regarding fuel and electricity," noting that "there is an existing plan, and it is being re-updated for the purpose of giving more facilities. For factories, to support the national industry and introduce products made in Iraq.

He pointed out that "there are a large number of licenses, especially during the past two years, amounting to more than 3,000 licenses under construction, and there are procedures for facilitating procedures for the completion of industrial projects, as the results reached 425 completed factories, which opened their doors and hired young people and workers."

He explained that "there are special forms in the directorate, which include standards and documents provided by the industrialist, and then the license under establishment is initially granted, after which the procedures are carried out in coordination with the sectoral departments and the responsible authorities, for the purpose of giving final approvals attached to the basic approval, to issue complete licenses for the establishment to open factories and employ youth ".

He noted that "after 2003, the industry went through difficult conditions that led to the emigration of many private sector owners from their factories," noting that "many factories were closed for reasons including their old age and inability to keep pace with what is produced through modern machines, as well as because of the security conditions that have passed.

The areas of Iraq over the past years, including the entry of ISIS terrorist gangs into three provinces, and thus the factories continued to stop.”

He pointed out that "the plan of the ministry, the government and the directorate is to develop mechanisms to restore these factories to open their doors, and there is a plan to facilitate procedures such as bringing in experts and importing production lines by industrialists and facilitating the procedures for entering them from border crossings, and there are other facilities related to raw materials."

He continued, "This led to the re-effect of many of these achievements," stressing that "the ministry is continuing to establish a national industry in the country through the transfer of sober technology and the introduction of products made in Iraq."

He stressed that "talking about the disruption of more than 60,000 factories and factories is incorrect, and the factories that were disrupted due to what was mentioned about the security incidents that took place in the governorates,

in addition to the presence of factories in which their owners stopped working for various circumstances, including financial," noting that "talking about numbers The huge number of factories and factories that have stopped comes for the purpose of frustration and to give an unreal picture of the Iraqi industry.”

He concluded, "There are thousands of factories operating in Iraq, continuously offering their products in the local markets, and they continue to support the private sector."

https://almawrid.news/contents/view/details?id=56047

Minister Of Electricity: The Government Is Aware Of The Seriousness Of The Energy File And Its Reform

Energy    Today, Sunday, Minister of Electricity Ziad Ali Fadel confirmed that the government is aware of the seriousness of the energy file and its reform, while indicating that the ministry will work to solve electricity problems in all governorates.

The ministry's spokesman, Ahmed Moussa, said in a statement received by "Al-Iqtisad News", "The Minister of Electricity, Ziyad Ali Fadel, stressed, during the performance of his duties, the importance of working to lift the burden on the citizens, and we are not exempt from any repercussions and we have no excuse but success."

The minister stated that "there is great priority and care for the electricity file, which has a governmental specificity," stressing that "the government is aware of the seriousness of this file and its reform."

The Minister of Electricity added, "We will focus on the important, governing and main axes, and we will proceed with the ministry's short and medium-term plans," noting that "the ministry will work to solve electricity problems in all governorates, and this is our duty and the core of our service work."

He explained, "We need the support that we count on and we will achieve a lot, and we will make the citizens feel that we are the bond and the help," noting that "we will not be concerned with anything other than the technical and service file only."

35 . views  Added 10/30/2022 - 2:12 PM  Update 10/30/2022 - 3:09 PM

https://economy-news.net/content.php?id=30491