Zebari is OUT! Weekend Iraqi News Catch Up
The Federal Supreme Court decided to exclude Hoshyar Zebari from running for the presidency
The Federal Supreme Court of Iraq decided on Sunday to exclude Hoshyar Zebari from running for the post of President of the Republic.
On Sunday (February 6), the court issued a state order to stop the candidacy of Hoshyar Zebari for the post of President of the Republic of Iraq.
In its decision, which was reviewed by Shafak News Agency, the court said that Representatives Ali Turki Jassoum, Dylan Ghafoor Saleh, Karwan Ali Yaroes and Karim Shakur Muhammad demanded the issuance of a loyalty order against Parliament Speaker Muhammad al-Halbousi, against the background of his announcement of a list of candidates for the position of President of the Republic. Iraq, including Hoshyar Zebari.
She pointed out that the deputies submitted to the court a case in which they found that the procedures of the House of Representatives regarding the acceptance of the candidate Hoshyar Zebari "contravene the provisions of the Constitution and represent a serious violation of the texts contained in it, because the references to him do not meet the conditions."
And indicated that the representatives demanded to stop the procedures for Zebari's candidacy for the presidency of the republic until the action related to him is decided, noting that she had issued a state order to stop the procedures for the nomination of Zebari for the presidency.
In the document.. the Federal Court decides that Saleh will continue his duties until the election of a new President of the Republic
link there is a document but it's in Arabic maybe more details will come out later
The court’s decision comes after the cancellation of Hoshyar Zebari’s candidacy for the presidency at the present time and the non-acceptance of his candidacy in the future “due to the lack of conditions stipulated in Article 68/Third of the Constitution of the Republic of Iraq for the year 2005 due to the parliament’s withdrawal of confidence from him when he was Minister of Finance.”
Deputy: The 2022 Budget Will Be Allocated For Only Eight Months
Parliament member Jamal Kougar considered, on Saturday, the demand of some independent deputies to send the budget to Parliament as “ignorance” of the constitution, suggesting that the 2022 budget will be for only eight months.
Cougar said in a statement to "Information", that "the demand of some independent deputies to send the budget to Parliament is surprising and ignorance of the constitution," noting that "it is not permissible for Al-Kazemi's government to be a caretaker government to send the budget."
He added that "sending the budget must be done through a government with full authority as stipulated in the constitution," explaining that "the parliament has not yet completed the formation of committees, including the Finance Committee."
Cougar indicated that “the 2022 budget will be organized for an eight-month period, as happened in the 2021 budget, but it will prepare a full-year budget because the Financial Management Law does not contain any text regarding the completion of the budget for specific months,” noting that “money will be allocated to repay previous loans that The government borrowed it internally and externally, which must be paid annually.”
Former Deputy: The 2022 Budget Will Be Semi-Annual
The former decision of the Finance Committee in the House of Representatives, Ahmed Al-Saffar, suggested, on Thursday, resorting to approving a semi-annual budget due to the delay in forming the new government, while warning of the negative effects of this.
Al-Saffar said in an interview seen by "The Information", that "the ministerial curriculum and the government program are translated through the draft budget, which expresses the government's financial and economic policy, and since the current government is a caretaker government and does not have the right to present draft laws, including the budget, so it is supposed to be done." Forming the new government so that we can talk about the budget.”
He suggested that “it would take at least two months to form the government, in addition to two more months to complete the draft budget or make an amendment to the same current budget, so according to our expectations if there is a semi-annual budget.”
With regard to the economic and financial implications of not approving the 2022 budget, Al-Saffar indicated that “the effects will be very bad. During the current year, there was no budget and there has been a change in oil prices to more than $90, which means that half of the oil revenues are in excess of The plan is in the 21 budget at a price of 45 dollars per barrel, and this is a waste of public money, not benefiting from it and freezing it, especially since the current government does not have the right to make investments or contracts, but merely conduct business, and only the operational budget will be implemented.”
He suggested “putting the achieved financial abundance in a fund that will be used in the next budget, where the focus is on the investment side with more than 50% of the total coming budget,” explaining that “the issue of appointments and job grades will remain pending until the new budget law is legislated.”
Economist: The Government Has The Ability To Reduce The Price Of The Dollar
Economic expert Kovind Sherwani affirmed on Thursday that the government has the ability to reduce the price of the dollar and return it to its previous price.
Sherwani said in a statement to "Al-Maalouma", "The government has the ability to reduce the price of the dollar after the rise in the price of oil and its crossing of the barrier of $90 per barrel."
He added that "the price of the dollar affected the increase in unemployment and poverty rates, and the actual need to raise it has ended, in light of the rise in the price of oil to figures that are the first of its kind."
And it affected the price of the dollar on the rise in poverty and unemployment rates, in light of the weak purchasing power and the increase in prices in the market.
The Head Of A Bloc Reveals Parliamentary Efforts To Restore The Dollar's Exchange Rate Against The Dinar
The head of the Sabean-Mandaean Parliamentary Bloc, Osama Al-Badri, revealed, on Sunday, that the House of Representatives decided to return the exchange rate of the dollar against the dinar to its previous era due to the damage to the citizen, indicating that restoring the exchange rate of the dollar against the dinar greatly harmed the market.
Al-Badri said in a statement to / the information / that "there are parliamentary moves to return the dollar exchange rate to its old price due to the high inflation."
He added, "The issue will be raised during the upcoming sessions, as it is a popular demand, and that the only victim is the poor citizen."
Al-Badri indicated that "the House of Representatives will put pressure on the competent authorities and decision-makers in order to return it to its old price."
The economic expert, Kovind Sherwani, confirmed in a previous statement to Al-Maalouma the government's ability to reduce the price of the dollar and return it to its previous price.
Includes loans and advances.. Al-Rafidain launches credit activity
Today, Sunday, Al-Rafidain Bank announced the credit activity of all kinds, including loans and advances.
A statement by the bank, received by the Fourth Bank, stated that the latter "launched the credit activity of all kinds, including loans, advances, banking facilities and investment projects."
New concern.. the fact that the dollar exchange rate was raised to 150 thousand dinars in Iraq
Saturday, the Central Bank of Iraq revealed the reality of the move to , raise the dollar exchange rate and fix it at the price of 150 thousand .dinars for the $100 bill
A member of the bank’s board of directors, Mazhar Muhammad Salih, said in an interview with (Baghdad Today), that “the dollar’s exchange rate remains the same, and any talk currently being conducted to raise or lower the price of the dollar is just ”.speculation and balloons launched by some for excitement He added, "The situation is being arranged regarding oil prices, as we do not want to urgently rearrange the equations.
Everything is now fixed in place," noting that "no ".change in the exchange rate has now been raised, neither from near nor from afar
Earlier, a parliamentary question was asked to the Central Bank of Iraq, last .Thursday, about the dollar exchange rate And the Central Bank of Iraq, in January 2020, reduced the exchange rate of the .Iraqi dinar against the dollar by 145 thousand dinars for each $100 bill
Cabinet Secretariat: The 2022 budget will be the start of an urban revolution
The General Secretariat of the Council of Ministers announced, on Saturday, that the budget of 2022 will be the start of a comprehensive urban revolution through its orientation to re-work with thousands of lagging projects, and indicated that the Iraqi-Chinese agreement entered into force with the project to develop Nasiriyah International Airport, and then signed 15 contracts to build 1000 schools.
A spokesman for the General Secretariat of the Council of Ministers, Haider Majid, said in a statement that "the budget needs to be discussed in the Council of Ministers and needs several sessions, and then it is voted on in the Council and referred to the House of Representatives, and it needs a month or two to discuss it after the formation of the next government."
He added, "According to the vision and direction of the General Secretariat of the Prime Minister, and after it was assigned to draw up the ministerial program for the next government, what is distinguished in the next budget is the great trend to complete projects in the governorates, re-work with thousands of stalled and lagging projects 10 years ago, and prepare for new projects, and the year 2022 will be a new start. An urban revolution in all governorates.
And he indicated that "the Chinese-Iraqi agreement has entered into force, as well as other agreements signed with Saudi Arabia, Jordan and Egypt, and we have started signing the contract with the Chinese side for the project to develop Nasiriyah International Airport and then signing 15 contracts to establish 1,000 schools, and the vision and direction of the government and the executive management of the project in the General Secretariat is that Next year, the number of contracts will rise to 3,000 schools until we reach 7,000, and we need a lot of school buildings after the Ministry’s project number one stalled 10 years ago.”
New Government Confirmation: China Agreement Entered Into Force
The General Secretariat of the Council of Ministers announced, on Saturday, that the 2022 budget will be the start of a comprehensive urban revolution through its orientation to re-work with thousands of lagging projects, while confirming that the Iraqi-Chinese agreement entered into force with the project to develop Nasiriyah International Airport, and then signed 15 contracts. To create 1,000 schools.
A spokesman for the General Secretariat of the Council of Ministers, Haider Majid, said in a statement reported by the newspaper “Al-Sabah” and seen by (the information), that “the budget needs to be discussed in the Council of Ministers and needs many sessions, and then it is voted on in the Council and referred to the House of Representatives, and it needs to a month or two to discuss it after the formation of the next government.”
He added, "According to the vision and direction of the General Secretariat of the Prime Minister, and after it was assigned to develop the ministerial program for the next government, what is distinguished in the next budget is the great trend to complete projects in the governorates, re-work with thousands of stalled and lagging projects 10 years ago, and prepare for new projects, and the year 2022 will be a new start. for an urban revolution in all governorates.”
Majeed said, "The Sino-Iraqi agreement has entered into force, and we have started signing the contract with the Chinese side for the project to develop Nasiriyah International Airport, and then signing 15 contracts to establish 1,000 schools, and the vision and direction of the government and the executive management of the project in the General Secretariat is that the number of contracts next year will rise to 3,000 schools until we reach 7,000, and we need a lot of school buildings after the Ministry’s project number one stalled 10 years ago.”
The price of the dollar is the most prominent of the previous items.. Will the 2022 budget be repeated? Iraqi deputies express their opinion
The price of the dollar is the most prominent of the previous items..
Will the 2022 budget be repeated? Iraqi deputies express the Special Member of Parliament, Jamal Kougar, expected today, Saturday, a repeat of the 2021 scenario in preparing the current year’s budget for eight months, indicating that the Al-Kazemi government is a caretaker and has .no legal right to prepare it
Cougar said, in an interview with (Baghdad Today), that "the budget for 2022 will be approved for a full year, but it is for eight months only, because there is no legal text ".that enables it to be prepared for 8 months
He added, "The 2021 scenario will be repeated this year with the preparation of the budget due to its delay and Parliament's preoccupation with the government formation," noting that "Al-Kazemi's government cannot legally prepare the budget ".as a caretaker government
He pointed out that "the budget will include the repayment of the internal and external loans borrowed by the Al-Kazemi government, and from which Iraq must ".pay installments annually Earlier, the Iraqi parliament approved the 2021 budget with an estimated size of 130 trillion Iraqi dinars (89.65 billion dollars), and the draft budget included stabilizing the exchange rate of the .US dollar at 1450 Iraqi dinars
Banks completely own the Iraqi stock market
The banking sector accounted for the entirety of the transactions in the Iraqi stock market, with a rate of 96% of the total transactions that took place in the past year 2021.
And 4 banks accounted for 67% of the total circulation, which are:
1- Kurdistan Bank with a circulation rate of 34% of the total trading
2- Middle East Bank Iraq with a circulation rate of 17%
3- World Islamic Bank with a circulation rate of 9%
4- Bank of Baghdad with a circulation rate of 17% Trading amounted to 7%
, and the total number of traded shares reached 930 billion shares, representing 7% of the number of listed shares, which amounted to 13.7 trillion shares
. As for the level of trading value, the total trading value in the market amounted to 813 billion Iraqi dinars. The percentage of traded sectors was as follows:
1- Banking sector The percentage of the value of shares traded reached 60%.
2- The telecommunications sector. The percentage of the value of shares traded reached 17%
. 3- The industry sector. The percentage of the value of shares traded reached 15%
. Only five companies out of 105 listed companies accounted for 68% of the trading value, which are:
1- Kurdistan Bank by 41%
2- World Islamic Bank by 10.25%
3- Baghdad Soft Drinks Company by 6.5%
4- Bank of Baghdad by 5.73%
5- National Bank by 4.68%
and the stock market is considered one of the pillars of economic development for its ability to attract Domestic and foreign capital can play an important role in investing the funds that are hoarded and located outside the banking system.
The idea of the Iraqi stock market can be matured by adopting modern electronic systems that speed up the trading process, and the necessity of market governance by decisions that make the listed companies truly tradable will contribute to pumping a lot of capital into the market in a way that will contribute to increasing the contribution of the financial sector to the domestic product and thus Creating important job opportunities that help reduce unemployment rates.
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