Iraqi News catch up September 4th and 5th 2022 Al-Kazemi's advisor: Iraq is on the "white list" to combat money laundering crimes
Tehran: The developments in Iraq are very important to us, and we call on the political parties to dialogue and leave the conflict
Iranian Foreign Ministry: The developments in Iraq are of great interest to Iran, and we believe that Iraq is an important country in the region, and we stress the establishment of peace there
The start of the second dialogue session between the political forces at the invitation of Al-Kazemi
On Monday, the work of the second dialogue session between the political forces began in the capital, Baghdad, at the invitation of Prime Minister Mustafa Al-Kazemi.
A brief statement by Al-Kazemi's office stated, "The work of the second session of the national dialogue between the political forces called for by Prime Minister Mustafa Al-Kazemi was launched a short time ago."
Al-Kazemi's office did not mention the parties participating in the session.
Kurdish leader: The differences between the framework and the current are deep and initiatives do not work with them
The current and leading MP in the Kurdistan Islamic Union, Muthanna Amin, said, on Monday, that the differences between the coordination framework and the Sadrist movement are "deep and do not benefit from initiatives that do not satisfy the minimum demands of the two parties."
In an interview with "Al-Sabah" newspaper, Amin added, "The demands of the Sadrist movement are not constitutionally possible, as is their demand to dissolve parliament through the judiciary or the political initiative of the parties."
He pointed to "the futility of the Kurds or the Kurdish forces presenting an initiative that the two parties do not agree to," calling on the leadership of the Sadrist movement to "advance an initiative by himself. He also presented the wonderful step that protected Iraq from sliding into a civil war when Mr. Muqtada al-Sadr absolved of acts of violence."
State of Law: The return of the Sadrist bloc’s deputies will confuse the political situation and the Iraqi street
A member of the State of Law coalition, Abbas Al-Maliki, commented on the decision to appeal the resignation of the Sadrist bloc's deputies to the Federal Court to return to the House of Representatives again, while stressing that these decisions will confuse the political reality and the Iraqi people.
Al-Maliki said, in a press interview, that "this legal behavior of the Sadrist movement is correct and that they have submitted an appeal to the competent court with the aim of challenging their resignation. From a logical and mental point of view, I say that the withdrawal of the Sadrist movement was not a judicial, legal or political decision on the other hand, but it was a purely withdrawal." the will of the mass.
He added, "It is not permissible for the Sadrist bloc to challenge a decision that it took, and no one forced it," noting that "such behavior will lead to more confusion in the Iraqi political and social reality and disregard the Iraqi political, legal and judicial norms."
A member of al-Maliki's coalition explained that "political action must be solid and based on the foundations of moderation, logicality and balance, and so behaviors that seem far from logic and balance," pointing out that "political blocs must determine their options from the beginning. Or it leaves politics and plays a new role.
Al-Maliki continued: "As for political action and others outside it, what is the fault of the Iraqi street to bear such decisions, actions and confusing steps?"
The legal expert, Mohsen Al-Ugaili, had confirmed earlier today, that "from a legal point of view, the resignation does not need a vote," and it is likely that "the Federal Court will dismiss the case when it looks at it from a legal point of view
Central banks participate in the manufacture of modern financial technologies
Today, Monday, the Arab Monetary Fund announced the launch of a training course directed to staff working in central banks, under the title (Regulatory Frameworks and Legislations for the Industry of Modern Financial Technologies).
A statement by the Fund stated that “the course, which will continue until the eighth of this month, is also directed to those concerned with issues of modern financial technologies and the staff working in the capital market authorities and stock exchanges and ministries of finance who are specialized in issues of modern financial technologies.”
He added, "It aims to deepen the participants' understanding of the regulatory framework for the modern financial technology industry, as well as discussing many axes, the most important of which is building an incubating environment and effective national strategies for modern financial technologies and blockchain technologies."
The course reviews some of the different aspects of regulating modern financial technology activities, such as regulating open financing activities, alternative financing, encrypted financial assets and digital contracts, digital financial services consumer protection frameworks, cyber security, data protection frameworks and customer information privacy, and electronic know-your-customer rules to combat laundering. Funds and financing of the cuticle.
It will also shed light on digital regulatory and supervisory solutions to support the regulatory and supervisory authorities in regulating this industry.
A new comment from the Sadrist movement on the appeal to accept the resignations of his deputies
The Sadrist movement made a new comment regarding the lawsuit submitted by a lawyer to the Federal Court to challenge the resignation of the Sadrist bloc's deputies from the Iraqi parliament.
The former MP for the Sadrist bloc, Ghayeb al-Amiri, said in a clarification received by "Nass" (September 5, 2022), "We know very well that the House of Representatives' procedures for accepting the resignation of the Sadrist bloc's deputies are against the law as it requires a parliamentary decision and not with the approval of the esteemed Speaker of the Council only because The law stipulates resignation and dismissal in one hierarchy, and therefore it is governed by a single procedure, which is voting on it whether or not it is approved.
Al-Amiri added, "Some of our people have missed that the reason for the resignation of the Sadrist bloc's deputies is to object to the parliamentary will of the blocking third to force us to accept quotas with them and maintain the cause of the plight of Iraq and its people."
He continued, "They did not accept us to establish the rule of the majority to bear responsibility. They did not accept us even to be in opposition and go to form the government as well. In fact, they wanted to dye us with them in the quotas and keep it until they enjoy corruption and the people continue to suffer."
He explained that "Mr. Al-Sadr's" long-term success" for this decision was aimed at dissolving the Sadrist movement from participating with this parliament in drawing a new ordeal for the country.
He concluded by saying, "The bottom line is that we are not going to discuss the legality of accepting the resignation or not until it is challenged. We are drawing for our generations, history and future sessions in Parliament that they do not commit the sin of quotas that the people reject. We draw how the representative acts under the pain of whoever assigned this prosecution and its source, which is the people until If it cost us a lot, the historical steps are difficult and need difficult men to bear them."
Al-Amiri stressed that "there is no solution except by dissolving the blocking third parliament in order to deter those who come after them and not commit the sin again.
Parliament finances show the negative effects that will arise as a result of not approving the budget
ember of the Finance Committee, Representative Jamal Kougar, stated, on Monday, the negative effects that will arise as a result of approving the state’s general budget, indicating that the adoption of an emergency law is not a solution, but rather a patchwork measure, and its money may be subject to partisan and factional interests.
Cougar said in a statement to "Information", that "the surplus funds achieved during the first half of this year, according to the reports of the Central Bank and the Ministry of Finance, amounted to 22 billion dollars, and this is of course a large amount, not to mention the surplus funds for the second half of last year."
He added, "These funds may be eroded as a result of the suspension of many projects and the disruption and extinction of many mechanisms and projects as a result of the lack of funds necessary to maintain and sustain them. Therefore, we will resort to replacing them, and it will cost us billions of dollars, especially with regard to the ministries of electricity and defense."
He added, "Among the negative effects of not approving the budget, all projects will stop and create a state of economic stagnation due to the failure to pump financial liquidity into the market," noting that "even if an emergency law was resorted to, as happened previously, it is not a solution, but rather a patchwork procedure, and perhaps it will be His money is subject to partisan and factional interests
The US State Department: The Iraqi political scene is "on the edge of the abyss" and we will not prefer one person over another
The US Assistant Secretary of State for Near Eastern Affairs, Barbara Leaf, said on Monday that the Iraqi political scene is "on the edge of the abyss", stressing that his country will not favor one person over another in Iraq.
Barbara Leaf said in an interview with "Al-Arabiya Al-Hadath" channel, that "the stability and security of Iraq are among the priorities of the US administration," explaining that "the Iraqi political scene is on the edge of the abyss and we are following it closely."
He added that "the political conflict in Iraq can only be resolved through dialogue," noting that "the current dialogue, hosted by Al-Kazemi, is a correct path and the leaders should invest it."
The US Assistant Secretary of State pointed out that "the United States does not seek to impose its will on any Iraqi party, and does not favor one person over another in Iraq," stressing that "the United States or even Iran should not impose a solution."
He added, "We want to see a sovereign Iraqi state to play its pivotal role in the region," noting that "the Iraqi state plays an important and fundamental role in the region now."
He continued, "It is possible for us to sit with our Iraqi friends and hear from them, and we want Iraq to participate in the war on terrorism."
He said, "The Iraqis choose their path, not Iran or anyone else," noting that "the Iranian government and the regime in Iran are trying to interfere in Iraq and countries in the region."
He stressed that "any government of free and fair elections we will support," noting that "Iraq has $85 billion in the US Federal Fund."
Al-Sadr tweeting: Keep up the reform... "Ibn Al-Dai" will not rule over us
well, look who's tweeting again Google Search
Muqtada al-Sayyid Muhammad al-Sadr
@Brothers_Official
In the name of of Allah the Merciful
Those to whom the people said, “People have gathered against you, so fear them.” It increased their faith, and they said, “God is sufficient for us, and He is the best trustee.”
#Keep on repairing
whatever happens
I and my companions are neither easterners nor westerners..No one will judge us (Ibn al-Dua`i) whoever he is..
Legal expert.
And when you retired from them and they worship none but God, then come to the cave: (reform) and (home) your Lord will spread for you from his mercy and prepare you from the most comforting. O my Lord, prepare for us guidance from our affair.. You are my God, my Master, and my Master. Forgive our friends, stop our enemies, and distract them from hurting us. Make clear the word of truth: (reform) and make it supreme, and refute the word of falsehood: (corruption) and make it the preoccupation that you are over all things.
Grandson of Imam Hussein Muqtada al-Sadr
5/9/2022
US Assistant Secretary of State: Ignoring Al-Sadr's voice will plunge Iraq into a civil war and on the edge of the abyss
he US Assistant Secretary of State for Middle East Affairs Barbara Leaf confirmed today, Monday, that the clashes in the Green Zone have pushed Iraq to the brink of an abyss and may lead to a civil war, while indicating that the recent political conflict between the political elites can only be resolved at the dialogue table.
Barbara Leaf said: We focus on 3 main axes in Iraq, which are its stability, support, security, and stability of Iraq, which means that all factions of Iraq should sit at the dialogue table.
She added, "We are closely following the Iraqi events, and what happened last week has a significant impact on the political blockage and put Iraq on the abyss and may lead to a civil war," noting that "the recent political conflict between the political elites can only be resolved at the dialogue table."
And she continued, "The dialogue that is currently taking place is only the correct path to move forward with resolving the crisis, and we do not expect to resolve matters in one and two sessions."
She explained, "Al-Sadr has voices and a large audience. We believe that Al-Sadr's voice with other leaders is very n
US Assistant Secretary of State.. Interested in the stability and security of Iraq
US Assistant Secretary of State for Middle East Affairs Barbara Leaf confirmed today, Monday, that the US administration is closely following the Iraqi political scene, while noting that the voice of the Sadrist movement's leader Muqtada al-Sadr and other leaders must be heard, and she praised Iraq's positive role in the dialogue between Washington and Tehran.
"My presence in Iraq at the present time came to convey a message from the American leadership," Leaf told the official agency, which was followed by (Al-Oula News), during a round table of a number of media outlets.
She explained, "The basic essence of democracy is totalitarianism that absorbs opposing voices and does not tolerate exclusion, and if it is not inclusiveness, there will be failure in the end," noting that "the dialogue is underway, hosted by the prime minister."
Lev called on "Iraqi leaders to invest in dialogue, as it is the right way and path, especially since matters are resolved in one session and a good dialogue proceeds."
She indicated that "there is no reason for Iraq to reach the brink of the abyss," noting that "the political will among Iraqis would form a government with full authority, and nothing prevents the leaders from sitting among them."
urgent Announcing the outcomes of the second session of the National Dialogue
statement*
.....
In continuation of the national dialogue initiative, the presidencies met with the leaders of the Iraqi national political forces at the invitation of Prime Minister Mustafa Al-Kazemi, today, Monday (September 5, 2022); To discuss political developments, in the presence of the representative of the Secretary-General of the United Nations in Iraq.
The meeting came to an agreement on the following:
1. The conferees affirmed that the developments in the political situation and the differences that led to it bear the national responsibility of everyone in maintaining stability, protecting the country from crises, supporting calm efforts, preventing escalation and violence, and adopting a national dialogue; To reach solutions, they stressed the need for the continuation of the national dialogue sessions.
2 The meeting decided to form a technical team from various political forces; To mature common visions and ideas about the road map for a national solution, and to bring the views closer; In order to reach early elections and fulfill their requirements by reviewing the electoral law, and reconsidering the commission.
3- The attendees emphasized the activation of institutions and constitutional entitlements.
4 The meeting renewed the invitation of the brothers in the Sadrist movement to participate in technical and political meetings, to discuss all controversial issues, and to reach solutions to them.
5- The conferees stressed the necessity of purifying the atmosphere between the national forces, including preventing all forms of escalation, rejecting speeches that are issued or leaked and that cause damage to historical brotherly relations, and address them through the available legal means, in a manner that preserves the dignity of the Iraqi people, their feelings, their entitlements, and respect for religious considerations. political, and social.
6- The attendees stressed the need to achieve reform in the structure of the Iraqi state, and to value the demands to address any imbalance in the political or administrative frameworks through the necessary legislation and effective government programs, with the cooperation of all political forces, and with the support of our dear people, including discussing the foundations of constitutional amendments. And adherence to constitutional options in all stages of dialogue and solution.
Media Office of the Prime Minister -
September 5 - 2022
The meeting of the coordination framework ended at Al-Abadi's house
The coordination framework ended today, Monday, its meeting at the home of the head of the victory coalition, Haider Al-Abadi, to discuss political developments.
And Earth News learned from an informed source, that "the coordination framework ended its meeting at the home of the head of the victory coalition, Haider al-Abadi, to discuss political developments.
Source: Barzani and Talabani's parties have agreed to abandon Barham Salih
An informed political source revealed the position of the two Kurdish parties, the National Union and the Democratic Party, regarding the re-nomination of Barham Salih for a second term for the presidency.
The source said in a press interview that "the two Kurdish parties, the Patriotic Union of Kurdistan and the Kurdistan Democratic Party, have agreed not to re-nominate the current President of the Republic, Barham Salih, for the presidency again."
He added, "The candidate who obtained the consensus of the two Kurdish parties, to be an alternative to the current President of the Republic, in assuming the presidency, is Latif Rashid."
Latif Rashid, a member of the Patriotic Union of Kurdistan, served as Minister of Water Resources in the Kurdistan Region and an advisor to the former President of the Republic of Iraq, Jalal Talabani in 2010
Expectations to overthrow green security leaders and replace plans due to an upcoming report
A well-informed source revealed, on Monday, that the report on the investigation into the file of the creation of the Green Movement and its encirclement by supporters of the Sadrist movement has reached advanced stages, indicating that the report will topple important .security leaders because of its reduction
The source said in an interview with (Baghdad Today), that "no decisions were issued exempting an amendment to the security system within the Green Zone after the recent ".events
He added, "The investigations into the events of Al-Khadra are continuing at a high pace, and complex and important axes have been completed," expecting "the final announcement ".of the report in the coming days
He pointed out that "the report may lead to several decisions, including exempting or making changes in the green security system, but it is too early to speculate on the matter because ".its results are not complete He pointed out that "no decisions have been issued to evacuate any security headquarters of "
A legal loophole gives a glimmer of hope for the current to return and leave the blockage
A well-informed source revealed, on Monday, that the report on the investigation into the file of the creation of the Green Movement and its encirclement by supporters of the Sadrist movement has reached advanced stages, indicating that the report will topple important .security leaders because of its reduction
The source said in an interview with (Baghdad Today), that "no decisions were issued exempting an amendment to the security system within the Green Zone after the recent ".events He added, "The investigations into the events of Al-Khadra are continuing at a high pace, and complex and important axes have been completed," expecting "the final announcement ".of the report in the coming days
He pointed out that "the report may lead to several decisions, including exempting or making changes in the green security system, but it is too early to speculate on the matter because ".its results are not complete He pointed out that "no decisions have been issued to evacuate any security headquarters of ".the crowd or other official formations in Al-Khadra
A member of the Al-Fateh coalition gives advice on forming the government
Today, Monday, a member of the Al-Fateh Alliance, Mukhtar al-Moussawi, stressed the need not to rush to form a government before agreements and understandings .with the Sadrist movement are reached
Al-Moussawi said in a statement to (Baghdad Today), that "the leaders of the coordination framework should not rush the issue of forming a government before making agreements and understandings with the Sadrist movement, which is a key ".partner in the Iraqi process He added that "there are fears that things will slip into a dangerous situation that the country cannot bear, so all political forces must take responsibility and realize the sensitive situation that Iraq is going through and work to avoid any step that would ".confuse the political and security scene
The Minister of Oil reveals the results of the “OPEC +” meeting
Oil Minister Ihsan Abdul-Jabbar Ismail revealed, today, Monday, the results of the OPEC Plus meeting.
After his participation in the (OPEC +) ministerial meeting, via the electronic platform, in a statement received / Mawazine News / a copy of it, Ismail said that "(OPEC +) is keen to achieve more stability for global markets, and work to restore balance between supply and demand, through dealing with reality with the circumstances and factors affecting it.
He added, "The oil-producing countries decided in their meeting today to reduce the production level of the countries affiliated with the agreement by the amount of (100 thousand barrels) per day, starting from the month of October, after the changes that the oil markets witnessed recently."
He continued, "The meeting included a review and discussion of technical reports and recommendations for developments in the oil market, influencing factors, and expectations during the coming months," noting "the importance of the collective agreement in addressing the variables and challenges facing the oil market."
The statement stated that "the meeting was attended by the Iraqi side, the Undersecretary of the Ministry of Oil for Liquidation and Distribution Affairs, Hamid Younis, and the Director General of the Oil Marketing Company, Alaa Al-Yasiri, and a number of officials in the ministry and SOMO."
Al-Maliki's coalition: Choosing an alternative to the Sudanese is debatable
The State of Law coalition revealed, on Monday, the possibility of choosing an alternative to Muhammad Shia Al-Sudani, the candidate for the coordination framework to head the next government.
The representative of the state of law, Ahmed Al-Fawaz, said in a television interview followed by / Mawazine News / that the political conflict requires that all forces bear the responsibility to open the door for dialogue, calling on the political forces to initiate the formation of a service government that is responsible for approving the federal budget.
Al-Fawaz pointed out that the formation of a transitional government with full powers to restore bridges of confidence with the citizen and ensure the success of the democratic process.
He added, "The Kurdish forces must resolve the issue of choosing the president of the republic in a consensual way or through the political space."
Al-Fawaz stressed that the framework candidate for prime minister is Muhammad Shiaa Al-Sudani, noting that the political process cannot depend on a specific person.
He continued, "The choice of an alternative to the Sudanese is debatable and subject to viewpoints in the interest of the Iraqi people."
The framework presents the option of replacing Shi’a with a new consensual filter – urgent
State of Law Representative Ahmed Al-Fawaz confirmed, on Monday, the possibility of replacing an alternative candidate for Muhammad Shia’a in the event that the public interest agrees, .indicating that the political process cannot depend on a specific person Al-Fawwaz said in a televised interview, which was followed by (Baghdad Today), that "choosing an alternative to Muhammad Shia'a is debatable and subject to the views in the interest of the ".Shiite public
He added that "the political conflict requires that all forces bear the responsibility to open the door for dialogue, and that the forces must initiate the formation of a service government that ".will have the responsibility to approve the federal budget
He continued, "The formation of a transitional government with full powers to restore bridges of confidence with the citizen and ensure the success of the democratic process. The Kurdish side should resolve the issue of choosing the president of the republic in a consensual way or through ".the political space
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Al-Kazemi's advisor: Iraq is on the "white list" to combat money laundering crimes
, the financial and economic advisor to the Prime Minister, Mazhar Muhammad Salih, said on Sunday that Iraq is currently on the "white list" of countries in implementing international standards in combating money laundering.
Saleh said in a statement to the official "Al-Sabah" newspaper, followed by Mawazine News, that "Iraq succeeded in curbing financial waste and combating money laundering by building experienced supervisory bodies that are committed to laws and regulations related to the financial and banking system," explaining that "the package of financial reforms and effective measures to pursue Sources of funds, led to Iraq restoring the confidence of the international community in it in financial transactions and commercial deals.
And he added, "Iraq has waged a war on money laundering gangs and prosecuting transfers, deposits and concealment with high efficiency at home and abroad," noting that "the Office of Combating Money Laundering, Crime Funds and Terrorism, which is a financially and administratively independent office that carries out information coordination work, is closer to the Financial Intelligence Unit." .
Saleh pointed out that "the office receives instructions and directions from the Supreme Council for Combating Money Laundering, Crime Funds and Terrorism, and includes in its membership representatives from ministries and agencies related to combating money laundering and financial crimes."
He pointed out that "
And the Prime Minister's advisor continued, "Iraq is a member of the International Labor Organization for the Middle East and North Africa," explaining that "that membership helped Iraq implement international standards in combating money laundering and its exit from the gray list and entry into the white list of countries that combat money laundering."
An economist reveals the reasons for the increase in central bank sales of the dollar and raises exciting questions
The economic expert, Manar Al-Obaidi, revealed today, Sunday, the reasons for the increase in the Central Bank's sales of the dollar, while asking questions to several government agencies.
Al-Obaidi said in a statement received by Earth News, “In order to clarify the picture, it is necessary first to understand the mechanism of the foreign currency sale window,” noting that “most of Iraq’s revenues are in US dollars, given that 92% of the Iraqi government’s revenues are from oil sales, and the Iraqi government’s expenses are mostly From the dinar, given that 90% of government expenses are operational expenses (salaries + subsidies + other service expenses).
Al-Obaidi added that “on the basis of these two rules, the government needs to sell the dollar and buy the dinar through the Central Bank, as the Ministry of Finance sold during this year to the Central Bank an amount of 33 billion US dollars to the Central Bank, which has to provide local cash to cover the value of dollar purchases. From the Ministry of Finance in order to cover the needs of the Iraqi government.”
He pointed out that “the sources of the dinar at the Central Bank are:
- Local bank deposits of Iraqi dinar
- Depositing government institutions from the Iraqi dinar
- Dollar sales to the local market through the foreign exchange window, which is the largest part
- Issuing and printing additional cash
And he indicated that “in the event that the first and second points are not sufficiently available to the Central Bank, the bank is forced either to increase dollar sales through the window to cover the dinar, or to print new cash to cover the need of the Iraqi government,” explaining that “the Central Bank’s sales of dollars through the currency sale window. Since the beginning of the year, it has reached nearly 28 billion dollars, meaning that the difference is about 5 billion dollars in favor of the Central Bank, in which the value of cash in dollars increased at the expense of the dinar.
He explained that "the Central Bank is forced to increase its sales of dollars with the increasing demand for the local currency from the Ministry of Finance and in order not to increase its issuance of a new monetary mass that may lead to an increase in inflation as a result of the rise in the monetary mass."
Al-Obaidi pointed out that “the question is not directed to the Central Bank exclusively about the reasons for the rise in dollar sales through the window, but rather the questions are directed to:
- Ministry of Finance: What is the need for the increasing demand for the dinar, which means an increase in the Iraqi government's expenditures in the absence of a budget?
- The Ministry of Commerce: It was noticed that the import licenses granted by you increased, and in light of them, the demand for buying dollars increased. Does Iraq actually need these imports, in light of which the licenses are granted?
- Ministry of Finance, General Customs Authority: With the increase in the value of remittances related to imports and the increase in import licenses granted by the Ministry of Commerce, no significant increase in the Authority’s revenues was observed despite these rises, which means that a large part of the imports enter through unofficial ways and not through your authority, which means that there is a shortcoming In control of ports and customs?
- The Ministry of Industry and Agriculture: The local product is still below the required level, which increases the country’s need to import and deplete foreign currency. and cultivation??
- Anti-Money Laundering Unit: Are the procedures for verifying funds transferred out of funds from the correct sources and all audit procedures correct according to international standards, or has Iraq become a fertile market for money laundering?
Al-Obaidi concluded by saying that “the answer to these questions is more important than being attached to the central bank’s sale of the dollar for reasons not related to the economy as much as to interests and politics.”
Adviser: Iraq succeeds in curbing financial waste and combating money laundering
Financial Adviser to Prime Minister Mazhar Muhammad Salih confirmed, on Sunday, Iraq's success in curbing financial waste and combating money laundering by building effective supervisory bodies.
Saleh said in a statement to the official newspaper, which he followed, that "Iraq is currently on the white list of countries in the application of international standards in combating money laundering."
He added that "Iraq succeeded in curbing financial waste and combating money laundering by building experienced supervisory bodies that are committed to laws and regulations related to the financial and banking system," explaining that "the package of financial reforms and effective measures to pursue sources of funds, led to the restoration of Iraq's international financial confidence in its confidence in the international community." and commercial deals.
The Prime Minister's advisor indicated that "Iraq has waged a war on money laundering gangs and prosecuting transfers, deposits and concealment with high efficiency at home and abroad."
An economist predicts the emergence of a new global financial system
in Iraq's news
The Russian economist, Anton Tabagh, said that the current system of monetary relations and trade settlements has been in crisis for a long time, but the recent geopolitical events may take another dimension and form.
"The current financial system has deteriorated for a long time. The stagnation in the volume of trade exchange and freedom of trade has worsened since 2012, and the financial system is collapsing due to the requirements of regulators and the fight against money laundering, and more recently also because of sanctions. Taking into account the Taking into account recent events outside the financial sphere, this process could take another full-fledged form."
The economist expressed confidence that the new system is in the process of taking shape.
“If you look at history, something similar happened already in the second half of the nineteenth century, when currency blocks and customs unions were created, restrictions and fees were imposed on transactions outside these blocks and unions. Now we are seeing this at a new stage and a new technological level,” he said.
Iraq gets concessions to international tobacco companies
link
The tobacco and cigarettes sector of the General Company for Food Products, one of the formations of the Ministry of Industry, announced that it had obtained concessions from solid international companies, and while he identified a reason for the decline in its sales in the local markets, he confirmed that legal measures were taken against unlicensed factories.
The General Director of the sector, Talib Khalaf Shather, told the official news agency, "The General Company for Food Products has obtained the privilege of trademarks from solid international companies in the tobacco and cigarette industry, such as Mazaya and LD, as well as the Elikans brand."
He added, "A contract was concluded to rehabilitate and operate the Baghdad Tobacco and Cigarette Factory, and according to the terms of the contract, modern and advanced production lines were supplied and installed," stressing that "in case of need for other lines, they will be brought in according to the terms of the contract and in agreement between the two parties."
With regard to marketing and sales, the Director General of the Tobacco and Cigarettes Sector explained that “the local market suffers from a dumping policy for imported cigarettes that enter Iraq in a form similar to smuggling and are not subject to qualitative examination,” calling for “activating the paragraph of imposing taxes and customs duties on imported cigarettes, which was approved in The state’s general budget since the year 2020.”
And he indicated, "This matter helped to lower the prices of imported cigarettes, which affected the sales of the local product and led to a decrease in production and a lack of profits, whether for the investing company or the state, represented by the General Company for Food Products for its share in sales according to the terms of the contract."
Al-Shather pointed out that "the General Company for Food Products approached the competent authorities regarding activating the law on protecting Iraqi products that benefit from the company for obtaining a cabinet decision since 2016, which includes imposing 100% customs duties on imported cigarettes. It also approached the judicial authorities regarding taking legal measures." Against unlicensed factories that produce cigarettes in Baghdad, other governorates and the Kurdistan Region.
And he continued, "The Iraqi local product in the tobacco and cigarette sector is of high quality, because it is subject to examination by the official approved authority in Iraq, which is the central device for quality control and has a product conformity certificate according to the Iraqi Standard 546 and 1652, unlike imported products in the markets with brands." Unknown and poor quality.
Economist: The currency auction is a drain on the dollar and a benefit for the corrupt
And the Iraqi Economists Network quoted in a post on its Facebook page, Siham Youssef, as saying, “The exit of funds currently from Iraq through the currency auction of the Central Bank of Iraq is not in the interest of the Iraqi economy. Remittances outside their countries, which are economically prosperous countries.
She added, "These countries are institutional countries, enjoying security and political stability and a comfortable investment climate, which made them a point of attraction for the foreign investor, who is now re-employing his money inside the country and developing his investments, especially in light of the availability of profitable investment opportunities. The increase in the volume of financial transfers exported abroad from these countries." Countries have a positive impact on their economic growth. The UAE, for example, but not limited to, in the year 2020, the remittances exported from them (43.2 billion dollars), in contrast, foreign direct investment in the country rose to 19.88 billion dollars in 2020, with a growth rate of 44.2%. over the previous year.”
Youssef noted, "In Iraq, the increase in the value of the currency exported abroad was not accompanied by an increase in the volume of foreign direct investments, so we did not see a positive impact on the Iraqi economy. , and the lack of security and the exposure of investors to extortion and kidnappings in order to obtain the royalties and money,” as she put it.
The economic expert called "the central bank to restore its accounts and stop this depletion of hard currency, which the corrupt took advantage of forging import bills."
It is noteworthy that the Central Bank of Iraq continues daily to sell the dollar in the currency auction, as its sales during the month of August amounted to more than 5 billion dollars.
Iraq gets concessions to international tobacco companies
link
The tobacco and cigarettes sector of the General Company for Food Products, one of the formations of the Ministry of Industry, announced that it had obtained concessions from solid international companies, and while he identified a reason for the decline in its sales in the local markets, he confirmed that legal measures were taken against unlicensed factories.
The General Director of the sector, Talib Khalaf Shather, told the official news agency, "The General Company for Food Products has obtained the privilege of trademarks from solid international companies in the tobacco and cigarette industry, such as Mazaya and LD, as well as the Elikans brand."
He added, "A contract was concluded to rehabilitate and operate the Baghdad Tobacco and Cigarette Factory, and according to the terms of the contract, modern and advanced production lines were supplied and installed," stressing that "in case of need for other lines, they will be brought in according to the terms of the contract and in agreement between the two parties."
With regard to marketing and sales, the Director General of the Tobacco and Cigarettes Sector explained that “the local market suffers from a dumping policy for imported cigarettes that enter Iraq in a form similar to smuggling and are not subject to qualitative examination,” calling for “activating the paragraph of imposing taxes and customs duties on imported cigarettes, which was approved in The state’s general budget since the year 2020.”
And he indicated, "This matter helped to lower the prices of imported cigarettes, which affected the sales of the local product and led to a decrease in production and a lack of profits, whether for the investing company or the state, represented by the General Company for Food Products for its share in sales according to the terms of the contract."
Al-Shather pointed out that "the General Company for Food Products approached the competent authorities regarding activating the law on protecting Iraqi products that benefit from the company for obtaining a cabinet decision since 2016, which includes imposing 100% customs duties on imported cigarettes. It also approached the judicial authorities regarding taking legal measures." Against unlicensed factories that produce cigarettes in Baghdad, other governorates and the Kurdistan Region.
And he continued, "The Iraqi local product in the tobacco and cigarette sector is of high quality, because it is subject to examination by the official approved authority in Iraq, which is the central device for quality control and has a product conformity certificate according to the Iraqi Standard 546 and 1652, unlike imported products in the markets with brands." Unknown and poor quality.
Economist: The currency auction is a drain on the dollar and a benefit for the corrupt
And the Iraqi Economists Network quoted in a post on its Facebook page, Siham Youssef, as saying, “The exit of funds currently from Iraq through the currency auction of the Central Bank of Iraq is not in the interest of the Iraqi economy. Remittances outside their countries, which are economically prosperous countries.
She added, "These countries are institutional countries, enjoying security and political stability and a comfortable investment climate, which made them a point of attraction for the foreign investor, who is now re-employing his money inside the country and developing his investments, especially in light of the availability of profitable investment opportunities. The increase in the volume of financial transfers exported abroad from these countries." Countries have a positive impact on their economic growth. The UAE, for example, but not limited to, in the year 2020, the remittances exported from them (43.2 billion dollars), in contrast, foreign direct investment in the country rose to 19.88 billion dollars in 2020, with a growth rate of 44.2%. over the previous year.”
Youssef noted, "In Iraq, the increase in the value of the currency exported abroad was not accompanied by an increase in the volume of foreign direct investments, so we did not see a positive impact on the Iraqi economy. , and the lack of security and the exposure of investors to extortion and kidnappings in order to obtain the royalties and money,” as she put it.
The economic expert called "the central bank to restore its accounts and stop this depletion of hard currency, which the corrupt took advantage of forging import bills."
It is noteworthy that the Central Bank of Iraq continues daily to sell the dollar in the currency auction, as its sales during the month of August amounted to more than 5 billion dollars.
An expert warns, through the “Tigris”, of a “monopoly” of the dollar through banks owned by “wealthy and powerful
Today, Sunday, economist Razzaq Al-Nashy warned against "monopolizing" the dollar through private banks, which he said are owned by "wealthy and influential people".
Al-Nashi told Dijla, "The Central Bank is responsible for the performance of banks and for controlling the economic performance in the country," noting that "what is happening is a monopoly of hard currency by private banks owned by the wealthy and influential."
He added that "Iraq's dependence on oil made its economy fragile, in addition to the depletion of hard currency with secondary needs."
Al-Nashi pointed out that "the corruption process is linked to economic projects that are out of control, with a paralyzed and absent private sector.
The Lebanese are replacing banks with exchange offices
The money transfer companies "exchange" entered the Lebanese market with all their weight, after banks and their strict restrictions exhausted the Lebanese.
Its work is no longer limited to transfers from abroad, but rather provides services ranging from "Visa" cards, a list of wedding gifts, and even the payment of salaries.
In front of OMT, a subsidiary of the Western Union International Remittance Company, Elias Skaf (50 years old) is waiting for his turn to receive a sum of money in US dollars sent to him by his family members abroad, which has become his main source of livelihood.
He says that the money transfer companies "make our affairs easy, and things are fast. In the bank, you die a hundred times before you get a transfer that reaches your account."
In the wake of the economic collapse that has continued since the fall of 2019, Lebanese banks have imposed, since the first weeks, strict restrictions on dollar withdrawals and prevented transfers abroad. This made depositors unable to dispose of their money, especially in dollars, while deposits in pounds lost their value with the collapse of the local currency rate on the black market.
The waiting halls of banks witnessed frequent arguments between angry citizens wanting to get their deposits and employees abiding by the instructions of their administrations, the most recent of which was in August when a young man broke into a bank branch and took hostages inside, only to get a small part of his money held for three years.
As a result of the gradual distrust of the banking sector, which witnessed the layoffs of thousands of employees, the closure of dozens of branches and the cancellation of many services, money transfer offices flourished.
Instead of turning to his usual bank to open an account for the newlyweds' gift list, Eli chose Whish Money to save his friends the hassle of visiting the bank.
"Instead of waiting for hours, they saved time and fees, unlike the bank," he says, "and even one of them sent me a sum of money directly through the application without having to go to the bank."
Eli chose the company simply because it is the same company he receives his salary from.
And a sportswear store chose to stop paying salaries through banks to save effort, time and fees for its employees, preferring to resort to “Wish Money”, which does not impose fees on withdrawals in Lebanese pounds.
“At the beginning of the crisis, we were forced to pay salaries in cash, which was not consuming a lot of time,” says Rachel Bou Nader, the store’s human resources officer. “Now, employees can withdraw their pensions easily, in installments if they want, and without fees.” .
In addition to restrictions on financial operations, Lebanese banks have also raised the value of their fees for services, including those imposed on remittances coming from abroad, as these fees "have become their only source of income," according to Sami Nader, director of the Mashreq Center for Strategic Affairs.
During the first six months of 2022, about 250,000 Lebanese received remittances from abroad through OMT, which controls 80% of the remittance market outside the banking sector.
A member of the company's administrative board, Naji Abu Zeid, explains that remittances have increased by 80%, compared to the same period in 2021, and adds, "There are 1,200 offices affiliated with us in Lebanon."
And the matter is not only limited to remittances, as the company is now providing other services, including "Visa" cards for withdrawals and online payment, money exchange service, and wedding gift lists.
Subscribers to the websites of television stations can pay the subscription fee via "OMT" instead of using bank cards. It is also possible to pay for airline tickets.
With the expansion of the remittance market, in the year 2020, Ria opened its offices in Lebanon.
"The trends have changed after the crisis, and the majority of transfers are made through money transfer companies," said a company official in Lebanon, who preferred to remain anonymous.
The prosperity of these companies is mainly due, according to Sami Nader, to the money that Lebanese expatriates send to their families in Lebanon. "A young Lebanese expatriate today does not hesitate to send even if it is only $100 to his family, it is enough to make a difference" in their daily lives, he says.
Expatriate remittances amounted to $6.6 billion in 2021, according to World Bank statistics, with Lebanon making it among the first three countries in the Middle East that depend on remittances from its citizens abroad. These remittances amounted to 53.8% of the GDP.
While awaiting receipt of a transfer from abroad from the office of "OMT" in Beirut, Alaa Sheikhani (45 years old) says, "We cannot withdraw a single pound from our accounts in the bank."
He wonders with emotion, as he has money stuck in a bank since the beginning of the crisis, "How can we trust it again to receive our money through it?"
Iraq discusses reforming its economy with Germany
The Minister of Finance, Ihsan Abdul-Jabbar Agency, received today, Sunday, the Ambassador of the Federal Republic of Germany to Iraq, Mr. Martin Jekar and his accompanying delegation.
According to a statement by the Ministry of Finance, received by Earth News, "during the meeting, they discussed the extent of joint cooperation between the two countries in various fields, especially economic and investment, and ways to develop bilateral relations to include broader horizons of partnership."
The minister stressed "the Iraqi government's aspiration to enhance cooperation by benefiting from German expertise in developing various development sectors in Iraq, praising the distinguished role of the German government and its great support for Iraq in various fields."
For his part, Ambassador Yekar praised the level of cooperation between Iraq and Germany in various fields, stressing his country's readiness to continue providing all kinds of support to the Iraqi government and the Iraqi people in the path of the Iraqi economic reform program and achieving sustainable development requirements.
On the other hand, Minister Ihsan Abdul-Jabbar met “the delegation of the German International Cooperation Agency, to discuss strengthening the public financial policy programs and the financial market in Iraq, where they exchanged views and the capabilities available to the two parties and common goals, taking into account the developments in the global arena that require more cooperation and strategic partnerships, and Requesting more technical details about all components of the project and discussing the development of project mechanisms to achieve maximum benefit for the ministry’s cadres and institutions.”
During the meeting, the German Agency for International Cooperation (GIZ) provided a "detailed explanation of the program for the development of public financial management and the financial market in Iraq, which is funded by the German Ministry of Economic Cooperation (BMZ) and the European Union (EU)."
The program includes “developing the capabilities of the Ministry of Finance in the field of public financial policy and budget building, tax and customs administration, comprehensive digital transformation, combating money laundering, financing the private sector and small businesses.
An economist expects oil to continue at $ 100 until the end of 2022
Safwan Qusay told Al-Furat News that: "We have the last quarter of this year, if Parliament was able to approve the actual spending in these nine months and add the surplus to the investment budget, it would be supportive of all units and the organization of investment projects for the year 2020-2023."
He added, "The next government will put its vision within the 2020-2023 budget, but we have the money as a result of the rise in oil prices. There is a surplus that covered the Food Security Law, and this surplus can also contribute to creating job opportunities to reduce poverty and unemployment."
Qusay stressed, "Oil rates are still controlled by international companies through the OPEC agreement, and there is a desire by OPEC to maintain the price of a barrel of oil at a price of 100 dollars for the remaining year of 2022, and there may be a commitment to new cuts in order to control prices."
And he indicated, "Russia cannot currently give up the price of oil for it because it is financing a war, as well as Saudi Arabia and the OPEC countries lost oil revenues from 2014-2021, and they are trying to maximize their revenues during this period and have clear capabilities by creating various strategies."
With regard to the delay in approving the federal budget, Qusay explained, “The Iraqi economy faces a problem to transform it into a global economy, as it needs a budget to finance these goals. The process of linking the port of Faw to the European Union needs funds to be placed in the budget, bank revenues and the currency market.”
And Qusay continued, "As we have 9 million poor people in Iraq, fighting corruption lies in creating job opportunities, and this means that the process of placing Iraq within the global investment circle will provide great opportunities to work through the budget, and the survival of the situation as it is now is considered a waste of public money because there is money that goes to the reserves and there Poverty, unemployment and desertification.
He stressed, "the need to rehabilitate all federal ministries, as there are 3 million employees in government institutions, and currently the Ministry of Planning has launched the job number program and collected job numbers for these addresses, matching the specialization with the certificate with the job title, and investing those who have retired since 2019 with more than 300 thousand job degrees."
Qusay concluded, by saying, "Iraq can currently release these degrees through the Federal Service Council, and the 2023 budget has to search for what disciplines are required to raise the efficiency of the performance of the economic unit so that we have productive government ministries.
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