And finally.. 50 days after its approval.. the budget enters into force
The Parliamentary Finance Committee confirmed, today, Saturday, that the federal budget law will enter into force during the current week, pointing out that the budget instructions will be circulated to all ministries.
Committee member Thamer Dhiban Al-Hamdani said in a press statement, "The general federal budget for the first time is sent to the State Shura Council in order to scrutinize its items," pointing out that "the budget will be implemented during the current week."
He added, "The budget instructions will be circulated to all ministries, agencies and governorates, and the government will proceed to achieve its items according to a service and economic vision."
He pointed out that "the regulatory authorities will start monitoring the mechanism for disbursing funds and projects according to a plan that had been prepared in advance to avoid wasting money."
Not always a bad option.. When should the central bank print more currency?
Today, Friday (August 4, 2023) , economic expert Abd al-Rahman al-Mashhadani outlined the requirements that the central bank must print a new currency, as he indicated that printing the currency is not always a bad option, but rather it must be in a balanced manner.
Al-Mashhadani said in an interview with "Baghdad Today", that "the Central Bank denied the existence of an intention to print an Iraqi currency recently, but it is required to print a currency according to expectations for the growth of domestic product and population growth," pointing out that "population growth reaches 2.5% annually, meaning that The volume of printing reaches 7.5 trillion, if it is known that the volume of cash in existence reaches 100 trillion Iraqi dinars.
He added, "If the print exceeds the determinants, there will be a problem, but the equation is that the state has dollars and the central bank is obliged to compensate it in dinars, and this is correct."
He pointed out that "most countries in the world reprint their currency approximately every 10 years, with specifications and codes that complicate the counterfeiting process, pointing out that the category of 50 thousand Iraqi dinars includes 12 secret codes, while the category of 25 thousand dinars includes 7 only," stressing that "the exchange of small currencies is supposed To be done every year, while the category of 5-10 thousand is changed every 5 years, and so on for the rest of the other categories, because any banknote that is torn is lost by the citizen, and the central bank is obligated to compensate it.
He emphasized that he "supports the printing of banknotes higher than 50 thousand dinars and pumping them into the markets because it will reduce the volume of cash that can be carried by citizens and enhance the value of the dinar."
Does the government have pressure papers to pass the oil and gas law? An economist answers
The economist, Nabil Al-Ali, saw that the Iraqi government has many pressure cards to pass the oil and gas law, while he considered the current time “very appropriate” to pass it under the dome of Parliament.
Al-Ali said, in a press interview seen by Taqaddam, that “the Prime Minister, Muhammad Shia’ al-Sudani, reactivated dialogues and understandings between the political forces after discussing the oil and gas law.”
He added, “The current time is very appropriate for the central government, in order to write the law and present it to Parliament; Because of the appropriate conditions and pressure papers that the government enjoys, ensuring that it passes it with central visions.
The economist explained, “The oil and gas law is a political commitment signed by the parties to the State Administration coalition prior to the formation of the government, and it is considered a governmental commitment and it is important to pass it.”
And Al-Ali indicated that “passing the oil and gas law inside the dome of Parliament set a ceiling for it during the first 6 months of the government’s life.”
Parliamentary Finance reveals the latest dispute between Baghdad and Erbil regarding the implementation of the budget
Nermin Maarouf, a member of the Finance Committee in the Federal Parliament, said, on Friday, that the 2023 budget has not yet entered into force in order for the financial liquidation to take place, and that Baghdad and the region have differences over non-oil imports.
A finance member from the Union bloc pointed out in statements to the Kurdish Voice of America, followed by "Nass" (4 August 2023), that "the Iraqi government dealt with the region in accordance with the Financial Management Law to send part of the salaries of the region's employees."
Nermin Ghafour said, "The term non-oil revenues was not explained by the Financial Management Law, and the percentage that pertains to the region and governorates is 50%."
The "Financial Management Law that does not explain non-oil revenues" was issued in 2019, and it did not enter into force before between the Kurdistan Region and Baghdad, and this is the first year in which it was applied, so the non-oil revenues sparked disputes between the two sides, according to the sources of the American station, where The region believes that non-oil revenues do not include local taxes and fees.
According to Article 13, Paragraph 7, of the 2023 Budget Law, in the event of a dispute between the Kurdistan region and Baghdad over non-oil revenues, a committee will be formed and its recommendations will be submitted within a month.
What does Argentina have to do with it?".. Iran calls on Iraq to take an official position on "severe accusations"
Today, Friday (August 4, 2023), the spokesman for the Iranian Petroleum Products Exporters Union, Hamid Hosseini, called on the Iraqi authorities to take a position on the accusations leveled by a deputy in the Iraqi parliament against Iran regarding the Iraqi currency and converting it into dollars.
Hosseini said in a press statement, followed by "Baghdad Today", that: "Iraqi MP Muhammad Nuri Aziz, a member of the Finance Committee in the Iraqi parliament, made strong accusations against Iran on a television program."
He added, "The accusation is not that the dinar goes from Iraq to Argentina and then returns and turns into dollars. Rather, he claimed that Iran prints Iraqi dinars in Argentina and converts them into dollars in Iraq and sends them to Iran."
He emphasized, "This type of accusation is present in the nationalist and Baathist discourse."
Hosseini stressed that these statements are not just an economic accusation, "and in view of the recent cooperation by some Iraqi parliamentarians with the United States against Iran, it seems that these accusations are the basis for more serious disputes in the future."
A spokesman for the Iranian Petroleum Products Exporters Union said that his country "provided the greatest amount of support to the Iraqi government and worked for its security and postponed the payment of its dues for exporting electricity and gas to Iraq for years in order to help establish security in Iraq, because Iraq's security is Iran's security, but it must be followed up." charge and hold him accountable."
Hosseini called on Parliament and the Central Bank of Iraq to take a stand on these accusations, and also called on the Iranian embassy to follow up on the issue.
He added: If someone said such words in the Iranian parliament, all of Iraq would take a stand. We expect to see the position of the Chamber of Commerce, the Central Bank, the parties and the Iraqi Parliament in this regard.
A few days ago, a member of the Parliamentary Finance Committee in the Iraqi Parliament, Representative Muhammad Nuri Aziz, claimed that millions of Iraqi dinars were printed in Argentina, then exchanged for US dollars and sent by trucks to Iran.
And a member of the Parliamentary Finance Committee, Muhammad Nuri Aziz, said on a television program broadcast by an Iraqi satellite channel, about the dollar crisis and exchange rates, that “Iran prints the Iraqi dinar in Argentina to buy the dollar, and then the Iraqi dinar is burned.”
He also went on to say that the smuggling of dollars “has been done by trucks since the days of the Al-Kazemi government and continues until this moment,” according to him.
urgentStrict guidance from Al-Sudani after targeting the energy towers
The Prime Minister, Commander-in-Chief of the Armed Forces, Muhammad Shia'a Al-Sudani, directed that the commander of the cutter, the intelligence officer, and the commander, who is responsible for any act of sabotage affecting the electric power towers, be held accountable.
The spokesman for the Commander-in-Chief, Major General Yahya Rasool, said in a statement, a copy of which was received by {Euphrates News}, that "at a time when the Iraqi government is seeking to provide the best services to citizens and reduce the burden on them, and in conjunction with the high temperatures, the defeated terrorist gangs are trying to harm the infrastructure and target towers." Electrical energy, the latest of which was an explosion targeting the power transmission line towers (east of Baghdad - Diyala, 400 kV) in the Khan Bani Saad area.
Rasool confirmed that "the concerned security services had accurate intelligence information about the existence of an attempt in this regard, and that they had reached important clues about the elements that carried out this cowardly terrorist act, which targets the comfort of citizens, as well as the parties that do not rule out that they were behind this targeting."
He added, "He directed, the Commander-in-Chief of the Armed Forces, to hold the commander of the cutter, the intelligence officer, and the commander under whose responsibility any act of sabotage affecting the electric power towers is held accountable."
He continued, "We also affirm that the subversive elements and the parties behind them will be in the grip of our security forces and will not allow the country's economy and wealth to be compromised."
The Messenger called on citizens to "be partners in maintaining security and supporting the security effort, by providing any information about any suspected case affecting the security of Iraq, especially with regard to sabotage operations."
The spokesman for the Commander-in-Chief announces that important leads have been reached about the elements that targeted the energy towers
Major General Yahya Rasool: The subversive elements and the parties behind them will be in the grip of our security forces and will not allow the country's economy and wealth to be affected
Major General Yahya Rasool: We call on citizens to be partners in maintaining security and supporting the security effort, by providing any information about any suspected case affecting the security of Iraq, especially with regard to sabotage operations
The federal decision is a road map for {oil and gas law}
Law experts and observers of political affairs saw that the decision of the Federal Supreme Court issued in February of last year 2022 regarding oil and gas in the Kurdistan region of Iraq drew a road map to regulate the relationship between the federal government and the region in the field of extracting, producing and exporting petroleum wealth, and that this decision It could lead - if it is agreed to implement it - to the ripening of an integrated oil and gas law that has been delayed for more than 16 years.
And the legal expert, Muhammad Majeed Rasan Al-Saadi, stated in an interview with "Al-Sabah" that "the oil and gas law has been suspended since 2007 because there was no agreement and agreement on the terms of the previous draft law."
He added, "The Federal Supreme Court's decision on 2/15/2022, which included the ruling on the unconstitutionality of (the oil and gas law of the Kurdistan Regional Government) No. (22) of 2007 and its repeal for violating the provisions of 6 articles in the Iraqi constitution, obligated the regional government to hand over all oil production from the oil fields." In the Kurdistan region and other regions to the federal government represented by the Federal Ministry of Oil and to enable it to use its constitutional powers regarding oil exploration, extraction and export.
He pointed out that "the decision is clear, and the Ministry of Oil has the right to pursue the invalidity of oil contracts concluded by the regional government with external parties (states and companies) regarding oil exploration, extraction, export and sale, in addition to obligating the regional government to enable the Iraqi Ministry of Oil and the Federal Financial Supervision Bureau to review the oil contracts concluded." With the regional government regarding the export and sale of oil and gas for the purpose of auditing and determining the financial rights owed by the regional government.
He added, "The Federal Court's decision to draw a road map for legislation (oil and gas law) that regulates the relationship between the federal government and the region and the rest of the provinces producing and exporting oil and gas," stressing that "the opportunity is ripe today to conclude an agreement between the center and the region, especially since this parliamentary session is devoid of bargaining." To obtain partisan or factional gains in return for voting on important national legislation, as in previous parliamentary sessions,” according to the legal expert.
Al-Saadi said, "The regional government is now beginning to feel the size of its will against the will of the federal government," noting that "the struggle of the region with successive central governments is a biased conflict on the basis of nationalism, so the failure of the national political project has caused the failure of the regional government's management economically, socially and politically, so We believe that there is a real will on the part of the federal government, led by Prime Minister Muhammad Shia'a al-Sudani, to end this file," noting that "the credit goes to the hammer of the Iraqi judiciary and the hammer of the President of the Federal Supreme Court, which woke up the dreamers and made them submit to the will of reason and logic," he said.
As for the head of the “East Center for Strategic Studies and Information,” Ali Mahdi Al-Araji, he explained in an interview with “Al-Sabah” that “the federal government is trying, like its predecessors, to find a final and realistic solution that serves all parties in the center and the region, as the political forces have not agreed since 2005 until today on a specific approach.” Fixed oil and gas.
Al-Araji expressed his pessimism about "enacting a law that serves reality and the Iraqi street," adding, "I am not inclined to the dark side, but I stand on the facts of the stage. For his own good."
He added, "The federal government can work on issuing wonderful legal texts that end the crisis and weaken the joints of dispute with the region if the working paper it will issue is applied to the legislative authority, but at the same time, and based on a reading of the political reality, I believe that the determined efforts will remain in place." on the shelf next to the previous ones.
The dollar crisis on the Sudanese table and the Iraqi parliament
The Parliamentary Finance Committee revealed, on Saturday, an upcoming meeting with the Prime Minister, Muhammad Shia'a Al-Sudani, to discuss the reasons that led to the rise in the exchange rate of the dollar and the government's measures to confront the crisis.
Committee member Yahya Al-Muhammadi told Shafaq News agency, "The Parliamentary Finance Committee hosted the Governor of the Central Bank, Ali Al-Alaq, to discuss the reasons for the rise in the exchange rate of the dollar against the Iraqi dinar in the market, and the procedures and decisions issued by the Central Bank to confront the crisis."
He added, "The committee will meet with Prime Minister Muhammad al-Sudani to discuss the government's procedures and decisions issued by it and the Central Bank to solve the dollar crisis."
Al-Mohammadi said, "The committee will also host officials in the Ministry of Finance, Tax and Customs, and leaders in the security services, to talk about their procedures and limit the smuggling of foreign currency abroad."
In early August, Prime Minister Muhammad Shia' al-Sudani revealed the details of the dollar crisis, which he described as a "battle", announcing at the same time the arrest of a network of "major speculators" linked to speculators in the Kurdistan Region.
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Al-Sudani stresses the importance of the role of youth in overcoming obstacles facing the economy and reform
The Prime Minister's Office stated in a statement received by Al-Furat News, that "the latter directed the Council of Ministers to hold an extraordinary session on International Youth Day, corresponding to August 12, to discuss the proposals submitted by young people during the closing session of the National Conference for Youth Dialogue, which was held this Saturday morning, in the capital, Baghdad.
The statement added, "The conference witnessed the presentation of a number of ideas and proposals, which were prepared by a group of young people representing various governorates, over two consecutive months, aimed at advancing the reality of Iraqi youth, and investing their creative energies to serve the country."
In a speech delivered during the concluding session of the conference, the Prime Minister saluted the efforts of the participants, and affirmed the government's interest, since the beginning of its work, in youth and caring for them. He also stressed the importance of the role of youth in development and overcoming obstacles facing the economy, reform and other vital areas, and the priority given by the government program to this basic segment.
Al-Sudani: Iraq seeks openness to economic partnership with friendly countries
Prime Minister Mohammed Shia'a Al-Sudani received, on Saturday, the British Ambassador to Iraq, Stephen Hitchin.
During the meeting, according to a statement by Al-Sudani's office, they discussed "the overall general relations between the two friendly countries, and the most prominent ways to develop them in various fields, in a way that serves the interests of the Iraqi and British peoples."
Al-Sudani referred to "Iraq's endeavor to open up economic cooperation and partnership with all brotherly and friendly countries, and its support for stability and development efforts in the region."
For his part, the British ambassador welcomed "the Iraqi government's steps in the field of economic reform, and appreciated" Iraq's efforts and their positive repercussions on the region and the challenges it faces.
Parliamentary Finance intends to meet with Al-Sudani to discuss the dollar file
The Parliamentary Finance Committee revealed, on Saturday, an upcoming meeting with Prime Minister Muhammad Shia'a Al-Sudani to discuss the reasons that led to the rise in the exchange rate of the dollar and the government's measures to confront the crisis.
Committee member Yahya Al-Muhammadi said in a press statement, "The Parliamentary Finance Committee hosted the governor of the Central Bank, Ali Al-Alaq, to discuss the reasons for the high exchange rate of the dollar against the Iraqi dinar in the market, and the procedures and decisions issued by the Central Bank to confront the crisis."
He added, "The committee will meet with Prime Minister Muhammad al-Sudani to discuss the government's procedures and decisions issued by it and the Central Bank to solve the dollar crisis."
Al-Mohammadi said, "The committee will also host officials in the Ministry of Finance, Tax and Customs, and leaders in the security services, to talk about their procedures and limit the smuggling of foreign currency abroad."
Parliamentary move to host the governor of the Central Bank and the Minister of Finance
A member of the Parliamentary Legal Committee, Ahmed Fawaz Al-Watifi, confirmed, on Saturday, the existence of a parliamentary move to host the governor of the Central Bank and the Minister of Finance in Parliament during the upcoming sessions to discuss the dollar crisis.
Al-Watifi said, in an interview with Al-Maalouma Agency, that "hosting the governor of the Central Bank and the Minister of Finance in order to stand on the general financial policy of the country and maintain the official dollar exchange rate established within the federal budget."
He added, "The continued rise of the dollar will lead to disruption of the citizen's standard of living, and therefore the House of Representatives is called upon to follow up on this important file, especially as we are in the direction of the Arbaeen visit and the rise in food prices.”
He pointed out that "the exchange rate must be reduced because of the difficult standard of living that the Iraqi people are experiencing now and the high poverty rate."
The leader of the State of Law coalition, Turki Jadaan, confirmed that the United States had failed to obstruct the Baghdad-Tehran agreement on energy and is currently using the dollar bill to overthrow it.
The Prime Minister is discussing with the deputies of Babylon the service and economic reality in the province
Today, Saturday, Prime Minister Muhammad Shia Al-Sudani discussed with the deputies of Babylon the service and economic reality in the province and what it needs at all levels and fields.
The media office of the Prime Minister stated, in a statement received by the Iraqi News Agency (INA), that "Prime Minister Muhammad Shia' al-Sudani received members of the House of Representatives for Babil Governorate."
The statement added, "During the meeting, the general conditions in the country were discussed, in addition to discussing the service and economic reality in Babil Governorate and what it needs at all levels and fields, especially with regard to the service aspects."
He continued, "The meeting witnessed an emphasis on the importance of unifying efforts and visions between the legislative and executive authorities, in order to accomplish government plans that aim to advance all vital, service and economic sectors, which requires accelerating the pace of parliamentary work to legislate laws that facilitate government work."
A partnership between the International Islamic Bank and CR2 to develop banking services in Iraq
The International Islamic Bank (IMTB) in Iraq announced the signing of a strategic partnership with CR2 Company, with the aim of developing banking services.
This partnership represents an important stage for the International Islamic Bank, as it will contribute to the transformation of banking services into a digital format and promote advanced digital banking solutions in the Iraqi market.
This partnership will provide secure and enhanced digital banking services to individual and corporate customers, with an excellent user experience, simple payment processes, and access to a wide range of banking services anytime and anywhere.
The partnership will also include the development of a mobile banking application for the International Islamic Bank, which is compatible with customer needs and provides simple and digital financial services such as money transfer and electronic payment.
These innovative mobile banking solutions will enable customers to manage their accounts and access a wide range of banking services directly from their smartphones.
In addition, this partnership will develop new products and services that meet the current and future needs of the Iraqi banking market.
The partnership aims to increase reliance on digital technology services among the existing customer base, and expand the new customer base by improving banking services.
This partnership comes in response to the vision of the Central Bank of Iraq for digital banking services, and aims to promote digital transformation in banking services by expanding the digital presence of the International Islamic Bank in Iraq.
Kieran Kilcullen, CEO of CR2 commented, “We are delighted to sign this partnership with the International Islamic Bank to provide innovation solutions for digital banking services. It is an important step in meeting the needs of customers, and we are very proud of the opportunity to play the role in supporting the bank with our expertise and innovation from markets across The world The banking and payments landscape continues to change, and we see many opportunities for banks to take leadership positions with innovative, secure, and easy-to-use digital solutions that enable their customers to succeed.”
Suha Al-Kafaei, Managing Director of the International Islamic Bank commented, “It is important that we continue to develop and innovate the International Islamic Bank. This partnership with CR2 will provide us with the development of banking products. We are very pleased with this opportunity that will provide digital banking and future banking solutions, according to what is happening around This relationship will ensure that the International Islamic Bank becomes a leading party in finding pioneering solutions for our clients, whether in the retail sector or in the business sector.
About the International Islamic Bank The
International Islamic Bank was established as an independent financial entity, offering a wide range of services that meet the needs of individuals, institutions and companies, in addition to the basic services represented in personal and commercial accounts, Islamic Murabaha, investment financing, opening letters of credit, credit operations and letters of guarantee online, in addition to electronic services multi.
We proceed according to a focused economic banking vision towards providing digital technological innovation (banking) in managing money remotely through an administrative staff specialized in the field of banking information management technology and creating an integrated digital banking environment that comes through the product of a case study of global development (governance) mixed with the need of the market and business management for advancement With a tight digital banking economy in the Iraqi market, the region and the world. We are also proud of obtaining a 91% evaluation of the quality of services from the Central Bank of Iraq, a certificate of evaluation of 4/5 for (governance) practices and institutional innovation, and some important international awards, including the award for the best bank in the diversity of services and products in Iraq in 2022 by the International Federation For Arab bankers, and other awards and posts.
Join us to shape the future of banking in Iraq.
For more information, please visit the website: www.imtb.iq
About CR2
CR2 is a pioneer in the field of banking and payments services, providing innovative digital banking solutions to more than 100 banks in 60 countries around the world. . The company is distinguished by its experience in providing digital banking services such as issuing cards and ATMs, and provides advanced solutions through its platform “Bank World”. In addition, access to financial technology solutions through its external partners and its wide global presence. The company aims to promote digital transformation
in Banking industry, improving customer experience and facilitating access to financial services through digital channels.For more information, please visit the website www.cr2.com.
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