Economist reassures: Financial liquidity is available and there are no risks to the Iraqi dinar
Economic affairs expert Safwan Qusay confirmed that financial liquidity is available and there are no high risks regarding the existence of the Iraqi dinar.
The video for this blogpost is below here:
He added, "Iraq currently embraces more than 600 investment projects, including the Baghdad Metro."
He pointed out, "Iraq has completed all its financial needs, and the rest of it needs the price of a barrel of oil to reach only $96 to cover the financial deficit."
He pointed out that "there should be rationalization and advice in local financial consumption."
A thousand dinars every month.. An expert predicts the shape of the final journey of dollar prices
Today, Wednesday (May 1, 2024), the economic expert, Farman Hussein, expected the continued decline of the dollar’s exchange rate against the Iraqi dinar until it reaches the official rate of the Central Bank of Iraq.
The Central Bank sells the dollar at a price of 1,320 dinars, while the dollar is currently trading in the local markets in Baghdad and the governorates, and in what is known as the “parallel market,” at 1,470 dinars or a little more.
Hussein told "Baghdad Today" that "the efforts of the government and the Central Bank were important in strengthening dependence on the dinar, and quashing rumors that were promoting a significant rise in the price of the dollar and its crossing the barrier of 200 thousand dinars for 100 dollars."
He added, "The government erased fears of the rise of the dollar and increased reliance on the dinar, and the current demand for the dollar is only for those in need. Therefore, we will go towards a greater decline and it may stabilize in the coming weeks at 140 thousand dinars."
Hussein expected "the dollar to decline gradually every month or two, at a rate of one or two thousand, to reach the official government rate."
The financial advisor to the Prime Minister, Mazhar Muhammad Saleh, had previously attributed the noticeable decline in the dollar exchange rate to “the economic policy that played a major role in imposing a climate of stability in the general level of the dollar exchange rates,” indicating that “the state of superiority of the official exchange market in financing foreign trade.” For Iraq, it caused a decline in the effects of the parallel market and a decline in its illegal activities.”
The Parliamentary Investment and Development Committee also acknowledged the decline in exchange rates and the achievement of positive results in the local markets in recent months, while economic affairs specialists point out the necessity of preserving the economic gains achieved recently, especially the stability of prices in the local markets, which they attributed to the decline. Parallel dollar.
His advisor: Al-Sudani succeeded in digital transfer in banks
Advisor to the Prime Minister, Amer Al-Adad, confirmed that Al-Sudani succeeded in digital transfer in banks.
Al-Adad said, in a televised interview followed by Mawazine News, that “the Sudanese government is currently working on developing our proposal to form private “digital banks” that will do the work of government banks, in addition to many proposals to advance the Iraqi banking reality.”
He added, "The "knowledge economy" project developed by the government of Muhammad Shiaa Al-Sudani depends on information technology and cybersecurity, pointing out that government banks have problems in systems, governance, and human resources."
He pointed out that "the current government is working to train employees on the ASYCUDA system at the ports in order to increase the employees' expertise and ease of work, stressing that Sudanese has many reforms, including digital transformation in banks."
In cooperation with “K”... Iraqi Post launches the electronic payment card service - Urgent
The General Post and Savings Company announced today, Tuesday, the signing of a new agreement with the International Smart Card Company “Ki”, to issue and ship electronic payment cards.
The International Smart Card Company “K” stated in a statement received by Al Rabaa: “In a step that enhances its transformation towards digitization, the General Post and Savings Company announced the signing of a new agreement with the International Smart Card Company “K” to issue and ship electronic payment cards through its offices. spread in Baghdad and the governorates.
She explained, "The new service, which comes as a continuation of the electronic collection project, aims to facilitate procedures for citizens and support the digital transformation in Iraq."
She continued: “According to the directives of the Minister of Communications, Hiyam Al-Yasiri, and the instructions of the General Secretariat of the Council of Ministers, the service will officially begin on May 5, 2024. Individuals and government institutions will be able to issue and ship their electronic cards by reviewing the relevant post offices.”
She pointed out that "the first phase of launching the service will include selected post offices in Baghdad and other governorates, including Al-Intisar, Aden, Doura, Baghdad, Al-Hurriya, Al-Dhubat, and others."
She pointed out that "the service is part of broad efforts undertaken by the Ministry of Communications to improve and expand postal and electronic financial services in Iraq."
The UAE and Iran are in an economic meeting for the first time in 10 years
The Iranian Labor News Agency reported that the Joint Committee for Economic Cooperation between the UAE and Iran will meet in Abu Dhabi today, Tuesday, and tomorrow, Wednesday, as part of Tehran’s efforts to strengthen economic relations with the Gulf states amid increasing American pressure. The meeting, which is the first of the committee in ten years, is attended by the Iranian Minister of Roads and City Building, Mehrdad Bazarbash, and the UAE Minister of Economy , Abdullah bin Touq Al Marri.
The UAE reduced its diplomatic relations with Iran after Riyadh severed its relations with Tehran in 2016 after protesters stormed the Saudi embassy in Tehran to protest Riyadh’s execution of a prominent Shiite cleric. After years of hostility due to a number of geopolitical disputes between the UAE and Iran , the latter began to re-engage with Tehran in 2019.
Relations between the UAE and Iran
This led to an improvement in diplomatic relations last year between the UAE and Iran, whose trade relations go back more than a century, and Dubai has long remained one of the main links between Iran and the outside world. The two ministers are expected to mainly discuss cooperation in international trade paths, while representatives of the private sector will discuss trade and investment.
Iran imported goods worth $20.8 billion from the UAE in the fiscal year ending in March 2024, and the Iranian Customs Authority says that the UAE is the country's first source of imports. During the same period, the UAE was the third largest destination for Iranian exports, amounting to $6.6 billion.
News" publishes the full decisions of the Council of Ministers session"
On Tuesday, Al-Eqtisad News publishes the full decisions of the eighteenth cabinet session, held under the chairmanship of Prime Minister Muhammad Shiaa Al-Sudani.
The Prime Minister’s Media Office stated, in a statement, seen by Al-Iqtisad News, that “Al-Sudani chaired, today, Tuesday, the eighteenth regular session of the Council of Ministers.”
He added, "Al-Sudani appreciated, at the beginning of the session, the efforts of the Ministry of Labor and Social Affairs, and all relevant state departments and institutions, for their success in holding the Arab Labor Conference at its fiftieth session, which was hosted by the capital, Baghdad. He also expressed appreciation for the success of the efforts of the Ministry of Water Resources in holding the Fourth Baghdad International Conference." Water resources in the capital, Baghdad, and shed light on water problems, challenges and current crises related to this vital axis.”
He continued, "The session witnessed discussion of the general situation in the country, discussion of a number of service and economic files, consideration of the topics on the agenda, and making the necessary decisions regarding them."
He pointed out that "the Council of Ministers approved the recommendations of the Ministerial Council for Energy regarding the field of follow-up of energy projects and the progress of implementation of the government program, as follows:
First/ Recommendation of the Ministerial Council for Energy (24034 I) for the year 2024, which includes:
1. Proceed with the signing of the contract (Mansouriya gas field) between the Ministry of Oil / Central Oil Company and the consortium (the Chinese Jira Company and Petro Iraq Company) in initials.
2. Agree to the following:
a . Providing the financial share of the Central Oil Company (51%) of the project, amounting to (506 million dollars), for the first three years of the project’s life. The share will be recorded in the bank account of the Middle Oil Company for the purposes of this project in particular, and by:
- ($73 million) for the first year, ($187) million for the second year, and ($246) million for the third year.
B. The share shall be owned by the Ministry of Finance and the Ministry of Oil/Middle Oil Company shall be authorized to manage it, in accordance with a contract signed between the two parties to carry out the task of operating and managing the share in accordance with applicable laws and legislation.
C. Including the project as a component within the licensing rounds to pay dues with crude oil or condensates, according to the contract, similar to licensing round contracts.
Dr . Proceed with the final signing procedures in accordance with the contexts approved by the Ministry of Oil.
Second: Recommendation of the Ministerial Council for Energy (24028 i) for the year 2024, which includes approval to amend the Council of Ministers’ decision (24102 for the year 2024) regarding the mechanism for implementing social benefit projects for licensing round contracts, by approving the updated mechanism for the year 2023, as well as amending paragraph (2) of the Council’s decision. Ministers (23169) for the year 2023 according to the following:
- Obligating local governments to develop a five-year or (3) year plan after coordination between them and the relevant ministries for drawing up urban policies, in line with the amounts allocated annually, provided that this plan is approved by the (Provincial Council), and expenditures are directed to the sectors of health, education, municipalities, and the environment, and to the administrative unit. Where the oil field is located.
Third/ Recommendation of the Ministerial Council for Energy (24030 I) for the year 2024, which includes the referral of the tender numbered (MOD-2024) for the operation and maintenance of diesel stations for the stations (North Diwaniyah, East Diwaniyah, East Holy Karbala, and North Amara) under the responsibility of the company (DASSOFF PETROLEUM SERVICE LLC). At a price of (13.5) dollars per megawatt-hour, using the (Take and Pay) method, and for a period of (5) years, according to the decision of the Central Committee for Review and Approval of the Referral in the Ministry of Electricity.”
As part of the Council’s follow-up to the development road project, the statement pointed out that “the Council of Ministers decided to approve the following:
1- Authorizing the Ministry of Transport to contract with Oliver Wyman Company to provide consulting services for the Iraq Development Road Project, as an exception to the Instructions for Implementing Government Contracts (2 of 2014) and the controls attached thereto.
2- Excluding the project from the listing requirements and conditions if it is listed as an investment project.
3- The investing company shall bear the return of all consulting contract fees, which will be paid by the Ministry of Transport.
4- Authorizing the Director General of the General Company for Iraqi Railways to sign the contract.
As part of following up on the affairs of the youth and sports sector and preparing the necessary requirements and supplies, he noted that the Council of Ministers approved the minutes of the meeting (Property No. 4/20264 M11 Hamdi Farm) according to the following:
1. Continuing to allocate (Property No. (4/20264 M11 Hamdi Farm) to the Ministry of Youth and Sports, which is owned by the Ministry of Finance, in accordance with Legislative Order No. (6) of 2004, with the two parties (the Ministry of Finance and the Ministry of Youth and Sports) taking over the management. Procedures for canceling all lawsuits filed between them in the courts.
2. Coordination between the Baghdad Investment Authority and the State Real Estate Department in the Ministry of Finance; To proceed with the procedures for replacing the investment license for the same purpose, as an exception to the procedures for announcing the investment opportunity, taking into account the nomination of the alternative plot of land from the Ministry of Finance/State Real Estate Department.
3. Obliging the Ministry of Youth and Sports to implement its projects on the property in question exclusively for its purposes and activities, in accordance with the applicable laws in coordination with the relevant authorities.
4. Coordination between the Ministry of Youth and Sports and the State Real Estate Department; To find appropriate solutions for the land occupied by the Ministry of Interior and the Popular Mobilization Authority within the boundaries of the aforementioned property.
The statement explained, “Al-Sudani directed that the draft law on the first amendment to the National Federations Law No. (24) of 2021 be sent to the State Council for proper scrutiny, within a maximum period of two months.”
As part of the government’s efforts to address the causes related to lagging projects, he stated that “the Council of Ministers approved the following:
First/ Increasing the amount of reserve and the total cost of the project (establishing the College of Education in Sabaa Abkar).
Second: Increasing the amount of reserve for the project (Land Hajj Road, Phase 1 (50 km), to implement compensation for uncompleted work, for the difference in the exchange rate of the dinar against the dollar, and increasing the amount of reserve for the (Land Hajj Road, Phase 2, 50 km) contract, to implement spare order No. (3), as well as increasing the total cost of the project.
Third: Increasing the reserve amount and the amount of the consultant contract /28/P/2171/PMC/2013 included in the contracts for the (Karbala Refinery) project, and increasing the total cost of the (Karbala Refinery) project, based on the controls and powers in force, provided that this amount is recovered from revenues. The financials achieved by the liquidator; Because the beneficiary company is a public company (self-financing) and is subject to Instructions (4 of 1999), directing the Ministry of Oil to take all measures to transfer the project to the custody of the beneficiary government agency, operating the project (Middle Refineries Company), to avoid future requests to sign contract annexes, for the purpose of operation and maintenance. Consultations without preparing the specialized staff concerned with managing and operating the project from the government entity that benefits from the project’s outputs.
Fourth: Increasing the amount of reserve for the project (construction of the Doura/Yusufiyah Road (first and second phases), South Baghdad Interchange), and increasing the total cost of the project (constructing the Doura/Yusufiyah Expressway Road, 14 km long).”
Regarding health projects, the statement indicated, “The Council approved the relevant municipality’s assignment, with the approval of the competent minister, to allocate the plot of land numbered (2251/28 Al-Tajiyat), owned by the Baghdad Municipality, to the General Secretariat of the Holy Imam Hussein Shrine, for the purpose of establishing a hospital project.” For cancer diseases and a specialized center for autism, based on the provisions of Article (60/4) of the Amended Municipal Administration Law (165 of 1964).
Within the framework of the financial and administrative reform decisions, and what is related to the reform of the banking sector, he continued: “The Council approved what was recorded in the letter of the Prime Minister’s Office on April 3, 2024, regarding contracting with an external auditor for the Iraqi Trade Bank, for the purpose of auditing the bank’s accounts, where it deals The bank has a network of reputable international banks.
He continued: “Given the urgent need to allocate plots of land for school projects, and for the purpose of eliminating double and triple shifts within the Sadr City/1 sector, which suffers from overcrowding, the Council of Ministers approved the following:
1- Allocating an area of (3 dunams) from the plot of land numbered (67162/4), so that (3) schools (capacity of 18 classrooms, 24 classrooms, and a kindergarten) can be built within the work of the Ministry’s project No. (1).
2- Authorizing the Minister of Education to delete the sites that companies have not started and the sites where it is not possible to complete construction work, and then add that piece under spare orders for construction purposes for companies that own ready-made construction plants, and with advanced completion rates within the work progress schedule, and the trade-off will be price. Depending on the duration of completion.
The statement pointed out that "the session witnessed the approval of the recommendation of the Ministerial Council for Social Services (24008 KH), which included writing off the financial amounts owed by Maysan Governorate employees amounting to (425,191,548 dinars), and counting them as beneficiaries receiving plots of land in accordance with the controls and instructions in force, based on the provisions of the Administration Law." Federal Finance (6 of 2019), as amended, provided that the Ministry of Finance allocates the write-off amount and pays it to the landowner.”
Iran Expo 2024..a remarkable Iraqi presence and a major trade forum expected between the two countries - Urgent
The Iranian Special Trade Representative in Iraq, Farzad Belten, confirmed today, Tuesday, that the sixth exhibition of Iran’s export capabilities, “Iran Expo,” received great demand from the Iraqi private sector, which was the first participant among the foreign participants in the exhibition.
Belten said in an interview published by the official Iranian news agency “IRNA”: “Within the framework of information and follow-up by the commercial and economic departments of the Iranian embassy in Iraq, as well as the country’s consulates in Holy Karbala, Najaf al-Ashraf, Basra, Erbil and Sulaymaniyah, and the participation of the Joint Iranian-Iraqi Chamber of Commerce, he attended About 300 businessmen, economic activists, and officials in private sector institutions in Iraq are coming to the country to visit this exhibition and inspect Iran’s production and export capabilities.”
He added: "There are about 20 heads of national and provincial Iraqi trade, industry and investment organizations who also attended as part of the delegations from various governorates of Iraq...
Economist: The Central Bank committed a massacre against private banks at the expense of foreign ones
Economic expert Mustafa Akram Hantoush was surprised, on Tuesday, by the Central Bank’s continued granting of dollar licenses to foreign companies and the neglect of Iraqi banks.
Hantoush said to Mawazine News, “The Central Bank of Iraq is required today to reveal the list of dollar sales on the platform that He supervises it, so that the Iraqi people know which banks are holding the dollar.”
He pointed out that “the Central Bank of Iraq, instead of strengthening the work of Iraqi banks, went towards supporting foreign banks, namely the Jordanian ones, which swallowed up the Iraqi banks and confused the market,” pointing out that “Jordanian banks will control 95 percent of the market compared to 5 percent for the Iraqi banks, and this is competition.” unfair".
Hantoush concludes, “There is a major campaign undertaken by Jordanian banks to acquire human resources in Iraqi banks, and this is due to the policy of the Central Bank.”
The United States intervened in the movement of the dollar in Iraq to limit its smuggling, and more than once imposed sanctions on private Iraqi banks and removed them from the currency window, which led to a decline in the Central Bank’s sales. The Central Bank also took several measures and opened an electronic window for merchants.
In the middle of last month, the Governor of the Central Bank, Ali Al-Alaq, revealed meetings with the US Treasury to reconsider the sanctions on Iraqi banks, pointing out that these sanctions should not be issued in the future except after discussing and informing the Central Bank of Iraq, as it is concerned with monitoring their activity.
Parliament Finance: The Council of Ministers will not vote on the budget schedule today
smh let's see if this is the final answer for today
On Tuesday, a member of the Parliamentary Finance Committee ruled out a Cabinet vote on the budget schedules, while indicating that Parliament needs 30 days to approve them.
Finance Committee member Faisal Al-Naeli said in a televised interview followed by Al-Iqtisad News, “The fourth month has passed and the budget schedules have not arrived, and I do not expect the Council of Ministers to vote on them today.”
He added: "We hope that the Council of Ministers will vote on the schedules today and send them, especially since the House of Representatives will enter a legislative recess next week."
He pointed out, "If it is voted on and sent, the council will complete voting on it before entering the recess," noting that "if the schedules are complete, I do not think we need more than 30 days to approve them."
Earlier, the First Deputy Speaker of the House of Representatives, Mohsen Al-Mandalawi, agreed, on Tuesday, with the Prime Minister, Muhammad Shiaa Al-Sudani, on the necessity of completing the schedules of the budget law for the year 2024, and expediting sending them to the House of Representatives for the purpose of discussing and voting on them, due to their connection to the lives of citizens and their focus on investment spending. For new projects.
Al-Sudani directs advisors to follow up on the outcomes of his visit to Washington
On Tuesday, Prime Minister Muhammad Shiaa Al-Sudani directed the advisors to arrange priorities in following up on the outcomes of the Washington visit, while stressing the need to benefit from the competencies that the Iraqi communities abound.
The Prime Minister’s Media Office stated in a statement received by Al-Maalomah, that “Prime Minister Muhammad Shia Al-Sudani chaired, this evening, Tuesday, a meeting that included a number of advisors to the Prime Minister. The meeting discussed the file of the Washington visit, and following up on the implementation of the agreements and understandings concluded by the official Iraqi delegation.” Under the chairmanship of the Prime Minister, with the American side, during the last visit, based on the government’s approach in closely following up on all the files it is working on, including those related to foreign relations and understandings with the governments of countries, the latest of which is the file of the relationship with the United States.
They added, "The meeting witnessed a discussion of the results of the meetings of the Supreme Coordinating Committee (HCC), concerned with activating the framework agreement between Iraq and the United States with its seven axes, as well as a discussion of the important economic partnership file that the Iraqi private sector concluded with major American companies."
Al-Sudani stressed, according to the statement, "the importance of following up on the understandings reached between Iraq and the United States in many areas, in order to arrange the bilateral relationship, in a way that serves the highest interests of Iraq," noting "the necessity of benefiting from the competencies that the Iraqi communities abound in, in Reconstruction campaigns and service provision, and in implementing the priorities of the government program, and His Excellency described these competencies as idle wealth.”
The Prime Minister directed the advisors to "arrange priorities in following up on the outcomes of the Washington visit, and that each advisor should follow up on a specific file, along with the relevant ministry and the Iraqi embassy in Washington, and submit what is verified from it to His Excellency. He also directed that a special secretariat be appointed for the Supreme Coordination Committee (HSS) And an emphasis on continuing periodic meetings to follow up and review what has been accomplished.
The International Comprehensive Shopping Festival kicks off in an Iraqi governorate
Today, Wednesday, the activities of the 2024 Governorate International Shopping Festival were launched on the grounds of the Najaf International Fair, which will continue for 10 days with the participation of more than 200 Arab, foreign and local companies.
The media official for the Najaf International Fair, Haider Al-Moussawi, said: “The 12th edition of the Najaf International Comprehensive Shopping Festival, which was held on the grounds of the Najaf International Fair, was attended by eight Arab and foreign countries, namely Egypt, Syria, India, Pakistan, Lebanon, Turkey, Iran and Jordan, in addition to... Iraqi companies.
He pointed out, "The number of companies participating in the exhibition reached more than 200 Arab, foreign and local marketing companies, displaying various commodity products that supply the local Iraqi and Najafi markets in particular with various goods."
Al-Mousawi added, "The exhibition is considered a great arena for the owners of companies and factories to meet to support and move the wheel of the local economy in Najaf and the Middle Euphrates region, by viewing the various products of the participating countries," stressing that "the festival witnessed a great demand by citizens for shopping."
Riyadh Forum.. a new station for attracting investments and expanding partnerships
A few days away from the positive results achieved by the Prime Minister, Muhammad Shiaa Al-Sudani, during his visit to Washington and the conclusion of dozens of memorandums of understanding and joint agreements with major American companies in various fields, those concerned with economic affairs hope that the Prime Minister will continue his international efforts to achieve more agreements. During his participation in the World Economic Forum held in Riyadh, putting at the forefront of these agreements the effort to attract foreign investments, which represent the basic foundation for developing the economy, especially in light of the progress made in the development road project.
Experts and specialists in economic affairs also see the Riyadh Forum as a great opportunity to strengthen Iraq’s international relations and expand the circle of partnerships with countries and international companies, in addition to its strategic importance in presenting the economic efforts and reforms undertaken by the government.
Iraq, according to government spokesman Bassem Al-Awadi, will focus during the forum, which carried the slogan “International Cooperation, Growth, and Energy for Development,” on a number of important files, including “the path to development,” as it is the truest expression of the forum’s title (International Cooperation, Growth, and Energy for Development). )” explaining that “the development road will be a roadmap for cooperation between East and West, and a major qualitative development leap in the region, and it is qualified to be the best way to transport energy in the future.”
Despite the assurances that the Prime Minister likely achieved important results during his participation in the global forum, the professor of international economics, expert Dr. Nawar Al-Saadi, believes that these results lie in the fact that the forum is an important opportunity for Iraq to display its economic and investment capabilities before an international audience of political leaders, businessmen, and investors. .
The expert Al-Saadi pointed out, during his speech to “Al-Sabah,” that “the Sudanese’s participation in the World Economic Forum in Riyadh represents a vital and strategic step for Iraq in strengthening its position on the international scene and also attracting foreign investments,” stressing that “the importance of participation in this forum bears several aspects, The most prominent of which is the possibility of attracting foreign investments, as it is the basic foundation for developing the economy of any country and achieving sustainable prosperity.” Al-Saadi also explained that “the opportunity is now ripe thanks to security stability, which inevitably leads to improving the investment environment,” expecting that Iraq will be able to attract large investments, especially after talking about development and the completion of the first phase of the large Al-Faw port next year, noting. At the same time, Al-Sudani’s successful participation in the Washington discussions could be enhanced during the Riyadh Forum, which represents an opportunity to strengthen Iraq’s international relations and expand the circle of partnerships with foreign countries and companies through interaction with government officials, businessmen and investors, pointing out that positive international relations can It enhances bilateral and multilateral cooperation in various fields, which contributes to strengthening the national economy and achieving sustainable development.
The professor of international economics stated that “occasions like this are an opportunity that allows Iraq to showcase the economic efforts and reforms undertaken by the government, especially in the investment environment and promoting economic growth,” stressing the need to “take advantage of such important forums to provide a comprehensive overview of the structural reforms and new decisions that contributed to Making Iraq a preferred and reliable investment destination in the region.”
In turn, the economic expert, Dr. Ali Daadoush, pointed out that “Iraq is one of the countries most affected by climate change, and this is clearly observed in terms of desertification and low water levels affected by the high and prolonged summer temperatures, in addition to the environmental pollution that has affected most of the country’s cities.”
Speaking to Al-Sabah, Daadoush explained that these global forums must be used to raise these points related to climate impacts in Iraq, and work to present them to global public opinion with the aim of allocating sums of money from the Green Climate Fund in order to confront the challenges and be consistent with carbon reduction. Daadoush stated that Iraq loses huge sums of money annually due to importing gas, so requesting support for the transition towards a green economy is sufficient to achieve large sums for the budget. We also believe that the transport sector has great economic value in achieving carbon reduction through working on an electric road project for large buses that It relies on renewable energy as well as modernizing or rebuilding large commercial markets that use electricity generated from renewable energy through solar cells, indicating that these steps have a significant impact in increasing real economic growth as well as the trend towards agriculture based on modern technology that is not affected by change. climatic.
Expert Daadoush believes that these economic transformations, especially related to reducing gas imports and shifting towards a green economy, have a vital role in reducing the deficit, indicating that the Riyadh Forum is an important station for attracting international companies in various specializations, and a strategic point for strengthening Iraq’s economic relations with various countries of the world.
Parliamentary Finance: The government holds responsible for the delay in sending the budget schedules
Today, Wednesday, a member of the Parliamentary Finance Committee, Moeen Al-Kadhimi, held the government responsible for the delay in sending the general budget schedules for the current year, noting, “Article 70 obligated the government to submit amendments to the budget schedules.”
Al-Kadhimi told Al-Maalouma, “The government is continuing the disbursement process, especially with the projects that are under the Prime Minister’s attention.”
He explained, “The allocations to the governorates are being delayed by the Ministry of Finance,” noting that “the tripartite budget is sufficient for the government’s work and there is no need or rush to send the schedules.”
He continued, "The current legislative term is about to end, and if the schedules are not sent within these days, the Council will head toward its legislative recess and postpone the issue until next June." Ended
Al-Sudani: The government is serious about moving to a diversified economy and supporting the industrial sector
Al-Sudani in his speech at the opening of the continuous casting factory at the General Company for Steel Industries in the capital, Baghdad
The state and the government are committed to paying attention to and caring for the rights of workers, especially since the government has made important strides in guaranteeing the rights of workers at the level of legislation represented by the Labor, Retirement and Social Security Law.
The government has placed industry as an important sector for economic reform in our dear country, based on the fact that Iraq is an industrial country, just as it is an oil and agricultural country, in light of the availability of all work requirements, including raw materials and infrastructure.
We affirm the government's commitment and seriousness to support the industrial sector to move from a country dependent on oil revenues to a diversified economy, and this goal can only be achieved with the presence of an active and financially and technically capable private sector.
Life returned to the General Company for Steel Industries by operating the continuous casting plant to convert large quantities of scrap into iron billets.
This year is a year of achievements, and the government is implementing this slogan in word and deed by opening many projects that were stalled.
New agreements between Iraq and Iran on facilitating trade
Iranian media reported today, Wednesday (May 1, 2024), that Iraq and Iran have reached new agreements on facilitating trade movement between the two countries.
Mohammad Rezvani Far, Deputy Minister of Economy and Director General of Iranian Customs, and Hassan Hammoud Hassani, Advisor to the Ministry of Finance and Director General of Iraqi Customs, emphasized the facilitation of trade in addition to the new customs agreements between the two countries.
The Iranian official agency, according to what was translated by “Baghdad Today”, quoted Radwani as saying, “This meeting along the long borders and near 5 important provinces bordering Iran and Iraq, which requires doubling trade between Iran and Iraq, and developing relations, coordination and cooperation.”
Radwani added, "Regular border meetings between border customs directors in the two countries can contribute to the effectiveness of this cooperation," indicating that "Iranian Customs is fully prepared to exchange customs information with Iraqi Customs in order to facilitate and develop trade."
The Iranian official considered that "exchanging and coordinating procedures and policies and applying similar methods at various border points, in addition to matching working days and hours in customs offices in the two countries, is important and vital for trade exchange."
The Iranian Deputy Minister of Economy called for "expediting notification of changes in customs procedures and regulations in the two countries."
Radwanifar stated that “the cornerstone of customs policies to facilitate and develop trade lies in the World Customs Organization,” noting “the importance of this organization,” calling for “consensus and consultation among Islamic countries in promoting common goals and interests.”
For his part, the head of the Iraqi Customs Authority, Hassan Hamoud Hassani, described the Iranian side as “one of Iraq’s most important trading partners, and included developing trade relations between the two countries as one of his country’s priorities.”
He expressed his satisfaction with “the progress of customs cooperation between the two countries,” expressing his hope to “follow up on common issues with continued cooperation and exchange of views.”
The head of Iraqi customs promised to "continue coordination between his government and the Iraqi Kurdistan Regional Government in order to implement customs unity in these two regions."
Hassani also expressed his regret "about the phenomenon of fuel smuggling at the common border crossings between the two countries," adding that "Iraqi customs will cooperate with the Iranian side in resolving this problem."
It is noteworthy that during the meeting, it was agreed to sign an agreement on cooperation and mutual administrative assistance in customs affairs between the governments of the two countries, with the aim of facilitating the electronic exchange of customs information and providing facilities in performing customs procedures at the border level of the two countries, and agreeing to sign an agreement to facilitate the temporary entry of goods vehicles between Iran and Iraq. And the establishment of a designated parking lot outside the customs borders of the two countries in order to prevent the risks resulting from the stopping of trucks carrying fuel materials in the border area, as well as the establishment of representatives of the organizations that issue import licenses, including standards, health and quarantine units, and related organizations in the Iraqi border customs, among others. Other topics for this meeting.
Iranian Chamber of Commerce: Iraq's investment budget is 150 billion dollars, and our share in it must be increased
The head of the Joint Iranian-Iraqi Chamber of Commerce considered that Iran must increase its share of Iraq’s investment budget, which amounts to $150 billion, noting that barter and payment in national currencies are the most prominent means taken to avoid obstacles to repaying trade funds and debts between the two countries.
The head of the Iranian-Iraqi Chamber, Yahya Al-Ishaq, said duringIranian-Iraqi Business ForumWhich was held at the headquarters of the Iranian Chamber of Commerce, Industry, Mines and Agriculture, it is necessaryIranAndIraqMaking joint investments as a way to give an additional boost to bilateral trade relations.In reference to the commercial exchanges between...IranAndIraqLast year it reached $10 billion, while unofficial reports put the number at $14 billion. Al-Ishaq said that achieving the goal of bilateral exchanges worth $20 billion is not difficult.
He pointed out that Iraq's annual investment budget amounts to about 150 billion dollars, which is a large amount, adding that...IranTo make efforts to increase its share in this budget, according to the newspaper “Tehran Times
He pointed out that there are problems in the field of financial transfers, stressing that these problems can be solved as the two countries’ central banks negotiate in this regard. Meanwhile, the Vice President of the Federation of
Iraqi Chambers of Commerce indicated that there are various obstacles in the way of exchanges, noting that The two countries tried to resolve the issues through barter trade,
he addedTehranAndBaghdadThey agreed to issue itIraqUp to 100 thousand barrels per day of oil in exchange for its imports of electricity and gas fromIranPointing out that trade in national currencies is another way to eliminate problems in bilateral exchanges and thwart the effects of sanctions.
Hidden Hands"... An expert diagnoses a strange growth in the profits of banks owned by non-Iraqis
The economic philanthropist, Manar Al-Obaidi, on Wednesday reported a “strange growth” in the profits of banks owned by non-Iraqis, warning of “hidden hands” behind it.
Al-Obaidi said in a publication seen by “The Information” that “the profits of banks owned by non-Iraqi parties, according to the first quarter data, show significant growth and numbers that are strange for any sector,” wondering, “Is it normal for any project to achieve annual profits amounting to 100% of the capital while Other banks are suffering, and is it normal for a bank whose maximum profits in previous years did not exceed the barrier of 10 billion dinars as a maximum amounting to more than 300 billion Iraqi dinars within a year?”
He added, "It was a true success story based on free competition without external interference. Of course, we are with it, but we fear that there are hidden hands that intended to make these particular banks achieve profits without others," noting that "one of the banks' expected net profit in 2024 will be 100%." % of its capital and the amount of cash credit granted by it does not exceed 2% of its total assets.
Abed Rabbo: Jordanian banks are swallowing up the Iraqi economy and the central bank is dealing with double standards
Economic expert Ahmed Abd Rabbo confirmed on Wednesday that the Central Bank of Iraq is working duplicatively in granting licenses to foreign banks and imposing sanctions on Iraqi banks.
Abd Rabbo said in a statement to the Al-Ma’louma Agency, “The work of the Central Bank of Iraq carries a great deal of duplication between local and foreign banks, especially Jordanian ones,” noting that “the Central Bank granted licenses to four Jordanian banks: Housing, Jordan, Al-Ittihad, and Al-Arabi.”
He continued, "Granting licenses to these banks means losing control over the banking business in Iraq," stressing that "Jordanian banks swallow up Iraqi banks while local banks face American sanctions."
Abd Rabbo concluded his speech: “The management of the Central Bank did not succeed in dealing with this important file, and it may pose a threat to the Iraqi economy,” pointing out, “We repeatedly asked to change the governor of the Central Bank of Iraq, but to no avail.”
Specialists believe that the economic file cannot be handed over in this way, as it is a sovereign matter that affects the security and economy of the state, with the invasion and penetration of these banks into the economy in a large way that may make the Iraqi economy hostage to the Jordanian banks.
Al-Kanani: America only comes out with fire
Retired Brigadier General and security expert, Adnan Al-Kanani, called today, Monday, for the necessity of not courting America in the issue of removing its combat forces from Iraq, while stressing that the United States of America provides security protection for the Zionist entity through its military presence in the country.
Al-Kinani said in an interview with the Maalouma Agency, “Washington does not want to give up the ambitions it has acquired inside Iraqi territory,” noting that “American forces will not leave except under the fire of the Islamic resistance in Iraq.”
He continued, "One of the mistakes committed by the Abadi government was requesting the return of combat forces after their expulsion in 2011," pointing out that "the American occupation forces established their bases with a security agreement concluded by the Iraqi government during the last period."
Al-Kanani concluded his speech: “Washington did not implement the legal articles codified in the agreement, most notably the protection of the Iraqi airspace and sovereignty in the event that it is exposed to external threats,” adding that “the United States of America provides security protection for the Zionist entity through its military presence in the country.”
In an interview with the Al-a’louma Agency, member of the Al-Fatah Alliance, Mahmoud Mar’i, confirmed the falsity of the American administration regarding the issue of removing combat forces from the country after the Dutch ambassador’s statement of the continuation of the international coalition’s mission in Iraq, while he stressed that Washington is fighting for its continued presence inside Iraq.
Al-Fateh: Washington is fighting for its continued presence inside Iraq
On Monday, a member of the Al-Fatah Alliance, Mahmoud Marei, confirmed the falsity of the American administration regarding the issue of removing combat forces from the country after the Dutch ambassador’s statement of the continuation of the international coalition’s mission in Iraq, while he stressed that Washington is fighting for its continued presence inside Iraq.
Mar'i said in a statement to the Al-Ma'louma Agency, "Washington continues to create crises and raise security, economic, and societal problems, to use them as an excuse to stay in Iraq," noting that "targeting Iraqi military and security symbols is one of Washington's malicious plans."
He continued, "The Iraqi Islamic Resistance's rejection of the foreign presence is the most prominent obstacle that America has failed to overcome," noting that "the continued foreign presence in Iraq represents the largest military operation compared to the many victories of the resistance that were achieved against them in the previous period."
Mari concluded his speech: “Foreign embassies work through many malicious plans that they spread within society in order to gain public opinion’s support for the military presence,” pointing out that “the United States of America is fighting for its continued presence inside Iraq.”
The Ambassador of the Kingdom of the Netherlands to Iraq, Hans Sande, had confirmed in a statement that his country would take over the leadership of the NATO mission in Iraq in mid-May, indicating that it would be the largest in the world at the level of institutions outside the Dutch borders.
The State of Law Coalition, in an interview with the Maalouma Agency, described the formation of joint committees to remove foreign combat forces as a blatant American game, while stressing that the exit of American forces will not take place through diplomatic means or political negotiations.
No comments:
Post a Comment