The Iraqi Central Bank informs France of the plan to restructure government banks
The Central Bank of Iraq confirmed, on Thursday, that the plan to restructure government banks will change the map and reality of the banking sector in Iraq.
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A statement from the bank received by Shafaq News Agency stated, “The Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, received the French Ambassador to Baghdad, Patrick Durel, and the meeting dealt with ways to strengthen banking relations between the two countries, and His Excellency the Governor gave a comprehensive explanation of the relations and economic conditions, as well as the government’s directions.” “In consolidating the foundations of the national economy and diversifying it in light of the state of security stability achieved in Iraq.”
The meeting also clarified "the plan to restructure government banks, which enjoys support and regular follow-up by the Prime Minister, indicating that this plan will change the map of the banking sector and its reality in Iraq."
The Governor of the Central Bank also pointed to "the rapid developments in organizing, monitoring and analyzing foreign transfer operations and covering foreign trade in accordance with best international practices and standards, which are receiving great praise and attention from international and regional organizations."
For his part, the French ambassador expressed satisfaction with the developmental and economic developments he observed in Iraq, especially during his tour of the provinces, expressing his country's readiness to strengthen and develop banking relations with Iraq.
The ambassador explained that the economic relations between the two countries are growing at the level of entry of French companies and the use of their expertise in investment projects.
The French ambassador invited the Governor of the Central Bank of Iraq, after making the necessary arrangements, to visit the financial and banking institutions in France, especially the Central Bank of France.
It is noteworthy that the Central Bank of Iraq owns deposits and accounts with the Central Bank of France, and they have had distinguished cooperation relations over many years.
Al-Sudani receives the US Undersecretary of State
Prime Minister Muhammad Shiaa Al-Sudani receives the US Undersecretary of State.
Al-Sudani’s media office stated in a statement received by “Baghdad Al-Youm” that “Prime Minister Muhammad Shia’ al-Sudani received US Undersecretary of State Victoria Nuland .”
Al-Sudani told an American official: What is happening in Gaza is unprecedented and amounts to genocide
During the meeting, Al-Sudani stressed, according to a statement from the Prime Minister’s Office, a copy of which {Al-Furat News} received, Iraq’s keenness to strengthen its democratic system, and its adherence to what has been achieved on this path, based on its constitution, which stipulates pluralism, human rights, transitional justice after regime change, and fairness to the components that "I was subjected to repression and terrorist attacks."
The Prime Minister stressed that “what is happening in Gaza is unprecedented, a blatant violation of human rights, and amounts to genocide,” noting that “most of the victims are women and children, according to reports from international organizations,” stressing “the need to make more efforts.” To stop this war against the Palestinian people.”
For her part, Zia conveyed the greetings of President Biden and Secretary Blinken to the Prime Minister, noting Iraq’s exceptional role in the region. Being a country with a democratic system, it is making progress in the field of human rights and reducing the phenomenon of human trafficking, in addition to its role in maintaining peace in the region, praising what the government has accomplished in establishing a higher youth council and a women’s council.
88 projects awaiting resolution.. What will happen to the stalled laws in Parliament? - Urgent
Today, Wednesday (May 8, 2024), the Parliamentary Legal Committee revealed that there are 88 draft laws awaiting resolution, while it expected that the next legislative term will witness voting on many of them.
Committee member Murtada Al-Saadi said in an interview with “Baghdad Today” that “the committee is continuing to follow up on the laws and their proposals, whether basic or subsidiary, by participating in them,” pointing out that “88 laws currently exist within the committee, including 15 basic laws, and the committee is working to complete them.” Its provisions will be approved to proceed to a vote.
He added, "Many laws and their proposals were submitted to the Acting Speaker of the House of Representatives, expecting that the next legislative term will witness the resolution of quite a few of them, the first and second reading of which have been completed."
He explained, "Some laws were withdrawn by the government, whether they had political or financial implications, awaiting their referral in accordance with the amendments it wanted in order to proceed with them."
On (April 18, 2024), a member of the Parliamentary Legal Committee, Representative Omid Muhammad, confirmed the presence of 150 draft laws on the table of the permanent committees of the House of Representatives .
Muhammad said in a statement to “Baghdad Today” that “his committee is following up on draft laws and their amendments proposed by the permanent committees in the House of Representatives, which amount to 150 laws so far,” adding that “controversial laws need political consensus, but the file of the presidency of the House of Representatives is in the shadow of “The failure to decide whether to vote on a candidate will reflect negatively on the issue of legislation .”
He called for "the need for the state administration coalition to take positive steps in this direction in order for the current legislative term to be fruitful in the direction of resolving many laws and their amendments . "
He stressed "the necessity of proceeding with the legislation of controversial laws, including general amnesty, service, and others, without political consensuses that contribute to securing sufficient votes to vote on them, and this requires resolving the rest of the files in order to proceed with them," pointing out that "resolving the People with Disabilities Law and voting on it 3 days ago represents a step." An important task during the legislative term of the Council to resolve the rights of an important segment
IRAN
Frozen or banned? An Iranian official reveals the fate of Tehran’s money in Baghdad
Iranian Vice President for Legal Affairs, Mohammad Dehghan, said on Wednesday that his country's funds in Iraq are not "frozen or blocked."
Dehghan stated in a press interview followed by Al-Iqtisad News, that "Iran's assets in Iraq are not frozen, and there are some ongoing monetary and financial transactions between the two countries."
He pointed out that "there are some monetary and financial relations between Iran and Iraq, which were always resolved through dialogue between officials in the two countries, and we do not have any problems in this regard."
The Iranian official explained, “According to the court’s ruling, Iran does not have frozen assets in Iraq, but there are some obstacles that will be resolved through dialogue,” noting that “there are some monetary and financial relations between the two countries, which are always resolved through discussions between the two countries.” Officials of the Central Bank of Iran and the Iraqi side, and there is no unsolvable problem in this area.”
Last week, Iranian press reports revealed the presence of approximately $11 billion in Iranian funds frozen in the Commercial Bank of Iraq, due to US sanctions, and most of these funds are due to Iranian gas and electrical exports to Iraq, according to official Iranian reports.
The administration of US President Joe Biden approved new exemptions for Iraq to pay the amounts to purchase gas from Iran to operate electrical power plants.
The American “Washington Free Beacon” website said, according to what “Baghdad Today” translated, on Thursday (March 14, 2024), that “according to a copy of the notification submitted to Congress for this measure, Tehran will be able to obtain more than $10 billion of funds that were frozen.” Because of US sanctions."
The website added, "The sanctions exemption mechanism, which raises sharp opposition from the Republican Party in Congress, allows Iraq to transfer financial payments to Iran in exchange for electricity via third countries."
He explained, "Republican foreign policy leaders in Congress expressed concerns regarding the exemptions earlier this week, saying that the sanctions on the Iranian regime should not be lifted in light of its support for Hamas and other terrorist organizations that are waging war on Israel and American sites in the region." ".
He continued, "The last exemption from sanctions was last made by the Biden administration in November, and its term was scheduled to expire this month, which put the White House in an awkward position after a growing group of members of Congress from the Republican Party expressed their concern about... Skip the penalties.
He stated that "the recent exemptions allow Iraq to convert the dinar into the euro, and then transfer payments to accounts of Iranian banks in the Sultanate of Oman."
Iraqi Airways is preparing to open a new line to China
A statement from the ministry, a copy of which {Al-Furat News} received, said, “Under the supervision of the Director General of Iraqi Airways, Manaf Abdel Moneim Urgent, and in cooperation with the Embassy of the Republic of Iraq in Beijing, represented by Ambassador Shorsh Khaled Saeed, the company’s office, the general agent in Beijing, organized a celebration on the occasion of the tenth anniversary of direct flights.” Between Baghdad and Kwangju.
He added, "The celebration, which was attended by a number of ambassadors, directors of the Chinese Civil Aviation Authority, heads and representatives of companies operating in Iraq, and reputable Chinese companies, witnessed several activities that reflected the ancient Iraqi and Chinese civilizations, the deepening of partnerships, friendship and cooperation between the two countries, and the encouragement of their citizens to travel via the national carrier between Iraq and China, because of the importance this line represents." An important opportunity for all commercial and cultural activities.”
The statement pointed out that "this anniversary coincides with a time when Iraqi Airways is preparing to open its second destination to China, specifically to the capital, Beijing, where work is underway to complete all necessary requirements for operating flights between the Iraqi capital, Baghdad, and the Chinese capital, Beijing, passing through Basra and Al-Fayha."
It did not reach the Council.. Parliament determines the mechanisms for dealing with the 2024 budget schedules
Today, Wednesday (May 8, 2024), Member of Parliament Arif Al-Hamami revealed the mechanisms for dealing with the 2024 budget schedules, while indicating that there are no legal obstacles and that solutions are available.
Al-Hamami said in an interview with “Baghdad Today” that “after May 9, the recess for the legislative term of the House of Representatives will begin,” noting that “until this moment, the 2024 budget schedules have not arrived.”
He added, "The schedules arrived today or tomorrow. It is possible to extend the legislative term until the budget is completed, but if they arrive late, the Finance Committee will work in terms of auditing and then address the Presidency of the House of Representatives to hold an emergency session to vote."
He pointed out that "there are no legal obstacles and solutions are available," noting that "the Council is awaiting the 2024 budget schedules in order to know its provisions and proceed with voting on it according to legal mechanisms."
On May 4, 2024, the Council of Ministers revealed the latest developments in passing the financial budget schedules for the year 2024, while indicating that the Ministry of Finance had not sent the schedules to the Council until now .
The Minister of Culture, Ahmed Fakak Al-Badran, said in an interview with “Baghdad Today” that “the Council of Ministers is awaiting the arrival of the schedules from the Ministry of Finance for the purpose of discussing them and passing them to Parliament for the purpose of voting on them,” pointing out that “whenever those schedules reach us, we will be ready to vote on them.” .
Prime Minister Muhammad Shiaa Al-Sudani discussed, on Tuesday (April 30, 2024), with Acting Speaker of the House of Representatives Mohsen Al-Mandalawi, the completion of the 2024 budget schedules and sending them to a vote .
Al-Mandalawi’s office said in a statement received by “Baghdad Today” that “Acting Speaker of the House of Representatives Mohsen al-Mandalawi met, on Tuesday, with the Prime Minister, Muhammad Shiaa al-Sudani,” noting that “the meeting discussed the latest local developments and political efforts to complete constitutional entitlements, by deciding the choice Speaker of the House of Representatives .”
Al-Mandalawi and Al-Sudani agreed, according to the statement, “on the necessity of completing the schedules of the budget law for the year 2024, and expediting their sending 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,” stressing “the importance of integrating the work of the legislative and executive authorities and reflecting that.” To speed up the adoption of important laws, and to support efforts to implement the government program and anti-corruption steps.”
Al-Ghurairi pledges to merchants and companies from Tehran to overcome obstacles
Minister of Trade Atheer Al-Ghurairi stressed the importance of observing the Iraqi standard in supplying goods to Iraq, while stressing the endeavor to expand trade exchange with Iran.
The ministry said in a statement, “Al-Ghurairi met, in the Iranian capital, Tehran, with a number of Iranian businessmen and merchants to discuss finding new formulas for work inside Iraq through negotiation and consultation with Iraqi sectoral bodies to reach radical solutions to the obstacles and problems facing their work in commercial exchange and project implementation, especially Regarding transfers and financial entitlements for previous projects.”
He explained, “There are many projects that have been completed in cooperation with the Iranian side, but there are a large number of projects that are lagging behind, according to the statistics recorded by the Iraqi authorities, which are due to many reasons, including routine and non-commitment of Iranian companies to implement them with their agreed upon timings and specifications within the contractual clauses, as well as, failure to continue processing in the same way.” The quality and type of products with the entry of goods from unofficial border crossings and the consequences of the Corona pandemic.”
During the meeting, Al-Ghurairi also stressed “the readiness of the Ministry of Commerce to cooperate in bridging the views of Iranian companies that have strategic projects inside Iraq with the relevant Iraqi authorities by listening to their requests and observations and facilitating procedures in a way that serves the interests of both parties.”
He stressed “the necessity of observing the Iraqi standard in supplying goods to Iraq, striving to increase the level of trade exchange, which has witnessed a noticeable decline recently, and working together to overcome all obstacles in a way that enhances the development of economic and trade relations between Iraq and Iran, in implementation of the Iraqi government’s directives to open up to the countries of the world, especially neighboring countries.” Including the Islamic Republic of Iran.”
He instructed “the Iraqi embassy and the commercial attaché in Tehran to listen to and assist Iranian companies wishing to work inside Iraq,” pledging that “his ministry will ensure that their applications are promoted to the relevant Iraqi authorities for the purpose of working in Iraq and according to their jurisdiction, with the presence of great opportunities in the Iraqi market by taking advantage of the investment map.” Issued by the National Investment Authority, which will be provided to the Iranian side through the Iraqi embassy and the commercial attaché, to be presented to companies wishing to benefit from these advantages and facilities it provides.
Al-Ghurairi called on “Iranian companies, through their embassy and commercial attachés operating in Baghdad, to coordinate to hold a joint meeting in Baghdad with the Central Bank of Iraq and Iraqi banks to find solutions to the problem of financial transfers with the aim of raising the level of trade and economic exchange and strengthening economic and commercial relations in a way that serves their mutual benefits.”
Conclusion of a workshop in Cyprus on mechanisms for controlling strategic trade in Iraq
The workshop on implementing strategic trade control systems in Iraq, organized by the Cyclops Center specialized in border and port security, was concluded in Cyprus.
The Civil Aviation Authority said, in a press statement today, Wednesday, that “the workshop witnessed the participation of 15 officials from multiple ministries and departments, and its main objectives focused on presenting special offers for cargo aircraft crossing Iraqi airspace, especially land and sea ports, and assessing risks for workers in air cargo trade areas.” And issuing licenses.
Al-Sudani receives a phone call from the head of the Hamas political bureau, Ismail Haniyeh
Today, Wednesday, Prime Minister Muhammad Al-Sudani affirmed Iraq’s support for the Hamas movement’s decision to agree to the truce.
A statement from his office received by Mawazine News stated, “Prime Minister Muhammad Shiaa al-Sudani received a phone call this afternoon, Wednesday, from the head of the political bureau of the Palestinian Hamas movement, Ismail Haniyeh.”
The Prime Minister stressed that “the decision taken by Hamas to agree to the truce is a responsible decision that stems from an appreciation of the supreme interests of the Palestinian people,” noting “Iraq’s support for this step that would stop the suffering of the Palestinian people, and it also represents a response to the efforts of the Arab brothers to end the suffering.” Palestinian people".
He stressed "the need for the international community to take a stand to stop the war in Gaza, and for the major countries to bear their responsibilities in preventing the continuation of the aggression, especially with the occupation forces insisting on storming the Rafah crossing and causing a humanitarian catastrophe, and continuing to commit heinous crimes against civilians."
For his part, Haniyeh provided “a detailed explanation regarding the Hamas movement’s decision to agree to a truce to stop the war in Gaza and respond to Arab efforts,” expressing “his thanks and appreciation for the support provided by Iraq, the government and people, whether in political positions or by sending urgent humanitarian aid.” For civilians trapped in Gaza.
Sudanese Advisor: The Iraqi Trade Bank is considered one of the state's banking arms and operates on 3 levels
The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed today, Wednesday, that the Iraqi Trade Bank, one of the state's banking arms, is carrying out its work on 3 main scopes, and revealed plans to recover troubled debts for the bank.
Saleh explained that the bank practices international banking and enhances its role in financing the government’s foreign trade, in addition to providing development loans to the private sector with the aim of stimulating investment and enhancing economic growth rates.
Saleh pointed out that the bank also works in the field of retail banking with the aim of expanding financial inclusion and providing banking services to individuals, such as opening bank accounts and granting cash credit using modern banking principles.
Saleh stressed the importance of recovering bad debts that had accumulated as a result of previous credit policies, and pointed to Prime Minister Muhammad Shiaa Al-Sudani’s keenness to develop the bank’s work during a meeting held to discuss its performance and contributions to financing and economic development.
He stated that the Prime Minister directed the need to find appropriate solutions to address these stumbles, stressing the need to recover the loaned funds in fair and flexible ways, in a way that serves the bank’s continued role in financing national investment and developing the economy.
America does not intend to leave while the government shakes hands with it economically
Former MP Fadel Al-Fatlawi said on Wednesday that America is very evasive about the exit of its forces from Iraq, despite the agreements it signed with the Iraqi government and the arms contracts for the Iraqi army, as well as the economic agreements and investments granted to Washington.
Al-Fatlawi said in a statement to the Al-Ma’louma Agency, “Al-Araqi committed America to agreements to leave the country, and the government is proceeding with these measures by forming specialized committees as part of its duties,” noting that “the American side does not intend to exit and is evading a lot in this file despite the security and economic agreements.” .
He continued, "The withdrawal of the Americans from Iraq is a public political demand that the government must implement," noting that "during the coming period, we may witness a scheduling of exit and gradual withdrawal due to pressure."
It is noteworthy that Iraq bought 41 F-16 aircraft from America, in addition to contracts to arm the Iraqi army, while security forces believe that Iraq can wave the arming card against the Americans to force them to leave.
Al-Sudani: The Palestinian issue is in the minds of Iraqis, and the crimes of the occupation are unparalleled
The Prime Minister, Mr. Muhammad Shiaa Al-Sudani, received, this Wednesday evening, the delegation of the International Academy for the Proximity of Islamic Schools of Sects.
At the beginning of the meeting, His Excellency congratulated the convening of the rapprochement conference in Iraq, stressing that the Islamic nation was plagued by the deliberate and repeated distortion of the message of Muhammad throughout history, which has appeared in different faces in our modern era, and one of these faces is terrorism.
The Prime Minister affirmed that the Iraqis fought a fateful battle in defense of land and existence, starting in 2003, with the overthrow of the dictatorial regime, through the battle of terrorism and the arrival of ISIS, and that this difficult stage united all Iraqis, especially after the blessed fatwa of His Eminence the Supreme Authority, Sayyed al-Sistani (may his soul be blessed). .
His Excellency stated that sectarian diversity reinforces cohesion within one nation, and that the diversity of these schools in jurisprudence, grammar, interpretation, and Qur’anic readings is a source of pride and a sign of historical richness, stressing that the message of rapprochement and strengthening communication is a humanitarian, Islamic, and Muhammadan message par excellence.
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Mr. Al-Sudani stressed that our nation today is being tested to its core by the sinful aggression against Gaza, which revealed the falsity of Western society and which cracked our heads with ideals and principles.
The following are the most important things mentioned in the Prime Minister’s speech:
Waves of blind terrorism targeted all components of the Iraqi people, and it has no connection to the reality of the coexisting and fraternal Iraqi people.
We provided convoys of martyrs to liberate the land, and ISIS targeted the region as part of a major project aimed at changing the features of the region, behind which there are known wills and forces.
We need to develop a generation of our youth, and all sectors of the Islamic peoples; To deal with sectarian differences as primarily schools of thought.
The sects are originally close to each other, and what unites them today is much greater than what divides them.
The barbaric aggression carried out by the occupation forces is a genocide that is unparalleled in terms of historical events and crimes committed.
Today, civilians took refuge in the last place in Rafah, and were horribly targeted.
We need unity of position, and all initiatives and condemnations are not at the level of the crime taking place in Gaza.
The Palestinian issue is fundamental to the conscience of Iraqis, and our martyrs are still in the land of Palestine.
Today, our societies are in dire need of moral fortification against the attack that exploits the presence of technology.
Union of Arab Banks: Iraq’s environment is encouraging for investment and a pivotal role for the banking sector
The Union of Arab Banks confirmed today, Wednesday, that Iraq's environment is good and encourages investment, and the country has a pivotal role in the Arab banking sector.
The Secretary-General of the Union of Arab Banks, Wissam Hassan Fattouh, said in a statement to the official agency followed by “Iraq Observer”: “The Iraqi banking sector is ancient and has a pivotal role in the region, and there are Arab investments and banks present within the Iraqi banking market.”
He added, “We were honored to meet Prime Minister Muhammad Shiaa Al-Sudani, who stressed the importance of Arab investments and Arab banks inside Iraq, and we believe that this is possible due to the good and encouraging environment that qualifies investors to enter this market and make investments.”
He pointed out that “Arab banking cooperation is important, but it is still below the level of ambition, and the Union of Arab Banks plays an effective role by giving a correct picture of banking reform and economic reform that some Arab countries, such as Lebanon and Yemen, need.”
He continued, “All Iraqi government and private banks have been members of the Union since its founding, and the sector owns 500 banks within the Arab world, 400 of which are members of the Union of Arab Banks, and some banks are not entitled to membership if the percentage of foreign investment in banks was more than the percentage of Arab investment.”
He explained, “Arab banks with full Arab capital are entitled to be members of the Union of Arab Banks, and we have members in 20 Arab countries.”
Over the past Monday and Tuesday, the conference “Challenges Facing Arab Banks in Complying with International Laws and Legislation and Meeting the Requirements of Correspondent Banks” was held in Baghdad, in the presence of a large number of Arab banking and economic officials.
The Prime Minister's financial advisor reduces the risks of the budget deficit
The financial advisor to the Prime Minister, Dr. Mazhar Muhammad Saleh, downplayed the risks and effects of the deficit on the general budget for the current year, the schedules of which will hopefully reach the House of Representatives soon for discussion, stressing that the deficit rates are still in the safe space for the national economy due to the increase in oil prices, which rose by 15 percent of the official price approved in the “tripartite” budget, indicating that this means that “automatic financing of the deficit has become achieved,” indicating at the same time that starting to export a specific type of natural gas to global markets will provide the budget with additional revenues and in a way that reduces the deficit gap. Scheme.
The Ministry of Oil announced at the end of last week that the Basra Gas Company had exported the first shipment of “semi-refrigerated” propane gas, in a quantity amounting to more than 10,700 tons, indicating that it “is considered one of the large shipments that are marketed and loaded on the back of specialized tankers,” while specialists believe that these The step is very important and will maximize the country's revenues, in addition to its necessity in meeting internal needs.
Earlier, the Parliamentary Finance Committee, while hosting Deputy Prime Minister and Minister of Planning, Muhammad Tamim, revealed that the total budget for the current year 2024, indicating that it will amount to about 228 trillion dinars, while Tamim indicated that “the government committee responsible for reviewing and auditing that The tables work to reduce the deficit of 80 trillion dinars “because it is considered a large deficit.” Despite the high estimated figure for the deficit in the current year’s budget, Counselor Saleh believes, during an interview with “Al-Sabah” followed by “Al-Iqtisad News,” that “Iraq’s federal budgets are.” Over the past two decades, it has been built on a hypothetical, precautionary deficit to confront the fluctuations of the oil market, as the value of the planned or hypothetical deficit is mostly similar to the allocations of investment expenditures, because operational expenditures have a ruling character, in which salaries, wages, pensions, and social care constitute approximately 75 percent of operating expenditure, indicating that expenditure “The operational deficit itself also touches 75 percent of the total expenditure.”
Based on the above, Saleh pointed out that “financing the actual deficit in the annual budgets at levels exceeding the accepted standard deficit ratio of 3 percent of the country’s gross domestic product came in exceptional years during which there were sharp declines.” In oil prices, which was directly reflected in budget revenues, 92 percent of which still depend on revenues from exports of crude oil. According to the government advisor, “the two periods in which the actual deficit increased the most (the day in which internal and external borrowings exceeded the accepted standard rate of 3 percent of GDP) were during the dual (financial and security) crisis between the years 2014-2017 due to fighting the terrorist ISIS and liberating our country.” From his desecration, as well as in the year 2020 during the financial crisis during the Corona period.
The Prime Minister’s advisor believes that the oil market prices, which are still rising today at rates exceeding the price of a barrel of oil approved in the Federal (Tripartite) General Budget Law No. 13 of 2023, amounting to $70 per barrel of exported crude oil, is a positive indicator that confirms the increase in oil prices above the number. The budget rate is 15 percent, which means that automatic financing of the deficit has been achieved.
Counselor Saleh also confirms that “the added export capabilities in the oil sector today, especially by exporting a specific type of natural gas to global markets, must provide the budget with additional revenues in a way that inevitably reduces the planned deficit gap,” indicating at the same time that if There were no commitments of development loans provided by various European and international funds and banks that were not withdrawn and were being withdrawn for the purposes of ongoing or new investment projects for the purposes of meeting investment expenditures, in addition to some internal borrowings. They certainly did not exceed the standard acceptable percentage for borrowing of 3 percent of the gross domestic product or even close. Therefore, in this case, it does not mean that the budget is in a state of worrying deficit as long as the financing comes within the safe borrowing range of carrying the debt capacity of 3 percent.
Sudanese announces the signing of an agreement with Japan to finance small and medium enterprises in Iraq
Sudanese announces the signing of an agreement with Japan to finance small and medium enterprises in Iraq
This morning, Al-Sudani launched work on the Al-Ittihad Mills Project, in the city of Al-Madhatiya in Babil Governorate, one of the private sector projects, to produce zero-grade flour locally, with a production capacity of one million tons.
He also opened the sugar factory expansion project at Al-Ittihad Company, after adding new production lines for sugar production, raising the factory’s production capacity from (4,200) tons per day to (6,000) tons per day.
He also opened a vegetable oil extraction plant, a plant feed production plant, and a premix plant in the company.
Al-Sudani pointed out, in his speech, that this development is a success story in the private sector, stressing the unlimited support from the government. For the sake of more job opportunities, as it currently accommodates approximately 4,000 opportunities within the company’s activities, in addition to increasing production and providing its surplus in the future for export outside Iraq.
He called on businessmen and private sector companies to take advantage of the investment opportunities offered and the sovereign guarantees provided by the state through the three-year budget law.
Al-Ittihad Food Industries Company Limited in Babil Governorate is one of the largest industrial companies in Iraq, and includes six factories: Sugar refining plant, vegetable oil refining plant, vegetable feed production plant, soybean meal extraction plant, premix production plant, and yellow corn crushing and drying plant.
Trade Bank of Iraq joins MyAccount project
The Ministry of Finance and Economy announced on Wednesday, that the Trade Bank of Iraq (TBI) declared its participation in the MyAccount project.
According to the instructions of Prime Minister Masrour Barzani, representatives of the Kurdistan Regional Government (KRG) and the MyAccount project team held several meetings this week with representatives from TBI.
At the meeting, both sides discussed the mechanisms and requirements for opening accounts, the process of issuing cards, and the deployment of ATMs throughout the region.
The Ministry of Finance and Economy welcomes this partnership and says it will bring great benefits to the people of the Kurdistan Region.
The total number of civil servants registered for the MyAccount project has reached more than 300,000 so far.
The government’s Department of Information Technology (DIT) designed, tested, piloted, and implemented a secure application for onboarding KRG civil servants into the program in line with the Central Bank of Iraq’s Know-Your-Customer (KYC) needs, according to a press release previously shared with Kurdistan24.
Four private banks have so far taken part in the project, including Ashur, BBAC, Cihan, and RT Bank.
MyAccount project is the KRG's financial inclusion program which aims to "provide public sector beneficiaries with a safe and convenient way to access their salaries."
A delegation from Baghdad visits Iran to facilitate the process of exporting agricultural crops to Iraq
The head of the Agricultural Jihad Foundation in Gharbia Governorate, Khosrow Shahbazi, stated that an Iraqi trade delegation is visiting the governorate with the aim of facilitating exports of Iranian agricultural crops to Iraq.
On Thursday, the official Iranian IRNA news agency quoted Shahbazi as saying on the sidelines of the Iraqi delegation’s visit that “Iraq’s geographic proximity to West Azerbaijan Province paves the way for good trade communication between the two countries.”
He explained that the governorate is the largest producer of apples in the country and produces 1.5 million tons of this fruit, more than 700 thousand tons of which are exported to the targeted countries.
Shahbazi added that the Iraqi commercial and administrative delegation is visiting West Azerbaijan Governorate on Wednesday and Thursday to study how to export apples and other agricultural products to Iraq.
Al-Sudani confirms the unlimited support from the government to develop the success story in the private sector
Fierce competition in the Iraqi banking sector.. National banks are searching for survival
National banks in Iraq have a vital role in promoting economic stability and strengthening the local currency, and the government and financial institutions should support them effectively instead of relying heavily on foreign banks. National banks play an important role in currency auctions and financial transfers, and it is important to strengthen their role to ensure the stability of the national currency and prevent dollar leakage.
In this context, it is necessary to deal with currency auctions with national professionalism, as national banks can play a structural and effective role in strengthening the local currency and supporting the national economy.
Economic analysts say that the role of foreign and Arab banks in the financial market cannot be ignored, but attention and support should be directed primarily towards national banks to enhance confidence in the local currency and achieve economic stability.
The government must also take effective measures to support national banks and prevent them from being targeted, as targeting 26 banks is considered a direct targeting of the backbone of the national economy and could negatively affect the country’s financial and economic stability.
The Iraqi banking sector is witnessing a fierce battle between local, Arab and foreign banks to attract customers and provide the best services. This competition becomes more intense as each party seeks to capture a larger share of the market.
Iraqi banks have extensive knowledge of the market and customer needs, and have a wide branch network, but they suffer from a lack of capital, bureaucracy, and insecurity in some areas, according to analyses, while Arab banks have strong capital, extensive international experience, and advanced technology, but they lack knowledge of the local market.
Foreign banks enjoy the same advantages as Arab banks, but face additional challenges in terms of the unstable political environment.
Competition is expected to continue to become intense in the coming years, with more new banks entering the market. The success of any bank will depend on its ability to meet customer needs and provide innovative services at competitive prices.
Political analyst Fadel Ayou Ragheef says that the TBI Bank is the most qualified bank for the currency auction and financial transfers than some of the banks that monopolize the currency auction, and the nation’s professionalism must be taken into account regarding the currency auction. As a result, the TBI Bank must take on its structural and effective role, as should our national banks. Which is considered an economic tributary to the Central Bank of Iraq, so it is not reasonable to prefer foreign and Arab banks alike to our operating national banks, while remaining silent about targeting 26 banks is considered targeting the backbone of the national economy.
Government Advisor: The Securities Commission represents the governance base for promoting financial market reform
Today, Thursday, Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, summarized the importance of the Securities Commission and its tasks, while noting that the Commission represents the governance base in promoting financial market reform, and is responsible for supervising the correct rules in the Iraqi market.
Saleh said, in his speech during the twentieth anniversary of the founding of the Securities Commission, under the slogan (The Importance of the Financial Services Sector in Supporting the Iraqi Economy) and attended by the correspondent of the Iraqi News Agency (INA): “In the name of Prime Minister Muhammad Shiaa al-Sudani, we present to the Securities Commission its president and staff. Warmest congratulations on the occasion of the twentieth anniversary of the founding of this important financial regulatory institution that assumed the duties of regulating the Iraqi securities market, which is the basic guarantee for high, stable, organized and growing financial markets through the implementation of regulations designed to protect the rights of users and maintain the integrity of the financial market.
He added, "The Securities Commission, with its regulatory, supervisory, and auditing apparatus, constitutes the central body responsible for supervising the correct rules, monitoring irregular activities, and investigating market violations."
He continued: “The Securities Commission also represents the governance base in promoting transparency and reform in the work of the financial market, and the important role of the Securities Commission is evident in regulating broker-dealers and other market participants by supervising the depository center and updating the data of persons associated with brokerage companies.”
He added: “There is no secret of the important role played by the Securities Commission in coordination with international securities organizations and bodies, especially in adopting standards in the field of strengthening the efficiency of financial markets and communicating with international organizations related to financial markets, which has strengthened the role of the Securities Commission and the Iraqi Stock Exchange.” Finance in preparing Iraq for the World Trade Organization, which is the international organization that essentially emerged from the system of financial globalization, as the trade in financial services became an integral part of global trade
JP Morgan forecasts an increase in the oil capacity of Iraq and other countries in 2025
JP Morgan believes that there are three main countries in the oil alliance that deserve to upgrade their supplies for the year 2025.
Natasha Caneva, an analyst at JP Morgan, said in a recent report that the United Arab Emirates, Kazakhstan and Iraq intend to increase their total capacity by more than 300,000 barrels per day starting next year, but the planned expansions may represent risks to the cohesion of the alliance and oil prices in general. .
Caneva said: “The main issue for OPEC lies in 2025. Even if the alliance keeps supply restrictions as they are this year, it “does not address the imbalances in 2025.”
The price of Brent crude is expected to remain in the range of $75-90 per barrel in most scenarios, with average prices reaching $82 per barrel in 2025, according to Goldman Sachs.
Al-Sheikhly confirms the government’s endeavor to put the economy on the right track
Economist Abdul Rahman Al-Sheikhli confirmed: “Today, if the banking institution in a country is reformed, the rest of its economic activity will be reformed, and the risks to which it may be exposed will be avoided.”
Al-Sheikhli told the Iraq Observer Agency: The world today has become a large village, and Iraq is a part of it, and what applies to everyone applies to Iraq, and the challenges that the world is going through, international organizations have established fixed work rules and unified standards and controls, and deviating from them carries consequences for the perpetrator. Negative, as happened to some Iraqi banks that were prohibited from dealing in the international currency, which is the US dollar.
He continued: “Today, after adhering to those standards and proving their commitment to those controls, especially in the issues of money laundering and drying up the sources of terrorist financing, it has become obligatory for those who imposed these restrictions, and here I mean (the Treasury and the US Federal Reserve), to allow those banks to return to normal practice of their proper activities, especially since the accreditation After the end of 2024, the Central Bank’s window for selling currency and its platform for foreign transfers will end, and the alternative will be direct dealing between Iraqi banks and their correspondents from reputable international banks. This is the natural context of real banking work, which will harness all its capabilities to overcome any obstacle that prevents the flow of global trade. With all ease, which blocks the way for those who prey on turbid waters and prevents the diversion of Iraqi funds to those who do not deserve them.”
He referred to the Prime Minister’s speech with the delegation of the Union of Arab Banks gathered in Baghdad for their general conference on the 6th and 7th of this May, confirming the government’s serious endeavor to twin monetary policy with economic policy and put it on the path in the right direction to remove the obstacles that were hindering the activities of our banking institutions.
Parliament comments on Sudanese plan to restructure the government apparatus: It needs radical reform
Today, Thursday (May 9, 2024), Representative Mortada Al-Saadi revealed the contents of Prime Minister Muhammad Shiaa Al-Sudani’s plan to restructure the government apparatus.
Al-Saadi said in an interview with “Baghdad Today” that “restructuring the government apparatus, especially in its administrative, financial and economic aspects, is on the table,” stressing that it “needs radical reform in light of the presence of slackness and weakness in some administrative aspects, not to mention the large numbers of employees in some institutions to the point of The inability to provide seats for them has become a part of the situation.”
Al-Saadi added, “A higher committee was formed, headed by Prime Minister Muhammad Shiaa Al-Sudani, to restructure the government apparatus,” asking, “But according to what dimensions and what are the first steps and their standards?” Pointing out that “the road map for work has not been presented yet, but in return, it remains Any measures that help revitalize the government sector and address sagging are a step in the right direction.”
He pointed out that "state institutions have competencies capable of developing a comprehensive strategy to restructure the government apparatus," stressing that "if foreign companies are used, there must be justifications in addition to explaining the content of their work, but the most important thing is that the steps be effective."
The economic expert, Mustafa Akram Hantoush, pointed out that the statistics on the number of employees in Iraq are inaccurate, but the advertiser confirms the presence of approximately 2.5 million employees in the civilian public sector, in addition to 1.75 million employees in the security services, which include the Ministries of Defense, Interior, Counter-Terrorism, and Intelligence. And others, and therefore there are approximately 4.5 million government employees in Iraq.
Hantoush confirms in a press statement, “There are about 3.5 million Iraqis who receive pension salaries from the state, and these are outside the 37% of the total declared workforce, taking into account that part of the budget goes to the retirement fund because many retirees do not have retirement savings.” In the pension fund that was rebuilt in 2008.
He continues that approximately 1.5 million Iraqis receive salaries under what is known as social welfare (monthly salaries granted by the Ministry of Labor to poor families), and therefore the total number of Iraqis who receive monthly salaries from the state is estimated at 9.5 million Iraqis who depend for their livelihood directly on the state (employees And retirees and people on social welfare), which may constitute 23% of the population of Iraq, whose population is estimated by the Ministry of Planning at about 42 million people.
For his part, a member of the Parliamentary Finance Committee revealed the shocking productivity of government employees in the public sector.
Jamal Cougar said, in a statement to the official newspaper, followed by (Baghdad Today), that: “Employee productivity does not exceed ten minutes in all state institutions, and even merging the ministries does not solve the problem because it is not the basic node.”
Koger called on Prime Minister Muhammad Shiaa Al-Sudani to "urge his ministers to develop a program on how to transform ministries from consumers to producers, so that the budget does not become merely sums for ministerial projects with which to purchase property."
He added, "The Prime Minister must invest this year's budget to be a real development budget, and we must transform the ministries from consumption to production, in order to raise employee productivity," indicating that "flabbiness and functional paralysis exist from the highest level to the lowest."
Koger pointed out, “There are many solutions, including partnership between the public and private sectors, or going towards a private sector government, meaning the ministry remains to manage the file and not to move all the issues.”
It is noteworthy that during the past two decades, successive governments postponed looking at the problems of human development in the private sector, and resorted to an employment movement in the public sector, so that the government job became “the dream and goal of the young man.” These problems accumulated and combined until they became a heavy burden on successive budgets, no matter how investment-explosive they were.
Chairman of the Securities Commission: 3 million shares, average daily trading volume
The Chairman of the Securities Commission, Faisal Al-Haims, announced today, Thursday, the development of a systematic plan to present comprehensive government reform to the Iraqi financial market. While he confirmed that the stock market is witnessing unprecedented financial activity during the current government, he indicated that the average daily trading movement in the market reached 3 million. Arrow.
Al-Haims said, in his speech during the twentieth anniversary of the founding of the Securities Commission, under the slogan (The Importance of the Financial Services Sector in Supporting the Iraqi Economy) and attended by “Al-Iqtisad News”: “Over the past twenty years, the Commission has witnessed continuous efforts to regulate and develop the financial market, and has experienced serious challenges.” Because of the circumstances that our country went through, it was able to overcome them and draw up a regulatory framework to keep pace with the developments taking place in the regional and global markets.”
Al-Humais added: “Since we took over the authority’s management, we have developed a systematic plan to present comprehensive government reform to the Iraqi financial market in accordance with the changes in the government curriculum of Prime Minister Muhammad Shia’ al-Sudani, and within months we have reaped the fruits of these steps, as the stock market is witnessing unprecedented financial activity in terms of stock exchange and high transparency.” In buying and selling operations and ensuring the rights of investors.
He continued: “The average daily trading volume is about three million shares, a number not previously recorded,” adding: “We are proud to continue to enhance confidence in the Iraqi stock market and achieve sustainable progress.”
International Development Bank opens new branch in Erbil, expanding reach in Iraqi Kurdistan
The International Development Bank (IDB) on Tuesday inaugurated its new branch in Erbil, the capital of the Kurdistan Region of Iraq, marking its 27th branch across the country.
"The opening of our new branch in Erbil reflects our commitment to providing innovative and advanced financial services that meet the needs of our customers," said Saad Faik, the bank's managing director, in his speech at the opening ceremony. "This opening is part of our strategy to strengthen our presence in vital areas and support economic development in Iraq."
Faik praised the "pivotal role played by the Central Bank of Iraq in supporting the bank's efforts, enabling it to provide advanced financial solutions and enhance trust between the bank and its customers."
For his part, Wassim al-Amiri, Director of Marketing, Sales and Product Development, said that this opening confirms the International Development Bank's commitment to continuing innovation and development in the financial services sector.
The International Development Bank has the largest ATM network in Iraq with 400 ATMs and 5000 direct points of sale (POS) in all Iraqi provinces and 7000 POC outlets.
The bank's management says that the bank today has a wide network of correspondent banks around the world in more than 20 countries, which supports trade finance operations and foreign remittances for the bank's customers.
A delegation from the Kurdistan Regional Government will visit Baghdad soon to resolve outstanding technical issues
The Minister of Endowments and Religious Affairs in the Kurdistan Region, Pashtwan Sadiq, confirmed on Thursday the continuation of dialogues between the regional government and the federal government to resolve the differences and outstanding issues between the two sides.
Sadiq said in a press conference held today in Erbil, "We will continue dialogues with the federal government, and we are confident that we will be able to solve the issue of salaries and other problems on the basis of the Iraqi constitution."
He added, "In the coming days, a delegation from the Kurdistan Regional Government will go to Baghdad regarding technical issues."
Sudanese launches a package of new service projects in Babylon worth more than one trillion dinars
The Prime Minister, Mr. Muhammad Shiaa Al-Sudani, announced the launch of a package of new service projects in Babil Governorate, worth (1,276,740,000,000) dinars, during his visit to the governorate today, Thursday.
His media office stated in a statement received by Al-Rabaa that “the service projects include integrated projects for sewage, sewage and rainwater in (Al-Qasim, Al-Hashimiya and Al-Madhatiya districts), with a total amount of (364,500,000,000) dinars, and an integrated project for sewage, sewage and rainwater networks to spend Al-Kifl in the amount of (364,500,000,000) dinars.” 134.2 billion dinars.
The projects also included, according to the statement, “a link road with the highway (Basra - Baghdad), through the Imam-Anana district - to Ibrahimiyya in the Hindiyah district, at a cost of 320 billion dinars, management and operation of Imam al-Sadiq Hospital (peace be upon him), by a specialized foreign company for the amount of 60 billion dinars.” One million dollars, in addition to referring the large Hilla sewage project/second phase to implementation at a cost of 287 million dollars.”
The Association of Private Banks counts the percentage of shares traded on the stock market during a month
The representative of the Iraqi Banks Association, Ali Tariq, confirmed today, Thursday, that the Iraqi stock market relies heavily on the banking sector, while he counted the value of banking shares traded during the month of last April.
Tariq said, during a dialogue session, on the twentieth anniversary of the founding of the Securities Commission, under the slogan (The Importance of the Financial Services Sector in Supporting the Iraqi Economy) and attended by the “Al-Iqtisad News” correspondent, that “the profitability of private sector companies is the first motivator for every investor, and the strength of the market and the growing movement Trading comes from companies' profitability and revenues."
He added, "The market relies heavily on the banking sector, which traded during last April 17.6 billion shares out of 21.6 billion shares in the entire market, which constitutes 81% of the total trading in the month."
He explained that "the banking sector is considered the most important in the stock market," pointing out that "the citizen is able to use the mobile phone to trade and view stock prices, and the need to focus on reaching the citizen at his home and workplace."
Tariq stated, “All private banks are listed in the Iraq Stock Exchange according to the instructions of the Central Bank of Iraq,” stressing that “preventing some banks from dealing in dollars directly affected the market and the prices of their contributions in the market.”
Iran warns America of dire consequences if it allows Netanyahu to commit new crimes in Rafah
Iranian Foreign Minister Hossein Amir Abdollahian confirmed today, Thursday (May 9, 2024), that the White House must choose between showing the will to stop the war in the Gaza Strip or bringing the region into a new level of tension.
Abdullahian explained, during his call with Antonio Guterres, that “the Zionist entity seeks to thwart efforts to stop the war by closing the Rafah and Kerem Shalom crossings,” warning of dire consequences if Washington allows Netanyahu to commit new crimes in Rafah.
He added, "The repercussions will be harsh on supporters of the Gaza war if Washington does not pressure Netanyahu to accept a ceasefire," according to the Iranian "Tasnim" agency.
For his part, Guterres appreciated Iran's actions and wise positions in order to achieve security and peace in the region, stressing that the United Nations will continue to put pressure on Israel and consult with the United States and other countries to cease fire in Gaza and open the Rafah crossing.
Last Tuesday, the Israeli army announced complete control over the Palestinian side of the Rafah crossing, stressing that its forces are “conducting extensive combing operations in the area.”
The Israeli army said, in a statement, that it “killed 20 militants and found 3 tunnels during the operation to control the Palestinian side of the Rafah crossing,” stressing that “the Kerem Shalom crossing is closed and will reopen when security conditions permit.”
Last Monday, the Israeli army announced that it was attacking targets belonging to the Hamas movement east of the Palestinian Authority, Rafah, after the “War Council unanimously decided to continue the military escalation in Rafah, to put pressure on Hamas.”
The Hamas movement announced last Monday evening that “Ismail Haniyeh, head of the movement’s political bureau, informed the Qatari Prime Minister (Mohammed bin Abdul Rahman bin Jassim Al Thani) and the Director of General Intelligence in Egypt (Abbas Kamel) of Hamas’ approval of the proposed ceasefire agreement.” fire".
On October 7, 2023, the Hamas movement announced the start of Operation “Al-Aqsa Flood,” in which it fired thousands of rockets from Gaza at Israel, and stormed Israeli towns adjacent to the Strip, causing the death of about 1,200 Israelis, in addition to the capture of about 250 others.
Israel responded by officially declaring war on the Gaza Strip, beginning with devastating bombing and then ground military operations inside the Strip.
Iran: We will continue to export gas to Iraq for another 5 years
The CEO of the National Iranian Gas Company, Majid Jaghni, said today, Thursday (May 9, 2024), that the gas contract with Iraq will expire at the end of next June, which has been extended for 5 years.
Jaghni explained in a press conference on the sidelines of the second day of the Oil, Gas, Refining and Petrochemicals Exhibition: The amount of gas delivered in 2023 increased by 1.4 percent compared to the previous year.
He continued: We also have an 11% increase in gas delivered to industries, and gas delivered to major industries increased by 6%, noting, “The plans and projects that we witnessed in 2023 are worth 224 million euros.”
According to Jaghni, who is responsible for issuing licenses for mini-liquefied natural gas units, this contract was signed with a steel company and there are other companies applying as well.
He referred to the formulation of the Iranian government's seventh development plan, and said, "In this planned plan, we need to invest $42 billion, of which $20 billion will be provided through domestic and foreign investment."
According to the CEO of the National Iranian Gas Company, the gas contract with Iraq expires at the end of next June, which has been extended for 5 years.
Parliamentary Finance Shafaq News informs us of the reasons for the government not voting on the budget schedules
The Parliamentary Finance Committee revealed, on Thursday, the reasons for the government not voting on the 2024 budget schedules and sending them to the House of Representatives.
Committee member Muhammad Nouri told Shafaq News Agency, “The budget law schedules were supposed to be presented in the previous session of the Council of Ministers, but they were postponed due to the increase in government spending, the large deficit within the budget, and the government’s overrun of the original 2023 budget.”
He explained, "The government is currently looking to reduce unnecessary expenditures by making financial transfers and expanding non-oil financial revenues, in addition to that the government is also working to reduce the percentage of the deficit in the general budget for the year 2024, which exceeded more than 80 trillion dinars."
Nouri expected that “the budget law schedules will be presented in the next session of the Council of Ministers and we are awaiting their approval and sending them to the House of Representatives.”
Earlier, Acting Speaker of the House of Representatives, Mohsen Al-Mandalawi, agreed 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 their sending 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.
The European Union and Iraq agree to increase cooperation between them
The European Union Ambassador to Iraq, Thomas Seiler, revealed that he agreed a few days ago with the Iraqi Prime Minister, Muhammad Shiaa Al-Sudani, to increase and intensify cooperation.
Siler said on the “X” platform (formerly Twitter), on Thursday, on the occasion of European Integration Day, that the European Union is working with Iraq within a democratic framework that guarantees equal opportunities for all.
He added that this comes within the framework of private sector development, job creation, social protection and education, and combating corruption.
Siler stressed Iraq's support in the civilian security sector with the police and judiciary, as well as work in the fields of human rights and civil society, noting that all of this is for the benefit of the Iraqis without ignoring their customs and traditions.
The European Union ambassador to Iraq noted that "three days ago he agreed with the Sudanese to increase and intensify cooperation."
Iraq has previously expressed its need for the support of the European Union, in order to carry out political reforms and economic rehabilitation, while the European Union expressed its readiness to cooperate with the Iraqi government to strengthen the banking sector in the country.
The House of Representatives adjourns its session
The Council’s Media Department said in a statement received by {Al-Furat News} that “Acting Speaker of the House of Representatives Mohsen al-Mandalawi directed during the session to form a parliamentary committee to follow up and investigate the facts of the fire incident in the city of Erbil, and the Council voted during the session on the draft law on the Iraqi National Security Service as well as on the draft amendment law.” Ninth Law of the Ministry of Higher Education and Scientific Research No. 40 of 1988.
He added, "The Council also completed the first reading of the draft law on official holidays, and the first reading of the law on the second amendment to the Independent High Electoral Commission Law No. (31) of 2019."
He continued, "During the session, the Council completed the report and discussion of the draft law to return real estate to its owners, which is covered by some decisions of the (defunct) Revolutionary Command Council."
the official Recess announcement
The Iraqi Parliament enters its legislative recess and requires holding an “extraordinary” session on two matters
A member of the Iraqi Parliament announced, on Thursday, that the House of Representatives will enter its legislative recess, starting tomorrow, Friday.
Member of the Parliamentary Legal Committee, Raed Al-Maliki, told Shafaq News Agency, “Today, Thursday, the House of Representatives ended the first legislative term of the third legislative year, and starting tomorrow, Friday, the House will enjoy the legislative recess until next June.”
He explained, "The second legislative term will begin next June 9, and therefore the House of Representatives will enjoy the legislative recess for only one month."
He pointed out, "If the position of Speaker of the House of Representatives is agreed upon or the budget tables are sent to the House, Parliament will hold an extraordinary or emergency session to discuss any important event during the legislative recess."
The Shiite coordinating framework announced, after a meeting in Maliki’s office on Monday, its intention to hold a session dedicated to choosing a speaker for Parliament after the expiry of a deadline it set (one week), at a time when three Sunni alliances announced their support for the framework’s position.
Then later....
The House of Representatives decides to extend its first legislative term by 30 days
The Presidency of Parliament decided, today, Thursday, to extend the first legislative term of the House of Representatives by 30 days.
The Parliament’s Media Department stated in a statement received by the Iraqi News Agency (INA), that “based on Article 58 of the Constitution, the Presidency of the House of Representatives decided to extend the first legislative term, for the third legislative year, in the fifth electoral cycle,
for a period of thirty days.
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