Parliamentary Finance fails to pass the budget schedules due to (a political decision)
The Parliamentary Finance Committee failed, today, Sunday, to vote on the budget tables in preparation for presenting them in the House of Representatives session scheduled for tomorrow, Monday.
The Video for this blogpost is below here:
Committee member Mustafa Al-Karaawi said, in a statement followed by Mawazine News, that “the Finance Committee met today, with all its members, in order to vote as a final decision on amending the budget schedules, or passing them as they are, but in the last moments of the meeting the political decision came to postpone the vote until further notice.” Then the meeting ended without a decision being reached within the committee.”
Al-Karaawi added, “During the meeting, representatives presented a number of opinions about the importance of supporting sectors that suffer from lack of allocations, such as the service sectors, water resources, and agriculture, as they are in direct contact with the citizen.”
He pointed out that "political agreements have hindered the budget schedules until now," indicating that "the failure to resolve the budget schedules file by the Finance Committee means that the fate of the session for voting on these schedules in Parliament" will be unknown."
The Parliamentary Finance Committee was held earlier From today, Sunday, a new meeting will be held regarding the budget in order to vote on the schedules.
Big screens out so they can see the soccer/futbol game
OPEC Plus agrees to extend the oil production cut until the end of 2025
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The OPEC countries announced, on Sunday, that the “OPEC Plus” alliance agreed to extend the reduction in oil production for the coalition countries from the beginning of 2025 until the end, by extending the level of total production during that period, according to what the Saudi Press Agency “SPA” reported. .
This came after the thirty-seventh ministerial meeting of OPEC member states and non-OPEC participating countries was held on Sunday.
The total voluntary reductions adopted by some member states amount to 2.2 million barrels per day, while the total reductions by members of the “OPEC Plus” coalition amount to 5.86 million barrels per day, which has been extended until the end of next year, according to the Emirati news agency, WAM.
OPEC said in its statement, “In light of the continued commitment by the OPEC member states and non-OPEC producing countries, participating in the Declaration of Cooperation, to maintain the stability of oil markets, provide transparency, and guide markets in the long term, and based on the precautionary approach.” And the proactive and preventive approach adopted by the member states of OPEC and the producing countries outside it, participating in the Declaration of Cooperation, the participating countries decided the following:
First: “Reaffirming the framework of the Declaration of Cooperation, which was signed on December 10, 2016, which was confirmed in subsequent meetings, and also reaffirming the Cooperation Charter signed on July 2, 2019 AD,” according to SPA.
Second: “Extending the level of total production of crude oil to OPEC member states and countries outside it, participating in the Declaration of Cooperation, according to the attached schedule, as of January 1, 2025 AD, until December 31, 2025 AD.” “.
The table attached to OPEC’s statement on its website showed that the total production of the “OPEC Plus” alliance amounts to 39 million and 725 barrels per day.
Third: “Extending the period of the evaluation, conducted by the three independent sources, until the end of November 2025, and using this evaluation as guidance in determining production levels for the year 2026,” according to SPA.
Fourth: “Reaffirming the powers granted to the Joint Ministerial Committee for Production Monitoring, to conduct an accurate assessment of global oil markets, production levels, and the level of commitment to the Declaration of Cooperation, with the support of the Joint Technical Committee and the General Secretariat of OPEC, noting that the meetings of the Joint Ministerial Committee for Production Monitoring will be held every Two months,” according to the agency.
The OPEC statement added that “a ministerial meeting of OPEC member states and participation from outside it will be held every six months, in accordance with the regular OPEC conference schedule,” according to the statement published by SPA.
The statement added that “the Joint Ministerial Committee for Production Monitoring will be given the authority to hold additional meetings, or to call for a ministerial meeting for OPEC member states and participation from outside it, at any time, to deal with market developments, whenever it deems this necessary.”
The countries of the group stressed “reaffirming that compliance with the Declaration of Cooperation will be evaluated according to the level of production, using the average of the seven additional approved sources, and based on the methodology applied to the member states of the Organization of Petroleum Exporting Countries (OPEC),” according to the “SPA” agency, with “emphasis on “It is of utmost importance to achieve full compliance and compensation mechanism.”
He confirmed the OPEC statement, saying that “the thirty-eighth ministerial meeting of OPEC member states and participation from outside it will be held on December 1, 2024.”
Distributing electronic copies of the budget schedules to representatives and Finance to finalize them
The source told Al-Furat News Agency, “Tomorrow, the budget schedules will be presented in the session.”
While member of the Parliamentary Finance Committee, Haitham Al-Zahwan, confirmed to Al-Furat News, “The committee is putting the final touches on the budget schedules, and most likely they will be ready tomorrow.”
He stressed that "the tables are completely devoid of appointments and devoid of all assignments in this aspect."
The House of Representatives is scheduled to hold a session tomorrow, Monday, devoted to voting on the budget schedules.
The Parliamentary Finance Committee announced its readiness to present the budget schedules in tomorrow’s session.
Declaration of function
- The applicant must be of Iraqi citizenship.
- The applicant must not have been convicted of a crime against honor or trust.
- The applicant must have completed eighteen years of age and not exceed twenty-five years of age.
- He must have a certificate (preparatory/intermediate). The application will be ignored if it is proven that the applicant holds a certificate higher than the position for which he is applying.
- Submission will be from Sunday, 6/2/2024, until the end of official working hours on Thursday, 6/6/2024.
- It is preferable to use the chrome browser when submitting the form.
- The applicant for the job will be ignored in the following cases :
- Applying for a job outside his governorate .
- The application will be ignored if submitted twice by the same person for any reason.
- The application will be ignored if there is a difference between the information entered and the information of the attached documents.
- Applications that do not meet the conditions listed above will be ignored.
Al-Sudani: Iraq has a real opportunity to possess an advanced and economically successful industry
Prime Minister Muhammad Shiaa Al-Sudani confirmed today, Sunday, that Iraq has a real opportunity to possess an advanced and economically successful industry, while he directed the preparation of an integrated package to raise the efficiency of the Industrial Bank and create simplified mechanisms for borrowing operations and conditions.
Central Bank of Iraq strategy: A strong boost to the private sector and labor market
The Central Bank of Iraq’s bank lending strategy 2024-2029 is an important step towards developing the private sector and stimulating the national labor market. This strategy aims to increase the credit granted to the private sector and small and medium enterprises, which will contribute to financing new projects in various sectors.
Strategy objectives:
- Increasing credit granted to the private sector: The strategy aims to increase credit granted to the private sector by 4% of non-oil GDP by 2029, equivalent to 7 trillion Iraqi dinars.
- Supporting small and medium enterprises: The strategy aims to increase the credit granted to small and medium enterprises by 3% of non-oil GDP by 2029, equivalent to 5 trillion Iraqi dinars, which will contribute to financing approximately 100,000 projects.
- Improving the business environment: The strategy aims to improve the business environment and attract more local and foreign investors.
- Unifying private sector development efforts: The strategy aims to unify private sector development efforts and coordinate them among concerned parties.
The importance of the strategy:
- Creating job opportunities: The strategy contributes to creating new job opportunities for Iraqi youth.
- Developing the productive and service sectors: The strategy contributes to the development of the productive and service sectors in Iraq.
- Stimulating economic growth: The strategy contributes to stimulating economic growth and enhancing financial stability.
Everyone's responsibility:
Financial experts and specialists stress the importance of the combined efforts of all stakeholders for the success of this strategy. The government, banks, investors, and Iraqi youth must work together to achieve the goals of this strategy and create a better future for Iraq.
Investor confidence shaken: experts warn of attacks on foreign companies in Iraq
Western brands have been globally hit by boycotts and other forms of protest by a largely spontaneous, grassroots campaign over Israel's military offensive in the Gaza Strip that killed more than 36,500 Palestinians, injured about 80,000 others, and caused a humanitarian crisis.
In Iraq, the recent wave of attacks on foreign companies has impacted investor confidence, with strategic experts warning of the broader implications for the country's economy and international relations.
Attacks in Iraq
Earlier this week, Liz Jolie House on Palestine Street and two KFC franchises, one also on Palestine Street and another in the Karrada district, caused damage but no injuries.
The first attack took place when two men on a motorcycle threw a makeshift bomb at a branch of the KFC restaurant in eastern Baghdad's Palestine Street, causing minor damage, police sources said.
On Monday, another KFC Baghdad branch and Liz Jolie House were attacked by a group of masked men who broke into the restaurants and used sticks to smash glass and destroy furniture.
They fled before the arrival of security forces, police sources said.
No group claimed responsibility for the attacks.
Days after, a branch of the American company Caterpillar in Al-Jadiriya neighborhood and the British Cambridge Institute in Palestine Street were both hit with sound grenades at around 1:30 am local time today.
No casualties were reported.
None of the companies commented on the incidents.
Initial investigations showed that the restaurants were targeted over the perceived support of U.S.-based brands for Israel amid the war in the Gaza Strip, police sources said; however, no group claimed responsibility for the attacks.
Iraqi Authorities Reactions
Iraqi Minister of Interior Abdul Amir al-Shammari visited the blast sites on Monday alongside the Baghdad Operations Commander, the Undersecretary of Police Affairs, and other high-ranking officials.
According to an official statement by the ministry, he oversaw the reopening of the restaurants and emphasized the importance of restoring public trust.
The statement said the authorities apprehended a number of suspects in connection with the attacks. "Security forces are reportedly conducting ongoing search and investigation operations based on intelligence, aiming to apprehend the remaining perpetrators."
Minister al-Shammari also ordered disciplinary actions. A brigade commander deemed negligent in his duties was dismissed from his post, detained, and placed under investigation. Additionally, troops serving in the targeted areas, including emergency response units and federal police, were suspended for a month.
After the second series of attacks, al-Shammari dismissed a senior security commander.
A security source told Shafaq News Agency that "the Interior Minister has dismissed the commander of the First Division of the Federal Police and appointed Major General Ahmed Ghader Madi as his replacement."
Iraqi Interior Minister Abdul Amir al-Shammari ordered a swift shakeup within security forces.
According to an official statement by the ministry, al-Shammari oversaw the reopening of the restaurants and emphasized the importance of restoring public trust.
The statement said the authorities apprehended a number of suspects in connection with the attacks. "Security forces are reportedly conducting ongoing search and investigation operations based on intelligence, aiming to apprehend the remaining perpetrators."
On the other hand, the Iraqi Intelligence Council vowed to pursue legal action against those targeting foreign companies and restaurants in the capital, Baghdad, while affirming the security forces' ability to maintain stability in the country.
"The security and intelligence agencies will not allow any entity to obstruct the government's path to development and progress," the council said in a statement received by Shafaq News Agency.
The council added that "the Iraqi government is steadfastly continuing with its construction plans and efforts to attract investments," pledging to "pursue and hold accountable anyone who attempts to undermine national security and social peace."
"Such actions are a desperate attempt to harm Iraq's reputation, the direction of reconstruction, and providing services to citizens," the Security Media Cell said.
After the string of bombings, eyewitnesses revealed to Shafaq News that the Iraqi capital experienced an intense security deployment led by the Baghdad Operations Command on both sides of the city, marking a scene not witnessed in years.
A source explained that the widespread security deployment involved weapon inspections, protection of embassies and diplomatic missions, and safeguarding restaurants and vital areas.
US Condemns
The US embassy in Baghdad on Thursday condemned the recent wave of "violent" attacks on international companies in Iraq, urging the Iraqi Government to bring the perpetrators to justice.
"We condemn recent violent attacks against US and international businesses and urge the Government of Iraq to conduct a thorough investigation, bring to justice those who are responsible, and prevent future attacks," an official statement by the embassy said.
"These attacks endanger Iraqi lives and property and could weaken Iraq's ability to attract foreign investment," it added. "We remain committed to the US-Iraq Partnership to build economic opportunities and prosperity for all Iraqis."
Attacks Undermine Iraqi Government's Credibility
Commenting on these attacks, strategic expert Dr. Ahmed Al-Sharifi stated, "Such operations have a significant impact on the Iraqi Government on the one hand and the Iraqi state on the other. The Government has obligations, and the state has commitments. What happened will greatly affect the performance of the Government, which has promised the United States that it will care for, maintain, and protect American and Iraqi interests."
Al-Sharifi added to Shafaq News Agency, "The first attack might have had an element of surprise, and there was a governmental response and condemnation. The United States considered this response sufficient, which included condemnation and a promise not to repeat such operations, in addition to precautionary measures."
According to Al-Sharifi, the recurrence of such attacks indicates "the Government's inability to deter such operations, as well as the failure of security institutions to safeguard the interests of Iraq's friendly and allied nations, foremost among them the United States. These operations will significantly impact the nature of the relationship between the Iraqi Government and the United States."
Regarding the implications for the Iraqi state, Al-Sharifi warned, "Such operations drive away investor companies and those involved in reconstruction, delaying the activation of the private sector, which requires regional and international interaction to stimulate the economy and attract capital to Iraq."
Attacks Challenge Foreign Investments
In this regard, security expert Mukhlid Al-Durab described the targeting of foreign companies as "acts of defiance and a challenge to the Iraqi state's will, government, and law enforcement agencies, at a time when Iraq seeks to open new horizons with foreign countries and companies to increase investments for the development of the country's infrastructure."
Al-Durab explained to Shafaq News Agency, "Well-known and major companies will not venture anywhere without a secure environment, which the Prime Minister promised when signing memoranda of understanding, whether in Washington or other countries. However, what is happening now sends a negative message to companies interested in investing in Iraq."
The security expert pointed out that "the real intentions behind these operations are to send a negative message about the internal situation in Iraq, which is another form of terrorism. As for the issue of sympathy with Gaza and the claim that these companies are affiliated with the United States, there are other non-destructive options that the world has resorted to, such as boycotts. However, it seems the aim is larger than just American companies, indicating a conflict among armed groups engaging in such activities, with financial or economic issues possibly being part of this struggle."
Meanwhile, the State of Law Coalition, led by Nouri al-Maliki, stated that the Iraqi Government is unable to protect all American companies in Baghdad. "The continuous targeting of American companies in Baghdad is a complex issue. It appears to be an attack on companies supporting Israel as part of the global boycott of these companies. Unfortunately, instead of a boycott, there have been blatant assaults on these companies," Saad Al-Mutlabi, a leader in the coalition, told Shafaq News Agency. He added that these attacks may indicate that "entities are working to harm the Iraqi economy, disrupt investments, and negatively impact Iraqi funds in investments, posing a significant threat to foreign investments. This makes the issue quite complicated." Al-Mutlabi noted that "these operations do not embarrass [Prime Minister] Mohammed Shia Al-Sudani's government, as they happen in countries all over the world," arguing that Israel is "responsible for this due to the massacres it commits in Palestine." "The Iraqi Government cannot protect every American company in Baghdad and elsewhere. The Government aims to provide general protection, but providing specific protection to each company is extremely difficult."
Security Agencies Role
Discussing the role of security agencies in protecting these assets and the consequences of such attacks, Mohammed Al-Muhammadi, a member of the Parliamentary Security and Defense Committee, stated, "There is a keen interest in having international interests in Iraq to ensure there is international protection or that their fate is linked with the country. In stable countries, there are shared interests with other nations, whether through investments or companies generating revenue for their countries via taxes, hence their interest in the stability of the host country."
Al-Muhammadi told Shafaq News Agency, "Iraq has been isolated from the world since 1991 and continues to pay the price for this isolation on cultural, social, and security levels. Iraq can't remain isolated, so we are against any attacks."
The MP pointed out, "Security forces need modern technologies such as sonar devices and cameras. Installing cameras can identify any criminal and those executing these operations. Therefore, we demand real and advanced support for the security agencies without relying solely on street presence through checkpoints."
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