A word from Al-Sudani at six o'clock last evening
Baghdad Today publishes the full details of Al-Sudani's speech
Prime Minister Mohammed Shia Al-Sudani delivered a speech to the Iraqi people today, Sunday (September 8, 2024), in which he addressed political files, government achievements, and other service-related issues.
the video for this blogpost is below here:
Al-Sudani said in his televised speech, addressing the Iraqi people: “Direct discourse is our permanent approach to building trust with you,” indicating that “the government was formed in circumstances that are still evident in the memory of the recent past and the political intersections that preceded it and the absence of a comprehensive vision in managing the state.”
He added, "Our government has embarked on an accurate and realistic reading of the most important demands and necessities that govern the relationship between the citizen and his government. We have formulated the concept of a service government and its priorities in addressing unemployment, poverty, services, and meeting the imperatives of economic reform, in addition to the most important file, which is combating corruption, based on political support from the State Administration Coalition and all national political forces."
The Prime Minister continued: "We addressed the conditions of those covered by the social protection network by including 961 thousand new families and more than 7 and a half million food baskets monthly within the ration card items, and more than two million students were included in the student grant and more than 372 thousand salaries for the full-time appointee."
He pointed out that "a campaign was launched to provide school buildings at various levels and tracks to complete more than 500 new buildings in addition to the restoration and maintenance of thousands of other buildings. We ended the problem of contractors, higher degrees, top graduates and daily wages by addressing nearly one million job grades."
He explained, "We supported the private sector by allocating projects for the (Iraq Development Fund), which is a step that will produce thousands of job opportunities for our children, and it has actually begun to bear fruit." He pointed out that, "the indicators of local energy production have reached 27 thousand megawatts for the first time, and the oil sector has witnessed a remarkable development, and we have begun to exploit associated gas and have reached 67 percent of it, and we have achieved self-sufficiency in gas oil fuel and have entered the export phase."
Al-Sudani revealed that "gasoline production increased to 28 million liters per day, and imports declined to their lowest levels and will stop at the beginning of 2025. In the services and infrastructure file, major strategic projects have been launched, whether in the Iraq Development Road or the Grand Faw Port."
He said: "The government has begun to address the housing issue extensively and the urgent need for new cities. We have achieved self-sufficiency in wheat production, and we have opened the doors to national industry and begun to adopt major industrial cities."
He pointed out that "the traffic congestion treatment projects reached final completion rates in record time, and some of them were actually opened," adding that "the stalled projects decreased from 2,611 suspended projects and contracts to work resuming on 471 projects for ministries and 354 projects and contracts in the governorates."
He added: "400 projects and contracts have been fully completed after some of them had been halted for more than ten years," noting that "the government succeeded in holding provincial council elections, and we have ended forever the confusion resulting from the multiplicity of personal documents for citizens. More than 40 million unified personal cards have been issued, and we have launched the electronic passport systems and reduced all the reviews that exhausted citizens."
The Commander-in-Chief of the Armed Forces announced "taking an important step to resolve the issue of the international coalition's continued presence to fight ISIS and ending the work of the UNAMI mission," adding, "The government also made an important effort in the international relations file despite the unrest in the region and the aggression on Gaza, and succeeded in sparing Iraq the repercussions of the escalation."
He said: "Based on these principles and after all the success achieved, which is credited to both the executive and legislative authorities and to the various national forces contributing to the government, we worked without hesitation to support the constitutional tasks of the judiciary in order to complete the circles of stability and progress."
The Prime Minister stressed that, "When the government placed combating financial and administrative corruption at the top of its goals, we faced and continue to face operations of confusion, obfuscation, spreading fallacies, attempts to mix facts with lies, and accusing the government of overlooking some aspects of corruption."
Al-Sudani also stressed that "the government is ahead of all constitutional authorities in confronting and holding accountable any exploitation of the job position that seeks to blackmail or violate the law at any level, and no one will be beyond the reach of the law," indicating that "the government is the government of all, and its success and ability to meet the aspirations of Iraqis and achieve development and prosperity will benefit everyone as well."
He called on "the national political forces and constitutional authorities to assume comprehensive responsibility towards these major entitlements and stand united behind the government to complete its service program and not allow attempts to obstruct that target everyone's achievements, especially in light of the rapid challenges and developments witnessed by the region, particularly on the security and economic levels." He explained, "Whoever is concerned about the success of the government, we affirm our commitment to meeting the demands of our people as a matter of utmost importance, and that the real and decisive success for us is the satisfaction of the Iraqis and the achievement of their aspirations."
He promised, “Our success in the project of building Iraq and its contemporary renaissance is a project for all Iraqis, with all their spectrums and all their national orientations that believe in a single, powerful Iraq.”
Al-Sudani stressed "the importance of settling the entitlement to the presidency of the House of Representatives, as we stand at the same distance from all political forces," adding, "The government is waiting for this important step in order to proceed to the House of Representatives to approve the ministerial amendment based on an evaluation of the ministers' performance."
The Prime Minister praised "the performance of the state ministries during the past stage and the achievements they recorded that make a difference and represent the spirit of the government program and its goals," renewing "the pledge to our people to continue the effort and struggle, and to continue on the same approach with higher momentum and unwavering determination towards building a strong, unified, independent, prosperous Iraq in which its people live with pride and dignity."
Saturday Sept 7 2024
Central Bank to Kurdistan 24: Economic Council’s visit to Erbil is important and positive
The Deputy Governor of the Central Bank of Iraq, Ammar Khalaf, stressed that the visit of the Iraqi Economic Ministerial Council delegation to Erbil is "an important and positive step towards resolving the outstanding issues between the regional and federal governments."
A delegation from the Iraqi Economic Ministerial Council is scheduled to arrive in Erbil today, Saturday, headed by Foreign Minister Fuad Hussein.
Khalaf told Kurdistan 24 that the delegation will hold a series of important meetings with officials in the Kurdistan Regional Government.
The delegation, headed by Foreign Minister Fuad Hussein, includes:
Minister of Planning Mohammed Ali Tamim
Minister of Finance Taif Sami
Central Bank Governor Ali Al-Alaq
Minister of Commerce Athir Salman
Minister of Labor and Social Affairs Ahmed Al-Saber
Secretary General of the Cabinet Hamid Al-Naeem
Chairman of the Securities Commission Faisal Al-Wissam
Undersecretary of the Ministry of Oil Ali Al-Bahadli
Undersecretary of the Ministry of Industry and Mining Ahmed Abdul Jabbar
Technical Undersecretary of the Ministry of Agriculture Mithaq Abdul Hussein
Secretary of the Council of Ministers for Economic Affairs Abbas Nasrallah
The Kurdistan Regional Council of Ministers discussed, in its regular session on Wednesday, the preparations for the extraordinary meeting of the Federal Ministerial Economic Council to discuss the pending issues between the two ministries.
The Council of Ministers, in its meeting chaired by Masrour Barzani, warmly welcomed the holding of a meeting with the Iraqi Economic Ministerial Council in Erbil.
The statement of the council meeting said that the Kurdistan Regional Government considers this meeting "an important opportunity to closely confront the relevant ministers in both the regional government and the federal government to seriously discuss the pending issues between the two sides."
Opportunities in Iraq” after overcoming “years of turmoil” at an international conference in Washington
The American Atlantic Council Institute announced that it will organize a conference on Iraq in Washington on October 15, with the participation of current and former politicians and experts from the United States and Iraq, where it will address opportunities and challenges in relations, overcoming years of turmoil, with a focus on the energy sector, and diversifying the Iraqi economy.
According to the American Institute, the conference, which is being held within the framework of the "Iraq Initiative", under the title "The Path to Recovery, Development and Global Partnerships in Iraq", will bring together a diverse group of senior experts, researchers and policy makers from both the United States and Iraq, including current and former senior officials.
The report, translated by Shafaq News Agency, explained that the conference, the third of its kind for the "Iraq Initiative", will address the major challenges and opportunities facing Iraq as it begins to overcome years of volatility, with early signs of recovery and development.
The report added that the conference will focus this year on the advancement of the energy sector, the efforts of the Iraqi government towards sustainable economic diversification, and the evolving path of the US-Iraqi relationship.
The report added that the conference will witness dynamic discussion panels that explore how Iraq, the United States and the international community can interact positively with Iraq as it moves through its unique social, political, economic and security changes.
The report added that the conference will witness direct personal participation and via video, and will include translation into Kurdish and Arabic.
The report concluded by saying that the "Iraq Initiative" program provides transatlantic and regional policymakers with unique insights and analyses on the ongoing challenges and opportunities facing Iraq as the country attempts to establish an inclusive political system, attract economic investment, and stimulate a vibrant civil society.
Central Bank to Kurdistan 24: Economic Council’s visit to Erbil is important and positive
The Deputy Governor of the Central Bank of Iraq, Ammar Khalaf, stressed that the visit of the Iraqi Economic Ministerial Council delegation to Erbil is "an important and positive step towards resolving the outstanding issues between the regional and federal governments."
A delegation from the Iraqi Economic Ministerial Council is scheduled to arrive in Erbil today, Saturday, headed by Foreign Minister Fuad Hussein.
Khalaf told Kurdistan 24 that the delegation will hold a series of important meetings with officials in the Kurdistan Regional Government.
The delegation, headed by Foreign Minister Fuad Hussein, includes:
Minister of Planning Mohammed Ali Tamim
Minister of Finance Taif Sami
Central Bank Governor Ali Al-Alaq
Minister of Commerce Athir Salman
Minister of Labor and Social Affairs Ahmed Al-Saber
Secretary General of the Cabinet Hamid Al-Naeem
Chairman of the Securities Commission Faisal Al-Wissam
Undersecretary of the Ministry of Oil Ali Al-Bahadli
Undersecretary of the Ministry of Industry and Mining Ahmed Abdul Jabbar
Technical Undersecretary of the Ministry of Agriculture Mithaq Abdul Hussein
Secretary of the Council of Ministers for Economic Affairs Abbas Nasrallah
The Kurdistan Regional Council of Ministers discussed, in its regular session on Wednesday, the preparations for the extraordinary meeting of the Federal Ministerial Economic Council to discuss the pending issues between the two ministries.
The Council of Ministers, in its meeting chaired by Masrour Barzani, warmly welcomed the holding of a meeting with the Iraqi Economic Ministerial Council in Erbil.
The statement of the council meeting said that the Kurdistan Regional Government considers this meeting "an important opportunity to closely confront the relevant ministers in both the regional government and the federal government to seriously discuss the pending issues between the two sides."
Economist sounds alarm bells: Warnings of delayed employee salaries
Economic expert Nabil Al-Marsoumi expects that employees’ salaries will be delayed during the next two months if oil prices continue to decline for a period of 6 months.
Al-Marsoumi wrote in a post on his Facebook account, which Al-Masry followed today, Saturday, that the decline in oil prices with the decline in Iraqi oil exports will lead to a decline in monthly oil revenues to 9 trillion dinars, of which one trillion dinars is to cover the expenses of oil licensing companies, and 8 trillion dinars remain, which is only enough to finance salaries in their various forms, which amount to 7.5 trillion dinars per month.
He added that the remaining operating and investment expenses are being financed from scarce non-oil revenues and from domestic and foreign borrowing. The downward trend in foreign reserves at the Central Bank of Iraq is beginning, and the Ministry of Finance will suffer even in financing salaries during the next two months. Therefore, salaries are expected to be delayed and may be reduced if the price of a barrel remains in the seventies for 6 months.
Atlantic Council to host conference on Iraq's recovery and development in Washington
The US Atlantic Council has announced plans to hold a conference on Iraq in Washington on October 15, bringing together current and former politicians and experts from both the United States and Iraq.
The Council stated it will be "A conference exploring the key challenges and opportunities in advancing the Iraqi energy sector, efforts toward sustainable economic diversification, and the evolving trajectory of US-Iraqi relations."
According to the Atlantic Council, the event, part of its "Iraq Initiative," will be titled "Pathways to Recovery, Development, and Global Partnerships in Iraq."
"The conference will convene a diverse group of leading experts, scholars, and policymakers from both the United States and Iraq, including current and former senior officials."
This year's discussions will focus on "advancing the energy sector, the Iraqi government's efforts toward sustainable economic diversification, and the evolving trajectory of US-Iraqi relationship."
The event will include dynamic panel discussions exploring how Iraq, the United States, and the international community can positively engage with the country as it navigates its unique social, political, economic, and security transformations.
The conference will be hybrid, with both in-person and virtual participation, and will include translation in both Kurdish and Arabic. The in-person sessions will occur at the Atlantic Council Headquarters, 1030 15th St NW, 12th Floor, Washington, DC.
The Council concluded, "The Iraq Initiative provides transatlantic and regional policy makers with unique perspectives and analysis on the ongoing challenges and opportunities facing Iraq as the country tries to build an inclusive political system, attract economic investment, and encourage a vibrant civil society."
The first of its kind.. A meeting between the Economic Ministerial Council of the Baghdad and Erbil governments in Kurdistan
A delegation from the Federal Ministerial Council for Economy will arrive this evening, Saturday, to hold a meeting with the Economic Council in the Kurdistan Region tomorrow, Sunday.
The federal delegation is headed by Deputy Prime Minister, Minister of Foreign Affairs and Chairman of the Ministerial Council for the Economy, Fuad Hussein.
The first joint meeting will be held tomorrow between the Federal Ministerial Council for the Economy and the Economic Council in the region, in the presence of Masrour Barzani, Prime Minister of the Kurdistan Regional Government. It will last for two days, to discuss the controversial issues between the two sides, and to ensure constitutional rights, financial dues, and the region’s share of the federal budget.
Minister of Finance settles controversy over delay in paying employees’ salaries
The Iraqi Ministry of Finance announced that the monthly salaries of employees and workers in the public sector are financed according to the cash liquidity available to it.
Finance Minister Taif Sami said in response to an inquiry regarding this matter, signed by her, which was viewed by Baghdad Today, that “there is no delay in disbursing salaries to all government departments, and according to the disbursement dates.”
She added, "Financing is done according to available cash liquidity."
Al-Sudani issues a number of directives within the framework of developing electronic payment systems
Prime Minister Mohammed Shia al-Sudani directed, today, Saturday, to take a package of measures and directives to develop electronic payment systems and services and follow up on their implementation by specialized committees.
A government source said, according to the official agency: "Within the framework of Prime Minister Mohammed Shia al-Sudani's continuous follow-up to the development of electronic payment systems and services, and in light of his review of the field supervisory reports related to the implementation of these services in various Iraqi ministries and institutions, he directed to take a package of relevant measures and follow up on their implementation by specialized committees."
He added, "The directives were as follows:
1. Directing the Ministry of Planning, in cooperation with the Central Bank of Iraq and the World Bank, to create a national budget allocated to support and develop digital payment systems across the country.
2. Directing all ministries, including the Central Bank of Iraq, to prepare an electronic cash flow statement periodically to ensure financial transparency, determine liquidity and manage risks, which contributes to improving financial planning.
3. Directing ministries and government institutions to establish strategic partnerships with banking and non-banking financial institutions as well as technology institutions and adopt effective action steps for cooperation and exchange of proposals and expertise.
4. Obligating financial and banking institutions to develop their technical and digital systems in accordance with the latest international standards, including strengthening anti-money laundering and anti-fraud systems; in order to ensure operational efficiency, improve the quality of banking services and achieve full compliance with regulatory controls.
5. Obligating financial and banking institutions to develop cyber protection systems and adopt the cyber resilience document, with strict adherence to the controls issued by the Central Bank regarding electronic governance, to ensure comprehensive protection of banking systems against cyber threats and ensure business continuity in the face of crises.
6. Directing ministries and government institutions to develop capable government work teams to follow up on electronic payment operations on a daily basis through training and qualification, and through specialized system portals provided by payment services companies.
7. Directing the Ministry of Communications to cooperate with ministries and government institutions to expedite the adoption of the Electronic Signature and Electronic Transactions Law No. 78 of 2012 to be compatible with the requirements of electronic payment and collection settlements in the Ministry of Finance in cooperation with the Central Bank of Iraq.
8. Instructing the Ministry of Finance to submit a study on the mechanisms for creating intermediate accounts, adopted by government institutions as a mechanism for dealing with restricted government accounts to solve the problem of interruptions for citizens in the event of failure of financial operations.
9. The Central Bank shall issue directives to private and government banks to deal transparently and not discriminate between electronic payment companies.
10. The Central Bank of Iraq shall prepare what is necessary to cancel the prepaid ceilings for cards used locally to ensure wider and more flexible use.
11. Directing ministries and government institutions to establish specialized units within government departments to facilitate financial matching and settlements and resolve disputes arising from electronic payment, in coordination with banks.
12. Directing the Integrity Commission to intensify monitoring of collection points in government departments to ensure transparency and integrity.
13. Directing the Financial Supervision Bureau to develop and legislate administrative and financial updates that are compatible with electronic payment systems and to follow up on them on an ongoing basis.
14. Emphasizing on government institutions and electronic payment service provider companies to implement the paragraphs contained in the electronic financial collection and collection agreements according to the responsibilities of each party contained in those agreements.
15. Directing government banks to complete the activation of the comprehensive banking system to improve financial and administrative performance.
16. Obligating all ministries and government institutions to adopt advanced electronic administrative and accounting systems to enhance efficiency and transparency.
Experts: Governance and Transparency are “Important Axes” to Activate Banking Performance
Economic experts believe that governance and transparency are important axes for activating banking performance in the country. Islamic banking expert Sadiq Al-Shammari said on the sidelines of a session of the General Council for Islamic Banks and Institutions attended by “Al-Sabah”: The importance of governance as a modern means aimed at preserving the financial system. We stand at governance in Islamic banks, its importance, mechanisms, and guiding principles issued by the General Council for Islamic Banks and Financial Institutions.
Al-Shammari added to “Al-Sabah” that “the financial technology revolution and the great development in digital transformation, which represented the spread of electronic payment operations, artificial intelligence, and data analysis, contributed to facilitating the provision of financial services directly by financial technology institutions,” noting the importance of “banks adapting themselves to the rapid digital changes, changing the work methodology, and innovating flexible solutions to serve their customers more effectively.”
He called for “adopting a number of initiatives and activities that contribute to the growth and development of Islamic banks and financial institutions, for example, the increasing interest in cybersecurity and major risks.”
He pointed out the necessity of issuing the Islamic Economic Encyclopedia, which includes all the Sharia rulings that Islamic banks need to serve as a reference for fatwa and Sharia supervisory bodies in enhancing governance in Islamic banks, in addition to conducting more studies and research on governance, especially in the Islamic sector, to deepen its understanding and importance, especially with regard to the role of members of Sharia supervisory bodies in enhancing governance in Islamic banks. He stated that the importance of governance is evident from its objectives, which are to achieve transparency and justice and grant the right to hold accountable the managements of banks and financial institutions, thus achieving protection for all shareholders and stockholders, while taking into account the interests of work and workers and limiting the exploitation of power in a way that is not in the public interest, which leads to the development of investments and savings, maximizing shareholders’ profits and achieving sustainable development to develop society. In addition, the existence of an effective system capable of providing trust and combating corruption in Islamic financial institutions, including Islamic banks, will bring them more success and support the expansion of their operational processes, although this requires supporting what the departments related to governance are doing within financial institutions. In turn, Islamic banking expert Mohamed El-Beltagy pointed out the importance of adhering to Sharia controls, the nature of the relationship with depositors, and the various financing formulas that are part of the Islamic banking axis and have become the focus of attention of a wide segment of the world’s societies, leading to the application of the profit and loss sharing rule and the correction of the money document.
A government source said, according to the official agency: "Within the framework of Prime Minister Mohammed Shia al-Sudani's continuous follow-up to the development of electronic payment systems and services, and in light of his review of the field supervisory reports related to the implementation of these services in various Iraqi ministries and institutions, he directed to take a package of relevant measures and follow up on their implementation by specialized committees."
He added, "The directives were as follows:
1. Directing the Ministry of Planning, in cooperation with the Central Bank of Iraq and the World Bank, to create a national budget allocated to support and develop digital payment systems across the country.
2. Directing all ministries, including the Central Bank of Iraq, to prepare an electronic cash flow statement periodically to ensure financial transparency, determine liquidity and manage risks, which contributes to improving financial planning.
3. Directing ministries and government institutions to establish strategic partnerships with banking and non-banking financial institutions as well as technology institutions and adopt effective action steps for cooperation and exchange of proposals and expertise.
4. Obligating financial and banking institutions to develop their technical and digital systems in accordance with the latest international standards, including strengthening anti-money laundering and anti-fraud systems; in order to ensure operational efficiency, improve the quality of banking services and achieve full compliance with regulatory controls.
5. Obligating financial and banking institutions to develop cyber protection systems and adopt the cyber resilience document, with strict adherence to the controls issued by the Central Bank regarding electronic governance, to ensure comprehensive protection of banking systems against cyber threats and ensure business continuity in the face of crises.
6. Directing ministries and government institutions to develop capable government work teams to follow up on electronic payment operations on a daily basis through training and qualification, and through specialized system portals provided by payment services companies.
7. Directing the Ministry of Communications to cooperate with ministries and government institutions to expedite the adoption of the Electronic Signature and Electronic Transactions Law No. 78 of 2012 to be compatible with the requirements of electronic payment and collection settlements in the Ministry of Finance in cooperation with the Central Bank of Iraq.
8. Instructing the Ministry of Finance to submit a study on the mechanisms for creating intermediate accounts, adopted by government institutions as a mechanism for dealing with restricted government accounts to solve the problem of interruptions for citizens in the event of failure of financial operations.
9. The Central Bank shall issue directives to private and government banks to deal transparently and not discriminate between electronic payment companies.
10. The Central Bank of Iraq shall prepare what is necessary to cancel the prepaid ceilings for cards used locally to ensure wider and more flexible use.
11. Directing ministries and government institutions to establish specialized units within government departments to facilitate financial matching and settlements and resolve disputes arising from electronic payment, in coordination with banks.
12. Directing the Integrity Commission to intensify monitoring of collection points in government departments to ensure transparency and integrity.
13. Directing the Financial Supervision Bureau to develop and legislate administrative and financial updates that are compatible with electronic payment systems and to follow up on them on an ongoing basis.
14. Emphasizing on government institutions and electronic payment service provider companies to implement the paragraphs contained in the electronic financial collection and collection agreements according to the responsibilities of each party contained in those agreements.
15. Directing government banks to complete the activation of the comprehensive banking system to improve financial and administrative performance.
16. Obligating all ministries and government institutions to adopt advanced electronic administrative and accounting systems to enhance efficiency and transparency.
Al-Shammari added to “Al-Sabah” that “the financial technology revolution and the great development in digital transformation, which represented the spread of electronic payment operations, artificial intelligence, and data analysis, contributed to facilitating the provision of financial services directly by financial technology institutions,” noting the importance of “banks adapting themselves to the rapid digital changes, changing the work methodology, and innovating flexible solutions to serve their customers more effectively.”
He called for “adopting a number of initiatives and activities that contribute to the growth and development of Islamic banks and financial institutions, for example, the increasing interest in cybersecurity and major risks.”
He pointed out the necessity of issuing the Islamic Economic Encyclopedia, which includes all the Sharia rulings that Islamic banks need to serve as a reference for fatwa and Sharia supervisory bodies in enhancing governance in Islamic banks, in addition to conducting more studies and research on governance, especially in the Islamic sector, to deepen its understanding and importance, especially with regard to the role of members of Sharia supervisory bodies in enhancing governance in Islamic banks. He stated that the importance of governance is evident from its objectives, which are to achieve transparency and justice and grant the right to hold accountable the managements of banks and financial institutions, thus achieving protection for all shareholders and stockholders, while taking into account the interests of work and workers and limiting the exploitation of power in a way that is not in the public interest, which leads to the development of investments and savings, maximizing shareholders’ profits and achieving sustainable development to develop society. In addition, the existence of an effective system capable of providing trust and combating corruption in Islamic financial institutions, including Islamic banks, will bring them more success and support the expansion of their operational processes, although this requires supporting what the departments related to governance are doing within financial institutions. In turn, Islamic banking expert Mohamed El-Beltagy pointed out the importance of adhering to Sharia controls, the nature of the relationship with depositors, and the various financing formulas that are part of the Islamic banking axis and have become the focus of attention of a wide segment of the world’s societies, leading to the application of the profit and loss sharing rule and the correction of the money document.
Parliament asks Finance and Central Bank to set timetable for transition to electronic payment by end of 2024
A member of the Parliamentary Finance Committee considered today, Saturday, the bank's decision to establish the National Company for Electronic Payment Systems in Iraq as a step in the right direction to develop the Iraqi financial system.
Committee member Moeen Al-Kadhimi told Shafaq News Agency that the government and the Central Bank are working today towards developing the financial sector through awareness campaigns for citizens to rely on electronic payment instead of cash, as is the case in countries around the world and the region.
He added that relying on electronic payment contributes to combating corruption and eliminating the phenomenon of administrative and financial corruption, especially in government departments and institutions, and that there is a government directive to service departments to rely on electronic payment in paying taxes and services provided to citizens.
Al-Kadhimi revealed a parliamentary request to the Ministry of Finance and the Central Bank to set a timetable until the end of this year, and for all government departments and institutions, especially in service departments and public traffic, to use electronic payment instead of cash.
Parliamentary Finance: Manipulation of budget tables amounts to more than 14 trillion dinars
Member of the Finance Committee, Hussein Mounes, confirmed today, Saturday, that the manipulation that occurred in the 2024 budget tables amounted to more than 14 trillion dinars.
Mounes said in a statement to Al-Maalouma Agency, “The Prime Ministry sent a letter to the House of Representatives about the existence of manipulation in the budget tables before sending them to the Presidency of the Republic,” noting that “the manipulation amounted to More than 14 trillion dinars.”
He added, "The Finance Committee in Parliament has established a special committee to determine the truth and uncover the error that occurred," noting that "there are three budgets, one sent by the Parliament Presidency and the other sent to the Presidency of the Republic , which contained errors in the House of Representatives."
Mounes concluded his statement by saying: “The House of Representatives has submitted an official letter to the judiciary and is awaiting the judiciary’s decision on the matter.”
It is noteworthy that the 2024 budget exceeded all constitutional deadlines due to major manipulation in its schedules, which delayed its approval.
Government advisor outlines financial gains from merger of National and Iraqi insurance companies
On Saturday, the financial advisor to the Prime Minister, Mazhar Mohammed Salih, identified the importance of the merger of the National and Iraqi Insurance Companies on the financial sector in Iraq, while stressing that it would contribute to supporting the reform of the non-banking financial sector.
Saleh said in a statement reported by the official news agency, and reviewed by "Al-Eqtisad News", that "the merger policy between insurance companies has strategic importance for the sector and the companies participating in the merger process, as this importance is primarily directed to enhancing the financial capacity of the two merged companies (the National Insurance Company and the Iraqi Insurance Company), which gives the new merged entity the ability to bear major risks and provide more comprehensive services to customers, in addition to improving efficiency and reducing operational and typical costs that exhaust the capital accumulation of the two companies due to similarity and repetition in activities that have become far from competition in improving insurance innovation or providing an insurance product that suits the economic lifestyle and its developments."
He added, "The merger of the two major companies allows for the unification of operations and systems, which helps reduce administrative and operational costs and increase overall efficiency, in addition to diversifying their insurance products that meet the needs of individuals and society in the current digital age."
He pointed out that "the merger will help the new insurance entity expand its presence in the market, increase its share, and enhance its ability to innovate and market the insurance product, which will enable it to compete more with other companies, while providing financial stability for the merged insurance entity and giving it flexible and efficient negotiating power with customers, suppliers, and others."
Saleh continued, "Achieving development in the insurance industry through merger is the first step towards reforming the non-banking financial sector in Iraq and activating the role of this sector to increase its contribution to the gross domestic product," noting that "improving the performance of the financial market in general and the insurance market in particular affects the confidence of consumers, productive companies, and investors with high degrees of certainty and stability when making economic decisions."
He pointed out that "when insurance markets are thriving in performance and efficiency, investment spending in society increases, which will accelerate economic growth and prosperity."
Earlier, the Council of Ministers approved the exemption of the contract to study the merger between the National Insurance Company and the Iraqi Insurance Company into one company, from the first paragraph of Cabinet Resolution No. 23545 of 2023, to proceed with the procedures for contracting with a company specialized in auditing and monitoring joint accounts.
Finance sets objectives for holding meeting of Ministerial Council for Economy in Kurdistan Region
The Ministry of Finance has set the objectives of holding the meeting of the Ministerial Council for the Economy in the Kurdistan Region.
The Ministry of Finance stated in a statement received by the Iraqi News Agency (INA), that "in the presence of the Minister of Finance, Taif Sami, the Ministerial Council for the Economy will hold its meeting tomorrow, Sunday, in Erbil," indicating that "the Council will discuss financial and economic issues with the region, which revolve around several points, the most important of which is discussing the constitutional rights stipulated in the Iraqi Constitution for the Kurdistan Region, and discussing the financial entitlements of the region according to the agreed mechanisms, as well as discussing all pending issues between the federal government and the Kurdistan Regional Government."
It added, "The visit aims to enhance cooperation between the federal government and the Kurdistan Regional Government in the economic and financial fields, and to resolve the outstanding problems between the two sides in accordance with the constitution and applicable laws, in addition to developing relations between Baghdad and Erbil in a way that serves the interests of the Iraqi people."
By names.. The delegation of the Ministerial Council for Economy arrives in Erbil
The delegation of the Ministerial Council for Economy was received by a delegation from the Kurdistan Regional Government at Erbil International Airport.
This came in preparation for holding the first joint meeting tomorrow between the Federal Ministerial Council for the Economy and the Economic Council in the region, in the presence of Masrour Barzani, Prime Minister of the Kurdistan Regional Government.
The visit will last for two days, to discuss the controversial issues between the two sides, and to ensure constitutional rights, financial dues, and the region’s share of the federal budget.
The delegation includes the Chairman of the Council and Deputy Prime Minister of Iraq, Fuad Hussein:
- Iraqi Deputy Prime Minister and Minister of Planning Mohammed Ali Tamim
- Iraqi Finance Minister Taif Sami
- Governor of the Central Bank of Iraq Ali Al-Alaq
- Iraqi Minister of Trade Athir Dawood Salman
- Iraqi Minister of Labor and Social Affairs Ahmed Jassim Saber
- Secretary General of the Iraqi Council of Ministers Hamid Naeem
- Chairman of the Iraqi Securities Board Faisal Wissam
- Iraqi Deputy Oil Minister Ali Maraj
- Undersecretary of the Ministry of Industry and Minerals, Ahmed Abdul Jabbar
- Deputy Technical Officer of the Ministry of Agriculture, Mithaq Abdul Hussein
Secretary of the Ministerial Council for Economic Affairs of Iraq Abbas Nasrallah
Prime Minister's Advisor: Central Bank Decisions Contribute to Reducing Inflation Rates in the Country
The financial advisor to the Prime Minister, Mazhar Mohammed Salih, explained that the decisions of the Central Bank contribute to reducing inflation rates in the country, and pointed out that economic growth contributes to strengthening the value of the local currency.
Salih said in a statement to “Al-Sabah”: “The policies of the Central Bank play a major role in stabilizing the currency, which achieves harmony between the internal value of the currency and its external value,” explaining that “decisions to raise or lower interest rates as part of monetary policy work will undoubtedly be reflected in reducing inflation rates and maintaining the stability of the currency value.”
He added that prosperous and sustainable economic growth in the gross domestic product contributes to strengthening the value and stability of the currency, indicating that the real factors affecting the strength of the national currency include high productivity, high employment of the workforce, in addition to real investment and innovation, especially technological development.
Salih pointed out that technology and innovation can lead to improved productivity and economic growth, which enhances the value of the currency, all of which are factors generated by the real sector in the economy or the national development policy.
He pointed out the importance of political stability and the strength of the administrative system and its governance, which are important behavioral factors in enhancing confidence in the national currency.
Today, Sunday SEP 8 2024 news
Central Bank of Iraq announces comprehensive banking reform map
After the Central Bank delegation returned from the last round of negotiations with the US Treasury and the US Federal Reserve, it revealed the roadmap for radical and comprehensive banking reform, which begins with working to cancel...
- “In light of the new regulation of the foreign exchange process, the real price at which the Central Bank sells more than $250 million daily at the official price should be considered. This means that the bank covers foreign trade, and this explains why there is no inflation or price increases.
The parallel market is a market for those who do not want to go towards the regular methods of transfer and it is an illegal trade or trade that escapes the regular procedures or other illegal operations such as drug trafficking, human trafficking, corruption money, etc.
Government Advisor: We are working on developing a tax system that is attractive to investors
The head of the Supreme Committee for Tax Reform, the Prime Minister’s Advisor for Economic Affairs, Abdul Hussein Al-Anbaki, announced today, Sunday, a three-pronged plan for tax reform. While he indicated that facilitating measures would be taken regarding the tax administration, he confirmed that previous fines would be exempted for many groups to restore the confidence of taxpayers in paying taxes.
Al-Anbaky said in an interview with the Iraqi News Agency, which was followed by "Al-Eqtisad News", that "some media outlets interpreted the tax reform as aiming to increase non-oil revenues, and this interpretation is not scientifically sound," indicating that "the main goal of the tax reform is to create an easy and transparent tax system that is friendly to the business environment and attractive to investors, because the tax rate is not the basis, but rather the tax rate when multiplied by the tax base is the result of the tax revenue."
He continued: "We seek in tax reform to have a large tax base," explaining that "when the tax base is large, tax revenue will inevitably increase, even if tax rates are the same and at lower rates."
He added that "tax revenue is a by-product of the tax reform situation and not the basis for which the tax reform is launched," noting that "the Supreme Committee for Tax Reform wants to achieve tax justice and make tax accounting easy and transparent and does not want there to be cases of extortion, obstruction and delay of tax procedures."
He pointed out that "many facilities have been made, which ultimately lead to restoring the confidence of taxpayers in paying taxes in the tax administration," indicating that "many categories have been exempted, the cases of allowances have been expanded, and they have been exempted from previous fines and accumulated interest in order to restore the confidence of taxpayers in the tax administration."
He said, "When taxpayers come to account, this will lead to an increase in tax revenues," stressing that "the aim of these measures is to create a tax system that is attractive to investors and not just to seek to increase tax revenues because increasing tax revenues is a foregone conclusion."
Governmental emphasis on the bright side of digitalisation and electronic transformation processes
Prime Minister Mohammed Shia Al-Sudani confirmed today, Sunday, that the government is proceeding with digitization and electronic and digital transformation operations in various sectors, fields and uses.
The Prime Minister's media office stated in a statement received by "Al-Eqtisad News" that "Al-Sudani chaired a special meeting today, Sunday, to complete the requirements of the Iraqi Digital Knowledge Portal Initiative and the Diwani Order Committee (23821), in preparation for announcing its launch by His Excellency."
Al-Sudani said, "These initiatives are befitting of a country like Iraq and its cultural and civilizational heritage, and what they offer to the people will work to increase cognitive communication with the world, in order to keep up with the scientific and technological acceleration, especially since this initiative includes aspects related to higher education, upbringing and culture."
He stressed that "the government is proceeding with digitization processes, electronic and digital transformation in various sectors, fields and uses, with the aim of accessing knowledge and achieving progress in various levels and activities."
Al-Sudani: The government is waiting for the parliament speaker position to be decided before approving the ministerial reshuffle
Prime Minister: The government was formed under circumstances that are still evident in the memory of the recent past and the political intersections that preceded it and the absence of a comprehensive vision in managing the state
Prime Minister: Our government has embarked on an accurate and realistic reading of the most important demands and necessities that govern the relationship between the citizen and his government
Prime Minister: We formulated the concept of a service government and its priorities in addressing unemployment, poverty, services, and meeting the imperatives of economic reform, in addition to the most important file, which is combating corruption, based on political support from the State Administration Coalition and all national political forces.
Prime Minister: We addressed the conditions of those covered by the social protection network by including 961 thousand new families and more than 7.5 million food baskets monthly within the ration card items
Prime Minister: We launched a campaign to provide school buildings at various levels and paths to complete more than 500 new buildings in addition to the restoration and maintenance of thousands of other buildings
Prime Minister: We ended the problem of contractors, higher degrees, top graduates and daily wages by addressing nearly one million job grades
Prime Minister: We supported the private sector by allocating projects (Iraq Development Fund), which is a step that will produce thousands of job opportunities for our children, and it has actually begun to bear fruit
Prime Minister: Local energy production indicators reached 27,000 megawatts for the first time
Prime Minister: The oil sector has witnessed remarkable development and we have begun to exploit associated gas and have reached 67% exploitation of it
Prime Minister: We achieved self-sufficiency in gas oil fuel and entered the export phase
Prime Minister: Gasoline production increased to 28 million liters per day and imports declined to their lowest levels and will stop at the beginning of 2025
Prime Minister: In the services and infrastructure file, major strategic projects were launched, whether in the Iraq Development Road or the Grand Faw Port
Prime Minister: The government began extensive treatment of the housing file and the urgent need for new cities
Prime Minister: We achieved self-sufficiency in the wheat crop
Prime Minister: We opened the doors to national industry and started adopting major industrial cities
Prime Minister: Traffic congestion treatment projects that reached final completion rates in record time and some of them were actually opened
Prime Minister: Complete completion of 400 projects and contracts after some of them were halted for more than ten years
Prime Minister: The government succeeded in holding provincial council elections
Prime Minister: We ended forever the confusion resulting from the multiplicity of personal documents for citizens and more than 40 million unified personal cards were issued
Prime Minister: We launched work on electronic passport systems and reduced all the reviews that It exhausted the citizens
Prime Minister: We took an important step in resolving the issue of the international coalition to fight ISIS and ending the work of the UNAMI mission
Prime Minister: The government made an important effort in the international relations file despite the unrest in the region and the aggression on Gaza and succeeded in sparing Iraq the repercussions of the escalation
Prime Minister: From these starting points and after all the success achieved, it is credited to the executive and legislative authorities alike and to the various national forces contributing to the government
Prime Minister: We worked without hesitation to support the constitutional tasks of the judiciary in order to complete the circles of stability and progress
Prime Minister: The government has placed combating financial and administrative corruption at the top of its goals
Prime Minister: We have faced and continue to face operations of confusion, obfuscation, spreading fallacies, attempts to mix facts with lies, and accusing the government of overlooking some aspects of corruption.
Prime Minister: We stress that the government is ahead of all constitutional authorities in confronting and holding accountable any exploitation of the position that seeks to blackmail or violate the law at any level, and no one will be beyond the reach of the law
Prime Minister: The government is the government of all, and its success and ability to meet the aspirations of Iraqis and achieve development and prosperity will benefit everyone as well
Prime Minister: We call on the national political forces and constitutional authorities to assume comprehensive responsibility towards these major entitlements and stand united behind the government to complete its service program and not allow attempts to obstruct that target everyone’s achievements, especially in light of the rapid challenges and developments witnessed by the region, especially at the security and economic levels
Prime Minister: Whoever is concerned about the success of the government, we affirm our commitment to meeting the demands of our people as a matter of utmost importance, and that the real and decisive success for us is the satisfaction of the Iraqis and the fulfillment of their aspirations Prime Minister
: Our success in the project of building Iraq and its contemporary renaissance is a project for all Iraqis, with all their spectra and all their national orientations that believe in a single, capable Iraq Prime Minister
: The importance of resolving the entitlement to the presidency of the Council of Representatives As we stand at an equal distance from all political forces
Prime Minister: The government is waiting for this important step in order to proceed to the House of Representatives to approve the ministerial amendment based on an evaluation of the ministers’ performance
Prime Minister: We commend the performance of the state ministries during the past period and the achievements they have recorded that make a difference and represent the spirit of the government program and its goals
Iranian President to visit Iraq next Wednesday
Iranian President Masoud Pezeshkian will visit Iraq next Wednesday, in his first foreign visit.
Pezeshkian will hold bilateral meetings with senior Iraqi officials and the two countries will sign cooperation documents and security memoranda, according to Iran's official IRNA news agency.
Iranian President Masoud Pezeshkian's visit to Iraq comes in response to an official invitation extended to him by Iraqi Prime Minister Mohammed Shia al-Sudani.
Pezeshkian will visit Iraq before heading to New York to attend the UN General Assembly meeting. This visit comes after the Arbaeen million-person pilgrimage in Karbala, and to strengthen bilateral relations between the two countries.
Memoranda of Understanding between Baghdad and Tehran
It is noteworthy that the Iranian Ambassador to Iraq, Mohammad Kazem Al-Sadiq, said last Friday, in a statement reported by the Rudaw media network, and seen by Al-Eqtisad News, that security memoranda of understanding will be signed during the visit of Iranian President Masoud Pezeshkian to Baghdad soon.
Mohammed Kazem Al-Sadiq explained that "the visit of President Masoud Pezeshkian comes in light of the circumstances and developments in the region and the issue of Gaza, in addition to strengthening relations between the two countries in various fields, political, cultural, economic and security."
He stressed that "Iraq is an important country in the region, and it receives attention from the perspective of Pezeshkian's foreign policy, as (the Iranian president) announced that his foreign policy is based on the importance of neighboring countries," indicating that Iraq is "a priority in this field and (the visit) will be crowned with the signing of memoranda of understanding that serve the interests of the two countries."
Iraq's mediation between Iran and regional countries
Regarding Iraq's role in mediating between Iran and the countries of the region, the Iranian ambassador indicated that his country has made "a lot of progress in restoring relations with Saudi Arabia, and there is talk of developing relations with some countries of the region such as Egypt and Jordan, and this possibility exists to deal with this issue."
Mohammed Kazem Al-Sadiq said, “Iraq can play a role as it did in restoring relations between the Islamic Republic and Saudi Arabia previously, and we hope to play this role to consolidate these relations with other countries in the region.”
Regarding the remaining files that will be discussed during the Iranian President's visit to Baghdad, the Iranian ambassador noted that "the economic field is an important file and the two sides will discuss this aspect. There are also memoranda of understanding regarding the security file and there are agreements and memoranda of understanding that will be signed between officials of the two countries."
As for the cities that Masoud Pezeshkian will visit, Mohammed Kazem Al-Sadiq explained that the Iranian president will visit “Baghdad and hold official meetings, and will visit the holy shrines, and it is likely that if the circumstances of the visit allow, Basra and Erbil will be visited.”
The start of the meetings of the Ministerial Council for Economy, headed by the Minister of Foreign Affairs in Kurdistan
Today, the meetings of the federal government delegation, represented by the Ministerial Council for the Economy, headed by Deputy Prime Minister and Minister of Foreign Affairs Fuad Hussein, and the Economic Council in the Kurdistan Region, began in the presence of the Prime Minister of the Region, Masrour Barzani.
The Ministry of Foreign Affairs stated in a statement: "These meetings aim to reach understandings between the federal government and the regional government on various issues, especially files related to economic and financial issues."
It added: "The joint meetings are scheduled to continue for two days, and include specialized technical sessions and other coordination sessions with the aim of unifying viewpoints and reaching effective solution
Iraq finalizes strategic agreement with major global oil company
Baker Hughes, the global energy technology company, revealed on Sunday that it is discussing with the Iraqi Ministry of Oil the final touches to a strategic framework agreement, as well as signing a memorandum of understanding in the gas sector, stressing its commitment to the government and its desire to invest in Iraq.
A statement by the media office of Prime Minister Mohammed Shia al-Sudani, received by Shafaq News Agency, stated that the latter received today in Baghdad the Chairman of the Board of Directors of Baker Hughes, a company specializing in oil and gas, and its CEO Lorenzo Simonelli and his accompanying delegation.
Al-Sudani stressed that Baker Hughes is one of the four largest companies in the world specializing in energy and oil services, pointing out that “the government is keen on the company’s presence in Iraq, which was invited to expand investment in it, through cooperation with the government or with the private sector in the field of oil and gas.”
He noted that "the Iraqi market has become a promising market, and that the government is planning major projects, especially integrated projects in the oil, gas and petrochemical sectors."
Al-Sudani pointed to the development path that includes oil and gas transport projects, stressing the importance of completing the projects that the company is working on in Iraq, especially the Nasiriyah oil field in which the company is investing to extract associated gas, with a capacity of 200 million standard cubic feet, which is hoped to be completed in 2026.
For its part, the Baker Hughes delegation confirmed their commitment to the government and their desire to invest in Iraq in the oil or gas sectors, and that they came to put the final touches on signing a strategic framework agreement with the Ministry of Oil, as well as signing a memorandum of understanding in the field of gas, and investing in the gas platform that will be established in the Grand Faw Port, expressing their desire to finance some projects in Iraq.
Finance announces the results of the meeting of the Ministerial Council for the Economy in the Kurdistan Region
The Ministry of Finance announced on Sunday the results of the Ministerial Council for the Economy in the Kurdistan Region.
A statement by the ministry, seen by "Economy News", stated that "the bilateral meetings between the Ministerial Council for the Economy and the Economic Council of the Kurdistan Region, which are taking place in Erbil, have begun, in the presence of the President of the Region, Masrour Barzani, where the discussions focus on mechanisms to enhance financial cooperation between the two parties and reach sustainable solutions to outstanding financial issues."
He added that "the discussions are taking place within the framework of government efforts aimed at enhancing cooperation between the federal government and the Kurdistan Region, and joint financial files such as the salaries of the region's employees, the region's budget, and border crossings, in addition to coordinating customs and tax policies, are among the most important issues affecting the stability of the Iraqi economy."
The Minister of Finance indicated - according to the statement - that "the discussions represent a historic opportunity to achieve financial reconciliation between the federal government and the Kurdistan Region."
She stressed the importance of "enhancing financial cooperation between the two parties and reaching sustainable solutions to pending financial issues," noting at the same time that "agreeing on a fair mechanism for distributing oil revenues and border crossings will contribute to enhancing confidence and economic stability in the country."
Salaries, outlets and oil revenues top government delegation meetings in Erbil
On Sunday, bilateral meetings between the Ministerial Council for Economy and the Economic Council of the Kurdistan Region began in Erbil, in the presence of the President of the Region, Masrour Barzani. Discussions focused on mechanisms to enhance financial cooperation between the two parties and reach sustainable solutions to outstanding financial issues, according to a statement by the Federal Ministry of Finance.
The statement said, "The discussions are taking place within the framework of government efforts aimed at enhancing cooperation between the federal government and the Kurdistan Region. Joint financial files such as salaries of regional employees, the region's budget, and border crossings, in addition to coordinating customs and tax policies, are considered among the most important issues affecting the stability of the Iraqi economy."
Finance Minister Taif Sami explained, according to the statement, that "the talks represent a historic opportunity to achieve financial reconciliation between the federal government and the Kurdistan Region," stressing "the importance of enhancing financial cooperation between the two parties and reaching sustainable solutions to outstanding financial issues."
The Minister of Finance pointed out that "agreeing on a fair mechanism for distributing oil revenues and border crossings will contribute to enhancing confidence and economic stability in the country."
Parliamentary request to end the assignment of Al-Alaq and Al-Masoudi and re-draw the Hajj pilgrims’ draw
link just won't let it go
Today, Sunday (September 8, 2024), Representative Hadi Al-Salami submitted a request to Prime Minister Muhammad Shia Al-Sudani to end the assignment of the head of the Hajj and Umrah Authority, Sami Al-Masoudi, and the governor of the Central Bank, Ali Al-Alaq.
The text of the request, which was reviewed by "Baghdad Today", stated that "based on the government's program to end the agency's status after six months from the date of voting on the government, we demand ending the assignment of the Governor of the Central Bank and the Head of the Hajj and Umrah Authority."
Al-Salami called for "re-drawing the Hajj lottery."
Economist: Ban on Iraqi banks may be lifted within six months
Economic expert Ahmed Abdul Rabbo revealed today, Sunday, that Oliver Wyman has conducted a comprehensive review of the conditions of Iraqi banks, and its report may be issued after six months.
Abdul Rabbo said in a special statement to Al-Maalouma Agency, “The decisions of this company regarding the sanctioned banks will be binding on the Central Bank of Iraq and the US Federal Reserve,” noting that “reforming the banking system facilitates the process of economic reforms."
He added, "The company's final report may lift the ban on Iraqi banks, while it was positive," noting that "lifting the ban on Iraqi banks will help support the Iraqi economy."
It is noteworthy that America imposes several sanctions on Iraqi banks in an attempt to pressure the Iraqi government to pass different policies.
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