Thursday Afternoon Iraq Economic News Highlights 8-18-22
Billions Of Losses Per Month, And Expectations Of An Increase In The Number Of Fires With Rising Temperatures
Video 2022-08-18 | 07:40 Source: Sumerian 0 views Billions of losses due to fires per month in Iraq.. Huge numbers were talked about by specialists in economic affairs, as a result of the high rates of fires in many regions of the country, most notably the capital. For its part, the Civil Defense Directorate revealed that thousands of fires had been recorded during the past month, suggesting that the number would increase to five times by the end of this August.
The lack of safety and security conditions on the part of citizens and the weak government oversight role.. Reasons are now increasing the rates of fires that will not cause if they aggravate losses Not only material, but also human in the event that the matter is not rectified by the rescuers. LINK
Over Two Years… More Than 736 Billion Dinars Have Been Allocated To Service Projects In Kurdistan
Shafaq News/ The Kurdistan Regional Government announced today, Thursday, the allocation of huge amounts of more than 700 billion dinars to implement service projects in the region over the current and next two years.
The Department of Media and Information said in a statement received by Shafaq News Agency, “The Kurdistan Regional Government has approved the allocation of 736 billion and 759 million dinars to implement the ongoing and proposed projects.”
The statement added that “the projects will be for the years (2022) and (2023), in cash and in stages, within the investment budget of the ministries.” LINK
Economic Fragility..The Real Obstacle To Structural Reform In The Iraqi Economy
Articles Dr.. Haitham Hamid Mutlaq Al-Mansour
After Iraq witnessed a significant expansion in its oil production, a rise in the value of its exports, and a surplus of public financial and external balances since 2021 until now, the decision-maker is still reluctant to take any step that would initiate urgent structural reforms in the path of growth and stability.
The Food Security Law is still restricted in implementation for many reasons that we are not concerned with, which impedes the movement of re-pumping oil funds on the right track, due to the presence of many factors that obstruct any process or decision targeting these two goals, the most dangerous of which are on the performance and balance of sectors in the overall economy, The fragility of the structure of the Iraqi economy.
Fragility means the lack of diversity of sources of income in the macroeconomic sectors, as this fragility can be diagnosed in the reality of the Iraqi economy, as it is subject to several factors, among the most important at the current level, the factor of political interactions and conflicts to form the government, from which many financial problems arose,
the most dangerous of which is the lack of approval of the budget cumulative factors related to the nature of the economic reality itself and the problems related to its low ability to produce and export and the formation of traditional non-oil capital accumulation , in favor of the oil sector’s control over the income generation process Because of the inability of the business sector and the financial market to attract investments and do them as necessary since 2003 until now,
because of the many problems that the two sectors suffer from, most notably the ineffectiveness of the money market to generate real economic values, and the crowding out factor of the government sector with the private sector, which led to a decrease in the latter’s ability to establish Attracting the necessary investments to promote a diversified production base that can reduce the import dollar payments that cover most of their financial sums from government spending , has caused the erosion of the country’s productive and competitive ability, and weakened an important tool of financial policy in the market economy, which is taxes ,
which accumulated inflation pressures and reduced The ability of politics to absorb its continuous rises, so the effectivenessThe performance of economic policy fluctuates between these factors, as well as many non-economic factors related to the reality of the administration, the most dangerous of which is the rampant administrative corruption in the joints of public and private institutions for many reasons,
the most important of which are the absence of law enforcement, bureaucracy, nepotism and nepotism, as well as non-economic factors that relate to the nature of society and its various institutions and behaviors Its members that work to reduce the value of the return on capital and private investment activity.
All of these factors work in concert to distort the course of achieving the general objectives of the economic policy in its comprehensive sense, and in the absence of structural reforms in the real sector, economic fragility and its many causes will remain a real obstacle to the ability of the Iraqi economy to absorb the potential for growth and stability. 537 . views Added 08/17/2022 – 3:45 PM Update 08/18/2022 – 12:58 PM https://economy-news.net/content.php?id=29370
India: We Import 40% Of The Exported Iraqi Oil
Ambassador of the Republic of India to Iraq Prashant Bisai
Energy Economy News – Baghdad The Ambassador of the Republic of India to Iraq, Prashant Bisai, revealed that his country imported 40% of the exported Iraqi oil.
“India imports 40 percent of Iraqi oil,” Besai said during his interview with a group of journalists, including the Economy News correspondent.
He added, “The Indian embassy in Baghdad grants daily 350 visa approvals for patients, students and merchants, as well as special facilities for patients, the elderly and those coming from the provinces.”
He added that India is advancing in scientific and technological aspects, telecommunications, security, economy and comprehensive development, according to plans to surpass America and Britain
412 . views Added 08/17/2022 – 3:08 PM Update 08/18/2022 – 12:03 PM
https://economy-news.net/content.php?id=29368
Integrity: 231 Billion Dinars Recovered From An Electronic Payment Company
Integrity: Our investigative procedures lead to the recovery of 231 billion dinars to the state treasury
. The Key Card Company has paid its debts in the case of retired salaries outside Iraq
The Federal Integrity Commission has managed to recover more than (231) billion dinars to the state treasury from an electronic payment company ; In the case of the salaries of retirees outside Iraq.
The Commission’s Investigation Department, while talking about the details of the case that it investigated and referred it to the judiciary, stated that its investigative procedures and follow-up to the file of the pension issue outside Iraq led to the recovery of (231,352,535,563) billion dinars to the state treasury, which represents the amounts owed by the company (K-Card). .
And she continued, explaining that based on the commission’s follow-ups and its investigative procedures in the case, the mechanism for raising the salaries of retirees abroad was audited, which is through raising the funding from the retirement commission to the Rafidain Bank for the bank to raise salaries through the global smart card company system and through the (clearing) system. That Al-Rafidain Bank has repeatedly paid the salaries of retirees to the company’s system more than once, without the company returning the accumulated amounts for a long period since this system was introduced in 2017.
She added that as a result of the investigation procedures in the case and determining the amount of damage, the Central Bank of Iraq withheld the funds belonging to the International Smart Card Company; For the purpose of reversing the amount that was determined from the company’s accounts to the accounts of Rafidain Bank, and the judicially ordered amounts were actually paid back to the bank, which are suspected of being exploited in speculation in the market and currency trading, at the time of the management of the accused, “whose fate has been deferred, the authorized director of the company,” and the accused fugitive, the deputy director for the company.
It indicated that the investigative procedures are continuing under the supervision of the Judicial Investigative Authority. For the purpose of completing the investigation and checking the interest amounts, alerting to the possibility of determining the existence of interest as a result of the exploitation of the amounts for several years from the date of 2017. https://www.iqiraq.news/society/41238–.html
The Digital Media Center Warns Of A “Fake” Electronic Link
Baghdad – The Digital Media Center, DMC, warned of a “fake” electronic link calling for applying for a financial grant to the Central Bank.
The center said in a statement received by the Iraqi News Agency (INA), that it warns of a “fake” electronic link that has spread on some communication sites and the WhatsApp application, calling on people to apply for a financial grant to the Central Bank, calling on users to neglect the link and not open it.
https://www.ina.iq/163416–.html
The Outlets Stress The Need For Urgent Solutions To End The Methods Of “Electronic Extortion”
Thursday, August 18 2022 1:14 PM Baghdad / National News Center Today, Thursday, the Border Ports Authority stressed the importance of urgent treatments to end the methods and methods of electronic extortion.
In a statement received by the National News Center, the authority said, “The Women Empowerment Department in the Border Ports Authority held a workshop on the dangers of electronic extortion and how to prevent and deal with it, in cooperation with a company specialized in cybersecurity services.”
The statement added that “the workshop was held in the hall of the Training and Development Center in the presence of the head of the Border Ports Authority, Major General Omar Adnan Al-Waeli, and a number of the authority’s civil and military personnel for both sexes, entitled (Information Security, Threats, Available Solutions in the Field of Defense and Protection).”
The workshop included, according to the statement, “introducing the participants to the methods and methods of electronic extortion, as it has become a crime that exceeds the level of threat to individuals to institutions, companies and sensitive centers, which necessitates the existence of urgent treatments to block the spread of this phenomenon.” https://nnciraq.com/147681/
The Budget And Food Security Allocations Are Behind The Resignation Of Ali Allawi
Baghdad / Obelisk: Analyzes believe that the delay in approving the 2022 budget, caused the resignation of Finance Minister Ali Allawi, without warning.
The minister’s resignation was a shock to the political circles, especially since he had not previously indicated his intention to resign from the position.
The political differences left by the recent elections hindered the formation of the new government, at a time when laws prevented caretaker governments from sending legislation to Parliament for approval, which kept the fate of the budget law unknown.
And Prime Minister Mustafa Al-Kazemi said during the cabinet session that a government cannot live without a budget, two years have passed without a budget, which some considered to be proof that Allawi resigned because of the budget.
Private sources say to the Obelisk, Minister Allawi is discontented with the impact of political conflicts on the government’s work and its inability to implement any financial reform because of that, as well as the lack of legislation for the country’s general budget so far, despite the passage of 8 months since the beginning of the year due to political conflicts.
It did not take practical steps to implement the economic reform paper known as the White Paper because of the political rivalry.
On the other hand, the resignation comes days after the food security law was disbursed.
Ali Allawi, for his part, objected to the launch of the law’s assignments, which may be the reason for his resignation from the position.
At a time when the followers of the Sadrist movement are holding a sit-in in the Green Zone, disrupting Parliament, which means that the allocations of the Food Security Law are not secured due to the absence of a parliament that is held accountable and follows up on the disbursement of allocations.
The fact that Iraq remains without a financial budget is quickly reflected in revenues, as the delay in approving the budget causes wastage of public money, and a lack of revenues due to the failure to implement the government’s financial plan represented by the budget, which will necessarily include measures to maximize financial resources and achieve maximum revenues. According to the experts.
As for the other harm, it is the expenses that are always planned according to the revenues, and since the imbalance and shortage of revenues will inevitably occur, this will have a definite reflection on the expenses, and the lack of revenues will lead to the reduction of the projects planned by the government according to the citizens’ priorities and needs.
The expert in economic affairs, Abdul Hassan Al-Shammari, says that this delay will hit the investment sector, and will contribute to the spread of unemployment among young people, and will even raise poverty indicators to higher levels.
Economist Ahmed Abu Abatin warned that this delay will have serious repercussions, as it necessarily leads to delays in the completion of planned projects.
Twitter activist Rasha Al-Ezzo said that the delay in sending the draft budget also results in the delay in sending the final statements of the 2021 budget, which the government is supposed to send as soon as it finishes sending the 2022 draft budget to Parliament.
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The OPEC Basket Drops And Records Less Than $ 100 A Barrel Of Oil
Energy Economy News _ Baghdad Today, Thursday, OPEC announced that the prices of its basket of crudes fell to less than $100 per barrel.
The Organization of the Petroleum Exporting Countries stated in a report seen by “Economy News”, that “the price of the OPEC basket of 13 barrels of crude recorded today 97.44 dollars per barrel,” noting that “the price decreased from the previous day by 2.6 dollars, after it recorded 100.04 dollars.”
The Organization of Petroleum Exporting Countries (OPEC) reference basket consists of the following: Sahara Blend (Algeria), Girasole (Angola), Djeno (Congo), Zafiro (Equatorial Guinea), Rabie Light (Gabon), Iran Heavy (Iran), Basra Light ( Iraq), Kuwait Export (Kuwait), Es Sidr (Libya), Pune Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Miri (Venezuela). Views 12 Added 08/18/2022 – 12:09 PM Update 08/18/2022 – 12:49 PM https://economy-news.net/content.php?id=29376
Transportation: More Than 20 Iraqi Airways Planes Are Not Operating
Money and business Economy News – Special Economy News obtained a document issued by the Office of the Minister of Transport, confirming the presence of more than 20 non-operating aircraft.
According to the document signed by Engineer Hussein Muhsin Khraibit, Director of the Office of the Minister of Transport, the technical department of the Iraqi Airways Company is unable to manage this file, which is the maintenance of aircraft.
The document stressed that there is a lack of interest in maintaining aircraft and not following the correct methods for obtaining spare tools, and that there is significant corruption.
And she continued, that the B737-700 had been lying on the airport grounds for 3 months after receiving it from Fly Baghdad, and this leads to the plane’s extinction and explains the indifference and lack of seriousness in returning this plane to service despite the directives.
505 views Added 08/17/2022 – 3:24 PM Update 08/18/2022 – 12:53 PM
https://economy-news.net/content.php?id=29369
