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Iraqi News Thursday AM 8-27-20

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The Council of Ministers holds its regular session under the chairmanship of the Prime Minister, Mr. Mustafa Al-Kazemi

Aug 26- 2020  The Council of Ministers held its regular session today, Wednesday, August 26, 2020, under the chairmanship of the Prime Minister, Mustafa Al-Kazemi.

During the session, the Prime Minister gave a presentation on the results of the tripartite summit in which His Excellency participated in the Jordanian capital, Amman. Likewise, his visit to the American capital, Washington, and the bilateral understandings that resulted from it.

Al-Kazemi said: The departure from the policy of axes is the approach that Iraq has taken for itself, and that Iraq affirms the commitment to balance and moderation, as well as relying on cooperation and partnership in the economic and investment fields, as a way to build bridges of interdependence between the peoples of the region.

His Excellency also directed the ministers to intensify their meetings with their counterparts from Jordan and Egypt, in order to activate aspects of exchange and cooperation in various fields that serve the interest of Iraq, just as it serves the interests of other peoples.

The Minister of Health gave a presentation on the latest developments in confronting the Corona pandemic, and ways to reduce the chances of transmission of infection and provide medical services to the injured, and the

Council stressed the importance of the agencies in charge of adherence to preventive measures, especially in connection with religious events and Ashura rituals.

In the energy sector, the Minister of Electricity made a presentation to the Council on the current reality of the system for the production and distribution of electrical energy, and the latest efforts made in this aspect to sustain production and provide the best services available to citizens.

The Council discussed the issues and topics on its agenda, and took the necessary decisions and actions regarding them, and in its decisions came:

1- Canceling the Council of Ministers Decision No. 197 of 2015 related to the emptying of state employees when they join the ranks of the Popular Mobilization Forces. The Popular Mobilization Forces, No. 40 of 2016, which took over the organization of the aforementioned employees’ work.

2- Amortizing the amounts owed by the Army Department of Shops on the profits made for previous years in favor of the public treasury, and using an amount of two billion five hundred million dinars, for the purpose of the Ministry of Defense to pay the aforementioned amount to the company implementing the general hospital project for the armed forces with a capacity of 400 beds in Baghdad.

3- Authorizing the Minister of Finance the power to negotiate and sign a draft agreement, (avoiding double taxation and preventing evasion from paying taxes imposed on income and capital) between the government of the Republic of Iraq and the government of the Swiss Federation, as amended by the State Council, based on the provisions of Article 80 / Article Six of the Constitution.

The Media Office of the Prime Minister  2 6- Aug-2020  https://pmo.iq/press2020/26-8-202001.htm

Al-Ghazzi: E-Governance Comes Into Effect

Thursday 27th August 2020  80  Baghdad / Al-Sabah  The government seeks during the next phase to complete the e-governance project and to enter it into implementation.

The Secretary-General of the Council of Ministers, Hamid Naeem Al-Ghazi, called during his meeting with the delegation of the Korean “KOICA” organization to set a specific timetable for studying the project within a period not exceeding two weeks, especially that the Iraqi national staff had reached advanced stages in the completion of the project.

For his part, the Director of KOICA, Lee Won-Hyun, expressed his happiness in the partnership with the Republic of Iraq to contribute to establishing a number of vital and important projects and strengthening cooperation ties.  LINK

Transparency Of Economic Decisions

Thursday 27th August 2020   57   Dr.. Basem Brahimi   Transparency is one of the modern topics in management, and a lot of discussion has taken place around it and important proposals were presented whose main aim is to strengthen the relationship between institutions and the public, especially with the increase in social awareness and the spread of modern means of communication, which shortened the time and news distance, but the conviction in this concept remained subject to taking and responding differently

The conviction of the official to implement it in his institution, although some institutions have included the principle of transparency in them within laws and legislations, but the extent of compliance with them and the rate of their application remain subject to other determinants, foremost among which are political and media pressures and the extent of acceptance of the performance of that institution.

Transparency may sometimes have negative repercussions if it is not well understood or the public’s culture is less than necessary to deal with the information presented, especially on the economic side, and in this context it should be noted that the central banks in the world were (and still are) Some of them) do not believe in the principle of transparency for reasons related to the nature of their work and the importance of confidentiality sometimes regarding some information related to banking institutions and individuals,

the publication of which may cause some kind of harm to the bodies whose data are announced, and this rule of reservation and confidentiality has withdrawn to all decisions and procedures of monetary policy, and it may be said (Alan Greenspan) Former Federal Reserve Chairman (If I am so clear in my speech, you probably misunderstood what I said) a perfect example of this approach.

On the other hand, some institutions have realized that transparency can play a positive role in implementing decisions and that the requirements for change have come, and this is what Mario Draghi, who headed the European Central Bank until the end of last year, said in one of his statements:

(We will do all) What we can to save the euro) announcing by this the directions of its monetary policy, and this confirms a new approach in the management of central banks by adopting the principle of transparency and rapprochement with the public, but we must not forget the environment in which these banks operate and which qualify them to adopt this approach, and in return, the approach may not succeed

The same in developing countries as a result of the difference in the work environment in them from those in developed countries, and therefore transparency does not necessarily succeed in them, but as it is said that what is not perceived as all does not leave a great deal.  LINK

The Amman Tripartite Summit … A Step For Iraq To Enter The World Market

Thursday 27th August 2020   31  Baghdad / morning  The government is moving towards strengthening Iraq’s economic relations with its Arab and regional surroundings, by exchanging experiences and consultations, activating investment in several aspects, and opening new outlets to reach global markets. Experts and specialists in economic affairs promised the Iraqi-Jordanian-Egyptian tripartite summit, which was held in Amman, a step towards supporting the Iraqi economy, as it would open many areas of joint cooperation between the three countries, especially in the sectors of oil, energy, health and investment, pointing out that Iraq needs expertise Arab and regional countries for the advancement of the national economy.

Prospects for joint cooperation

A member of the Parliamentary Economic and Investment Committee, MP Abdullah Kharbit, said in a statement to Al-Sabah: “The tripartite summit between Iraq, Jordan and Egypt, which was held in Amman on Tuesday, will serve Iraq economically, as it will open horizons of joint cooperation between the three countries in various fields.” Stressing that “Iraq needs the expertise of Jordan and Egypt to promote its neglected sectors.”

He added that “Iraq needs to cross the Mediterranean to reach global markets, in terms of products for its exports and imports, pointing out that” the economic agreement with these countries will open horizons for Iraq to reach global markets, which will serve the Iraqi economy.

He pointed out that “the country needs to strengthen electric power services from neighboring countries, especially Jordan, as well as Saudi Arabia,” noting that “this summit will also result in supporting Iraq with the energy system through networking.”

Relations with the Arab world

Kharbit stressed, “the need to strengthen Iraq’s relations with its Arab surroundings to support its various sectors, as the Kingdom of Saudi Arabia has a surplus of electric energy more than the Iraqi Ministry of Electricity produces, and this surplus can be obtained at subsidized prices or close to free, but this comes through politics.” Correct foreign policy based on national interests. ”

He pointed out that “the current government is a real rescue government that works for the sake of Iraq first and deals with the countries of the region according to the logic of the national interest and not interfering in the affairs of other countries, and this is what the Prime Minister does in his foreign visits, stressing the need to strengthen relations with neighboring countries to obtain Economic benefit. ”

Benefiting from regional experiences

For his part, the economic expert, Salem Al-Bayati, told Al-Sabah: that Iraq should be treated as a state that takes into account its interests in Arab and regional relations, indicating that any inter-relationship with neighboring countries, whether by unilateral, social or even technical contact, it is necessary to extend this relationship to a market The state is not in the mood, but according to the national interest. ”

He added that “the holding of the Iraqi summits, whether with Arab or foreign countries, will serve Iraq economically, provided that they have the national will to put the country’s interest first,” noting that “what was discussed during the tripartite summit in Amman will serve the Iraqi economy because of the experiences these two countries possess.” Iraq can benefit from in several areas to support its economic sectors. ”

Multiple export ports

Al-Bayati pointed out that “Egypt is advanced in various fields, as is Jordan in which there are important achievements and sectors at the economic level. Iraq must benefit from the experiences of these countries to revive its economy.”

He explained that “this summit could be a gateway for Iraq to launch into global markets for the multiplicity of its export outlets, and this requires support for the productive sectors in the country.”

The tripartite summit between Prime Minister Mustafa Al-Kazemi, King Abdullah of Jordan and Egyptian President Abdel Fattah Al-Sisi was held in the Jordanian capital Amman on Tuesday 25 August 2020 to discuss joint cooperation and coordination between the three countries in various fields.   LINK

A positive week for the stock exchange

Iraqi Stock Exchange «Economy News»  Market Economy News – Baghdad  The Stock Exchange announced, on Thursday, the outcome of its sessions for the current week.

The Stock Exchange said in a statement received by “Al-Eqtisad News” that it had organized “five trading sessions, starting from Sunday 08/23/2020 until Thursday, August 27/2020.”

He indicated that the number of shares traded during the week amounted to 38 billion shares, at a value of 31 billion dinars.

And that the trading index closed in the first session of the week’s sessions at 465.36 points, while the index closed at the end of the week at 466.17 points, achieving an increase of 0.17% from its close in the first session.

During the week, more than 2,000 sale and purchase contracts were executed on the shares of companies listed on the market, according to the statement.

Number of observations 25 Date added 08/27/2020   https://economy-news.net/content.php?id=21637

The High Exchange Rates Of The Dollar In The Local Markets

Market  Economy News _ Baghdad  The dollar exchange rate increased slightly in the main stock markets, while it stabilized in local markets today, Thursday (August 27, 2020).

The Kifah Stock Exchange recorded 122,900 dinars compared to 100 US dollars, while yesterday’s stock exchange prices were 122,850 dinars.

Selling prices in the exchange shops in the local markets in Baghdad:

Sales price: 123,500 dinars per $ 100.

Purchase price: 122,500 dinars per $ 100.

Number of observations 52 Date added 08/27/2020  https://economy-news.net/content.php?id=21630

Iraq Exports To America 197,000 Barrels Of Oil Per Day, After It Was Zero

Energy  Economy News _ Baghdad  The US Energy Information Administration announced, on Thursday, that Iraq had exported 197,000 barrels per day to America last week, after it was zero during the previous week.

The Information Administration reported, “The weekly data of US oil imports change rapidly and significantly from week to week,” indicating that “US oil imports rose during the past week by 185 thousand barrels per day, to 5.916 million barrels per day.”

She added that “most of the increase came during the past week from three countries, namely Iraq, Nigeria and Ecuador.” 392 thousand barrels per day. ”

She pointed out that “some countries decreased oil revenues from them, including Saudi Arabia, by 114 thousand barrels per day to reach 319 thousand barrels per day, and from Mexico by 72 thousand barrels to reach 577 thousand barrels per day.”   Number of observations 192, date of addendum, August 27, 2020

https://economy-news.net/content.php?id=21632

General Electric Announces The Details Of An Agreement To Link The Electrical Network Between Iraq And Jordan

Energy  Economy News _ Baghdad  General Electric announced, on Thursday, the details of the agreement signed by Iraq with Jordan to connect the electrical network, confirming that it will undertake the implementation work in cooperation with local companies.

The executive director of the company, Muhammad Muhaisin, said in a statement that Al-Iqtisadnews received a copy of it, “This agreement signed between the network solutions business unit at General Electric and the Iraqi Ministry of Electricity aims to strengthen the Iraqi power transmission network and link it with the network in the Hashemite Kingdom of Jordan.” “This step will greatly contribute to easing bottlenecks, especially in congested and dumped areas on the grid, and providing electric power according to the highest levels of reliability.”

He added, “The company team continues today to work on building 14 substations, and this new agreement will lay the foundations of the necessary infrastructure for the power transmission network in the country and achieve the desired positive change in various provinces, especially the liberated areas.”

He continued, “General Electric will undertake the task of designing; supplying; installation, testing and commissioning work in high-voltage substations and specific overhead transmission lines, in cooperation with local companies, and supplying energy to many areas severely affected during the conflicts in which they arose as part of a major initiative that will enhance the flow of operations in National electric power grids in various parts of Iraq, and support for the reconstruction of these areas. ”

Number of observations 38 Date added 08/27/2020  https://economy-news.net/content.php?id=21636

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