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More Iraqi News Wednesday PM 9-9-20

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Parliamentary Finance: The 2020 Budget Is Devoid Of Job Grades … And This Is Its Fate

Time: 09/09/2020 12:28:12 Read: 4,316 times   {Baghdad: Al Furat News} The Parliamentary Finance Committee confirmed, today, Wednesday, that the 2020 budget is devoid of job grades.

Committee member Chuan Mirza told {Euphrates News} that “the 2020 budget that was sent to the Council of Ministers is devoid of job grades,” indicating that “the price of oil in the budget was approved at $ 40 a barrel.”

He added, “It is not known if there are job ranks in the 2021 budget and how many there are.”

The General Secretariat of the Council of Ministers announced that it had received the draft budget for 2020, at a time when Ahmed Mulla Talal, a spokesman for Prime Minister Mustafa Al-Kazemi, announced that the Council of Ministers will discuss the budget early next week.  LINK

Dollar Exchange Rates Are Rising Again In The Iraqi Market

Pratha News Agency114 2020-09-09 The exchange rates of the dollar in the main stock market and local markets rose again today, Wednesday (September 9, 2020).   Al-Kifah Stock Exchange recorded 123,100 dinars against 100 US dollars.

Yesterday, the Kifah Stock Exchange recorded 123,000 dinars per 100 dollars.

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

The sale price is 123,500 dinars per $ 100.

Purchase price: 122,500 dinars per $ 100.

http://burathanews.com/arabic/economic/376197

Lebanese Banks Intend To Leave Iraq Due To Increased Compliance Demands

Pratha News Agency101 2020-09-09  A prominent banker said that a number of Lebanese banks operating in Iraq decided to close their operations in the country due to increased compliance requirements and growing risk factors.

The main Lebanese banks that are expected to close in Iraq are Fransabank, IBL, Credit Libanais and BLF, according to sources, according to the “Daily Star”.

The Director General of “France Bank”, Nadim Kassar, told the “Daily Star” by phone, that “Iraq has a lot of compliance problems and this requires a lot of efforts from banks to deal with these conditions.”

He added, “We decided to close our branches in Baghdad and Erbil and informed the Iraqi authorities of our decision,” noting that “the volume of our operations in Iraq is not that important and that is why we chose to leave this country.”

Kassar confirmed, “Lebanese banks suffer from enough problems in Lebanon and do not want to address more problems in Iraq.” It’s not worth the effort. ”

Kasar stressed that “closing operations in Iraq was not part of any restructuring plan by France Bank,” noting that “the bank is working well in other countries such as Algeria and France.”

For their part, other bankers said that “the main focus at the present time is to move forward with the new challenges facing the Lebanese banking sector amid increasing calls for restructuring the central bank and private banks.” http://burathanews.com/arabic/economic/376191

Iraq Receives A High Position In A UN Organization

Time: 09/09/2020 11:24:38 Read: 2,665 times  (Baghdad: Al Furat News) The Ministry of Foreign Affairs confirmed, on Wednesday, that the FAO has chosen Safia Al-Sahl, the permanent Iraqi representative to the organization, for the position of vice president of the Near East Group.

A statement by the ministry stated, “The Near East Group in the Food and Agriculture Organization of the United Nations (FAO) chose Ambassador Safia Taleb Al-Suhail, the permanent representative to the Organization for the position of Vice President of the Near East Group, during the hypothetical meeting held on Monday, September 7, 2020, chaired by Ambassador and Permanent Representative of Sudan, Muhammad Abd. Al-Wahhab Al-Hijazi.

He added, “Ambassador Al-Suhail, the representative of Iraq to the United Nations, was chosen with the participation and consensus of 22 representatives of countries for this position.”

“The ambassador thanked the current head of the group and the former president, Yousef Al-Juhail, the permanent representative of Kuwait, and the members for nominating Iraq for this position, and expressed her keenness and full commitment to provide the best possible support for the work and aspirations of the group members within the organization,” the statement added.   LINK

An Economist Reveals Important Information About The Benefits Of Banks And The Involvement Of Merchants And Citizens In Them

Time: 09/08/2020 21:34:37 Read: 6,110 times   {Baghdad: Al Furat News} An economic expert revealed, on Tuesday, important information about the benefits of government banks and the involvement of merchants and citizens in them.

Abdul-Hussein Al-Mandhari said {to Al-Furat News} that “the high interest of loans in the banks of Al-Rasheed and Al-Rafidain, because they are self-financing, achieve revenues to meet operating expenses.”

He added, “But this does not mean raising interest rates for citizens who doubt that they are detained in payment,” noting that “the Central Bank of Iraq on the subject of 6 trillion dinars, which divided 5 trillion dinars for government development banks (agriculture, industry and real estate), and one trillion was allocated to owners of small and medium enterprises.” It was awarded to private banks, which in turn reduced interest rates last month, after citizens were dissatisfied with their increase.

“Those who received his loan before the outbreak of the Corona pandemic became one of those implicated after the cessation of their business and interests, and Al-Rasheed and Al-Rafidain bankers suffer from the failure of citizens and merchants to pay billions of dinars,” Al-Mandhari added.

And that “the Central Bank, by order of the International Monetary Fund, raised interest rates at banks and granted them freedom to act according to their banking policy,” noting that “Rasheed Bank took the initiative today to reduce loan interest from 8% to 5%.”

In his response about the difference between Islamic and commercial loans in terms of interest rates, Al-Mandhari explained, “The method of implementing loans in Islamic banks differs from the commercial ones that take the method of payment according to the internationally approved bank interest. As for the Islamic ones, they have sales banks (profit to buy) and participations (sale of reclamation and trade) and the two methods. Equal in proportion to the profits collected from the loans.   LINK

The Stock Exchange Ends Wednesday’s Session In Green

Iraq Stock Exchange   Market  Economy News – Baghdad  The bourse ended Wednesday’s trading in green, after its index rose by 0.09%.  Six stocks contributed to the index rise, led by Babel Hotel by 8.33% and the real estate world by 4.97%.

While the value of the shares of nine companies offered by the shares of Babel Bank decreased by 11.11% and the shares of Gulf Bank by 7.14%.

The meeting saw the circulation of 2.6 billion shares worth 2.5 billion dinars.

Foreign investors sold 48 million shares, worth 46 million dinars.

Number of observations 71 Date added 09/09/2020   https://economy-news.net/content.php?id=21796

Parliamentary Finance: Parliament Rejected The Finance Minister’s Justifications Regarding The Reform Paper

Money   and business  Economy News _ Baghdad  A member of the Parliamentary Finance Committee revealed, on Tuesday, that Parliament rejected the Finance Minister’s justifications about the reform paper, indicating that the government should set the correct paths to lead the reform process.

Cougar said in a televised statement followed by Al-Eqtisad News, that “the finance minister’s justifications about the reform paper were rejected by Parliament and that the minister stressed during his hosting that the government is unable to present the reform paper.”

He added, “The government should set the right paths to lead the reform process, and we have not seen anything tangible from the government about the government reform paper.”

He added that the blame does not fall on the government only, but there are political differences that affected the current reality and that the state’s resources are limited and the government must provide appropriate revenues to secure the salaries of employees.   Number of observations 74 Date added 09/09/2020 https://economy-news.net/content.php?id=21785

The Integrity Commission Reveals To Nina The Number Of Arrest Warrants Issued Since The Beginning Of 2020 And Confirms: That Among Them Is A Minister And Former Governors

Wednesday 09, September | PoliticalViews: 311 Baghdad / NINA / The Director of the Investigation Department at the Integrity Commission, Karim Badr, revealed the number of arrest warrants issued since the beginning of 2020.

Badr said in a statement to the Iraqi National News Agency / NINA / that “the total of arrest warrants issued and executed during the current year reached (1788) An arrest warrant, including orders against a former minister, deputy minister, and deputy minister, in addition to (10) orders issued against former governors. ”

He added, “Those orders included (19) a director general, and (4) members of the provincial councils,” pointing out that (1752) arrest warrants were issued against suspects without that.

Regarding the seizure operations, Badr confirmed that “the directorates and investigation offices affiliated to them in Baghdad and the governorates carried out (229) seizure operations during the period from (2/1/2020 until 31/7/2020), and the value of the seized funds amounted to (18,483,098,900) dinars,” explaining “The Basra and Nineveh Investigation Directorates were the most implementing those operations that resulted in the arrest of (195) suspects.” / End 10   https://ninanews.com/Website/News/Details?Key=855297

Finance Announces The Submission Of A “Reform Paper” To The Three Presidencies At The End Of This Month

Economy  Tuesday 8 September 2020 | 06:01 pm| Views: 73   Finance Minister Ali Allawi announced, on Tuesday, that the “reform paper” will be submitted to the three presidencies at the end of this September .

Allawi said, in a speech during his hosting in the House of Representatives, that “the reform paper will be submitted to the three presidencies and the relevant committees at the end of this month .”

He added, “The government seeks to stop the doors of wasting public money at all levels, and this will be included in the economic reform paper.”    https://aynaliraqnews.com/index.php?aa=news&id22=138374

Trump Announces Today To Withdraw More US Forces From Iraq

Pratha News Agency91 2020-09-09  A senior US administration official announced that US President Donald Trump will soon announce the withdrawal of more forces from Iraq and Afghanistan.

The official told reporters traveling with the president to expect an announcement on Wednesday regarding the withdrawal of the forces deployed in Iraq, according to Al-Jazeera.

Trump had informed Prime Minister Mustafa Al-Kazemi, during the latter’s visit to Washington last month, that the United States intends to withdraw its forces from Iraq within the next three years, indicating that their current numbers are “very few.”   http://burathanews.com/arabic/news/376198

The “Pentagon” Reveals The Truth About The Decision To Reduce The Number Of American Forces In Iraq

Political affairs  The Baghdad Post Wednesday, September 09, 2020 02:12 PM

l The US Department of Defense announced, on Wednesday, that the Central Command will reduce the number of forces in Iraq before the end of this September.

And the Central Command decided, according to the “Pentagon”, to reduce the number of US forces from 5,600 to 3,000

. A senior US administration official told reporters, on Tuesday, that the president would announce that Donald Trump would announce the withdrawal of more US forces from Iraq.

The official added that this announcement will be followed by another announcement in the coming days regarding an additional reduction of US forces in Afghanistan.

The decision comes two months before the due date of the presidential election, in which Trump will face Democratic candidate Joe Biden.  LINK

Parliamentary Finance: Exiting The Economic Crisis Requires This

14:08 – 09/09/2020  The information / Baghdad ..The Parliamentary Finance Committee confirmed, on Wednesday, that restructuring the financial policy has become necessary and is the only way out of the financial crisis, indicating that the crisis is temporary and needs temporary solutions as well, which are available to the Ministry of Finance.

The committee’s reporter, Ahmed Al-Saffar, said in a statement to / the information /, that “approving the 2020 budget is necessary even if it has passed for nearly nine months because it is not reasonable for the government to work without a budget,” indicating that “the approval of the current budget will be completed in a simple manner depending on the operational budget. And some of the main joints such as the ration card, salaries and calculating public revenues.

Al-Saffar added, “Restructuring the public financial policy is the most urgent solution to get out of the financial crisis, as well as focusing on public revenues that represent a major and important source after oil, including revenues from border crossings, state real estate, taxes, customs and so on.”

Al-Saffar pointed out that “the current financial crisis is a temporary one and needs temporary solutions, and it is available before the Ministry of Finance.”  https://www.almaalomah.com/2020/09/09/494204/

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