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Iraqi News Sunday AM 10-4-20

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Al-Sadr Calls For Accountability Of “Big Corrupt”

Sunday 04 October 2020  97  Baghdad: Morning   The leader of the Sadrist movement, Muqtada al-Sadr, called on the occasion of the annual October, to hold the corrupt leaders accountable and restore services to the Iraqi people with early elections under UN supervision.

Al-Sadr said in his tweet: “We have passed the first anniversary of what they call (the October Uprising), may God bless its martyrs with mercy and satisfaction, and may God bless their wounds with health and healing, and for their captives, with freedom and salvation.”

Al-Sadr demanded that “early elections be supervised by the United Nations and a mechanism that does not allow the corrupt parties to sit on the throne of power and dominate again, and to restore services to the Iraqi people as soon as possible.” Al-Sadr also demanded that “the most corrupt, saboteurs and outlaws be held accountable by the impartial judiciary, and the attackers against the demonstrators held accountable from 2016 until this year”.

He added, “Therefore, I advise all the revolutionaries with all their orientations, waiting for the early elections to be set and a fair electoral law, and not to plunge Iraq into the furnace of violence, reckless mobs, and childishly silly behavior.”

Al-Sadr continued, “If the government does not fulfill its electoral promise … then that means the loss of Iraq.” He said: “Then I advise everyone who wants to demonstrate that they adhere to the following: Peacefulness at its highest levels, adherence to the applicable Sharia and customs in force, preservation of civil peace and public health, and not to seek the help of foreign countries, this is contrary to love of the homeland .. and not seeking the oppressor’s help, even on the oppressor, is forbidden, And to show wisdom and love of the homeland .. for the future of Iraq is unknown and it may fall between the deads of the enemies from inside and outside.

Al-Sadr stated that “the security forces should not be attacked at all. Whoever strikes you on the right cheek then offers him the left one, and the rebellious headlines and activist figures not to be given overt or covert political address at all .. The revolutioner’s goal is not authoritarianism but rather saving the homeland.” LINK

Deputy: Finance Intends To Borrow Again From The Central Bank’s Reserve

Time: 10/04/2020 10:32:51 Read: 3,952 times  {Baghdad: Al Furat News} A member of the Parliamentary Finance Committee, Muhammad Sahib Al-Darraji, confirmed today, Sunday, that the Finance Ministry wants to borrow again from the Central Bank’s reserve.

Al-Darraji said in a tweet to him on Twitter, that “in hosting us with the Ministers of Finance and Planning on September 10 in the House of Representatives about non-compliance with the borrowing law by submitting a reform paper, and they promised us to submit a draft by the end of September and a final version that is applicable in mid-October.”

He continued, “For today, they did not present the draft. They want to borrow again from the central bank’s reserves.” LINK

The High Exchange Rate Of The Dollar In The Local Market Today

Market   Economy News _ Baghdad  The exchange rates of the dollar in Baghdad markets recorded, today, Sunday, a rise against the dinar.

The selling price of the dollar on the local market was: 124,250 dinars per $ 100.

The purchase price of the dollar: 123,250 dinars per $ 100.

The Central Kifah Stock Exchange in Baghdad recorded 123800 dinars compared to $ 100 yesterday, while Al-Harithiya Stock Exchange recorded 123,850 dinars against $ 100.

Number of observations 76 Date added: 10/4/2020  https://economy-news.net/content.php?id=22096

The Stock Market Index Declined In The First Session

Stock  market  Market   Economy News – Baghdad   The first session of the stock market sessions, on Sunday, saw its index drop by 0.50%.

187.4 million shares were traded during today’s session, at a value of 109.2 million dinars.

The shares of 9 companies contributed by the shares of the Babel Hotel decreased by 4.55% and the shares of the Investment Bank Company by 3.85%.

Shares of 7 companies provided by Al-Attaa Islamic Bank rose by 10.53% and shares in Karbala Hotels by 4.00%.

Foreign investors bought 10 million shares, worth 23 million dinars.

Number of observations 70 Date of addendum 10/4/2020

https://economy-news.net/content.php?id=22107

Minister Of Finance: $ 250 Billion Has Been Stolen From Iraq Since 2003

Minister of Finance Ali Abdul Amir Allawi

Money  and business   Economy News – Baghdad   Finance Minister Ali Allawi said that the economic reform paper that will be presented soon includes the activation of the partnership law between the public and private sectors, explaining that $ 250 billion has been stolen from Iraq since 2003.

Allawi added, in a seminar organized at the headquarters of the guest house in the Green Zone, and I saw the Economy News on a video of the session published on the page of the Economic Reform Institute, that my vision includes making the private sector the main and pivotal engine in the economy, adding that the compass of the Iraqi economy must change towards free work. And not to rely on government sector work.

He stressed that the private sector should benefit from the Iraqi market as well as the Arab and international markets, explaining that the state’s resources management must be in partnership with the private sector and gradually because the public sector currently provides very weak services.

He noted that the agricultural sector in Iraq is subsidized by the state at an amount of 6 trillion dinars, pointing out that the tax sector in Iraq is very weak, and the citizen has the right to not pay taxes in exchange for weak services provided by the public sector.

He noted that Iraq’s revenues from the border outlets are less than 1% due to the large exceptions and exemptions granted.

He explained that the main decisions that affect the economy are mostly politicized, and started to increase and not decrease, and this issue has been inherited since 2003, and most of these decisions are related to the economic relations of the parties with the parties that can help them.

He indicated that 250 billion dollars were stolen from Iraq since 2003 and until now, and this amount is built by several countries, explaining that spending this money was not an economic goal, but rather a financial benefit for some parties, which led to a decline in the state’s capabilities, pointing out that this matter would not be changed overnight. .

He stressed that Iraq imports from Iran electricity and gas annually at an amount of 4 trillion dinars, but the Ministry of Electricity is unable to pay these funds from the collection, explaining that 30% of Iraq’s imports pass through the northern ports and tax revenues are not subject to the control of the center.

Number of observations 153 Date of addendum 10/4/2020  https://economy-news.net/content.php?id=22106

Iraq Is Ranked Fourth Among The Highest Oil Reserves In OPEC

Energy   Economy News _ Baghdad   OPEC announced that the organization’s reserves of crude oil amount to one trillion and 189 billion barrels, indicating that these reserves represent more than 79% of the world’s reserves of crude oil.

The organization said in a report seen by “Al-Eqtisad News” that the reserves of the members of the organization, consisting of 13 countries, of crude oil amount to one trillion 189 billion and 80 million barrels, indicating that the state’s reserves outside the organization of oil amount to 308 billion and 18 million barrels.

It added that the percentage of these reserves for OPEC represents 79.4% of the world’s reserves of crude oil.

The organization pointed out that “Venezuela comes first with the highest reserves within OPEC, at a rate of 25.5%, followed by Saudi Arabia with a rate of 22.4%, while Iran comes third with a rate of 13.1%, Iraq comes fourth with a rate of 12.2%, then Kuwait fifth by 8.5% and then the UAE sixth with a rate of 8.2 Then Libya comes seventh, at 4.1%, and Nigeria eighth, at 3.1%.

And she continued, “Algeria came ninth with a reserve of 1%, Ecuador came in tenth with 0.7%, then Angola came in 11th place with 0.7%, Gabon came 12th with 0.2%, and finally Guinea came 13th with 0.1%.”

The Organization of the Petroleum Exporting Countries (OPEC) reference basket consists of the following: Sahara Blend (Algeria), Gerasol (Angola), Orient (Ecuador), Zafiro (Equatorial Guinea), Rabi Litt (Gabon), Iran Iran), Basra Let (Iraq) ), Kuwait Export (Kuwait), S Cedar (Libya), Bonny Light (Nigeria), Al-Adh Al-Arabi (Saudi Arabia), Morban (United Arab Emirates) and Miri (Venezuela). Iraq ranks fourth in OPEC’s highest oil reserves.

Number of observations 60 Date of addendum 10/4/2020  https://economy-news.net/content.php?id=22105

Statement Of The Parliamentary Finance Committee On The Delay In Paying Salaries

04/10/2020   At a time when the Finance Committee was hoping that the government and the Ministry of Finance would implement the articles of the domestic and foreign borrowing law that the House of Representatives approved on 6/24/2020 and set a period of 60 days to present the economic and financial reform plan, the presentation of another draft borrowing law came as a surprise in terms of showing the ministry’s work as if Limited to borrowing.

The committee believes that Iraq’s continued reliance on borrowing only will lead to the declaration of bankruptcy of the country within six months from now, which raises legitimate questions, including, what then? Is this the solution? What if oil prices fell more than they are now?

The Finance Committee expresses its deep regret at the government’s attempt to throw the ball in the square of the House of Representatives and its choice between agreeing to a borrowing process that will soon destroy the country through the bankruptcy of the country and the results it will bear for future generations and between statements and positions trying to pressure the committee and the legislative authority in general that “there are no salaries without The approval of the House of Representatives on that borrowing “to embarrass the parliament and confuse the papers.”

We would like to emphasize to all the Iraqi people that the issue of salaries is not the responsibility of the legislative authority, as it is one of the government’s duties and one of its obligations towards its people, and that any attempt to impose responsibility on the shoulders of the House of Representatives represents a renunciation of the government from that responsibility and the obligations that must be performed. House Finance Committee  October 4, 2020   LINK

Parliamentary Finance Responds To The Ministry: Borrowing Means Bankruptcy Within 6 Months

Money  and business   Economy News – BaghdadOn Sunday, the Parliamentary Finance Committee issued a statement regarding linking employees ’salaries to the borrowing law, while the committee indicated that the government is trying to throw the ball in front of the parliament and embarrass it.

The committee’s statement, which was reviewed by Al-Iqtisad News, stated that “while we have long waited for the government and the Ministry of Finance to implement the provisions of the Domestic and Foreign Borrowing Law that Parliament passed on 6-24 of this year, which set 60 days to present the economic and financial reform plan, we were surprised by a project.

Another borrowing law is as if the ministry’s job is to borrow only. If it continues, Iraq will declare its bankruptcy within six months from now, and here we ask what next? And is this the solution in your opinion? And what if oil prices have decreased more than they are now?

She added, “Unfortunately, we see that the government is trying to throw the ball in front of the House of Representatives and choosing between agreeing to a borrowing that will soon lead to the destruction of the country, the bankruptcy of which the country will bear, and whose results will be borne by generations, and between statements trying to pressure us to export that there are no salaries without the approval of the Council on that borrowing to embarrass the parliament and mix the papers “.

And she continued, “And here we would like to assure all our people that the issue of salaries is not the responsibility of the legislative authority, and it is a purely governmental duty and one of the core of its obligations before its people, and that any attempt to throw the ball at the House of Representatives is a disclaimer of that responsibility and the obligations that the government must undertake.” .

On Saturday evening, the Minister of Finance announced that the distribution of employees’ salaries would be linked to the approval of the borrowing law by the House of Representatives.

Number of observations 108, date of addition 10/4/2020  https://economy-news.net/content.php?id=22097

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