BondLady’s Corner

  In Bondlady’s Corner

Iraqi News Tuesday AM 10-6-20

TLM724 Administrator BondLady’s Corner

Governor Of The Central Bank: We Are Determined To Implement The Reform Plan To Promote The Work Of The Banking Sector

Banks  Economy News – Baghdad  The Governor of the Central Bank of Iraq, Mustafa Ghaleb, confirmed that the Central Bank is determined to implement the reform plan that contributes to the promotion of the banking sector.

A press release issued by the Central Bank said, “Al-Iqtisad News” received a copy of it. The Governor of the Central Bank of Iraq, Mustafa Ghaleb Mkhaif, met the President of the Republic, Dr. Barham Salih, today, Sunday.

According to the statement, the President of the Republic congratulated the Governor of the Central Bank who took the position, wishing him success in performing his duties.

The governor of the bank confirmed during the meeting that this bank is determined to implement the reform plan that would help in the promotion of the Iraqi banking sector in light of the current challenges to serve the country’s economy.

For his part, the President of the Republic stressed the need for the independence of the Central Bank, the strengthening of the country’s financial position by diversifying the state’s resources and following a balanced monetary policy, and taking all measures to combat administrative and financial corruption, especially in the current circumstances in which the country is facing the Corona pandemic, and the decline in oil imports

Number of observations 176   Date added: 10/4/2020  https://economy-news.net/content.php?id=22110

The President Of The Republic Stresses The Need For The Independence Of The Central Bank And The Strengthening Of The Country’s Financial Position

Sunday 04, October 2020 14:20 | EconomicalViews: 199   Baghdad / NINA / The President of the Republic, Barham Salih, stressed the need for the independence of the Central Bank and the strengthening of the country’s financial position.

According to a presidential statement , the Iraqi National Agency for News / received Nina / copy of it, the President of the Republic Barham Saleh met on Sunday in the palace of Baghdad, the central bank governor of the Iraqi Mustafa Ghalib book. ”

At the outset of the meeting , congratulated the President of the Republic, a book on the occasion of his accession to the post of Governor of the central bank, He wished him success in performing his duties, and during the meeting discussed the monetary and financial situation in the country in light of the current challenges. The

President of the Republic stressed the need for the independence of the Central Bank, and the strengthening of the country’s financial position by diversifying the state’s resources and following a balanced monetary policy, and taking all measures to combat corruption Administrative and financial, especially in the current circumstances in which the country is facing the Corona pandemic, and the decline in oil imports. ”

For his part, the book reviewed the steps taken to limit the economic repercussions, appreciating the President’s support to achieve the goals of improving the financial and monetary situation and providing the necessary services to citizens ./ End 2    https://ninanews.com/Website/News/Details?key=860732

The Central Bank Begins Implementing Steps To Reform The Banking Sector

October 05, 2020  Today, Monday, the Central Bank of Iraq began implementing its first reform steps for the banking sector, as it finished classifying private commercial and Islamic banks operating in Iraq according to a set of international standards as well as a number of standards approved by this bank.

This step comes within the framework of enhancing confidence in the banking sector, improving the quality of services provided to the public, as well as enhancing competitiveness in the Iraqi banking sector.

This bank confirms that it has previously asked the lagging banks more than once to work on correcting their situation and paying their customers’ dues, and therefore this classification will be an opportunity for those banks to prove their seriousness in achieving the requirements of reform and pay the dues of depositors and shareholders.

Finally, we announce that the next stage will include the process of “reforming government banks as well,” noting that the reform measures that have been adopted depend mainly on the Central Bank Law No. 56 of 2004 and the Iraqi Banking Law No. 94 of 2004 and the instructions and controls issued in accordance with them.

The Central Bank of Iraq   Information Office   5th of October 2020   Baghdad   https://cbi.iq/news/view/1571

The Central Bank participates in a seminar with the Basra Chamber of Commerce

October 06, 2020   The Central Bank of Iraq, Basra Branch, held a dialogue seminar on Monday, the fifth of October 2020, in cooperation with the Basra Chamber of Commerce, and the presence of the banks operating in the governorate. Its success is reflected in the movement of the Iraqi economy.  https://cbi.iq/news/view/1572

Statements To Enhance Stocks Abroad

October 06, 2020  The Central Bank of Iraq invites all licensed banks to provide it with statements of strengthening the assets abroad of these banks according to (Form No. 4) on the date specified by the instructions for selling foreign currency numbered (6/2251) on (7/17/2017), otherwise the violating bank will be referred to Sanctions Committee in this bank.    https://cbi.iq/news/view/1574

Parliament Is In The Process Of Amending Federal Court Legislation, And There Is No Women’s Quota In The Election Law

Tuesday 06 October 2020  114    Baghdad: Omar Abdul Latif  The House of Representatives is moving towards amending the Federal Court Law after the completion of the vote on the annex to the election law in next week’s session, and concurrently, the Prime Minister’s Advisor for Elections Affairs, Abdul Hussein Al-Hindawi, confirmed that there is no quota for women in the election law.

Al-Hindawi said to “Al-Sabah”: “The law voted by the House of Representatives provides for multiple districts that amount to 320 in principle,” indicating that “the law in this case does not contain any quota.Women ».

He added that “the women’s quota proposed that there be 240 electoral districts, and that the highest number of women would be chosen from all three converging constituencies.”

Regarding the amendment of the Federal Court Law, the Legal Committee’s reporter, Yahya Al-Muhammadi, said in a statement to Al-Sabah: “There is almost a parliamentary consensus on amending the Federal Court Law.”

He added, “During the visit of the President of the Supreme Judicial Council, Judge Faiq Zaidan, to the Kurdistan region, discussions were held regarding the subject of amending the Federal Court Law and answering some of their questions.”

And “also the Sunni blocs support this amendment, which will include a number of observations,” stressing that “discussion and voting on it will take place after voting on the annex to the election law in next week’s session of Parliament.”

Al-Muhammadi criticized some for raising their concerns about this law and regarding who would nominate judges for the court, and whether these judges and jurists would be subject to political quotas or would be independent, stressing that the constitution stipulated that the Federal Court consists of a number of judges and experts in Islamic jurisprudence.   LINK

Advisor to the President of the Republic: We support the government’s measures to fight corruption

Tuesday 06 October 2020   125   Baghdad: Hazem Muhammad Habib   The Presidency of the Republic expressed its support for the government’s measures and steps in combating corruption, while calling for the House of Representatives to pass the election law.

The advisor to the President of the Republic, Hassan Jihad, told Al-Sabah, “Corruption is a scourge whose destructive effects are no less than terrorism.

Therefore, the presidency of the republic considers the fight against corruption and the corrupt a national and moral duty, and at the same time calls on all state oversight agencies concerned with fighting it to carry out their duties effectively and successfully.”

Regarding early elections, he stated that it is the reference’s demand and one of the main demands of the demonstrators, on condition that they be fair and away from fraud in order to express the will of the Iraqi people.

The advisor to the President of the Republic called to “work to find solutions for the Federal Court to certify the election results,” noting that “the government always confirms its ability and capabilities to conduct elections according to the timetables it has set, and it supports with full force the Independent High Electoral Commission and meets all its needs.”

He pointed out that “the current government and within its government program voted by the House of Representatives ensures that the government’s work is limited to calming the situation during the current stage and serious work on holding early elections in all circumstances and in all cases.”

He stated that “the three presidencies emphasized in a previous meeting the necessity of holding elections and the need for parliament to approve the law for approval by the President of the Republic to be ready within the specified period.”  LINK

Economic Resilience .. The Subject Of An International Conference On Iraq

Tuesday 06 October 2020  59  Baghdad: Morning An economic conference organized by (GIZ) on behalf of the German government dealt with the impact of the “Corona” pandemic on the economy, highlighting how to build economic resilience in Iraq during these difficult times, and address the most urgent issues, while exploring long-term opportunities to build a more robust economy.

Among the guests were officials from various Iraqi ministries, chambers of commerce, business associations, and private sector companies, in addition to experts from the World Bank, the International Labor Organization, GIZ partners implementing in Iraq, university lecturers and researchers.

Jobs

The German ambassador to Iraq, Dr. Uli Diehl said, “Germany is strongly committed to supporting Iraqi efforts to develop a thriving private sector,” adding, “Only the private economic sector can create job opportunities.” There is no economy in the world that can achieve and maintain a good level of wealth without entrepreneurs or competitive industries. So they needed a government to put in place the legal framework, thus ensuring conditions for free entrepreneurs to develop their ideas. He stressed that the German government has already allocated more than 2.4 billion dollars to support projects in Iraq, and promised that Germany will continue to support them For Iraq. ”

Business ideas

Head of the Economic Reform Unit and Advisor to the Prime Minister Salem Chalabi thanked the German ambassador for Germany’s continued support, and expressed the Iraqi government’s readiness for economic reform – as he sees it as the only way to make the country independent from oil sales, and to create sufficient job opportunities for the youth and the unemployed outside the public sector and embark on Innovation and new business ideas, and ultimately contribute to economic growth.

Diversify the economy

During the conference, the participants discussed possible measures to address the current economic crisis, for example through digitization, digital transformation, focus on agribusiness and the agricultural sector as well as support for startups, which could create new jobs. They all agreed that economic reform and removing bureaucratic obstacles are among the basic requirements for diversifying the Iraqi economy and developing a private sector that can provide job opportunities and support economic growth and flexibility in the long run.

Professor Peter Bofinger, a well-known German economist and former member of the German Council of Economic Experts, said in a statement on the occasion of the conference: “This conference can be considered a starting point for motivating Iraqi youth to enter the labor market, reduce the current account deficit, increase government revenues and reform the public sector.”  LINK

A Member Of Parliamentary Finance Calls For An Emergency Session To Host Al-Kazemi And Allawi

Pratha News Agency37 2020-10-06  On Tuesday, a member of Parliament, Ikhlas Al-Dulaimi, called for an emergency parliamentary session to host the Prime Minister and the Ministers of Finance and Planning to discuss the salary problem.

Al-Dulaimi said in a statement, “We call on the Presidency of Parliament to direct the holding of an emergency parliamentary session in which to host Prime Minister Mustafa Al-Kazemi and Minister of Finance Ali Allawi and Planning, Khaled Battal Najm, to discuss the salary crisis.”

She added, “The financial crisis that the country is going through has not only negatively affected the wheels of development and prosperity, but also worries the segment of employees, retirees and beneficiaries of social welfare grants, who represent a large proportion of Iraqis.”

Al-Dulaimi called for “the necessity to direct the Presidency of Parliament to hold an emergency parliamentary session to host Prime Minister Mustafa Al-Kazemi and the Ministers of Finance and planning to know the details of the country’s economic reality, especially the salary crisis and the government’s procedures to address this and help it find appropriate solutions to overcome this crisis, which has become an embarrassing situation for everyone in front of the children.” The people, after the government promised to set unconventional plans aimed at maximizing state resources and not being satisfied with the rentier economy. http://burathanews.com/arabic/news/377921

House Of Representatives Moves To Question And Dismiss The Minister Of Finance

Pratha News Agency117 2020-10-06   A member of the Parliamentary Finance Committee, Thamer Theban, revealed, on Tuesday, that there were moves to dismiss the Minister of Finance, Ali Allawi, due to failures in securing salaries.

Theban said in a press statement that “after the end of the fortnight visit of Imam Hussein (peace be upon him), there will be a move to question the Minister of Finance, Ali Allawi, because he failed to secure the salaries of the employees.”

He added that “Allawi is unable to properly manage the ministry according to a system and financial and economic foundations that maintain the country’s financial position.”

Theban pointed out that “there are parliamentary moves in the House of Representatives to question and remove the Finance Minister from his post due to his failure and inability to manage the financial crisis.

http://burathanews.com/arabic/news/377906

Five Reasons Facing The Government Reform Paper … Financial Reveal

Time: 10/05/2020 18:14:57 Read: 5,538 times  {Baghdad: Al Furat News} A member of the Parliamentary Finance Committee, Jamal Cougar, revealed five reasons that stand in the way of the government reform paper.

Cougar said {to Euphrates News} that “there are several reasons that stand in the way of the government reform paper, the most prominent of which are five, which are: The political system was built on error, and the involvement of some parties (he did not name them) with corruption, and the alignment of some security and military forces with the parties, and the Minister of Finance in Mustafa’s government received Al-Kazemi is a 17-year-old heavy corruption legacy.

He added, “Any reform in the government will certainly affect these parties, and therefore they will be in a permanent confrontation.”

Cougar explained, “The current government is temporary, it is four months old and ends after 9 months, and it is not charged with carrying out major reforms.”

The Minister of Finance, Abdul Amir Allawi, confirmed last September that the reform paper would be presented to the government at the end of the month.

In between, the economic reform program needs a long time to present it due to the fact that the economic situation in Iraq is going through a critical situation due to the repercussions of previous cumulative economic policies that passed on the Iraqi state since the 1950s in the last century and so far, especially the legislation of the Agrarian Reform Law and the decisions of the socialist package in addition to the loss of vision The economy weakened the private sector and left all resources in the hands of governments.

Allawi pointed out that the current government suffers from a scarcity of funds that forced it to borrow internally and externally, and it cannot implement the presentation of the paper within the period specified by the law voted on.   LINK

Tohme Calls For A 9-Step Financial Reform Measures

Time: 10/06/2020 14:15:42 Read: 1,326 times  (Baghdad: Al Furat News) Ammar Tohme, head of the National Approach bloc affiliated with the Iraqi coalition, called for 9-step financial reform measures.

In a statement received by Al Furat News, Tohme said: “We reiterate our call to pursue financial reform measures without relaxing the choice of internal and external borrowing and its severe consequences on the general economic situation, and we refer to a set of practical steps in this matter:

  1. Reviewing Iraq’s commitment to the decision to reduce its oil exports and exert maximum diplomatic efforts from all authorities to re-export to previous levels, which will save more than a trillion and four hundred billion dinars per month.
  2. The seriousness in collecting the revenues of the border crossings, including the Kurdistan region, as efforts to combat corruption and waste in this area are still weak, especially with the incomplete electronic procedures in the administration and control of the activities of the ports.
  3. Reducing the salaries of senior officials and those with special degrees by 60% and transferring them to cover the social welfare network. Twisted Evil
  4. Reviewing the oil licensing rounds to reduce their exorbitant costs and reformulating them according to a fair formula for Iraq.
  5. Reconsidering all previous mobile phone contracts that granted unjust privileges and profits to these companies, with debts and fines being paid.
  6. The declared number of those included in salaries with the maintenance account for each one of them is a number of their family members, it is assumed that the poverty rate does not remain at this great level, and this indicates the existence of an obscene discrepancy in salaries and the presence of a large number of aliens, and addressing this imbalance will save billions of dollars annually to Iraq.
  7. The endeavor of the Iraqi authorities to postpone the payment of compensation to Kuwait if it was unable to convince the neighboring state to extinguish it.
  8. Many of the unnecessary expenditures, and some of them go to waste, are included in general and vague chapters and addresses, which require scrutiny and detailed research in these addresses and reduce the terms of their spending to the point of being limited to the necessary ones and will save large money from this procedure, and previous budgets accounts and actual spending can be used Where to find out the necessary spending.
  9. Encouraging voluntary savings by issuing national bonds to the public with multiple values by increasing the interest rate and granting additional incentive concessions. It will spare us the effects of external borrowing and its harsh conditions and grant benefits to Iraqi citizens instead of going to foreigners. It also avoids us borrowing internally that is at the expense of the necessary cash cover for the currency.  LINK

To read more current and reliable Iraqi news please visit BondLady’s Corner:

https://www.bondladyscorner.com/