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More Iraqi News Monday PM 10-19-20

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Parliamentary Finance: The Government Asked Parliament To Finance The Deficit Of 41 Trillion Dinars

The Baghdad Post Monday, October 19, 2020 01:33 PM  The Parliamentary Finance Committee revealed that the government asked the House of Representatives to finance the deficit that reached 41 trillion dinars, indicating that the borrowing law will secure salaries for the remaining months of the current year.

The committee’s reporter, Ahmed Al-Saffar, said in a press statement: “The government has sent a bill to finance the fiscal deficit to the House of Representatives and it has been transferred to the Finance Committee, and we are awaiting the first and second reading and then voting on it.” Adding that the law “is like the 2020 budget, which is a mini-budget because it includes current and investment spending.”

He pointed out that “there are about 38 items for current spending, including salaries, retirement, social welfare, medicine, ration card, debts, benefits, oil licenses, and many items that fall within the budget, in addition to an investment budget that includes 72 items for stalled projects that have achieved A high rate of achievement ”.

He explained that “the law is a mini-budget, in which the government requested funding for the deficit that reached 41 trillion dinars, meaning that there is a monthly deficit of more than 10 trillion.”

Al-Saffar stated that “the approval of this law will secure the government budget for the remaining months of the current year, and it will secure salaries and all other expenses included in the draft law.”   LINK

Two Economic Experts To NINA: The Rise In The Dollar Was Caused By The Central Bank Administration And The Economic Reform Paper

Sunday 18, October 2020 | EconomicalViews: 313  Baghdad / NINA / Economic specialist Dergham Muhammad Ali affirmed that the central bank’s policy of limiting the sale of dollars to banks and specific banking companies and not dealing directly with the market causes price chaos and an increase in the exchange rate of the dollar against the Iraqi dinar.

Muhammad Ali said in a statement to the Iraqi National News Agency / NINA /: “The Central Bank is required in the next stage to open direct windows for the cash sale of the dollar and the weighting of documentary credits at the expense of the direct transfer to control transfers, indicating that the rigid policies of the Central Bank and the submission of its policies to political pressures are what caused By creating a black market for the dollar subject to speculation and monopoly for the dollar to raise its price commercially for the benefit of banks. ”

The owner of a money exchange told the Iraqi National News Agency / NINA/: “There is a large offer of the dollar on the stock exchange, and its price may drop again.”

On the other hand , he attributed the expert Hazim economic Hadi told the National Iraqi News Agency / Nina / Height rapid dollar exchange rate to the reform paper, because there is a paragraph study to reconsider this price proposed for the purpose of increasing the resources in dinars. ”

He added:” The state of the rise will continue for a period until Reaching a certain formula for its stability. ”

Yesterday, the dollar witnessed an accelerating rise, reaching for minutes approximately 130,000 dinars per 100 dollars, and soon it fell to 127,500 thousand dinars per 100 dollars.

While the Central Bank of Iraq confirmed: “The statements that have spread recently regarding the reduction of the Iraqi dinar exchange rate against the dollar represent the viewpoint of those who stated them and do not represent the bank’s official position. This was accompanied by a number of rumors released by speculators, which affected the price (temporarily) He pointed out that the exchange rate is fixed and has not changed, and that its monetary policy is clear and transparent. Its foreign currency reserves are “very good” according to all international indicators, in order to enable it to overcome the current crisis that the country is going through. / End 8

https://ninanews.com/Website/News/Details?key=863575

Parliamentary Finance: The Government Is Able To Secure The Salaries Of The Coming Months, Even Without Passing The Internal Borrowing Law

Monday 19, October 2020 08:44 | EconomicalViews: 327

Baghdad / NINA / The Parliamentary Finance Committee confirmed the government’s ability to secure the salaries of employees and retirees for the coming months, even if the internal borrowing law was not passed.

Committee member Jamal Cougar said in a statement to the Iraqi National News Agency / NINA /: “The white paper does not need to be a law to be enacted in the House of Representatives. Rather, the Finance Committee makes its observations and makes proposals about it and adds it to the paper and returns it to the government for implementation,” indicating: “The white paper has nothing to do with salaries for employees and retirees.”

Couger added: “Most of the political blocs agreed on the government reform paper at the last meeting between Prime Minister Mustafa Al-Kazemi and the leaders of the blocs, and the Finance Committee was assigned to study it, add its observations and return it to the government.”

He pointed out: “The internal borrowing law needs a first and second reading, then voting,” noting that changes could occur in the numbers during the second reading.

Cougar ruled out a financial crisis to pay the salaries of employees and retirees during the coming months, due to the government’s ability to secure them even if the internal borrowing law was not passed. / End 9 https://ninanews.com/Website/News/Details?key=863615

Central Bank Governor stresses the importance of strengthening banking relations between Iraq and France

Banks  Economy News – Baghdad  The Governor of the Central Bank of Iraq, Mustafa Ghaleb Makhaif, stressed the importance of strengthening banking relations between Iraq and France.

The Central Bank of Iraq said in a press statement that the Governor of the Central Bank of Iraq, Mustafa Ghaleb Mukhaif, met this Monday with his French counterpart within the framework of the visit, which will include three European countries, and the meeting that took place in the building of the French Central Bank included discussing bilateral relations between the two countries.

According to the statement, the governor emphasized the importance of strengthening banking relations between Iraq and France and the importance of developing them .

For his part, the Governor of the French Central Bank affirmed that there is full readiness to develop banking relations and cooperation between the two countries in the areas of supervision and combating money laundering and terrorist financing.

Number of observations 73 Date of addendum 10/19/2020   https://economy-news.net/content.php?id=22323

Governor Of The French Central Bank: We Are Ready To Develop Banking Relations With Iraq To Combat Money Laundering And Terrorist Financing

Monday 19, October 2020  Economical Views: 138   Baghdad / NINA / The Governor of the Central Bank of Iraq, Mustafa Ghaleb Makhaif, stressed the importance of strengthening and developing banking relations between Iraq and France.

Today, frightening met his French counterpart, within the framework of the visit, which will include three European countries. The meeting, which took place in the French Central Bank, included discussing relations between the two countries.

For his part, the Governor of the French Central Bank affirmed the full readiness to develop banking relations and cooperation between the two countries in the areas of supervision and combating money laundering and terrorist financing. / End 5   https://ninanews.com/Website/News/Details?Key=863746

Allawi Reveals The Reason For Iraq’s Access To The Current Financial Situation

Time: 10/19/2020 11:39:34 Read: 7,124 times   {Baghdad: Al Furat News} The Minister of Finance, Ali Allawi, revealed, on Monday, the reason for Iraq’s access to the current financial situation, while talking about the objectives of the reform paper adopted by the government.

A statement by the ministry stated, “Addressing important economic challenges is not easy, and the current crisis is not emerging today and is not related to this government and its procedures because it needs real and radical reform and long-term plans to overcome it,” indicating “the need for integration in work between the authorities to achieve what we seek.” .

He added that “the reform paper adopted by the current government aims to restore balance to the Iraqi economy, and put it on a path that allows the state to take appropriate steps in the future to develop it into a diversified, dynamic economy that creates opportunities for citizens to live a decent life.”

He stressed that “the current stage should witness more cooperation between the executive and legislative authorities in a way that serves the interests of the country and the citizen, pointing to his keenness” to hold continuous meetings with the parliamentary committees and representatives, as this communication reflects positively on the progress of the situation in Iraq.

He pointed out that “mismanagement and absolute dependence on oil revenues is what brought us to the situation that we are currently witnessing, and we seek to address it by working to activate the sectors of agriculture, industry, tourism, investment and others to maximize the country’s imports.”   LINK

French Official: We Are Ready To Cooperate With Iraq In Combating Money Laundering And Terrorist Financing

Time: 10/19/2020 15:53:33 Read: 1,053 times   (Baghdad: Al Furat News) The Governor of the Central Bank of Iraq, Mustafa Ghaleb Mukhaif, met today, Monday, with his French counterpart within the framework of the government delegation’s visit that will include three European countries.

The meeting that took place in the building of the French Central Bank included discussing bilateral relations between the two countries, where the governor stressed the importance of strengthening banking relations between Iraq and France and the importance of developing them,” a statement by the bank’s media said.

For his part, the Governor of the French Central Bank affirmed that “there is full readiness to develop banking relations and cooperation between the two countries in the fields of supervision and combating money laundering and terrorist financing.”   LINK

Integrity: Executing An Arrest Warrant Against The Former Governor Of Nineveh, Nawfal Al-Akoub

Pratha News Agency97 2020-10-19   The Federal Commission of Integrity announced, on Monday, the implementation of an arrest warrant against the former governor of Nineveh, Nawfal Hammadi Al-Aakoub, indicating that the implementation of the order came after obtaining the approval of the competent court to consider integrity cases in the governorate.

The investigation department of the authority stated in a statement that “its staff in the governorate were able to implement the arrest warrant issued against the former governor, which was issued based on the provisions of Resolution (160 of 1983) by the Judicial Investigation Authority, which was established pursuant to Order 126 of 2020 dealing with major corruption cases.

The commission had announced that it had formed a high-level investigation team; To reveal the fate of the funds that were withdrawn before the dismissal of the former governor of Nineveh, and the arrest of a number of officials and employees in the governorate office; On charges of embezzlement and squandering state funds, as the amounts seized from their priorities exceeded (76,000,000,000) one billion dinars.   http://burathanews.com/arabic/news/378709

Structuring The Banking Sector

Monday 19 October 2020  59  Mohammed Sharif Abu Maysam  The concept of restructuring the banking sector is not limited to reviewing banks ’capital, in proportion to their role in the development process, with the introduction of technologies and electronic systems that contribute to the development of performance and the reduction of sagging rings, in addition to the training and development axis for raising the efficiency of workers in the context of ensuring the provision of the best services At a cost Competitive.

As the concept of restructuring withdraws to the process of merging between small banks to create large banks that can provide various and integrated banking services, while some observers see the concept of “restructuring the banking sector” as an indication of the possibility of privatizing government banks in the context of the transformation from the state’s economic system towards a system. market.

In the second axis first of the white paper presented by the government, indicating that the level of capital of all government banks will be addressed, a sign that heralds the tendency towards a social market economy in which the state shares with the private sector in many circles and axes Economic.

However, government banks are legally described as public companies, and these companies are referred to in paragraph IV of the same axis with a paragraph that says (legislation of a law to restructure public companies and transform them into private companies) by studying the financial situation and assessing their viability, while this paragraph emphasized the evaluation of companies Among the successful companies that are totally or partially privatized, or converted into mixed joint-stock companies, which are distressed and restructured to turn them into successful companies within three years, and failed to be liquidated, with job slack in these companies being addressed after the previous procedures by transferring surplus labor to public works.

This suggests to the reader that government banks, some of which suffer from financial imbalances, are expected to merge and do not exceed seven banks, or for privatization, within the time period specified by the paper, at a time when the private banking sector does not occupy more than ten percent of the area of banking transactions according to indicators Capital, credit rates and announced deposit ratios, at a time that is intended for him to lead the process of withdrawing the hoarded cash mass and rotating it in the trading arena, and to contribute to creating real development and paving the way for foreign capital flows. The adjustment stage in the financial reform mechanism the public. LINK

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