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Iraqi News Wednesday AM 10-21-20

TLM724 Administrator BondLady’s Corner

Baghdad And Washington Towards An Effective Partnership

Wednesday 21 October 2020  180  Baghdad: Morning  Both Baghdad and Washington are keen to move towards an effective partnership that respects the sovereignty of Iraq.

The Senior Under Secretary of State, Ambassador Abdul Karim Hashem Mustafa, met with the US Ambassador to Baghdad Matthew Toller, according to a statement.

The two sides discussed ways to improve the horizons of bilateral and strategic relations between Baghdad and Washington, and the importance of activating means of bilateral cooperation in order to achieve the interests of both friendly countries. ”The statement indicated that“ the two sides stressed the importance of continuing to achieve an effective partnership characterized by respect for the sovereignty of Iraq and the dedication of common interests. LINK

Managing Economic Crises

Wednesday 21 October 2020   46   Saad Al-Taie   Economic crises of all kinds are one of the phenomena that the economies of various countries of the world are going through, especially in the current era and the political, social, natural and health fluctuations that they cause and the economic effects they cause, which vary in strength from limited effects to large effects or sometimes devastating effects.

They leave their effects for years on the national economy, in addition to the economic crises in the current era, which are the result of the interdependence of the economies of the different countries of the world, whether with capitalist or socialist systems due to the growing phenomenon of globalization, with its economic dimension and the increase in the process of trade exchange and economic interdependence among all countries of the world.

In our country, due to excessive dependence on oil as the only resource to finance the general budget, and due to the exposure of its prices to major ups and downs often, this leaves tremendous negative effects on our national economy and exposes it to several crises that may last for years and cumulative results that cover all its fields.

This requires the competent authorities to work to establish a body or institution concerned with and specialized in managing economic crises in our country, and to be qualified to provide appropriate solutions in order to get out and overcome them with the least possible losses, and it is also one of the tasks of this agency to work on submitting proposals that would avoid Future crises, and that is done by fixing the economic imbalances in the structure of the national economy, which cause the occurrence of the economic crisis.

It is preferable for this body, in addition to economics and administration professors, to include representatives of all Iraqi ministries, in order to participate in setting up a wide database that helps to address and manage the economic crises that occur in the future in a way that can be managed in an optimal manner, and that the process of dealing with them is comprehensive and integrated and that work is done To reduce its negative effects in all joints of the Iraqi economy, and to help address them in the best way.

The science of crisis management is an integrated science that developed countries use in order to treat and manage crises that they are exposed to of all kinds in a way that helps them overcome them and reach safety.

Hence, the competent authorities in our country must give this knowledge the importance it deserves in the field of managing the economic crises facing our national economy now and in the future, which can be achieved by establishing competent bodies or institutions that can manage economic crises optimally, with the competencies they possess. And the capabilities and powers that help overcome the economic crises facing our national economy and reduce their negative effects to the maximum extent possible. LINK 

The Central Bank Adopts More Advanced Steps In Anti-Money Laundering Regulations

October 21, 2020  The Central Bank adopts more advanced steps in anti-money laundering regulations

Based on the supervisory role of the Central Bank of Iraq, this bank decided to adopt more sophisticated steps that are commensurate with the nature of services provided by electronic payment companies in the current and future anti-money laundering and terrorist financing systems.

This bank calls on companies to work on adapting their logistical and technical conditions within a maximum period of (6) months, in accordance with the new instructions.

The Central Bank of Iraq   information Office   2020/10/21

MP Burhan Al-Maamouri: Delayed Salary Payments Harm The Local Economy And Exacerbate The Suffering Of The Private Sector

10/21/2020  The deputy for the Services and Construction Committee, Representative Eng. Burhan Al-Mamouri, said on Wednesday 10/21/2020 that the delay in paying employees’ salaries harms the local economy and doubles the suffering of the private sector.

Al-Maamouri stressed that one of the most important reasons that led to the masses leaving to demonstrate is the difficult economic situation experienced by Iraqi families, especially with the decline of the local economy, the increase in poverty and the accumulation of the number of job seekers.

Al-Mamouri added that the immediate solutions adopted by the government of Mr. Al-Kazemi did not contribute to reforming the country’s economic reality and did not raise the standard of living for Iraqi families. Rather, there are realistic fears of their future negative effects on the Iraqi state as a whole.

Al-Maamouri believes that the delay in the payment of salaries of employees and retirees is causing great harm to the local economy and doubles the suffering of the private sector, which depends mainly on selling goods and goods to everyone who receives a salary from the state.

Al-Maamouri called on the government to adopt a new financial methodology, using the economic expertise that the country abounds in to fully secure the salaries of employees and retirees, as well as the social protection network in full, and to find realistic solutions for lecturers, contracts, wages, examiners and other oppressed segments.

Media  Department House of Representatives  21-October-2020    LINK

Governor Of The Central Bank Of Iraq Held A Series Of Meetings With A Group Of Large German Banks

October 21, 2020  Governor of the Central Bank of Iraq held a series of meetings with a group of large German banks

The Governor of the Central Bank of Iraq, Mr. Mustafa Ghaleb Makhaif, held this Tuesday a series of meetings with a group of large German banks, and the meetings discussed investment and work opportunities with Iraqi banks, which met a high response from German banks, as they confirmed their desire to complete the talks in Baghdad soon.

His Excellency the Governor, accompanied by His Excellency the Minister of Finance, Mr. Ali Allawi, and the President of the National Investment Commission, Dr. Soha Al-Najjar, participated in the meetings held with the German Ministry of Development and Economy and the Ministry of Finance, as part of the current visit to Germany, where ways to strengthen economic relations between the two countries and their future prospects were discussed.

The Central Bank of Iraq   information Office   October 20, 2020

The Supreme Judicial And Integrity Are Discussing Files Of Corruption

Wednesday 21 October 2020   90  Baghdad: Morning   Yesterday, Tuesday, the head of the Supreme Judicial Council, Faiq Zidan, discussed with the head of the Integrity Commission, Alaa Jawad Hamid, the most prominent corruption files.

Zidan reviewed, with Hamid, according to a statement by the Supreme Judicial Council, the mechanism of joint action between the judiciary and the commission in combating and eliminating corruption.

Earlier, Prime Minister Mustafa Al-Kazemi had directed the formation of a permanent committee to investigate corruption cases, and had also instructed the anti-terror forces to implement decisions issued by investigative judges or specialized courts related to corruption cases.   LINK

Al-Kazemi Announces From Berlin His “Reform Plan” And Hopes For A German Partnership

Wednesday 21 October 2020  61  Baghdad: Morning  Developing the Iraqi economy and ripening the white reform paper, with “German experiences”, the most prominent of the files discussed by Prime Minister Mustafa Al-Kazemi in Berlin, his “second stop” after Paris as part of his European tour that will conclude with a visit to Britain.

Through the reform white paper, the Al-Kazemi government is keen to put in place “immediate plans” to get out of the current financial crisis, and to achieve the advancement of the country’s economy, which suffers from various problems, so that it is, according to whoever presented it, that it will address many of the defects that have accumulated over many years.

Al-Kazemi discussed the files to support the Iraqi forces and ways to confront the Corona pandemic, as he announced in a press conference with German Chancellor Angela Merkel near the second phase of a map for developing electricity.

The Prime Minister stressed during a joint press conference with Chancellor Merkel in Berlin, Iraq’s commitment to its desire to establish close relations and aspiration for a true partnership with the German side.

He revealed “the initiation of an ambitious program to restructure and build the Iraqi economy,” noting that “it is approaching the announcement of the second phase of the road map for the development of electricity in Iraq with the participation of German companies.”

Al-Kazemi affirmed his aspiration to “strengthen security and military cooperation efforts with Germany, to benefit from financial support, and to organize free and fair elections, calling at the same time to” cooperate on confronting the Coronavirus. ”

For her part, German Chancellor Angela Merkel welcomed the Iraqi government’s efforts to achieve economic reform, stressing at the same time “her country’s support for Iraq’s ambitious economic plan.”

She pointed out that “the early Iraqi elections next June will restore the Iraqi people’s confidence in the political system.”

The Prime Minister also reviewed, during his meeting with the heads of German companies, the level of challenges facing the Iraqi economy due to the Corona pandemic and the decline in oil export revenues, as well as the Iraqi government’s relentless efforts to turn this crisis into a starting point and success that would advance the reality of the Iraqi economy.

Al-Kazemi said: “The Iraqi government is working with focus and race against time, to implement financial and administrative reforms, and the white paper presented by the government comes to outline a realistic path that contributes to overcoming crises and achieves development by making use of youth energies in various fields.”

And he indicated that Iraq has an accumulation of confidence in the work of German companies, and successful partnerships with them, and it is working to provide a safe investment environment that supports the private sector, closes the outlets of corruption and opens the door openly to entrenched reforms. long term.   LINK

Saleh: More Than 6 Thousand Stalled Projects

Wednesday 21 October 2020  41   Baghdad: Morning   The Prime Minister’s Adviser for Financial Affairs, Dr. Mazhar Muhammad Salih, confirmed the existence of more than 6 thousand stalled projects at a cost of more than 100 billion dollars. Saleh said in an article published by the Iraqi Economists Network, that “from 2008 until 2019, more than 6 projects have been committed.

A government investment with a value of more than $ 100 billion, “noting that” as soon as there is an annual financial deficit, the financing will start to falter and take a new priority procedure in choosing which project to be stopped and any project that continues to work. ” Hundreds of other projects incomplete due to the funding shortfall, especially important municipal projects linked to people’s lives.  LINK

The National Company … A Step For An Optimal Investment Of The Oil Wealth

Wednesday 21 October 2020   58   Baghdad: Farah Al-Khafaf   The importance of establishing the Iraqi National Oil Company is increasing day after day, due to the great economic feasibility of it, especially in light of the fluctuations in global oil markets, the problems between the center and the region in this file, in addition to the great openness that it will achieve.

Its law stipulates that “according to this law, a public company called (the Iraqi National Oil Company) shall be established, with moral personality and financial and administrative independence, represented by its president or whomever he authorizes, and linked to the Council of Ministers, and the company’s headquarters shall be in Baghdad, and it shall have branches in the producing provinces and offices. Inside Iraq, upon the request of its president and the approval of the Board of Directors, and outside Iraq after the approval of the Council of Ministers.

The Council of Ministers had recently approved the draft law of the first amendment to the Iraqi National Oil Company law and referred it to the House of Representatives. The decision included completing the steps for establishing the Iraqi National Oil Company through the Board of Directors choosing a specialized advisory office to work on developing the administrative structure, classifying tasks and responsibilities, and determining the value of assets.

In preparation for disengaging from the Ministry of Oil and its ownership of the company, and assigning the Minister of Oil to the duties of the company’s president in addition to his job, to start procedures for the formation of the company’s board of directors to ensure the implementation of the incorporation steps, the Parliamentary Oil and Energy Committee confirms to Al-Sabah the importance of the law in supporting the national economy. To go to enact the amendment bill.

The head of the Parliamentary Oil and Energy Committee, Haybat Al-Halbousi, told Al-Sabah: “This law is one of the important laws, so we are going to make (the Iraqi National Oil Company) a global company such as (Aramco) and major international companies.”

Oil exploration

As oil expert Hussein Al-Marzouq told Al-Sabah: “The establishment of the company aims, as stated in the law, to optimal investment of oil and gas wealth in the field of oil and gas exploration, rehabilitation and development of fields, production and marketing, as well as investment in the oil and gas transformational industry on technical and economic grounds to ensure The highest returns and the lowest costs for the benefit of the Iraqi people. ”

He stressed that “the current circumstance, with the decline in crude oil prices, and expectations that prices range between $ 45- $ 50 during the beginning of the next year to the middle of it, necessitate the speedy establishment of the company and the implementation of its law, away from political tensions or any other influences.”

Exploration contracts

According to the law, the company relies to achieve its goals on “managing, developing and operating productive fields and discovered and undeveloped fields, concluding exploration, production and export contracts, developing exploration, production, transportation, storage, marketing and related petroleum operations, as well as managing service contracts, which were concluded in licensing rounds. In exploration, development and production, and the development of the national effort in the extraction and marketing operations, the oil and gas industry, and the investment of joint fields with neighboring countries, in addition to managing and operating the main oil pipelines network and export ports.

In the same regard, Minister of Oil Ihssan Abdul-Jabbar stressed in a statement, “The importance of legislating the Iraqi National Oil Company law in developing and developing the oil industry, and strengthening national capabilities in managing and implementing strategic policies for the advancement of the oil industry, indicating that the government and the ministry are keen to build national capabilities in Managing oil wealth, and in maximizing the financial resources of Iraq, through the optimal investment of oil and gas wealth on solid and rewarding technical and economic foundations.   LINK

Change: Iraq Possesses Important Documents On Money Smuggling Abroad

Pratha News Agency94 2020-10-21   The head of the Change Bloc in the House of Representatives, Yusuf Muhammad, admitted, on Wednesday, the existence of important judicial and banking documents on smuggling Iraqi funds abroad through the spoilers, expecting that their value would reach tens of billions of dollars.

“It is imperative that the authorities take strict measures against the corrupt and stop the bleeding of Iraqi funds through corruption, in parallel with implementing what is found in the white economic reform paper,” Muhammad said in a statement.

He added, “The financial situation in the country requires difficult and bitter decisions in restructuring the economy in the country,” noting that “these reforms have no value without there being decisive measures to fight corruption.”

The head of the Change Bloc in the House of Representatives called for “attaching great importance to the file of recovering Iraqi money smuggled abroad after 2003 during the next stage, and for the political class in the country to assume its responsibility towards the economic crisis, and to help return those money through what it possesses information about it.”

He stressed, “The presence of important documents in this file through which the existence of these funds and their value can be inferred, in cooperation with European expertise that the government can use in order to uncover them,” pointing to “the existence of appropriate grounds in some European countries and the United States of America to help other countries return Smuggled money obtained through corruption. ”

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