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More Iraqi News Wednesday PM 10-20-20

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Parliamentary Finance: One Trillion Iraqi Dinars From The Currency Auction Does Not Enter The Treasury

10:50 – 10/21/2020  The information / Baghdad .. The reporter of the Parliamentary Finance Committee, Ahmed Al-Saffar, revealed, on Wednesday, the obscene profits achieved by the window of selling the currency auction, indicating that there are more than one trillion Iraqi dinars that are not included in the state treasury.

Al-Saffar said in a statement to “the information”, that “it is necessary to review the mechanisms and controls of currency auction work to take advantage of the money,” indicating that “the Finance Committee tried in every way to stop wasting the auction of selling the currency to no avail.”

He added that “there are obscene imports that are supposed to be entered into the state treasury through customs taxes,” noting that “the dollar is sold to merchants in exchange for manifests that prove the entry of goods and goods into Iraq by selling the dollar as an average.”

Al-Saffar explained that “the monthly profits of the currency auction are not less than one trillion Iraqi dinars as taxes, and this amount does not enter the state treasury.”

The Parliamentary Economic Committee had called earlier in the review of the mechanisms and controls of the currency auction work to take advantage of public funds instead of the acquisition of corrupt and theft of public money from them. Ended / 25 h   https://www.almaalomah.com/2020/10/21/500994/

Next Week .. Borrowing And Constituencies At The Parliament Table

Author: Ahad7 On 10/21/2020 – 4:38 PM 90  The Parliamentary Legal Committee has set the date for the next parliament session.

A member of the committee, Hassan Fadam, said in press statements followed by Al-Ahed News, “The House of Representatives, which will be held next week, will discuss the borrowing law, the electoral districts, and the amendment of the Federal Court law.”

He pointed out that “it has not been determined, until now, the date to host the Prime Minister and Minister of Finance in Parliament.”

https://alahadnews.net/123522/%d8%a7%d9%84%d8%b9%d8%b1%d8%a7%d9%82/%d8%a7%d9%84%d8%b3%d9%8a%d8%a7%d8%b3%d9%8a%d8%a9/

Representative Economy: The Country Needs A Fast Paper To Reform And Strong Control Over The Ports

Economie| 11:56 – 10/21/2020  BAGHDAD – Mawazine News  The Parliamentary Economic and Investment Committee confirmed, on Wednesday, the country’s need for a quick-implementation reform paper to confront the current crisis, stressing the need to develop a clear economic policy to advance the national economy.

Member of the committee, MP Riyadh Al-Tamimi, said, according to government media, that “Iraq lacks a clear economic policy since 2003 until now, which has led to its dependence on oil revenues and the failure to activate the sectors of industry, agriculture and investment.

” From the advancement of the national economy, “noting that” there are mistakes and assumptions in implementing laws on the ground. ”

He pointed out that “Article 9 of the Investment Law stipulates that it should be within the basic design of lands instead of monetary;

He continued, “The current government does not bear the suffering of the Iraqi economy, but previous governments did not have a clear policy for the economy.”

He stressed “the importance of controlling the border crossings to support the local industry and protect the national product.” Ended 29 /   https://www.mawazin.net/Details.aspx?jimare=127153

The Iraqi Stock Exchange Closed Higher

Economie| 03:48 – 10/21/2020  Baghdad – Mawazine News  The Iraqi “Stock Exchange” index closed today, up by 0.18%, standing at 485.01 points.

The index recorded an increase in the shares of 10 companies, and a decrease in the shares of 5 others, while 11 companies maintained their share price.

The number of shares traded reached 372,163,929 shares, with a value of 342,677,573 Iraqi dinars, obtained from the conclusion of 384 deals, including 26 joint-stock companies out of 105 companies registered in the stock exchange. https://www.mawazin.net/Details.aspx?jimare=127193

With Documents .. Restructuring The Supreme Committee Supervising Loans And Facilitating Procedures

Time: 10/21/2020 15:03:34 Read: 4,056 times  {Baghdad: Al Furat News} The Prime Minister’s Office issued a bureaucratic order to reconfigure the supreme committee supervising the granting of loans while facilitating the procedures and mechanisms used in granting loans.  LINK

Statement Of The Ministry Of Finance

Time: 10/21/2020 14:05:04 Reading: 8,099 times  {Baghdad: Al Furat News} The Ministry of Finance issued a statement today, Wednesday, regarding the economic reform and the reform paper.

According to a statement, the Euphrates News Agency received a copy of it, “within the framework of the Ministry of Finance’s continuous endeavor and based on its responsibility to reform the current economic and financial reality, the ministry, through the visions that the financial reform paper carries, is moving towards a diversified, multi-source economy.”

She indicated, “The reform and activation of the private sector is done by creating a stable investment environment and reviewing some self-financed public companies, in addition to activating the collection of the electricity sector.”

The Finance stated that “the reform paper also seeks to change the course of the national economy from the role of state control to the role of regulation and law enforcement, paying attention to vulnerable groups and social welfare, and working on making radical improvements to the state’s management of the public financial system to reduce the continuous waste of resources.”

“The restructuring of the banking sector is an urgent necessity, as it is the backbone of any economic expansion through developing deposits and loans with a mechanism different from the current one,” the statement continued.

The Finance pointed out, “The current decline in productivity and income due to the dominance of the non-productive public sector calls for the development of real and scientific treatments, and this is what the financial reform paper seeks to do.”  LINK

The Central Bank Explains To {Al Furat News} Its Relationship With Employee Salaries

Time: 10/21/2020 16:54:10 Read: 3,263 times  {Baghdad: Al Furat News} The Central Bank of Iraq issued, on Wednesday, a clarification through {Al Furat News} about its relationship with the salaries of state employees.

Bank spokesman Acer Jassim told {Al Furat News} that “there is no relationship between the central bank and the employees’ salaries, and that this file (salaries) is a purely governmental affair and is exclusively in its hands.”

He pointed out that “the currency auction in the bank has nothing to do with salaries and that the financial relationship between the government and the bank is to provide it in dinars exclusively.”

The bank had confirmed earlier that there is no mechanism for the bank related to salaries and that the bank’s policy is far from this matter.  LINK

The High Exchange Rates Of The Dollar In The Local Markets

Market  Economy News _ Baghdad  The exchange rates of the dollar rose in the main stock market and local markets again after declining for three days in a row today, Wednesday (October 21, 2020).

Al-Kifah Stock Exchange recorded 124,800 dinars against 100 US dollars, while the exchange rate of the dollar on Tuesday recorded 124,150 dinars per 100 dollars.

Sales price: 125,500 dinars per $ 100.  Purchase price: 124,500 dinars per $ 100.

Number of observations 105 Date of addendum 10/21/2020  https://economy-news.net/content.php?id=22343

Experts: Strategic Plans To Maximize Budget Resources

Wednesday 21 October 2020  40  Baghdad: The morning: Experts and specialists in economic and financial affairs called for the need to develop strategic plans to convert the general budget from an operational spending budget to investment revenues by diversifying the country’s financial resources, warning against continuing to rely on oil revenues and loans to finance the general budget deficit.

The former director of the budget department at the Ministry of Finance, Hazem Hadi, said in a statement to Al-Sabah: “The country’s continuing to pursue a policy of total dependence on oil revenues in financing the budget is wrong,” stressing the importance of thinking about finding economic alternatives in the issue of financing.

He added, “The current financial crisis that hit the country came as a result of total dependence on oil revenues,” noting that “when oil prices collapsed, Iraq was greatly affected by the lack of alternatives.”

Multiple economic resources

He pointed out that “Iraq has multiple economic resources that can be moved and made parallel to the oil supplier, such as the industrial and agricultural sector, and even tourism and investment, and that this needs deliberate strategic plans through which you can transfer the budget from spending to budget revenues.”

Country resources

For his part, the economist Abdul Hassan Al-Shammari stressed, “The need to give priority to the industrial and agricultural sectors in the process of supporting the economic sectors, because of their great importance in maximizing the country’s financial resources.

Al-Shammari said in a statement to “Al-Sabah”: “Iraq possesses great economic potentials, represented by the industrial and agricultural sectors,” pointing out “the importance of activating laws supporting the local product, especially the law to protect the national product and the consumer.”

He added that “the industrial sector can be a parallel sector to oil, if there is great interest in it by the government authorities, as well as the agricultural sector in the event that the lands are well invested and a helping hand is provided to the farmer, it will become one of the sectors that parallels oil in the volume of revenues.

For its part, the Parliamentary Economic and Investment Committee proposed a set of solutions to confront the current financial crisis, while stressing the need to combat corruption in all parts of the state.

Industrial sectors

Committee member, Representative Yahya Al-Ithawi, said in a press statement: “His committee presented a set of solutions to the current crisis, including the enforcement of taxes on imports, as well as on the sale of hard currency in the Central Bank.

In addition to obtaining levies for electricity, water and other services, as well as activating the industrial, agricultural and tourism sectors and encouraging investment by granting new opportunities to investors, whether by the national authority or bodies in the governorates, in order to maximize the state’s financial resources, and not to rely on Oil. ” LINK

The Association Of Banks Holds A Workshop On The Role Of The Banking Sector In Activating Tourism Investment Programs

Banks  Economy News – Baghdad   The Iraqi Private Banks Association, in cooperation with the Tourism Authority in the Kurdistan Region, held a workshop entitled (The role of the banking sector in activating tourism investment programs). The Central Bank of Iraq, Walid Idi, and the representative of the General Secretariat of the Council of Ministers – head of the technical team for the financing project of central bank loans, Shamil Abdul-Bari, and a number of authorized directors of Iraqi private banks, investors and company owners in the tourism sector.

The head of the Association of Private Banks, Wadih Al-Handal, spoke about the importance of encouraging tourism investment, which helps push the wheel of the Iraqi economy to get rid of the reality of fragility.

The head of the Iraqi Private Banking Association affirmed his full support for the development of the tourism sector in Iraq, pointing to the importance of investing in domestic tourism and marketing the Iraqi provinces.

He also stressed that this sector absorbs the largest number of jobs and reduces unemployment.

Mawlawi Jabbar gave his opening speech in which he talked about the plans to develop the tourism reality in Kurdistan and the opportunity for Iraq to attract tourists, foreigners and Arabs, because Kurdistan possesses the picturesque nature and security stability. Number of observations 448 Date of addendum 10/21/2020   https://economy-news.net/content.php?id=22341

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