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Iraqi News Saturday AM 10-24-20

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Finance Minister: Broad International Support For The White Paper

Saturday 24 October 2020   112  Baghdad: Shaima Rasheed   Deputy Prime Minister and Minister of Finance, Ali Abdul Amir Allawi, announced the support of international organizations and industrial countries for the “white paper” recently announced by the government to reform the financial and economic situation in the country.

This came during Minister Allawi’s participation in Prime Minister Mustafa Al-Kazemi’s tour to a number of European countries, and a statement by the Ministry of Finance quoted Minister Allawi as saying: “The white paper received absolute support from the industrialized countries and international organizations for the first time.”

Allawi stated that “international support and welcoming the white paper is an achievement of the Ministry of Finance,” adding that “international organizations saw that Iraq faces daunting economic challenges overshadowed by the Corona crises and low oil prices, and that the White Paper is an ambitious program for comprehensive economic reform, strengthening the growth of the private economy and protecting The most vulnerable groups.

He pointed out that “the industrialized countries and international organizations announced their support for the Iraqi government’s vision of reform, not only to avert the current crises, but to create permanent economic opportunities for the Iraqi people that meet their aspirations.” The Minister of Finance in the British capital, London, participated in the first meeting of the “Economic Communication” group for Iraq, which was hosted by the British Minister of State for the Middle East and North Africa.

The meeting was chaired by Iraq and the World Bank with the participation of members of the Finance Committee in the Iraqi Council of Representatives, and representatives of the member states of the Group of Seven G7 and the International Monetary Fund, and the participants expressed their support for the “white paper” for economic reform.

During the meeting, Allawi presented a summary of the goals of the “white paper” for economic reform, and stressed that supporting the “economic contact” group would enhance Iraq’s ability to face the challenges of the next stage.

In a related matter, the Parliamentary Finance Committee made it clear that within days, it would start studying the reform paper sent by the government and make its observations on it, so that it would be ready for implementation.

Committee member Jamal Cougar told Al-Sabah: “The reform paper does not need a vote by parliament, and the Finance Committee will make its observations on it because it is not a law for change or amendment to take place.”

Regarding the issue of reducing salaries, Cougar explained, “The reduction in salaries that the reform paper talked about includes allocations and not nominal salaries, as there are allocations for some departments up to 400 percent, and this is what the government will work on.”

Cougar affirmed that “his committee will not be satisfied that the deduction includes all employees.   With their level ».  LINK

Stopping The Salaries Of The Abstaining From Disclosing Their Financial Debts

Saturday 24 October 2020   195   Baghdad: Ahmed Abd Rabbo   The Integrity Commission revealed that the salaries of MPs and government officials who “abstained” were stopped from disclosing their financial receivables, while the response rate of Parliament members reached 94%.

The Integrity Law obligated the presentation of their financial disclosure to the presidents of the republic, parliament, ministers and their deputies, and included members of the House of Representatives, ministers and those of their rank, and the obligation also included the President of the Supreme Judicial Council, judges, members of the public prosecution, the head and members of the Federal Supreme Court.

The director of the prevention department at the authority, Moataz Al-Abbasi, told Al-Sabah: “The three presidencies and all the ministers have submitted their financial receivables, with the exception of the ministers of finance and communications.

This major progress in financial disclosure comes to amend the Integrity Commission’s Law at the end of last year, and to activate it by the Commission. Al-Abbasi added, “We sent lists of abstaining from members of Parliament and other officials, including ministers, and we asked the concerned authorities to stop their salary payments until the commission is provided with the disclosure.”

“In the event that the abstention continues, the Integrity Commission will take tougher measures, foremost of which is the opening of criminal cases against them,” according to the director of the preventive department in the authority.

The Integrity Commission aims, through financial disclosure and disclosure to state officials, to monitor and follow up the illicit gain and thus tighten the noose on corruption channels and cordon off its corridors for the purpose of protecting public money from plundering and theft. It is not commensurate with their usual resources, and the taxpayer has not proven a legitimate reason for it being an “unlawful gain”. LINK

A Strategic Partnership To Develop Innovative Payments Services

Saturday 24 October 2020  32  The Arab Monetary Fund announced a partnership contract between the “Buna” platform for Arab payments and “Swift” on the sidelines of the joint workshop between The two institutions.

A fund statement followed by Al-Sabah stated that the workshop held a high-level panel discussion between experts from the “Bunaa” Arab Payments platform and the “Swift” Association, in which it dealt with the latest developments in the field of cross-border payment settlement systems, and the strategic plans and projects to implement them, in order to improve payment services. And infrastructure development in the Arab region and the world in the face of challenges the list.

The current cooperation to establish the instant payments system in the BUNA platform through the SWIFT network was highlighted, in addition to aspects of enhancing compliance frameworks for anti-money laundering and terrorist financing operations through the participation of the Bani platform in the “Swift” system of “know your customer” rules. e. The Central Bank of Iraq had announced, earlier, its participation in the “Buna” platform for Arab payments in a workshop for banks operating in Iraq, after the launch of the platform by the Arab Monetary Fund.  LINK

An Expert Identifies The Most Important Steps For “Restructuring” Public Companies

Saturday 24 October 2020   34 Baghdad: Morning

The government has doubled its efforts aimed at reviving the private sector and creating an investment environment that can meet the needs of the market and compete with the imported product. While the Ministry of Finance announced its intention to reconsider the restructuring of some self-financed public companies, a specialist in industrial affairs stressed the importance of this step in moving the wheel of production and reviving dozens of factories Stalled.

And the Ministry of Finance announced, at the end of last week, that reforming and activating the private sector is done by creating a stable investment environment and reviewing some self-financed public companies, in addition to activating collection from the electricity sector, while stressing that restructuring the banking sector is an urgent necessity, as it is the backbone of any Economic expansion.


The industrial development and investment consultant, Amer Al-Jawahry, expressed to Al-Sabah his welcome to the step he described as a “mission”, stressing that, “in cooperation with the task force team on economic reform and restructuring, and in comprehensive coordination with the advisory board and a number of UN organizations, they presented a road map before Years of restructuring of operating state-owned companies. ”

Al-Jawahiri indicated that “the map included a number of classifications of companies that are to be restructured, as they included companies that are viable, able to continue operating and attract investment, and companies that are unable to operate themselves but are able to grow and need restructuring.”

He pointed out that “the map also included restructuring of” hybrid companies, parts of which are characterized by the ability to grow and parts that are not viable, and this type needs a comprehensive restructuring. ”

contribution companies

In order to achieve this important economic plan, Al-Jawahiri believes, “the necessity of relying on standards and work programs according to a detailed road map, and naming a dedicated team for each case to convert public companies or factories into public joint-stock companies to be listed in the Iraq Stock Exchange,” indicating that this can be achieved through “availability The maximum degree of sobriety, experience and professionalism of the economic team that will undertake to restructure these companies. ”

The Industrial Development and Investment Consultant stressed the need for “these steps to ensure the continuation of the work and development of the production and productivity of these companies and their expansion in a way that secures a wider use of technology, research and development, and openness in partnerships with sober foreign entities to secure shares of their products in the local market and possibly for export.”

Al-Jawahiri emphasized that this step, “calls for the utmost attention to enable and support the mixed sector to work within its objectives, as it is the target experience through partnerships and transformation processes into a contribution.”  LINK

Dollar Exchange Rates In Baghdad And Four Other Provinces

Time: 10/24/2020 10:35:00 Read: 11,804 times  Baghdad: Al Furat News} The exchange rate of the US dollar against the Iraqi dinar is clearly fluctuating

The exchange rate in Baghdad, according to the price on the Al-Kifah Stock Exchange, was  124,800.

The price in exchanges is {approximate}   Buy 124,250    Buy 125,250

As for the price in each of (Najaf, Basra, Mosul, and Sulaymaniyah), it reached 125 thousand Iraqi dinars per 100 US dollars.   LINK

The House Of Representatives Ends The First Reading Of The Bill To Finance The Fiscal Deficit

Political| 03:10 – 10/24/2020  Baghdad – Mawazine News  The House of Representatives ended, on Saturday, the first reading of the bill to finance the fiscal deficit.

A representative source said in an interview with “Mawazine News”, “The House of Representatives has completed the first reading of the draft law on financing the fiscal deficit.”

The government had sent a draft law to finance the budget deficit to the House of Representatives, requesting borrowing to finance salaries and government expenditures.

Al-Abadi: The Policies Of The Al-Kazemi Government Will Lead The Country To Financial Collapse

Money  and business  Economy News _ Baghdad  Former Prime Minister Haider al-Abadi warned, on Saturday, that the borrowing policies adopted by the government of Prime Minister Mustafa Al-Kazemi will lead to a financial collapse, calling on the government to control spending, limit waste and maximize resources.

Al-Abadi said in an interview followed by Al-Eqtisad News, that “borrowing is not the safest solution, but rather a catastrophic policy that will lead to financial collapse, and if it is necessary to borrow; It must be converted into a productive and not a consumer borrowing. ”

He added, “The Al-Kazemi government has existential economic challenges, and it must control spending, besiege waste, maximize resources, and take painful and courageous economic decisions, otherwise the effects of this crisis cannot be overcome.”

He explained, “The loss of the monetary mass due to the low oil prices and the increase in the operational budget is the reason for adopting the borrowing policy,” warning that “borrowing is a failed and dangerous policy; With courageous measures, the shortage of financial liquidity can be avoided and the crisis can be overcome with the least losses.

Al-Abadi pointed out that “the imports of the outlets alone could increase if they were subjected to supervision and controlled centrally in all parts of Iraq, not to mention the huge financial returns from the telecommunications sector and public taxes if they were properly managed, which are possible and affordable solutions.” Number of observations 180 Date of addendum 10/24/2020

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