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More Iraqi News Sunday PM 10-25-20

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Economist: Operating Expenses Have Expanded Remarkably And It Is Difficult To Predict Whether Parliament Will Approve The New Borrowing Law

Sunday 25, October 2020 12:07 | Economical Views: 164  Baghdad / NINA / The economic expert attributed the appearance of Muhammad Salih to the reason for the government’s request to borrow … to the remarkable expansion of operating expenses.

He said in a statement to the Iraqi National News Agency ( NINA ): “Operating expenses have expanded remarkably through the paragraph of salaries, wages, retirement pensions and other payments, which represents an additional jump of not less than 15 billion dollars annually compared to the past few years.”

Muhammad Salih added: “The same public finances had received in the past years of the financial crisis foreign loans under the heading (budget support) that were spent on salaries immediately, and many salary payments were also withheld at the time for the areas that remained under the ISIS terrorist occupation, which created pressure later on Appropriations of the budgets of subsequent years after being freed from the filth of the occupier. ”

He stressed the difficulty of predicting whether parliament will approve the new borrowing law according to the current amount of 41 trillion dinars for the remaining three months, or will the amount reduce to ensure its passage.

The House of Representatives formally received, in the middle of last week, a law to finance the fiscal deficit (borrowing) for the remaining months of the current year 2020.

And he finished in his session held yesterday the first reading of the bill. / End 3

https://ninanews.com/Website/News/Details?Key=864859

Representative Economist: The Government’s Reliance On The Borrowing Law Regarding Salaries Is Surprising

Money  and business  Economy News _ Baghdad   A member of the Parliamentary Economic and Investment Committee, Ahmed Mazhar Al-Jubouri, called on the government to find quick alternatives to provide salaries for employees, retirees and social workers, indicating that the government’s reliance on the borrowing law is surprising and evidence of failure.

Al-Jubouri said in a statement that Al-Iqtisad News received a copy of, that “there are a lot of revenues entering the state budget from many ministries and departments, and they must be classified and work to distribute salaries to ministries and authorities, respectively.”

He added that “the government’s reliance on the borrowing law without moving in other ways to provide salaries is surprising and raises many question marks, especially since Iraq has gone through the past years in more difficult and harsh conditions and with a sharp decline in oil prices without affecting the distribution of salaries and the specified time.”

He explained that “Parliament has completed the first reading of the new borrowing law and will proceed with its second reading and will not pass it by the required amount of 41 trillion dinars, but will reduce the amount to a certain percentage.”   Number of observations 105 Date added 10/25/2020

https://economy-news.net/content.php?id=22382

Parliamentary Finance: It Is Not Possible To Vote On An Absolute And Valid Borrowing Law

Pratha News Agency88 2020-10-25   The Parliamentary Finance Committee confirmed that it is not possible to vote on an absolute and valid borrowing law so that the government will resort to it whenever it wants to, explaining that making the law available will lead to unpredictable consequences.

Committee member Jamal Ahmed said in a press interview that “Parliament cannot vote on an absolute borrowing law for a period of time, because this will allow the government to borrow whenever it wants to, and it may be far from oversight and resort to it whenever it wants.”

He added that “the borrowing law must remain restricted and limited to a period of time and the amount borrowed is known and cannot be released freely because this will lead to unpredictable consequences.”

And that “this month may end without handing over and paying the salaries of employees, especially since the vote on the law and its first and second reading takes time.”  http://burathanews.com/arabic/economic/379091

The Stock Exchange Starts Its Week In Green

The Stock Exchange «Economy News» Market Economy News – Baghdad  On Sunday, the stock market index rose by 0.29%. During the Sunday session, 394.5 million shares were traded, at a value of 836.8 million dinars.

13 winning companies raised the performance of the index, led by the shares of the Mosul Dam Tourism Company by 8.99% and the shares of the Middle East Bank Company by 9.09%.

While the shares of 5 companies declined by the shares of the Al-Amin Insurance Company by 2.44% and the shares of metal and bicycles by 1.96%.

Shares of The United Bank Company were the most traded, with 144.9 million shares traded.

Number of observations 97 date of addendum 10/25/2020   https://economy-news.net/content.php?id=22383

A New High For The Dollar In Iraq Today

Time: 10/25/2020 10:49:06 Read: 21,294 times   {Baghdad: Al Furat News} The exchange rates of the dollar increased in the main stock market and local markets in Baghdad on Sunday.

The exchange rate on the Kifah Stock Exchange was 1249 dinars, or 124 thousand and 900 dinars, while yesterday’s price was 1247.5 dinars per dollar.

On the Al-Harithiya Stock Exchange, the exchange rate reached 1249.5 dinars, or 124 thousand and 950 dinars per hundred dollars.

As for the selling price in the money exchange shops in Baghdad, it was 1245.5 dinars, and the purchase price was 1245 dinars.

And in the governorates as follows:

Basra 125,100   Najaf 125,000   Karbala 125,000   Babil 125,050   Maysan 125,150   Dhi Qar 125,150

Salah al-Din 125,200   Wasit 125,125  Al- Rutba 125,200   Muthanna 125,200   Erbil 125,125

Sulaymaniyah 125,200   Nineveh 125,200   Kirkuk 125,175    LINK

Alia Nassif: World Countries Are Investing “Smuggled” Iraq Money

Sunday 25 October 2020  162   Baghdad: Omar Abdul Latif   Member of Parliament Alia Nassif accused regional and foreign countries of providing protection for “smuggled” Iraqi funds deposited with them by corrupt figures.

Nassif told Al-Sabah: “Iraqi funds smuggled into Arab and foreign countries are fully protected by the countries depositing with them,” noting that “all countries in the region have Iraqi money smuggled by corrupt politicians in their banks.”

Nassif explained the provision of protection for these funds by countries to “their great benefit from them in advancing their economic reality through recycling and investing them in various projects in them, especially as they are estimated at tens of billions of dollars,” indicating that “Iraq will not be able to recover these funds, because there is no Bilateral agreements on this issue between him and the countries in it ».   LINK

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