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Iraqi News Wednesday AM 10-28-20

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Economic Strategy..The Strategic Policies Of The State Are Guaranteed To Improve The Country’s Currency

2020-10-28  Mohammed Al-Sabry ||We are now suffering from weakness in all of our institutions, most of which are unstable, and when the military strategy turns from internal war to eliminate internal terrorism, the Ministry of Defense turns from defense at home to a regional deterrent force and has the power to attack, exposing the country to an invasion or bypassing by the neighborhood or from any ambitions. External and we have systems to block and intercept any bypass by air, land or sea port. International economic dealings change with us

When the country becomes industrial, not consumer, and we have exports and our oil exports are a supportive factor for the economy, then we talk about currency and the auction.

When the Ministry of Industry is unleashed to rehabilitate the infrastructure of the strategic factories in the country, such as petrochemicals, iron and steel, factories in Alexandria and others, and we start exporting our industrial products here, the dealing with currency changes.

When the government launches the Ministry of Agriculture and supports it with sufficient funds in order for the ministry to support and encourage the farmer here, we will dispense with importing from neighboring countries, and at the same time the ministry supports livestock and we have self-sufficiency of meat, birds and other things here, we will dispense with imports. Countries by repeating it abroad and repeating inside Iraq.

Here we will have a word where all the import that I mentioned is done in the dollar currency. Here the bank is obliged to put the dollar in the auction, but if we had self-sufficiency, all our economic policies would have changed.

A year ago, I asked your forum that the import be from Turkey, Saudi Arabia, Iran, or Oman, that our importation from these countries, especially food and consumer products, through the two currencies of the dollar and the Iraqi dinar, and here we have put our currency in these countries and the Iraqi dinar will be dead inside the country because of failed economic policies Unfortunately.

It is among the circulating currencies in these countries, the first being the neighboring countries

And closer to your side the idea

We only import tens of billions from Turkey annually, all of them in dollars

If we agreed that we would import half the amount in dollars and the other half in Iraqi dinars, here a significant number of dollar currency would have been preserved.

As for distant countries such as Europe and eastern countries, importing from them in the same way is half in the dollar currency and the second half in exchange for oil and its derivatives.

Here the same, we will maintain the balance of hard currency in the country.

Important note

With this economic strategy, the Iraqi dinar will be included in the currency notes in the markets, and it will have value and respect  My respect

http://burathanews.com/arabic/economic/379314

In The Document .. Parliamentary Finance Calls On Al-Kazemi To State His Opinion On Dispensing With The Deficit Financing Law

Time: 10/28/2020 13:21:13 Read: 5,096 times  {Baghdad: Al Furat News} The Parliamentary Finance Committee called on Prime Minister Mustafa Al-Kazemi to state his opinion on dispensing with the law on financing the fiscal deficit.

The Euphrates News obtained a copy of a book by the head of the Finance Committee,

Representative Haitham al-Jubouri, in which he addressed Al-Kazemi to express his opinion on dispensing with the law on financing the fiscal deficit.   LINK 

Mineral Investment Maximizes Non-Oil Resources

Wednesday 28 October 2020  58   Baghdad: Hussein Faleh, the House of Representatives intends to legislate a mineral investment law, in a move to maximize non-oil resources. Specialists in economic affairs saw that Iraq possesses the finest types of minerals in the world, but it is still not optimally exploited, calling for mineral investment in ways that enhance revenues Country Financial.

A member of the Parliamentary Economic and Investment Committee, Representative Nada Shaker Jawdat, said in a statement to Al-Sabah: “The House of Representatives is in the process of legislating a mineral investment law that will provide an opportunity to exploit and invest minerals in Iraq.”

And she added: “The mineral investment will contribute significantly to enhancing the state’s financial revenues, provided that it is better exploited,” calling for “the establishment of specialized factories to be invested in the process of sustainable economic development.”

Choose sober companies

She pointed to “the necessity of choosing sober international companies to invest in minerals in order to ensure the transparency of their investment, as they represent a natural wealth that belongs to the people, and it is necessary to think about how to exploit them to maximize financial revenues.”

And she continued: “The law is one of the best laws, but it needs real implementation on the ground after its approval,” stressing that “the country needs to maximize its non-oil revenues, especially after the current financial crisis that hit it.”

For his part, the specialist in economic affairs, Ahmed Al-Majidi, said in an interview with Al-Sabah: “Minerals investment is a step towards maximizing the state’s financial resources, because the country has natural resources represented by various types of minerals such as phosphates, sulfur, mercury, cement and other potential minerals that are still Untapped. ”

Optimal mineral investment

He warned that “Iraq has phosphate reserves estimated at more than 11 billion tons, as well as about 650 thousand tons of sulfur,” noting that global mineral prices are high compared to oil prices.

He explained, “The optimal investment of these minerals through their exploration, extraction and then exportation will yield economic benefit to the state in terms of maximizing revenues,” calling for “setting up plans to better invest in minerals.”

He stressed “the need to search for non-oil resources in financing the general budget, such as investing minerals or gas, controlling ports, collecting taxes, customs duties and others, in order to maximize financial resources in light of the financial crisis.”

For its part, the Parliamentary Economic and Investment Committee confirmed, earlier, that the Mineral Investment Law is ready to vote on it, and it is likely that the law will be passed during the coming sessions.

Committee member Yahya Al-Ithawi said in a press statement: “The mineral investment law is ready for voting, and it is expected to pass it during the coming sessions,” expressing his hope that “the instructions that will be issued for this law will encourage investment inside Iraq.”

He added that “there are many details in this law, and we want it to be issued in a good manner, without gaps, to prevent the corrupt from entering through it.”  LINK

Hikmat Dakkak: Developing The Economy Requires An Attractive Environment For Investment

Wednesday 28 October 2020  64 Baghdad: Hussein Thahab  , deputy of the Baghdad Chamber of Commerce, Hikmat Dakkak, called for “the necessity of joining efforts in order to create an attractive environment for international investment efforts that contribute to addressing many of the problems that confused the reality of the national economy, advancing productive sectors and achieving diversification of resources.”

“Iraq has many natural resources distributed among the different regions of the country that can achieve a real diversification of revenues and create a sustainable economy through a set of projects that can be established in the industrial and agricultural sectors that achieve integration in economic fields,” Dakkak added.

Local market

He pointed out that “the possibility of investing all the minerals spread in the various regions of the country, by the qualitative local and international investment effort to serve the local and international market,” pointing out that “Iraq, with its public and private sectors, was able to succeed in the cement industry, which now covers the needs of the local market and can go to Exports the surplus to markets Region”.

Industrial reality

He explained that “the industrial sector is the most important tributary of the economy, and we have successful industrial experiences that can be employed to serve the industrial reality, as there are 73 government factories that are idle and have obligations towards a large number of employees, and modernizing the industrial system for the private sector is inevitable after the aging of its laboratories, in addition to the fact that The global industrial sector has developed a lot, and technology has become an effective role in promoting the industrial sector and the quality production adopted by major global economies.

Specialized companies

Dakkak warned that “specialized and large companies with international resonance within the global labor market have a great desire to enter Iraq, which is crossed by a renewed job opportunity, which necessitates that we work towards creating the appropriate environment to attract such an effort that left a positive resonance on the reality of the national economy by moving it to a stage.” New, more developed, and moving the country to its true place among the world economies.  LINK

The Council Of Ministers Holds A Regular Session Headed By Prime Minister Mustafa Al-Kazemi And Issues Several Decisions

October 27- 2020  The Prime Minister, Mr. Mustafa Al-Kazemi, chaired a regular session of the Council of Ministers, during which a number of current issues and developments of events were discussed, as well as what was included in the agenda.

Mr. Al-Kazemi reviewed his entire European tour, which included France, Germany and Britain, and the results of the visit, which helped strengthen Iraq’s foreign relations and expand the horizons of cooperation with it in various fields and levels.

The Council discussed the latest developments in the country, especially with regard to the demonstrations in the capital, Baghdad, and a number of governorates, which reflected the high discipline of the demonstrators who expressed their demands peacefully, with the exception of some unruly groups and gangs that sought to divert the demonstrations from their peaceful course, where the demonstrators confronted them. The Council also praised the patience and professionalism of our heroic security forces who missed the opportunity to abusers.

The Minister of Health and Environment presented a detailed report on the general situation of the Corona pandemic in Iraq, the government efforts made to receive patients, and equipping health institutions with all the medical supplies they need, as well as the Ministry of Health’s preparations to confront any potential increase in the epidemic.

The Minister of Immigration and Displacement made a detailed presentation on the ministry’s plan to close all camps for the displaced and return them to their areas of residence.

The Prime Minister, Mr. Mustafa Al-Kazimi, confirmed that the issue of the displaced is a priority for the government, as it includes humanitarian aspects, in addition to that resolving it contributes to strengthening civil peace in the body of Iraqi society.

After discussing the topics on its agenda, the Council of Ministers issued a number of decisions, namely:

First / Authorizing the Minister of Water Resources the power to negotiate and sign the cooperation protocol in managing the Tigris water between Iraq and Turkey.

Secondly/

1- Approval of the inclusion of the opening of the documentary credit or its enhancement and the implementation of the works in the manner of direct execution, and the implementation in trust in the concept of preparation and execution of work for continuing projects, based on the provisions of Article (13 / second) of the Federal Financial Management Law (6 of 2019) as amended, to ensure the continued implementation of projects Continuing contractual work, to avoid work stoppage, and to impose financial losses on the state treasury as a result.

2- Payment of contract wages and daily wages in the Ministry of Water Resources within the components included in the investment budget.

Third / Providing the agricultural sector’s need of wheat and barley seeds, and at the same support prices for the previous agricultural season, which will contribute to reducing the financial burden on the peasants and farmers, and achieve an increase in production in quantity and quality.

Fourth / Amending paragraphs (3 and 4) of Cabinet Resolution (82 of 2020) according to the following:

3.Authorizing the General Directorate of Sewers belonging to the Ministry of Construction, Housing, Municipalities and Public Works to implement the large Nasiriyah sewage project within its planning budget for the year 2020 by including the cost of the project above, within its annual budget, as it is a self-financed department, based on the provisions of Article 45 / First / a) of the amended Federal Financial Administration Law (6 of 2019),

in the event that this liquidity really belongs to it, and results from its own resources for previous years, provided that coordination with the Ministry of Planning, regarding deleting the aforementioned project from the plan of the Ministry of Construction, Housing and Municipalities And investment public works, so that the exchange is not repeated twice, and is established

The Ministry will implement it according to the powers granted to the Minister of Construction, Housing, Municipalities and Public Works, and send the proposed budget for the Directorate for the year 2020 to the Ministry of Finance / Budget Department, attached with it the final accounts of the Directorate for the year 2020 to the Ministry of Finance / Budget Department, attaching with it the final accounts of the aforementioned directorate for the preliminary or approved 2019 year. From the Federal Office of Financial Supervision.

  1. The Ministry of Finance bears the equivalent of an amount of (10,000,000,000) dinars, ten billion dinars, as a result of its payment of the salaries of employees of the Public Company for Communications and Informatics belonging to the Ministry of Communications by borrowing from banks.

Fifth / Approval of the following:

1- Allowing the Independent High Electoral Commission to increase quantities, or change specifications by a percentage not exceeding (40%) of the total contract amount instead of (20%), with the exception of the provisions of paragraph (1 / h / third) of Controls No. (1) attached to the instructions for implementing government contracts No. (2) for the year 2014.

2- Enhancing the documentary credit by allocating an amount (3046464) dollars, three million and forty-six thousand four hundred and sixty-four dollars, to prepare the additional quantities for the recent deployment. Information Office of the President of the Council of Ministers  27 -Oct- 2020   https://pmo.iq/press2020/27-10-202001.htm

Planning: The Government Is Committed To Providing Funds To Complete Al Faw Port

Time: 10/28/2020 09:53:07 Read: 1,781 times  {Baghdad: Al Furat News} The Ministry of Planning affirmed the government’s commitment to providing the necessary funding to complete the construction of the large Faw port project, despite the financial crisis the country is going through.

The project has strategic importance for Iraq by moving the wheel of maritime navigation, as the Faw area will be the first industrial city in the Middle East, as well as revitalizing the transport sector in Iraq, and diversifying the import and export routes.

Minister Khaled Battal Al-Najm said in a press statement that “Iraq has important national strategic projects, the most prominent of which is the project to build the great port of Faw.”

He added, “The government is keen and committed to providing the necessary funding to complete this project that all the people await,” stressing that “the great efforts are being made in coordination with some financiers to be able to provide the necessary financing for this project.”

It is indicated that the cost of the project amounts to about 4.6 billion euros. The capacity of the planned port, according to the designs developed by an Italian consulting company, is estimated at 99 million tons annually, to be one of the largest ports overlooking the Gulf and the tenth in the world.

It is noteworthy that the Minister of Transport, Nasser Hussein Al-Shibli, recently announced the agreement on the final version of the contract for the large port of Faw with a Korean company, with the imminent signing of the contract for the first phase of the port after agreeing on most of the terms of the contract in a way that serves the aspirations of the people and the government after lengthy discussions with the Korean side that lasted for several weeks, He pointed to the success of the Iraqi negotiator in reducing prices to the lowest possible level while maintaining the same high technical specifications set by the Italian consultant designing the project.  LINK

In Numbers … The Indexes Of The Iraq Stock Exchange For Today, Wednesday

Economie| 02:58 – 10/28/2020  Baghdad – Mawazine News publishes “Mawazine News”, the trading indicators of the Iraq Stock Exchange for today, Wednesday.

The number of listed companies: 105

The number of traded companies: 30

. The number of shares traded reached (22,950,056,198) shares.

. The value of shares (3,141,084,953) dinars.

. The ISX 60 price index closed in today’s session at (485.16) points, down by (0.25%) than its previous session’s close of (485.16) points.

. Trading in shares of (30) companies out of (105) companies listed in the market.

. The number of companies suspended by a decision of the Securities Commission for failing to comply with the instructions for financial disclosure is (25) companies.

. The number of shares purchased from non-Iraqi investors in the market reached (442) million shares, at a value of (246) million dinars, through the implementation of (43) deals on shares of (4) companies

. The number of shares sold by non-Iraqi investors in the market reached (1) billion shares, at a value of (506) million dinars, through the implementation of (40) transactions on the shares of two companies.

. Al-Rafidain Brokerage Company executed a counter-order intended on the shares of the North Bank Company, with the number of shares (21,215,792,794) shares and the value of (2,121,579,279) dinars.

https://www.mawazin.net/Details.aspx?jimare=128148

The Central Bank Enables Direct Transfer Of Funds Between Electronic Cards

Time: 10/28/2020 11:46:38 Read: 3,731 times  {Al Furat News: Baghdad} The Central Bank of Iraq announced, on Wednesday, the availability of direct transfer of funds between electronic cards.

A statement issued by the Central Bank, the Euphrates News Agency received a copy of it, stated that “seeking to implement its strategy in the transformation towards electronic payment, the Central Bank of Iraq confirms the adoption of electronic card-issuing banks and electronic payment service providers, the financial transfer service between electronic cards (from card to card). Other)

The statement emphasized that the ceiling for one-time transfer does not exceed 400 thousand dinars or its equivalent in US dollars, while the limits of the amounts transferred during one month will reach (2) million dinars or its equivalent in US dollars.   LINK

The Central Bank Enables Direct Transfer Of Funds Between Electronic Cards

Economie| 11:49 – 10/28/2020  BAGHDAD – Mawazine News  The Central Bank of Iraq announced, on Wednesday, that the direct transfer of funds between electronic cards is available.

In a statement received by Mawazine News / a copy of it, the bank stated, “In an effort to implement its strategy of shifting towards electronic payment, the Central Bank of Iraq confirms the adoption of electronic card-issuing banks and electronic payment service providers as a service for financial transfers between electronic cards (from one card to another) on That the transfer ceiling for one time does not exceed (400) thousand dinars or its equivalent in US dollars. ”

He added, “The limits of the amounts transferred during one month will reach (2) million dinars or its equivalent in US dollars.” Ended 29 / A 43   https://www.mawazin.net/Details.aspx?jimare=128122

Iraq … A Strategic Plan To Operate And Rehabilitate 285 Factories

Economie| 08:54 – 10/28/2020  BAGHDAD – Mawazine News  The Ministry of Industry and Minerals developed, on Wednesday, a strategic plan to operate and rehabilitate its factories to provide and support the ration card materials with the participation of the private sector.

According to the official newspaper, Murtada Al-Safi, the director of the Ministry of Information, said, “The ministry has developed a large strategic plan to operate the Ministry of Industry’s laboratories, which number 285 – 85 of which have been discontinued – and within the plan, all these factories will be operated in their full number.”

He added, “The ministry is determined to operate all of its factories, in addition to developing new laboratories to be added to the laboratories of the Ministry of Industry and Minerals.” Indicating that “the priority of rehabilitation of laboratories within the plan begins with the laboratories that need less than 30% of the funds and allocations to be rehabilitated to actually enter the work, and they will have priority, and then the rehabilitation of laboratories will be graduated according to the degree of their need for the assignments, while the laboratory that needs rehabilitation will be 100%.” % At the end of the list. ”

The ministry’s plan was divided into three sections: short from 6 months to a year, medium from one to 3 years, and long term from 3 years to 5 years, and according to the plan, most of the Ministry of Industry’s laboratories will work with the participation of the private sector, to promote the national industry and rely on the national product and to support Public budget.

Al-Safi states, “The ministry seeks to involve the private sector in the production of ration card materials, including sugar and edible oil, especially since raw materials are available in Iraq from the cultivation of sugar cane and beets, with the participation of Maysan and Mosul sugar factories.”

By rehabilitating these laboratories and with the participation of the private sector, Iraq will achieve self-sufficiency in the produced materials, especially after the completion of the implementation and rehabilitation of the laboratories. The ration card will contribute to providing hard currency and reduce the unemployment rate. ” https://www.mawazin.net/Details.aspx?jimare=128095

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