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Iraqi News Thursday AM 10-29-20

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Parliament Votes On The Electoral Districts For Kirkuk Governorate

10/29/2020   The House of Representatives voted in its eighteenth session, which was held under the chairmanship of Mr. Muhammad al-Halbousi, Speaker of the House, today, Thursday 10/29/2020, and in the presence of 168 deputies from the electoral districts of Kirkuk governorate attached to the House of Representatives election law.

At the beginning of the session, Mr. Hassan Al Kaabi condemned the behavior of one of the members of the Tunisian Parliament, who demanded a video clip to read Surat Al-Fatihah on the buried Izzat al-Douri, who fugitive from justice and was involved in killing thousands of the Iraqi people during the rule of the criminal Baath regime, calling on the Arab Parliament Union and the Tunisian Parliament to Condemning the behavior that offends the feelings of thousands of victims and martyrs of the Iraqi people, calling on the government represented by the Ministry of Foreign Affairs to send a letter of condemnation to the Tunisian representation in Iraq.

The council voted to distribute the electoral districts for the Kirkuk governorate attached to the Iraqi Council of Representatives election law, provided that there are 3 districts for the governorate, and each district has a seat for the women’s quota.

At the end of the session, the Speaker announced the completion of the electoral districts of eighteen Iraqi governorates, appreciating the efforts made by the Legal Committee and the ladies and gentlemen of the representatives to complete the voting on the electoral districts.

Then it was decided to adjourn the session   Media Department  Parliament  10/29/2020   LINK

A Decrease In The Exchange Rates Of The Dollar In The Iraqi Market

Pratha News Agency126 2020-10-29   The exchange rates of the dollar on the main stock markets decreased slightly, while they stabilized in the local markets Thursday (October 29, 2020).

Al-Kifah Stock Exchange recorded 125,100 dinars against 100 US dollars, while the exchange rate of the dollar for Wednesday was 125,200 dinars per 100 dollars.

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

http://burathanews.com/arabic/economic/379391

The Negative Effects Of Corruption On The Economy

Pratha News Agency93 2020-10-29    Dr.. Bilal Al-Khalifa, cases of administrative and financial corruption spread in all countries of the world, but to varying degrees from one country to another. In Iraq, the issue is different and it is a concern of governments and politicians, as well as the interested and the Iraqi street, several governments formed after the fall of the previous regime in addition to the transitional government and the interim government.

The slogan of combating corruption is the common factor between them, and it is a ride that is carried by everyone who wants to appear in a reformer uniform, and despite all of this, Iraq is still falling day after day in the abyss of corruption more and more. Corruption affects economic performance through a variety of mechanisms, and among the most prominent negative effects in this area, we mention the following:

1- The impact of corruption on economic growth: A – Corruption undermines economic growth in the long run. Administrative corruption weakens and impedes economic growth in various ways. It weakens domestic and foreign investment by increasing the chances of seeking economic benefits without taking into account the interest of society. It also creates an atmosphere of distrust and reduces encouraging incentives. To invest.

B – Corruption reduces profit, because large corruption payments represent an additional burden on the project and increase its costs, and some even consider it a harmful tax for investment.

C – Corruption weakens economic development, which leads to a decline in the quality of infrastructure, because part of the resources to which public projects should have been directed to establish infrastructure to support production are directed through corruption relations to the private consumption of influential people in government agencies that carry out that Responsibilities.

D – Corruption negatively affects the growth of national income, as it leads to a decline in saving and investment rates, and thus not increasing the value added to the national income.

2 – The impact of corruption on public revenues: Administrative corruption reduces public revenues, especially taxes and customs fees, because many economic dealers pay bribes and commissions to tax and customs inspectors in order to benefit from special treatment, amounting to a reduction in the value of their tax liabilities or even evasion Full of paying taxes and fees in some cases, in addition to the tax exemptions that benefit from it from time to time.

3 – The impact of corruption on public spending: Corruption negatively affects public spending by changing its primary destination, as corrupt governments are more inclined to direct and spend their expenditures on projects and objects of spending in which bribery and commissions are easy to obtain and conceal, due to the difficulty of setting their price in the market or in their production Or buy it as military spending.

4 – The impact of corruption on investment: Corruption negatively affects the investment climate, as foreign investors prefer not to engage in productive investments and tend to service activities because the impact of corruption on them is less, and the environment in which corruption is controlled and that is not subject to standards, controls or laws may also lead Clear and transparent, where corruption is the effective means to obtain rights, deals and licenses, due to the reluctance of serious investors to invest their money in such countries whose climate is expelling investment, and it also leads to the flight of local capital abroad.

The result is that the major obstacle standing in the face of the Iraqi economy is corruption, Although the slogan of fighting corruption was the slogan of most of the previous governments, it was raising this slogan until one of them said (I will strike with an iron hand of the spoilers), but the result is that corruption is on the increase and that resources, especially oil resources, despite their large size, did not withstand the face of the corrupt, and the matter reached the government’s impotence For salary payments to its employees.

Effective solutions have not yet seen a beginning, because they are only slogans, and the strangest thing is that the advocates of reform and fighting corruption are the biggest spoilers. And we must know that some of the corruption belongs to foreign hands that do not want good in Iraq.

The port of Al-Faw is nothing but evidence of this, despite the fact that work began in 2010 and until now, the completion rates have not reached the threshold. Source (An Overview of Corruption in Iraq, Dr. Bilal Faleh Sihoud) http://burathanews.com/arabic/economic/379383

Oil Prices Are At Their Lowest Level In Months

Time: 10/29/2020 13:44:44 Read: 3,809 times   {International: Al Furat News} Oil prices fell, today, Thursday, by about 4%, amid economic concerns about the decline in global demand for oil in light of the increasing number of new infections with the Corona virus emerging in the world.

According to Bloomberg data, US crude futures, West Texas Intermediate, fell 4.23% to $ 35.81 a barrel, registering the lowest level since mid-June.  Brent crude futures declined by 3.89% to $ 37.60 a barrel.

The decline comes amid increasing Covid-19 infections in the United States and Europe, as France imposed the necessity of homes from tomorrow, Friday, except for necessary activities, while Germany will close bars, restaurants and theaters from the second of November to the end of the month.

Market expert Margaret Yang said: “The demand outlook is deteriorating as a second viral wave sweeps the United States and most of Europe. Tightening social distancing measures and increasing closures may have a greater than expected impact on energy demand.”   LINK

Parliamentary Finance: The Amount Of The Borrowing Will Be Limited To The Insurance Of Salaries, Supplies, Medicine And Care

Political   Thursday 29 October 2020 | 01:36 PM| Views: 343  The Finance Committee in the House of Representatives confirmed that there is a tendency to limit the amount of borrowing in the fiscal deficit law by securing salaries, ration items and medicines. Committee rapporteur Ahmed Al-Saffar said, according to the official agency, today, Thursday: “The committee listened to the government’s viewpoint regarding the financial spending of the Deficit Financing Law.”

He added, “The Finance Committee is awaiting an answer to the question sent to the Prime Minister’s Office regarding the possibility of securing salaries in the event that the disability law is not approved, after which the amount of the borrowing will be determined.” He pointed out that the second reading of the Deficit Financing Law may witness a reduction in the amount of borrowing to be limited to securing the salaries of employees and retirees, social care, ration card items and medicines.    https://aynaliraqnews.com/index.php?aa=news&id22=140290

Parliamentary Finance Recommends Not Including The Draft “Borrowing” On The Agenda Of The Sessions

The Baghdad Post Thursday, October 29, 2020 11:04 AM  The Parliamentary Finance Committee recommended that the Presidency of Parliament not include the “borrowing” bill on the agenda of Parliament’s sessions until the government responds.

A parliamentary source said in a press statement, said that ” the Committee of Finance Parliamentary recommended Presidency of the Council of Representatives not to project finance the fiscal deficit law” borrowing the inclusion of “on the agenda of the meetings of the parliament until the government ‘s response on dispensing with the legislation of law or not.

The parliamentary finance sent a letter to the government that includes a request Her opinion of dispensing with the draft law after government statements that provide salaries to employees.   LINK

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