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Iraqi News Sunday AM 11-8-20

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63 Trillion Dinars Are “Reassuring Liquidity” Half Of Which Is In Banks

Sunday 08th November 2020   21  Baghdad: Ahmed Abd Rabbo   The large interests that private and governmental banks put in place did not prevent employees from taking in small and medium loans, with amounts ranging from 5 to 30 million dinars.

This increased turnout comes in light of the delay in launching the salaries of employees, while some bank administrations tend to raise the ceiling of financial benefits for those wishing to open accounts with them, as a step to withdraw the financial liquidity hoarded in homes.

In exchange, it is working to reduce the interest on the loans it issues.These loans represent a “temporary recovery” for the local markets after the major downturn and recession that they were exposed to, due to the low global oil prices and the economic shutdown that accompanied the measures to prevent the Corona epidemic.

The director of the Rasheed Bank, Basem Abd Ali, said to “Al-Sabah”: “The bank’s management is able to meet all loan requests from the local currency, especially the employees’ advances, ”alluding to the presence of“ a large turnout witnessed by the bank’s branches ”for employees who wish to credit.

Ali asserts, “The cash liquidity of the Rasheed Bank and other banks is very reassuring, and there is no need for fear and panic over its decline.”

The Rasheed Bank plans to “launch a new loan initiative early next year,” according to its manager.

Commenting on the words of the director of the Rasheed Bank, Ahmed Hama, a member of the Finance Committee in the House of Representatives, said in a statement to Al-Sabah: that small and medium-sized loans may move the markets “temporarily”, meaning that they cannot be relied upon for long periods.

The MP, the beneficiaries of these loans, is assigned to “go to small and medium enterprises, instead of spending them on consumer matters.”

Hama finds, “It is indispensable for the cash liquidity released by the government in the form of salaries, grants and expenses that move and revitalize the local markets.”

Within the context, the director of Al-Rafidain Bank, Hussein Ali, revealed that there is a tendency to support and finance “new and stalled” strategic projects.

He said: Al-Rafidain decided to grant interest in advance to fixed deposits deposited by citizens for different periods of time, in addition to working to “reduce interest on all advances and loans granted to citizens and employees.”

Despite the strategic plans that government and private banks are interested in, it is indispensable for the cash that the government releases on a monthly basis to employees, retirees, and those covered by social care in the form of salaries, grants and allocations, because in the opinion of the banking expert, Abdul Hussein Al-Mandhari, “a driver to stimulate demand for goods and services.” Markets are booming.

The expert told Al-Sabah yesterday: “Any delay in launching these sums (salaries and monthly allowances) disrupts commercial and service interests, and causes local markets to stagnate and shrink,” while he estimates them at 8 trillion dinars per month.

He points out that “most of the employees resort in such circumstances to banks to obtain small and medium advances to meet their current expenses, such as rent and other pressing expenses.”

The banking expert pointed out that “the volume of cash issued (printed) by the Central Bank is 63 trillion dinars,” indicating that half of it is “chunky in homes”, while “the other half is in banks.”

Al-Mandhari notes, “Most of the banks took the initiative to raise interest on their deposits, to urge citizens to deposit their money, in order to increase liquidity. Cash ”.   LINK

Al-Kazemi Confirms That The Government Is Seeking To Overcome All Obstacles Facing Companies That Want To Invest In Iraq

Time: 11/08/2020 17:19:31 Read: 598 times  (Baghdad: Al Furat News) The Prime Minister, Mustafa Al-Kazemi, received today, Sunday, the members of the Iraqi-Saudi Coordinating Council, which is holding its meetings in the capital, Baghdad, to discuss the implementation plans of the agreements and memoranda of understanding signed between the two countries.

According to the government statement, Al-Furat News received a copy of it, Al-Kazemi stressed the importance of holding these meetings, which lead to the development of bilateral relations between Baghdad and Riyadh, and enhance the prospects for joint cooperation in various fields, in a way that achieves the interests of the peoples of the two countries.

In between, investment opportunities are available to Saudi companies, stressing that the government seeks to overcome all obstacles facing companies wishing to invest in Iraq.

Al-Kazemi also explained the importance of activating some joint projects between the two countries within the framework of the Arab League, as well as developing work in the oil market.   LINK

The Parliamentary Economy And Investment Committee Discusses The Mineral Investment Law

11/8/2020   The Economic and Investment Committee, headed by Representative Ahmed Salim Al-Kinani, and its members attended, on Sunday 08/11/2020, a meeting to discuss the mineral investment law.

The meeting decided to complete the debate next Wednesday to allow the relevant parliamentary committees to participate in the discussions and take their views before the law is enacted.

On the other hand, the meeting discussed the law of the authority of FAO and the division of sub-committees within the committee and took appropriate decisions regarding them.

House of Representatives  Media  Department 08/11/2020  LINK

Parliamentary Finance: The Government Will “Waste” One Month’s Salary And Does Not Intend To Send The 2021 Budget

Pratha News Agency108 2020-11-08   On Sunday, the Parliamentary Finance Committee warned the government against losing a full month of salaries for state employees due to delay in payment, indicating that the government does not intend to pay the 2021 budget before next March.

Committee member Hoshyar Abdullah said in a press statement that “constantly delaying the payment of salaries will lead to the loss of one month’s salary, as happened in the Kurdistan region.”

Abdullah added, “The work of the current government does not rise to the level of making sacrifices and popular demonstrations that called for reform and achieving justice for the corrupt.”

He pointed out that “the draft borrowing law stipulates the need to provide salaries for the next month of March, meaning that the government does not intend at all to pay the draft budget for 2021 before this date.

Thousands of employees in Baghdad and a number of governorates began a strike today, Sunday, due to the delay in paying employees’ salaries for the second consecutive month.

Parliamentary Finance Reveals The Details Of Her Meeting With Allawi On Monday

Time: 11/08/2020 16:39:53 Read: 2,548 times  {Baghdad: Al Furat News} The Parliamentary Finance Committee revealed the details of the meeting scheduled for tomorrow, Monday, with Finance Minister Ali Abdul Amir Allawi.

The committee member said Mirza Shirvan, in a press statement, that the committee will be held on Monday a meeting with the Minister of Finance to determine the amount Stguetrdah government. ”

He favored” agreement to borrow $ {12-15} trillion dinars monthly. ”   LINK

The Speaker Of The House Of Representatives Receives The Delegation Of The Iraqi Economic Council

11/8/2020  Parliament Speaker Muhammad al-Halbousi received today, Sunday, the head of the Iraqi Economic Council delegation headed by Ibrahim Al-Masoudi Al-Baghdadi.

The meeting discussed the national healing initiative launched by the Iraqi Economic Council to support and support governmental and popular efforts to address the Corona pandemic and its repercussions, as the delegation reviewed the most important projects completed within the initiative, including the construction of the Economic Council Hospital, praising its sovereignty with this initiative and the efforts of those in charge, especially as it comes to support the government in Under the financial and health crisis the country is going through.

The meeting also discussed the challenges facing the private sector, means of supporting and developing it, and the need for its contribution to support the national economy.

The Media Office  of the Speaker of Parliament,  November 8, 2020  LINK

Member In Parliamentary Finance: The Borrowing Law Will Be Passed This Week And Unanimously Reduce Its Amount

Time: 11/08/2020 11:48:39 Read: 3,991 times {Baghdad: Al Furat News} Member of the Parliamentary Finance Committee, Ahmed Mazhar Al-Jubouri, said that Parliament is going to pass a borrowing law this week.

“There is a parliamentary consensus to further reduce the amount of borrowing, especially after the Ministry of Finance reduced the amount from 41 trillion to 31 trillion dinars,” Al-Jubouri said in a statement.

He added, “Parliament with a law guaranteeing the salaries of employees for the coming months and without any other expenses,” noting that “Parliament will pass a law in an amount limited to salaries only and not to exceed 15 trillion dinars.”

Al-Jubouri explained, “This matter has been agreed upon, as the law will go to approval during the sessions of this week.”

He continued, “The government is the one who bears the legal responsibility for delaying salaries, not parliament and its financial committee,” noting that “the Finance Committee insists that the amount of the borrowing be for salaries only, without other disbursement doors.”

On Saturday, the House of Representatives finished the second reading of the bill to finance the fiscal deficit.

The Parliamentary Finance Committee expressed its “reservation not to submit the draft federal budget law for the year 2020 and the existence of a clear exaggeration in the estimates of the amount of borrowing, calling for reducing all items of expenditures and limiting them to the necessary priorities and supporting investment projects according to disbursement mechanisms that adopt fair distribution.”   LINK

The Start Of The Meeting Of The Iraqi-Saudi High Committee

Time: 11/8/2020 12:39:03 Read: 3 120 times   {Baghdad: Al Furat News} The meeting of the Iraqi-Saudi Supreme Committee began in the capital, Baghdad, on Sunday.

Oil Minister Ihsan Abdul-Jabbar said during the launch of the work of the Iraqi-Saudi committee in Baghdad, “This meeting comes in connection with previous meetings between brothers, through which we aim to activate memoranda of understanding on the ground, as well as to strengthen this in new projects in the field of bilateral electricity interconnection. And the petrochemical industry, gas investment and others. We have seen from the Saudi side a real desire to cooperate and provide the necessary support.

The Minister of Oil affirmed “the government’s keenness to strengthen bilateral relations with the brothers in the Kingdom of Saudi Arabia in all fields, including economic and investment, oil, energy, industry, agriculture, health, education, environment and others, in a manner that serves common interests.”

On the one hand, Saudi Energy Minister Prince Abdulaziz bin Salman said through the television circuit, “The Kingdom’s keenness to develop and sustain relations with the brothers in Iraq and work to accelerate the implementation of bilateral cooperation projects in all fields.”

The head of the Saudi delegation, Minister of Industry Bandar bin Ibrahim Al-Khorayef, referred to “the importance of strengthening bilateral relations between the two brotherly countries,” expressing his “hope that the discussions would lead to promising joint investment projects in all fields.”

The Saudi delegation arrived in Baghdad on Sunday morning to hold a meeting of the Iraqi-Saudi committee, where the delegation includes officials from the ministries of energy, electricity, oil, industry, environment and a number of important Saudi companies.   LINK

The Trade Is Negotiating With General Motors, The Manufacturer Of Chevrolet And Cadillac Cars

Sunday 08, November 2020 10:26 | Economical Views: 168  Baghdad / NINA / The Ministry of Trade announced that the General Company for Automobile and Machinery Trading will conduct negotiations with General Motors, the manufacturer of Chevrolet and Cadillac / GMC and ACDLCO / American cars, in order to sign a preliminary agreement to market these products.

The general manager of the company, the Chairman of the Board of Directors, Basem Naeem Al-Oaily, said, according to a statement of the Ministry of Commerce, which the Iraqi National News Agency ( NINA ) received a copy of: “The agreement will contribute to increasing the company’s sales of cars and thus will lead to an increase in financial returns and profitability, thus enhancing its position in the Iraqi market as well as Communicate with customers. ”

He added, “The agreement, which will be announced upon completion, will carry with it a large project to sell in installments to the internationally known Chevrolet chevrlettes, at competitive prices and comfortable installments.”

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