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More Iraqi News Sunday PM 11-8-20

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A parliamentary proposal to hold a joint meeting of representatives of the components in the provinces and regions related to Article 140 of the Constitution

Sunday 08, November 2020 18:14 | PoliticalViews: 22   Baghdad / NINA / The Parliamentary Committee on Constitutional Amendments suggested holding a joint meeting for all representatives of the Iraqi components in the governorates to which Article 140 relates.

During its meeting today, the committee discussed the postponed constitutional articles related to the Federal Service Council and Article 140, and the interventions and suggestions of a number of members were presented, and the committee decided to postpone the discussion of Article 140 of the Constitution to a later meeting.

The head of the committee, MP Faleh Al-Sari, stressed the importance of expediting the completion of discussions and receiving proposals for the articles on which there is discussion in order to accomplish its mission and submit its final report to the Presidency of the Council of Representatives in order to present it to the Iraqi people’s referendum. https://ninanews.com/Website/News/Details?key=868232

Iraq’s gold possession represents 8.5% of the rest of its other currencies

Market  Economy News _ Baghdad  The World Gold Council announced, on Sunday, that Iraq’s possession of gold represents 8.5% of the rest of its other currencies.

In November, the Council published a table of the world’s most recent holdings of gold and was seen by Shafaq News Agency that “Iraq has 96.3 tons of gold, which represents 8.5% of the rest of its other hard currencies,” indicating that “this percentage decreased compared to other currencies for the previous month, which was 8.8. % “.

She added, “The last purchase of gold for Iraq was in 2018, which amounted to 6,450 tons,” noting that “Iraq still maintains the fifth place in the Arab world and the 38th globally among the 100 countries listed in the table.”

The council pointed out that “the amount of gold holdings of countries amounted to 35.106 thousand tons. America is at the forefront of these countries in the world with the most precious metal, with an amount of 8,133 tons, followed by Germany with an amount of 3,362 tons, and Italy comes third with 2,451 tons.

It is noteworthy that the World Gold Council, which is headquartered in the United Kingdom, has extensive experience and deep knowledge of the factors causing market change, and its members consist of the largest and most advanced gold mining companies in the world.   Number of observations 77 Date added 11/8/2020 https://economy-news.net/content.php?id=22578

Deputy reveals the latest proposals on the Federal Court law

Sunday, 8 November 2020 2:45 PM    Post View: 98  Baghdad / National News Center -Member of the Parliamentary Legal Committee, Hassan Fadam, revealed, today, Sunday, the latest developments regarding the Federal Court Law, pointing out that the political forces had proposed ensuring a majority of the judges in the court.

Fadam said in a press statement, “The most prominent dispute between the political forces on the Federal Court revolves around the number of judges and ensuring that one component without another is not included in the court’s decision.”

He explained, “The political forces suggested that the number of judges be 7 compared to two jurists for each component, while some parties suggested that the divisions be three courts for each component, meaning nine for two jurists.”

Fadam added, “The jurists will have to guarantee the right of veto in decisions on the Federal Court, provided that the decision is subject to the supervision and drafting of judges.”    https://nnciraq.com/44205/

Representative support for a strike by employees: a legitimate right to pressure the government

12:22 – 11/08/2020   The information / Baghdad ..Member of the Parliamentary Economic and Investment Committee, Nada Shaker Jawdat, confirmed, on Sunday, that the state employees’ strike is a legitimate right because paying salaries is one of the government’s first duties towards its employees, indicating that the strike will pressure the government to respond to the demands.

Jawdat said in a statement to “the information”, that “the state employees to strike is a legitimate right guaranteed by the constitution and that failure to pay their salaries is an explicit administrative defect of the government,” stressing that “its first duty is to pay salaries to employees.”

She added, “The threat to strike will constitute for us as representatives a support factor and put pressure on the government to clarify the amounts of the loan that it asked Parliament to approve, because the amount requested by the government is very large and is not accompanied by transparent lists of exchange doors with transparency.”

Thousands of employees in Baghdad and a number of provinces began a strike today, Sunday, due to the delay in paying employees’ salaries for the second consecutive month. https://www.almaalomah.com/2020/11/08/504104/

The Association of Banks is a continuous march in support of economic reform

Articles   Samir Al-Nasiri   The Iraqi Private Banks Association is a civil society organization that was established in 2004 and organized in its membership most of the private banks, whose number as in 2020 (72) commercial and Islamic banks and branches of Arab and foreign banks operating in Iraq.

The Association, according to its bylaw, is strictly implemented in partnership and cooperation with the Central Bank of Iraq to strive to develop and develop the private banking sector in a way that contributes to supporting the national economy and sustainable development through the development of microfinance projects, qualifying youth and creating an appropriate and stimulating environment for entrepreneurship despite the complex conditions and economic crises that have passed In Iraq during the years since the establishment of these banks in 1991 and up to the present time,

the difficulties and challenges they faced, especially during the period of ISIS’s occupation of some provinces in 2014, but it was able to develop and catch up with the global banking development through the technical and banking developments planned by the Central Bank Al-Iraqi and supervised and adopted by the Association and implemented by banks with great interaction.

Emphasis on strict adherence to international standards in accounting, compliance regulations and rules, combating money laundering and terrorist financing and banking risk management.

The steps, procedures and activities of the Development Association in cooperation with the Central Bank have contributed to improving the performance efficiency of most banks and the issue of governance and good management was in accordance with the Governance Manual issued by the Central Bank and the fruitful cooperation with the competent international institutions led to the development of clear policies to control banks and companies supporting the banking business, which include maintenance Rights of boards of directors and shareholders, achieving transparency, disclosure and separation of ownership from the executive management.

As well as training and qualifying banking human resources, focusing on young people and recent graduates, and training up to 4,000 trainees in capacity development training courses in coordination with the Banking Studies Center at the Central Bank, based on the goal of investing in human capital in specialized courses in governance, compliance and international standards in all areas of banking.

And combating money laundering and terrorist financing, international accounting standards, Islamic banking and financial inclusion.

Despite the Corona crisis, the drop in oil prices, the closure of the global economy, the slowdown in economic growth in all countries of the world, and the Iraqi economy affected by the above repercussions, the Association continued to daily follow-up of banking activity and the commitment of private banks to the instructions of the Central Bank of Iraq through their contribution to economic activities that have a direct developmental impact on achieving sustainable development

And based on our keenness as a private banking sector that constitutes the first basic link in the economy, the association’s administrative body, its president and its executive management affirms the continuation of its strategy for the next five years to enhance the role of private banks in sustainable development and rehabilitate young people,

based on the objectives of reform and strategic development contained in the white paper and an attempt to address the identified risks In the recent World Bank report on the advancement of the Iraqi economy from a state of fragility.   Number of observations 99 Date added 11/08/2020   https://economy-news.net/content.php?id=22576

Economists call for the dismissal of Finance Minister Ali Allawi

Reports  Economy News – Baghdad  A number of economists called for the dismissal of Finance Minister Ali Allawi, due to his inability to find solutions to confront the financial crisis that struck the country since the beginning of this year as a result of the outbreak of the Corona virus and the drop in oil prices.

The economist, Rafa Al-Baldawi, said on his Facebook page, “The Iraq crisis today is basically a public financial crisis, and the first solution is to dismiss the Minister of Finance, who clearly does not understand anything about public finance, does not know the priorities, and does not have any vision for a solution.” . Suspect

He added, since his appointment until today, we only heard from him the problems that all specialists and interested people know, and the House of Representatives has done well by refusing to pass the new borrowing law in its current suspicious form .

Meanwhile, economist Aqeel Al-Ansari said, ” He is the basis of the problem (Ali Allawi) because he was a finance minister in the transitional government,” adding that “the white paper that he presented is a review of the problems.”

He stressed that the government has so far not provided solutions to the problem, except for borrowing and even the numbers that were presented are unrealistic .

He indicated that the problem lies in the responsible person himself, and the solution is to resign, because the devastation he made is more than the devastation that was before his conversion.

Number of observations 76 Date added 11/08/2020   https://economy-news.net/content.php?id=22573

Dangerous implications of a planned move that will make Iraq pay $ 12 billion annually for 15 years

Money  and business  Economy News _ Baghdad  Deputy Sami Al-Masoudi revealed, on Sunday, the dangerous effects of the borrowing law submitted by the government, while Iraq imported materials for 15 billion dollars without needing it.

-Masoudi said in a press statement, “The law of financing the fiscal deficit that the government raised to the House of Representatives, which amounts to 41 trillion dinars, represents a budget deficit of 20 20 for the last four months of the current year.”

He added that “the government recently imported unnecessary materials with 15 billion dollars, and this is a wrong procedure,” noting that “what exists in different materials is sufficient for Iraq for the next three years.”

Al-Masoudi pointed out that “the government’s continued demand for loans will exhaust the Iraqi economy and the budget because it will oblige the government to pay between 10 billion to 12 billion dollars annually for the next 15 years.”   Number of observations 828 date added 11/08/2020   https://economy-news.net/content.php?id=22589

General Electric completes four electrical stations in three governorates

Energy  Economy News _ Baghdad  The Director of Operations at General Electric Company for Power Grid Solutions in Iraq and the Gulf, Mohammed Bennoudi, announced, on Sunday, that the coming weeks will witness the introduction of four substations in three governorates.

Bennoudi said in a statement received by Al-Iqtisad News, that “these stations were distributed in two in the capital, Baghdad, and one in each of Basra and Karbala,” indicating that the company’s teams continue to work and with the support of the Ministry of Electricity’s staff and the Iraqi companies supporting in light of the Corona pandemic The highest safety standards to maintain our employees and staff working on substation projects.

The Director of Operations at General Electric added, “These four stations will contribute to the distribution of electricity from the producing stations to the cities and will work to break bottlenecks and increase the stability of the network, which will positively affect the increase in the hours of supplying electrical energy.”

Bennoudi indicated that “the teams are continuing to work on five other substations, two in Mosul and one in each of Karbala, Salah al-Din and Anbar, as they will be brought into operation during the next year to be ready to distribute energy during the hot summer months in Iraq.”   The number of observations is 190, date of addendum 11/8/2020 https://economy-news.net/content.php?id=22588

Economist: The government has funds to launch last month’s salaries

Money  and business  Economy News – Baghdad  The economist, Dr. Safwan Qusay, confirmed that the first borrowing law covers employee salaries until the end of this year.

Qusay said that the salaries of last October, the government is ready to pay, because the cash is at the Ministry of Finance.

He added that the current confusion caused the reduction of spending by citizens, which led to a decline in the contraction in the private sector, noting that monetary policy is working to avoid Iraq, the region of deflation, and to pump money through loans.  Number of observations 134, date of addendum 11/8/2020

https://economy-news.net/content.php?id=22581

Stability of the dollar exchange rate in the local market

Market  Economy News _ Baghdad  The exchange rates of the dollar stabilized in the main stock market and local markets on Sunday (November 8, 2020),

and the Al-Kifah Stock Exchange recorded 124.950 dinars against 100 US dollars, while the dollar exchange rate for today, Saturday, recorded 124.900 dinars per 100 dollars.

As for the exchange rate in the local market, it was: –

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

The exchange rates in Basra Governorate were recorded at 125,000 dinars per 100 dollars.

While the exchange rates in Erbil governorate recorded 125,150 dinars per 100 dollars.

Number of observations 68 Date added 11/08/2020   https://economy-news.net/content.php?id=22584

The stock exchange closed 0.51% higher

Market Economy News – Baghdad  The stock market closed today, up by 0.51% as a result of the government’s interest in the stock exchange and the listing of a number of companies.

The Stock Exchange traded today, 493 million shares, worth 460 million dinars, and the main index scored 484.38 points.

Shares of the Bid Bank, Chemical, Plastic, and Mosul Tourist Dam companies gained.

Number of observations 120 Date added 11/8/2020   https://economy-news.net/content.php?id=22590

Barzani congratulates Biden: I look forward to working together to strengthen our partnership and bilateral relations

Political   Sunday 8 November 2020 | 10:49 a.m.| Views: 193   The President of the Kurdistan Region, Nechirvan Barzani, congratulated the elected US President Joe Biden on winning the presidential elections, calling for working together to strengthen the partnership between the two sides.

Democrat Joe Biden won the US elections on Saturday, becoming the 46th president of the United States after snatching several crucial mandates from his Republican opponent, President Donald Trump.

Barzani said in a tweet on Twitter: “My heartfelt congratulations” to President-elect Joe Biden and Vice President Kamala Harris on winning the US presidential election.

Nechirvan Barzani added, “I look forward to working together to enhance our partnership and bilateral relations.”

For the first time in its history, the United States has elected a woman to the presidency, Kamala Harris, 56, who will also be the first black woman to hold this position.

Trump has not recognized his defeat at the present time and does not know whether he intends to continue vetoing the results and claiming fraud, but whatever his position, the constitution stipulates the transfer of power on January 20, and before this date, states must confirm their results, provided that senior officials meet The 538 voters in December to formally appoint the president.    https://aynaliraqnews.com/index.php?aa=news&id22=140583

The Foreign Minister congratulates Biden: We look forward to pushing the wheel of dialogues and intensifying joint work

Time: 11/08/2020 16:11:01 Read: 1,261 times   (Baghdad: Al Furat News) Foreign Minister Fouad Hussein congratulated the elected President of the United States of America, Joe Biden.

Hussein said in a tweet on Twitter: “We are looking forward to strengthening bilateral relations and pushing forward dialogues and cooperation between the two countries at all levels.”

“And the common challenges call us to intensify joint action,” he added.   LINK

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