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More Iraqi News Wednesday PM 11-11-20

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An international institute expects the financial collapse of Iraq in 2021

Money  and business  Economy News _ Baghdad  The Carnegie Endowment for International Peace, based in the United States of America, stated that Iraq has been suffering from an internal financial crisis since last June, due to the collapse of global oil prices due to the outbreak of the Corona pandemic and the raging oil price war between Saudi Arabia and Russia.

The institute said in a report, “This financial crisis has repercussions in the short term as well as in the long. In the short term, Baghdad finds it difficult to pay the salaries of public sector employees, which required the state to borrow money from the central bank during the summer.”

And the report added, with the decline in oil revenues, the monthly income of the state now covers only 50 percent of government expenditures. In the longer term, Iraq faces a total financial collapse of the state, which is likely to happen during the next year, indicating that the country is finding it difficult to cover its monthly expenses.

It is noteworthy that the size of the public sector has expanded during the era of successive governments to the point that the total revenues achieved by the Iraqi state are no longer sufficient to pay the basic expenses, namely public sector salaries, contractual pensions, food aid, and the cost of social welfare programs, and the state now needs to spend more than Its revenues are in order to cover these basic expenses and remove the specter of want and deprivation from the majority of the Iraqi people.

In 2019, oil revenues averaged $ 6.5 million a month, to which were modest non-oil revenues added (which are mainly from customs duties, totaling much less than $ 1 billion per month). These government revenues covered operational expenses, leaving a small amount remaining. For capital spending.

Since oil prices recovered after the deterioration they witnessed in March, average Iraqi oil revenues amounted to just over $ 3 billion per month, and reached $ 3.52 billion last August.

Number of observations 207 Date of addendum 11/11/2020  https://economy-news.net/content.php?id=22637

Economist: The government has large funds that are not being used properly

Pratha News Agency84 2020-11-11  The economic expert Ihssan Al-Kinani said that the government is facing an opportunity that should be seized to remedy the financial crisis, bring about urban development and end the housing crisis, pointing out that a lot of the sums will enter the state treasury if it moves properly.

Al-Kinani said in a press interview that “Iraq contains millions of unused residential lands, which have been neglected for decades, although they represent a great wealth for the state and an important resource that supplies the treasury with large sums of money.”

He added, “Baghdad contains more than 60,000 plots of land in the Karkh side, as well as the case or more of it in Rusafa, in addition to the Nahrawan lands that are still abandoned for decades.”

And that “this economic resource has not been used properly by the government, and in the event of reviving the lands, it will enter huge sums of money through building permits whose fees start from one million dinars onwards.”

He pointed out that “reviving residential lands eliminates the housing crisis, moves the wheels of stalled factories and factories, eliminates the unemployment crisis and reduces congestion in residential areas.”

http://burathanews.com/arabic/economic/380263

“Baghdad Trade”: Proposals for Crossing the Crisis

Wednesday 11 November 2020  25  Baghdad: Morning  The Baghdad Chamber of Commerce presented two axes to confront the current economic and financial crisis and the circumstances of the Cairo epidemic in a meeting held by the Ministry of Industry and Minerals, through the working paper presented by the Chamber, on the industrial security policy in Iraq.

The Chamber’s Chairman, Firas Rasul Al-Hamdani said: “The Chamber presented two axes to confront the current economic and financial crisis and the circumstances of the Cairo epidemic. The first axis included the primary industries that must be developed, while the second axis focused on rapid procedures and treatments related to factories, exemption and financial postponement, and inviting traders and a continuous meeting with them to know Their needs and opinions, and effective enforcement of the product protection law the National”.

Al-Hamdani pointed out that “the meeting reached the formation of joint specialized committees to follow up four axes, working on drawing a future vision for a commercial economic policy that achieves comprehensive development and moves Iraq to the level of better commercial performance, and reaches the revival of the Iraqi national industry, and finding solutions for the overlapping of ministries’ specializations,” That stands against the advancement of trade and industry. ”   LINK

Parliamentary integrity: Tomorrow hosting the governor of the bank to find out the fate of 180 billion dinars per month, the profits of the currency auction

Pratha News Agency127 2020-11-10   The Parliamentary Integrity Committee revealed, on Tuesday, that the Central Bank obtained monthly profits of 180 billion dinars from the auction of selling the currency, indicating that it will host the governor of the bank tomorrow, Wednesday, to know the fate of that money and suspicions of corruption in it.

A member of the Integrity Committee, Khaled Al-Jashami, said in a press interview that “Iraq receives monthly amounts of more than 3 billion dollars from the sale of oil, which are imports.”

He added that “these sums are sold monthly at the currency auction, the 100 dollar denomination paper to the banks, for 119 thousand dinars,” noting that “the price of the 100 dollar bill makes 6 thousand dinars.”

“The total profits from selling the dollar at the currency auction will reach 180 billion dinars every month, and it is supposed to return to the state treasury to benefit from it by securing the salaries of employees and others,” Al-Jushami said.

He added that the committee decided to host tomorrow the Governor of the Central Bank of Iraq and find out the fate of that money and the suspicions of corruption that hover around the currency auction.

http://burathanews.com/arabic/economic/380204

Representative economics submits a proposal to form a national company for mineral investment

Energy   Economy News _ Baghdad  The Parliamentary Economic and Investment Committee announced, on Wednesday, that it submitted a proposal to form a national company for mineral investment, independent of the Ministry of Industry.

A member of the committee, Hassan Al-Kinani, said during a press conference held at the parliament building and attended by the correspondent of “Al-Iqtisad News”, “We are in the process of submitting a proposal to form a national company for mineral investment linked to the prime minister apart from the Ministry of Industry. “.

He added, “According to the international classification, Iraq is considered one of the ten most expensive countries in the world with natural resources and ranks ninth out of 193 countries in the world.”

And Kanani, that “the natural resources in Iraq are classified as oil, gas, minerals, sulfur, copper and red olives in Maysan Governorate.”  Number of observations 154, date of addendum 11/11/2020

https://economy-news.net/content.php?id=22646

Iraq moves to develop solar energy with its commitment to oil and gas projects

Energy   Economy News _ Baghdad  The Ministry of Oil said, on Wednesday, that Iraq is committed to oil and gas projects, indicating that it is seeking to develop solar energy.

“Iraq remains committed to making progress in oil and gas projects with its international partners,” Oil Minister Ihsan Abdul-Jabbar said during the ADIPEC virtual conference held in the UAE, which was followed by Al-Iktissad News.

He added, however, that he “also wants to develop more solar and renewable energy.”

“Iraq will struggle to find the necessary investment – and create a stable environment for investors – to develop these projects,” said Raad al-Qadri, senior director at BCG Energy Impact Center.

“OPEC, of which Iraq is a key member, must” continue the path “and extend the agreement to reduce oil production, Kadiri noted.

Adipec’s virtual exhibition, one of the largest energy events in the Middle East and North Africa, kicked off on Tuesday and is usually hosted in Abu Dhabi, the capital of the United Arab Emirates.

Energy ministers from Egypt, Jordan and Iraq were among the speakers, along with Fatih Birol, head of the International Energy Agency.   Number of observations 95 Date of addendum 11/11/2020

https://economy-news.net/content.php?id=22634

Al-Rafidain: Great benefits for citizens in exchange for depositing their money in the bank

Wednesday 11, November 2020 08:51 | Economical Views: 92  Baghdad / NINA / Al-Rafidain Bank announced that it will continue to open accounts for citizens and other segments to deposit their money in the bank.

The media office of the bank said in a statement that the bank continues to open accounts (savings and current) for citizens and deposit their money in exchange for their interest, calling on citizens to visit the bank’s branches for the purpose of viewing special instructions and placing their money in the bank and not hoarding it in homes in light of the positive benefits set by the bank in exchange for That.

https://ninanews.com/Website/News/Details?key=868754

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