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Iraqi News Thursday AM 11-12-20

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The House of Representatives votes on the fiscal deficit financing bill

11/12/2020   The House of Representatives voted in its twenty-second session, which was held under the chairmanship of the Speaker of the House of Representatives, Mr. Muhammad al-Halbousi, today, Thursday, 11/12/2020, on the law on financing the fiscal deficit.  At the beginning of the session, President Al-Halbousi indicated that the law would go either by consensus or by majority.

The Council voted on the draft law on financing the fiscal deficit submitted by the Finance Committee for the delay in sending the draft federal budget bill for the fiscal year 2020 and the continuation of crude oil prices at low levels to ensure the continuation of financing the salaries of employees and retirees, the social protection network, the ration card, contractor dues and the necessary expenditures The other. Then it was decided to adjourn the session  Media Department  Parliament  11/12/2020  LINK

Al-Kaabi stresses the need to pass laws that keep pace with the legislative renaissance in the world

11/12/2020  Al-Kaabi: The Parliamentary Development Institute is an important precedent for developing the capacities of MPs and employees and refining their experiences

Mr. Hassan Karim Al Kaabi, First Deputy Speaker of the House of Representatives today, Thursday – November 12, 2020, stressed the importance of involving various sectoral bodies, academics and civil society organizations in issuing legislation, stressing the need to proceed with the maturing of laws that keep pace with developments and legislative renaissance in the countries of the world according to implementable approaches And visions determine priorities.

This came during his sponsorship, today, Thursday, November 12, 2020, for the dialogue seminar held by the Parliamentary Development Institute entitled (An Overview of Iraqi Legislation) to discuss three axes: “History of Legislation in Iraq from 1921-2003, Legislative Drafting, and Measuring the Impact of Legislation”, with the participation of a number Representatives, judges, directors of departments in the General Secretariat of the Council of Ministers, heads of unions and research centers, deans of universities and colleges, and civil society organizations.

The first deputy said: The formation of the Parliamentary Development Institute is a very important precedent for developing the capabilities of MPs, advisors and employees and refining their experiences, as well as its active role in maturing and reviewing laws and drawing up legislative policy in the country, calling for holding and activating memoranda of understanding and cooperation with sober research centers in the ministries and Relevant institutions, bodies and organizations, and to show all facilities in this field.

In his turn, the Director General of the Institute stated that the latter is proceeding with developing a comprehensive non-traditional plan for establishing partnerships with a number of organizations and research centers and coordination with regard to organizing seminars and conferences aimed at developing the legislative institution and its individuals.

The Media Office of the  First Deputy Speaker of Parliament,  12/11/2020  LINK

The Oil and Energy Committee hosts the Minister of Oil to discuss the first amendment bill to the National Oil Company

11/11/2020  On Wednesday 11/11/2020, the Oil and Energy Committee headed by Representative Haybat Al-Halbousi and in the presence of the members of the subcommittee in charge of studying the draft law of the national oil company hosted Mr. Minister of Oil Ihsan Abdul-Jabbar and the Director General of the Ministry’s Legal Department, Mr. Laith Al-Shaher.

During the hosting, the articles of the first amendment draft to the Iraqi National Oil Company law were discussed in preparation for voting on it.

The head of the committee and members of the subcommittee listened to the ministry’s viewpoint and comments on the amendment draft.

On a related level, Mr. Haybat Al-Halbousi, MP Razzaq Muhaibis, Chairman of the Subcommittee, and a number of committee members discussed with the Minister of Oil and the Legal Director the observations of the subcommittee formed for the purpose of discussing the draft amendment.

Mr. Al-Halbousi stressed the importance of this law for the Iraqi people and the need to expedite the enactment of the law and raise it to the Presidency of the Council of Representatives to include it on the agenda of the next sessions to be submitted to the vote.    House of Representatives  Media  Department 11/11/2020  LINK

Issue (4603) of the Iraqi newspaper Al-Waqi’a issued on 9/11/2020

2020-11-12 01:11:00  Iraqi Parliament Elections Law No. (9) of 2020  Those wishing to acquire the Iraqi factsheet can refer to the Iraqi investigation department located in Salhiya / Haifa Street (Ministry of Justice building), and obtain the required number.   https://www.moj.gov.iq/view.5200/

Learn about the exchange rates of the dollar in the Iraqi market

Pratha News Agency  93 2020-11-12  The exchange rates of the dollar stabilized in the main stock markets and local markets today, Thursday (November 12, 2020)

The Kifah Stock Exchange recorded 124.950 dinars against 100 US dollars, which is the same as the dollar exchange rate for Wednesday, which recorded 124.950 dinars per 100 dollars.

As for the exchange rate rates in the local markets, they were: –

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

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

While the exchange rates in Sulaymaniyah Governorate were recorded at 125,250 dinars per 100 dollars

http://burathanews.com/arabic/economic/380328

Oil continues to rise with OPEC expectations of extending the cut

Pratha News Agency105 2020-11-12  Oil prices rose in early trade, Thursday, raising the week’s gains to more than 12% as hopes grew that the world’s major producers would halt a planned increase in supplies as soaring fuel demand waned due to COVID-19 cases.

On Wednesday, the Algerian Energy Minister said that OPEC + – which includes the Organization of the Petroleum Exporting Countries (OPEC) and other suppliers including Russia – may extend the current production cuts of 7.7 million barrels per day until 2021, or deepen them further if necessary.

Analysts said the weak outlook increased pressure on OPEC + to delay the 2 million bpd increase in supply scheduled for January.

US West Texas Intermediate crude futures rose 13 cents, or 0.31 percent, to $ 41.59 a barrel by 05:20 GMT, while Brent crude futures rose 11 cents, or 0.25 percent, to $ 43.90 a barrel.

Both Brent and WTI rose this week, boosted by hopes that the global pandemic could be controlled after preliminary data on an experimental COVID-19 vaccine being developed by PfE showed that it is 90% effective.

Meanwhile, fuel demand is under pressure from mounting casualties in Europe, the United States and Latin America. As a result, OPEC said demand will bounce back more slowly in 2021 than previously thought. http://burathanews.com/arabic/economic/380329

Member of the Parliament of Kurdistan: The region will not deliver oil to Baghdad

Pratha News Agency124 2020-11-12   A member of the Kurdistan Regional Parliament confirmed about the movement of the new generation, Kawa Abdul Qadir, on Thursday, that the regional government will not deliver oil revenues to Baghdad at all.

Abdul Qadir said in a press statement that “the territorial government asked the federal government to send the sums without delivering any barrel of oil, especially with the high oil prices on world markets.”

He added that, “According to the parliament’s vote on the law of financing self-deficit, the salaries of employees in the region have become unknown, and the most affected by this dispute is the Kurdish citizen.”

Abdul Qadir pointed out that “the Kurdistan Regional Government will not hand over the financial revenues to Baghdad, despite its ability to distribute salaries to employees in full without the need to send sums from the federal government, as a result of the amount of exported oil and the revenues of the border crossings, which amount to billions of dinars per day.”     http://burathanews.com/arabic/economic/380321

Financial expert: Iraq will face a new problem at the end of next year

Pratha News Agency104 2020-11-12   Financial expert Ahmed Baraihi warned, Thursday, the government of a difficult financial problem in the Iraqi balance of payments at the end of next year and that Iraq at the present time has no real problem, calling for not to launch bids haphazardly and advise the government to go to two things and abandon the myth of foreign investment if it is not hurt In these two directions.

“At the present time, the government has no choice but to finance the deficit from government banks, and there is no need for any auction, and Iraq at the present time has no problem and the real problem will appear at the end of next year if it corrects it by going to two things,” Prihi said in a press statement.

He added that “the deficit in the balance of payments is not derived from local activities, because the balance depends on what it receives from difficult currencies, and Iraq only gets it from its export of oil, and what oil generates is not sufficient to meet the various expenditures.”

Brahe called on the government to “go for two things: to start preparing an investment program for export, and this needs to develop the manufacturing industries, which constitute 70% of imports from foreign currencies, and to preserve the non-exit of the currency abroad, as well as interest in mining and developing agriculture to export its products abroad,” stressing the need to “abandon On the myth of foreign investment if it does not fall in these two directions.   http://burathanews.com/arabic/economic/380323

The Ministry of Finance announces the launch of employees’ salaries for the month of October

Time: 11/12/2020 17:02:59 Read: 2,756 times  (Baghdad: Al Furat News) The Ministry of Finance announced today, Thursday, the release of employees’ salaries for the month of last October.

In a statement, Al-Furat News received a copy of it, the ministry instructed all banks to resume their work to provide liquidity for the distribution of salaries.   LINK

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