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Iraqi News Tuesday AM 11-19-20

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The Chairman Of The Finance Committee Calls On The Government To Send The 2021 Budget As Soon As Possible

11/19/2020  Dr. Haitham Al-Jubouri, Chairman of the Finance Committee, called on the government on Wednesday 11/18/2020 to send the draft federal budget law for 2021 as soon as possible for the purpose of expediting its legislation.   Dr. said. Al-Jubouri said that the amended Financial Administration Law No. (6) of 2019 refers to Article (11) thereof, which stipulates that the Council of Ministers shall discuss the draft Federal Budget Law, approve it, and present it to the House of Representatives before the middle of October of each year, and this has passed more than A month on the due date.

Al-Jubouri stressed that the budget law is of great importance in the lives of citizens by providing job opportunities for unemployed youth and developing effective solutions to the economic problems that the country is going through, as the Finance Committee seeks to enable the budget law to maximize the state’s non-oil revenues and conduct actual economic and financial reforms.   Media  Department Parliament   19-November-2020   LINK

The Third Borrowing Is Preparing To Officially Enter The 2021 Budget

Reports  Economy News _ Baghdad   The fact that Iraq is ready to borrow a third, which will be included in the 2021 budget to be sent to the House of Representatives at the end of this month, has begun to unfold, and while parliamentary sources have been revealing a “prior rejection” of any new borrowing, it seems that the matter is heading to be a fait accompli.

New borrowing coming

The financial advisor to the Prime Minister, Mazhar Muhammad Salih, said in press statements, that “the Ministry of Finance is about to finalize the presentation of the draft Federal Budget Law for 2021 to the Council of Ministers for approval,” indicating that “it will be shortened after pressuring and reducing its expenditures, and maximizing its imports.” .

He added that “the federal budget for next year will reach the cabinet within the next two weeks, that is, before the end of this month,” adding that it “calculated the sale price of a barrel of oil between 40 to 43 dollars.”

Salih added that “the expected financial deficit is a result of the financial conditions and the crisis that we are suffering from. The Ministry of Finance will include an item for a third borrowing to fill this deficit,” noting that “the budget will secure the salaries of employees and retirees, social care and some investment projects.”

The government advisor indicated that “the coming period will witness negotiations between the federal government and the Kurdistan region to agree on determining the quantities of oil exported from the fields of the region to be included in the federal budget.” It is likely that “the previous oil agreement will be effective in the next budget.”

Parliamentary votes are “open” to borrowing

For its part, a member of Parliament, Siham Shenoun, confirmed that the 2021 budget will arrive in parliament at the end of this month, according to what Prime Minister Mustafa Al-Kazemi promised, noting that next year’s budget will include a request for borrowing. Shanon said in a press statement, “The government will send The 2021 budget at the end of this month and it will completely differ from the deficit financing law, because the law will be sent in full, like previous budget laws, “indicating that” this date was confirmed and promised by Al-Kazimi. ”

She added, “The budget for next year will include the government’s request for new borrowing, but the parliament will determine the government’s doors for disbursing the loan and determining the amount, as happened in the fiscal deficit financing law that Parliament approved days ago.

What about compulsory savings?

On the other hand, a member of the Parliamentary Finance Committee, Thamer Theban, confirmed that there is a parliamentary tendency to squeeze high expenditures in some ministries and demand the government to increase revenues, while the fact that there is a proposal to include the 2021 budget of compulsory savings clarified.

Theban said in a press statement, “The 2021 budget will witness a reduction in unnecessary expenditures for the presidencies and sovereign ministries and those with special degrees and work to increase revenues.”

He added that “the Parliamentary Finance Committee is working from now on developing a plan to increase the state’s resources through border crossings, taxes, communications and other sectors, and not prejudice the salaries of employees, retirees and social welfare.”

Theban pointed out that “there is a trend in the government previously and currently to compulsory saving part of the employees’ salaries, and we have stood against any proposal affecting the segment of employees as well as retirees.” Compromising salaries. ”   Number of observations: 126, date of addition 11/19/2020 https://economy-news.net/content.php?id=22774

Source: The President Of The Republic Informs Parliament Of His Refusal To Approve The Borrowing Law

Thursday, 19 November 2020 4:00 PM  Post View: 28  Baghdad / National News Center –  A parliamentary source revealed that the President of the Republic, Barham Salih, informed the House of Representatives of his refusal to approve the borrowing law.

The source said that “the position of the Deputy Speaker of Parliament, Hassan Al-Kaabi, came after the President of the Republic, Barham Salih, had been informed of his refusal to approve the fiscal deficit (borrowing) law, due to the paragraph on the Kurdistan region.”   https://nnciraq.com/44694/

Al-Kaabi: The President of the Republic does not have the authority to veto laws and return them to the House of Representatives

Thursday, 19 November 2020 3:48 PM   Post View: 59  Baghdad / National News Center -The First Deputy Speaker of Parliament, Hassan Karim Al-Kaabi, announced today, Thursday, that the President of the Republic does not have the power to veto laws and return them to Parliament.

Al-Kaabi said in a statement, the agency “National News Center” received a copy of it: “The President of the Republic, Barham Salih, does not have the power to veto laws, object to them, or return them to the House of Representatives.”

He explained, “His ratification of the laws is a protocol procedure not only, because all the laws voted on within the House of Representatives are considered ratified after 15 days from the date of their delivery to the President of the Republic.”    https://nnciraq.com/44691/

Two Rikani Banks: The Kurdistan Region Rejected The Proposed Amendments To The Draft Oil And Gas Law

The leader of the Kurdistan Democratic Party, two Rikani banks, said that the Kurdistan Region rejected the proposed amendments to the draft oil and gas law, confirming that there is a disagreement between the region and the federal government over customs policy. Rolling Eyes

Rikani, who was serving as the Minister of Construction and Housing in the previous federal government, said in a televised interview that “the Kurdistan Region contracts are better than the licensing rounds contracts.”

He added, “The region demands the application of all paragraphs of the constitution, not the issue of ports only,” and that “the Federal Ministry of Oil is not ready to receive the file of the region’s oil management.” https://www.radionawa.com/all-detail.aspx?jimare=22510

Representative Integrity: There Is No Disruption Of The Refund Law

Political  Thursday 19 November 2020 | 10:39 a.m.| Views: 261   The Parliamentary Integrity Committee confirmed, today, Thursday, that there is no obstruction to passing the law on recovering Iraqi funds within the House of Representatives.

Committee member Yusef Al-Kalabi Bahhashab, the official agency, said, “There is no suspension of the money recovery law, but there are provisions that have been amended during the current session, which may be delayed due to the funding needed by the Ministry of Finance.”

He added that “the committee decided, since its first meeting during the current session, not to disclose corruption files, in order not to be used in methods of extortion, but those files went in the legal and fundamentalist way.”

He pointed out that “the Integrity Committee has amended the Integrity Law to follow the fundamentalist methods of opening files,” indicating that “the work of the Integrity Committee is planning and oversight, not implementation, as implementation is one of the tasks of the Office of Financial Supervision, Public Prosecution and the Judiciary.” https://aynaliraqnews.com/index.php?aa=news&id22=140992

Parliamentary Finance: A Proposal To Amend The Retirement Law Is On The Table For Discussion With The Government

Time: 11/19/2020 14:42:01 Read: 5,681 times    {Baghdad: Al Furat News} Today, Thursday, a member of the Finance Committee, Majida Al-Tamimi, discussed during her meeting with the Secretary-General of the Council of Ministers, Hamid Al-Ghazi, the proposal to amend the Retirement Law No. 26 of 2019, as well as discussing the financial package of the proposal.

The media office of Al-Tamimi stated that “through the visit of the member of the Finance Committee of the Alliance, Deputy Majida Al-Tamimi to the headquarters of the General Secretariat of the Council of Ministers and her meeting with Hamid Al-Ghazi, Secretary General of the Council of Ministers, I discussed with him the proposal to amend the Retirement Law No. 26 of 2019 and the options presented, as well as discussing The proposal is financial.

For his part, Al-Ghazi pointed to “the possibility of solving some of the problems caused by the above law through government decisions, as well as adopting other articles that could be among the incentives for early retirement.”

Al-Tamimi stressed, according to the statement, “the necessity of setting another meeting in order to unify the visions in order to reach the formulas accepted by the legislative and executive authorities, taking into consideration the current circumstances the country is going through.”   LINK

Finance Begins Automating The Customs And Tax System And Submits Its Project To The Council Of Ministers

Time: 11/19/2020 14:26:01 Read: 1,287 times   {Baghdad: Al Furat News} The Ministry of Finance presented, today, Thursday, a customs automation project through a program presented by the United Nations Conference on Trade and Development.

The information office of the ministry stated in a statement that Al Furat News received a copy of it, that “the automation system will strengthen the management of the financial situation in light of the current financial crisis, and develop the necessary solutions to achieve financial reform, and improve the performance of financial institutions in a way that strengthens the restructuring of the Iraqi economy in the face of future challenges and will contribute to solving Economic problems in Iraq. ”

The statement added, “The Ministry of Finance, in cooperation with the United Nations Conference on Trade and Development UNCTAD, sought to implement the (ASYCUDA electronic customs data system) for the purpose of implementing automation and simplifying procedures in customs as part of its development and improvement of its performance that achieves rational and effective management as well as achieving financial sustainability.

The economy diversified according to the principles of integrity, transparency and combating corruption, and the ministry seeks to make it one of the most important sources of support for the state treasury after oil revenues.

The statement pointed out that “the Ministry of Finance has started submitting the customs automation project to the Council of Ministers, which authorized the Minister of Finance to negotiate and contract with UNCTAD to automate the customs work, as the ASYCUDA system is one of the global customs systems and is applied in more than (90) countries in the world.”

The Ministry of Finance disclosed the objectives of the program presented by the United Nations Conference on Trade and Development, which is applied to more than 90 countries in the world, as follows:

Simplifying and improving customs procedures, speeding work completion, shortening time and dispensing with paper mail.

The program enjoys high transparency as it is from an international organization and according to international standards specialized in customs procedures.

Calculating and collecting customs duties and other taxes at a rate of 100% and counting the unknown expenses related to customs operations.   Modern customs control that contributes to protecting the national economy.

Reducing the clearance time for goods in addition to contributing to combating customs and tax smuggling by relying on the selective system by specifying the data path and eliminating corruption.

Draw up the economic plan for the trade exchange process according to the reliable and accurate commercial and financial data provided by the electronic system.

Providing customs ports and their management with fast and accurate information on time and extracting foreign trade statistics.

The program will be managed by Iraqi hands after being trained on the program by international experts, which will enhance the performance of human resources. ”   LINK 

Association: Major Central Bank Reforms To Develop The Iraqi Banking Sector And Economy

Time: 11/19/2020 14:35:23 Read: 1,573 times   {Baghdad: Al Furat News} The Iraqi Private Banks Association announced its support for the reforms undertaken by the Central Bank of Iraq directed at banks and monetary policy that will contribute to the development of the Iraqi economy and the banking sector, which will reflect positively on economic development.

“The Central Bank of Iraq is currently working on major and influential reforms, which will lead to the development of the banking sector and the Iraqi economy, especially in the difficult financial crisis that Iraq is currently experiencing as a result of low oil prices,” the Association of Private Banks said in a statement.

The association added, “The Central Bank of Iraq is taking a wise policy, during this stage under its new management, which is represented by increasing confidence between the banking sector and citizens, increasing monetary and pledging credit by supporting small, medium and large enterprises in addition to the successful experience that the Central Bank has undertaken in launching a special platform. Letters of guarantee. ”

The association noted, “It appreciates the great steps taken by the central bank in increasing financial inclusion and supporting banks in their work to diversify banking services, in addition to international cooperation between the central bank and its counterparts from international central banks, which leads to the development of relations between Iraqi and foreign banks, and that these policies and procedures “It will lead to an increase in banking services provided by banks to what the Iraqi citizen aspires to.   LINK

The Association Of Iraqi Private Banks Supports Central Bank Reforms

Banks   Economy News – Baghdad  The Iraqi Private Banks Association announced its support for the reforms undertaken by the Central Bank of Iraq aimed at banks and monetary policy that will contribute to the development of the Iraqi economy and the banking sector, which will reflect positively on economic development.

“The Central Bank of Iraq is currently working on major and influential reforms, which will lead to the development of the banking sector and the Iraqi economy, especially in the difficult financial crisis that Iraq is currently experiencing as a result of low oil prices,” the Association of Private Banks said in a press release.

The association added, “The Central Bank of Iraq is taking a wise policy, during this stage under its new management, which is represented by increasing confidence between the banking sector and citizens, increasing monetary and pledging credit by supporting small, medium and large enterprises in addition to the successful experience that the Central Bank has undertaken in launching a special platform Letters of guarantee. ”

The association noted that it “appreciates the great steps taken by the central bank in increasing financial inclusion and supporting banks in their work to diversify banking services, in addition to international cooperation between the central bank and its counterparts from international central banks, which leads to the development of relations between Iraqi and foreign banks, and that these policies and procedures “It will lead to an increase in banking services provided by banks to what the Iraqi citizen aspires to.”

Number of observations 122 Date of addendum 11/19/2020   https://economy-news.net/content.php?id=22779

 The Iraqi Government Intends To Include A Law With Articles That Stimulate Early Retirement

Editing date: 11/19/2020 15:20 • 57 times read   [Baghdad-Where]  Cabinet Secretary General Hamid Al-Ghazi expressed on Thursday the federal government’s intention to include a proposal to amend the retirement law, and include it with articles that encourage retirement for employees and workers in the public sector.

This came during a meeting today with a member of the Finance Committee of the Saeron Alliance, MP Magda Al-Tamimi, at the headquarters of the General Secretariat of the Council of Ministers.

The two sides discussed “the proposal to amend the retirement law No. 26 of 2019 and the options presented, as well as discussing the financial aspect of the proposal.” For his part, Al-Ghazi pointed to “the possibility of solving some of the problems caused by the above law through the decisions issued by the government, as well as adopting other articles that could be As part of the incentives for early retirement, Al-

Tamimi stressed, in a statement issued by her media office, “the necessity of setting another meeting in order to unify visions in order to arrive at the formulas accepted by the legislative and executive authorities, taking into consideration the current circumstances the country is going through.

It is noteworthy that the House of Representatives, during its regular session held on the third of last June, finished the first reading to amend the unified pension law.

http://www.alliraqnews.com/modules/news/article.php?storyid=104071

The Stock Market Ends Its Week On Losses

Stock  market  Market  Economy News – Baghdad  The bourse ended the week’s closing session, Thursday, down by 0.14%.   During the meeting, 565.2 million shares were traded, worth 466 million dinars.

The shares of 4 companies advanced by the shares of the United Bank Company decreased by 14.29%, followed by the shares of the Iraqi Islamic Bank Company by 2.63%.

Shares of 7 companies provided by Al-Attaa Islamic Bank rose by 7.14%, followed by Al-Amin Insurance by 3.77%.

While foreign investors sold 187 million shares at a value of 74 million dinars.

Bank of Baghdad shares topped the most traded companies’ shares, with 363.5 million shares traded at a value of 145.4 million dinars.   Number of observations 81 Date of addendum 11/19/2020

https://economy-news.net/content.php?id=22777

A Slight Decrease In The Dollar Today In Iraq

Time: 11/19/2020 10:55:28 Read: 4,251 times    {Baghdad: Al Furat News} The exchange rates of the dollar in Iraq recorded a slight decrease today, Thursday.

The exchange rate on the Kifah Stock Exchange reached 1249 dinars against the dollar, or 124 thousand and 900 dinars per hundred dollars, while the Al-Harithiya Stock Exchange also recorded a decrease.

The exchange rate reached 1249.5 dinars, or 124 thousand and 950 dinars per hundred dollars, and yesterday’s price was 1250 dinars to the dollar.   As for the selling price in the money exchange shops in Baghdad, it was 1255 dinars, and the purchase price was 1245 dinars.

The price of one dollar against the dinar in the governorates:

Basra 1251   Najaf 1250   Karbala 1250   Babel 1250.5     Maysan 1251   Muthanna 1251   Rutba 1251   Tikrit 1251

Diyala 1251   Erbil 1248   Sulaymaniyah 1249   Nineveh 1250    LINK

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