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More Iraqi News Saturday PM 11-21-20

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In Numbers And Details, Abtan Confirms That There Are Sufficient Funds To Pay Employees’ Salaries

Ali Mohsen Radi 77 2020-11-21   Former Minister of Youth and Sports Abdul Hussein Abtan reiterated his assertion that the funds needed to pay the salaries of government employees are available every month without delay.

And Abtan presented, on his official page, official figures for the money that reaches the Iraqi government on proceeds from the sale of oil and other imports, and what is in the treasury of the Ministry of Finance.

As he confirmed that there are 12 trillion dinars of the loan approved by Parliament, 3.6 trillion dinars in the Ministry of Finance on the day of the vote on the loan, and 9 trillion dinars in revenues for two months 11 and 12 in oil and non-oil, so the total is 24.6 trillion dinars.

On the other hand, 18.9 trillion dinars are employees ’salaries for months 10, 11 and 12, and the government will have 5.7 trillion dinars in surplus, if we add the revenues of the first month of 2021, which amount to 4.5 trillion dinars, indicating that there are 10.2 trillion dinars, enough to pay the salary of December and a large part From February 2021. http://burathanews.com/arabic/economic/380936

Parliamentary Finance: A New Delay In Employee Salaries

Time: 11/21/2020 00:25:22 Read: 18,876 times   {Baghdad: Al Furat News} The Parliamentary Finance Committee expected a new delay in the government’s payment of employees ’salaries.

The committee’s rapporteur, Ahmed Al-Saffar, said in a press statement, “Prime Minister Mustafa Al-Kazemi informed the committee before the passing of the fiscal deficit financing law, to send the draft fiscal budget bill for 2021 to Parliament this month. Otherwise, the government will face a problem in providing salaries for January early. Next year”.

According to the Financial Management Law, the budget must be sent to Parliament in mid-October in preparation for approval. Al-Saffar said in a press statement that “delaying the presentation of the law for a month and a half until now may cause the January salaries to be distributed for a week or two.”

He pointed out that there is an agreement regarding the Kurdistan region’s share of the 2021 budget, “but this agreement must be renewed and amended, due to the change in the orientations of the Shiite parties after the approval of the fiscal deficit financing law.”

Al-Saffar stressed the need to conclude an agreement between the two sides, “and to send the Kurdistan region two delegations, one political and the other governmental, to fix the region’s share in the budget, thus dispelling the concern of the region’s employees about the fate of their salaries every month.”

Regarding the date of the delegation’s visit, the parliamentary finance rapporteur stated that “this will happen as soon as possible, in addition to reaching an understanding regarding the salaries of November and December.”

It is noteworthy that the House of Representatives voted on the 12th of this month on the law on financing the fiscal deficit {borrowing} despite the withdrawal of the representatives of the Kurdish blocs in objection to the article that stipulates determining the share of the Kurdistan region of the total actual spending (current and investment project expenditures) after excluding sovereign expenditures “on condition The commitment of the Kurdistan region to pay the amounts of oil exported from the region and in the quantities specified by the Iraqi Oil Marketing Company (SOMO) exclusively and the federal non-oil revenues. In the event that the region does not comply, the expenses may not be paid to the region, and the violator of this text bears legal responsibility   LINK

The Central Bank Issues A Directive To Banks On Bulgarian Monetary Currencies

Banks   Economy News _ Baghdad   On Saturday, the Central Bank of Iraq informed all banks that Bulgaria had issued banknotes containing new security features.

“The Bulgarian National Bank has informed us that it has introduced categories 5, 10 and 20 levs,” the bank said in a statement, which was received by “Economy News”, indicating that “these categories include new security specifications as well as updating some of the existing security specifications.”

The bank added that “the old banknote of the same category remains for circulation and has strength, innocence and legal presentation until the damaged notes of this category are replaced.”

The bank called on all private banks in Iraq to “inform their employees working in the field of foreign exchange about the new issuance of the Bulgarian National Bank.”

Number of observations 57 Date of addendum 11/21/2020    https://economy-news.net/content.php?id=22790

The Exchange Rate Of The Dollar Against The Iraqi Dinar

Economie| 11:21 – 11/21/2020  Baghdad – Mawazine News  The exchange rate of the dollar against the Iraqi dinar witnessed a rise in the main stock markets, while it stabilized in the local markets today,

Saturday (November 21, 2020).

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

The sale price: 125.2500 dinars per 100 dollars.   Purchase price: 124.2500 dinars per $ 100.

Ended 29 / A 87    https://www.mawazin.net/Details.aspx?jimare=131201

Integrity Commission: $ 40 Million Is Threatened With Loss From Iraq Because Of An Airport

Money  and business  Economy News _ Baghdad   The Federal Integrity Commission revealed, on Saturday, that the Najaf Airport administration not requesting companies implementing projects in it to renew letters of guarantee may contribute not to returning the first payment amounts, demanding that the necessary legal measures be taken to ensure the return of those amounts.

The Investigation Department of the Authority said in a statement seen by “Al-Eqtisad News”, when talking about a seizure carried out by the team of the Najaf investigation office that moved to the airport, it indicated that the original letters of guarantee were seized for projects whose amounts reach (40,000,000) million US dollars ,

Dedicated to the construction of (the new runway, the passenger terminal – a second stage, the control tower) that has been suspended for several years, and referred to a number of foreign companies, indicating that the letters are considered invalid after the end of their legal period, and administrative orders have been issued to do so.

The department warned that the airport management did not ask these companies to renew the letters of guarantee according to the legal period guaranteeing his right to return amounts estimated at (40,000,000) million dollars that the companies obtained as initial payments for the implementation of projects, despite the fact that work has stopped since (2015 and 2016). So far, it is required to take the necessary legal measures to return these sums.

She explained that the team’s investigations and the preliminary investigations led to the fact that the letters of guarantee were extended based on a phone call, noting that the books received from the airport to the bank branch in the governorate were in violation of the laws and instructions issued by the Central Bank, and had no legal value.

And it indicated that a fundamental record of seizure was organized in the process that was carried out in accordance with a judicial memorandum, and it was presented to the judge of the investigating court competent to examine integrity cases in Najaf, to take appropriate legal measures.

Number of observations 101 Date of addendum 11/21/2020   https://economy-news.net/content.php?id=22794

Economist For NINA: Most Of The Extractive Industrial Projects Have Stopped Due To The Low Percentage Of The Manufacturing Industry’s Contribution To The GDP

Saturday 21, November 2020 10:59 | Economical Views: 215  Baghdad / NINA / The head of the Future Iraq Foundation for Economic Studies and Consultations, the economist Manar Al-Obaidi, attributed the reasons for the decline in the percentage of the manufacturing industry’s contribution to the GDP to less than 1% to the cessation of most of the extractive industrial projects that contribute to providing raw materials for the manufacturing industries.

Al-Obaidi said in a statement to the Iraqi National News Agency / NINA / that: The Central Bureau of Statistics of the Ministry of Planning published an analysis of the amount of the contribution of the manufacturing industry in the Iraqi GDP and indicated that the percentage of the contribution of the manufacturing industry to the GDP reached its peak during the Iran-Iraq war and reached 12% except It declined during the period of the economic embargo, reaching less than 1%, indicating that despite the attempt to reform and support manufacturing industries, they still do not constitute more than 1% of the GDP.

He stressed that “the main reason for this decline is due to the suspension of the extractive industry projects, which contribute to providing raw materials for manufacturing industries.”

And the economic expert continued: The high operational costs and the lack of control over the border crossings led many project owners to refrain from investing in the industrial side despite the availability of many loan initiatives to support this sector ./ End 8    https://ninanews.com/Website/News/Details?key=871669

Chinese Efforts To Seize The US Share Of Exxon In An Oil Field In Iraq

Energy  Economy News _ Baghdad  The two Chinese oil giants, China National Petroleum Corporation and CNOOC Ltd., are considering acquiring the remaining stake of Exxon Mobil Corp in an oil field in Iraq.

The US Bloomberg Agency said, “The agreement would represent Exxon’s exit from the project and the major international oil companies’ retreat from Iraq after Royal Dutch Shell Plc left Majnoon field three years ago.”

Tough contractual terms, late payments and political instability weakened the appeal of what had previously been the glittering oil prize in the Middle East.

“Iraq has not proved as appealing as it had hoped a decade ago, more expansion plans in Iraq. In contrast, Chinese companies are still interested,” said Richard Bruns, co-founder of the consultant Energy Aspects Ltd.

CNPC and CNOOC, both of which are state-owned, are considering a potential deal to buy Exxon’s 32.7% stake in West Qurna 1, Iraq, said people who requested anonymity because it is a privacy matter.

They added that “no final decisions have been taken and there is no guarantee that the deliberations will lead to an agreement,” explaining that the geopolitical risks in Iraq may raise doubts about any potential agreement.

Exxon’s departure from the field, where it was once the dominant player and still is the main contractor, would cast doubt on a massive water injection project seen as critical to increasing Iraq’s production capacity.

The US company is in talks about a joint seawater supply project to the southern oilfields, which has faced several delays.

While the government in Baghdad has made tremendous progress in rebuilding the war-ravaged oil industry in the past decade – effectively doubling production between 2010 and 2015 despite the Islamist insurgency and other challenges – it has repeatedly had to delay its higher productivity targets.

The country was pumping about 4.8 million barrels per day last September, before a new round of supply cuts agreed with the member states of the Organization of the Petroleum Exporting Countries (OPEC).

Oil Minister Ihsan Abdul-Jabbar said last month that it aimed to reach seven million barrels per day by 2027. In 2010, Exxon signed an agreement with the Iraqi state-owned South Oil Company to rehabilitate and redevelop the West Qurna oil field.

Three years later, Exxon reduced its stake by selling the stake to PetroChina, the listed unit of CNBC, and to PT Pertamina.   Iraq awarded a contract to develop the West Qurna oil field to Exxon and Shell in 2009.

The oil field is one of the largest in the world with recoverable reserves of more than 20 billion barrels.

Last year, Exxon employees left the Iraqi field after the United States withdrew non-essential personnel from its embassy in Baghdad, citing a threat from neighboring Iran. The employees returned two weeks later after bolstering company security.

Number of observations 118 Date of addendum 11/21/2020   https://economy-news.net/content.php?id=22795

Al-Utabi Reveals The Largest Corruption File In Iraq Since 2003

Political  Saturday 21 November 2020 | 06:28 pm| Views: 177  Today, Saturday, a member of the National Approach Muhannad Al-Attabi revealed the largest corruption file in Iraq since 2003.

Al-Atabi said, in a press statement, that “we call on the public opinion to stand with us, as we have already revealed 50 thousand fake companies hiding under the mantle of the Ministry of Trade, whose job is to launder money and transfer them under official and legal cover.”

And he stated that “after we raised this issue, Al-Sabah newspaper went to follow up the information that we disclosed and the newspaper adopted it with gratitude. It published its follow-up details in its 4975 issue on Saturday 21/11/2020 and presented the topic at the top of the home page, and by communicating with the Ministry of Commerce, the Director General of the Companies Registration Department, Rashad Khalaf Hashem About 80,000 registered companies, including companies that have not existed for 15 years. ”

He added, “As Hashem confirmed that the companies that have a private commercial activity are 20 thousand companies, and thus we are in front of 60 thousand shell companies, and in the same context the Director General of Company Registration confirmed that the ministry has initiated unprecedented measures to liquidate these companies by forming a committee of intelligence and national security.” And the Ministry of Commerce and a 60-day window to liquidate these companies, through procedures that the ministry takes.

A member of the National Approach added, “In our turn, we extend our thanks to Al-Sabah newspaper, and we specialize it with Hoda Al-Azzawi, who followed what we revealed with professionalism and courage. We also applaud the response of the Director General of the Companies Registration Department and his confirmation of the existence of thousands of fictitious companies, and after confirming what we uncovered, we invite the judicial and supervisory authorities and the free media to follow the course of this file.” Which is one of the largest corruption files that Iraq has witnessed since 2003. ”   https://aynaliraqnews.com/index.php?aa=news&id22=141059

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