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Iraqi News Sunday AM 12-6-20

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The Economic And Investment Committee Is Discussing The Law Of Partnership Between The Public And Private Sectors

On Sunday 6/12/2020, the Parliamentary Economic and Investment Committee, headed by Representative Ahmed Salim Al-Kinani, held a meeting in which it discussed a number of important topics, including the partnership law between the public and private sectors, in the presence of representatives of the USAID integration project.

During the meeting, the chairman and members of the committee stressed the need to legislate this law that would contribute to the advancement of companies in the public and private sectors.

The meeting agreed to organize a joint workshop with the Finance Committee, the Ministry of Planning and an integration organization to reach a final version of the bill.

On the other hand, the attendees discussed the Mineral Investment Law, which concerns the investment of non-precious minerals that can be used and offered for investment by local and international companies. House of Representatives  Media  Department 6/12/2020  LINK

Finance Responds! 

Sunday 06 December 2020  108  Yasser Al-Metwally  One of the shortcomings of the white paper on reform that we had identified here in this corner of Al-Sabah newspaper nearly two weeks ago is that the paper lacks any opinion or discussion by the bodies targeted for reform before its approval.

I mean the target parties; That is, those who will be affected by the reform, whether she is an executive or a beneficiary; That is, the non-participation of stakeholders with this reform, as it was necessary to satisfy the paper in public discussion, and our previous column was titled (Calendar of the White Paper) and as usual in the morning, it presents the advantages and disadvantages of any decision or legislation and leaves the door open for discussion, conclusion and expressing opinion after presenting the advantages of this paper In a previous column, titled (Filled Paper).

Now, it seems, that the Ministry of Finance has responded to our diagnosis of the need to enrich the paper in discussion, and initiated our invitation to host one of the most important pillars and pillars of economic development in the country, which is the banking sector, ready to hear its views and learn about its executive capabilities and the challenges it faces in order to amend and reduce the requirements of reform.

Well, the Ministry of Finance did realizing the matter, taking into account the observations raised by the private banks in order to overcome the challenges by making amendments to the paper or the necessary additions to complete the picture on both sides of the equation (the reform paper and its implementation departments successfully), so you did the financial thing and it was done late But it was important and rational in response, and so the reform would be successful in advance.

Our problem, we analysts and observers, is that we diagnose challenges based on our knowledge of the decisions that are approved and not before they were approved, so we need to present the discussions that took place behind the scenes and the proposals that were put forward in order to follow in our analyzes the intended results of this decision and that legislation, but we are still reading the brief news issued by the minister’s office Or the Council of Ministers or any party without knowing its merits.

Here we draw attention to the necessity of adopting transparency, disclosure and disclosure of any challenge, decision, or reform measure with the aim of consulting to find the most effective solutions, expressing correct opinions, and correcting the course of the decision before passing it, so that we have achieved integrated reforms that are unambiguous, unambiguous or difficult to implement, and therefore it must be implemented.

The Ministry of Finance is responsible for the government reform paper with subsequent initiatives by inviting most of the most important sectors and relevant economic circles to discuss them and listen to their views.

I suggest that a summary of the important discussions that are taking place in correcting the course of the paper, decisions, or procedures, with the aim of overcoming the obstacles to implementation, and presenting this briefing to satellite channels with the aim of benefiting and getting out of the impasse of criticism, lifting and unhelpful pressures, and blocking the path of unconstructive analyzes and criticisms. The Ministry of Finance responded to our calls with the participation of stakeholders to discuss reforms before their approval.

Waiting for further discussions to see how the proposed reform process is going and let us have the rest.

Energy Committee: An Additional $ 70 Million Will Enter The State Treasury Every Month. Two Benefits For Iraq After The OPEC + Agreement

Sunday 06 December 2020  69  Baghdad: Farah Al-Khafaf  A few months ago, the voices of parliamentarians and specialists escalated, rejecting Iraq’s agreement with the “OPEC +” countries to reduce production, after the sharp drop in prices, and after the commitment of Iraq and also the signatory countries, the results were positive, as prices rose in a good way.

However, the recent agreement by OPEC Plus to increase oil production by 500 thousand barrels per day (only), starting next January, has resulted in two benefits to Iraq, increasing its export capacity of 53 thousand barrels per day, equivalent to about 70 million dollars a month,

The high price of a barrel of oil on the global markets, which started touching 50 dollars, at a time when Basra Light crude exceeded 50 dollars for the first time in more than 9 months.

Scheduled production

The decision of the Parliamentary Oil and Energy Committee, Hussein Al-Fayez, says: “The reason for the price increase is due to the policy of (OPEC Plus), which decided that production should not exceed 500 thousand barrels per day from the previously scheduled production.”

Al-Fayez added that “Iraq’s share of the increase is estimated at 53 thousand barrels per day, which provides the treasury with an additional $ 70 million per month.” Usually that’s a “good thing”.

Work back

He continued: “The rise in oil prices came as a result of the policy of (OPEC Plus), and also to the launch of the Corona vaccine, which will contribute to the return of work, the operation of factories, and the rise of stock markets, which will lead to an economic recovery.”

In the same context, oil expert Hussein Al-Marzouq told Al-Sabah: “The price of a barrel of oil may rise to $ 55 and may reach $ 60, if the Corona vaccines succeed and the volume of production remains as recently approved by the (OPEC Plus) countries. .

Al-Marzouq referred to “the success of the government’s oil policy, despite the circumstances, challenges and pressures it faced,” noting that “Iraq’s commitment led to the success of the agreement and forced other countries to commit, which resulted in a good price increase.”

National effort

The spokesperson for the Ministry of Oil, Assem Jihad, confirms that the ministry has strategic plans and projects to develop exploration blocks that are implemented by the national effort in cooperation with international companies, in order to raise the treasury hydrocarbon energies and oil and gas reserves to high levels to raise Iraq’s position globally.

Oil prices jumped after the decision (OPEC Plus) about 2 percent to its highest level in 9 months in approval of a gradual increase in production to meet the demand affected by the Corona virus pandemic, and it is also heading towards achieving gains for the fifth week.

Brent crude rose $ 1.04, or 2.1 percent, to $ 49.75 a barrel, after winning about 1 percent, and West Texas Intermediate crude rose 84 cents, or 1.8 percent, to $ 46.48 a barrel.   LINK

Representative Economy: The Government Deliberately Obstructs The Transmission Of The 2021 Budget To Parliament

Pratha News Agency128 2020-12-06   The Parliamentary Economic and Investment Committee accused the government of Prime Minister Mustafa Al-Kazemi of deliberately obstructing the sending of the federal budget bill for 2021 to the parliament.

A member of the committee, Falah Al-Khafaji, said in a statement to two journalists, “The federal budget bill for 2021 needs more than two months to read in the House of Representatives,” noting that “the delay in sending the project is incorrect and affects the nerve of life of citizens.”

He added that “the Al-Kazemi government deliberately does not send the budget to the House of Representatives, and this matter is unacceptable,” noting that “the government bears the responsibility for delaying the budget for the House of Representatives.”

The Parliamentary Finance Committee confirmed, earlier, that the government of Prime Minister Mustafa Al-Kazemi had not put in place serious steps to address the current financial crisis in the country.

The deputy of the Al-Fateh Abbas Al-Atafi coalition confirmed, earlier, that the government of Prime Minister Mustafa Al-Kazemi is not serious about sending the draft federal budget bill for 2021 to the House of Representatives.

Parliamentary Security: Corruption Permeates The Governmental Committee Formed To Fight It

Pratha News Agency125 2020-12-06  The Parliamentary Security and Defense Committee revealed, on Saturday, that there are indicators of corruption on some members of the Governmental Anti-Corruption Committee, indicating that the Parliamentary Security Committee has problems with some of its members and they must be replaced.

A member of the Security Committee, Karim Aliwi, said in a press interview that “Prime Minister Mustafa Al-Kazemi has formed an anti-corruption committee without checking all committee members.”

He added that “some of its members have indicators of corruption in previous governments. Therefore, the committee was not successful in its work in uncovering corruption,” noting that “the Security and Defense Committee has problems with some of its members.”

“The best solution is to replace the committee and involve the Parliamentary Security Committee by choosing the names and checking their information to prevent a recurrence of the scenario and to be serious about fighting corruption,” Aliwi explained.

Parliamentary Finance: The Government Will Reformulate The 2021 Budget And Send It To Parliament Next Week

Time: 12/06/2020 11:58:18 Read: 4,849 times  {Baghdad: Al Furat News} The Parliamentary Finance Committee revealed that the government decided to reformulate the draft federal budget law for 2021.

Committee reporter Ahmed Al-Saffar told Al-Furat News that “the government has postponed sending the budget to Parliament until now. We believe that it is justified because the price of oil has changed these days and it has risen to $ 49 a barrel and may rise more,” pointing out that “Basra crude is more expensive than Brent crude and this The government requires reformulating the figures in the budget to reduce the fiscal deficit and increase revenues.

He added, “The other reason for the delay in the budget is the existence of understandings between the Ministry of Finance and the International Monetary Fund to update the exchange rate of the Iraqi dinar, as it is a sensitive issue and must be updated in a way that does not cause inflation.”

Al-Saffar ruled out “the arrival of the budget to parliament this week because changing and checking it takes time, and I expect it to be sent to parliament next week,” pointing out that “there are no sessions next week, but the Finance Committee will hold continuous meetings until it is completed and presented to Parliament.”

It is noteworthy that informed sources say that the Cabinet will vote on the 2021 budget bill at its next Tuesday session, with expectations of a deficit of 25%. LINK

America Announces $ 345 Million To Support The Return Of The Displaced To Their Areas

Money  and business  Economy News – BaghdadThe US ambassador to Iraq, Matthew Toller, announced that his country has provided $ 345 million to support the return of displaced Iraqis to their areas.

Tueller said in a press interview broadcast on the US embassy website and followed by “Economy News” that America continues its work in support of Iraq in the fields of security, economy and human rights, as well as assistance in connection with the Corona pandemic.

He added: America has provided 345 million dollars to ensure the continued return of the displaced and displaced to their areas that witnessed terrorist acts.

He continued that America discussed with the Ministry of Health to ensure that Iraq obtains vaccines for Corona virus, pointing to continuing work with the Ministry of Finance on funding the US government for investment projects.

Toller affirmed his country’s assistance to US companies that do business in Iraq, revealing his intention to participate in the follow-up sessions of the “strategic dialogue working group” related to energy and security plans during the next month.

Number of observations 142 Date added: 12/06/2020

The Iraqi Stock Exchange Closed Higher

Economie| 03:17 – 06/12/2020  Baghdad – Mawazine News

The Iraqi “Stock Exchange” closed in today’s session, up 0.28% from the previous session, stopping at 481.07 points.

The session recorded an increase in the shares of 9 companies and a decrease in 6 shares, while 8 companies maintained their share price.

The number of traded shares reached 420,883,650 shares, with a value of 666,595,360 Iraqi dinars, obtained from the conclusion of 321 deals, including 23 joint-stock companies, out of 105 companies registered in the stock exchange.

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