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More Iraqi News Tuesday PM 12-29-20

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Commercial Circles: Devaluation Is Supposed To Be Temporary

Tuesday 29 December 2020   84   Baghdad: Hussein Thahab   The commercial community continued to complain about the decision to devalue the currency in this way, which left negative effects on most of the joints of the economy, reaching the family economy, especially since the rejection came not for the origin of the decision, but because of the suddenness of the decision that left negative effects within the local market.

The commercial circles reported that they expected to reduce the value of the currency to 1,300 dinars per dollar, which reduces the effect of this on the local markets, since the rise is gradual.

Economic milieus

Chairman of the Advisory Board of the Baghdad Chamber of Commerce Salah Al-Shami said: “The decision to devalue the currency was met with objections from the economic circles, because it did not take into account the reality of the shock that the markets witnessed and negatively affected the reality of prices and left several joints stagnant,” pointing out that “there was no objection to the original The law, as we realize that the central bank has the legal right to control the currency rate up or down.

He pointed out that “the legal aspect of the objection to the decision lies in the suddenness of the decision, which left a rise in the prices of market exhibits in a short time as a result of the shock, because most of the market’s supplies are imported, and as a result, prices have risen.”

Negative influences

He stressed that «the devaluation must occur gradually, so that something does not confuse the economic reality, but rather is done in a temporary manner that reduces the negative effects and keeps the local market from confusion. Here, it is possible to benefit from global experiences that worked to support its economy and keep it away from shock Confusing ».

He pointed out that “the national industry and the private sector must be supported and the internal and external investments encouraged through an attractive environment, the provision of real concessions and banking facilities, the provision of security and energy to solve unemployment problems and work to withdraw the workforce from the government sector to the private sector, and here the burden on the state is relieved.”

He cautioned that “economists who represent the essence of the original private sector, who are distinguished by efficiency and good reputation, must be included in state decisions concerning economic affairs.”

Negative impact

In his turn, the specialist in economic affairs, Haider Al-Oqabi pointed out that “the decision to devalue the currency caused a shock to the local market in all its joints, and it should not have been taken so quickly and proportionately in the devaluation,” pointing to “the need for the devaluation of the currency gradually and gradually to reduce the negative impact The economy and the homeland ».

He cautioned that “the economic decision must be initiated with the private sector, which has sensors in the market and knows the extent of the impact.”   LINK

Nazem: The White Paper Is The Beginning Of The Desired Reform

Tuesday 29, December 2020 17:47 | Political Views: 30  Baghdad ( NINA ) – The spokesman for the Prime Minister, Hassan Nazim, announced that the White Paper is the beginning of the desired reform.

“The discussions with Iranian delegations focused on security and economic aspects,” Nazem said at the weekly press conference.  He pointed out: “The Council of Ministers voted to address the Nasiriyah refinery project, and the Halfaya gas project will enter service in 2022.”  Nazem added, “The Council of Ministers voted to support the implementation of the southern refinery project.” /  https://ninanews.com/Website/News/Details?key=879036

Parliament Announces The Arrival Of The Budget Bill

Pratha News Agency80 2020-12-29   The First Deputy Speaker of Parliament, Hassan Al-Kaabi, announced, on Tuesday, the arrival of the 2021 budget bill to the parliament.

In a brief statement, Al-Kaabi said that the federal budget bill for 2021 has reached Parliament.

The spokesman for the Council of Ministers, Minister of Culture Hassan Nazim, announced yesterday, Monday, that the 2021 budget will arrive today, Tuesday, in the House of Representatives, stressing that the salaries of employees will not be delayed in the coming months.     http://burathanews.com/arabic/news/383417

Disclosing The Share Of Kurdistan In The 2021 Budget

Pratha News Agency67 2020-12-29  The MP for the Patriotic Union of Kurdistan, Hassan Ali, confirmed today, Tuesday, that the share of the Kurdistan region in the 2021 budget is 12%.

Ali said that “next year’s budget needs political consensus with the parliamentary blocs, in order to pass it,” adding, “especially with regard to the region’s share of 12% from the 2021 budget.”

He continued, “I think that the budget will pass even though it is currently going through a phase of discussions and natural objections.”

He added that “the region’s share of the budget amounts to 13 trillion dinars annually / including the salaries of employees and the Peshmerga and the budget allocated for development projects, which is a good percentage.”

He indicated, “We need the unity of the Kurdish position in Baghdad, including the understandings with the political blocs before they are put to the initial vote in the House of Representatives.”

The Deputy Prime Minister in the Kurdistan region and the head of the Kurdish negotiating delegation, Qubad Talabani, announced yesterday, Monday, to inform the federal government that Erbil is ready to deliver 250 thousand barrels of oil to SOMO, in the event that the 2021 draft budget in its current form is voted in Parliament. http://burathanews.com/arabic/economic/383432

The Readiness Of The European Union, Japan, Canada And Australia To Save Iraq From Its Economic Crisis

Muhammad Tawfiq Allawi135 2020-12-29  Muhammad Tawfiq Allawi    During my mandate in the second month, a meeting was held by the President of the Republic at his headquarters with me and with a group of ambassadors, including the European Union, British, French, Italian, Spanish, Canadian, Japanese, Australian, and others;

This meeting was important to me because I knew the repercussions of the global economic crisis on the Iraqi situation and the possibility of an economic collapse in Iraq, and this requires starting a reform program to promote the industrial, agricultural and services sectors, promote investment and transform Iraq into an investment oasis that attracts investment, and therefore all my concern is to obtain On the support of the European Union, Australia, Canada and Japan, to help Iraq obtain grants and soft loans to help achieve this ambitious program.

My conversation with them was focused on my intention to form a government of independent, honest, and competent ministers, and that I need to support them to achieve my reform program; Whereas Dr. Barham Salih’s definition of the group of ambassadors is that the most important thing that distinguishes me is my absolute integrity, which gave credence to my words with the group, so the speech of the European Union ambassador expressed himself as a European Union and the rest of the countries, and he said to me in the text:

(We are from what you presented to us from a program to form a government of ministers Independents, impartial and competent, I tell you on behalf of the European Union, but on behalf of the international financial system, that there is a great possibility to help your government if it enjoys these advantages; and I also tell you that we are not ready to help the government of Mr. Adel Abdul Mahdi because of its policies, in particular the way of dealing with demonstrators and the degree of corruption that is rampant.

The Iraqi citizen knows that I apologized for the formation of the government due to my disagreement with the majority of the current political class that wants to continue the approach of political quotas in the manner of the past seventeen years, and this is what I cannot accept. Either I lead the country with my political principles to the shores of peace, progress and prosperity, or this political class continues on the painful path of the past seventeen years without any hope of saving the country from what it is in.

The government of Mr. Mustafa Al-Kazemi came on the same approach as the previous one, and the majority of ministries were formed on the basis of quotas, and the offices and economic committees of the parties that lead the country continued, and unfortunately, after obtaining great hopes from the European Union and other world countries to support Iraq and save it from its deteriorating economic situation, the situation reached us That the European Union put Iraq on the black list due to corruption and money laundering;

Unfortunately, we are afraid that if the situation continues as it is, there is no hope of saving the country. The country cannot be saved from the dangerous future that awaits it except with the exit of honorable citizens who did not vote in the previous elections, and these constitute more than 80% and then vote for those who believe in their righteousness, their love for their people, their patriotism, and their loyalty to their country December 28, 2020   http://burathanews.com/arabic/economic/383401

Capital Bank Of Jordan Agreed To Buy The Assets Of The Lebanese Bank Audi In Jordan And Iraq

Banks  Economy News _ Baghdad  The Chairman of Capital Bank of Jordan said that the group has concluded an agreement to acquire the activities of the branches of the Lebanese Bank Audi in Iraq and Jordan in an effort to diversify its activities and expand its presence in the region.

The Chairman of Jordan’s Capital Bank Group, Bassem Al-Salem, told Reuters that the agreement, in which both parties agreed not to disclose its value, comes after obtaining the necessary approvals from the two central banks in Jordan and Iraq.   Number of observations 61 Date of addendum 12/29/2020   https://economy-news.net/content.php?id=23363

For The Second Day In A Row .. Protests Continue In Front Of The Central Bank To Demand The Dismissal Of The Governor

Time: 12/29/2020 11:58:13 Read: 2,301 times  (Baghdad: Al Furat News) An informed source said today, Tuesday, that protests continue for the second day in a row in front of the Central Bank to demand the dismissal of the bank’s governor.

“A group of protesters gathered for the second day in a row in front of the central bank building, demanding the dismissal of its governor and the elimination of corruption in private banks,” the source said.

The protesters had raised slogans describing the central bank governor as wanting to starve the people.

The special committee set up by the House of Representatives and consisting of three legal advisers had completed scrutinizing three out of six interrogation requests.

MP Hussein Arab, head of the parliamentary Erada bloc, spoke in a press statement in November, saying, “In the next few days, the General Secretariat of Parliament will address the government to set dates for the interrogation of the President of the Media and Communications Commission, the Governor of the Central Bank, and the Minister of Finance after studying the evidence and supporting documents submitted. By some of the deputies that prove the existence of financial and legal irregularities in the work of these institutions. ”

A few months ago, the Presidency of the House of Representatives referred the files of questioning the ministers of finance, higher education, industry, the central bank governor, and the head of the Media and Communications Commission, to a special committee composed of three legal advisers to look into its formal and legal procedures before setting the dates for the interrogation sessions.

At the time, the deputy affirmed that “the total of interrogation requests reached six submitted requests, three of which had completed their formal and legal procedures after being audited by the committees and parliamentary bodies concerned with this file,” expecting that “the first interrogation will take place at the beginning of next year.”  LINK

Representative Work: 40% Of The Iraqi Population Lives Below The Poverty Line

Money   and business  Economy News _ Baghdad  A member of the Parliamentary Labor and Social Affairs Committee, Fadel Al-Fatlawi, confirmed, on Monday, that about 40% of Iraqis live below the poverty line, indicating that his committee intends to develop plans and mechanisms in the 2021 budget to reduce poverty.

Al-Fatlawi said in a press interview, that “the poverty rate in Iraq has reached 40% of the total population of the country,” indicating that “poverty is eating away at Iraqis because of the financial and economic conditions that Iraq is going through.”

He added that the work committee intends to develop plans and mechanisms in the 2021 budget that would reduce even a certain percentage of the increasing incidence of poverty.

And Fatlawi added, that his committee “is currently working on three axes in order to include them in the budget next year,” noting that “priority will be for the poor in finding a source of income for them and their families.” Number of observations 147 Date of addendum 12/28/2020

https://economy-news.net/content.php?id=23346

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