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Iraqi News Saturday AM 1-16-21

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Stability In The Exchange Rates Of The Dollar

Time: 01/16/2021 10:35:22 Read: 8,463 times   {Baghdad: Al Furat News} Today, Saturday, the exchange rates of the dollar witnessed stability in the main stock exchange in Baghdad.

Al-Kifah Central Stock Exchange in Baghdad recorded 143700 Iraqi dinars against 100 US dollars, while Al-Harithiya Stock Exchange recorded 143,750 dinars.   They are the same prices as last Thursday

It is noteworthy that the selling and buying prices have also stabilized in the banking shops in the local markets in Baghdad, where the selling price reached 144500 Iraqi dinars, while the purchase prices reached 143250 dinars per 100 US dollars.    LINK

Parliamentary Finance Resolves The Debate On Rebalancing The Government And Comments On 315 Contracts

Time: 01/16/2021 12:34:11 Read: 8,203 times    {Baghdad: Al Furat News} A member of the Finance Committee, Ahmed Hama Rashid, denied today, Saturday, that there is any intention to return the draft Federal Budget Law for the year 2021 to the government regarding pressure of expenditures and reducing its deficit.

Rashid said in an interview with the Euphrates News Agency, a copy of it, “The budget will remain as it is, and there are still no assurances for the decision-makers of 315 contracts and workers in ensuring their rights to the budget.”

A member of the Finance Committee said, “We are currently studying the budget, and after completing it, it will be voted on,” stressing that “the budget is not reformist.”

The deputy of the Al-Fateh Alliance, Ahmed Al-Kinani, had revealed earlier the House of Representatives’ intention to return the federal budget for the fiscal year 2021 to the government.

Al-Kinani said in a televised interview, that “Parliament intends to return the budget bill to the government to pressure spending from {164-100} trillion dinars,” adding, “The government’s solutions are useless and their justification is illogical in solving crises.”

While the Parliamentary Finance Committee announced today, Saturday, the completion of the initial reading of 40 articles of the draft budget law and the continuation of meetings to study its clauses and articles. ”

The House of Representatives is scheduled to hold its regular session today, Saturday, and continue to complete the discussion of the budget.   LINK

Parliament Examines Customs Tariffs On Raw Materials

Saturday January 16, 2021 30  Baghdad: Morning   A member of the House of Representatives, Representative Taha Al-Defense, identified obstacles to the advancement of local factories, while assuring that a parliamentary request was submitted to resolve the issue of customs tariffs on raw materials.

In a statement to the Iraqi News Agency (INA), Al-Defense said: “There are many problems facing the private sector, including the economic challenges that the country is going through,” indicating that “among the other problems that the factories suffer from is the high customs tariff for the raw materials involved in the industries.” .

He pointed out that “a request has been submitted to the Deputy Speaker of Parliament in order to discuss this issue and know the extent of its impact on the national product.”

With regard to the issue of Iraqi gas, Al-Defense explained that “the Ministry of Oil was late in finding solutions to burning gas,” noting that “the gas is supposed to be exploited and the Ministry of Electricity’s stations equipped with it, especially since most of the stations depend on gas in their operation, which forced the import of gas. Iranian ”.

He stressed “the existence of efforts to exploit gas and convert it to run electric power, and according to the statistics of the Ministry of Oil, the coming years will be self-sufficiency in Iraq of gas.”   LINK

The Investment Authority Works To Create An Attractive Environment For Capital

Saturday January 16, 2021   74 Baghdad: Morning   The President of the National Investment Commission, Suha Dawoud Najjar, confirmed that the commission is working according to a deliberate strategy aimed at creating an attractive environment for capital investment in a manner consistent with the economic development plan pursued by the government, and Najjar said during her meeting with a delegation from the House of Representatives at the headquarters of the Commission, headed by the head of the Integrity Committee, the Deputy Thabit al-Abbasi and the membership of each of the deputies Khaled al-Ja`ami, Kathim al-Shammari, Taha al-Dafa’i, Faleh al-Ziyadi and Mayada al-Najjar,

“The Commission supports the private sector by providing all facilities, which are guaranteed by Investment Law No. 13 of 2006 and its amendments, including customs and tax exemptions for every investor who wishes to work in Iraq, after That his investment project obtain an investment license.

According to the Iraqi Investment Law No. (13) of 2006 and its amendments, the Single Window and Investor Services Department has responsibilities to “receive investment applications, study them and verify their compliance with the conditions stipulated by the law and the investment system”, and “approach the relevant departments and sectoral authorities and obtain original approvals.

Necessary to issue the investment license and to follow up the implementation of the regulations and instructions, ”in addition to“ approaching the relevant authorities for the purpose of allocating lands for investment projects. ”After issuing the investment license, she is responsible for following up the investment projects and preparing the position of completion rates and cases of delay in accordance with the schedule previously provided by the investor.

The President of the Authority accompanied the visiting delegation on a tour inside the corridors of the Authority, during which they were briefed on the mechanisms of work in the departments and divisions of the Authority, including the Single Window Department, which is concerned with obtaining the necessary approvals for the establishment of any investment project from the ministries and relevant state institutions, through representatives of those departments, in a way that contributes to facilitating procedures Legal necessary to grant the investment license.

The Single Window Department in the Commission is the main gateway for communication with the investor and providing an appropriate investment environment in Iraq, stimulating the real participation of the private sector and encouraging local and foreign investments by removing all bureaucratic obstacles, facilitating the investor’s task to obtain the privileges granted to him under the applicable investment law, and providing answers to Inquiries submitted by investing or wishing to invest.

The visiting delegation was briefed on the authority’s work plans with its investment policy for the next stage in attracting successful investments that would ensure the advancement of the investment reality in Iraq and praised the commission’s continuous efforts in this regard.

It is noteworthy that the procedures for granting an investment license begin with studying and auditing the application form prepared by the commission (available on the website) and submitted by the investor after including the required documents represented by (the executive summary of the investment project, the economic feasibility study of the project, the financial efficiency document from an approved bank.

As well as the timetable for the completion of the project, with the documents of the projects implemented by the investor (4 maximum), along with the legal basis for the relationship of the applicant with the investor, a copy of the official documents (nationality or passport) for the natural person, and a copy of the official documents (nationality or Passport) for the applicant, with the company’s articles of incorporation, certificate of incorporation, and certificate of incorporation of the office of the company or the investing entity or its branches in Iraq, or outside Iraq (only for a legal person).   LINK

Welcome The Private Sector To Be Involved In Examining The Importer

Saturday January 16, 2021  22   Baghdad: Haider al-Rubaie  The Ministry of Planning’s move to involve the private sector in inspections of imported goods and goods before they are imported to Iraq was met with an economic welcome. He praised this approach that would legalize the entry of locally manufactured materials as well as those that do not match Iraqi specifications.

The Minister of Planning, Khaled Battal Al-Najm, announced “the trend towards involving the private sector in the pre-supply inspection program for examining goods and goods imported into Iraq, reiterating the vital role that the private sector will have in the national economy and in various development sectors.”

During his meeting with representatives of the three inspection companies (British, Emirati, and Chinese) that the ministry had contracted with earlier, the star stressed the necessity of adhering to the terms of the contract signed with it, because the task that these companies perform is related to the citizen’s life, and therefore, it is not possible in any way. Underestimating any defect that may cause great harm, especially with regard to inspecting food, construction, and electrical materials.

The economist Bassem Jamil Antoine confirmed in an interview with “Al-Sabah” that he was among the first to advocate that step, which he described as “the task” on the condition of equipping sober laboratories for the benefit of the private sector in order to participate in the costs of separating materials.

Antoine pointed out, “Government laboratories cover only 10 percent of the market’s need for imported goods and goods, while Iraqi businessmen or importers face severe routine complications and obstacles by foreign examining companies,” explaining that “engaging the private sector is an important step that can be.” Reflected positively in many things, as well as being a factor in creating many job opportunities in various fields.

In turn, the economic expert, Ibrahim Al-Mashhadani, welcomed, during his speech to “Al-Sabah”, the position of the Ministry of Planning in involving the private sector in the inspection of goods, stressing that “this step is sufficient to support the private sector on the one hand, and to prevent the import of locally produced materials as well as that do not match Iraqi specifications.”

Al-Mashhadani stressed, “the necessity for discreet companies to be available in the private sector, and to have technology that enables them to examine goods,” indicating that “this approach is in the interest of supporting the private sector.”   LINK

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