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More Iraqi News Friday PM 1-22-21

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Parliamentary Finance Directs An “Urgent Letter” To All Government Institutions

Time: 01/21/2021 23:50:34 Read: 12,974 times  {Baghdad: Al Furat News} The Parliamentary Finance Committee sent an “urgent letter” to all government institutions regarding loans.

A statement by the Parliamentary Media Department stated that the committee, headed by Haitham Al-Jubouri, held its twenty-seventh meeting to discuss the draft federal budget bill for 2021, while government institutions demanded that they provide them with details of all loans included in the budget.

The committee discussed “the articles to be added in the budget and that flow In supporting the private sector and economic development, as well as reducing the redundant circles in state institutions and keeping the bureaucracy away from strategic projects and everything that would maximize the state’s non-oil revenues.

”During its discussions, the committee presented a number of proposals and opinions to compress the large deficit in the budget and move away as much as possible Regarding loans, as I sent an urgent letter to all government institutions requesting that they provide them with all loan details along with a feasibility study on each one of them so that the committee can take the necessary action in this regard. ”   LINK

A US Investment Bank Reveals Two Factors That Will Support The Oil Market In 2021

14:02 – 01/22/2021  The information / Baghdad ..Investment bank Goldman Sachs said that the new US administration’s plans to inject huge financial stimulus, and not to rush too much to lift sanctions on Iran , are two positive factors that will support oil and gas prices.

The bank said in a note: “In our estimates, a $ 2 trillion stimulus over the period 2021-2022 will boost US demand by about 200,000 barrels per day.”

US President Joe Biden proposed a stimulus package worth 1.9 trillion dollars to stimulate the economy and accelerate the distribution of vaccines to control Covid-19, which has affected global demand for oil.

Oil prices fell on Friday due to fears that new restrictions to combat the pandemic in China will curb demand for fuel in the world’s largest importer of crude.

The bank also said that the Biden administration is considering strengthening and prolonging nuclear restrictions on Iran , and that the country’s oil exports will remain modest this year and at 0.5 million barrels per day in the second half of 2021.

White House spokeswoman Jane Psaki said the Iran issue will be part of President Joe Biden’s early consultations with his foreign counterparts and allies.

The bank said, “The delay in the full return of Iran’s production will reinforce our optimistic outlook for oil prices, as we already expect a scarcity in the oil market in 2022 with the decline in OPEC’s spare capacity.” https://www.almaalomah.com/2021/01/22/516645/

Expert: Iraq Needs To Restructure Its Economy According To The Global Context

On January 19, 2021

Al-Mustaqila .. Economic specialist Fawzi Muhammad Al-Zobaei called for the need to restructure the economy in accordance with the global context and reform the business environment represented by procedures and laws and make it an appropriate and attractive environment for private sector activity.

He pointed to the importance of Iraqi economic reform according to modern economic foundations, meaning providing the necessary foundations for its transition from a central economy to a free market economy, as well as encouraging and developing the private sector in a way that ensures the full investment of its resources and diversification of its sources.

He explained that the private sector has a fundamental role in all societies as it is the main pillar of their economy,

noting that private sector projects are capable of eliminating unemployment as it will employ the largest possible number of manpower, as this vital sector will solve many files, including the banking sector. LINK

Traders And Businessmen Call For Activating The Role Of The Private Sector

Friday 22nd January 2021 – 12:39  Baghdad – conscious – Fatima Rahma  Out of its keenness to provide what serves the Iraqi market, the Baghdad Chamber of Commerce held a ceremony to honor the distinguished merchants of businessmen and women at the Salahuddin Hall in the Palestine Meridian Hotel in coordination with the Ministry of Trade, and in the presence of the Deputy Minister of Trade representing the Prime Minister, as well as academics, economists, researchers and delegates Concerned departments.

The Undersecretary of the Ministry of Trade, Ghassan Farhan Hamid, said at the ceremony attended by the Iraqi News Agency (INA): “The Ministry of Trade believes that the Iraqi situation does not exist except in the private sector, and today we honor a group of distinguished merchants, and the private sector is directed towards all those who are organized in the chambers of commerce as much We are prepared to support the private sector, in order to achieve all services, meet the country’s needs, and build a strong basic base,” noting that “the Ministry of Trade is looking forward to supporting and developing ministries, providing facilities for businessmen and protecting consumers.”

In turn, the Director General of the Private Sector Department at the Ministry of Trade, Riyadh Fakher Al-Hashemi, affirmed that “the Ministry of Trade is working to support investment companies and provide possible facilities according to its specialization, such as facilitating company registration and granting import licenses, whether equipment or other related to investment projects.”

Central markets are established under the Public Companies Law, and some markets have been referred to investment, and the Ministry is currently in the process of completing the procedures for opening these centers.

“The Ministry of Trade is responsible for the general distribution of foodstuffs in Iraq through the ration card system, which helps stabilize the prices of basic food commodities, and the Commercial and Financial Supervision Department has coordination with the Economic Crime Directorate regarding the control of materials and commodities in the local markets,” he added.

To that, the director of the Federation of Iraqi Chambers of Commerce, Abdul Razzaq Al-Zuhairi, said: “The Federation is an economic organization that forms an umbrella for all chambers to organize their affairs and lay the foundations for a strategy of cooperation with the government by dissolving obstacles, amending laws and regulating trade work in Iraq,” noting that  “the Baghdad Chamber of Commerce sponsors Baghdad merchants.”

Exclusively, the existing laws, including Articles 25 and 26 of the Constitution, did not clarify the role of the Iraqi private sector, but gave the government the right to invest its money in other sectors, and Iraq today is in dire need of enacting a new law that regulates work and defines what the economy is exactly.

Is it a rentier economy or Free or totalitarian?”

He continued that, “when the work of the economy is properly organized that gives the private sector a role, and the union worked to amend the private sector law, focusing on the participation between the public and private sectors,”

noting that “in the Corona crisis, the Iraqi merchant played a great role despite the closure of ports and imports, but he refused as he was.” To be the distinguished trader in providing foodstuffs to the citizen without any increase in prices.

For his part, the head of the Baghdad Chamber of Commerce, Firas Al-Hamdani, pointed out that “the Baghdad Chamber of Commerce has always been in real coordination with the government to nominate leading and distinguished companies in its bid in order to supply the national economy with the most important companies and support it, and thus the advancement and exit from this crisis,”

pointing out that “there are standards prepared by a committee A specialist in the Baghdad Chamber of Commerce, to mark the distinguished companies according to a mechanism of a sophisticated academic character, and chose the best, which amounted to one hundred and eighty companies and businessmen.

He noted that “in the coming days, the chamber will have a message to introduce the government and friendly neighboring countries to the Iraqi merchant,” stressing that “opening new horizons with the government and the Ministry of Trade will bring positive results for joint cooperation between the private and public sectors through the Baghdad Chamber of Commerce.”

The director of the International Islamic Bank, Eng. Suha Al-Kafa’i, stated that “the private sector is able to accomplish and innovate, but unfortunately this sector is blocked by laws that do not support it,” indicating that  “if the parliament approves the partnership agreement, this agreement will make merchants with the ability and capabilities of modern technology and their expertise and money enter the ministries of the state.

To be a partnership between them, and this partnership guarantees their rights, and this agreement says that the state has capabilities but is unable to operate, and everyone wishes to approve the partnership agreement and not be postponed from one year to another.

The director of one of the companies, the consultant engineer Qahtan Adnan Abdul Amir, explained that, “Unfortunately, there is no real support for the private sector,

because the instructions that state departments operate on limit the process of fruitful cooperation between the private sector and the state and most of the obstacles that block the private sector and force it to turn to informal ways because of these instructions.”.

In the same context, the director of a private company, Karim Al-Shammari, said: “We are one of the old merchants, nearly half a century of commercial work, and we have experience in the rules and foundations of trade, so we were honored by the Baghdad Chamber of Commerce.” Importance to the Iraqi economy.”

The vice president of the Baghdad Chamber of Commerce, Engineer Raad Kadhim al-Maliki said: “The merchants were selected and honored, during the Corona crisis they were very committed not to raise prices and their commitment to the Baghdad Chamber of Commerce to renew their identity. Son of their country, and based on that, they were honored and distinguished from the rest. ”

The commercial director of one of the telecommunications companies, Saifuddin Hazem, stressed that “the Iraqi market is a target during the next stage and the transition to a new generation of communications (the Four J).

He said: “The Iraqi market is important; Because it is commercial, and we are in the transition to the stage of digital commerce, and this is thanks to development and modernization, and then we will obtain approvals and services will be launched soon.   LINK

Al-Rafidain Bank Opens The Ur Branch In Dhi Qar

Time: 01/22/2021 09:34:14 Read: 2,041 times   {Baghdad: Al Furat News} An informed source revealed that Al-Rafidain Bank has opened a branch in Dhi Qar Governorate.

The source told Al-Furat News Agency that “the Ur branch was opened in the governorate in the presence of a number of officials.”

The source pointed out that “the opening of the branch is an important step in providing banking services to citizens and employees from advances, loans and other banking facilities, and withdrawing salaries and other financial dues.  LINK

Germany: We Will Continue Our Military Support To The Coalition And NATO In Iraq

Time: 01/22/2021 11:25:25 Read: 1,924 times   (Baghdad: Al Furat News) Germany condemned the two terrorist bombings in Tayaran Square in the center of the capital, Baghdad, on Thursday.

Commenting on the occurrence of several suicide attacks today in Baghdad, which claimed the lives of at least 32 martyrs and injured more than 110 others, German Foreign Minister Heiko Maas said about the suicide attacks in Iraq, “I condemn in the strongest terms the attacks that took place today in Baghdad. My sincere condolences to the families of the victims and to the Iraqi people, and I wish the injured a speedy recovery. ”

He added, “Germany stands as a reliable partner with Iraq on the road to stability and sustainable development.”

“We will continue our civil commitment and military support within the framework of the international coalition against ISIS and the NATO mission in Iraq, in order to work with Iraq to preserve the long-term progress made in the past few years,” Maas said.

It is noteworthy that, against the background of the security breach, the Commander-in-Chief of the Armed Forces, Mustafa Al-Kazemi, issued an order yesterday, Thursday, to exempt five officers and senior security leaders and assign others in their place, including the commanders of Baghdad Operations, the Federal Police, and the Director General of the Al-Hawk Al-Ahbari cell in the Ministry of Interior.

Al-Kazemi also threatened a “harsh and earth-shattering response,” and said: “The leaders of ISIS darkness will see any men they face,” he said.   LINK

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