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More Iraqi News Sunday Late PM 1-31-21

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A Member Of Parliamentary Finance Confirms That Discussion Of About 40 Articles Of The Draft Budget Law Has Ended

Money  and business  Economy News _ Baghdad  A member of the Parliamentary Finance Committee, Representative Shirwan Mirza, confirmed, on Sunday, that the committee has finished discussing about 40 articles of the draft budget law.

Mirza said in a press interview, that the committee will discuss during today’s meeting, amending the articles and paragraphs of the budget bill and preparing them for voting by the House of Representatives, indicating that the Finance Committee has finished discussing about 40 articles of the draft law. He noted that the draft budget law will be ready for a vote in the House of Representatives during the current week. Number of observations 142 Date of addendum 01/31/2021  https://economy-news.net/content.php?id=23890

Al-Jubouri To The World Bank Mission: Many Reform Measures Were Included In The Budget

Economie| 12:03 – 01/31/2021  Baghdad – Mawazine News, Head of the Parliamentary Finance Committee, Haitham Al-Jubouri, discussed with the representative of the World Bank delegation in Iraq, Ramzi Numan, the draft budget bill for 2021.

A statement stated, “The head of the Finance Committee, MP Haitham Al-Jubouri, received the representative of the World Bank mission in Iraq, Ramzi Numan, to discuss a draft Draft Federal Budget Law for 2021. ”

He added, “The meeting discussed the great challenges facing the Finance Committee, during its discussions of the draft budget in light of an unstable economic and financial situation, whether in Iraq or the world, imposed by the Corona pandemic.”

According to the statement, Al-Jubouri stressed that “the Finance Committee had a major challenge in the budget represented in the huge deficit and tremendous growth in expenditures without actual reform measures,” indicating that “the committee included many reform measures and rearranging the budget formulation with an economic outlook that reduces pressure on Oil revenues by supporting non-oil resources such as border crossings, tax collection and private sector support to stimulate the Iraqi economy. ”

For his part, Numan said: “The World Bank supports the reform process to revive the Iraqi economy and solve its structural problems,” stressing at the same time that the bank has restored to support investment and development projects in Iraq.

In another context, Speaker of Parliament Muhammad al-Halbousi chaired the thirty-fifth meeting of the Parliamentary Finance Committee, in which it continued its discussions on the draft federal budget bill for 2021.

A statement by the Media Department in the House of Representatives stated that the Speaker appreciated the efforts of the Financial Committee in its discussions to balance the current year and bear the burdens of the confusing financial and economic situation in the country.

He added, “Al-Halbousi presented a set of proposals and ideas that could be included in the draft law that would contribute to developing the agricultural sector, such as obliging the government to pay farmers’ dues and supporting this important segment in the country, and supporting the industrial sector and the private sector to create opportunities for unemployed youth.”

The statement indicated that “the Finance Committee included a text in the budget that includes the establishment of a special fund for petrodollars for the provinces producing oil and gas to implement important projects and provide services at the level of all sectors.”

He continued, “The meeting discussed supporting the liberated governorates and providing adequate allocations for the fund for their reconstruction, as well as the need to support the stabilization program to enable the displaced to return to their homes voluntarily.”   https://www.mawazin.net/Details.aspx?jimare=139918

The World Bank Announces Its Support For Reforming The Iraqi Economy

money and business  Economy News – Baghdad  The World Bank announced that it supports reforms to revive the Iraqi economy and solve its structural problems.

The representative of the World Bank mission in Iraq, Ramzi Noman, during a meeting with Chairman of the Committee of Finance Parliamentary, Haitham al – Jubouri, E n The World Bank supports the reform process to revive the Iraqi economy and solving structural problems, stressing at the same time , regained the bank to support investment and development in Iraq projects.

On the other hand, the head of the Parliamentary Finance Committee, Haytham Al-Jubouri, said that the Finance Committee had a big challenge in the budget represented in the huge deficit and tremendous growth in expenditures without actual reform measures, indicating that the committee included many reform measures and rearranging the budget formulation with an economic view that reduces Pressure on oil revenues by supporting non-oil resources such as border crossings, tax collection and private sector support to stimulate the Iraqi economy .

Number of observations 168 Date added 01/31/2021  https://economy-news.net/content.php?id=23887

Low Dollar In Iraq Today

Time: 01/31/2021 11:52:46 Read: 22,266 times  {Baghdad: Al Furat News} The exchange rate of the dollar fell in Iraq today, Sunday.  The exchange rate on the Baghdad Stock Exchange reached 1447.5 dinars to one dollar, or 144 thousand and 750 dinars.  Yesterday’s price was at 1448.5 dinars.

In Basra, the dollar exchange reached 1,445.5 dinars, and in Erbil, 1,450 dinars.

https://alforatnews.com/news/%D8%A5%D9%86%D8%AE%D9%81%D8%A7%D8%B6-%D8%A7%D9%84%D8%B9%D8%B1%D8%A7%D9%82-%D8%A7%D9%84%D9%8A%D9%88%D9%85

The Stock Exchange … 14 Losing Companies In The First Session

Stock  market. “Economy News”  Market  Economy News – Baghdad

The first session of the stock market trading sessions witnessed the entry of 14 losing companies into the red zone

Al Mamoura Real Estate Company topped the losing companies by 4.67%. While modern industries company topped the winning companies by 17.47% out of 24 companies traded during today’s session.

And 311.5 million shares were traded, worth 361.3 million dinars.

While foreign investors sold 14 million shares at a value of 41 million dinars, after executing 40 deals on the shares of 4 companies.   Number of observations 98 Date added 01/31/2021  https://economy-news.net/content.php?id=23889

The World Bank Announces Its Support For Reforming The Iraqi Economy

Money  and business  Economy News – Baghdad  The World Bank announced that it supports reforms to revive the Iraqi economy and solve its structural problems.

The representative of the World Bank mission in Iraq, Ramzi Noman, during a meeting with Chairman of the Committee of Finance Parliamentary, Haitham al – Jubouri, E n The World Bank supports the reform process to revive the Iraqi economy and solving structural problems, stressing at the same time , regained the bank to support investment and development in Iraq projects.

On the other hand, the head of the Parliamentary Finance Committee, Haytham Al-Jubouri, said that the Finance Committee had a big challenge in the budget represented in the huge deficit and tremendous growth in expenditures without actual reform measures, indicating that the committee included many reform measures and rearranging the budget formulation with an economic view that reduces Pressure on oil revenues by supporting non-oil resources such as border crossings, tax collection and private sector support to stimulate the Iraqi economy .

Number of observations 168 Date added 01/31/2021  https://economy-news.net/content.php?id=23887

Challenges Of The Collapse Of The National Economy And The Recovery Strategy

Articles  Samir Al-Nasiri  * Samir Al-Nasiri  For seventeen years, the Iraqi economy has been suffering from cumulative and complex challenges and repercussions due to systematic, political and security reasons.

This is because our economy relies on oil revenues as a basic resource for the general budget and constitutes around 93% of total revenues, and constitutes 57.68% of GDP at fixed prices and the failure of the government agencies concerned to stimulate And activating the productive economic sectors, which official data indicate that the percentage of the agricultural and industrial sector’s contribution to the GDP is 4.77% and 1.67%, respectively,

which are very weak ratios, and the 2021 budget was born in difficult and complex circumstances, including a 10% decrease in the gross domestic product and the debt is more Of 60% of GDP, according to the World Bank report,

with a deficit of 16% and an increase in poverty rate of more than 30% and exceeding 40% in some southern governorates such as Nasiriyah, Maysan and Muthanna, with an addition of up to 10 million new poor people in the current economic and epidemiological conditions.The unemployment rate increased at an average rate of more than 31% of those who were able to work with a clear deficit in the balance of payments, which led to a state of depression and economic contraction.

This confirms that the Iraqi economy, according to these official ratios, is still a rentier economy by relying on crude oil activity as a primary source of income, and that oil imports represent a major source of financing the budget. In addition, the effects of political tensions, security crises, war on terror, the Corona pandemic, deficiencies in the country’s health system, underdevelopment of education, and failure to give the private sector the space required to participate in economic decision-making are all major challenges and obstacles for the transition of the national economy from collapse to the stage of reform and recovery.

The strategy for the advancement and reform of the Iraqi economy after all these years has passed requires exceptional efforts, programs, mechanisms and government procedures in partnership with the private sector and the competent national competencies, and most importantly, the sincere and real intentions for change towards the desired economic advancement with an emphasis on supporting the banking sector as the first basic link in the economy.

What supports this is to allow the national expertise of specialization and the national executive economic experience to contribute and participate in drawing and implementing the strategy of economic transformation and reform during the next ten years with a focus on finding solutions and speedy remedies to enable the elements of implementing the economic advancement and that these treatments have a rapid effect to create relative stability in the financial system The monetary system and re-control over the distribution of public money, get rid of mismanagement and choose the right man in the right place, and thus will facilitate the way to implement the strategy of advancement as a central goal in accordance with the vision of Iraq 2030.  * An economic and banking advisor

Number of observations 112, date of addendum 01/31/2021  https://economy-news.net/content.php?id=23881

Economic Expert For / NINA /: Borrowing From The IMF Is Intended To Link Iraq To The Global Capitalist System

Sunday 31, January 2021 12:08 | Economical Views: 346  Baghdad / NINA / Economic expert Nabil Al-Marsoumi affirmed: “The borrowing from the International Monetary Fund … is intended to link Iraq with the global capitalist system.”

He said in a statement to the Iraqi National News Agency / NINA /: “With all the indebtedness and internal and external borrowing fixed in the budget, the Ministry of Finance is conducting serious negotiations with the International Monetary Fund, in order to obtain urgent assistance of 6 billion dollars, which does not mean a loan, at a low interest rate. By 1%, with long terms. ”

Al-Marsoumi added, “The ministry is preparing for another loan of 4 billion dollars in exchange for implementing a specific program in the agenda of the International Monetary Fund to which the White Paper referred.” He asked: “What are the reasons for the ministry’s great fondness for debt and debt?

https://ninanews.com/Website/News/Details?Key=885021

She Called For The Dismissal Of The Government … A Parliamentary Bloc: The Agreement With Jordan Is To Smuggle Hard Currency

08:33 – 31/01/2021   The information / Baghdad ..On Sunday, the Bayariq al-Khair bloc, MP Muhammad al-Khalidi, attacked the government of Prime Minister Mustafa al-Kazimi, describing it as “failed and confused,” and while considering the recent agreement with Jordan as “currency smuggling,” he demanded the parliament to “dismiss it.”

Al-Khalidi said in an interview followed by “the information”, that “the agreement that the government concluded with Jordan is to smuggle hard currency,” indicating that “the economic agreement is for Jordan’s benefit only.”

He added, ” Iraq has become the weakest party in the region,” noting that “government advisers do not think seriously about crises.”

Al-Khalidi pointed out that “the government is confused in the economic file and that the fate of the state has become unknown under a failed government,” stressing that “the House of Representatives is required to hold the government accountable, dismiss it and stop passing the budget.” https://www.almaalomah.com/2021/01/31/518077/

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