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More Iraqi News Tuesday PM 2-2-21

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Parliamentary Law For NINA: New Proposals To Reduce Public Spending And Cancel Borrowing In The General Budget

Wednesday 03, February 2021 17:22 | Economical Views: 92  Baghdad / NINA / The Parliamentary Legal Committee revealed new proposals to reduce the ceiling of public spending and cancel new loans in the draft Federal Budget Law 2021.

Member of the committee, Representative Hussein Al-Oqabi, said in a statement to the Iraqi National News Agency / NINA /: “The general budget is in its current form. It cannot be passed in the House of Representatives with a high spending ceiling and allocations are not clear. ”

He added: “The allocations of the 2021 budget bill, compared with the actual spending in the year ending 2020, violate the Financial Management Law, which stipulates that the deficit ratio does not exceed 3% of the total gross product,” noting: “We have more than 50 public bodies, including presidencies.

The Republic, the Council of Ministers, the Deputies and other independent bodies shall guarantee an unacceptable, rapid increase in the spending rate for their operational allocations. ”

A member of the Parliamentary Legal Committee confirmed, “There is a set of proposals presented by the representatives related to reducing public spending in the budget to approximately 35% at the lowest estimate, that is, less than 100 trillion dinars or 110 trillion dinars at the maximum, from the total budget expenditures,” indicating that ” The proposals include canceling new loans that were included in the budget, settling previous loans and putting an end to borrowing. ”

He explained that “15-20% of the annual revenues of the Iraqi state budget go to pay off loans and interest on loans, which means that the state is overburdened and new loans can not proceed.”

The House of Representatives decided to lift its open session that it resumed the week before last, to continue discussion of the draft Federal Budget Law 2021, before the Presidency of Parliament announced the evening of the same day at that time the end of the discussions of the draft budget, while the Parliamentary Finance Committee continues its daily meetings in the guest house to study the draft of the general budget law End     https://ninanews.com/Website/News/Details?key=885724

Issue (4616) Of The Iraqi Newspaper Al-Waqi’a Issued On 1/2/2021

2021-02-03 09:13:00

1- Health Insurance Law No. (22) of 2020.

2- Decision issued by the Committee to freeze terrorist funds No. (48) for the year 2020.

Those wishing to acquire the Iraqi factsheet can refer to the Iraqi investigation department located in Salhiya / Haifa Street (Ministry of Justice building), and obtain the required number.

https://www.moj.gov.iq/view.5375/

International Islamic” Intends To Launch A Service For Transferring Funds Between Bank Accounts

Banks   Economy News – Baghdad  The International Islamic Bank announced, on Wednesday, that it will soon launch a service for transferring funds from one bank account to another using a mobile phone.

The bank said in a post on Facebook, followed by “Al-Eqtisad News”, “Stay tuned for the launch of the service of transferring funds from one bank account to another bank account over the phone.”

He added that “the service is expected by merchants because of its great effect in facilitating their commercial dealings related to financial settlement.”

Number of observations 122 Date added 02/03/2021   https://economy-news.net/content.php?id=23938

Al-Kazemi Government Affirms: The Pope’s Visit To Iraq Is Still Ongoing And The Preparation For It Is Integrated

Political   Wednesday 3 February 2021 | 11:29 a.m.| Views: 109  Cabinet spokesman Hassan Nazim confirmed, on Wednesday, that the visit of Pope Francis to Iraq is still ongoing, and we have not received any apology from the Vatican, as it is rumored in some media, indicating that the preparations from the Iraqi side are integrated in all aspects .

Nazem said, “All administrative, security and protocol measures are integrated to receive Pope Francis,” denying “the rumors that some media have broadcast about sending a book to postpone the visit .”

And he added, “The visit is still going on as scheduled in next March,” refusing “to reveal the historical places that the Pope will visit .”

The Vatican had confirmed earlier that the Pope intends to visit Iraq between the fifth and eighth of March, unless there is a serious wave of cases of coronavirus infection there.

https://aynaliraqnews.com/index.php?aa=news&id22=143342

Trade: Electronic Export Licenses, A Gateway To The Advancement Of The Iraqi Economy

Wednesday 03, February 2021 13:31 | Economical Views: 276  Baghdad / NINA / The Ministry of Trade announced, on Wednesday, that the General Company for Fairs and Commercial Services of Iraq will continue to issue electronic export IDs and licenses, in coordination with the relevant sectors and ministries.

The general manager of the company, Sarmad Taha Saeed, said in a statement, “The electronic export license is a gateway to the advancement of the Iraqi economy, as it opens the export window for its wrestlers to Iraqi exporters, which contributes to the introduction of hard currency into the country.”

He added that “the export license was circulated to the relevant ministries and sectors, represented by the ministries of oil, agriculture, industry, minerals, health and environment, and in coordination with the General Authority of Customs for electronic connectivity and training in the form of meals and handing them over to the accounts of the export system.”

The director general of the company added that “the export license reaches all relevant authorities and border crossings electronically, and it has also been linked to the Central Bureau of Statistics, with the use of data on export licenses in the trade balance and the Central Bank of Iraq to follow up the arrival of the amounts, as well as the possibility of inquiry by the exporter about the transaction to What stage did it reach and where did it stop? ”

He pointed out that “the electronic linking process between the ministries and the concerned sectors contributes to limiting and eliminating administrative and financial corruption and cases of manipulation and fraud, and misses the opportunity for the weak of souls, as well as reducing time and red tape.” / https://ninanews.com/Website/News/Details?key=885681

Parliament Meeting With The Heads Of The Federal Financial Supervision Bureau And In The Kurdistan Region

Wednesday 03, February 2021 17:23 | Economical Views: 84  Baghdad / NINA / The Parliamentary Finance Committee hosted the two heads of the Federal Financial Supervision Bureau, Rafil Yassin, and Khaled Hadi, in the Kurdistan region, to coordinate between the two institutions in the public interest of the Iraqi people.

The Finance Committee confirmed that it had taken upon itself the coordination and cooperation between the two institutions and the bridging of views to ensure the rights of all components of the Iraqi people.

The two heads of the two divisions reviewed the nature of the relationship between them and the means of joint cooperation in auditing the data on the region and coming up with a unified vision, while the sub-committee formed from the main committee of the two sides met and discussed all pending issues for the purpose of studying them and taking the necessary actions regarding them.

https://ninanews.com/Website/News/Details?key=885725

The Central Bank Talks About A Mechanism For Granting Loans To Projects

Economie| 11:38 – 02/03/2021   BAGHDAD – Mawazine News  The Central Bank of Iraq confirmed, on Wednesday, that the mechanism for granting loans to projects is through a government committee.

The Director General of the Accounting Department at the Central Bank, Ihssan Shamran Al-Yasiri, said, according to the secret agency, that “there is a committee headed by the Secretary-General of the Council of Ministers and a sub-committee headed by the head of the Advisors Authority in the General Secretariat of the Council of Ministers, which studies transactions or exchange issues that come from specialized banks regarding the loan initiative.” Five trillion dinars, in addition to the committees looking at the extent of the strategy of these projects. ”

Al-Yasiri added that “the activation of strategic projects is not related to the amount of the loan, and the loan may be medium or small, leading to the activation or creation of a strategic project according to the criteria established for the strategic concept by employing the largest number of workers and using local raw materials.”

Al-Yasiri pointed out that “project loans are preferred to be a priority that creates and promotes investment and adds value to the national economy and contributes to employing workers as there is no justification in competing with local industries that do not contribute to raising the value of the national economy.”

He explained that “granting loans is not linked to the bank’s window, as some banks are involved in the issue of borrowing and in promoting development in their own resources,” stressing that “development resources are the funds that the Central Bank allocated through the initiative that it launched. The Industrial and Agricultural Bank, the housing sector, and the housing fund. ”

Al-Yasiri added that “there is an initiative of one trillion dinars granted to private banks as well as medium and small enterprises, as these loans have been activated through this initiative or window that includes amounts of up to one billion dinars.”

He added, “The high interest rate of bank loans is linked to their own resources and the risks of non-payment, as the percentage of interest granted on loans granted by banks from their resources to citizens is high by up to 6%, 8% or 10%,” indicating that “the initiative resources that were activated early 2021 has become little or no interest for the housing sector, in addition to the fact that the industrial sector reaches about 2%, and this difference between the loans granted by banks from their resources or granted by the central bank initiative. “Ended 29 / A 43   https://www.mawazin.net/Details.aspx?jimare=140380

Planning Announces A Package Of Measures To Support The Local Product

Economie| 11:49 – 02/03/2021   BAGHDAD – Mawazine News   The Ministry of Planning announced that a building for the Central Agency for Standardization and Quality Control in Basra Governorate will be completed, while indicating that a package of special measures will be taken to support the local product.

The spokesman for the Ministry of Planning, Abdul Zahra Al-Hindawi, said, according to the official agency, that “the ministry pays great attention to the role of the Central Organization for Standardization and Quality Control. The building for the agency will be completed in Basra during the coming period due to the large number of its land and sea outlets next to the airport,” indicating that “the governor of Basra, Asaad Al-Eidani He expressed his readiness to provide all the support requirements of specialized cadres and logistical support, in addition to plots of lands to establish laboratories in order to strengthen the role of the central apparatus and enable it to perform its tasks in the governorate.

He added, “The device continues its work that includes the process of examining the product before importing from the country of origin by contracting with a group of international companies specialized in this field, and the examination includes a large quantity of goods and goods entering Iraq,” pointing out, “The examination includes all goods and imported goods. For the benefit of the private sector, except for medicines and agricultural products, the ministries of health and agriculture undertake the tasks of examination.

Al-Hindawi pointed out, “The Central Organization for Standardization and Quality Control is still in the process of registering patents and commercial models in large numbers annually,” calling, “State institutions, whether private or government sectors, to benefit from the patents in the device, which are distinguished patents in many fields and many Some of them are subject to investment and application on the ground, and as a result, their application or investment will change the developmental reality in Iraq. ”

He continued, “The device is also continuing in the process of examining gold and silver jewelery, as well as following up the work of goldsmiths and granting licenses in this field throughout Iraq, in addition to the other tasks of the device, which are examining and following up on local products, not only imported through the forms that are presented to the device that are examined through Existing laboratories. ”

Al-Hindawi pointed out that “the directions and policy of the state towards protecting the national product and supporting the national industry by taking a package of procedures for inspection, follow-up and matching specifications, for example, with regard to cement. The standard in force now is an advanced standard and is updated every three years after what was every five years and is identical. European specifications with a distinct Iraqi industry as well as a quality and quantity sufficient to meet the needs of the consumer in Iraq. “Ended 29   https://www.mawazin.net/Details.aspx?jimare=140383

Oil Is Jumping To The Highest Level In A Year

Time: 02/03/2021 00:24:31 Read: 6,279 times  {International: Al Furat News} Oil prices rose more than 2 percent on Tuesday and reached their highest levels in 12 months after major crude producers showed that they were curbing production almost in line with their pledges.

The global and US benchmarks rose, supported by an atmosphere of optimism about a new economic stimulus package in the United States, which increased the atmosphere of optimism in the market sparked by supply cuts.

Brent crude futures, the world benchmark, ended the trading session up $ 1.11, or 1.97 percent, to settle at $ 57.46 a barrel in their third day of gains.

Earlier, Brent touched $ 58.05 a barrel, its highest level since January of last year.

US West Texas Intermediate crude futures rose $ 1.21, or 2.26 percent, to settle at $ 54.76 a barrel, after recording earlier in the session $ 55.26, the highest level in a year.

The upward trend started as numbers showed that OPEC production increased less than expected.

A Reuters survey found that crude production from the Organization of the Petroleum Exporting Countries rose for the seventh month in a row in January, but the increase was smaller than expected.

Saudi Arabia is expected to implement voluntary cuts of 1 million bpd from the beginning of February until the end of March.

Russian production increased in January, but was in line with the OPEC + supply agreement, while oil production in Kazakhstan fell over the month.

The market is awaiting the latest weekly data on crude oil and fuel inventories in the United States, which will be issued by the American Petroleum Institute and the Energy Information Administration.  LINK

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