Iraqi News Monday AM 2-8-21
TLM724 Administrator BondLady’s Corner
Deputy: Parliament Is Waiting For The Government Green Light To Present The Budget To Vote
Money and business Economy News _ Baghdad A member of the House of Representatives, Deputy Mithaq Al-Hamdi, confirmed, on Monday, that the Parliamentary Finance Committee has delivered the final version of the budget bill to the government and that it is awaiting the green light from the last to present it to the vote, likely to be approved by the government and presented to vote at the end of this week.
Al-Hamidi said in a press interview, “The context for presenting the budget for a vote must return amendments to the draft law to the government for clarification and statement of opinion, and in the event of objections by the government, it will return it to the committee, and on the contrary, the green light will be given to present it to the vote.”
She added that “the government’s response will not be delayed more than two days, likely approval by the government and will be presented to a vote at the end of this week.”
Number of observations 97 Date added 02/08/2021 https://economy-news.net/content.php?id=24007
Parliamentary Finance: A Tendency To Cancel The Currency Auction After The Failure Of The Experiment In Iraq
Today, Monday (February 08, 2021), the Parliamentary Finance Committee confirmed that there is a tendency to cancel the currency auction, while indicating that the Central Bank’s reserves will not be affected in the 2021 general budget
.Committee rapporteur Ahmed Al-Saffar said in a press statement, “The draft budget when it is approved In the House of Representatives voting session, it becomes a binding law for the government and is enforceable, “indicating that” the Ministry of Finance then issues instructions within a week or two to send to ministries to facilitate the budget implementation process. ”
He continued: “The budget deficit was reduced from 71 to 24 trillion only, as the lending scheme deducted the treasury transfers to the central bank 47 trillion, but we reduced it to only two trillion, if the price of a barrel of oil remained at 45 dollars.”
The government will have an abundance of money if the price of a barrel of oil remains high. ”
The decision of the Finance Committee indicated that there is a tendency to cancel the currency auction because it does not exist in all countries of the world except in Iraq, explaining that the currency auction mechanism is incorrect, and hard currency is supposed to be given to actual importers, students, professors, and patients who travel outside the country and not to banks.
On the exchange rate of the dollar, Al-Saffar explained: “The exchange rate is exclusively within the authority of the Central Bank and it is not possible to interfere in its work as it is responsible for the monetary system, the monetary mass, the exchange rate and the cash reserve.”
Representative Of The World Bank To Al-Sabah: There Is Great Support For The Reform Paper Adopted By The Government
Monday 08th February 2021 386 Baghdad: Hazem Muhammad Habib The Resident Representative of the World Bank in Iraq, Ramzi Numan, confirmed that the bank supports the Iraqi government in several directions to get out of the current economic crisis, and that there is great support for the white reform paper adopted by the government in order to get out of the crisis, and while he called for a comprehensive reform in the Iraqi banking sector In an interview with Al-Sabah, he stressed that the Iraqi society is a “youth society” that can rise in the country if its energies are properly and seriously invested.
The following is the text of the dialogue: In light of the current economic situation, the “Corona” crisis and the global economic crisis, what are the frameworks? The World Bank cooperated with Iraq to help it out of this crisis?
It must be noted first, that the experience and history of the World Bank to work with the government and people of Iraq extends for a long history of projects that have been jointly worked on, but the current bank is currently working more closely with the Iraqi government to face emerging and accumulating crises that are added to the existing problems.
In Iraq, and the consequent decline in oil prices, protests, the Corona pandemic and its health, economic and social consequences that have formed a great burden on the country, and these conditions are the worst since the year 2003 for a single economy dependent on oil, and there is a fact that all this left great burdens reflected on the ability of The Iraqi government in dealing with emergency needs.
The World Bank has set up a very large financial portfolio file for the projects it implements in Iraq, and this portfolio is directed to several destinations, whether reconstruction projects for areas liberated from “ISIS” gangs or to face the social crises that have arisen from this matter, in addition to some other projects that work On structural reforms in the economy, and we are working hard with the government to approach solutions to emergency crises and keep pace with the reform white paper initiative put forward by Prime Minister Mustafa Al-Kazemi LINK
Representative Of The World Bank: There Is Great Support For The Reform Paper Adopted By The Government
The World Bank’s resident representative in Iraq, Ramzi Numan Money and business Economy News _ Baghdad The Resident Representative of the World Bank in Iraq, Ramzi Numan, confirmed, on Monday, that the bank supports the Iraqi government in several directions to get out of the current economic crisis, and that there is great support for the white reform paper adopted by the government in order to get out of the crisis.
Numan said in an interview with “Al-Sabah” newspaper and followed by “Al-Iktissad News” that Iraqi society is a “youth society” that can rise in the country if its energies are properly and seriously invested, indicating that the experience and history of the World Bank to work with the government and people of Iraq extends to a long and rich history Projects that have been jointly worked on.
He added that the World Bank is currently working more closely with the Iraqi government to confront the emerging and accumulating crises that are added to the existing problems in Iraq, and the consequent decline in oil prices, protests, the Corona pandemic and its health, economic and social consequences, which have formed a great burden on the country.
He explained that these conditions are the worst since the year 2003 on a unilateral economy that depends on oil, and there is a fact that all of this left great burdens that were reflected in the ability of the Iraqi government to deal with emergency needs.
He noted that the World Bank has set up a very large financial portfolio file for the projects it implements in Iraq, and this portfolio is directed to several destinations, whether reconstruction projects for areas liberated from “ISIS” gangs or to face the social crises that have arisen from this matter, in addition to some other projects Working on structural reforms in the economy.
And we are working hard with the government to approach solutions to emergency crises and keep pace with the reform white paper initiative put forward by Prime Minister Mustafa Al-Kazemi.
Number of observations 146 Date added 02/08/2021 https://economy-news.net/content.php?id=23998
Transparency International: Successive Governments In Iraq Have Wasted 300 Billion Dollars
Political Monday 8 February 2021 | 10:32 a.m.| Views: 67 According to a report by Transparency International, successive governments in Iraq, since the invasion of 2003 and until now, have wasted 300 billion dollars .
The report stated that “Iraq is still at the forefront of the most corrupt countries in the world, and there are many factors that should have pulled it to the bottom of this list, including the deteriorating economic situation and the worsening financial deficit, while unofficial estimates indicate that the money misappropriated and wasted at The border crossings alone amount to about $ 100 billion since the US invasion of the country .
He added, “It is not surprising that the Iraqis are at a loss because no concrete steps have been taken to extricate the country from the category of the most corrupt countries. Iraq is under the weight of a huge fiscal deficit and foreign debts worth tens of billions of dollars, while the Coronavirus pandemic has seriously exacerbated the fiscal deficit.
The deficit is estimated at more than 40 billion dollars, while the external debt is about 23 billion dollars, with the exception of 40.9 billion dollars before 2003. ”
He added that “Iraq is ranked 160 out of 180 countries, which means that it is among the most corrupt countries in the world, led by South Sudan and Somalia. Although Iraq has made progress in its annual classification, this does not seem sufficient because the situation is very dangerous, especially when looking at the impact of the Coronavirus pandemic on the country .
And he continued, “Despite the small gains made by civil society in the past decade towards building stronger and more sustainable laws to combat corruption and enhance transparency, the Corona crisis and the resulting emergency measures basically led to the elimination of these efforts, which set the country back years .”
The report stated that “political corruption also remains a challenge across the region. In Iraq, for example, corruption entrenched in the system deprives people of their basic rights, including access to safe drinking water, health care, electricity, jobs and adequate infrastructure.
Parliamentary Integrity Reveals The Date Of The Questioning Of The Minister Of Finance
Political| 12:04 – 08/02/2021 BAGHDAD – Mawazine News The Parliamentary Integrity Committee revealed the date of the questioning of the Minister of Finance, Ali Abdul Amir Allawi, and the most prominent paragraphs it contains.
A member of the committee, Representative Yusef Al-Kalabi, said in a televised interview, followed by Mawazine News, that “next March 3 was set as the date for the questioning of the Minister of Finance, Ali Allawi,” indicating that “the minister came with deficits and expenditures in the draft federal budget law for 2021. The largest in the history of Iraqi budgets, while the government curricula include austerity and reduce expenditures in the budget.
Al-Kalabi added, “The first paragraph of the interrogation of the minister will be about sending money to the Kurdistan region, and the basic files that will be presented to him by mismanagement and deliberate waste of public money.” He explained that “the ministry insisted on paying the money to the region, despite our official letters of the ban.”
Al-Kalabi continued, “The process of handing over the ports in the region to the federal government is a sovereign demand, and there is no thing in the world called (Visa) through the region,” describing the increase in the currency exchange rate as “the disastrous committed by the Minister of Finance and it was a signal for banks to acquire the largest possible amount of dollars and not It includes any solutions to protect citizens. ”
He pointed out that “the purpose of the high exchange rate is to starve the Iraqi people, because developing solutions is the responsibility of the government and not the parliament.”
Al-Kinani pointed out that “the Minister of Finance was not satisfied with the budget that he made and did not present any reform step in the economy, and he is unable to deal with the multiple files of corruption.
Representative Services: $ 600 Million, The Total Sums Obtained By The State From Telecommunications Companies
Money and business Economy News _ Baghdad A member of the Parliamentary Services Committee, Jassem Al-Bakhati, confirmed, on Monday, that $ 600 million is the total amount that the state obtained from telecommunications companies, which is a weak figure compared to neighboring countries of Iraq.
Al-Bakhati said in a press interview, “$ 600 million is the total sums obtained by the government from the three telecommunications companies, Asiacell, Zain and Koroc.”
He added that “millions of subscribers suffer from poor services, as well as the continued imposition of sales tax on recharge cards,” noting “a major defect in the issue of 4G activation.”
Al-Bakhati called on the members of the House of Representatives to “address the phenomenon of the continuing high price tax of freight cartridges and poor services provided to millions of subscribers.”
Number of observations 98 Date added 02/08/2021 https://economy-news.net/content.php?id=24009
To read more current and reliable Iraqi news please visit BondLady’s Corner: