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Iraqi News Wednesday AM 2-10-21

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Representative Legal: Raising The Dollar Does Not Achieve Only 12 Trillion, And It Can Be Obtained From Other Chapters

Pratha News Agency131 2021-02-09  The Parliamentary Legal Committee confirmed, on Tuesday, that the sums that the government can achieve from raising the exchange rates of the dollar do not exceed 12 trillion dinars, indicating that it can be achieved from other chapters.

A member of the Parliamentary Legal Committee, Hazem Al-Khalidi, said in a press interview that “the decision to raise the price of the dollar, which was taken by the government, is an explicit revenge for the livelihood of the Iraqi citizen.”

He added that “there is a legal paragraph placed in the budget to compensate contractors affected by raising the exchange rate of the dollar at a time when a law did not address the citizen affected by the increase in the exchange rate.”

Al-Khalidi explained that “the money that the government collects from raising the dollar does not exceed 12 trillion dinars,” indicating that “there are several chapters in which it is possible to obtain these sums from them without destroying an entire society by raising the price.”

He continued, “The currency auction and the sales difference for a unit is able to achieve $ 5 billion, in addition to the corruption that exists in this chapter and other sections.”

The Central Bank of Iraq decided earlier to raise the dollar exchange rate to 1460 dinars per dollar

Parliamentary Finance: Today Is Our Last and Final Meeting On The Budget

Money  and business  Economy News _ Baghdad  The Finance Committee confirmed that, today, Wednesday, the final and final meeting on the budget will be witnessed, while it indicated the contentious article with Kurdistan that needs urgent consensus.

“We are waiting for the Presidency of Parliament to decide when to vote on the budget, while the contentious article between Baghdad and Erbil remains pending and needs an urgent consensus,” the committee’s reporter, MP Ahmed Al-Saffar, said in an interview.

He added, “Dozens of items have been changed in accordance with the interests of the people, such as daily wages, preventing salary cuts and ending the budget deficit.”

Al-Saffar pointed out, “Today, Wednesday, the committee will witness the final and final meeting of the budget after the completion of its amendment to be sent to the council presidency.”

Number of observations 183, date of addendum 02/10/2021

Representative Economy: There Is No Change In The Exchange Rate Of The Dollar In The 2021 Budget

15:03 – 10/02/20210  The information / Baghdad ..A member of the Parliamentary Economic and Investment Committee, Salem Tahmir al-Tufayli, confirmed, on Wednesday, that the exchange rate of the dollar against the Iraqi dinar has been fixed in the 2021 budget as sent by the government.

Al-Tufayli said in a statement to Al-Maalouma agency that “the budget sent by the government is based on the exchange rate of 1450, and it has remained the same and has not undergone any change in the recent amendments.”

He added, “The government wanted to put the House of Representatives in front of a fait accompli, which is fixing the price of the Iraqi dinar at a value of 1450 against the dollar, a decision that does not carry any economic justification.” In the local market. ”

The economist, Wissam Al-Tamimi, believed, earlier, that there is no justification for keeping the dollar high in the local market, pointing out that the siege of the people must end before the street explodes due to mishandling of the citizen’s pension.

Dollar Exchange Rates In The Local Market Today

Market Economy News _ Baghdad  “Economy News” publishes the exchange rates of the dollar in local markets on Wednesday (February 10, 2021).  Exchange offices prices:

The sale price of the dollar is 146,500   The purchase price of the dollar is 145,500

Number of observations 61 Date added 02/10/2021

$ 12 Billion Is The Size Of Investments In Kurdistan

Wednesday 10 February 2021  115  Erbil: Koller Ghaleb Al-Daoudi, Architecture: Saad Hassan

The facilities provided in Kurdistan, such as adopting a “single window” and “stabilizing the security situation,” led to a revival of the investment reality, and the volume of granted licenses reached $ 12 billion.

Despite this prosperity, however, the concerned authorities in the region supported the legislation of new investment laws that are not applied in Baghdad to overcome the problems they cause while supporting the establishment of reliable investment banks and insurance companies.

However, there are problems that investor face in the rest of the governorates, such as routine procedures and waiting for approval from sectoral authorities that may take months, and thus cause the investor to change the direction of the investor and not benefit from the employment of manpower in these projects.

The head of the Kurdistan Investment Authority, Muhammad Shukri, told Al-Sabah: “The commission granted investors licenses in the amount of two billion and 700 million dollars, as well as granting approvals for other permits, the amount of which exceeded 12 billion dollars during the past year, in addition to approving 573 investment projects.” .

He pointed out, “The completion of a large number of projects during the past year in several fields, such as hospitals, tourism and industry, and they belong to investors from the provinces.

And from Turkey and other foreigners, Shukri explained, “The investment projects in Kurdistan have not stopped and they are in continuous development,” calling on foreign investors to come to Kurdistan and invest the facilities provided, such as their treatment of the local investor, and according to this, the Chinese commercial center project in Erbil has been implemented.

An economist adopted the “single window” in each of Duhok, Arbil and Sulaymaniyah to deal directly between investors and the investment authority and not with other multiple government centers in obtaining the investment license.

As for the banks in Kurdistan, according to Shukri, they provide financial facilities, guarantees and letters of guarantee, but the only problem lies in the lack of strong investment banks that provide support for projects, in addition to the lack of financial liquidity.

In turn, a member of the Kurdistan Chamber of Commerce and Industry, Baqir Muhammad Hadi, told Al-Sabah: “There are many local and foreign investors who have implemented investment projects in the region due to the good reputation it enjoys in terms of security.

He stressed that “the facilities are granted to all investors without exception, including housing permits,” noting that “there are 1,200 investment projects in Kurdistan for the year 2021.”

On the other hand, the Assistant Director of the Planning and Follow-up Department at the Maysan Investment Authority, Atef Muhammad Jassim, confirmed to Al-Sabah that “The approval of the implementation of the investment project goes through several procedures and approvals for more than 15 government institutions, which impede and delay those investment projects, including the Ministry of Oil, Antiquities, Finance and Agriculture. State real estate and others. ”   LINK

Adopting Economic Policies To Enhance The Multiplicity Of Financial Revenues

Wednesday 10 February 2021  68  Baghdad: Shukran Al-Fatlawi   The head of the International Businessmen Federation in Iraq, Dr. Hamid Al-Oqabi, stressed in an interview with Al-Sabah, “The necessity of adopting economic policies that would promote national production and help invest national wealth in a manner that achieves development and guarantees the rights of future generations.

He added, “The stage that the country is going through requires a serious presence in facing challenges through a set of measures, foremost of which is reducing government spending, and following a policy of austerity that creates a balance between revenues, accompanied by reducing imports or limiting unjustified spending in it, in these economic circumstances.” Embarrassment. ”

Undermining corruption

Al-Uqabi stressed that “there must be announced plans that work to undermine corruption and aim to create an ideal environment for investment commensurate with the volume of work required in Iraq, and to reconsider the decision to reduce the exchange rate of the Iraqi dinar,” noting that “reducing government spending and not continuing with spending Unjustified, is an important factor in treatment.

He added, “Oil prices reached more than $ 60 per barrel, at a time when it was estimated in the 2021 budget of less than $ 45 per barrel, as well as revenues from border outlets, customs and other taxes, telecommunications revenues and oil exports from the Kurdistan region. All these factors together help In maximizing revenue. ”

The recession has intensified

Member of the Iraqi Economists Association, Dr. Ikram Abdul Aziz emphasized that “the reality of the country requires moving away from all economic paths that have negative effects on the overall production and service sectors and address stagnation and inflation as well as unemployment,” noting that “borrowing, whether from the private sector or the bank The central, far from the increase in production capacity in all its joints, whether agricultural, industrial, commercial, financial or monetary policy is unacceptable.

Activation of production

And she warned that “the approved economic policies must be appropriate to the reality of the national economy and promote production, albeit in a relative and gradual manner, reaching proportions that harmonize with ambition, as there are elements in the country to activate production and feed markets.” Local ”.   LINK

Investment Is The Best Solution To Revive Iraqi Industries

Wednesday 10 February 2021  63 Baghdad: Hussein Thahab

Investment in the industrial and agricultural sectors has become necessary to revive the national product and supply the local markets with the agricultural products and crops they require, especially after the allocations in the budgets for the past years have witnessed a decline in the amounts allocated to the two sectors, in light of the presence of more than 40 thousand factories that are not working.

Member of the Baghdad Economic Forum Hadi Hendas affirmed that «Iraq is able to build a productive base in multiple sectors, including the agricultural sector, as it can cover the country’s need for various products and crops, and can supply foreign markets with surpluses», pointing out that «reviving production is not a complicated matter in the event.

Provides the necessary management with this developmental approach that serves the country and changes the shape of the national economy and moves it to a better stage.

International experiences

Hendas added, “The investment can come with advanced technology that reduces time and effort in order to promote production and bring it to global levels, and here it is possible to benefit from the successful international experiences that have a positive impact on the global level.”

Big companies

In turn, a member of the Iraqi Federation of Industries, Abdul-Hasan Al-Shammari, said: “Iraq has a promising industrial sector that needs attention, and that more than 40,000 factories are out of service, and there are factories that operate at half their production capacity, and sometimes less than this percentage.”

He pointed out that “investment and partnership with the international effort can move the country to the stage of actual qualitative production, especially that the major international companies realize the importance of the Iraqi economy and the country’s location, which can be a global industrial center that supplies the country with funds that achieve a true multiplicity of resources and distancing the national economy from Oil rents. ”

Financial allocations

To that, a member of the Parliamentary Economic and Investment Committee, Nada Shaker said, “The financial allocations that were included in the draft budget for 2021 in order to raise the level of industry and agriculture below the level of ambition, because the advancement of these two fields needs a revolution Real ».

Jawdat indicated that “the local product in terms of quality is much better than imported goods, but it lacks support and protection,” indicating that “supporting the local industry will contribute to reducing unemployment rates significantly, as well as controlling the prices of locally made materials and goods.” LINK

Public-Private Partnership Saves The Economy

Wednesday 10 February 2021   61   Baghdad: Morning   The former director general of the Oil Marketing Company, Dr. Falah Al-Amiri, confirmed that «the partnership between the public and private sectors is necessary during the current period to advance the reality of the country Economic ».

He added, “This detailed partnership needs new legislation, procedures and practices, and the rehabilitation of the Iraq Fund for Foreign Development, which takes it upon itself to localize local investments and prevent their escape abroad and to attract foreign investment.”

He pointed out that “achieving the development goal of the partnership needs to accelerate the building of the infrastructure for the e-government to rehabilitate companies and departments to eliminate red tape and corruption, and to establish safe investment industrial zones to create an encouraging and supportive investment climate for the existence of major industries.”   LINK

Sentencing To Prison Sentences For Managers Of The Two Agricultural Banks, Tikrit, And Other Employees

Pratha News Agency39 2021-02-10   Today, Wednesday, the Central Anti-Corruption Criminal Court in the Presidency of the Baghdad Al-Karkh Federal Court of Appeal has issued the director of the Iraqi Agricultural Bank, the Director of the Agricultural Bank in Tikrit and four other employees a six-year prison sentence against each of them for a crime that they receive sums of money in exchange for conducting loan transactions for citizens .

The Media Center, a statement said, “Based on the investigations of the Anti-Corruption and Important Crimes Committee, the Central Anti-Corruption Criminal Court considered a case against the Director of the Iraqi Agricultural Bank and sentenced him to six years imprisonment for the crime of taking (bribery) in return for proceeding with loan transactions for citizens.”

The statement added, “A second sentence of six years imprisonment was issued against the director of the Agricultural Bank in Tikrit for the crime of consuming money as a bribe.”

He pointed out that “the same court considered the lawsuits of four employees working in the Iraqi Agricultural Center and issued a ruling against each of them to six years in prison for the crime of taking sums of money in exchange for going through loan transactions for citizens,” noting that “the judgments against the convicts were issued in accordance with the provisions of Resolution 160 / Second.” 1/1 of 1983

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