BondLady’s Corner

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Iraqi News Thursday AM 2-18-21

TLM724 Administrator BondLady’s Corner

The Kurdish Delegation Reveals The Latest Results Of Its Negotiations With Baghdad On The Budget

Time: 02/18/2021 10:33:30 Read: 4,043 times   {Baghdad: Al Furat News} A senior Kurdish official revealed signs of approaching and agreeing with Baghdad regarding the Kurdistan region’s share in the federal financial budget for 2021.  Samir Hawrami, a spokesman for the deputy head of the regional government and head of the Kurdish negotiating delegation, Qubad Taliban, said in a press statement, that “there are signs of approaching a compromise formula close to the text of the draft budget law that was agreed upon between the regional government and the federal government.”

And, and that Talabani “continues in meetings and consultative meetings with political blocs and personalities to reach a consensus formula that satisfies all parties, according to the constitutional requirements.”

A source familiar with the negotiations’ progress said that there is an understanding “of the region’s commitment to deliver 250,000 barrels of oil per day at the price of the Federal National Oil Company (SOMO), provided that the regional government will market it, in addition to 50 percent of the imports of the border crossings.”

The source pointed out, “There are political parties working to delay and procrastinate in reaching an agreement, with the aim of sending the draft law to the House of Representatives without prior agreement, and this is discussed in the parliament session and turning the issue into a political bid and an electoral winning card,” he said.

It is noteworthy that the Parliamentary Finance Committee prefers to submit the budget bill to a vote in Parliament, next week.

The committee reduced the size of the budget from 164 trillion dinars to about 127.5 trillion dinars, and raised the estimated price for a barrel of oil from 42 to 45 dollars a barrel.

Article {11 – first} of the draft budget stipulates the settlement of receivables between the federal government and the Kurdistan Region for the years 2004 through 2020, after the Federal Office of Financial Supervision, in coordination with the Kurdistan Regional Office of Financial Supervision, audited them.

Also, starting from the year 2021, the Federal Ministry of Finance will download the debt installments owed by the Kurdistan Region granted to it by the Iraqi Commercial Bank and schedule it over ten years. Article {11 – second} of the draft law obliges the Kurdistan Regional Government to deliver 250 thousand barrels of crude oil per day of oil The crude produced from its fields, and that the oil and non-oil revenues are delivered to the state treasury exclusively.   LINK

Advisor To The Prime Minister: The Ministry Of Finance Will Make A Change To The 2021 Budget

Political| 05:24 – 18/02/2021  Baghdad – Mawazine News, Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, revealed, on Thursday, that the Ministry of Finance will make changes to the 2021 General Budget Law

. Saleh said, “The Ministry of Finance will make the required amendments and it is responsible for preparing the budget under the Financial Management Law before presenting the amendments.” The cabinet must approve and submit it to the parliament. ”

He added that “Iraq received strong support in the face of its double economic crisis (health and financial) from the Financial Alliance Group following the success of Iraqi diplomacy in continuing its dialogues with international institutions.”

He pointed out, “the formation of the Supreme Committee for Reform as (the central executive force) to manage economic reform and rehabilitation of the national economy with a unified vision and road milestones that seek its goals and according to the principles of the White Paper itself.”

He explained that “the white paper came from the beginning as central principles of reform and its application must bring about a change in the paths of the national economy and its transformation from (recurrent economic crises and stagnation economy) to (a stable and sustainable development economy).

And he indicated that “the international financial and economic community itself has begun to consider issues of promoting productive and investment activity and stabilizing sustainable development goals that deserve support from its multilateral institutions such as the World Bank and others and many United Nations development agencies.”

He pointed out that “the establishment of a central national reference and implementation of economic reform will inevitably allow a positive deal with the international community in attributing development, economic progress and stability in Iraq.”

Earlier, cabinet spokesman Hassan Nazim announced the formation of a committee in the cabinet to study amendments to the federal budget for 2021.    https://www.mawazin.net/Details.aspx?jimare=142287

Significant Decline In The Central Bank’s Sales Of Hard Currency

Economie| 11:33 – 18/02/2021   BAGHDAD – Mawazine News  The Central Bank of Iraq sales of hard currency fell, on Thursday, to more than $ 40 million only.

According to the daily bulletin of the auction of selling and buying foreign currencies today, the Central Bank recorded a decrease of 25.6 percent, bringing sales to 40 million and 675 thousand dollars, covered by the bank at a basic exchange rate of 1460 dinars per dollar.

The purchases amounting to 40 million and 475 thousand dollars went to strengthen the assets abroad in the form of transfers and appropriations, while the rest of 200 thousand dollars was in cash.

Eleven banks responded to requests to enhance assets abroad, while two banks met the requests in cash.

It is noteworthy that the Central Bank’s sales of hard currency yesterday, Wednesday, amounted to 54 million and 668 thousand and 275 dollars.    https://www.mawazin.net/Details.aspx?jimare=142237

The Dollar Stabilizes In Iraq Today

Time: 02/18/2021 10:47:35 Read: 5,837 times   {Baghdad: Al Furat News} The exchange rate of the dollar stabilized in Iraq today, Thursday.

The exchange rate in Baghdad was 1,461 dinars, or 146 thousand and 100 dinars for one hundred dollars, which is the same as yesterday. In Basra Governorate, the dollar rose to 1,462 dinars, or 146,200 dinars.

In Erbil, the dollar’s record decreased slightly from yesterday’s, reaching 1,462 dinars, or 146,200 dinars.

https://alforatnews.com/news/%D8%A7%D9%84%D8%AF%D9%88%D9%84%D8%A7%D8%B1-%D9%8A%D8%B3%D8%A7%D9%82-%D8%A7%D9%84%D9%8A%D9%88%D9%85

Salih To The US Ambassador: The Need Not To Involve Iraq In The Conflicts Of Others

Time: 02/18/2021 14:46:37 Read: 1,573 times   {Baghdad: Al Furat News} The President of the Republic, Barham Salih, discussed today, Thursday, in the Baghdad Palace, the US ambassador to Iraq, Matthew Toller, the close bilateral relations and various aspects of joint cooperation between the two countries, and ways to develop cooperation horizons in the context of the strategic dialogue, reaching a strategic partnership in Various fields serve the mutual interests and bring peace and benefit to the two peoples and the entire region.

According to a presidential statement, the Euphrates News Agency received a copy of it, the President of the Republic stressed the need to continue coordination to combat remnants of terrorism and consolidate the state’s authority to impose law and respect its sovereignty, stressing at the same time the importance of easing tensions in the region and not pushing the country into Other people’s struggles. ”

For his part, the US ambassador reiterated his country ‘s commitment to support security, stability and prosperity of the country and consolidate its sovereignty, and the strengthening of bilateral cooperation in various fields.    LINK

Japan Launches Loans Exceeding $ 50 Million

Thursday February 18, 2021  76  Baghdad: Morning   Japan launched a new package of humanitarian support loans to enhance stability in Iraq, the value of which exceeded 50 million dollars. The Japanese Chargé d’Affairs to Iraq Nakagawa Shaw said to “Al-Sabah”: I am very pleased to announce Japan’s new package of humanitarian support and stability support for Iraq, which amounts to Its value is more than 50 million US dollars, and it reflects the keenness of the Japanese people to always support our friends from the people of Iraq for a long time.

“The subsidy package aims to prevent the spread,” Nakagawa said Covid-19, and to meet the continuing needs of humanitarian assistance after the liberation from (ISIS), and to support Iraq’s efforts to achieve stability in the areas affected by them.

Multiple fields

“Several projects will be implemented on a large scale in various fields, including food security, water and hygiene, health and nutrition, livelihoods, vocational training, rehabilitation and infrastructure construction, through various United Nations agencies, international humanitarian organizations and Japanese NGOs,” he added.

“We believe that Japan’s support will contribute to alleviating the plight of the displaced and Syrian refugees, as well as to facilitate the return of the displaced to the areas liberated from (ISIS).

He pointed out that “Japan has consistently supported many projects since 2014, with a total value of approximately $ 590 million, with our sincere hope to reduce the burden on the Iraqi people, as well as the Japanese government’s signing of 31 loan projects (yen) so far, with a total amount of nearly one billion dollars. US dollars, in addition to providing about 2.2 billion dollars in aid since 2003. ”

Technical cooperation

“In the year 2020, the government of Japan provided $ 9 million for technical cooperation to combat the pandemic, and an additional $ 1.1 million will soon follow,” Nakagawa said.

In a question to “Al-Sabah” about the competent authority that will oversee the delivery of your government’s loan and who will receive it from the Iraqi side, Nakakawa said: “Any loan offered by the government of Japan needs approval (the Cabinet). After that, the loan amount will be disbursed by the Ministry of Finance. Japanese to its Iraqi counterpart, upon an official request from the Government of Iraq, through the Ministry of Planning.

He pointed out, “The necessary coordination with the Ministry of Finance to conduct the necessary technical surveys, which were conducted by the Japanese International Cooperation Agency (JICA), as the Ministry of Foreign Affairs in Tokyo and the headquarters of the Japanese International Cooperation Agency (JICA) negotiate and coordinate with the relevant ministries and authorities in Japan.”

“In the event of approval from the Japanese side, the embassy and the local office of the Japan International Cooperation Agency (JICA) are discussing with the Iraqi authorities to prepare the signature documents for the Japanese,” Nakagawa added.

“At the same time, the Ministry of Foreign Affairs in Tokyo takes the necessary measures to obtain the approval of the Japanese Cabinet. After completing all the necessary procedures to sign with the approval of the Japanese Cabinet, the Iraqi Minister of Finance and the Japanese ambassador sign all relevant documents.

Loans and investment

On Nakagawa’s expectations for the success of the loan in investment, and did previous Japan loans lead to the development of productive sectors in Iraq, and to what extent?

The Japanese Chargé d’Affairs replied that “Japan’s support, including (the yen loan) towards Iraq, is mainly aimed at stability and nation building, energy security, strengthening the trade and investment relationship between the two countries, and we believe that Japan’s loan contributed to the economic development of Iraq.”

“In order to achieve development and diversify industries for the sake of economic growth, Japan has provided assistance, which will contribute directly or indirectly to increasing Iraqi production and export of oil and gas and oil-related products, and help in developing industries that generate job opportunities, as well as helping Japan to strengthen The economic infrastructure and the development of related capabilities, such as electricity, transportation, water and sanitation facilities, etc., along with the improvement and development of human resources in the sectors of environment, health, medical and educational services, which are directly related to people’s lives. Daily ”.

As for whether Japanese companies are implementing some of the allocated loan projects in Iraq, the Japanese Chargé d’Affairs to Iraq has responded since 2003, Japan has completed 31 projects and programs for (yen) loan with a total value of $ 7.7 billion, in which some Japanese companies have implemented or are still implementing, Such as “Basra Refinery Development Project (B)”, “Basra Water Supply Improvement Project” and “MHPS Rehabilitation Project”, etc.

That. Nakakawa expressed his wishes that Japanese companies would participate in more yen loan projects in the future, which might pave the way for Japanese companies to invest in the market.Iraqi ”.   LINK