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More Iraqi News Iraqi News Wednesday PM 3-24-21

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Al-Bawi: The Rise Of The Dollar, Had It Happened In Another Country, Would Have Toppled Large Numbers Of Politicians

08:59 – 24/03/2021  Information / Special …Political analyst Hazem Al-Bawi said, on Wednesday, that the rise in the price of the dollar, if it had occurred in a country other than Iraq, would have toppled all those behind it, politically and electively.

Al-Bawi said in a statement to the information, that “what was revealed by informed sources that the rise in the exchange rate of the dollar has returned to political forces, including the Kurdistan region, in large sums in light of the high oil prices, which represents an increasing pressure on the lives of the people affected by the conditions imposed by the pandemic in a forced manner. And it coincided with unjustified and government-imposed austerity measures.

He added that “the parliamentary blocs and members of the Finance Committee in the House of Representatives and the supervisory authorities to verify the fact that political parties, including Kurdistan, win as a result of the high price of the dollar.”

Al-Bawi pointed to “accurate information confirming that the proportion of Kurdistan from the budget amounting to 13 percent will remain the same, but the region will get additional revenues by increasing the income of the dinar in light of the high dollar.” https://www.almaalomah.com/2021/03/24/526770/

Parliamentary Finance Reveals Problems In Accounts Between Baghdad And Erbil

09:19 – 24/03/2021  The information / Baghdad ..A member of the Parliamentary Finance Committee, Muhammad al-Shabki, revealed that there are problems in the final accounts between Baghdad and Erbil , pointing out that the region has not handed over the center its account from 2004 to 2020.

“The Kurds are pressing for the implementation of the text that came from the government and was placed in the budget, despite the presence of more than one text that can be taken to vote on the budget,” Al-Shabaki said.

He added that “some political blocs supported the proposals of the Finance Committee on the budget in order to solve the dispute with the region, especially Article 11, about which controversy was raised and the budget was delayed because of it.”

“The region has not submitted the final accounts since 2004, and the Office of Financial Supervision in the region must present those accounts from the duty to settle the issue of the region’s dues with the center,” Al-Shabaki explained. End / 25 n    https://www.almaalomah.com/2021/03/24/526772/

Parliamentary Finance: Voting On The Budget Does Not Imply Approval Of The Exchange Rate

10:40 – 24/03/2021  The information / Baghdad ..Today, Wednesday, the Parliamentary Finance Committee announced the main reason for not passing the budget, while it indicated that voting on the budget does not mean approval of the exchange rate.

Committee member Majid Al-Waeli said in a statement reported by the official Iraqi agency and seen by / the information /, that “the Finance Committee completed all the budget items leaving only Article 11 of them.” Oil and non-oil receivables from the Kurdistan government. Therefore, there was a dispute and the budget was not voted on.

Al-Waeli, who is a deputy for Saeron, added that “after the session was adjourned, there was no change or meeting in the budget because the internal system requires that when a committee meeting is held, there must be a quorum of half plus one and the Kurds have celebrations on the occasion of the holidays,” explaining, “We are waiting for a date Saturday session of the committee meeting to reach an agreement between the political blocs to pay the budget for a vote.

He emphasized that “there are many demands by some parliamentarians and blocs, but some of them have been included that do not change the essence of the budget, including adding an article to fix old electricity contracts which are in place and agreed upon, and a slight amendment has also been made to the article that pertains to free lecturers.”

Regarding the exchange rate, Al-Waeli continued, “On the 26th of last November, the Finance Committee issued a letter to the Council of Ministers regarding the handling of the financial crisis, including an article on changing the exchange rate, and confirmed that a number of measures were taken before changing the exchange rate, but the government did not take any action that affected the The Iraqi citizen, especially the poor families, ”indicating that“ the exchange rate decision was issued by the government without referring to the House of Representatives and without its approval and reliance on the Central Bank Law that outlines the monetary policy. ”

He explained, “All parliamentary claims that demand changing the exchange rate are in defense of the citizen, but it is not the prerogative of the House of Representatives, and perhaps some of them for electoral reasons because they are aware that it is not within the powers of the Finance Committee,” noting that “voting on the budget does not mean approving the exchange rate.”   https://www.almaalomah.com/2021/03/24/526784/

Large equipment enters Faw Port project with 200 experts

Economy  Wednesday 24 March 2021 | 10:58 a.m.| Views: 67  The General Company for Iraqi Ports revealed, on Wednesday (March 24, 2021), the imminent arrival of 200 experts, equipment and large laboratories to begin at the Faw port, immediately after the Korean company in charge of “preparatory” work, including surveying the port area of mines and remnants of war to ensure the safety of workers .

At the end of last year, the Ministry of Transport referred the project to implement the Faw port to the Korean company, Daewoo, as a first stage, at a cost of 2 billion and 625 thousand dollars, which includes building five berths out of a total of 90 berths, and constructing a container yard and a shipping channel with a length of 12 km and another outside the port basin with a length of 13 km. A 63 km highway linking Al-Faw and Umm Qasr with the construction of the Khor Al-Zubair Canal .

The director of the General Company for Iraq Ports affiliated to the Ministry of Transport, Farhan Muhaisin Al-Fartousi, told the official Al-Sabah newspaper, “The Korean Daewoo Company has invited 200 experts to contribute to the completion of the Faw port, with the arrival of large equipment, including a gigantic hammer to hammer the pillars to the docks, as well as the contract to buy Laboratories for the completion of projects entrusted to the company that will implement it reliably .

He added, “A little while ago, the Korean company started a number of preparations for more than one project, including the process of surveying the port from mines and war fuses to preserve the safety of workers. It has brought in a number of specialized companies to detect and remove them, in addition to starting a survey of the bottom of the Khor Al-Zubair Canal to start work.

The tunnel linking the east and west bank of the highway linking the port of Al-Faw – Umm Qasr, with the start of the survey process for the navigation channel .

Al-Fartousi indicated that “the port will witness a large and gigantic movement at work if the budget and financial allocations for the project are launched .”

It is noteworthy that the cost of the project amounts to about 4.6 billion euros, and the capacity of the planned port, according to the designs developed by an Italian consulting company, is estimated at 99 million tons annually, to be one of the largest ports overlooking the Arabian Gulf and the tenth in the world .

Al-Fartousi added, “The workers in the Faw Port project are from the Italian company, Technial, which is a consulting company that works in its capacity as the resident engineer on the project, as well as experts and engineers from the Korean Daewoo company and cooperates with the engineering and technical staff at the Faw Grand Port Authority of the Ports Company .”

He pointed out that “there are 85 berths remaining within the port, which will be presented during the coming period as investment opportunities or referred to joint operation in order to achieve greater benefit to the project in terms of financial revenues .”

Al-Fartousi said, “There are other contracts for the Faw port that were referred two years ago and have reached advanced completion rates, including the rock payment contracts, whose completion rate reached 55 percent, and the entrance to the Faw port, which reached a completion rate of 45 percent, as well as the manufacturing yard of the Al-Khor Canal tunnel, which His achievement rate has reached 43 percent . ”

He explained that “the international road to the port consists of two projects, one of them exits from Al-Faw port towards the Khor Al-Zubair tunnel and extends to Safwan area outside the borders of Basra, and work is underway by casting concrete molds that are erected at the tunnel site at the end of this year, and the other starts from Al-Faw port, passing through the tunnel towards Umm Qasr is linked to the international highway towards Baghdad, and this is where the war remnants survey is conducted . ”

https://aynaliraqnews.com/index.php?aa=news&id22=145389

Al-Baiji: Raising The Exchange Rate Of The Dollar Is A Devastation For The Poor And A Bloodsucking Of The Iraqi People That Cannot Be Accepted

Wednesday 24, March 2021 13:28 | Economical Views: 330  Baghdad / NINA / The independent representative, Mansour Al-Baiji, called on all honorable representatives to take a serious stand in order to return the dollar exchange rate to its previous price, as it had harmed a large segment of the Iraqi people who had endured very great woes and woes and raised the exchange rate of the dollar, which destroyed them and their unspeakable suffering.

He said in a press statement that “the Iraqi markets have been burned by the rise in prices due to the increase in the price of the dollar and the harm of the Iraqi people. This rise included all goods without exception, not to mention the rise of medicines, so where does the poor who do not have daily food go, so there must be a serious and supervised stop by the honorable representatives.

Their oppressed people throughout the previous years and to the present day by returning the exchange rate of the dollar to 119 thousand dinars against 100 dollars. ”

He added: If the government insists on keeping the exchange rate of the dollar at what it is, then it must take quick measures, including raising the salaries of state employees, especially the low salaries and the salaries of the protection network, in line with the current situation and controlling the markets, and that the spectator does not stop watching what is happening in the markets of an unexplained rise in the materials. Food.

“We will have a serious pause to return the dollar exchange rate to its old price, and we will not accept otherwise, and we will not compromise at the expense of the sons of our oppressed people who have suffered and endured a lot, and everyone who tries to mix the papers by raising the exchange rate of the dollar against its own factional interests, we will stand against it, and we will not,” Al-Baiji explained.

We allow the situation to continue as it is, and our word inside the parliament will be to return the exchange rate of the dollar to its old price, and we will not accept what is happening to our people by any party that advances its interest in the interest of our wounded people.   https://ninanews.com/Website/News/Details?Key=895100

The Minister Of Planning Arrives In Amman At The Head Of A High-Ranking Ministerial Delegation

Money  and business   Economy News _ Baghdad Planning Minister Khaled Battal Al-Najm arrived in the Jordanian capital, Amman, at the head of a high-ranking ministerial delegation.

The ministry spokesman Abdul Zahra al – Hindawi said in a statement received by Economy News “,” Planning Minister, Khaled Battal star, arrived in the Hashemite Kingdom of Jordan, a rampart ministerial delegation high – level, on an official two – day visit. ”

He added,” The visit comes at the invitation Official directed by the Jordanian side, “explaining,” The agenda will include following up on the projects emanating from the (Iraqi-Jordanian-Egyptian) Coordination Council, setting up appropriate mechanisms for their implementation, and holding a series of meetings and meetings with the Jordanian side, within the framework of developing bilateral relations and strengthening Joint cooperation in all fields. ”

He pointed out that “the delegation includes in its membership the ministers of housing, reconstruction, municipalities, transportation, electricity, industry and minerals, as well as the Secretary General of the Council of Ministers, and a number of general managers and advisors.

Number of observations 215 Date of addendum 3/24/2021

https://economy-news.net/content.php?id=24580

Parliamentary Finance To «Economy News»: The Retirement Fund Is Facing Bankruptcy

MP Haitham Al-Jubouri  Money  and business  Economy News – Baghdad  The head of the Parliament’s Finance Committee, Haitham al-Jubouri, announced that the retirement fund is destined for bankruptcy due to government policies.

Al-Jubouri told Al-Iqtisad News, “The Iraqi government pays annually from the state treasury for the transitional justice laws represented by the salaries of victims of terrorism, political prisoners, Rafha and others, 20 trillion dinars,” adding that the pension fund takes retirement pensions estimated at 10% of the salaries of employees and 15% Paid by the Ministry of Finance. ”

He stressed that the pension fund is currently paying 23% more money than its revenues, which means that the retirement fund will go bankrupt completely within 4 years, indicating that this bankruptcy is due to the laws that were issued and the increase in the minimum wage and others.

Number of observations 445 Date of addition 3/24/2021

https://economy-news.net/content.php?id=24581

The Stock Exchange Will Rise Again In The Session On Wednesday

Iraq Stock Exchange  Market  Economy News – Baghdad  The index of the Iraq Stock Exchange (the Stock Exchange) rose, on Wednesday, by 0.08%.   During the meeting, 3.8 billion shares were traded, worth 1.3 billion dinars.

The Al-Khair Financial Investment Company also topped the winning companies, while the Al-Amin Real Estate Company topped the losing companies.

In turn, foreign investors sold 193 million shares, worth 86 million dinars, after executing 27 deals on shares of 5 companies.  Number of observations 78 Date of addendum 03/24/2021

https://economy-news.net/content.php?id=24583

An International Agency That Adjusts The Credit Rating Of Iraq To Stable

Economie| 02:36 – 24/03/2021  Follow-up – Mawazine News,  the international credit rating agency (Fitch), amended, on Wednesday, the outlook for Iraq to stable, confirming its rating at (B).

The agency, headquartered in New York and London, said in a report seen by Mawazine News that it had “adjusted the outlook for Iraq to stable from negative, but political economy dynamics still hinder policymaking.”

It indicated that “although the devaluation of the Iraqi dinar by 18.5% and the government’s approval of the white paper on financial and economic reforms, some possibilities indicate that measures will be taken to put the financial affairs of Iraq on a more sustainable basis.”

The agency added that “Iraq’s classification is restricted by reliance on basic commodities, weak governance, high political risks, and an underdeveloped banking sector, while the rating is supported by high foreign currency reserves and low interest costs on government debt.”

The agency forecast a budget deficit “equal to about 5% of GDP in 2021, shrinking from an estimated 16.5% of GDP in 2020 due to high oil prices and devaluation of the currency, which will boost the local currency’s value for oil exports by 5%.” Of gross domestic product, “with the rest of the variables held constant.

“There is a great deal of uncertainty in the projections because the 2021 budget has not been finalized, amid widely differing proposals. In 2022, we expect a similar deficit, as higher oil exports compensated for lower oil prices, while spending increased only marginally.” After strong growth in 2021. ”

It pointed out that “oil export revenues will grow by 75% in 2021, based on an improvement of 42% in the price of Iraqi oil to $ 55 per barrel (Brent crude at $ 58 per barrel), the devaluation of the currency and a slight increase in the volume of exports.”

It noted that “non-oil revenues are likely to increase, but they do not meet the budget proposals, which included progressive reform of the payroll tax, a 10% flat tax on pensions, and a new sales tax on alcohol, tobacco and auto sales.”

The agency indicated that “government debt / GDP increased to 87% in 2020 from 48.5% in 2019, driven by the budget deficit, and a 25% decrease in nominal GDP and currency depreciation, which added nearly 10 points in the ratio.” Government debt / GDP. ”

This includes foreign currency debt an estimated $ 40 billion in old debt arising from the 1980s, for which Iraq faces no pressure to service after the 2004 Paris Club agreement, and excluding this debt, total government debt / GDP was around 60% at the end. – 2020. ‘Ended 29 /

https://www.mawazin.net/Details.aspx?jimare=146821

Has Washington Decided To Zero In The Problems Of Iraq?

Political| 03:42 – 24/03/2021  Follow-up – Mawazine News  The US ambassador in Baghdad, Matthew Tueller, spoke yesterday, Tuesday, about the strategy of US President Joe Biden in Iraq, while noting that the economy is a priority.

The US ambassador said, “We will continue to be the steadfast partner on which Iraq relies in combating corruption, economic reform and improving relations with neighboring countries.”

So is Biden’s strategy in Iraq more clear?

The director of the Political Decision Center, Haider Al-Mousawi, says, according to Russian Sputnik: “The statements of the American ambassador to Iraq cannot be relied upon, as the situation in Iraq is very complicated, as it falls within the scope of the axes conflict, and there may be secret negotiations between Washington and Tehran. There is a targeting of US interests at the present time. ”

Al-Mousawi continued by saying: “The US strategy differs today from what it was in the time of Trump, as Biden tends toward appeasement and wants to return stability to the region, for the sake of American interests and influence in the Middle East. The United States is suffering from economic problems and a decline in its power.”

He added, “Iraq wants to open up to China, in the presence of the Silk Road and the port of Faw, but the competition between China and the United States stands as a stumbling block in front of any economic strategy in Iraq, as Adel Abdul Mahdi’s going to China was the beginning of the problem with Washington.” / Https://www.mawazin.net/Details.aspx?jimare=146836

The White House: Washington And Baghdad Will Hold A Strategic Dialogue In April

Pratha News Agency114 2021-03-24  The White House announced that the US authorities and their Iraqi counterparts will hold a strategic dialogue next April.

The White House stated that “the meetings will clarify that the international coalition forces are in Iraq to train and provide advice to the Iraqi forces, so that the terrorist organization ISIS does not regroup.”

http://burathanews.com/arabic/news/388990

With An American Mandate .. Iraq Agrees To Drill 96 Oil Wells

Time: 03/24/2021 00:17:35 Read: 7,423 times   {Economist: Al Furat News} The Iraqi Council of Ministers agreed, on Tuesday, to refer a tender to dig a large number of oil wells to an American company.

According to the Media Office of the Council of Ministers, in a statement that the Council “approved the approval of the recommendation of the Ministerial Council for Energy (33 for the year 2021), which includes the approval of the award of the tender contract (WQ0691), the drilling of 96 wells in a turnkey method, Basra Oil Company / ExxonMobil, In the custody of the American company (Schlumberger).

He pointed out that the value of the tender was “in a total amount of 480 million 566 thousand and 597 dollars, which is {14.4%} less than the estimated cost of 5 billion and 616 million dollars, which is within the percentage permitted in the instructions.”

And the Council of Ministers decided, “The Ministry of Oil bears the technical and financial aspects and the extent to which the contract amount is proportional to the tender, as far as it is related to financial viability.”

And Iraq, the second largest producer of crude oil in the Organization of the Petroleum Exporting Countries (OPEC) after Saudi Arabia, with an average production of 4.6 million barrels per day in normal conditions, and depends on oil revenues to finance up to 90 percent of state expenditures.   LINK

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