BondLady’s Corner

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More Iraqi News Wednesday PM 3-31-21

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Finance Minister: The Change In The Dollar’s Exchange Will Continue For A Long Time, And This Is His Expectation Of The Flotation

Time: 03/31/2021 10:07:48 Read: 9,490 times  {Economist: Al Furat News} The Minister of Finance, Ali Allawi, said that the change of the dollar’s exchange rate will continue for a long time.

On the recent devaluation of the Iraqi dinar by the government and the Central Bank, Allawi said in a press statement that “negative expectations on commodity price levels were expected and what happened came less than expected, but it was a necessary step for years due to its importance in structuring the economy and reducing the bill to support the dinar,” He explained, “The negative effects of the devaluation gradually fade away.”

He added, “The current price of the Iraqi currency against the US dollar after reducing its value will continue for a long time, and a full float may occur in the future, but the central bank will now work to maintain the current exchange rate level for as long as possible.”

It is noteworthy that the exchange rates of the US dollar in exchange offices and local markets in the capital, Baghdad, reach 1435 dinars for purchase, and 1445 dinars for sale.

It is noteworthy that the Central Bank of Iraq decided on 19 December to amend the exchange rate of the dollar as follows:

1450 dinars per dollar is the purchase price of foreign currency from the Ministry of Finance.

1460 dinars per dollar the selling price of foreign currency to banks.

1470 dinars per dollar is the selling price of foreign currency to the public.

It is noteworthy that Prime Minister Mustafa Al-Kazemi said during the cabinet session held today, Tuesday, “We hope to stay away from auctions in the issue of the dollar exchange rate, as the decision was taken by the Central Bank according to a targeted vision and strategy, and we began to see the results on the growth of the cash reserve, and on the classification of Iraq. Credit internationally. ”

He added, “We look forward to speeding up the passage of the federal budget law, and the paragraphs it contains that address the needs of the poorest classes, and support service projects that affect the lives of citizens.”   LINK

Economic Workshop On The Role Of Disclosure And Transparency In Attracting Investment

Wednesday 31st March 2021  97   Baghdad: Hussein Thahab, the Government Foundation for Directors of Iraq (LOD), organized an economic workshop that dealt with the role of transparency and governance in attracting investments to the country, at a time in Iraq with the urgent need to enhance confidence between investors and the local market.

Director of the Administration of Government Corporation for Managers, Sazan Emad said: “The workshop topic related to transparency and disclosure is the most important axes for attracting investments, especially in the stock market that relies in its main axes on what shareholding companies believe in disclosure and transparency, which is part of the governance standards. Adopting the disclosure to consolidate confidence with investors and attract investments that reinforce the reality of the labor market.

Revive the economy

She pointed out that “the institution is a member of the World Bank Group, and adopted this issue with the aim of working towards reviving the national economy. The workshop also included clarification of the reality of disclosure and any matters that must be disclosed, especially since some information should not be presented and related to business secrets.”

Clear data

International expert and lecturer Rohat Zadeh said: “The issue of transparency and governance is one of the most important factors in attracting investments to the country, as investors search for clear and accurate data on companies so that they can make an investment decision or not,” noting that “confidential information cannot be disclosed,” This is to preserve the steps of success, but disclosure is about the quality of the product, whether it is goods or services, and the guarantee for it.

Saved money

He added, “The reality of investment was discussed according to the available capital or expansion of capital through partnership or loans, as it is possible to combine the owner of the capital and the owner of the idea,” noting that “the saved funds harm the economy of any country.”

He cautioned that “the advancement of capital markets is a necessity, as it strengthens confidence between the investor and the market and attracts investments that serve the economy.”  LINK

Expectations To Postpone The Population Census To The End Of 2022

Wednesday 31st March 2021  175  Baghdad: Omar Abdul Latif  The Higher Authority for the General Population and Housing Census revealed that the sums allocated to implement the population census represent half of the amount required to conduct it, and while it expected that the economic and health circumstances would contribute to postponing the census to next year, it confirmed the existence of about 5 proposals to conduct it in the disputed areas.

A member of the census operations room, Sirwan Muhammad, head of the Kurdistan Regional Statistics Authority, told Al-Sabah: “The census is a complicated matter due to the economic and health conditions in the country,” indicating that “the amount allocated for preparations within this year’s budget amounted to 60 billion dinars, and this amount represents half The required amount of 120 billion dinars.

He added, “The preparations in the region and Baghdad are still rather simple, and cannot be carried out during this year,” noting that “the final version of the form has not yet been presented to the High Commission for the Census, but there is an agreement in principle to approve the formula. The final results of it, ”he ruled out“ the existence of any problems that this form might cause. ”  LINK

Great Desire To Activate Joint Agreements

Wednesday 31st March 2021  165  Baghdad: Farah Al-Khafaf  The General Secretariat of the Council of Ministers confirmed that there is a great desire among the governments of Iraq, Jordan and Egypt to activate joint agreements between the three countries. The secretariat’s assurances came before the historic tripartite summit in Baghdad between Prime Minister Mustafa Al-Kazemi, Jordanian King Abdullah II and Egyptian President Abdel Fattah Al-Sisi. The spokesman for the General Secretariat of the Council of Ministers, Haider Majeed, said in a special statement to Al-Sabah:

“After the tripartite summit that was held In Jordan last year, and based on this summit and its outcomes, Iraq established the Iraqi-Jordanian-Egyptian Coordinating Council, and there were several meetings between delegations and reciprocal visits, either in attendance or via closed-circuit television, and a number of joint memoranda of understanding were signed, in several areas, including Energy, industry, trade, agriculture and health. ”

He pointed out that “an Iraqi delegation visited Cairo last December, while another delegation visited Amman last week.

Residential complexes

Regarding the next step, Majeed explained that “preparations are continuing to activate these agreements on the ground, and there is a common desire among the three governments to activate these agreements and accelerate them, especially in the housing sector in which the activation of the construction of residential complexes was discussed, especially the stalled ones and whose completion rates vary. Between 70 to 80 percent and above. ”

The foreign ministers of Iraq, Jordan and Egypt, after their meeting in Baghdad yesterday, confirmed their aspiration to hold the tripartite summit in Baghdad as soon as possible.

The nature of the agreements

Majeed added, “At the present time, there is an agreement with the Egyptian Ministry of Reconstruction, specifically with the Egyptian government companies, to implement housing complexes, infrastructure, roads and bridges projects in Baghdad and the governorates and to complete work on them,” noting that “these projects will provide job opportunities, especially since we have many competencies.”

And the workforce will be present at work, and this is the nature of agreements and memoranda of understanding in force in all countries of the world in bringing in investment companies, especially since there are many projects that are stalled and lagging for financial reasons, in addition to the fact that last year’s budget was not approved, and now we need to turn the wheel of reconstruction and development

Pharmaceutical industries

A spokesman for the General Secretariat revealed, “There are agreements in the field of health with Jordan related to the exchange of expertise, pharmaceutical industries, and academic fellowships, and the recruitment of doctors to perform surgical operations, as well as the establishment of a joint industrial city,” noting that “many sectors were included in the agreements between the three countries.”

Regarding the reconstruction file, Majeed also confirmed that “the government and the Supreme Committee for Services and Reconstruction have followed up on many projects during the past few years, and many of these projects, which have been stalled since 2008, have been moved, especially in Dhi Qar Governorate, as three projects have been launched:”

Rehabilitation of a bridge The victory, the rehabilitation and cladding of the Al-Badir Al-Fajr road called (Death Road), in addition to the reform water project, which has reached nearly 98 percent completion and will soon open, as well as the near opening of a vital concrete bridge and the Turkish hospital, which has been suspended for many years.

Administrative city

Meanwhile, economist Saad Zidan praised the agreements signed by Iraq with Jordan and Egypt.

Zidan said: “The time has come to activate it and translate it on the ground, especially with regard to the industrial aspect and the construction of residential complexes,” indicating that “the Egyptian side has succeeded in recent years in the field of reconstruction and housing, and this can be used as the establishment of an administrative city like the one in Cairo.” As well as building complexes, bridges, tunnels, and other projects, while the Jordanian experience can be made use of industrial projects such as medicine or agriculture using modern methods.  LINK

Oil Continues To Rise In Conjunction With The Approaching Meeting Of OPEC Members

Pratha News Agency106 2021-03-31  Oil prices recorded a rise on Wednesday, trimming their evening losses one day before the meeting of OPEC and its allies, as investors bet that producers will largely agree to extend supply restrictions until May.

According to “Reuters”, Brent crude futures rose 24 cents, or 0.37 percent, to 64.41 dollars a barrel at 05:25 GMT, after falling 1.3 percent on Tuesday.

US West Texas Intermediate crude futures jumped 29 cents, or 0.48 percent, to $ 60.84 a barrel, after falling 1.6 percent in the previous session.

The Organization of the Petroleum Exporting Countries and its allies, called OPEC +, are scheduled to meet on Thursday, after a month in which oil prices plummeted due to concerns about the extended epidemic lockdown in Europe, the slowdown in vaccine deployment, and the rise in coronavirus cases in India and Brazil, against optimism. About growing growth in the United States.

OPEC + surprised the market last month by agreeing to extend supply restrictions, with small exceptions to Russia and Kazakhstan, at a time when fuel demand appeared to be recovering.

Under the current restrictions, OPEC and non-OPEC producers led by Russia have cut just over seven million barrels per day, while Saudi Arabia made an additional voluntary cut of one million barrels per day.

Investors are betting that producers will largely agree to an extension of supply curbs until May, including voluntary cuts to boost prices.

America Extends Iraq’s Exemption From Sanctions On Iran For Its Energy Imports

Time: 03/31/2021 15:03:31 Read: 1,950 times   {International: Al Furat News} The United States agreed to extend Iraq’s exemption from sanctions on Iran for its energy imports, for a period of 4 months.

This is the first exemption given under the Biden administration and for the longest period permitted by law, and it comes days before a “strategic dialogue” between the two countries.

It is clear that Joe Biden’s administration wants to extend a hand to the Iraqi government through this step, before a new “strategic dialogue” that is supposed to start on April 7,

Baghdad is facing points of contention with Tehran, which is demanding it pay more than 6 billion dollars, namely Bills owed by the Iraqi Ministry of Electricity, as US sanctions prevent Iran from paying any dollar amount to it.

But Western sources say that Iraqi officials were given a green light from the United States to release the money owed to Iran in exchange for gas imports, amounting to two billion dollars, through a Swiss bank account.   LINK

Integrity: 15 Years Imprisonment For The Former Director Of The Agricultural Bank In Maysan

Wednesday 31, March 2021 12:24 | Economical Views: 97  Baghdad / NINA / The Federal Integrity Commission announced the issuance of a 15-year prison sentence for the former director of the Agricultural Bank – Al-Amara Branch on charges of embezzlement, explaining that the ruling included obligating the convict to return the embezzled amount.

The department stated in a statement: “The Maysan Criminal Court / First Authority issued a ruling against the former director of the Agricultural Cooperative Bank – Al-Amara Branch, who sentenced him to 15 years imprisonment, pointing out that the ruling also included obligating the convict to return the misappropriated sum of (1,050) .000.000) dinars.

She continued: ” the decision of the judgment in accordance with the provisions of Article 316 of the Penal Code, came against the backdrop of a

dispute and exchange law loans without the knowledge and consent of the borrowers, confirming the disposal of the convicted amounts other than the law and instructions.”

She added that the court, after reviewing the evidence obtained in the case and the statements of the witnesses and the legal representative of the Agricultural Bank, reached full conviction of the convict’s negligence, and decided to sentence him to 15 years imprisonment and return the embezzled sum in solidarity with other defendants that separated their cases According to the provisions of the ruling article. ”

The authority had announced, in mid-December, the issuance of four imprisonment decisions for the former director of the Agricultural Cooperative Bank – Maysan Branch, totaling 12 years, on the grounds of disbursing loans in contravention of the law. / End 8

An Economist For NINA: The Silk Road And Al-Faw Port Constitute Iraq’s Economic Gateway To Attract Investment

Wednesday 31, March 2021 09:03 | Economical Views: 85  Baquba / NINA / Economic expert Jamal Shaker confirmed that the Silk Road and the large port of Faw constitute the economic gateway to Iraq to attract foreign investment.

He told the correspondent of the Iraqi National News Agency ( NINA ) today that the Silk Road is an investment opportunity for Iraq, but the narrow interests of the parties and their regional ties played a role in obstructing the implementation of the project, which will give Iraq a regional and Arab role, but some leaders influencing the political decision play a negative role in developing the trade horizon. And the exploitation of Iraq’s strategic location.

He added that the Silk Road project remains subject to political will despite regional and international pressures, including America, which is trying to expel the Chinese giant from Iraq and play a vital role in Iraq’s economy, especially oil interests. And Iran and Iraq, reaching the Gulf countries and Europe, where the industrialized countries will want to obtain lands inside Iraq in order to establish their projects and factories with the aim of exporting their goods to other countries through the Silk Road and the Faw port.

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