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More Iraqi News Wednesday PM 4-7-21

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Economic Committee: The Decisions To Open Imports Confirm The Error Of The Decision To Raise The Price Of The Dollar

Economie| 01:50 – 07/04/2021  BAGHDAD – Mawazine News  The Parliamentary Economy and Investment Committee promised, on Wednesday, that the National Security Council issued a decision to open the import of tomatoes and poultry factories to fill the shortfall in local production, confirming that the decision to raise the price of the dollar was hasty.

A member of the committee, Mazen Al-Faily said: “This is what we previously warned against and indicated that the exchange rate decision is not for the sake of supporting the national industry and favoring the competition between the national product and the imported product in favor of the national product. This means the high value of its import on the consumer due to the high exchange rate of the dollar, so how about the rest of the industries that depend on raw materials and production lines that are imported from outside Iraq.

Al-Faily added: “Less than a week after the parliament voted to fix the exchange rate (1450) dinars per dollar, the errors of this decision and its direct harm to citizens, whether they were workers in the agricultural and industrial sectors or were consumers, became apparent, which clearly indicates what we stated three years ago. Months of the dollar exchange rate decision was not considered and hasty and did not provide the introductions and requirements for revitalizing the industrial sector and increasing the chances of competing the national product with the importer. ”

And he added: “Knowing that one of the clearest ways to support the local product is to stop the foreign importer who is similar to it, and not to open the doors of the outlets in front of importing the foreign product.”

He continued: “For all the above, we demand the government to quickly reverse this wrong decision and restore the dollar’sexchange rate to what it was previously in order to spare the citizens more suffering and economic distress that will negatively affect the country’s political and economic stability, with an emphasis on the need to monitor the currency auction and adopt mechanisms and procedures. Control blocks the path of parasitic banks that in their previous history have been unable to deplete hard currency without presenting any significant economic or development activity. “Ended 29 / A 43

https://www.mawazin.net/Details.aspx?jimare=148720

Iraq Maintains Its World Ranking With The Largest Gold Reserves

Economie| 01:01 – 07/04/2021   Follow-up – Mawazine News  Iraq maintained its global ranking, with the largest reserves of the precious yellow metal, according to the World Gold Council.

The council said, in its latest schedule for April 2021, today, Wednesday, and seen by Mawazine News / that “Iraq has maintained the 38th position in the world with the largest reserves of gold in the world,” indicating that “it came in fifth place in the Arab world with 96.3 tons, which represents 8.9 Percent of the rest of the other reserves. ”

The council stated that “the possession of the central banks of the 100 countries listed in the table amounted to 35,218 thousand tons,” noting that “the United States of America has maintained its first place with the largest gold reserves at 8,133 thousand tons, followed by Germany with 3,362 thousand tons, while the list of Yemen is at the bottom of 1.6 tons.  https://www.mawazin.net/Details.aspx?jimare=148713

Dollar Exchange Rates In The Local Market Today  

Market  Economy News _ Baghdad  “Economy News” publishes a list of exchange rates for one dollar in local markets on Wednesday.  The price of the dollar against the Iraqi dinar Prices of the exchange offices:  the selling price of the dollar is 147,500,  the purchase price of the dollar is 146,500  Number of observations 38 Date of addition 04/07/2021    https://economy-news.net/content.php?id=24755

The Central Bank Launches New Community Contributions With The Participation Of The Private Banking Sector

Side of the meeting

Banks  Economy News – Baghdad  The Central Bank of Iraq announced, on Wednesday, that it had held a meeting with the private banking sector, in the presence of the Mayor of Baghdad, Alaa Maan.

In a statement received by Al-Iqtisad News, the Central Bank said that his governor, Mustafa Ghaleb, confirmed, “during his speech at the meeting, that the private banking sector has an honorable role in supporting societal initiatives, especially in the current economic situation in the country and the world.”

He added, “The Central Bank has taken upon itself, in community initiatives, matters of interest to support culture, empower women, provide job opportunities for young people, and rebuild monuments, buildings and heritage monuments of interest to the community in a way that revives the heritage of our country. Private banks have responded greatly to these pioneering trends.”

According to the statement, Ghalib said, “The bank is seeking, in its new initiative, to rebuild Al-Mutanabi Street, the cultural center in Baghdad, and it is expected that these participations made by private banks today will contribute to the development of the most important features of the capital, Baghdad, in addition to other community activities.”   Number of observations 109 Date added 04/07/2021

https://economy-news.net/content.php?id=24759

The Central Bank Meets With The Private Banking Sector And Announces New Community Contributions

Wednesday 07, April 2021 10:41 | Economical Views: 258  Baghdad / NINA / The Governor of the Central Bank of Iraq held a meeting with the private banking sector in the presence of the Mayor of Baghdad, Alaa Maan.

The Governor of the Central Bank, Mustafa Ghalib, stressed during a speech at the meeting that the private banking sector has an honorable role in supporting community initiatives, especially in the current economic situation in the country and the world.

The governor stated that the Central Bank has taken upon itself, in community initiatives, matters of interest to support culture, empower women, provide job opportunities for young people, and rebuild monuments, buildings and heritage monuments of interest to the community in a way that revives the heritage of our country, and private banks have responded greatly to these pioneering trends.

The governor explained that the bank is seeking, in its new initiative, to rebuild Al-Mutanabi Street, the cultural center in Baghdad, and it is expected that these participations made by private banks today will contribute to the development of the most important features of the capital, Baghdad, in addition to other community activities.   https://ninanews.com/Website/News/Details?key=897668

Foreign Minister: The Strategic Dialogue With Washington In The Third Phase Is Receiving The Attention Of The Iraqi Government

Wednesday 07, April 2021 10:56 | PoliticalViews: 432  Baghdad / NINA / Foreign Minister Fuad Hussein affirmed that the strategic dialogue with Washington, in the third stage of it, is receiving the attention of the Iraqi government.

In a statement to the Foreign Ministry, he said: Through him, we are looking forward to strengthening relations of mutual interest at all levels between the Republic of Iraq and the United States of America. / End 8 https://ninanews.com/Website/News/Details?Key=897674

Head Of The Political Thinking Center: The Benefit Of Iraq From The Strategic Dialogue With Washington Is To Give A New Space For Cooperation In All Fields And To Know The Thinking Of The Democrats Towards Iraq

Wednesday 07, April 2021 11:18 | Political Views: 316  BAGHDAD / Nina / The head of the political thinking center Ihsan Al Shammari benefit Iraq strategic with Washington , the dialogue is to give a new space for cooperation in all areas and knowledge of Democrats thinking about Iraq. ”

Al – Shammari said in a statement to the National Iraqi News Agency / Nina / that this dialogue is the first Communication between Iraq and the Biden administration on the level of framing the relationship and drawing it in accordance with the strategic framework agreement, indicating that the dialogue will push the American side to set general lines regarding the approach that Biden can work on towards Iraq.

Al-Shammari said that the strategic dialogue confirms that the United States places Iraq in the spotlight, but not among its priorities.

He pointed out that an essential part of this dialogue, and the goal of the United States of America of it is to know the level of need or request of the Iraqi government to maintain coordination between Baghdad and Washington at all levels and paths. ”

He pointed out that the benefit of Iraq from the dialogue is to give a new space for cooperation and also the government headed by it will be known. Al-Kazemi, the nature of the democrats ’thinking in managing the Iraq file, and the benefit is also evident by increasing cooperation with Washington and coordination in the security fields, especially terrorist challenges and combating terrorism, because the interest of Iraq is not with a complete withdrawal of US forces from Iraq, especially since the terrorist challenges are still evident.

He indicated that Iraq needs an economic partnership with Washington, especially in the current economic conditions of the country and its huge financial organizations, and in light of the Corona pandemic.

He stressed that Iraq will focus in the strategic dialogue on four tracks, political, economic, security, and military, and the Corona pandemic.

He pointed out that the United States is the one that wants to conduct dialogues and activate the strategic framework agreement that was frozen in the mandate of former Prime Minister Nuri al-Maliki and did somehow in Haider al-Abadi’s government has retreated in the government of Adel Abdul Mahdi, and it now wants to abide by the agreement even though the current government headed by Al-Kazemi wants to abide by it. “/ End 9    https://ninanews.com/Website/News/Details?Key=897677

Representative Economics Recommends The Creation Of Cooperative Markets Supported By The Government

money and business  Economy News _ Baghdad  The Parliamentary Committee on Economy and Investment recommended, on Wednesday, the establishment of cooperative markets supported by the government to achieve two demands, while stressing the need to punish greedy traders and activate economic security.

Committee member Nada Shaker Jawdat said in an interview with the Iraqi News Agency, which was followed by Al-Iktissad News, that “the government is responsible for finding an imbalance in the rise in prices, and it is clear to everyone.”

She added that “the prime minister directed to control prices,” noting that ” “These two points are very easy and can be applied within one week only, in addition to punishing greedy merchants, activating economic security and monitoring them by higher bodies so that they are not prey to corruption,” she said, explaining that “this issue will make there is control over the Iraqi market and not be manipulated by some.” Traders are weak souls. ”

Number of observations 68 Date added 04/07/2021  https://economy-news.net/content.php?id=24763

A New Rise In Oil Prices

Time: 04/07/2021 09:08:27 Read: 3,822 times  {Economic: Al Furat News} Oil prices rose today, Wednesday, due to the prospects of achieving stronger global economic growth amid increased vaccinations against the Corona virus and a report on the decline in crude stocks in the United States, the largest consumer of fuel in the world.

Brent crude futures rose 34 cents, or 0.5 percent, to $ 63.08 a barrel by 05:07 GMT, while US West Texas Intermediate crude for May rose 32 cents, or 0.5 percent, to $ 59.65.

Prices rebounded as data on Tuesday showed that jobs in the United States rose to their highest level in two years in February as employment increased. This came on the heels of previous data which showed that US service activity reached a record level in March, and the Chinese services sector showed the largest increase in sales in three months.

The International Monetary Fund said on Tuesday that unprecedented public spending on fighting COVID-19, especially by the United States, will push global growth to 6% this year, a rate not seen since the 1970s.

US crude oil inventories have declined in the last week, while fuel inventories have risen, citing American Petroleum Institute (API) numbers ahead of government data on Wednesday.

The US Energy Information Administration said that oil production in the United States is expected to decline by 270,000 barrels per day in 2021 to 11.04 million barrels per day, sharply lower than its previous monthly forecast of a drop of 160,000 barrels per day.   LINK

The Council Of Ministers Issues Important Decisions And Approves The National Integrity And Anti-Corruption Strategy

Time: 04/06/2021 21:49:04 Read: 5,473 times   {Policy: Al Furat News} The Cabinet issued, in its regular session, held under the chairmanship of Mustafa Al-Kazemi, Chairman of the Council, on Tuesday, important decisions and approved the National Strategy for Integrity and Combating Corruption.

According to the government statement, Al Furat News received a copy of it, and the decisions included:

Second –   Approval of the Independent High Electoral Commission to pay a financial payment to the German company (Hensoldt) to inspect the software of the electoral systems, in a way that does not exceed (20%) of the contract amount after the aforementioned company submits a letter of bank guarantee in the full amount of the advance payment.

Third  –  Approval of the recommendations of the committee formed in the Ministry of Agriculture regarding determining the lease allowances of agricultural lands in dinars per acre, as a starting line when announcing the public auction approved under the Opinion Commission Decision No. (15) based on the provisions of the third of Resolution (44) of 1997, and according to the following. :

1- Irrigated lands: a- Fully reclaimed (7,000 dinars), only seven thousand dinars, b- partially reclaimed (5,000 dinars), only five thousand dinars. C – the non-reclaimed (3000 dinars) only three thousand dinars.

D- The banks of rivers (beaches) are 8,000 dinars, only eight thousand dinars.

2- Dirt lands: a- Guaranteed rain (7000 dinars), only seven thousand dinars, b- semi-guaranteed rain (4000 dinars), only four thousand dinars. C- Unsecured rain (500 dinars) is only five hundred dinars.

3- Desert lands: A- It contains wells (1000 dinars) only one thousand dinars. B – there are no wells (500 dinars), only five hundred dinars.

– The rental fees are calculated on the area included in the agricultural plan, and the rental fees are not collected for the areas not covered by the agricultural plan and not actually utilized, with the support of the technical authorities in the agricultural directorates in the governorates.

Fourth –   Approval of the draft law on the management of animal genetic resources, which was examined by the State Council, and referring it to the House of Representatives, based on the provisions of Articles 61 / Clause First and 80 / Clause Second) of the Constitution, taking into consideration the opinion of the General Secretariat of the Council of Ministers.

Fifth  –    Approval of the recommendation of the Ministerial Energy Council (42 for the year 2021), according to the following:

Accreditation of Stellar Energy to provide advanced engineering study (FEED), with the implementation and financing plan (Execution and Financing Plan) for the proposed projects in the Ministry of Electricity book numbered in the number (M. / 9767) dated March 11, 2021, and allocating an amount of (50,000,000 dollars) only fifty million dollars for the fiscal year / 2021. To complete the first phase (engineering study), and to finance the financial allocation from other loans stipulated in the draft general budget law for the fiscal year / 2021 ,

Considering the offer submitted by the company is secured with funding from the American (EXIM BANK), and the value of the amounts required to be allocated for the years 2022 and above is clearly and scheduled upon approval of the implementation and financing plan presented by the company above from the Ministry of Electricity, and submitting it to the Ministry of Planning and the Council of Ministers in accordance with the rules, provided that the public company From the Ministry of Electricity, without a guarantee of sovereignty.

Sixth –   Approval of the National Integrity and Anti-Corruption Strategy (2021-2024), which was prepared by the Federal Integrity Commission to contribute to combating and reducing corruption, taking into account the observations of the legal department in the General Secretariat of the Council of Ministers, and the remarks of the members of the Council of Ministers during the meeting session.   LINK

The Ministry Of Planning Discusses The Response And Recovery Plan With The Sectoral Authorities

Wednesday 07 April 2021   77  Baghdad: Morning  The Ministry of Planning held an expanded workshop, with the participation of representatives of ministries and entities not associated with a ministry, to discuss what was included in the response and recovery plan, which was prepared by the Ministry in cooperation with the relevant authorities.

The Undersecretary of the Ministry Dr. said. Maher Hammad Johan: “The response and recovery plan consists of three main axes, which are the economic axis, the social axis, and the spatial axis, and in each of these three axes, there is a set of policies and procedures.”

Johan added: “The plan that was prepared in cooperation with the United Nations Development Program is a short-term operational plan aimed at responding quickly and recovering from the effects of the complex crisis represented by the drop in oil prices and the outbreak of the Corona pandemic,” pointing out that this plan is not An alternative to the National Development Plan (2018-2022) that complements its general steps and directions.

The workshop, in which representatives of governorates, universities, civil society organizations and the private sector participated, through electronic windows, in-depth discussions on the mechanisms for their implementation, while Dr. Alaa Al-Din Jaafar, Director General of the Economic Policy Department at the Ministry of Planning, the economic reality that Iraq is currently witnessing, the effects of the complex crisis, and possible solutions.

For its part, the Director General of the Department of Human Development, Dr. Maha Abdul Karim Al-Rawi, presented a presentation in which she dealt with the complex effects of the crisis in various segments of society, referring to the effects of the pandemic on the health sector and the social reality in Iraq.

On the other hand, the Director General of the Regional and Local Planning Department in the ministry, Dr. Muhammad Al-Sayed shed light on the reality of rural and spatial development in Iraq, and the extent to which it is linked to basic infrastructure and services and its impact on the pandemic, explaining the effect of spatial gaps in determining the depth of the impact of the rest of the sectors, as a result of the complex crisis, referring to the plans and policies adopted by the Ministry to advance the reality of the agricultural sector and achieve rural development in Country.   LINK

Plans To Stimulate The Economy

Wed 07 April 2021 97  Dr. Saad Al-Taie  stimulus plans are used during the economic crises that the economic system is exposed to in periods of recession and a decline in economic performance in order to restore recovery as much as possible for the economic life that was affected by the crisis that it was exposed to.

In our country, the current economic crisis that we are experiencing due to the Corona pandemic and its global impacts, has negatively affected all economic facilities in our country, due to the excessive dependence of our economies on a single resource.

The national economy has been subjected to a recession due to the lack of financial flows in the commercial markets, the stopping or slowing of most economic business and the lack of investments due to the lack of investors ’willingness to take risks in establishing or continuing various economic projects as a result of hesitation and fear of the next phase, due to the uncertainty regarding crude oil prices. Globally, all of this has negatively affected our economic reality in general.

This requires the competent authorities to work on developing scientific economic plans aimed at stimulating and reviving our national economy and moving its wheel instead of the slowdown it is currently witnessing. These plans can be short-term, medium and long-term, and they can also be directed to leading economic sectors or certain economic subsectors that, through their support and revitalization, can stimulate the economic sectors with the result later.

It can work to provide soft loans for the establishment of various economic projects, whether industrial, agricultural, constructional, service, and other types of projects in order to maintain their work in the event that they are forced to close due to the current economic conditions. Which must be revived by support plans.

It is also possible, by encouraging local and foreign investments by providing incentives and facilities to encourage them, either by legislation or through simplified administrative and technical procedures before them, to work to attract more local and foreign investors in various types of economic projects through which the current economic situation can be revived, which is What goes into the plans to stimulate our national economy in order to pass it to the stage of normalcy and overcome the consequences of the current economic crisis

It is also possible to encourage citizens to deposit their money in banks instead of hoarding it with them by providing them with appropriate incentives, and then employing it in various economic projects instead of disrupting this huge cash mass stored in them as a result of their non-risk and lack of reassurance in establishing or participating in various economic projects.

The stimulus plans for the Iraqi economy in the current circumstances are of the utmost importance in order to get rid of the negative consequences of the economic crisis and to succeed in managing the economic conditions in an optimal manner, in a way that achieves the most positive results.   LINK

Return The Frozen Funds And Diversify The Environment Of The Iraqi Economy

Wednesday 07 April 2021  83   Baghdad: Shukran Al-Fatlawi   A member of the Administrative Board of the Economists Association, Dr. Ikram Abdul Aziz that the state’s directive to retrieve frozen funds is a positive step towards employing these funds in paths that contribute to the diversification of the Iraqi economic environment.

In her speech to Al-Sabah, Al-Aqeel emphasized, “The necessity for there to be a trend to support structural investment projects that simulate progress like other countries of the world and in various fields, including employing manpower and using environmentally friendly technology.”

Productive sectors

She pointed to “the importance of dismantling the unilateral ring of the oil sector and achieving real revenues through the activation of the various productive sectors and at various levels, and the use of part of them for the development of industrial infrastructure in particular, as well as the agricultural and service sectors.”

According to experts, the Iraqi government is seeking to retrieve the frozen Iraqi funds abroad during the time of the previous regime, especially the funds frozen by international sanctions, as well as the money that escaped due to corruption, but these efforts collide with various regulatory and legal obstacles.

Frozen money

Iraqi Foreign Minister Fuad Hussein, and in a recent press conference with Foreign Minister Vice President of the Swiss Confederation Ignazio Cassis, who is visiting Iraq: “We discussed the issue of Iraqi funds frozen in Swiss banks,” referring to the signing of a memorandum of understanding between the two countries that includes financial and humanitarian issues.

For his part, Swiss Minister Cassis said, “His visit to Baghdad was part of a tour that also includes Jordan and Lebanon, with the same goals aimed at strengthening the correct relations between our countries and restoring stability to the region.”

cooperation

In another meeting, Prime Minister Mustafa Al-Kazemi discussed with the Vice President of the Swiss Confederation the steps to reopening the Swiss embassy in Baghdad, ways of joint cooperation and bilateral relations between Iraq and Switzerland and prospects for strengthening them in a way that serves common interests, according to a statement by the media office of the Prime Minister.

During the meeting, they discussed ways to enhance economic development and foreign investment in Iraq, and Switzerland’s support for the steps taken by the Iraqi government in this aspect, which confirms a wider participation of the private sector and creates investment opportunities and promising jobs in the Iraqi labor market, according to the Media Office of the Prime Minister.

It is noteworthy that the smuggled funds, according to deputies, amount to about (500) billion dollars, and that these funds work in the economies of countries smuggled to them and have great financial returns. LINK

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