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Minister of Finance: We are trying to find a good solution to raise the level of Iraqi per capita income

Tuesday 20, April 2021 17:45 | Economical Views: 26   Baghdad / NINA / The Minister of Finance, Ali Allawi, emphasized the attempt to reach a good solution to raise the level of Iraqi per capita income. / End 7

parliamentary integrity: current ministers are involved in large corruption files

Tuesday 20 April 2021  277    Baghdad: Morning   The Parliamentary Integrity Committee revealed the involvement of current ministers in large corruption files, in addition to ministers in the government of Adel Abdul Mahdi, while the Integrity Commission announced the issuance of 58 arrest and summoning orders against officials.   These steps come as part of the government’s efforts to fulfill its promises in combating widespread corruption.

Committee member Karim Abu Souda said to “Awa”: “Fighting corruption and recovering money stolen by the corrupt needs money,” affirming that “there is a tendency to wage a revolution against corruption and to fight it seriously in all institutions.”

He added, “The Integrity Committee in the House of Representatives has large files that will affect a number of ministers in the government of Adel Abdul Mahdi, in addition to current ministers,” noting that “the file of major corruption needs coordination between committees and relevant bodies and law enforcement against whoever stole public money.”

On the other hand, a statement issued by the Investigation Department of the Commission stated that “(58) arrest and summoning orders were issued against officials during the month of March,” indicating “the issuance of (Cool arrest warrants and (50) summon orders for a period of (1) – 3/31/2021), explaining that those orders included two members of the Council of Representatives (current and former), a former minister, and a former undersecretary.

He added that “the arrest and recruitment orders included a current and a former governor, as well as (25) general directors, including two current and former directors, and two mayors,” pointing out that “22 members of the provincial councils included in these orders.”

She indicated that “(14) those against whom these orders were issued are sureties, while (7) others (fugitives) were registered, and one was released during the investigation phase, and one was referred to court, and another person against whom a summons was issued was included in the pardon decision.”   LINK

Al-Asaib: Interrogating The Minister Of Finance And The Governor Of The Central Bank Has Become A Popular Demand

Pratha News Agency47 2021-04-20   The spokesman for the political bureau of Asa’ib Ahl al-Haq, Mahmoud al-Rubaie, revealed, on Tuesday, the House of Representatives’s intention to host Finance Minister Ali Allawi and Central Bank Governor Mustafa Ghaleb in preparation for their interrogation inside the parliament, considering that their interrogation has become a popular demand.

Al-Rubaie said in a press statement that “Al-Sadiqoun Bloc demanded the rejection of the tax deduction decision for employees, in addition to the return of the dollar exchange rate to its previous state.”

He added that “the questioning of the Minister of Finance and the Governor of the Central Bank has become a popular and political demand,” noting that “the Minister of Finance, Ali Allawi, has become the first scourge that strikes the poor.”

Al-Rubaie pointed out that “the Minister of Finance and the Governor of the Central Bank had exhausted the citizen and caused him destruction without any prior planning.”

Member of Parliament, Manar Abdul Muttalib, had called in a previous statement to “the information”, to dismiss the Minister of Finance, Ali Allawi, for failing to manage the ministry and for him to bear the bitter economic consequences, stressing that Prime Minister Mustafa Al-Kazemi bears full responsibility for his insistence on the Minister of Finance remaining in his position.

The U.S. Government Awards $500,000 Grant To Preserve Badinan Gate In Amedi

Home | News & Events | The U.S. Government Awards $500,000 Grant to Preserve Badinan Gate in Amedi

During his visit to Amedi, Consul General Rob Waller announced that the U.S. Department of State has awarded a $500,000 grant to preserve and protect Badinan Gate. The U.S. government is determined to help the IKR preserve and restore its remarkable cultural heritage, and is thrilled to work with our Kurdish friends to achieve that goal.

We hope this grant will be a new bridge to further strengthen the ties between the American people and the people of the IKR. Badinan Gate will be preserved for all of humanity, while helping to economically revitalize the community. By U.S. Embassy in Baghdad | 20 April, 2021 | Topics: News, Public Affairs, U.S. & Iraq, U.S.

Economist: Poverty Is Much Higher Than What The Planning Declares, And Exceeds This Percentage

Time: 04/20/2021 13:57:43 Read: 2,223 times   {Baghdad: Al Furat News} Economic expert Abdul Rahman Al-Mashhadani confirmed, today, Tuesday, that the poverty rate in the country exceeded 35% after raising the exchange rate of the US dollar against the Iraqi dinar.

Al-Mashhadani told Al-Furat News that “the statistics of the Ministry of Planning regarding poverty rates are all unofficial,” pointing out that “the poverty rate after the rise in the exchange rate of the dollar is much higher than that announced by the Ministry of Planning, as it reaches more than 35%.” .

The economist added, “Inflation indicators, compared to the current situation, are inaccurate, as they are measured on previous years,” adding that: “Inflation is supposed to be measured at the end of last year or the beginning of this year.”

Al-Mashhadani pointed out that “the situation is moving towards the unknown, and the government lacks solutions and infrastructure, in addition to the importer’s market conquest and lack of national product, and this in turn has led to scarcity of job opportunities and increased poverty.”

Two days ago, a spokesman for the Ministry of Planning, Abdul Zahra Al-Hindawi, said in an interview with the Euphrates News Agency that “poverty indicators recorded an increase from 25% to 27% as initial indicators.”

On March 16, the Ministry of Planning announced that the poverty rate in the country had decreased to 25 percent of the total population, after it was 31.7 percent in 2020. The ministry’s spokesman at the time stated that it was during “the first phase of the emergence of the Corona pandemic in the first half of the year.” In 2020, the poverty rate increased to 31.7%.

However, it retreated thanks to the procedures for lifting the curfew and returning work and activities to normal conditions, which led to a decline in the percentage to 25%.   He explained that “the number of poor people in Iraq is less than 10 million people.”

The population of Iraq is 40 million and 150 thousand people, according to the latest statistics issued by the Ministry of Planning in early 2021.   LINK

Deposit Interest Rate

Tuesday 20 April 2021   126   Muhammad Sharif Abu Maysam   deposits of the public are considered the main material in the banking business. Through these deposits, banks raise credit ratios and circulate funds for the benefit of the public in exchange for a profit margin after covering the administrative costs, through the interest rates collected on the amounts of loans granted.

At that time, banks would contribute to economic development through the circulation of funds and motivating the public to deal and deal in the banking arena.

Usually the interest rates granted to the public in return for depositing money in savings accounts and fixed deposits are much lower than the interest rates charged by the public in return for obtaining loans, and the difference between the two rates is that which covers the administrative costs of bank operations with achieving profit rates that contribute to developing work and raising cash reserve ratios And the capital, in addition to verifying the prices of banking operations and trading services (which today became free in the framework of competition in order to gain more of the public for the bank).

However, there is a shift and what appears to have become clear in the performance of some banks reveals the adoption of a new method of attraction to the public regardless of the interest rates achieved, as the interest rates granted on deposited funds are raised to more than the interest charged on the loans granted. Interest rates in favor of savings accounts and deposits at Al-Rafidain Bank, despite the adoption of low interest rates in car loans.

As he announced the raising of the interest rate to 4. 5% for savings accounts and the same for fixed deposits for six months, and 5.5% for fixed deposits for one year and 6. 5 percent for deposits for a period of two years, explaining this policy “with the aim of maximizing revenues, attracting cash liquidity, and encouraging customers to save instead of hoarding it at home.”

Al-Rafidain had reduced the interest rate charged on auto loans to employees and citizens to about 4 percent of the loan amount granted last October.

This confirms that Rafidain Bank is continuing to achieve the goal of attracting the monetary mass in the context of the financial inclusion program at the expense of achieving interest rates, and it is certain that the prices of banking operations will not be high in dealing with the public, with the aim of attracting more dealers and maintaining an attractive and non-repelling policy.

This leads us to explore the financial situation in light of a fiscal policy that may cause great losses to the bank and make it among the public companies nominated for restructuring, as mentioned in the economic reform paper.  LINK

Al-Kazemi Suspends The Finance Book On The Tax Withholding Of Employee Salaries

Time: 04/20/2021 14:54:35 Read: 5,122 times   {Locality: Al Furat News} The Prime Minister, Mustafa Al-Kazemi, suspended the book issued by the Ministry of Finance regarding the imposition of taxes on the salaries of state employees.

The Minister of Finance, Ali Allawi, recently sent an official letter to the General Secretariat of the Council of Ministers demanding that taxes be deducted from the total monthly income as of April, with retroactive effect, so that the deduction includes salaries for January, February and March.

Allawi’s book sparked parliamentary and popular controversy and rejection, while the Parliamentary Finance Committee called on him to “withdraw from this decision, otherwise it will be forced to host it and then question him soon” in the House of Representatives.

For its part, the Ministry of Finance affirmed that “it applies the law in paying tax on all income, including the nominal salary and allowances, and the exemption obtained from the Council of Ministers was exceptional.”

She pointed out, “The proposed tax withholding does not include the lower classes, and the Council of Ministers has the power to cancel it.”   LINK

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