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Parliamentary Finance: The Region Has Not Delivered Money From Oil Revenues And Outlets Since The Beginning Of The Year

Pratha News Agency112 2021-09-24   A member of the Parliamentary Finance Committee, Abdul Hadi Al-Saadawi, revealed, on Friday, that the Kurdistan region has refrained from delivering oil and revenues from border crossings since the beginning of this year, the Kurdish negotiator succeeded in obtaining the money without delivering anything to Baghdad

Al-Saadawi said in a televised statement that “the region has not handed over the oil revenues to the SOMO company, and that the money that is sent to the region on a monthly basis is a legal violation, and we call it” vacant.

He added, “The Kurdish negotiator succeeded in obtaining the money without delivering anything to Baghdad, and that the Federal Oversight Bureau was prevented from entering the region to audit the data in its departments.”

Al-Saadawi explained that “more than one million and 250 thousand employees are present in the region, and the number of the population inside the region is increasing in an imaginary way, and this must be scrutinized, and the number of employees, general managers and Peshmerga fighters is unknown in the region.”

62.155 Billion Dollars In Central Bank Reserves

Saturday 25 September 2021   30   Baghdad: morning The Central Bank of Iraq announced a new rise in the bank’s foreign exchange reserves.

The Deputy Governor of the Central Bank, Ihsan Shamran Al-Yasiri, told the Iraqi News Agency (INA), that “the foreign reserves of the Central Bank of Iraq witnessed a 14% increase compared to what they were on 31/12/2020.” Al-Yasiri added: The reserves were “a value of 54.501 billion dollars, and amounted to 9/22/2021, reaching 62.155 billion dollars, an increase of 7.654 billion dollars.”+

And Prime Minister Mustafa Al-Kazemi announced, last April, that the Central Bank’s foreign currency reserves had risen to more than $60 billion.

Al-Kazemi said, in a statement received by the Iraqi News Agency (INA), that “the central bank’s foreign currency reserves rose to more than 60 billion dollars, after it was 51.9 billion dollars before the reform measures of this government began.” The Prime Minister added, “The increase came as a result of the reform measures taken by the government after many bet on their failure and lack of continuity,” adding, “We succeeded in stopping the waste and great corruption in the notorious Central Bank auction, and we are proceeding with our procedures and we will not stop.”  LINK

The Association Of Private Banks Calls On The Government To Focus On The Digital Economy

Economie| 02:22 – 09/24/2021   Baghdad – Mawazine News , Deputy Executive Director of the Association of Iraqi Private Banks, Ahmed Al-Hashemi, on Friday, called on the government to focus on the digital economy during the current period to make Iraq keep pace with the development taking place in the world.

Al-Hashemi said, in a statement received by Mawazine News, that “Iraq needs to give the private sector the appropriate environment to transition to digital transformation, as the revolution in information and communications is currently similar to what the world witnessed in the industrial revolution that took place in 1760,” noting that ” The next legislature needs to focus on supporting the digital economy through appropriate legislation.”

Al-Hashemi pointed out that

Al-Hashemi praised the government’s approach to establishing a youth support fund of 30 billion dinars, which supports technical projects, which contributes to the development of the Iraqi economy and makes young people go towards pioneering projects, noting that “the private banking sector has begun to publish electronic payment tools in all the country.” And it requires shop owners to use a Pos device to organize the buying and selling process and reduce theft, waste, and others.” Ended 29/p4

Government Reforms Are Inevitable And The Digital Economy Is The Gateway To Multiple Resources

Saturday 25 September 2021  71   Baghdad: Hussein Thaghb   The participants in the Finance and Banking Services Conference and Exhibition in Iraq unanimously agreed that the reform process adopted by the government is inevitable, and is considered the gateway to the world of sustainable development that the country aspires to.

The conference, which was organized by the International Frontier Exchange, witnessed an official local and international presence that addressed the reality of the financial sector and its advanced technologies, and the shift towards digital transactions that the local market is witnessing, and is rapidly evolving, requiring careful follow-up by our banking system.

Finance Minister Dr. Ali Abdel Amir Allawi said: “The government has adopted an important reform path that has won the approval of major international organizations specialized in economic affairs,” pointing out that “Iraq must actually move towards achieving a plurality of resources, benefiting from the country’s total assets.” .

He stressed that “the trend towards the digital economy is a necessity and contributes to development and expands job opportunities and requires bringing digital infrastructure and supporting its skills, financial and digital services, and attention to digital entrepreneurs,” calling on government banks to digitize their operations on an effective and competitive basis.


The Governor of the Central Bank of Iraq, Mustafa Ghaleb Makheef, stressed that “the Central Bank has an important role in achieving macroeconomic balance through the various monetary policy tools, especially after the financial and economic challenges that Iraq faced.”

Pointing out that «this bank, in order to stimulate economic activity and reduce unemployment, launched an initiative with an amount of more than 5 trillion dinars, in addition to the previous initiative launched in 2015, in addition to the central bank deducting treasury transfers 2020 and 2021 for the necessary financing for the Ministry of Finance despite the increase in debt. and negative impact, but historical necessity requires it.”

Private Sector

Chairman of the Board of Directors of the Trade Bank of Iraq Salem Chalabi talked about the issue of credit and assistance to the private sector, and said: “The focus during the next stage should be on the private sector, to accommodate the numbers of human resources that enter the labor market annually,” noting that “the bank is looking with The World Bank has some projects to support the private sector, as we are studying 22 project opportunities that provide more than 80,000 job opportunities.”

Financial Systems

Canadian Ambassador Orlik Shannon said: “The topic of the conference is important and we are present to help Iraq restructure its financial systems,” noting that “the Corona pandemic has accelerated society’s interaction with digital financial transactions,” praising “the draft reforms proposed by the government and heading towards the private sector, Creating an environment that welcomes foreign investment.

National Wealth

The insurance specialist, Yasser Sabri, stressed that “insurance companies still have a prominent and pivotal role in developing and accumulating premiums in any country to employ them in the process of protecting and developing economic and development structures, and everyone knows what this sector represents in terms of protecting the national wealth, individuals and institutions, against the risks that surround And designing ways to confront them, especially as we are heading towards a broad and comprehensive reconstruction campaign for infrastructure and a qualitative leap in investments in various urban, industrial and agricultural fields.”

He cautioned that «the importance of this sector is not limited to securing individuals and companies only, but also takes an important advisory role in risk management, especially those related to high-risk investments such as airports, ports, transport projects and giant infrastructure projects; Because of its great importance in the development of the joints of the state and society.”

World Companies

The specialist in economic affairs, Muhammad Abdul Hakim, stressed that “the Iraqi economy is the most successful in the region in its interaction with the digital economy, which is expanding horizontally and at acceptable rates, and Iraq has become a destination for the region’s companies and the most important companies in the world.”

He pointed out that “reliance on international companies in the digital economy will make us lose profits and their amounts will go to markets outside the country, and here it is possible to benefit from global experiences in this field, and the digital economy is managed by local companies, and that there is protection for companies.”

Digital Services

In turn, the Executive Director of the Association of Private Banks, Ali Tariq, said: “Digital services facilitate performance and the multiplicity of services obtained by citizens and institutions.” Urging “the need to adopt it and be at the forefront of the projects that the country should head towards.” He pointed out that «Iraq has 35 government and private banks that issue digital cards, 20 electronic payment companies and 4 mobile payment companies, and we have nearly 5 million bank accounts».  LINK

Iraq Affirms Its Keenness To Fulfill Its International Obligations, Including Achieving The United Nations Sustainable Development Goals For The Year 2030

Friday 24 September 2021 17:47 | Economic Number of readings: 55

Baghdad / NINA / – Iraq affirmed its keenness to fulfill its international obligations, including achieving the United Nations sustainable development goals for the year 2030.

A statement by the Ministry of Foreign Affairs stated, “The Ambassador of Iraq in Madrid, Adel Mustafa Kamel, gave Iraq’s speech on the occasion of the International Diplomatic Day at the Arab House Foundation, in the presence of United Nations agencies, specialists in the field of sustainable development, and a number of Arab embassies.”

The ambassador stressed Iraq’s keenness to fulfill its international obligations, including achieving the sustainable development goals of the United Nations for the year 2030, where he assigned the Ministry of Planning to follow up on joint work paths in this field between state institutions and development partners from the private sector and civil society organizations, as well as the support provided by the United Nations Program Development «UNDP», an indication of the need to occupy building the human priority work in Iraq, given the size of the damage to the Iraqi individual as a result of successive eras of tyranny, war and violence. ”

as Ambassador focused in his speech, the youth returned them the real wealth of the country and energy building where they make up and change More than 50% of the community.”/ End 2

Supporting The National Industry

Saturday 25 September 2021 33  Mohammed al-Musawi   The industrial sector in Iraq is one of the vital and important sectors in economic policy, and all countries of the world invest in this vital sector, to employ thousands of manpower and provide job opportunities for them. Crude oil to the producing and consuming countries and equals the revenues of the border crossings.

The industry and technology sector is the mainstay for building a healthy and strong national economy, as it adopts a stable and non-volatile trend. The industrial sector in Iraq witnessed a clear deterioration after (2003) due to the lack of a clear economic vision, reliance on imports only and neglecting the local industrial aspect, which makes the country a consumer It is unproductive and imports inferior goods, which changes the political, social and cultural structure of the country, in addition to unemployment, which currently stands at 14%.

If we want a comprehensive national industrial renaissance with the reality of the local industry, it should be supported, revived the national industry again, and bear every local product (made in Iraq) instead of relying on excessive import.

The researchers in the economic, commercial and industrial affairs have directed the central government to take advantage of the high selling prices of oil in the global markets and the increase in the revenues of the border crossings and customs, as well as the revenues of taxes and service sectors and to benefit from these wealth in strengthening and raising the level of Iraq’s economy significantly.

Getting out of this crisis and chaos to achieve economic stability necessitates drawing up an economic policy that includes among its priorities the rehabilitation and rehabilitation of the public industrial sector, and the emphasis on supporting and advancing the private industrial sector while opening the door for investments; Because there is no economic renaissance without an effective national industry!

It is possible for the government to work hard to rebuild the destroyed factories and public sector companies, and to legislate laws and regulations that would be a basis for preserving and protecting consumers and marketing locally produced goods, by working with customs tariffs and controlling the borders from the flow of inferior goods from other countries.

Imposing taxes on the importer to increase financial revenues, and finding markets to dispose of the local product, for its role in improving the country’s economy and participating in its construction and reconstruction by developing cement, iron, steel and glass factories, after rehabilitating and rehabilitating them, to be a strong economic support for the state budget.

The central government must not forget the role of the private sector in supporting the national economy, employing manpower, and motivating the local production wheel, as it was in the past, and that all of this can only be achieved with the unity of the working class and its continuation in protests and demonstrations to obtain its legitimate rights, and to restore life to Iraqi industries, both parts of the industrial sector. public and private sector again.   LINK

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