Iraqi News Highlights Wednesday Afternoon 5-31-23
Tlm724 Administrator Bondlady’s Corner
The Minister Of Commerce Announces The Launch Of The Electronic Window Project For The Registration Of Local And Foreign Companies
Economy| 11:45 – 05/31/2023 Baghdad – Mawazine News, Minister of Commerce, Atheer Dawood Al-Ghurairy, announced, on Wednesday, the launch of the electronic window project to register local and foreign companies, while stressing the move towards electronic governance and comprehensive digital transformation.
Al-Ghurairy said in a speech during the celebration of launching the electronic window project for registering local and foreign companies: “Today we celebrate the launch of the single electronic window project for registering local and foreign companies, under the slogan (Together to improve the environment for business performance and investment in Iraq).”
He added, “The Ministry of Commerce was keen to work according to the right direction, in implementation of what was stated in the government program in improving the environment for business and economic performance, simplifying government procedures and services to overcome work and bureaucratic obstacles, and opening new channels to open up to the business and economy world through proper planning and relentless pursuit to make Iraq a safe and attractive environment for investment.” foreign companies to keep pace with development and build the country’s economy.
He pointed out that “the Ministry of Commerce today, and within its ministerial curriculum, is moving towards electronic governance and a comprehensive digital transformation to work to improve institutional performance and support sustainable development to eliminate redundant administrative circles and upgrade the government services it provides to the highest levels and in various fields.”
He pointed out, “The single electronic window project for registering local and foreign companies is one of the important and effective projects that seek to provide a business environment for the beneficiaries according to advanced mechanisms and international standards.” Ended 29/N33
Education Launches The Electronic Payment Service (Pos) Project In Its Educational Institutions
Money and business Economy News / Baghdad On Wednesday, the Ministry of Education launched the electronic payment service (POS) project in its educational institutions.
The ministry said in a statement that the project was launched “after agreement with companies licensed by the Central Bank to install devices in the directorates of financial affairs and educational planning, the executive body for literacy, vocational education, preparation, training, evaluation, exams, and educational television, in addition to the General Directorate of Public, Private and Foreign Education, and the Curriculum Directorate.” .
And she added, “The Director General of Financial Affairs, Ahmed Abbas Reshek, met with the company’s staff and the general managers of the concerned directorates to explain the mechanism of work of the devices and technologies that they operate in, in order to facilitate the payment process.”
She indicated obligating “the general directorates of education not to renew licenses and grant licenses to practice private educational institutions unless they commit to providing and activating electronic payment devices (pos) to enable auditors to pay easily while maintaining cash delivery side by side, in the strongest initiative to achieve integrity within educational institutions.”
Deputy: The Budget Cannot Be Legislated Unless A New Agreement Is Reached Between Baghdad And Erbil
Money and business Economy News – Baghdad Today, Wednesday, a member of the Parliamentary Finance Committee, Jamal Cougar, called for passing the budget law with the agreement of “all” political parties.
Cougar said, “The delay in approving the draft budget law, due to Baghdad’s retraction from its agreements with the regional government regarding the paragraphs related to Kurdistan within the budget law, due to its silence until this moment on the amendments that the region’s paragraphs obtained within the budget, and what is happening is outside its will and control.”
Cougar added, in an interview with “Shafaq News” agency, followed by “Al-Iqtisad News”, that “the budget law can only be enacted after reaching a new agreement between Baghdad and Erbil regarding the region’s share in the budget.”
He went on to say: “We are not with passing the budget according to a policy of arm-twisting and disagreements, because this may have repercussions on political stability. We are with passing the law with the agreement of all political parties.”
Views 129 Added 05/31/2023 – https://economy-news.net/content.php?id=34502
A Government Advisor Reveals The Volume Of Gold Flowing Into Iraq Annually
Money and business Economy News – Baghdad Today, Wednesday, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, announced the volume of gold accumulated by the public and the gold flowing into Iraq annually, while noting that monetary gold is managed within the sovereign investment portfolio.
Saleh said, “The development of the positive economic conditions in the country after 2003, and the flow of oil revenues and other resources over the last twenty years, led to a change in the gold wealth equations and the demand for it on a large scale again,” stressing that “the monetary authority today retains more than 132 tons of monetary gold.
Saleh confirmed, in an interview with the official news agency, that “keeping monetary gold is an important possession that represents an aspect of monetary policy measures and its optimal management of the investment portfolio from the country’s foreign reserves.”
He added, “International guiding evidence and regulations, especially those approved by multilateral international financial institutions, indicate that monetary gold reserves are between 7-10 percent of total foreign reserves, and monetary gold is managed within the sovereign investment portfolio,” noting that “this percentage It comes because it is devoid of returns compared to foreign currencies and investing in them with international financial instruments.
Regarding the flow of gold and worked gold into the country, Saleh stated, “Initial estimates indicate that there is an annual average flow of gold and worked gold into the country, especially of the desired high karat, at least 50 tons per year.”
And he continued by saying: “What means the existence of a wealth of gold stored by families or the public with the accumulated historical gold that can be estimated between 1200-1500 tons of gold and perhaps more, which is equivalent to at least ten times the official monetary gold.”
He pointed out, “The market value of one ton of gold (of 24 karat) today in the global gold markets exceeds $6 million.” Views 113 05/31/2023 – https://economy-news.net/content.php?id=34501
The Central Bank Of / NINA /: Issuing A New Denomination For The National Currency Is Not On Our Agenda At Present
Wednesday 31 May 2023 16:40 | Economical Number of readings: 147 Baghdad / NINA / – The Central Bank of Iraq settled the controversy regarding the possibility of issuing a new category of the national currency and pumping it for circulation in the local market.
The Governor of the Central Bank, Ali Al-Alaq, said in a statement to the National Iraqi News Agency / NINA /: “We are not with the issuance of a new monetary category for the Iraqi national currency currently in circulation.”
He explained: “The issuance of cash currency for the category of twenty thousand dinars, is not in the agenda of the Central Bank of Iraq now.” He added: “Any rate outside the established official exchange rate is for the purposes of speculation or carrying out illegal actions in local transactions,” indicating: “The beneficiary who is looking for a higher exchange rate and has the opportunity to buy at the official rate is looking for a higher price on the black market, This is evidence of legal forms in the transactions that he intends to carry out.”/ End 5
On the developments of the dollar exchange rate mechanism in the local market, Al-Alaq stressed: “The Central Bank is currently implementing all purchase requests from the dollar for all categories of citizens.” https://ninanews.com/Website/News/Details?Key=1056919
A Memorandum Of Understanding To Develop A Series Of Projects In Various Fields In Iraq
Wednesday 31 May 2023 11:05 | Economical Number of readings: 337
Baghdad / NINA /- Kamal Al-Gharibi, Chairman of the “GKSD” Holding Group for Investment, announced the allocation of 4 billion dollars for reconstruction and investment in Iraq.
Alessandra Ricci, CEO of the Italian Export Credit Agency “Sashi” and Kamal Al-Gharibi, Chairman of the “GKSD” Investment Holding Group, signed a memorandum of understanding to develop a series of projects in various fields, including health, energy and agriculture in Iraq, with a total cost of $4 billion.
The memorandum of understanding signed in Rome between Ricci and Gharibi reflects the great confidence in the GKSD Investment Holding Group as the world leader in planning, developing and managing medical projects, ranging from construction and acquisitions, to scientific medicine, energy saving, education and other projects.
The memorandum was signed by Kamal Al-Gharibi to be the first man in the Arab region to open the door strongly for reconstruction and investment in Iraq and to encourage Italian trade and investors to go to Iraq, with the guarantee of the Italian Export Credit Agency “Sashi”.
Alessandra Ricci, CEO of Saachi Agency, said: “This signing represents an important step towards a partnership that, we are sure, will provide long-term opportunities and development for both Italian companies and Iraq, with tangible benefits for Iraqi infrastructure. The foundations for the consolidation of trade between the two countries will allow Italian companies.
” existing in Iraq, to participate in the implementation of important projects with a strong social impact in the fields of infrastructure and energy, while achieving sustainable growth for Italian companies in the world.
While Kamal Al-Gharibi, Chairman of the “GKSD Holding Group” and Chairman of the European Council of Companies for Africa and the Middle East, confirmed that “Iraq went through long periods of crises and insecurity, it emerged from it thanks to a strong government led by Eng. Al-
Gharibi Saeed added that working in Iraq is the land of history, steadfastness and creativity, and we will move forward in achieving and implementing health and logistical projects in various fields in Iraq in cooperation with the agency “Sashi” and Italian banks, so that Iraq will witness an unprecedented boom in various fields of During Italian-Iraqi cooperation as well as the Middle East region,
Al-Gharibi called on Arab companies to unite and invest in Iraq, and also called on Egyptian companies and investors to contribute to the reconstruction and investment in Iraq so that a strong, secure and stable country would return. / https://ninanews.com/Website/News/Details?key=1056846
Low Oil Prices, Brent Records 73 Dollars A Barrel
Economy Wednesday, May 31, 2023 Follow-up / National News Center Oil prices extended losses early on Wednesday, as fears of slowing demand from China, the world’s largest oil importer, were offset by weaker-than-expected economic data.
Brent crude futures for August delivery fell 19 cents to $73.35 a barrel by 04:41 GMT, while US West Texas Intermediate crude fell 18 cents to $69.30 a barrel. Both benchmarks fell more than 4% on Tuesday.
Manufacturing activity in China contracted faster than expected in May due to weaker demand, with the official manufacturing Purchasing Managers’ Index (PMI) falling to 48.8 from 49.2 in April.
In the US, trader sentiment improved slightly after President Joe Biden and House Speaker Kevin McCarthy brokered a $31.4 trillion US debt ceiling hike and fresh spending cuts.
The debt repayment deadline roughly coincides with the June 4 meeting of the Organization of the Petroleum Exporting Countries (OPEC+) and allies including Russia, traders were unsure whether the group would deepen production cuts as the slump in prices weighed on the market.
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