Iraqi News Highlights Friday Afternoon 10-20-22
Tlm724 Administrator Bondlady’s Corner
Next Year’s Budget .. The Priority Of The New Cabinet
The appearance of Muhammad Salih to / Nina /: Friday 21 October 2022 10:49 | General Number of readings: 252 Baghdad / NINA / – The financial expert, advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed that the next year’s budget is the priority of the new cabinet.
He told the National Iraqi News Agency ( NINA ): It is certain that the Ministry of Finance, at the request of the Council of Ministers, presents a draft law for the federal general budget for the next year early, as soon as the new government is formed, and at least before the beginning of next year.
Saleh added: The Ministry of Finance possesses sufficient planning and discretionary tools in presenting a general budget for the fiscal year 2023, with both its spending components: operational and investment.
He explained: Parliament may not vote until after approving the final accounts of the budgets from 2013 to 2022./ End 3 LINK
Al-Sudani Receives The Head Of The National Investment Authority
Political | 02:29 – 10/21/2022 Baghdad – Mawazine News, the Prime Minister-designate, Muhammad Shiaa Al-Sudani, received the President of the National Investment Authority, Suha Al-Najjar.
The media office of the Prime Minister-designate stated, in a statement today, Friday, received by Mawazine News, that “the Prime Minister-designate, Muhammad Shiaa Al-Sudani, received yesterday the head of the National Investment Authority, Suha Al-Najjar.”
The statement added that “Al-Sudani was briefed on the progress of investment in Iraq, and reviewed the most important obstacles facing his work, and the mechanisms adopted to confront the state of reluctance in some large projects.”
The two parties discussed, “the laws and instructions in force in this field and ways to develop them, in order to improve the reality of the investment sector, which is one of the most important economic sectors in Iraq.” Ended 29 / m 99 LINK
Judge Zaidan: Establishing A Specialized Commercial Judiciary To Achieve The Economic Development Of The Country
The head of the Supreme Judicial Council, Judge Faiq Zeidan, confirmed today, Friday, the establishment of a specialized commercial judiciary to achieve the economic development of the country.
The council stated in a statement, that “a judicial delegation headed by the President of the Supreme Judicial Council, Judge Faiq Zaidan, participated in the Permanent International Forum of Commercial Courts held in the Australian capital, Sydney, in the presence of the heads of the judicial councils of the member states of the forum, in addition to the heads and judges of the commercial courts of the member states, while the delegation included Iraqi Judicial Judges of the Commercial Court in Rusafa, Taghreed Abdul Majeed and Ibrahim Kamel.
He added that “the president of the council gave a speech in which he mentioned that”Since its establishment, the judiciary has been part of the executive authority, and the judiciary has gained its independence to be an independent and separate authority from the rest of the authorities since 2003, and the Iraqi people believe in the principle of the rule of law and the separation of powers, that independence was enshrined in the Constitution of the Republic of Iraq for the year 2005,
and since History The Iraqi judiciary followed the independence approach amid great challenges that took large areas of international media coverage and after the judicial institution took important steps in building the organizational structure, and to keep pace with the rapid growth witnessed by the Iraqi economy, and the effective need to provide innovative judicial services characterized by integrity and transparency,
and as a result of the expansion of commercial dealings In Iraq, the economic openness and the activity of the movement of the foreign trade and investment market, and the issuance of Investment Law No. (13) for the year 2006, and for the purpose of encouraging and attracting foreign investors to work in Iraq within an environment suitable for commercial work in which the foreign party is assured of the existence of a specialized judiciary working to solve Disputes while conducting their business in Iraq,
all of which led to the establishment of a specialized commercial judiciary for the purpose of consolidating the principle of the subjectivity of commercial law, which contributes to achieving the economic development of the country.
And he continued, “Iraq has ratified the New York Convention for the Recognition and Implementation of Foreign Arbitration Decisions by Law No. 14 of 2021, and the agreement entered into force after Iraq deposited the third instrument of ratification for accession.
The agreement is considered effective and enforceable on February 9, 2021, where commercial courts witnessed Iraq to consider arbitration cases in accordance with the New York Convention.
He pointed out that “the Iraqi Supreme Judicial Council has not overlooked the important role played by women and the necessity of empowering them within the judicial institutions. Recent years have witnessed the entry of a number of women to the judiciary, but more than that, as the Supreme Judicial Council adopts the methodology of empowering women to assume judicial tasks and positions.
The task, including the Commercial Court, the Financial Services Court, and others, and it is appropriate to state that the President of the Commercial Court in Baghdad / Rusafa is a woman who participates with us in attending this forum, and at the same time she presides over the Financial Services Court.”
An Iraqi Desire To Develop The Petrochemical Sectors With Russia
Friday 21 October 2022 11:46 | Economic Number of readings: 247 Baghdad / NINA / – Iraq has expressed its desire to develop the petrochemical sectors with Russia.
During his speech at the Russian-Iraqi Business Forum in Moscow, Ali Al-Ward, Director of the Technical Department of the Ministry of Oil, praised the Russian companies operating in the oil sector in Iraq, and their role in the trade balance, in terms of their production capacity, which supported exports and financial returns.
Al-Ward added: Russian companies have a lot of participation in the extraction sector, and this is very important and a very successful field. All the Russian companies that participated in this field were economically feasible for both parties, and the production capacities were support for the perpetrators and constituted an important element.
He explained: The Russian companies are heading to the extraction sector, and we have other sectors in the oil field, including the refining sector, because Iraq does not have a production capacity for all oil derivatives that suffices the country, and we are one of the countries that import some oil products, including gasoline, gas oil and kerosene. Therefore, liquidation is an important area for Russian companies.
A Russian-Iraqi Business Forum was held yesterday in the Russian capital, Moscow, with the participation of an Iraqi delegation and the presence of the head of the Federation of Iraqi Chambers of Commerce, Abdul Razzaq Al-Zuhairi, in addition to representatives of leading companies interested in importing food industries, timber, minerals, building materials and agricultural machinery in Iraq./End 3
The Dollar Stabilizes In The Iraqi Market
Economie| 09:56 – 10/21/2022 Baghdad – Mawazine News The dollar exchange rates witnessed, today, Friday, stability in the local markets.
And the selling prices of the dollar were 147,000 dinars per 100 dollars, while the purchase prices of the dollar were 146.900 dinars per 100 dollars. https://www.mawazin.net/Details.aspx?jimare=208842
Global Oil Price Stability
Economie| 08:36 – 10/21/2022 Baghdad – Mawazine News : Oil prices approached stability, today, Friday, as optimism about a possible increase in energy demand in China was dispelled, and markets were affected by fears of high inflation.
Brent crude futures fell 12 cents to trade at $92.26 a barrel by 02:19 GMT, and West Texas Intermediate crude futures were down four cents to $84.47 a barrel.
Brent crude is on the path of recording a weekly increase of 0.7%, while West Texas Intermediate crude is expected to decline 1.3% after extending contracts for the month of the nearest maturity.
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