Bondlady’s Corner Iraqi News Saturday Evening

raqi News Saturday Evening 9-24-22


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An Economist Issues A Warning: Iraq Is Close To The Danger Zone


Economie| 02:45 – 09/24/2022   Baghdad – Mawazine News, an economic expert, Nabil Al-Marsoumi, warned, on Saturday, that Iraq “has become close to the danger zone”, due to the drop in oil prices to $86 a barrel.


Al-Marsoumi wrote in a post on his Facebook wall, “Iraq has been bitten from the same hole several times!! The drop in the price of oil to $86 per barrel means that Iraq is close to the danger zone.”


He explained, “Iraq needs a price of $80 per barrel and exports of 3.3 million barrels per day in order to obtain oil revenues of up to 140 trillion dinars, which are sufficient with non-oil revenues to cover the requirements of public expenditures, which rose by 25 trillion dinars this year as a result of the legislation of the Food Security Law.” Ended 29/N33


Within Hours… Announcing The State Administration Coalition


Political | 04:30 – 09/24/2022   Baghdad – Mawazine News   A political source said, on Saturday, that the coming hours will witness the announcement of the state administration coalition.


The source told (Mawazine News) that the formation of the new political alliance called “State Administration” aims to form the next government.


He explained that the coalition includes the Coordination Framework and the Alliances of Azm and Sovereignty, the Patriotic Union of Kurdistan and the Kurdistan Democratic Party. Ended



A deputy reveals a financial surplus in 4 sectors in the country and invites parties


Political | 04:56 – 09/24/2022   Baghdad – Mawazine News   On Saturday, the representative of Basra Governorate, Mustafa Jabbar Sanad, revealed a financial surplus in four sectors in the state, while he invited the parties.


Sanad said in a Facebook post that was followed by “Mawazine News” that a financial surplus exists in four sectors in the country, as follows:


1- There is a surplus in the Central Bank reserves, which can be invested as financial bonds, development initiatives and stimulating loans in coordination with the Ministry of Finance.


2- There is a surplus in the financial treasury that can be invested by paying the dues of contracts, procedures, lecturers, farmers and contractors, and absorbing the new employment.


3- There is a surplus in the secondary currency estimated at 100 trillion dinars that can be invested in revitalizing the economy and building a giant strategic industry that absorbs part of unemployment and the development of the import alternatives industry.


4- There is a part of the exported crude oil that China drools over in exchange for the implementation of reconstruction.


Sanad concluded, “I claim that I am able to implement a percentage of the above vision if the parties give up some of their shares.” Ended 29/R77


A Deputy Reveals The Resumption Of Parliament Sessions This Week


Political | 03:25 – 09/24/2022   Baghdad – Mawazine News   The deputy of the Al-Sadiqoon bloc, Zainab Al-Moussawi, confirmed, on Saturday, that the political blocs are going to hold a parliamentary session this week.


Al-Moussawi said in a press statement, “The political blocs are going to hold a parliamentary session this week to proceed with the formation of the government and the completion of the constitutional dues,” pointing out that determining the date of the session is limited to next week, and indicated that “the Shiite framework is continuing to present its candidate to form the new government, which is Muhammad Shiaa al-Sudani, “indicating that the Kurds have reached a final candidate for the presidency.”


She indicated that “the political crisis is over and solutions will soon see the light.” Ended 29 / h


Oil Prices Are Falling Amid Fears Of A Global Recession


Economie| 08:46 – 09/24/2022   Follow-up – Mawazine News:   Oil prices fell sharply, today, Friday, as recession fears gripped global markets, and investors pushed US crude to below $80 a barrel, after losing close to 8% during the week.


West Texas Intermediate crude, the main US oil benchmark, closed lower on Friday at $78.74 a barrel, down 5.7% on the day, its lowest since January, and down 7.5% for the week.


Brent crude fell 4.8% to $86.15 a barrel, its lowest level since January, recording a decline of 5.7% for the week, according to market watch data.


It comes amid investor risk aversion across the board, after central banks from the Federal Reserve to the Bank of England raised interest rates sharply this week in a desperate attempt to combat inflation, which is believed to cause a widespread economic recession.


Meanwhile, the dollar index, which measures its value against a basket of major currencies, rose 1.55% to 113.09 points. The increase in the value of the dollar leads to a decrease in the prices of the commodities in which it is denominated, in addition to the diversion of capital at the present time away from risky investments.  LINK

The World Union Of Arab Bankers Selects An Iraqi Female Banker For The Banking Excellence And Achievement Award For The Year 2022


Money  and business   Economy News-Baghdad   The World Union of Arab Bankers announced the honoring of the Managing Director of the International Islamic Bank, Suha Al Kafai, with the Banking Excellence and Achievement Award for the year 2022.


A press statement by the union said today, “I chose the managing director of the International Islamic Bank, Suha Al-Kafaei, as the best female banking leader, through her work in the bank in terms of the diversity of banking services and products in Iraq for the year 2022.”


The statement added: Al-Kafaei was honored in a huge ceremony held in the Turkish city of Istanbul, in the presence of a crowd of senior bankers and international supervisory figures from international and regional institutions.


For her part, Al-Kafaei welcomed this honor, which she considered a pride for the Iraqi private banking sector, to reflect the positive image of it before the international banking community.


Al Kafai said, “The International Islamic Bank continues to provide all its banking services to customers and to overcome obstacles and bureaucracy in order to complete all requirements in accordance with the world’s banking development.”   38 . views   Added 09/24/2022 – 12:55 PM   Update 09/24/2022 – 6:21 PM   LINK

Planning: Iraq Loses Two Billion Dollars Annually As A Result Of Delays Or Stoppages Of Projects


Reports   Economy News-Baghdad  Development plans in Iraq are affected by changing priorities in light of events in the country, which is a matter that has caused great losses, according to what the Undersecretary of the Ministry of Planning Maher Hammad Johan said in an interview with Al-Araby Al-Jadeed.


* What are the causes of defects in the implementation of development plans in Iraq?


Development projects go through two tracks; The first is the five-year development plan, which sets determinants and goals and is co-written by the Ministry of Planning with the parties concerned with the plan. Unfortunately, this plan is not implemented as required due to the continuous change of priorities of the concerned authorities, including the governorates, to meet the urgent needs.


The second track relates to the relationship of Iraq’s economy to oil and the steadily openness to projects, as the openness takes place horizontally and thousands of them are initiated, and the fact that this openness and changing priorities are imposed by the circumstances, changes, and economic, security and political events that the country is witnessing.


* What is the size of the financial losses due to the delay or suspension of projects?


At the level of the investment budget, we lose annually 3 trillion dinars (two billion dollars) as a result of stopping projects and the deterioration of their assets, as well as delays in providing the envisaged service and not keeping pace with population growth, at the same time, more than 80 percent of the suspended projects have been restored.


* What about the national development plan for the years 2018-2022?


The plan developed strategies that start with the governance of all institutions, the trend for automation, and the improvement of human development indicators, and focused on reducing poverty, completing infrastructure projects in the governorates, and achieving economic diversification by supporting the private sector to provide jobs away from the government sector. However, the country’s circumstances, starting with the demonstrations and the subsequent repercussions of the Corona pandemic and the collapse of oil prices to catastrophic levels, are reasons that led to the failure to proceed with some of the contents of this plan.


But after the improvement in oil prices at the end of 2020, another reason emerged, as the House of Representatives drew a new picture of the 2021 budget presented by the government, and it turned into an expenditure budget, which reduced the allocations for development projects.


* What are the causes of slack in the structure of public jobs in Iraq?


Currently, the percentage of employees from the size of the population in Iraq reaches 8-9 percent, according to what is established in the budget law. As for the sagging caused by the large number of employees in Iraq, several options were presented to address it, including granting employees wishing to leave the job an end-of-service bonus and others.


In fact, as long as the public sector provides salaries and benefits that the private sector cannot match, the government employee will not think of leaving his job, in addition to the fact that the job provides a comfortable retirement.


* What is the annual spending on salaries versus employee productivity?


Last year, during the preparation of the 2022 budget, which was not approved, the size of salaries was estimated at between 48 to 53 trillion dinars (33 to 36 billion dollars) annually, and these expenditures join the operating budget, that is, government spending that ranges between 40-50 percent of the size of the budget. Annual state budget.


As for productivity, we believe that, compared to the achieved production outputs, it does not exceed 25% in general, and the hours of production and service in state departments we believe are very low, rising in certain departments and falling in others to a level that may not exceed 10%.


What did the Ministry of Planning do to raise the efficiency and productivity of employees?


The Ministry of Planning was tasked with preparing an administrative reform strategy and another strategy to increase production efficiency, and they were actually exported after their approval by the Council of Ministers. The implementation will not only fall on us, as there is also a role for the Federal Service Council and the targeted ministries, and the goal is to find mechanisms for follow-up, monitoring and evaluation of real performance.


The job number project will also give the government a clear picture of the details of the job body, and the related financial policy, and will contribute to stopping the problem of multiple salaries, as the law does not allow an employee to receive more than one salary, with exceptions related to the families of martyrs and political prisoners.


* Have you determined the size of the fictitious employees in public administrations?


We did not find fictitious people or what the Iraqis call “alien” who receive salaries without work in the first place, or fake names for which others receive salaries, but rather shares of intersection and checking employee information to reveal employees who left work but are still receiving salaries, and others receive social protection salaries. These are allocated to people with low incomes, and employees on permanent owners who work as a contract with other departments, and the reality of the numbers of these may be in the tens of thousands, and work is still underway to conduct an intersection of information, and others may be revealed.


27 . views   Added 09/24/2022 – 1:01 PM  Update 09/24/2022 – 6:28 PM


Dollar Exchange Rates Against The Dinar


Economie| 09:29 – 09/24/2022     Baghdad – Mawazine News  The dollar exchange rates witnessed, today, Saturday, stability in the Iraqi Stock Exchange.

Selling price: 147.650 dinars per 100 dollars,    buying price: 147,550 dinars per 100 dollars


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