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A Legal Expert Confirms The Authority Of The Current Government To Submit The Draft Budget Law

Saturday, August 13, 2022 12:46 PM   Baghdad / National News Center  Legal expert Ali Al-Tamimi confirmed, on Saturday, the authority of the House of Representatives to authorize the current government to present the draft general budget law.

Al-Tamimi said in a press statement, “Parliament can authorize the caretaker government the right to send the general budget law; Because it is related to food security, which is one of the first priorities of the caretaker government.”

He added, “This mandate requires an absolute majority vote of the number of members, half of the total number plus one, and that this right be limited only to the budget law.”

And he stated, “The authorization must include the approval of the final accounts of the previous year’s budget in accordance with the Financial Management and Public Debt Law No. 6 of 2019.”

He explained, “All of this comes in accordance with Articles 62, 5 and 61 of the Constitution, and 12 and 13 of the Financial Management and Public Debt Law No. 6 of 2019 and Articles 128 to 138 of the Parliament’s bylaws.”      https://nnciraq.com/146913/

Economic Treatment In Light Of Political And Oil Fluctuations

Articles  Dr.. Haitham Hamid Mutlaq Al-Mansour

The economic climate in Iraq is witnessing dramatic changes, in addition to the rise in financial indicators caused by the rise in oil prices at a rate of nearly 40% compared to last year, and expectations that the country’s cash reserves will rise to more than 90 billion dollars by the end of this year, and an increase in the rate of growth in the gross domestic product to 9.5%, the fiscal policy is still restricted by the government spending ratio of 1/12, which indicates that the financial boom was not truly reflected on the reality of macroeconomic policy and the reality of citizens, as inflation is witnessing a significant rise in its annual rates in addition to the rise in unemployment rates, which amounted to In its last statistics in 2021, it reached an annual rate of 13.8%.

The political developments in the country and their repercussions on the economy constitute a major obstacle to approving the budget for the year 2021-2022, including the organization and classification of oil revenues to be spent on its consumption and investment resources, which is an important source of demand, revitalizing the economy, the income and spending cycle, and creating job opportunities in a way that reduces unemployment rates and keeps the economy away.

Iraqi about the specter of the phenomenon of stagflation, which it is suffering from recently, and for many reasons, some of them external and internal, the first is related to the Ukrainian war and the economic reaction policies that reinforced stagflation in the United States and the European Union, and since Iraq constitutes in its total foreign expenditures a net importer of goods and services It is natural for inflation to move to it with the lists of imports.

As for the second, besides the lack of approval of the budget and the repercussions of the restricted spending at a rate of 1/12, the internal debt management policies, despite their purely economic objectives, the devaluation of the currencyNationalism and the accompanying reluctance in many compensatory measures for the groups affected by it, took its take from the reality of the general level of prices and the real drop in the value of individuals’ incomes, which were not clearly targeted.

Therefore, the two important variables in terms of dealing with the economy are receding in the formation of the government first, the approval of the budget and the initiation of organizing the financial returns according to the budget items and its allocations. Secondly, the management of financial returns in an efficient economic manner through the creation of a sovereign fund to invest and develop oil surpluses for the future may constitute a strategic variable In terms of economic treatment.

134 . views   Added 08/13/2022 – 9:57 AM   Update 08/13/2022 – 4:45 PM

https://economy-news.net/content.php?id=29294

The Central Bank And The Banking Sector, The Main Financing And Investment Ring That Supported The Economy And Protected It From Collapse

Articles

Samir Al-Nusairi   The Central Bank of Iraq and the banking sector, in accordance with their law and objectives, are a mainstay for building a free national economy that strengthens the foundations of the Iraqi state and pushes it towards the process of growth and economic stability.

Building this sector on scientific foundations with the use of modern technologies and reliance on the best national expertise contributes significantly to the development and investment program as the first financing link for small, medium and strategic projects during the past years until the present time .

The results of the developments, procedures and efforts made to support and stimulate the economy through rational use of monetary policy tools, safe investments and flexible and balanced applications with the complex economic problems that our country has suffered and suffers from, and the effects of economic closure, stagflation and changes in the global economy, especially the food and energy crises and the Corona pandemic

The war on terrorism and the Russian-Ukrainian war . Where the Central Bank announced that its foreign reserves amounted to 82 billion dollars and its reserves of gold amounted to more than 130 tons, which is the fourth in the Arab world and the tenth in the world .

The projects of the private sector out of the total credit granted to the private sector, which constitute more than 8% of the gross domestic product, up to 18.4% of the total actual investment spending during the years of the financing initiative, and 17% of the total private sector deposits .

And by analyzing the results of the implementation of the initiatives, as 10 trillion dinars were allocated to the Real Estate Bank and the Housing Fund, and 72% of it was implemented by 48 banks and 2 trillion dinars for agricultural and industrial bankers, and 18% and 3 trillion dinars were implemented for small, medium and housing projects, and 71% of them were implemented by 48 banks and 2 trillion dinars for projects

The strategy that finances more than 20 billion dinars and 1 trillion dinars for renewable energy projects, in addition to supporting the state treasury with an amount of 50 trillion dinars, 30 trillion of them only in 2021 and 2022 by re-discounting treasury transfers issued by the finance. These measures opened the way for banks to work flexibly to contribute to support Investment is the main nerve of the wheel of development .

All studies and reports issued by the World Bank, the International Monetary Fund, the Ministry of Planning and the Central Bank of Iraq confirm this .

And in order to build a promising strategy to reform and develop the Iraqi banking sector for the years (2021-2023), the Central Bank established an ambitious mechanism that is consistent with the complex global and local economic crises for the purpose of maintaining the banking system in Iraq and protecting the national economy from collapse .

This requires the various relevant economic sectors to coordinate with and among the Central Bank and activate the role of financial policy, government banks and specialized banks, with an emphasis on developing foreign economic relations with the countries of the world with the development of economic and banking relations with international banks and relevant international and regional financial institutions and organizations.

134 . views   Added 08/13/2022 – 12:32 PM   Update 08/13/2022 – 5:42 PM

https://economy-news.net/content.php?id=29299

The Current Closes The Parliament’s Door, And The Framework Opens Its Doors Again For Dialogue

Political | 01:02 – 13/08/2022   Baghdad – Mawazine News  The deputy of the Sadiqoun parliamentary bloc affiliated with the coordination framework, Zainab Juma Al-Moussawi, confirmed today, Saturday, that the doors of the coordination framework are open for the Sadrist movement to return to dialogue.

Al-Moussawi said in a statement that Mawazine News received a copy of it, that “the doors of the coordination framework are open for the Sadrist movement to return to the dialogue table again, since the movement is an important participant in the political process since 2003 until the present time through ministers, undersecretaries and general managers, contrary to what Its supporters claim that the movement is outside the government, parliament, and institutions of the Iraqi state.

The statement added that “the coordination framework is keen on the political situation and is fully aware that political stability comes in accordance with the constitutional mechanisms.”

And he indicated that “the demonstration and sit-in for the supporters of the coordination framework remains the only solution in light of the Sadrist movement’s failure to accept the mechanisms of dialogue.” https://www.mawazin.net/Details.aspx?jimare=202287

The Coordination Framework Decides To Turn Its Demonstrations Into An Open Sit-In And Presents 8 Demands

Political | 06:55 – 12/08/2022   Baghdad – Mawazine News, the coordinating framework decided to turn its demonstrations into an open sit-in, while it presented 8 demands.

And the framework stated in the final statement of the demonstrations (the people protect the state), and Mawazine News received a copy of it, that “with God’s blessing, the large crowds gathered in this national demonstration, which we announce its conclusion by declaring an open sit-in in order to achieve our just demands, which are:

1- Expedite the formation of a national service government with full powers in accordance with the constitutional contexts, to restore the prestige of the state and address the problems of the Iraqi citizen

2- We demand the political forces, especially the Kurdish ones, to expedite the resolution of the presidential candidate, assign the candidate of the largest bloc to the premiership, and end everything that hinders expediting the resolution of the issue

. We declare our full support for the Iraqi judiciary and its institutions, and we reject any abuse or abuse of it, as it is the main pillar upon which the Iraqi state is based.

4- We demand the Speaker of the House of Representatives to end the suspension of work, and to act effectively in order to vacate the Council and activate its legislative and oversight work, as it is elected by the people, and the people have suspended rights, and they expect their representatives to fully perform their duties.

5- We demand our heroic security forces to protect state institutions, preserve their prestige, and enable them to perform their work without any obstacles, because they were created to serve the citizen, and no one can be allowed to prevent and close them for any reason.

6- We demand the political forces to pay attention to the people, and we call for adherence to the law and the constitution to face the challenges of the high cost of living, corruption of the ration card, and water scarcity.

7- We warn everyone that the country without a government with full powers has reached a difficult stage, and the masses are suffering the most from this tragic situation, so leave your personal, partisan and factional interests, and resort to the constitution and the law.

8- Through our demonstrations and the sit-in that we have announced now, we declare our full commitment and obedience to everything that is issued by the supreme religious authority, and God is the one who helps in matters.”

And she continued: “Finally, we renew our thanks, appreciation and respect for everyone who took the trouble to attend, and stood with us in this stand .” The Great Honorable Nationality, in Baghdad, Nineveh and Basra.” Ended 29 / h     https://www.mawazin.net/Details.aspx?jimare=202225

Iraq Witnesses Massive Popular Demonstrations In Favor Of Dissolving Parliament And Others Against It

Posted On2022-08-12 By Sotaliraq   Baghdad – Date: August 12 2022  Hundreds of thousands of Iraqis went out this Friday afternoon in three popular demonstrations in separate places in Baghdad and a number of Iraqi provinces, for supporters and masses of opposing political parties to put an end to the political crisis against the background of the results of the Iraqi parliamentary elections that took place in October 2021.

Since the early hours of the morning, large crowds of followers of the Sadrist movement led by Muqtada al-Sadr rushed to the Green Zone from the side of the Legislation Gate, where al-Sadr’s supporters continue their sit-ins and performed Friday prayers. Not to back down and compromise on the implementation of their demands to dissolve the Iraqi parliament and form a government that will pave the way for early parliamentary elections.

Others of al-Sadr’s supporters came out in similar gatherings in the governorates of Babil, Basra, Maysan, Nasiriyah, Diwaniyah, Wasit and Muthanna, carrying Iraqi flags and raising the slogan of dissolving the Iraqi parliament and holding early parliamentary elections.

At the southern gate of the Green Zone, large crowds covered the streets of the Jadriya neighborhood in the Karrada district with followers of the coordinating framework forces from Baghdad and a number of other provinces, carrying the flags of Iraq and the Popular Mobilization and pictures of the supreme reference Ali al-Sistani, and others for the head of the Supreme Judicial Council, Judge Faiq Zaidan, and chanted the slogans of protecting the state and its institutions and adhering to With the demands of the coordinating framework forces to nominate Muhammad Shia Al-Sudani as head of the next Iraqi government, rejecting calls to dissolve parliament, not violating the judicial and constitutional institutions, respecting the prestige of the state and not infringing on it.

The demonstration areas and the areas surrounding the government’s Green Zone witnessed strict security measures and a heavy deployment of the army, police, security services, the Anti-Terrorism Service, anti-riot forces and intelligence services.     LINK

 

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