Bondlady’s Corner Iraqi News Saturday PM

  In Bondlady’s Corner 

More Iraqi News Saturday PM 7-30-22


Tlm724 Administrator Bondlady’s Corner


The International Monetary Fund Sets Currency Rates For The SDR Valuation Basket


Saturday 30 July 2022 09:31 | Economic  Number of readings: 55


Baghdad / NINA / – The International Monetary Fund announced the identification of new amounts for the five currencies that will determine the value of the Special Drawing Rights during the new evaluation period that extends from the beginning of August 2022 until July 31, 2027.


The Fund confirmed in a statement, that “the Executive Board decided, starting from August 2022. The value of the Special Drawing Rights shall be the sum of the values of the following amounts for each currency:


US dollar 0.57813,


Euro 0.37379,


Chinese yuan 1.0993,


Japanese yen 13,452, and


Sterling 0.080870,  according to the Saudi News Agency “SPA”.


He added, “The Council decided that The SDR basket and the weights assigned to each currency in the basket are


43.38 percent for the dollar,


29.31 percent for the euro,


12.28 percent for the Chinese renminbi,


7.59 percent for the Japanese yen, and


7.44 percent for the pound sterling.


He pointed out, “The interest rate on the Special Drawing Rights, which will be determined on August 5 and applied to the week beginning on August 8, will be the first rate that reflects the new SDR assessment basket.” / End 8


Al-Kazemi’s Advisor Sets Priorities For Investing Financial Savings And Increasing Revenue


Economie    Yesterday, 17:50   Baghdad – INA – Nassar Al-Hajj  , the financial advisor to the Prime Minister, Mazhar Muhammad Salih, identified, today, Friday, the priorities for investing financial savings and the increase in total revenues.  Saleh said, to the Iraqi News Agency (INA), that


“the increase in total revenues, based on oil revenues, is subject when it is outside the limits of financing the expenditures set forth in Law No. 2 of 2022, that is, the Emergency Support Law for Food Security and Development, or exceeds the funding limits set forth in accordance with Provisions of Article (13) / Second of the effective Financial Management Law No. (6) of 2019 disbursing 12/1 of the actual current expenditures realized in the fiscal year 2021.  He added,


“Based on the provisions of the two laws above, and when actual revenues exceed expenditure estimates and after covering the actual deficit, if any in the emergency law as mentioned, the surplus is directed and employed in the budgets of the following years through a (sovereign fund) as stipulated by the provisions of Article 19 of the Financial Management Law.

The aforementioned, provided that legal adaptation is available for the current fiscal year’s conditions because the financial savings that go to the sovereign fund’s account is required under the applicable Federal Financial Management Law to have a law for the annual general budget, which does not exist for the year 2022.  He continued,


“Nevertheless, this means, in all cases, the generation of official reserves that are used for spending in the coming years through a sovereign saving fund inevitably,


and it is managed in accordance with international best practices in managing and investing official reserves and benefiting from the investment returns of these official foreign reserves or disposing of them.”


In financing the budgets of the coming years and achieving the so-called financial sustainability, as confirmed by the Central Bank of Iraq in its recent statements about the management of the Fund.  He continued,


“Certainly, the priority will go in an important aspect towards financing investment projects that contribute to the development of national income and the economic prosperity of our country.”  He explained,


“If the fiscal year 2022 ends, for example, without approving the general budget, and starting spending at a ratio of 1/12 of the actual current expenditures for the past year 2021, the financial surpluses will go to a fund or reserve account that represents the sovereign wealth, and certainly the priority will go.” Towards the sustainability of financing investment projects that contribute to the development of national income and the economic prosperity of our country.  He concluded by saying:


“Despite the foregoing, there is a fundamental development that came in the effective Federal Financial Management Law that was amended in 2020, whereby governorates that did not benefit from their share of the allocation for investment projects were allowed to keep those allocations in the following year in a trust account to resume the exchange.


The approved investment projects shall do so in the following year without interruption, even in the event of a delay in approving the budget.–.html


British Report: Iraq Does Not Benefit From Oil Revenues Because Of Its Crises.. And A Senior Official: There Is No Longer A Country


Reports & Analytics    Iraq    breaking    corruption    oil imports   2022-07-29 08:03   Shafaq News/ The “Financial Times” newspaper considered that the demonstrations in the Green Zone in Baghdad reflect the worsening political turmoil in Iraq in light of the failure of the political forces to form a new government, about 10 months after the elections, to run the country,


which means that the second largest country As an oil producer within OPEC, it is not able to benefit from the rise in global oil prices.


The “Financial Times” report, which was translated by Shafak News Agency;


He described the current political stalemate in Iraq as the longest since the first US-sponsored elections were held in 2005.  The report pointed out that


this political crisis prevents Iraq, which is the second largest oil producer in OPEC, from enjoying the gains of high oil prices, which also raises concerns about the prospects of instability in the future, and causes tension among foreign investors as well.



The report quoted a high-ranking Iraqi official as saying, “We are only moving from crisis to crisis, without a clear end to the stalemate.”


After the report indicated that Sadr’s supporters stormed the Green Zone and the parliament building, as a warning to his political opponents closest to Iran, he pointed out that


Sadr may launch more demonstrations unless his demands are met, and that


even if his opponents succeed in their efforts to form a new government, Sadr will remain a force within the political system.


Although the report talked about


the years that al-Sadr spent building his political power to become a “king-maker”, ambiguity still surrounds the end of his current game after the resignation of his deputies from Parliament.


The report quoted a government official, a veteran of the Iraqi political scene, as saying,


“We don’t really know if he has a strategy. Is he honestly withdrawing from the operation, or is he waiting for the Iranian-backed force to make a mistake, so that he can launch his crowds against them?”.


In light of this situation, the report mentioned that although state coffers were enhanced with funds through unexpected profits as a result of high oil prices, the 2022 budget is approved, which means that it is not possible to spend most of this financial surplus.


Rather, solutions have been developed. emergency to deal with the shortage of essential commodities such as gasoline and grain.  He noted that


some analysts say that Sadr’s popular support base has declined due to his association with rampant state corruption, but he added that others consider


his loyalists to be spread across most state institutions, including the Cabinet, the state-owned oil company, powerful ministries and local authorities.


He also quoted businessmen and analysts as saying that


the primary task of “al-Sadr’s agents” is to ensure the financial flows of his movement by evading ministries’ contracts, which a government official described as a “creative redirection of resources”, while sources say that


al-Sadr’s movement needs tens of millions. dollars a month to maintain his strength.  However, the report considered that the


accusations against the Sadrists are also symptoms of a system full of graft and nepotism, and that


all parties are responsible for looting the state to enrich itself and its networks.


After referring to the mechanism of employing thousands of graduates annually in state sectors, he explained that high oil prices have provided some relief to the state that struggled to pay public sector salaries two years ago,


but many are now pessimistic about the long-term prospects.


The report quoted a senior government official and a political veteran as saying that


“there is no longer a state, this country runs only on greed and corruption, so that no one thinks about the future.”    Translation: Shafak News Agencyتقارير-وتحليلات/تقرير-بريطاني-العراق-لا-يستفيد-من-مداخيل-النفط-بسبب-زماته-ومس-ول-كبير-لم-تعد-هناك-دولة


Babylon’s Trade Reveals Obstacles In The “Wholesale” That Face Investors And Provides Advice To Young People


Economy     Babylon’s trade    Investment Obstacles   2022-07-29 06:17   Shafaq News/ The Babylon Chamber of Commerce revealed the obstacles facing investors in the province, including factors “related to the formation of the government.”


And while it referred to the government’s “inaction” to support investment, it pointed out that there are many “successful” projects that are popular in the province.  The Chamber’s head, Engineer Sadiq Faihan Al-Maamouri, told Shafaq News Agency,


“The Babylon Chamber of Commerce is a professional organization that represents the private commercial sector in the province, and the number of its affiliates exceeds 90,000 among a merchant, company and factory.”  Al-Maamouri added,


“The Chamber of Commerce, in cooperation with the International Labor Organization and the Babel Labor Directorate, has attracted and hired many young people and supported their projects, and there were several training and rehabilitation programs, in addition to financing with the assistance of the International Labor Organization by opening new projects.”  The head of the Babylon Chamber continued,


“Project owners have also been developed and their work expanded, through training and granting them loans to employ additional numbers of unemployed youth, and 1,800 projects have been opened in cooperation with the International Labor Organization, as well as training its youth workers, whose age does not exceed 30 years.”.  Al-Maamouri pointed out that


“there are many obstacles facing investors in the province, including those related to laws, regulations, bureaucracy and government routine, the failure to activate the single window, the lack of funding and the lack of infrastructure such as roads, water, electricity and sewage.”  The commercial official indicated that


“these obstacles stand in the way of the investor, and prevent them from attracting more investors, so that many owners of large projects and foreign investors are reluctant to come to the governorate, because of these obstacles.”  Al-Maamouri stressed that


“finance is an essential element for any project, and the state is laggard and is not interested in the issue of project financing, especially small projects for young people, who have ambition and desire to open small projects.”  Al-Maamouri, who holds the position of Vice President of the Federation of Iraqi Chambers of Commerce, explained that


“the economic situation in Babylon is not different from the rest of the Iraqi provinces, as it suffers from a great recession, depression and a rise in prices, due to global conditions and the current situation in the country.


Political stability is currently not available, This reflected negatively on the economic reality in Iraq and the province.”  Al-Maamouri added,


“The officials of the Babylon Governorate lack the correct vision to support the private sector, as there is no support from the government side or from private sector organizations, as well as from those that represent the private sector.”  The head of the Babylon Chamber of Commerce continued, saying,


“Despite all these suffering and obstacles, there are many successful projects in Babylon, such as the sugar factory project, the edible oil project, and there are food production projects, especially water and juices, and individual small projects for the production of household foodstuffs that The Iraqi table needs it.”


Al-Maamouri advised young people to “pay attention to handcraft professions, which are currently popular, and which depend on individual personal skills, in addition to the fact that their financing is simple, so they do not need large financial capabilities and capabilities, for example, shaving, blacksmithing, carpentry, and other handicrafts related to With construction work, the governorate is currently witnessing a good construction movement.”


Al-Maamouri called on young people to “not think about government employment, because the government is unable to find job opportunities in the public sector, which has grown a lot,” noting that


“the real opportunity for young people is to make their way in the private sector, and there are many young people who were able to prove themselves.”


And they achieved their ambition, and they also helped others after the development and expansion of their work, as they employed other numbers of young people.”اقتصـاد/تجارة-بابل-تكشف-عن-معو-قات-بـ-الجملة-تواجه-المستثمرين-وتقدم-نصيحة-للشباب


The United States Hands Over New Equipment To The Peshmerga And Affirms Its Commitment To Continuing Support (Photos)


Kurdistan    Peshmerga    breaking    American aid  2022-07-28 01:17  Shafaq News/ The US Consulate in Kurdistan Region announced today, Thursday, the continuation of cooperation and support for the Peshmerga forces.  The consulate said in a statement received by Shafak News Agency;


“The US forces are working closely with the Ministry of Peshmerga in the Kurdistan Region, in order to reassure the Peshmerga of the availability of the requirements to confront any threat from the terrorist organization ISIS.”  The statement added,


“The Kurdistan Peshmerga forces received, yesterday, a new batch of military aid,” confirming the United States’ commitment to supporting the stability of the Kurdistan Region.كوردســتانيات/الولايات-المتحدة-تسلم-البيشمركة-معدات-جديدة-وت-كد-التزامها-بتواصل-الدعم-صور



Al-Kazemi: Comprehensive National Dialogue Is The Only Way To Solve Our Crises


Political | 09:37 – 30/07/2022   Baghdad – Mawazine News   Today, Saturday, Prime Minister Mustafa Al-Kazemi stressed the need to see a comprehensive national dialogue and solution to resolve the crises in Iraq.


The Minister of Culture, Hassan Nazim, gave a speech to the Prime Minister during his participation on his behalf in the ceremony to receive the remains of the Barzanis Anfal victims, in which he said:


“I stand with great pride in the values of martyrdom, and the meanings of nations being proud of their history of struggle, and transforming the sacrifices of their people into action and achievement.”  He added,


“The people of Iraq have made great and precious sacrifices throughout their history in the face of oppressive dictatorial authorities, mismanagement, injustice, discrimination, and prejudice for what?


For the sake of human, national and moral dignity, and in order to build life opportunities for future generations, and not for political gain.”.  He continued,


“When I stand here in the presence of the Anfal martyrs, I am overwhelmed with true human feelings.


I was among the first to give live international testimonies about that horrific crime committed by the dictatorial regime against our people.


I lived among this good people in the mountains of Kurdistan and my eyes were fixed on the eyes of children and women.”


And men who were executed for no reason other than that they wanted to live in dignity.”  He added,


“Our people sacrificed in Basra, Dhi Qar, Najaf, Baghdad, Anbar, Mosul and Kurdistan, and bled pure Iraqi blood, not for the sake of shedding tears today.


Rather, our people sacrificed and lost the best of their youth in their honorable struggle, in the absurd wars, in confronting terrorism, and in demanding their legitimate rights. For the sake of the state of justice and citizenship, and for its leaders to be at the level of responsibility, and not to repeat the mistakes of the past, and not to underestimate the value and meaning of blood, and its weight in the human conscience.”


The Prime Minister added,


“I feel sorry that some of them forget all these lofty values, and that some even forget their personal history of struggle, and accept to race for chairs, positions, quotas, nepotism, and try to turn the rule of Iraq into a booty, and I feel ashamed in front of these sacrifices.


The grave consequences of our people as they witness the continuous and repeated political inability for years to translate the election results into political action on the ground, and into an occasion for convergence and cooperation to build the country, and not an occasion for discord, discord, and division.


In 2020, the pure Iraqi blood that was shed in October is an extension of all the sacrifices of our people, and that the


historical duty requires everyone to put solutions to social crises by addressing political crises first, and not to allow differences between people or trends to become a cause in any social crisis New”.  He added,


“Unfortunately, some of them who lack historical credibility, and who look themselves at others, doubted from the first moment every noble purpose, and believed that politics is an adventure, bullying the loyal, and flexing muscles, and was unable to understand politics as a heavy responsibility before it.” The people, their sacrifices, their history and the future of their generations.  He added,


“That is why I told my brothers that we will not respond to slander and false smear campaigns except with honest work, and we will not be drawn into rhetoric and childish accusations, and we will not care about those who try to bring down their personal, partisan or political crises on the government and on me personally.


And we have no time to waste in arguments, frenzy parties, personal parades, and narrow calculations, and we have enough room after we have completed our mission and handed over the trust to the next government produced by elections.  He pointed out that


“the national responsibility makes it imperative for everyone, in this sensitive circumstance, to open the door to frank and transparent dialogue to resolve the current political impasse.


We need to see a solution, not a recipe for conflict, clash and setbacks.


We need wisdom to take precedence over whims and emotions, and comprehensive national dialogue is the way.”


The only way to solve our crises, and to restore confidence between political forces, is a prelude to restoring our people’s confidence in democracy and elections.”  He stressed that


“our people are concerned about the current political tension and attempts to drag state institutions and security institutions into the arena of political debate, accusations and slanders between politically different parties, and the time for political disagreement is short, no matter how long it takes, and no matter how painful the results are.


However, the time of the state is long, and the state and its institutions must be preserved.”.  He pointed out that


“Iraq and the future of this people are entrusted to us..


We are responsible to all the sacrifices made by this people, and in this good and benevolent land that has suffered and made precious sacrifices for many decades, and the love of freedom and justice was rooted in the conscience of its people, whose people did not succumb to a tyrannical dictator.” Nor for dark thoughts, they are mountains and valleys watered with pure blood, whose children must find the fruit of these sacrifices freedom, justice and rights.


These remains are not forgotten and do not die,


rather they remain as lofty as the mountains of this land, mercy and eternity for the martyrs of Anfal, and all the martyrs of Iraq.” Ended 29 / p. 87


Tags: , , , , , /