Iraqi News Wednesday Evening 10-5-22
Tlm724 Administrator Bondlady’s Corner
Coordinating framework: Plasschaert’s briefing included many messages and political dialogues continue
Political | 03:43 – 05/10/2022 Special – Mawazine News, Representative of the Coordination Framework, Waad Qaddo, confirmed that the briefing of the United Nations envoy to Iraq, Jenin Plasschaert, in the Security Council included a number of messages.
In an interview with Mawazine News, Qaddo said, “Plasschaert’s briefing emphasized the necessity of national dialogue,” stressing that “the door to dialogue is open to everyone, and there is no veto on any of the political parties or personalities to sit at the dialogue table.
“Efforts to revitalize dialogue are continuing, and that there are some obstacles and ambiguities that need to sit down a lot to find a way out, noting that the coming days will be clearer with regard to understandings. ” Infighting. https://www.mawazin.net/Details.aspx?jimare=207400
The Regional Government Approves A Draft Agricultural Law And A Draft Decision On The Reform Law
Political | 05:23 – 05/10/2022 Baghdad – Mawazine News The Kurdistan Regional Council of Ministers approved, on Wednesday, a draft law to implement and amend the Federal Agricultural Quarantine Law.
And the regional government stated in a statement received by / Mawazine News / a copy of it, that “the Council of Ministers held its regular weekly meeting headed by Prime Minister Masrour Barzani and in the presence of the Deputy Chairman of the Council Qubad Talabani.”
And she added, “He reviewed, among the first paragraphs of his agenda, a draft law (implementing and amending the Federal Agricultural Quarantine Law No. 76 of 2012 amended in the Kurdistan region), which was presented by the Minister of Agriculture and Water Resources, Bekard Talabani, and then the Cabinet approved the draft law, as directed by The Minister of the Region for Parliamentary Affairs, Vala Farid, sent it to the Kurdistan Parliament with the aim of legislating it.
She pointed out, “The draft law aims to regulate everything related to the acquisition, import and export of plants, their products and crops to prevent the entry and spread of agricultural diseases and epidemics in the Kurdistan Region, and by implementing the same measures, procedures and standards throughout Iraq, the implementation of the law will be carried out by a high-level committee from the Ministry of Agriculture and Resources.”
It includes representatives from the ministries of (higher education and scientific research, the interior, commerce and industry, finance and economy, and health), and the Environmental Protection and Improvement Authority.
And she continued, “This law is an implementation of a federal law in the region, after its amendment and taking into account the peculiarities of the ministries and institutions of the region, in order to unify the procedures of agricultural quarantine in the region and Iraq, as well as to facilitate the work of the region’s traders, farmers and farmers, to ensure the safety and quality of raw materials and basic requirements imported specifically to the region.” Agricultural projects from abroad, and ensuring that the marketing of the region’s local products to the central and southern governorates is not obstructed by the federal government, after the region’s institutions adopted the same procedures related to agricultural quarantine.
And she confirmed, “In the second paragraph of the meeting, the head of the Coordination and Follow-up Department, Abdul Hakim Khusraw, presented a draft cabinet decision to implement Article (9) of the Reform Law, within the framework of the regional government’s steps to implement the reform law. After discussions and deliberations, the Council of Ministers approved a draft the decision”.
The Cabinet renewed, according to the statement, “its insistence on implementing the reform law, to reorganize public jobs and retirement in order to achieve justice in terms of public income, and to prevent waste and illegal use, provided that the rights of eligible citizens are preserved, and they are not deprived of their dues and salaries.” https://www.mawazin.net/Details.aspx?jimare=207412
Association Of Banks: The Banking Sector Witnessed Growth In The First Half Of The Year
Economie| 12:28 – 05/10/2022 Baghdad – Mawazine News The Association of Iraqi Private Banks announced, on Wednesday, the financial statements of the Iraqi banking sector during the first half of this year.
The Executive Director of the Association, Ali Tariq, said in a statement received by Mawazine News, that “the first half of this year witnessed a growth in the banking sector, due to the Central Bank’s strategy that enhanced the public’s confidence in the banking sector, in addition to the development initiatives launched to support the national economy.”
Tariq added, “The rise in financial data is one of the main factors for developing the economy, employing manpower, and increasing the percentage of financial inclusion.”
He stressed, “The credit granted to the public, during the first half, amounted to 3.7 trillion dinars, bringing the total credit to 57.3 trillion dinars, with a growth rate of 7% over last year, while deposits increased by 8.3 trillion dinars, bringing the total deposits in the banking sector to 106.4 trillion dinars, with a growth rate of 8 %”.
He pointed out that “assets grew during the first half of this year by 9% to reach 164.1 trillion dinars, an increase of 13.7 trillion dinars,” noting that “pledge credit amounted to 33 trillion dinars, an increase of 5.8 trillion dinars, which is the highest growth rate in indicators of 21%.” “. Ended 29/N33
https://www.mawazin.net/Details.aspx?jimare=207384
Next Sunday .. A Parliamentary Committee Hosts The Governor Of The Central Bank
Wednesday 05 October 2022 16:44 | Economic Number of readings: 244
Baghdad / NINA / – The Presidency of the Council of Representatives informed the governor and members of the Board of Directors of the Central Bank of Iraq, to set next Sunday as a date to host them in the Parliamentary Finance Committee, to discuss themes related to the bank’s work, the currency auction and financial transfers./ End 5 https://ninanews.com/Website/News/Details?Key=1005634
Mostafa Ghaleb discusses with the World Bank the reform of the government banking sector
Money and business Economy News-Baghdad On Wednesday, the Governor of the Central Bank of Iraq, Mustafa Ghaleb Makheef, discussed with a delegation from the World Bank headed by the Regional Director of the Middle East Department, Jean-Christophe Cary, to enhance bilateral cooperation.
A bank statement stated that “during the meeting, they discussed the continuation of bilateral cooperation, the promotion of financial inclusion and the various projects to reform the banking sector, especially government banks.”
The governor reviewed “the efforts of the Central Bank of Iraq in combating money laundering and terrorist financing, and the development projects launched by the bank to move the wheel of the Iraqi economy.” Hits 146 Added 10/05/2022 – 1:28 PM Update 10/05/2022 – 7:57 PM
https://economy-news.net/content.php?id=30061
For A Year, A Canadian Company Begins Securing Baghdad Airport, With A Value Of $22 Million
Money and business Economy News-Baghdad The Canadian company, “Biznis Intel”, began its duties in securing protection for Baghdad International Airport, after the expiration of the contract of the British “G4s” company.
Founded in 2010, it is headquartered in Ottawa, Ontario Canada.
Shafaq News agency reported that the Canadian company won last August a contract worth 22 million US dollars to secure Baghdad International Airport, for a period of one year.
Under the contract, “Biznis Intel” will provide insurance of personnel and equipment inside the airport, airport terminals, in addition to the runway and airport perimeter, the vehicle entry gate, staff and lobby security, in addition to the identification of individuals and vehicles and security checks at Baghdad International Airport. 553 views 10/05/2022 – 10:30 AM Update 10/05/2022 – 7:50 PM
https://economy-news.net/content.php?id=30053
Does The OPEC + Decision Serve The Iraqi Economy?
Articles Ali Dadouch The recent OPEC + decision (reducing production by 2 million per day) serves countries that have local production, such as Saudi Arabia, for example, or countries that mix complementary domestic production through imports, such as Kuwait and the UAE, more than those that import everything such as Iraq
… Energy contributes significantly to increasing the revenues of the oil countries, thus the possibility of covering all expenditures and achieving a surplus that leads to an increase in the amounts allocated to sovereign and investment funds, and this is not available in Iraq for known and diagnosed reasons..
As for the issue of reducing inflation (eroding purchasing power and rising production costs), the world is witnessing a recession Inflationary, therefore, the rise in energy prices for rentier countries (which is witnessing a strong renaissance towards diversifying the economy) means achieving financial returns that contribute to reducing the risks of inflation, even indirectly, which leads to a kind of parity between oil revenues and the rate of inflation.
This will greatly provide an opportunity for the continuation of international companies specialized in the production of oil and shale gas, which means the possibility of overcoming the obstacle of recession in the short and medium term at least.
However, the decision to reduce in any case leads to negative effects on the energy-importing economies and deepens the risks of stagflation in the world.
As for Iraq, the decision to reduce means the loss of part of the oil revenues that cover the expenditures of the general budget by more than 92%, meaning that Iraq loses about 612 million dollars per month, or about 8 billion dollars during the year (11 trillion dinars, assuming an average price of ( $85) per barrel.
Iraq will also suffer from high prices for all goods and commodities in the local markets, as they are imported from energy-consuming countries.
If Iraq had a sovereign investment fund, things would have differed positively from the decision to reduce OPEC +. 73 . views Added 10/05/2022 – 6:09 PM Update 10/05/2022 – 7:45 PM
https://economy-news.net/content.php?id=30068
Global Oil Prices Drop
Economie| 08:56 – 05/10/2022 Follow-up – Mawazine News: Oil prices fell on Wednesday, after raising their gains by 3 percent in the previous session, before OPEC + producers met to discuss a significant production cut.
Brent crude fell 23 cents to $91.47 a barrel at 03:43 GMT, after jumping $2.94 in the previous session.
US West Texas Intermediate crude futures fell 39 cents to $86.13 a barrel, after rising $2.89 in the previous session.
The Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, called the OPEC+ community, meeting in Vienna later on Wednesday are discussing production cuts of up to 2 million barrels per day, which would be the group’s largest production cut since demand was shattered by COVID-19 in 2020.
The United States is urging OPEC + producers not to go ahead with deep cuts as President Joe Biden seeks to prevent US gasoline prices from rising.
However, analysts say the agreement on the deep cuts “would send a strong message that the group is determined to support the market.”
They pointed out that the US dollar, global growth concerns, and European Union sanctions scheduled to enter into force on the fifth of December (December 5) are still all decisive factors for oil prices in the short term. Ended 29/M99 https://www.mawazin.net/Details.aspx?jimare=207366
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