Saturday Evening Iraq Economic News Highlights 9-17-22
Deputy: Iraq Faces Major Economic Challenges That Require The Formation Of The Government
Economie 18:33 – 09-16-2022 A member of the State of Law coalition, Muhammad Chihod, confirmed today, Friday, that Iraq faces major economic challenges that require the formation of the government.
Chihod said, “Iraq is going through a very critical situation, especially in economic terms, in light of the presence of a caretaker government and its inability to present the budget law.”
He added, “The government is currently working on a 12/1 budget, which will expire at the end of this year, and this means that the situation has become difficult for employees’ salaries and has a negative impact on the overall economic reality.”
And he indicated that “these challenges are serious, and a government with full powers must be formed in order to carry out its duties towards the country.”] https://kirkuktv.net/AR/Details/8943
Iraq’s Currency Inflation Imposes A New Reality With Old Legislation
2022/09/16 Baghdad After 2003, Iraq witnessed changes at all levels, which necessitated a legislative revolution for the citizen to seek the effect of change, but what happened is that the reality has changed while the legislation remained constant in many aspects, most notably the fines, the value of which did not change despite the massive inflation that hit the local currency Therefore, many of the penalties are not commensurate with the nature of the crime, which threatens the spread of crimes and the destabilization of societal peace.
The fine in the penal laws
The legal specialist, Sadiq Abdul-Hassan Al-Lami, describes the fine in the penal laws, saying, “It is a punishment imposed on the convict by a court ruling. It was mentioned in Article 85 of the Iraqi Penal Code No. 111 of 1969, amended among the original penalties, which are death, life imprisonment, temporary imprisonment, aggravated imprisonment, a fine, and school confinement. delinquent boys and confinement to a reform school.
He continued, “If we discuss the issue of imposing a fine in the aforementioned Iraqi Penal Code, we will find that it is imposed on defendants who commit offenses and misdemeanors, and is rarely imposed on perpetrators of felonies.”
Al-Lami points out that before the amendments were made, the fines were minimal. In the amended Penal Code No. 111 of 1969, the amount of the fine ranged, depending on the nature of the crime, from 10 dinars to 300 dinars, equivalent to (0.00675 cents to 0.20 cents) of the dollar value.
First Amendment
After the currency inflation, the legislator found that the previous fines were not worth, so he resorted to amending them according to Law No. 206 of 1994. The fine for violations became from 50 to 200 Iraqi dinars (equivalent to less than the value of one dollar), and the fine for misdemeanors ranged from 201 to 1000 Iraqi dinars (less than a dollar) and a fine Felonies range from 1,001 to 10,000 Iraqi dinars (the maximum penalty is approximately six dollars).
Second Amendment
After the increase in inflation, the legislator resorted to amending the fines again under Law No. Six of 2008, as the fine for violations became from 50,000 to 200,000 Iraqi dinars (equivalent to 34 to 168 dollars) and the fine for misdemeanors ranged from 200,000 to one million Iraqi dinars (i.e. equivalent to 168 to 675 dollars) and a fine for felonies from one million to 10 million Iraqi dinars (675 to 6 thousand and 750 dollars).
Freedom-Depriving Punishments
Regarding the legislative authority’s observance of the stage of change and the possibility of adjusting the fines in proportion to the value of the currency, Judge Hadi Aziz said that if the court finds that the fine is small and does not achieve the goal of the legal legislator, it should turn towards freedom-depriving penalties and stop imposing them.
He added, “The punishment is imposed by an authority authorized in the name of the people as a social reaction to protect the security of society and ensure its stability, and not merely as a deterrent, in both the private and public sectors, to an act committed by an actor or a group, in violation of public order and morals.
It is proportional to the act attributed and fixed to the perpetrator, so the penalties and in all penal legislation have a minimum such as a fine, and a higher limit such as life imprisonment or the death penalty.
Aziz continued, “If the penalty imposed on the perpetrator is light so that it does not fit with the act committed, which leads to a violation of the security of society and does not guarantee its stability, then in this case the punishment loses the function that the legislator wanted, and this inaction will lead to a lack of discipline and chaos that pushes the aggrieved to seek refuge in parties that do not It has a connection with state institutions to request protection, such as the clan or religious institution.”
He concluded, “Included in this flawed situation are the fines stipulated by the punitive laws and at times when the exchange rate of the currency differed, which made the perpetrator easy to impose and the goals intended by the legislator to protect society and its security could not be achieved, which threatens the spread of crime.”
Damage Amount
Assistant Professor of Civil Law at the University of Maysan Majid Mijbas says, “It must be noted that the fines prescribed in the applicable Iraqi Penal Code and some special laws are prescribed penalties for committing certain crimes that may not reach a certain extent, so their punishment is either a fine or a fine.
Combined with imprisonment or optional, and accordingly, the fine has nothing to do with the extent of the harm resulting from the crime, as it may be decided simply to commit the criminal act without the existence of harm in the first place on the victim or the public right, and it may be associated with the existence of harm, but it is not proportional to it in terms of The amount is up or down, and this in itself does not represent a legislative deficiency.”
He adds, “The damage is forced by right by filing a civil lawsuit accompanying the criminal lawsuit, and the latter revolves around existence and non-existence, strength and weakness with the damage, and through this, just compensation is provided with the presence or absence of the fine, and with the strength or weakness of the fine.”
He elaborates, saying that “what constitutes a legislative deficiency that must be addressed, the fines should not be at the level of the change in the financial conditions of the country and the monetary value of the Iraqi dinar,” noting that the legislator has deliberately changed some of the fines, but this change is still below the level of the size of the change in the financial and monetary situation. Iraqi. LINK
The Iraqi Stock Exchange Stopped Its Activity For One Day
Shafaq News/ The Iraq Stock Exchange announced the suspension of its activity for one day.
The market said in a statement received by Shafaq News Agency, that “according to the decision of the Council of Ministers to declare an official holiday for a period of one day on the occasion of the fortieth anniversary of Imam Hussein, the market will not organize the stock trading session for tomorrow, Sunday.”
He added, “The activity will be practiced after the official holiday and starting on Monday, September 19, according to its official timings.”
It is noteworthy that the market organizes five trading sessions per week from Sunday to Thursday, and includes 103 Iraqi joint stock companies representing the sectors of banking, telecommunications, industry, agriculture, insurance, financial investment, tourism, hotels and services. LINK
Oil Prices Rise Despite Weekly Loss
Economie 2022-09-17 | 02:44 693 views Oil prices rose slightly, after a leak in the Basra port, which apparently restricted crude supplies, but it recorded a weekly loss amid fears of sharp increases in interest rates, which is expected to curb global economic growth and fuel demand.
Brent crude futures rose 51 cents, to $91.35 a barrel, when they settled.
US West Texas Intermediate crude futures rose one cent, to $85.11, upon settlement.
The two benchmarks fell about 2% for the week, partly because the strength of the US dollar makes oil more expensive for buyers who use other currencies.
Since the beginning of the third quarter until now, both crudes have fallen by about 20%, in the worst quarterly percentage decline since the beginning of the Corona pandemic in the first quarter of 2020.
The Iraqi Basra Oil Company announced in a Friday statement the gradual resumption of crude exports from the port of Basra after containing The leak caused a halt in operations last night.
The port includes four loading platforms with an export capacity of 1.8 million barrels per day.
“It certainly created panic in the market because the initial report was that those volumes were going to be out of the market for some time,” said John Kilduff, partner at Again Capital in New York
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Investors are preparing for a significant increase in US interest rates, which could lead to a recession and reduce fuel demand.
The Federal Reserve is widely expected to raise its benchmark overnight interest rate by 75 basis points at its September 20-21 policy meeting.
Market concern is also dominated by the International Energy Agency’s forecast of negligible growth in oil demand in the fourth quarter due to weak demand forecasts in China. LINK
Video: American Pressure To Cancel The Decision To Sell The Region’s Oil And Threats Of Economic Isolation
Sumerian special 2022-09-16 | 09:26 Source: Sumerian 5,771 views
Great pressure from Washington on Baghdad to stop the Federal Court’s decision to prevent the Kurdistan government from selling oil, this was revealed by a British report that confirmed that if implemented, dozens of American companies operating in the region would stop working in conjunction with a global fuel crisis.
According to the British report, the United States urged Baghdad Not to enforce a court rulingKurdistanOn the delivery of oil extracted from its territory to the central authorities, warning that this may exacerbate an economic crisis in the country Iraq.
Barbara Leaf The chief diplomat for Middle East affairs at the US State Department expressed concern Washington That rushing to implement this decision could risk driving American companies out of the country Iraq And other companies, at the same time threatening a shocking vote of no confidence in the business environment in Iraq It could have broader economic repercussions beyond the Kurdish region in Iraq.
The dispute over oil sales escalated this summer after a court in Baghdad Contracts between government Kurdistan and foreign energy companies including exploration, extraction, export and sales agreements. LINK
Basra Oil Company Denies Stopping Export Operations
Iraq 20:35 – 09-16-2020 Today, Friday, the Basra Oil Company denied the suspension of export operations, while confirming the treatment of a crude leak.
In an official clarification, the company said, “The technical and engineering teams have dealt with a leak of crude oil in the surplus tanks system in the Basra oil port, and pumping operations have been gradually resumed, until emergency maintenance work is completed.”
The company confirmed that the loading and exporting of single buoys did not stop, and loading from them is carried out at the normal planned rates. https://kirkuktv.net/AR/Details/8946
The Basra Oil Company issues an explanation for the suspension of its crude production[/size]
Economie| 07:56 – 09/16/2022 BAGHDAD – The Basra Oil Company denied, on Friday, the suspension of export operations, while confirming the treatment of a crude leak.
In an official clarification received by Mawazine News, the company said, “The technical and engineering teams have dealt with a leak of crude oil in the surplus tanks system in the Basra oil port, and pumping operations have been gradually resumed, until emergency maintenance work is completed.”
The company confirmed that the loading and exporting of single buoys did not stop, and loading from them is carried out at the normal planned rates. Ended 29/R77 LINK
Technical Problems Stop Basra Oil Exports
Economie| 06:29 – 16/09/2022 Technical problems stop Basra oil exports 151692022_140-013514-iraqi-oil-export-russia-shortage_700x400
Baghdad – Mawazine News Reuters news agency reported, quoting sources in the Iraqi oil sector, today, Friday, that crude exports from the port of Basra stopped last night due to a leak.
She added that “oil loading operations are suspended from the Basra port until the completion of the repair of the defect.” Ended 29/R77 LINK
Border Ports Authority: More Than 3 Million Visitors Entered Iraq
Iraq 14:13 – 09-17-2022 Today, Saturday, Omar Al-Waeli, head of the Border Ports Authority, confirmed that more than three million visitors have entered through the border crossings, except for the Kurdistan Region.
Al-Waeli said during a press conference in Najaf Governorate, that “it is not correct for visitors to enter without visas,” noting that “all visitors have undergone legal procedures.”
He pointed out that “more than 3 million visitors entered Iraq from its approved outlets, with the exception of the Kurdistan Region,” noting that “no breach has occurred so far.”
He added, “Cooperation continues with the director of Najaf Airport, as well as with all the supporting authorities, as the departure of visitors begins today,” stressing “full readiness to leave the visitors.”
He added, “Approximately 200,000 visitors entered the airport, while the departures reached 130,000 visitors so far.”
He pointed out, “Najaf Airport had various great efforts, because it received large numbers of arrivals and departures,” noting that “the airport witnessed 130 daily flights, and this requires great effort.”
