Iraqi News Economic News Highlights Saturday Evening

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Saturday Evening Iraq Economic News Highlights 8-6-22

 

Al-Kazemi’s Advisor Sets A Condition For The Establishment Of The Sovereign Fund[/Size]

 

Economie   14:05 – 08-06-2022  The financial advisor to the Prime Minister, Mazhar Muhammad Salih, set a condition for the establishment of the sovereign fund, while indicating the entity that can manage the fund.

 

Mazhar Muhammad Salih said, “The idea of the Generation Fund stems from the text and spirit of Article 19 of the Federal Financial Management Law No. 6 of 2019, which provided for the establishment of a (sovereign fund) in which financial savings are deposited after covering the expenses approved in the annual federal budget law, including This includes covering the hypothetical or planned deficit in the annual general budget estimates in question.

 

He added that “the Sovereign Fund or the Generations Fund requires the availability of a law for the federal general budget for the year 2022 to be defined and set the rules and mechanisms for the fund’s work at the end of the current fiscal year, especially after the Central Bank of Iraq expressed its willingness to manage the fund based on its law as the state bank and its financial agent in Managing all its financial investments.

 

He continued, “However, this does not prevent the Ministry of Finance from preparing to draw up a program for managing the sovereign fund or the Generations Fund, and setting its investment objectives to serve development and economic progress in our country.”

 

He pointed out that “the financial savings achieved outside the Emergency Law for Food Security and Development No. 2 of 2022 and the applications of Article 13 of the Financial Management Law No. 6 of 2019 amended regarding the restriction of exchange at 1/12 of the total actual current spending for the year 2021, are still managed as reserve financial savings. By the Central Bank of Iraq (the financial agent of the state) and according to the best applications available globally in the management of safe short-term financial investments.

 

Saleh stressed that “the Sovereign Fund or the Generations Fund, when established, remains attached to a precondition, which is the existence of a law for the general budget, and otherwise, the financial savings achieved will remain in part in the hedge account referred to in the first articles of the current Emergency Food Security Law No. 2 of 2022 until now. The end of the 2022 fiscal year, in the event that a budget law is not issued.

 

He continued, by saying: “Any savings outside the expenses of the two laws above will be partly spent within the opening balance of the next fiscal year 2023, and the other part will remain a financial reserve for the government pending the enactment of a budget law for the year 2023, so that the Generation Fund or the Sovereign Fund can be implemented, due to the legal linkage between the Sovereign Fund. The availability of surplus funds through an approved annual budget and legally committed to its provisions.     https://kirkuktv.net/AR/Details/8053

 

Al-Kazemi’s Advisor Sets A Condition For The Establishment Of The Sovereign Fund

 

Money  and business  Economy News / Baghdad   Today, Saturday, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, set a condition for the establishment of the sovereign fund, while referring to the entity that can manage the fund .

 

Saleh told the Iraqi News Agency, “The idea of the Generation Fund stems from the text and spirit of Article 19 of the amended Federal Financial Management Law No. 6 of 2019, which stipulated the establishment  of a sovereign fund in which financial savings would be deposited after covering the expenses approved in the annual federal budget law, including Covering the hypothetical or planned deficit in the annual general budget estimates that are the subject of the research .

 

He added, “The Sovereign Fund or the Generations Fund requires the availability of a law for the federal general budget for the year 2022 to be defined and set the rules and mechanisms for the fund’s work at the end of the current fiscal year, especially after the Central Bank of Iraq expressed its willingness to manage the fund based on its law as being the state bank and its financial agent. managing all its financial investments .

 

He continued, “However, this does not prevent the Ministry of Finance from preparing to draw up a program for managing the Sovereign Fund or the Generations Fund, and setting its investment objectives to serve development and economic progress in our country .”

 

He pointed out that “the financial savings achieved outside the Emergency Law for Food Security and Development No. 2 of 2022 and the applications of Article 13 of the Financial Management Law No. 6 of 2019 amended regarding the restriction of exchange at 1/12 of the total actual current spending for the year 2021, are still managed as reserve financial savings. By the Central Bank of Iraq (the financial agent of the state) and according to the best applications available globally in managing safe short-term financial investments .

 

Saleh stressed that “the Sovereign Fund or the Generations Fund, when established, remains attached to a prerequisite, which is the existence of a general budget law, and otherwise, the financial savings achieved will remain in part in the hedge account referred to in the first articles of the current Emergency Food Security Law No. 2 of 2022 until the current date. The end of the 2022 fiscal year, in the event that a budget law is not issued .

 

He continued by saying: “Any savings outside the expenses of the two laws above will be partly spent within the opening balance of the next fiscal year 2023, and the other part will remain a financial reserve for the government pending the enactment of a budget law for the year 2023, in order for the Generation Fund or the Sovereign Fund to work, due to the legal connection between the Sovereign Fund and the availability of Surplus funds through an approved annual budget and legally bound by its provisions .

 

18 . views   Added 08/06/2022 – 2:36 PM   Update 08/06/2022 – 3:13 PM

 

https://economy-news.net/content.php?id=29178

 

Al-Kazemi’s Advisor: The Generations Fund Requires A Budget Law For The Year 2022

 

Baghdad / Obelisk: The financial advisor to the Prime Minister, Mazhar Muhammad Salih, set, on Saturday, August 6, 2022, a condition for the establishment of the Sovereign Fund, while indicating who can manage the fund.

 

Saleh said in a statement followed by the obelisk, that “the idea of the Generation Fund stems from the text and spirit of Article 19 of the Federal Financial Management Law No. 6 of 2019, which provided for the establishment of a (sovereign fund) in which financial savings are deposited after covering the expenses approved in the Federal General Budget Law. The annual budget, including the coverage of the hypothetical or planned deficit in the annual general budget estimates, the subject of the study.

 

He added that “the Sovereign Fund or the Generations Fund requires the availability of a law for the federal general budget for the year 2022 to be defined and set the rules and mechanisms for the fund’s work at the end of the current fiscal year, especially after the Central Bank of Iraq expressed its willingness to manage the fund based on its law as the state bank and its financial agent in Managing all its financial investments.

 

He added, however, that this does not prevent the Ministry of Finance from preparing to draw up a program for managing the Sovereign Fund or the Generations Fund, and setting its investment objectives to serve development and economic progress in our country.

 

He pointed out that “the financial savings achieved outside the Emergency Food Security and Development Law No. 2 of 2022 and the applications of Article 13 of the Financial Management Law No. 6 of 2019 amended regarding the restriction of exchange at 1/12 of the total actual current spending for the year 2021, are still managed as reserve financial savings. By the Central Bank of Iraq (the financial agent of the state) and according to the best applications available globally in managing safe short-term financial investments.

 

Saleh stressed that “the Sovereign Fund or the Generations Fund, when established, remains attached to a prerequisite, which is the existence of a law for the general budget, and otherwise, the financial savings achieved will remain in part in the hedge account referred to in the first articles of the current Emergency Food Security Law No. 2 of 2022 until the current date. The end of the 2022 fiscal year, in the event that a budget law is not issued.”

 

He added, “Any savings outside the expenses of the two laws above will be partially spent within the opening balance for the next fiscal year 2023, and the other part will remain a financial reserve for the government pending the legislation of a budget law for the year 2023, so that the Generations Fund or the Sovereign Fund can work, due to the legal connection between the Sovereign Fund and the availability of surplus funds.” Through an approved annual budget and legally committed to its provisions.

 

مستشار الكاظمي: صندوق الأجيال يتطلب قانون موازنة للعام 2022

 

Dust Storms Cause Iraq To Lose One Trillion Dinars This Year

 

Economie| 09:07 – 07/08/2022  Baghdad – Mawazine News   The Ministry of Environment revealed, on Sunday, that the number of days of dust storms that struck Iraq during the months of this year has reached 100 days, causing economic losses that “exceeded 10 billion dinars for each day.”

 

The Minister of Environment, Jassem Al-Falahi, said, “The most prominent challenges facing the country are climate changes, which have become a major threat to the environmental reality, and among those changes are dust storms that were recorded during the past months of this year, which amounted to 100 days, causing economic losses of ten Billions of dinars for every stormy day.

 

Al-Falahi pointed to the importance of having future plans to exploit one billion dinars of those billions that are losing to create windbreaks, soil stabilizers and green belts, referring to drought, lack of water resources, decreasing rainfall rates, increasing land degradation and expanding desertification areas, challenges that threaten the country’s food and environmental security. According to the official “Al-Sabah” newspaper.

 

He added, “The biggest challenge to climate changes facing the country is the shortage of energy sources, which is linked to the abundance of water storage to operate the system of energy sources gates, as well as the increase in evaporation rates that led to the loss of about 25 to 30 percent of the country’s water assets.”

 

The Minister of Environment noted that “high temperatures require more use of energy sources, and therefore there must be a tendency to use renewable, clean and sustainable energies, which the Ministry seeks to achieve through coordination with the concerned authorities to approve the implementation of projects that reduce the use or waste of energy sources in the country.” “.    https://www.mawazin.net/Details.aspx?jimare=201712

 

Iraq Is The Third Largest Importer Of Iranian Non-Oil Goods

 

Economie | 05:18 – 06/08/2022  Baghdad – Mawazine News  The Iranian Customs Authority announced, on Saturday, that Iraq ranked third among the most importing countries of Iranian non-oil goods.

 

This came according to what was announced in a statement today by the spokesman for the Iranian Customs Authority, Ruhollah Latifi, who said that the country’s non-oil trade touched $9 billion in the month of “Tir”, the fourth month of the current Iranian fiscal year ending July 20, 2022

 

. According to the speaker, non-oil foreign trade recorded more than 10 million tons, about 9 billion dollars, between Iran and other countries, with a price increase of 19 percent and a quantitative decrease of 8 percent.

 

He also pointed out that Iranian non-oil exports in the mentioned month amounted to about 8 million tons, with a value of more than 4 billion countries, with a quantitative growth of 2 percent and a price of 24 percent.

 

Latifi added that Iran’s imports exceeded 3 million tons by about 5 billion dollars, most of which included basic commodities, medicines and fodder, as they decreased in quantity by 26 percent and increased in price by 15 percent.

 

In this context, the customs spokesman referred to the five main markets for Iranian exports in the fourth month of the current fiscal year ending July 20, 2022, explaining that China imported about 1.5 billion dollars of goods, the UAE 619 million, Iraq 574 million, Turkey 323 million and India 143 million. dollar.

 

On the other hand, he stressed that the UAE exported goods to Iran with about 1.5 billion dollars, China more than 1 billion dollars, Turkey 514 million and India 347 million, while Russia ranked fifth in order instead of Germany by exporting 205 million dollars to the country. https://www.mawazin.net/Details.aspx?jimare=201665

 

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