Thursday Afternoon Iraq Economic News Highlights 8-11-22
Al-Kazemi: The Issue Of The Budget Is A Very Serious Matter, And We Have Good Financial Abundance
Policy 2022-08-11 | 07:11 Source: Alsumaria news 153 views Alsumaria News – Baghdad, Prime Minister Mustafa Al-Kazemi said today, Thursday, that dialogue is the only solution to solve our problems, and we have no other. As for resorting to methods of media escalation and social media, and spreading chaos and frustration among people, it will not help in building the modern democratic experience.
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Al-Kazemi’s Advisor Talks About The Possibility Of Approving Budgets For More Than One Fiscal Year
Money and business Economy News _ Baghdad The financial advisor to the Prime Minister, Mazhar Muhammad Salih, explained, on Wednesday, the possibility of approving budgets for more than one fiscal year.
Saleh said, to the official news agency, that “the amended Financial Management Law No. 6 of 2019 refers to the approval of the general budget on an annual basis, as the draft law sent by the executive authority is presented in the House of Representatives to legislate the law called the Federal General Budget Law,” noting that “The global applications of the general budget are mostly annual.”
He explained, “Iraq adopts a strategy for the general budget that extends for the next three years and is in line with the indicators of the country’s economic development plan, but it is subject to annual amendment.
He pointed out that “a proposal that the general budget be for more than one fiscal year requires amending the effective financial management law, abandoning the annual budget and replacing patterns of budgets that are approved for a number of years,” noting that “this type of budgets will grant the financial authorities in particular and the executive authority in general.” High flexibility in adjustment and response to developments, economic conditions and emergency financial surprises when legislating a general budget that extends for more than one fiscal year.
He added, “The proposal has not been implemented in the world’s financial experiences, so it is necessary to study the issue with one of the multilateral international financial organizations, of which Iraq is a member, in order to study the idea in accordance with the approved systems in public finance and its global applications and to assess the legal effects.” and accounting related to the foundations of governance of public budgets of this type. 425 views Added 08/10 2022 – 6:23 PM Update 08/11/2022 – 1:19 PM https://economy-news.net/content.php?id=29263
Iraq’s Oil Exports To China Rise By 77.4%
Energy Economy News – Baghdad The Chinese Customs Administration announced, on Wednesday, that Iraqi oil exports to independent Chinese refineries amounted to 32 refineries during the month of July 2022.
And the administration showed in its statistics, according to “Shafaq News” agency, that “Iraq’s oil exports to independent Chinese refineries rose in July by 77.4% to reach 1.384 million metric tons, or the equivalent of (10.103 million barrels), compared to June 2022, which amounted to 780 thousand. Metric tons, or the equivalent of (5.694 million barrels), and an increase of 71.7% compared to the same month of last year 2021, in which oil exports to China amounted to 806 thousand tons, or the equivalent of (5.883 million barrels).
And it indicated that “Iraq ranked fifth among the ten major oil-exporting countries to independent Chinese refineries, after it was ranked eighth in the month of May.”
She pointed out that “Iraq came after Malaysia, which came first with exports of 3.902 million tons, most of which were from Iranian barrels, and Russia came second with 3.400 million tons, and the UAE came third with exports of 2.140 million tons, and then Saudi Arabia came fourth with exports of 1.545 million tons.” . 155 . views Added 08/10/2022 – 3:57 PM Update 08/11/2022 – 12:21 PM
https://economy-news.net/content.php?id=29259
Al-Kazemi’s Advisor Clarifies The Possibility Of Approving Budgets For More Than One Fiscal Year
Yesterday, 18:00 Baghdad – conscious – Nassar al-Hajj, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, explained, today, Wednesday, the possibility of approving budgets for more than one fiscal year, while indicating the requirements for that.
Saleh said, to the Iraqi News Agency (INA), that “the amended Financial Management Law No. 6 of 2019 refers to the approval of the general budget on an annual basis, as the draft law sent by the executive authority is presented in the House of Representatives to legislate the law called the Federal General Budget Law.” Noting that “the global applications of the general budget are mostly annual.”
He explained, “Iraq adopts a strategy for the general budget that extends for the next three years and is in line with the indicators of the country’s economic development plan, but it is subject to annual amendment.
He pointed out that “a proposal that the general budget for more than one fiscal year requires amending the effective financial management law, abandoning the annual budget and replacing patterns of budgets that are approved for a number of years,” noting that “this type of budgets will grant the financial authorities in particular and the executive authority in general.” High flexibility in adjustment and response to developments, economic conditions and emergency financial surprises when legislating a general budget that extends for more than one fiscal year.
He added, “The proposal has not been implemented in the world’s financial experiences, so it is necessary to study the issue with one of the multilateral international financial organizations, of which Iraq is a member, in order to study the idea in accordance with the approved systems in public finance and its global applications and to assess the legal effects.” and accounting related to the foundations of governance of public budgets of this type. https://www.ina.iq/162897–.html
Estimated In Billions.. The Municipality Of Baghdad Announces The Seizure And Return Of 277 Properties Belonging To It
Baghdad / Obelisk: The Baghdad Municipality announced, on Thursday, August 11, 2022, that the Diwani Order Committee 50 of 2019 seized and returned 277 properties belonging to the Municipality under the direct supervision of the Prime Minister and his office manager.
A statement by the secretariat stated, “The Baghdad Municipality extends its thanks and appreciation to all the higher authorities that sought to preserve public money and the effort they made to return the properties belonging to the Municipality of Baghdad, especially the Prime Minister, the director of his office, the head of the Integrity Commission, the head of the Financial Supervision Bureau, the Mayor of Baghdad, and the head and members of the Diwaniyah Committee.” 50 for the year 2019 and director of the legal department in the Municipality of Baghdad.
The statement indicated that “the number of properties that have been returned amounted to 277 properties valued at billions of dinars.”
He added, “The aforementioned committee is still continuing its work to investigate and audit other properties to return them to the Municipality of Baghdad, especially since it previously returned 240 properties belonging to the Municipality,” noting that “the committee’s work is very accurate and with a high level of professionalism in order to preserve public money.” https://almasalah.com/archives/10225
The Iraqi “Finance” Approves The Creation Of More Than 39,000 Job Grades In The “Health”
August 10, 2022 11:32 PM Mubasher: The Iraqi Ministry of Finance agreed, today, Wednesday, to create more than 39,000 job positions within the staff of the Ministry of Health and its departments.
And it stated in the ministry’s letter addressed to the Ministry of Health and received by the Iraqi News Agency (INA), “Approval was obtained (as far as events are concerned) to create (39,108) job grades within the vocabulary of the owners of the center of your ministry and its departments in the provinces to appoint graduates with medical, health and prevailing professions covered by the gradation law Medical No. (6) for the year 2000, amended.
And the ministry continued in its letter: This is done as indicated in the attached table, after excluding (879) degrees and job titles for the purpose of appointing them within the Ministry of Higher Education and Scientific Research and its affiliated formations, based on what was stated in paragraph 2 of the decision referred to above with its financial costs for the purpose of speedy coordination with the Service Council. Federal General Assembly for the purpose of enabling the Council to release appointments to those covered by the above law.
She added, “The accounting department will be provided later with detailed tables that include the triple name, degree, job title and its financial costs with the number and date of the appointment order and the number and date of the commencement order.” LINK
The Iraqi Stock Exchange Index Declined With The Conclusion Of The First Week Of August Trading
Market Economy News / Baghdad During the second week of August 2022, the Iraq Stock Exchange organized four trading sessions from Sunday 07/08/2022 to Thursday 08/11/2022, as the trading session was not organized for Tuesday 09/7/2022 because it coincided with an official holiday. During this week, the following indicators were achieved :
The number of shares traded during this week amounted to more than (1) billion shares , while the value of shares traded this week amounted to more than (2) billion dinars .
And the trading index closed in the market for the first session of the week at (569.70) points, while the index closed at the end of the week at (564.40) points, achieving a decrease of (0.94%) from its closing in the first session .
And executed during the week more than (1600) contracts of buying and selling on the shares of companies listed in the market . Views 72 Added 08/11/2022 – 4:49 PM Update 08/11/2022 – 11:45 PM
https://economy-news.net/content.php?id=29285
Leaked UN Document: Iraq Is Among 60 Countries Around The World Struggling To Secure Food Costs
Reports Economy News – translation A report by the Politico Foundation (based in Europe) stated on Wednesday that a leaked UN document revealed difficulties that affect more than 60 countries around the world, including Iraq, related to providing food to the population and achieving food security after the Russian invasion of Ukraine.
The report, which was translated by “Economy News”, stated that “a document seen by POLITICO reveals the summary of the meeting led by UN officials on July 28, which states that the working group (continues to focus on … the rise in import costs affecting the balance of payments in more than of 60 countries) as well as food security challenges caused by currency devaluations from exchange rates and national budgets struggling to sustain essential imports.
The document seen by Politico is an email from and David Nabarro, WHO Special Envoy on COVID-19 sent on August 4, summarizing the July 28 meeting.
The document reveals that “participants highlighted how to counteract the decline in the poor’s consumption of nutritious foods as a result of high prices. Similar risks have been reported from Colombia, Congo, Chad, Ecuador, Iraq, Kenya, Malawi and Mauritania.”
The report explained that “UN Secretary-General António Guterres formed the 32-member Global Crisis Response Group, or GCRG, in March – after Russia invaded its neighbor and major food producer Ukraine in February – in order to present policy proposals to deal with crises in the energy, finance and food sectors.” food.”
Since then, “a network of key players in the fight against world hunger has advised the food component of GCRG, which is jointly led by Inger Andersen, President of the United Nations Environment Programme, and David Nabarro, Special Envoy on COVID-19 at the World Health Organization.” .
The report pointed out that “the informal advisory group on the food crisis met 13 times this year, but there was no mention of its presence on the United Nations website.”
