In KTFA 

Samson: Digital enrollment service launched

7th February, 2021

The Central Bank of Iraq announces the launch of the digital enrollment service, which is the first of its kind in Iraq and the region.

Digital enrollment is an integrated digital financial system that enhances financial independence and liberation from traditional financial systems, as it works to transform Iraq into a country less dependent on cash, which enables the state to fight corruption, evasion and bureaucracy in financial dealings within banks operating in Iraq.

This service is considered a modern and different trend due to its many advantages, including conducting financial operations in a modern digital electronic form, which reduces time and geographical distances and raises the traditional barriers in the Iraqi banking sector.

The Central Bank of Iraq,
7 February 2021    LINK

Samson:  Parliamentary finance: imposing biometric modernization will eliminate space personnel and save 20 trillion

14:35 – 07/02/2021

On Sunday, the Parliamentary Finance Committee announced the imposition of a budgetary measure that obliges the government to implement it and will save 20 trillion dinars from space and double-salary employees.

The reporter of the Finance Committee, Ahmed Al-Saffar, said to / the information / that “the Finance Committee confirmed the paragraph of activating the biometric update in the budget for the year 2021.”

He added that “the modernization will eliminate the space employees and double-wages in state departments,” noting that “the matter will save at least 20 trillion dinars, along with some things that have been stopped.”

He explained that “among other things, suspending the ministries’ petition, which was a door to corruption.”  LINK


Samson:  Countries’ possession of gold is rising and Iraq maintains its ranking in the world

7th February, 2021

The World Gold Council announced, on Sunday, that the central banks’ possession of gold increased, while Iraq maintained its world ranking at 38th

In its latest schedule for the month of February of 2021, which was seen by “Al-Eqtisad News”, the council said, “Central banks’ possession of gold rose by 6 tons to reach 35.197 thousand tons compared to the previous month

He added that the main buyers of gold during this month are Turkey, India, Kazakhstan and Uzbekistan, while the main sellers of gold are Mongolia and Malta

The council noted that “Iraq still maintains the 38th position in the world and the fifth in the Arab world with the largest gold reserves at 96.3 tons, which represents 10.1% of the rest of the other reserves

It is noteworthy that the World Gold Council, which is based in the United Kingdom, has extensive experience and deep knowledge of the factors causing market change, and its members consist of the largest and most advanced gold mining companies in the world   LINK


Samson:  The Ministry of Planning sets the date for completing the employee bank project to reveal the double payroll and the fake

7th February, 2021

The Ministry of Planning has set a date for next June to complete the (Employees Bank) project, in a step to limit their numbers and reveal the delusional ones, as part of government reform measures

Yesterday, the Parliamentary Finance Committee, during its vote on the paragraphs of the 2021 budget, obligated the Council of Ministers to work with the “biometric systemfor employees to detect “aliens” in all ministries and government institutions

The spokesman for the Ministry of Planning, Abdul Zahra Al-Hindawi, said in an interview with Al-Sabah newspaper, which was seen by Al-Iqtisad News, that “the ministry continues its work to complete the employee bank project, which is expected to be completed next June in cooperation with other ministries and government institutions

The Ministry of Planning has formed mobile teams of employees of the Central Bureau of Statistics to visit government institutions to obtain employee data, as more than two million employees have been registered so far in the database and Al-Hindawi said, “The importance of this file lies in building a detailed database of employees, deciphering any existing duplication and facilitating the process of salary disbursement through an electronic platform, knowledge of specializations, duration of service, academic achievement and other data

Al-Hindawi described the state institutions’ response to this project in good after issuing directives from the Council of Ministers in this regard and the formation of a supreme committee headed by the Minister of Planning, and there is interaction and cooperation to complete the details of the database for the employees of state institutions

The Minister of Finance, Ali Allawi, revealed in a press statement that “more than 10 percent of the employees are satellite and double-paid,” as their number in government institutions ranges between 200 to 300 thousand, and that “40 percent of employees’ salaries are localized and the percentage is increasing

In the same context, a member of the Parliamentary Finance Committee, Dr. Majed Al-Waeli, expected that “the functional data bank project will eliminate the phenomenon of aliens and double salaries in state institutions.   LINK

Samson:  Oil Minister: $ 80 a barrel is the right price for Iraq

7th February, 2021

On Sunday, Oil Minister Ihsan Abdul-Jabbar considered that crude prices in global markets would reach 80 dollars per barrel, suitable for Iraq to meet the expenditures of the federal budget for the year 2021, but at the same time he ruled out that prices exceeded the threshold of 65 dollars during the current year

Abdul-Jabbar said in a press interview, “Iraq will export in 2021 a quantity of crude oil of one billion and 100 million barrels, according to market data, and that the budget needs 140 trillion dinars.”  He added that “the price of $ 80 a barrel is the right price, as Iraq will be able to pay the budget dues,” adding that “the price of $ 80 is impossible to reach during the current year

Iraq is under great pressure under the weight of the worst economic crisis it has witnessed since 2003 until now due to the low oil prices and the outbreak of the Corona virus.  He explained that it is expected that “the  price of one barrel of crude in the first quarter of this year will be $60, and in the third quarter, if the vaccine spreads, the price per barrel will be between 62 to 63 dollars

He pointed out that “there are distortions in the economy, among which is that the price of a barrel is impossible to exceed 65 dollars this year, and the second is that part of this oil allocated to us as a market share is exported due to the difference in costs and exports, perhaps 20 dollars for a difference from Basra’s oil.” These challenges make the financial return on revenues not be as high as possible.


Ryan1216:  Good afternoon all. Let’s hope Iraq passes the 2021 budget this upcoming Saturday so we all can hopefully get off the never ending Dinar coaster


Samson:  To settle the region’s share, continuous meetings during the next 48 hours

6th February, 2021

A source in the Parliamentary Finance Committee revealed, on Saturday, that continuous meetings will be held within the next 48 hours to resolve disputes regarding the Kurdistan Region’s share in the federal financial budget for the current year.

The source told Shafaq News, “The Finance Committee will hold continuous meetings with the heads of political blocs within the next 48 hours to settle the region’s share in the budget, including oil revenues, border crossings and airports in Kurdistan.” He added that the meetings will also decide the number of barrels of oil that the region must deliver to the federal government, whether it is 250 or 450 thousand barrels per day. 

The governments of Baghdad and Erbil reached an agreement to hand over the region’s revenues of 250 thousand barrels per day and half of the other revenues from the border crossings and others, in exchange for a share estimated at 12.6 percent of the budget in addition to the payment of the salaries of the Peshmerga forces.

The agreement was included in the draft budget approved by the Iraqi government and sent to parliament for approval, except for the Shiite political blocs that raised the ceiling of their demands and demanded that the region hand over the revenues of 500 thousand barrels per day of oil to the federal government, in exchange for the region receiving its full share of the budget without any shortage.  LINK


Samson:  The General Director of Investment in the Ministry of Electricity was arrested on charges of corruption

7th February, 2021

An informed source said, on Sunday, that a senior official in the Ministry of Electricity had been arrested on charges of corruption.

The source informed Shafaq News Agency; The Anti-Corruption Committee implemented an arrest warrant against the accused Raad Qasim Muhammad, Director General of Investment in the Ministry of Electricity, in accordance with Article 310 of the Iraqi Penal Code.

It is worth noting that the Anti-Corruption Committee was formed by order of a diwani from Prime Minister Mustafa Al-Kazemi, and has arrested several officials on charges of corruption.  LINK


Samson:  Shabandar: What is going on in Iraq are power struggles and the ascendancy of families’ power

7th February, 2021

On Sunday, writer Ghalib and politician Ghalib Shabandar considered the current conflicts to be struggles of influence and the ascendancy of families’ power in the midst of a complete absence of state authority.

Shabandar said to / the information / that “the conflicts that are taking place between the political blocs and the current parties are free from any honest political competition.” He added, “All conflicts are devoid of vision and do not go beyond that of power struggles and impose the power of the strongest, using all the hideous methods that enable them to extend the widest area of influence.”

He explained that “the authority of the state is completely absent and has occupied its place with the authority of families from the political blocs,” noting that “most of the political figures who have had their hands contaminated with corruption have children and families who manage their own mafias.”