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The Government Received A Draft Sovereign Wealth Fund Law

History of edits:: 2015/12/8 11:15  {Baghdad: Euphrates News} handed over to the parliamentary Committee of Economy and Investment, the project’s sovereign wealth fund law to the government because of its importance in the state of emergency to avoid an economic crisis.

The committee member said proof Almamori in a press statement seen by agency {Euphrates News} him that “the Commission recognized the draft law to the government with all the details of the founded and the extent of its importance to the country if passed,” noting that “the Committee met with specialists and international companies in order to fund the establishment of the contribute to managing money well, warning that if Iraq possessed such a fund because over the current economic crisis.

“He predicted Almamori” get heated arguments and obstacles will face the law, but stressed the pursuit Committee to approval as soon as possible, calling on the government to earmark funds for the establishment of Fund after the adoption of law, similar to other countries.

“known as sovereign wealth fund that is owned by the state and consists of assets such as land and stocks, bonds and other investment services, the Fund represents the entity that manages the surplus money the state in order to invest.

Economists pointed out that oil revenues are the main source It balances the largest sovereign fund in the world, reminding that in conjunction with the rise in oil prices over the previous year and the increase in imports of raw materials-producing countries increased the assets of these funds, is also a source of foreign cash reserves also essential. finish

http://alforatnews.com/modules/news/article.php?storyid=102662

[tlm724] handed over to the parliamentary Committee of Economy and Investment, the project’s sovereign wealth fund law to the government because of its importance in the state of emergency to avoid an economic crisis.

[tlm724] “the Committee met with specialists and international companies in order to fund the establishment of the contribute to managing money well

[tlm724] calling on the government to earmark funds for the establishment of Fund after the adoption of law, similar to other countries.

[tlm724] . “known as sovereign wealth fund that is owned by the state and consists of assets such as land and stocks, bonds and other investment services

[tlm724] here’s a definition of ‘Sovereign Wealth Fund – SWF’ Pools of money derived from a country’s reserves, which are set aside for investment purposes that will benefit the country’s economy and citizens. The funding for a sovereign wealth fund (SWF) comes from central bank reserves that accumulate as a result of budget and trade surpluses, and even from revenue generated from the exports of natural resources.

[tlm724] there will be lots of fighting over this one but it is needed

http://www.bondladyscorner.com/t157922-the-government-received-a-draft-sovereign-wealth-fund-law
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Parliamentary Finance Announces Reducing One Trillion In The Budget And Confirms The Absence Of The Big Problems
History of edits:: 2015/12/8 13:25  {Baghdad: Euphrates News} parliamentary Finance Committee announced the decrease in the amount trillion dinars from the state budget for 2016 expenses, by the Council of Ministers, stressing that the budget where there are no major problems because they austerity 100%.

A member of the Finance Committee MP Hossam punitive told {Euphrates News} that he “has the first and second readings of the budget law and we received most of the observations of Representatives and the report of the Economic Committee,”

noting that “the Finance Committee divided into sub-committees to discuss each committee four ministries budget almost, and the possibility of a reduction and redeployment of allocations between the doors.

“He said he was” three days ago has been reduced amount trillion and one by the Council of Ministers, and became budget expenditures total 105 trillion, “noting that” the IMF advised the government to reduce the budget amount of five trillion, but accounts, Ministry of Finance and the Cabinet was able to reduce trillion only one of the investment budget.

“He stressed need for the Committee to two weeks to complete the discussion and deliberation with all sides of a financial regard,” explaining that “the Committee will hold four to five meetings per day.”

and saw no significant Ashklat because the budget austerity 100 % and in case of approving the budget, the Ministry of Finance will grant amounts less than the allocated where, except for salaries and retirement and the network of social protection, and will be disbursed 10% of the dues of petro dollars and development of the regions and the other to avoid the shortfall.

“The parliamentary finance committee has revealed earlier about making adjustments by the government in the doors of the financial budget for next year, it included the reduction of expenditure and income and the House of Representatives ended the discussion of the draft federal budget for fiscal year 2016 Act

and estimated the Ministry of Finance the price of oil rate in the 2016 budget to $ 45, and the export of 3.6 million barrels per day, while confirming that budget revenues will amount to more than 84 thousand trillion, 73 billion dinars. It ended 1

http://alforatnews.com/modules/news/article.php?storyid=102678

[tlm724] He stressed need for the Committee to two weeks to complete the discussion and deliberation with all sides of a financial regard,” explaining that “the Committee will hold four to five meetings per day.

http://www.bondladyscorner.com/t157923-parliamentary-finance-announces-reducing-one-trillion-in-the-budget-and-confirms-the-absence-of-the-big-problems
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Tamimi: Auction Currency Destroyed Iraq’s Economy

08/12/2015    BAGHDAD / JD / .. criticized a member of the parliamentary finance committee Majida al-Tamimi current Central Bank, as pointed out the need to abolish auction currency called to distance his administration from quotas partisan and political.

She said Tamimi, a statement posted on its official website and seen by Agency / KD / The quotas political and partisan confound the work of government institutions, particularly the economic ones, “stressing” the necessity to run the central bank by specialists economy and money, not according to the quotas that have caused the destruction of Iraq’s economy.

“She said al-Tamimi said the currency auction in a large increase in spite of our pleas to the many Bank Central need to reduce the sales of hard currency, especially since these sales sometimes be covered by the reserve value negatively affect the quantity, “emphasizing” the importance of maintaining the size of the reserve and in line with international standards.

“The eye that” there is a great imbalance in the auction currency “which showed that the central bank customers from the private sector are buying the dollar at the official rate under the pretext of covering imports State and this move carry an imbalance intentional, the fact that the sale of the dollar at the official rate goes into the pockets of corrupt” .ostgrepett Tamimi of the “insistence of the central bank to hold an auction of currency”, wondering “Is there in the neighboring countries of the coin auction as is the case in Iraq / end / 22 /           http://www.dananernews.com/News_Details.php?ID=6394

~diff source ~    2015/12/8 15:17

Tamimi: Banks Managers Benefit From The Central Auction 300-400 Million Dollars A Month

[Baghdad-where]    He said a member of the parliamentary Finance Committee, Majida al-Tamimi, said the directors of banks are benefiting from the currency auction of the Central Bank between 300 to 400 million dollars a month.

Said al-Tamimi, in a statement received by the agency all of Iraq [where], a copy of “the lowest person of chairmen of departments in some private banks taken advantage of currency auction of about 300 to 400 million dollars a month,” pointing out that “the reserve state continues to decline, as it was more than $ 80 billion and is now $ 59 billion as a result of the loss of money and it went into the pockets of the corrupt. ”

She pointed out that “the currency auction, which stress the cancellation of tours licenses destroyed Iraq’s economy, because the money that is wasted in these two very large paragraphs and should be a serious review of the two size” adding that “the importance of a central bank governor and the first line in the administration of specialists in the economy and money, and those with advanced degrees, and enjoy the experience and banking Specialization financial side. ”

She said Tamimi, “The Finance Committee received a letter from the central bank is in the process study and answer them, and then will host the governor to put points on the characters and to reduce the large size of the corruption indicator we have,” asking the governor by providing them with “a formal letter explaining in detail how much was the official reserve and how much was Now, the Iraqi people to get out on the amount of money wasted. ”

Tamimi revealed “a person do to import materials worth two billion dollars and his company with a capital of 50 million dinars only,” she wondered, “How the central bank to deal with such people.”

The Governor of the Central Bank and the Agency on the Keywords announced in 20 of the month of November last that the bank reserves of foreign exchange of 60 billion dollars, “adding that” enough for six months, “noting that” the Central Bank is working on the application of parallel policy to maintain the overall stability of prices and curb inflation “.

And raised suspicions of corruption and operations of money laundering through the central bank auction where announced, specialized issues of integrity and economic crime and money laundering a misdemeanor court, on 20 August issued sentences of imprisonment and a fine against officials in the Rafidain and North after being convicted on charges of corruption and money laundering, a banner in the earlier to the presence of 20 defendants in these cases some degree chairman “.anthy

http://www.alliraqnews.com/modules/news/article.php?storyid=23451

[tlm724] pointed out the need to abolish auction currency *hallelujah* come on Iraq !

[tlm724] Tamimi: banks managers benefit from the central auction 300-400 million dollars a month

[tlm724] pointing out that “the reserve state continues to decline, as it was more than $ 80 billion and is now $ 59 billion as a result of the loss of money and it went into the pockets of the corrupt.

[tlm724] uh huh and falling everyday I am sure

http://www.bondladyscorner.com/t157952-tamimi-auction-currency-destroyed-iraq-s-economy

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Parliamentary Finance: The Absence Of The Government Accountability Missed 8 Trillion Dinars Kjbaah 

December 8, 2015 15:02  —   He explained the parliamentary finance committee member Husam punitive, that the amount of non-oil revenues during the current year was four trillion dinars of the 12 trillion [difference 8 trillion dinars] for the lack of seriousness of the government to monitor and to hold accountable those in charge of the subject.

He said punitive “during the budget presented a proposal to the late Ahmad Chalabi [the former head of the Finance Committee] before he died two days later that we have a problem of revenue is oil, which represents the collection, fees, taxes, customs, and the communications and Kartat Shipping mobile, and fines, as there are real estate wages , Chalabi at the time and approved the idea. ”

“We should know the revenue that comes to a very speculative or planning the federal government, and after knowledge will be ministries and departments not associated with the Ministry and the provinces accounting for the amount of levies,” explaining that “what is planned up from 12 trillion dinars to 14 trillion and this number is very large.”

And between, “it was to inform the Ministry of Finance that they do not write revenues only guess, but sketch also, if these figures are levied and obtained the right way to reaching the 12 trillion,” he said, adding, “We ask telecommunications companies, also ask the customs tariff which have not been implemented in the border ports revenue because Kurdistan region did not execute. ”

Punitive and pointed out that “what the collection of this year did not exceed 4 trillion of financial Iraq, while the planned 12 to 14 trillion, and here the question either the Ministry of Finance Takto and delude ourselves to these numbers, or is stolen or there was no collection real, has been nominated as the third view that the ministries and the government is not serious about follow-up, monitoring and accounting on this subject, what is planned is true when what actually up to 4 trillion levied.

“He pointed out that” the latest addition in 2015 of increasing the prices of Kartat communications, and the Internet at a rate of 20% supposed to return revenues of the federal government. ”

He punitive “As we discovered there is supposed to be a tax on companies licensing rounds, with an estimated 2 to 3 billion dollars, and this requires a large number accuracy and accountability and obtaining”.

It was punitive, said in a statement yesterday that the “non-oil imports have been reduced [in the budget next year, 2016, as she was estimated at 14 trillion dinars and was now estimated at 12 trillion dinars, and the reason is because the calculated level of this revenue thing and what Asthsal and levied another thing”.

And he demanded punitive federal government to “take care of procuring and collecting the money the federal treasury as planned in the budget,” pointing out that “there are recommendations by the Finance Committee to impose sanctions on those concerned Paljbaah, and that is reminiscent within the budget law, which confirms the departments commitment Paljbaah and private wages of electricity and water. ”

The House of Representatives has completed in its meeting on 22 of last month’s discussion of the draft federal budget for the 2016 law, while the Council of Ministers held last week an amendment them to reduce the deficit, estimated at 22.7 trillion dinars, the equivalent of 21% of total expenditure compared to the expenses of 106 trillion dinars.

For its part, the government modified the budget to reduce total expenditure by five trillion dinars to be 101 trillion dinars, said a member of the parliamentary finance committee Majida al-Tamimi, said.

According to what she said Tamimi, the size of the deficit reduction in the new budget [101 trillion dinars] with the same survival of the imports [84 trillion dinars] will drop to 17 trillion dinars and constitute 16.2% of the total budget.
http://burathanews.com/news/281572.html

[tlm724] He explained the parliamentary finance committee member Husam punitive, that the amount of non-oil revenues during the current year was four trillion dinars of the 12 trillion [difference 8 trillion dinars] for the lack of seriousness of the government to monitor and to hold accountable those in charge of the subject.

[tlm724] the government is not serious about
follow-up, ya think

http://www.bondladyscorner.com/t157956-parliamentary-finance-the-absence-of-the-government-accountability-missed-8-trillion-dinars-kjbaah
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Parliamentary Finance Reveal The Existence Of A File 86 Corruption Condemns The Minister Of Electricity 

December 8, 2015 11:03     Revealed the parliamentary finance committee member Majda al-Tamimi for “collecting 86 file condemning corruption and Electricity Minister Qassim Fahdawi,” indicating “36 file sent to the Integrity Commission to investigate, and there are 50 other file will be sent the next few days.”

Tamimi said in a press statement that “there are 86 file corruption condemns the Ministry of Electricity Qassim Fahdawi, saying” We have sent 36 to the integrity of the investigation file, there are 50 existing file my possession we will send soon. ”

She explained that “not all the files sent to the integrity and follow-up to resolve them quickly, indicating that” we are closely monitoring the work of the Commission on Public Integrity, which in turn work hard and proved the credibility of the reports that we went to him. ”

She noted that the cameras that ihraam earlier reports have shown that companies that have been buying cameras fake ones and the file does not exist, “pointing out that the Integrity Commission confirmed that the files in the utmost precision and integrity.”                 http://burathanews.com/news/281551.html

[tlm724] indicating “36 file sent to the Integrity Commission to investigate, and there are 50 other file will be sent the next few days.”

[tlm724] Parliamentary Finance reveal the existence of a file 86 corruption

http://www.bondladyscorner.com/t157957-parliamentary-finance-reveal-the-existence-of-a-file-86-corruption-condemns-the-minister-of-electricity 

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