The start of the meeting of the Presidency of Parliament with the heads of political blocs to discuss the draft 2021 budget law

On Tuesday, the Presidency of the House of Representatives held a meeting with the leaders of the political blocs to discuss the budget laws and the Federal Court.

A parliamentary source said, “The Presidency of Parliament headed by Muhammad al-Halbousi held a meeting with the leaders of political blocs in order to resolve the pending laws in Parliament, to resolve the vote on them, most notably the Budget Law and the Federal Court.”

Today, the House of Representatives set a date for a meeting of the Presidency of the Council with the heads of the political forces on the necessary laws in the corridors of the Council, including the Budget Law to expedite its approval, in addition to the Federal Court Law

Dijlah.tv

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Advisor to the Prime Minister: The government may not need to borrow for this reason

Economy News _ Baghdad… The advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed, on Monday, that the difference in the price of a barrel of oil in the budget goes to fill the deficit, and the government may not need to borrow, indicating that developing a supplementary budget remains according to the government’s need.

In an interview followed by Al-Eqtisad News, Saleh said that the budget was based on a deficit, meaning that the expenditures are more, and there can be borrowing, but the difference in the price of a barrel of oil today closes the deficit, so there is no need for borrowing, that is, the surplus replaces borrowings.

He added that this difference in the price of a barrel of oil closes the budget deficit, and the government may not need to borrow, noting that this does not mean that there is no final borrowing, but the difference is compensated, and there may be a surplus, and this depends on the stability of oil prices.

And on the existence of a supplementary budget between Saleh, that finding a supplementary budget is not necessary, but remains according to the need of the government and the extent of the strength of the revenues, and whether there are important projects that are deferred that need a supplementary budget.

Economy-news.net

Mazhar Saleh: Proposals to Establish a Sovereign Wealth Fund

Baghdad: The financial advisor to the prime minister, Mazhar Muhammad Saleh, revealed positive proposals to establish a sovereign wealth fund in which funds equivalent to the current compensation for the Kuwait war would be deposited in a manner consistent with the White paper.

Saleh said in an interview with Al-Sabah: “We have positive ideas and proposals to establish an Iraqi sovereign wealth fund, in which sums equivalent to the compensation for the Kuwait war are deposited after the payment of these compensation is completed in the coming months, and it is managed like the generational funds.” He considered it to be a “sovereign investment resource for Iraq.” And in line with the white paper launched by the government to strengthen and reform the structure of the Iraqi economy.

Saleh explained, “There is nothing left of Kuwait’s war compensation, but an amount perhaps less than $ 2.5 billion out of $ 52 billion until the moment, as 3% of the proceeds of every barrel of Iraqi crude oil exported is still being deducted, through a mechanism and a bank account that the bank takes over.” The Federal Reserve in New York, according to a subsequent Security Council Resolution No. 1483 in May 2003, “and pointed out that” the deductions are currently paid through the United Nations Compensation Fund “UNCC”, expecting that “all the remaining compensation will end within a year or a little more,” According to the development of oil prices and the proceeds of Iraqi oil barrels
Source”.

It is noteworthy that the United Nations Compensation Committee was formed in 1991, the same year in which the US-led coalition removed Iraqi forces from Kuwait, and mandated the commission to pay $ 52.4 billion (46.8 billion euros) to Kuwaiti individuals, companies, government agencies and other organizations that suffered losses. Due to the Saddam regime’s invasion of Kuwait, the compensation money comes from a tax levied on sales of Iraqi oil and producer.

Alsabaah.iq

Prompt A surprise announcement by the Ministry of Oil of the draft oil and gas law

{Baghdad: Al Furat News} The Minister of Oil, Ihssan Abdul-Jabbar, announced that the meeting of the Opinion Committee in the ministry, which was held on Wednesday, included discussion and review of the final version of the federal oil and gas law.

In a statement, Al-Furat News Agency received a copy of it, Abdul-Jabbar affirmed that “this copy shall be referred to the Council of Ministers for approval after completion of its review by the concerned authorities in the Ministry, and then the Council of Ministers will review this copy, and in turn refer it to the House of Representatives for the sake of Enacting this law. ”

He pointed out, “the ministry’s keenness to approve a law that contributes to the development of the oil and gas industry, and the optimal investment of the national wealth in Iraq in order to support the national economy.”

It is noteworthy that the Ministry of Oil’s sudden announcement of the draft oil and gas law coincides with marathon negotiations between Baghdad and the Kurdistan region regarding the latter’s share in the 2021 budget and the mechanism for managing his oil file.

Alforatnews.com

To the executive branch to the Central Bank of Iraq

Proposing the need to amend the exchange rate of the Iraqi dinar towards the US dollar…

1 – The devaluation of the national currency of the Iraqi dinar in favor of the US dollar and making the exchange rate of the dinar against the US dollar at 1450 is an unfair, ill-considered and urgent exchange rate, which is against the interest of the Iraqi people and economy, and that the first beneficiaries of this are regional and international countries and Arab and foreign companies And the ruling political elite … as the wealth of the Iraqi people is bought cheaply according to the new exchange rate, and this means systematic plundering ((law)) of the wealth of our Iraqi people, at a very low price, and he played in achieving this the failure of the Minister of Finance and the President of the Central Bank of Iraq according to Guidance from the International Monetary Fund and the World Bank.

2 – that the ruling authority today represents and applies an extremist and brutal neoliberal approach according to the directives of the International Monetary Fund and the World Bank, and that today’s exchange rate of 1450 is in the interest of the ruling political elite, in the interest of the leaders of the political parties, blocs and political currents influential today in governance and in cooperation and coordination with the administrative and bureaucratic bourgeoisie, the shadow economy forces, and the mafia-brokers … so they have seized the wealth of the Iraqi people and became millionaires and billionaires, in the American dollar and the Iraqi dinar, and with this stolen money, state institutions will be purchased from factories, large factories, oil and gas, agricultural land, fuel and electricity stations, and other state assets at a very low price and without oversight, and the well-known popular proverb applies (((( He eats without supervision and calculation.

3 – A new exchange rate is required for the Iraqi dinar towards the US dollar, which is one dinar equals one US dollar. This requires deleting the three zeros, for example, the 1000 dinars become Iraqi dinars, and the million dinars (1,000,000) one thousand Iraqi dinars (1000), and according to the new exchange rate 1000 dinars equals 1000 US dollars, and this is in the interest of the Iraqi citizen and economy as a first stage and work in the future to return a new exchange rate Each dinar equals $ 3, as it was previously.

4 – That this can be achieved because Iraq is rich in its natural wealth of oil, gas, gold and phosphates … .. In addition to that, there is a realistic possibility to develop agricultural and industrial production …, that is, to create material production in order not to import, and this will be in the interest of the national economy by not buying goods Food, medicine, and durable goods in hard currency, and then Iraq can export goods and services abroad and obtain hard currency, as well as work to retrieve the stolen money and return it to the Iraqi people, which ranges between 850-trillion dollars. One dollar for one US dollar

5 – The Iraqi people, public and professional organizations, national, progressive and left-wing personalities, and professors of Iraqi universities and institutes, must demand a new exchange rate adjustment in the interest of the national economy

Kitabat.com

Pictures … a demonstration in front of the Central Bank of Baghdad demanding the return of the dollar to its previous price

Shafaq News / Dozens of people demonstrated on Wednesday in front of the Central Bank of Iraq building in Al-Rasheed Street in the center of the capital, Baghdad, demanding that the exchange rate be returned to 120 thousand Iraqi dinars for every hundred US dollars.

The reduction in the value of the local currency against the hard currency was reflected in the prices of goods and goods, especially imported ones in Iraq, as they witnessed a remarkable rise, which burdened the shoulders of low-income and poor people.

The protesters held banners calling for the dismissal of Central Bank Governor Mustafa Ghaleb Mekhaif, accusing him of “wanting to starve the people.”

Shafaq News correspondent quoted some of the protesters as saying that “the primary beneficiaries of the exchange rate increase are the banks of the political forces.”

Another sign carried the phrase that “these corrupt banks steal their livelihood and that of their families to feed the whales behind them.”

The Iraqi Central Bank decided at the end of last year to raise the selling price of the dollar to banks and exchange companies to 1460 dinars, from 1182 dinars to the dollar, with the aim of compensating for the decline in oil revenues caused by the deterioration of oil prices.

Iraq relies 90% of its income on oil revenues, and the last time it depreciated the dinar was in December 2015 when it raised the selling price of the dollar to 1182 dinars, compared to 1166 dinars in the past.

The Central Bank launched its decision regarding the new pricing for the sale of the dollar in the auction for the currency on the 20th of last December.

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.

Shafaq.com

Minister of Oil: Refer the final version of the oil and gas law to the Council of Ministers for approval

Economie: The Ministry of Oil, Ihsan Abdul-Jabbar, announced, on Wednesday, the completion of the review of the final version of the draft federal oil and gas law and submitting it to the Council of Ministers for a vote on it and submitting it to Parliament, calling for the importance of expediting the passage of the Federal Oil and Gas Law.

Oil Minister Ihsan Abdul-Jabbar Ismail said in a statement that “the meeting of the opinion committee at the Ministry of Oil, which was held on Wednesday February 24, 2021, included discussion and review of the final version of the Federal Oil and Gas Law.

He stressed that this copy will be referred to the Council of Ministers for approval after completion.” Review it by the concerned authorities in the ministry, and then the cabinet will review this copy, and in turn refer it to the parliament for the enactment of this law. ”
Referring to “the ministry’s keenness to pass a law that contributes to the development of the oil and gas industry, and the optimal investment of the national wealth in Iraq in order to support the national economy.”

Dijlah.tv

The Minister of Finance chairs a high-level meeting on the exchange rate of the dollar and the white paper

Baghdad – People: On Wednesday, Finance Minister Ali Abdul-Amir Allawi discussed with the private sector and agents of some ministries the positive effects of changing the exchange rate, as well as the reform white paper procedures.

A statement issued by the media office of the Minister of Finance, which “people” received a copy of (February 24, 2021), stated that “Finance Minister Ali Abdul Amir Allawi chaired an expanded meeting to discuss the objectives achieved by changing the currency exchange rate.”

He added, “During the meeting, a review and discussion of the positive effects of changing the exchange rate of the dinar against the dollar and the impact of that step on re-balancing the Iraqi economic reality burdened with challenges and obstacles and protecting it from the risk of collapse.”

He continued, “The meeting also discussed mechanisms to change the investment environment, support the private sector and support industry and agriculture in line with corrective measures for the course of the national economy.”

He stated, “The meeting discussed the encouraging measures related to the work of the banking sector and its contribution to providing support to various productive sectors, as well as procedures for automating the tax and customs system and simplifying all administrative processes in line with the adoption of the white paper,” indicating that “the minister also heard most of the problems raised by representatives from the sector. Private and industrialist. ”

Allawi stressed, according to the statement, that “the Ministry of Finance has taken several measures in support of the effects of changing the exchange and is continuing to work on translating them effectively to protect the poor classes in conjunction with the approaching vote of the House of Representatives on the draft of the general budget bill.”

The statement indicated, “The meeting was attended by the representatives of the ministries of finance and planning, the advisor to the office of the prime minister, Abdul Hussein Al-Anbaki, the financial advisor to the Ministry of Finance, and a number of general directors, heads of bodies and a group of representatives from the private sector and industrialists.”

Nasnews.com