A new reform paper from Parliament … will be merged with the white paper

Soon, the first round of negotiations between the government and parliament will start, with the aim of merging these two papers and turning them into a unified draft law regulating the financial and economic reform process.

The new paper that was prepared a few days ago by the Parliamentary Finance Committee after receiving more than fifty proposals and a note from Council members will be brief and not lengthy, and it will depend on setting up a mechanism to regulate collection and work at border crossings and review licensing rounds.

Thamer Thebian, a member of the Parliamentary Finance Committee,
explained in a statement to (Al-Mada) that in the next few days, joint dialogue sessions will start between the Parliamentary Finance Committee and the Ministry of Finance to discuss the terms and paragraphs of the reform white paper, pointing out that the meetings aim to convert the reform paper into a draft law for approval in Parliament.

The white paper that the government sent to Parliament last October, consisting of about a hundred pages, is a plan for financial and economic reform that has been deteriorating for years and aims to invest the country’s vast and large resources and manage them in a discreet manner over a period of three to five years.

“The reform white paper bill will include observations and proposals by the House of Representatives and work on adding articles that oblige the government to send a number of draft laws to the legislative authority to organize the process of economic and financial reform.”

The White Paper identified the defects in the Iraqi economic system for several years, and proposed solutions represented in restructuring the public companies owned by the state and converting them into private companies, and fixing the defects in the ration card system in a way that secures the protection of people with limited income and withholding them from families whose income exceeds the ceiling. a certain.

As soon as the Parliamentary Finance Committee began reviewing the articles and paragraphs of the reform paper, the parliamentary blocs and a number of council members began to send their observations and proposals to be included in the white paper before returning it to the government.
Regarding the remarks of parliamentary committees and political blocs, Ikhlas Al-Dulaimi, a deputy from the KDP bloc, confirms in an interview with (Al-Mada) that “the number of proposals and observations of political blocs and parliamentary committees on the White Paper amounts to about fifty proposals,” adding that “the Parliamentary Finance Committee will begin reviewing these proposals. soon”.

Financial experts and specialists consider the reform paper that it seeks to transform the Iraqi economic system from a rentier state dependent on oil revenues by 90% to an agricultural industrial country that opens its doors to foreign and domestic investment.
Al-Dulaimi, who is also a member of the Parliamentary Finance Committee, explains that “the political blocs, parliamentary committees and members of the House of Representatives submitted (35) proposals to the Parliamentary Finance Committee, which in turn put forward about (15) proposals and notes on the white paper.”

Despite optimism about the content and terms of this reform paper, there are political and parliamentary parties who doubt its procedures and consider it cruel and difficult to implement in light of the current economic crisis, and the high rates of unemployment and poverty due to the Corona pandemic.

The paper also included a review of fuel subsidies for state-owned oil companies, and the proceeds from selling black oil should return to the state treasury, issuing national bonds and instruments and offering them for public circulation in the Iraq Stock Exchange, AS WELL AS STUDYING THE CURRENT EXCHANGE RATE OF THE DOLLAR AGAINST THE DINAR and taking into account the requirements of financial and monetary stability. And to achieve the competitiveness of the Iraqi economy.

In the context of this, a parliamentary source who refused to reveal his identity to Al-Mada states that “the Finance Committee in the House of Representatives has formed a sub-committee of its members to review the content of the reform white paper and unify it with the vision of parliamentary reform that will be presented soon,” affirming that the relevant parliamentary committees will discuss the reform paper New with the government.

For his part, Yahya Al-Issawi, a member of the Parliamentary Economic and Investment Committee, confirms that “the two parliamentary financial and economic committees have begun preparing a parliamentary paper that will be in harmony with the government paper to overcome the financial crisis that Iraq is going through.” He expected that in the coming days, the parliamentary paper will be ready as a road map for the government.
The circumstances of the financial crisis and the collapse of oil prices in global markets and the repercussions of the Corona virus pandemic prompted Mustafa Al-Kazemi’s government to review the financial policy in Iraq in order to overcome the financial distress threatening the Iraqi economy.

Al-Issawi added in a statement to (Al-Mada) that “the parliamentary paper will be limited to how to collect and organize work at the border outlets and call for a review of licensing rounds,” considering that “these steps are a short-term plan.”

The white paper included a plan to reduce public sector salaries and reform the state’s financial sector in order to ensure an end to the system of quotas and patronage that political elites rely on to consolidate their powers.

The MP from Baghdad governorate continues his speech by saying that “the two parliamentary financial, economic and investment committees will work together and in cooperation with the Ministry of Finance to merge these two papers (government and parliament) into a unified draft law that sets solutions and remedies to overcome the financial crisis that Iraq is going through,” adding that “the parliamentary paper will be brief.” And not lengthy ”.

Almadapaper.net

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Saudi Arabia announces “mega projects” for it in Iraq and is glad to open Arar

The Saudi ambassador to Iraq, Abdul Aziz Al-Shammari, said today, Thursday, that the opening of the Arar border crossing represents a good artery and a real beginning for distinguished commercial relations between the two countries.
Al-Shammari said, in a press statement, that “the outlet will be a tributary to the economy, a door of communication between the two peoples, and support for the arrival of Saudi products to Iraq in the easiest way and at the lowest costs.”

He added, “Iraqi products can enter the Kingdom as well, and the Saudi product instead of entering through neighboring countries will enter directly into the Iraqi market at the lowest cost. All industrial and agricultural products, foodstuffs, and manufacturing industries.”

He continued by saying: “The Iraqi market is open and promising, and all Saudi products are welcome.”

The Saudi ambassador pointed out that “there are giant projects that will be implemented in the next stage, and the presence of a new port in Arar is a tributary for these projects to enter Saudi goods and basic materials for projects that will be established inside Iraq in the fields of mining, energy, oil and agriculture.”

He went on to say, “We and the Iraqi people are optimistic about the port, and it will be a good tributary and witness a very heavy movement, used for import and export, and it will be a distinct outlet.”

For his part, the Iraqi Minister of Transport, Nasser Hussein Al-Shibli, said, “His ministry signed several memoranda of understanding and agreements with the Saudi side during the work of the Iraqi-Saudi Coordination Committee, most notably the agreement to open a new Arar border crossing, which will be inaugurated and operational after (7) days, as well as the conduct of the shipping line between Iraqi ports and Saudi Arabia. ”

On the other hand, sees the President of the Council of Chambers of Saudi Arabia, Ajlan Ajlan, that given the two countries , such as Saudi Arabia, Iraq , and the size of their economies, the economic their integration would represent a major shift and in the interests of both parties.

Al-Ajlan pointed out, in a press interview, that “investors in the two countries have a strong desire to invest and seize opportunities,” adding, “Iraq is looking for strong companies to invest, and Saudi companies have proven their worth in the level and quality of their services. The Iraqi market is large and cannot be underestimated.”

He added, “We have economic and tourism relations between the two sides, in addition to Hajj and Umrah, all of which are matters that the opening of the port will strengthen for the benefit of the two countries’ economies and peoples.”

Ajlan added, “Although the current trade exchange numbers are not large, the opening of the Arar port and the continuous visits between the two countries, especially from businessmen, will lead to a significant increase in economic exchange in the coming period.”

He went on to say: “We expect an increase in a greater pace in the coming period, especially since the Iraqi economy is on the cusp of future growth, and this will benefit the two countries.”

Alforatnews.com/news/

Arar Port .. Transportation confirms its opening next week and the Saudi ambassador: It will represent a good lifeline for the two countries

Baghdad Today – The Saudi ambassador to Iraq, Abdulaziz Al-Shammari, said, that the opening of the Arar border crossing represents a good lifeline and a real beginning for distinguished commercial relations between the two countries.

Al-Shammari stressed, in a press statement, that “the port will be a tributary to the economy, a door of communication between the two peoples, and support for the arrival of Saudi products to Iraq in the easiest way and at the lowest costs.”

He added, “Iraqi products can enter the Kingdom as well, and the Saudi product instead of entering through neighboring countries will enter directly into the Iraqi market at the lowest cost, all industrial and agricultural products, foodstuffs and manufacturing industries.”

He continued by saying: “The Iraqi market is open and promising, and all Saudi products are welcome.”

The Saudi ambassador indicated that “there are giant projects that will be implemented in the next stage, and the presence of a new port in Arar is a tributary to these projects to enter Saudi goods and basic materials for projects that will be established inside Iraq in the fields of mining, energy, oil and agriculture.”

He went on to say, “We and the Iraqi people are optimistic about the port, and it will be a good tributary and witness a very heavy movement, used for import and export, and it will be a distinct outlet.”

For his part, the Iraqi Minister of Transport, Nasser Hussein Al-Shibli, said, “His ministry signed several memoranda of understanding and agreements with the Saudi side during the work of the Iraqi-Saudi Coordination Committee, most notably the agreement to open a new Arar border crossing, which will be inaugurated and operational after (7) days, As well as running the shipping line between Iraqi ports and Saudi ports.

On the other hand, the Chairman of the Council of Saudi Chambers, Ajlan Al-Ajlan, believes that, given two countries such as Saudi Arabia and Iraq and the size of their economies, the economic integration between them will represent a great leap and achieve the benefit of both parties.

Al-Ajlan pointed out, in a press interview, that “investors in the two countries have a strong desire to invest and seize opportunities.”

He added, “We have economic and tourism relations between the two sides, in addition to Hajj and Umrah, all of which are matters that the opening of the port will strengthen for the benefit of the two countries’ economies and peoples.”

Ajlan added, “Although the current trade exchange numbers are not large, the opening of the Arar port and the continuous visits between the two countries, especially from businessmen, will lead to a significant increase in economic exchange in the coming period.”

He went on to say: “We expect an increase in a greater pace in the coming period, especially since the Iraqi economy is on the cusp of future growth, and this will benefit the two countries.”

Baghdadtoday.news

Central Bank Governor meets with his Saudi counterpart in Baghdad

His Excellency the Governor of the Central Bank of Iraq, Mr. Mustafa Ghaleb Mukhaif, met with his counterpart, the Governor of the Saudi Arabian Monetary Agency, Dr. Ahmed bin Abdul Karim Al-Khulaifi, and the meeting, which included a high-level delegation from both sides, concluded discussions in the field of monetary and banking policies between the two countries.

His Excellency the Governor of the Central Bank of Iraq emphasized in an opening speech of the meeting the possibility of resuming the training of the employees of the Central Bank at the Saudi Arabian Monetary Agency, as well as discussing the developments of the opening of the Iraqi Trade Bank (TBI) branch in the Kingdom of Saudi Arabia and the possibility of increasing a number of Iraqi banks in Saudi Arabia to exchange practical experiences The two sides also discussed developments in the agreement to avoid double taxation between the two countries.

For his part, the Governor of the Saudi Arabian Monetary Agency called for strengthening the relationship between the two countries, especially in the banking sector, pointing out that Iraq is a good arena for financial dealings, expressing his readiness to open more horizons of cooperation in various fields between the two countries.

Central Bank of Iraq

Information Office

https://cbi.iq/news/view/1601

Parliamentary Finance: It was agreed to pass a borrowing law in order to distribute salaries

Baghdad today – The Parliamentary Finance Committee announced, on Monday, that it had been agreed to pass a borrowing law for the distribution of salaries.

The committee said in a brief statement, after its meeting with Al-Kazemi, that “the internal borrowing law will be passed in order to distribute salaries.”

Earlier, Ahmed Mulla Talal, a spokesman for the Prime Minister, Mustafa Al-Kazemi, said today, Monday, that a positive atmosphere prevailed in the meeting that brought Al-Kazemi together with the head of the Parliamentary Finance Committee, Haitham Al-Jubouri, in order to vote on the draft law on financing the fiscal deficit.

“A positive atmosphere dominated by a sense of shared responsibility prevailed in the meeting of the Prime Minister, Mr. Mustafa Al-Kazemi, with the Chairman and members of the Parliamentary Finance Committee,” Mulla Talal said in a tweet, which he saw (Baghdad today).

He added, “The employee’s sustenance and the need to secure it quickly was a common concern, and we look forward to voting on a law to cover the fiscal deficit next Thursday to start launching employees’ salaries.”

The House of Representatives ended, the day before yesterday, Saturday, the second reading of the bill to finance the fiscal deficit.

The internal system of the House of Representatives stipulates that the time limit that separates the last reading of any bill and voting is 72 hours, and therefore the House of Representatives will present, next Wednesday, the draft law on financing the fiscal deficit, in order to vote on it.

The Minister of Finance, Ali Allawi, said in a televised interview last week that the time period that we need to release salaries, in the event of a vote on the draft law on financing the fiscal deficit, is only two days.

Baghdadtoday.news

Al-Kazemi receives the members of the Iraqi-Saudi Coordinating Council

The Prime Minister, Mustafa Al-Kazemi, received today, Sunday, the members of the Iraqi-Saudi Coordinating Council, which is holding its meetings in the capital, Baghdad, to discuss the implementation plans of the agreements and memoranda of understanding signed between the two countries.

Al-Kazemi stressed the importance of holding these meetings, which lead to the development of bilateral relations between Baghdad and Riyadh, and enhance the prospects for joint cooperation in various fields, in a way that achieves the interests of the peoples of the two countries.

The Prime Minister indicated that investment opportunities are available to Saudi companies, stressing that the government seeks to overcome all obstacles facing companies that want to invest in Iraq, and explained the importance of activating some joint projects between the two countries within the framework of the Arab League, as well as developing work in the oil market.

The Media Office of the Prime Minister

Alrasheedmedia.com

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Dinarupdates.com/observer

The strength of the Iraqi dinar between the central bank and the Iraqi economy

To begin with, we must bear in mind that the strength and weakness of the currency do not always express the true strength and weakness of the economy, as the strength and weakness of the economy express the real strength and weakness of the dinar.

The currency may be strong, but it does not express the strength of the economy, meaning the economy may be weak; As in the case of Kuwait, and on the other hand, the economy may be strong, but the currency is weak, as in the case of China. Here, the weakness of the currency stems from the strength of the economy and not from its weakness, as will be shown below.

The Kuwaiti dinar is the strongest currency among the world’s currencies, as it is worth more than 3 dollars, but does the strength of the dinar express the strength of the Kuwaiti economy ?! Most of the economic indicators point to the weakness of the Kuwaiti economy, due to its excessive dependence on oil, which has become the main engine of the Kuwaiti economy.

As oil accounted for more than 48% of the GDP, more than 89% [i] of public revenues and grants in 2018, and more than 89% of commodity exports in 2017 [ii]. These ratios indicate the reliance of the Kuwaiti economy mainly on oil, which made it a weak economy because dependence on oil in the main makes the economy unstable and volatile and cannot meet the local demand, so it becomes subordinate and mortgaged to the outside world and lacks economic sustainability, and the currency is strong due to oil dollars not by the strength of the real economy Therefore, currency strength does not always express the strength of the economy.

The weakening of the Chinese yuan and the strength of the economy

On the other hand, we find the Chinese currency weak, being equivalent to 0.14 US dollars, or 14 cents of a dollar. Does this weakness of the Chinese currency reflect the weakness of the Chinese economy ?! Of course not, as the Chinese economy is at present one of the emerging economies and competes with the largest economy in the world, which is the US economy and deservedly.

At a time when the gross domestic product of the US economy reaches 21 trillion, the GDP of the Chinese economy reaches 14 trillion dollars in the year 2019 [3]. The accelerated Chinese growth, which will result in the Chinese output exceeding the threshold of 55 trillion US dollars in 2050, while the US output will not exceed 35 trillion dollars for the same year. Is an economy of this magnitude expressed in a real weak currency? !!

The weakness of the Chinese currency did not express the weakness of the economy as much as it expresses its strength, as the Chinese economy has a large workforce that is reflected in low wages and lower prices for its products, in addition to the state’s control of the currency’s value to make it more suitable for foreigners. Chinese exports have increased and the importance of the Chinese economy as a whole has become It is of great importance in the global economy.

The strength and weakness of the currency do not always and truly express the strength and weakness of the economy as much as the strength and weakness of the economy always and truly express the strength and weakness of the currency.

The Iraqi dinar between the Central Bank and the Iraqi economy
Is the strength of the Iraqi dinar stemming from the reality of the Iraqi economy or from the Central Bank of Iraq? If we look at the real economic reality, we will find that the value of the Iraqi dinar is much lower than this value had it not been for the intervention of the Central Bank of Iraq through the currency window, regardless of the doubts that were raised around.

As the Iraqi economy is a weak economy by virtue of its dependence on oil mainly and its lack of economic diversification, as oil constitutes more than 45% of the output, more than 90% of public revenues, and more than 99% of commodity exports, this dependence has led to the neglect of other economic sectors. Finally, this means the absence of economic diversification.

Oscillation and dependency

At the time when the first, dependence on oil, To the fluctuation of the Iraqi economy by virtue of the association of most economic variables with fluctuating oil in its prices, the second led to the absence of economic diversification; To the economic dependence in order to cover most of the local demand from the global economy, which means that the strength of the Iraqi dinar was not stemming from the Iraqi economy because the economy is weak in the first place, so the question arises, what made the Iraqi dinar strong while suffering from a weak economy?

The central bank supports the Iraqi Dinar

The strength of the Iraqi dinar stemmed from the intervention of the central bank through the currency window, where the central bank entered as a seller of the US dollar and a buyer of the Iraqi dinar, which means reducing the demand for the dollar in exchange for an increase in the demand for the dinar, this process led to an increase in the strength of the Iraqi dinar, or at the very least Preserving the value of the dinar from depreciating, according to what was stated in the white paper, p.20.

Where the Central Bank follows this mechanism by virtue of being the only body that has its vision, management and independence and is responsible for preserving the value of the currency and takes what it deems appropriate to achieve this goal, so it resorted to foreign reserves, of which the dollar constitutes the largest part of it, in order to support the Iraqi dinar and this is what happened The ground already.

The strength of the Dinar is not real

As a result of the stifling financial crisis that Iraq has been exposed to due to the decline in oil revenues, which represent the backbone of public finances and the Iraqi economy, and the latter’s dependence on the global economy to feed domestic demand that requires more dollars, and just some people proposed reducing the Iraqi dinar as an option to address the crisis and achieve part of stability. , The value of the dinar decreased directly against the rise in the value of the US dollar, which means that the strength of the dinar is not real, but rather artificial, as a result of the intervention of the Central Bank.

This means that the value of the Iraqi dinar was not derived from the strength of the real economy, but rather from the support of the Central Bank, which is a weak force that does not stand up to the economic statements that see devaluation as part of the solution!

The strength of the Dinar diversifies the economy

In order for the strength of the Iraqi dinar to be a real power that truly expresses the strength of the economy and withstands economic statements and international crises, work must be done to employ oil wealth in a way that contributes to diversifying the Iraqi economy because economic diversification means meeting local demand and exporting the surplus abroad, and both things lead To increase the foreign reserves of the dollar that support the Iraqi dinar, and thus the strength of the Iraqi dinar is a true expression of the strength of the Iraqi economy.

M.annabaa.org

A banking meeting discusses the banking reality in the shadow of the Corona pandemic and the financial crisis

The Iraqi Private Banks Association held a meeting for the managers of the commissioners of banks operating inside the country, to discuss the banking reality and the challenges facing banks in light of the Corona pandemic and the financial crisis.

The head of the Iraqi Private Banks Association, Wadih Al-Handal and the advanced cadre of the Association, met with a number of private bank commissioner directors and there will be multiple meetings with banks in the coming days.

Al-Handal said during the meeting, that the Association of Private Banks and Banks is working to implement the vision of the Central Bank in promoting the banking reality inside the country, spreading the concept of financial inclusion and increasing citizens’ confidence in the banking sector, explaining that private banks seek to strengthen the relationship with the Central Bank and implement its decisions that serve the banking sector. .

He stressed that the partnership between the Central Bank and the Association of Private Banks will reflect positively on banking work, noting that the upcoming challenges are consistent with the vision of the banking sector in implementing the white paper that will serve the economy.

Al-Handal noted that the banking sector is able to expand its services, especially after seeing the reform paper by withdrawing the funds hoarded in homes and placing them in banks and investing them in financing investment projects.

On the other hand, bank managers welcomed, during the meeting, the steps taken by the central bank recently, in line with the development of the economy.

Economy-news.net