Parliamentary Finance: Oil dispute with Kurdistan is the most prominent problem in preparing the 2025 budget

The head of the Parliamentary Finance Committee, Atwan Al-Atwani, confirmed today, Monday, during his meeting at the Finance Committee headquarters with a delegation from the Adam Smith International Foundation, that the committee is currently working on legislating a package of important laws that will develop our financial and banking system, while he pointed out that the oil dispute with the Kurdistan Region constitutes one of the most prominent problems facing the preparation of next year’s budget.

Al-Atwani said in a statement received by Shafaq News Agency, “The Parliamentary Finance Committee – within the framework of its permanent movement and continuous efforts to maximize non-oil revenues – is currently working on amending the law of the General Authority for Monitoring the Allocation of Federal Revenues, so that it can play its role in evaluating, monitoring and collecting these revenues in a sound and regular manner, in addition to including in the law a new task related to evaluating the performance of the budget and expenditures.”

As part of its work within the framework of financial reform, Al-Atwani pointed out that “the committee is conducting an in-depth study of the stock and commodities market law, which it intends to legislate during the coming period, and is holding specialized workshops with the aim of encouraging Islamic banks to enter into banking and financial activity.”

He pointed out that “the Finance Committee is working on a number of proposed laws, which aim to regulate financial management, including the proposed law on investment in Islamic bonds, and the proposed law on the Center for Banking Studies.”

Regarding the 2025 budget, Al-Atwani estimated that it would reach the House of Representatives early next year, indicating that the government had begun meetings to restructure the budget items.

He pointed out that “the oil dispute with the Kurdistan Region is one of the most prominent problems facing the preparation of next year’s budget,” noting “the committee’s efforts and efforts to resolve the dispute between Baghdad and Erbil, through meetings and shuttle meetings with representatives of the regional government and the federal government.”

Al-Atwani stressed that “the points of contention have been identified and diagnosed by the committee, and the legal and constitutional path to overcome them has been determined. We hope to reach a final agreement in the next stage, in order to resume the export of the region’s oil, in a way that ensures the strengthening of the state’s resources.”

Shafaq.com

According to preliminary results, the Kurdistan Democratic Party has a large lead in votes

The Independent High Electoral Commission is likely to announce the results of the sixth elections in the Kurdistan Region this Monday afternoon since the establishment of the region in 1992, after a six-year hiatus from holding elections, as they were postponed more than once. The last elections were held in 2018 and were scheduled to be held in 2021, but they were postponed more than once due to various circumstances and major political differences.

The initial results showed that the Kurdistan Democratic Party had a large lead in votes, while the New Generation won more seats compared to the previous elections in 2018.

The political map at the level of the major parties at the top did not change much in these elections, but at the same time it carried surprises and major differences at the third and fourth levels, as the New Generation Movement jumped in the number of votes to approach the Patriotic Union of Kurdistan, while the Islamic parties declined.

In numbers, the Kurdistan Democratic Party obtained about 700 thousand votes, which is a number close to or slightly higher than what it obtained in the previous elections in 2018.

While the National Union obtained 350 thousand votes, which is slightly higher than what it obtained in the previous elections in 2018.

The New Generation Movement came in third place, receiving more than 300,000 votes, a big jump compared to less than 130,000 votes in the previous elections in 2018.

With these votes, the new generation replaced the Kurdish Islamic alliances, which together received just over 100,000 votes in this election, compared to over 280,000 votes in the 2018 elections.

Burathanews.com

Economic Reform Law: An Urgent National Need

The House of Representatives intends to vote on the economic reform law in the coming period, after the committee tasked with writing the final version arrives, and is accepted by all political parties.

Perhaps talking about this law is no less important than talking about the rest of the other important laws awaiting approval in the House of Representatives, as the existence of any state depends primarily on the existence of a strong and solid economy, capable of standing up to economic fluctuations, and possessing the elements of growth and development over time. Naturally, any public activity cannot succeed and stabilize unless it has a solid law, ready to answer all future questions that will be raised, or in other words, it can address all future problems that may arise, through the ability of the legislator to read reality and the variables that accompany that activity.

The talk about the economic reform law is of great importance, and as we said, it falls within the category of important laws that require great seriousness and great attention from the House of Representatives, because those who follow the economic reality of the country find that there are many problems that accompany the work of this vital and important sector, and perhaps the most prominent problem is the lack of a unified law that addresses all administrative and legal activities related to the economic aspect, and if we say the economy, we will say investment and its problematic law, many of whose texts are still under consideration, and often reservations have been expressed by legal specialists, government departments and ministries, which have identified some articles that contribute to obstructing the procedures that contribute to concluding investment contracts, and there is industrial investment, which is a law no less important than the investment law, as it regulates the work of industrial projects for the private sector, and regulates the relationship between the employer and the owner of the land, which is often the Ministry of Finance, as it owns the largest share of the land.

If we talk about the economy, we will talk about supporting the general budget and providing it with financial liquidity, especially since the government has taken upon itself the issue of diversifying imports and not being satisfied with oil as the main source of the budget.

This matter requires many laws and legislations that help the government open new revenue outlets and diversify them in a way that achieves greater exploitation of the remaining natural resources of natural gas and other minerals such as sulfur and phosphate, and supporting the oil industry by building new refineries. These procedures must have a unified law that regulates the work of the relevant ministries and gives each ministry a specific role in the economic reform process, especially the ministries that manage the country’s economic process, such as the Ministry of Finance in the first place and the Ministry of Trade and Industry as well as Agriculture.

These are ministries that contribute to formulating the general system and establish the state’s philosophy in managing its economy. But what we need for the purpose of contributing to writing the law is to publish the draft law to public opinion, for the purpose of reviewing it and making comments on it to reach a solid law that accommodates all the transformations and changes that may occur in the economy from all aspects, and to strive to build a strong Iraqi economy based on industrial and agricultural production, and to frame trade relations between Iraq and other countries with a law that defines the duties and rights of all.

The Economic Reform Law is a law for all Iraqis, and its legislation in the coming period is very necessary, given the existence of many problems that have caused the Iraqi economy to suffer from countless crises, all due to the absence of a legal text that addresses these problems, provides solutions for them, and obliges the state and the private sector to proceed according to specific procedures to achieve the goals set by this law.

Alsabaah.iq

Voting problems in the Kurdistan Region.. fingerprints not showing and malfunctioning voting devices

The voting process in the Kurdistan Region, which began today, Sunday, witnessed some problems, most notably the non-appearance of the fingerprints of some voters, especially the elderly, according to Shafaq News Agency correspondents in the governorates and regions of the region.

The agency’s correspondents explained that cases of malfunctions in the voting machines were recorded, and they were immediately addressed by either repairing or replacing them.

However, hundreds of voters were still unable to vote, and a problem was reported with the voting machines, which were unable to read the ballot papers due to a malfunction in reading the SIM card.

The general voting process began today after the end of the special voting that took place last Friday for the military and security forces. The Independent High Electoral Commission opened 1,622 polling stations for 2,683,618 voters out of a total of 2,899,578 voters.

The commission announced that the participation rate in the special vote reached 97%, as 215,960 members of the Peshmerga forces and internal security forces cast their votes without recording any violations.

1,091 candidates are competing for 100 seats in the regional parliament, including five seats allocated to components, after they were reduced from 11 based on a decision by the Federal Supreme Court.

After submitting the appeals, they will be decided upon by the competent judicial body within the specified legal period, after which the final election results will be approved.

Shafaq.com

Nechirvan Barzani: Kurdistan Region is part of Iraq and will remain so, and we do not want it to be involved in the regional conflict

The President of the Kurdistan Region, Nechirvan Barzani, confirmed on Sunday that the region is an integral part of federal Iraq and will remain so, but at the same time he stressed the need to keep the country away from the ongoing conflict in the region.

President Nechirvan Barzani said in a press conference held after casting his vote in the general election of Kurdistan, that the Kurdistan Region is part of federal Iraq and will remain so, and our policy is to resolve the differences and outstanding problems between Erbil and Baghdad within the country’s permanent constitution through negotiation and sitting at the dialogue table.

He stressed, “It is time to solve the problems according to the constitution, which guarantees the rights and duties of Kurdistan and Iraq as a whole,” expressing his regret for the failure to implement the articles and clauses of the constitution since 2003 until now.

Nechirvan Barzani added that the key to stability is to solve the problems between Erbil and Baghdad, and the constitution provides solutions to this matter.

He also pointed out that the policy pursued by the region represents a factor of stability in the region, and we would like to develop relations with our neighbors in economic, commercial and other aspects, stressing that the priority is economic prosperity.

“We do not want Iraq to be involved in the conflict in the region,” Nechirvan Barzani said, adding: “We are in contact with Baghdad and international parties, and we must do everything to prevent Iraq from being dragged into this conflict.”

Shafaq.com

Kuwait urges Iraq to take concrete measures to address outstanding issues between the two countries

Kuwaiti Prime Minister Ahmed Abdullah Al-Ahmad Al-Sabah called on Iraq to take tangible measures to address all pending issues between the two countries.

In his speech at the Gulf-European summit in Brussels, Al-Sabah said, “At the forefront of these files is the demarcation of the maritime borders beyond point 162 in accordance with international laws and conventions, and the completion of the file of prisoners, missing persons and Kuwaiti properties, including the national archives within the scope of the follow-up of the United Nations and in particular the Security Council.

” Al-Sabah urged “Iraq to adhere to the bilateral agreements related to the security and technical aspects of the navigational passage in Khor Abdullah, which are agreements that would enhance the concept of environmental conservation, regulate navigation, and combat terrorism and the illegal trade in weapons, drugs and human beings,” stressing “the importance of continuing the dialogue based on understanding and mutual respect between the two brotherly countries.”

He pointed out that “based on the belief in the principle of good neighborliness, Kuwait was keen to help Iraq rise up through close work aimed at restoring its regional status and position in a way that achieves the hopes of its brotherly people.”

On October 3, Foreign Minister Fuad Hussein announced the imminent resumption of Iraqi-Kuwaiti negotiations to resolve outstanding problems between the two countries, noting “Iraq’s true desire to reach understandings to resolve existing differences.”

Alforatnews.iq

Al-Sudani receives a package of recommendations to proceed with reforming the state-owned Rafidain Bank

Prime Minister Mohammed Shia Al-Sudani chaired a meeting on Thursday on efforts to develop the work of the government banking sector, in the presence of representatives of Ernst & Young for Auditing and Financial Consulting.

A statement issued by Al-Sudani’s media office stated that during the meeting, a package of recommendations was presented by the company to proceed with the reform of Rafidain Bank, which included the new legal status of Rafidain Bank, its capital, its work strategy, and the new consultant who will work with the bank to meet the global requirements for modern banking.

The statement explained that these recommendations will be submitted to the Ministerial Council for the Economy, which will then submit them to the Council of Ministers for approval.

The statement quoted Al-Sudani as saying that the issue of restructuring Rafidain Bank is the first step in the government’s banking reforms, which have been given special attention to follow up on all reports related to it, submitted by the relevant authorities, especially the committee concerned with the restructuring process.

The Prime Minister stressed the importance of the banking sector reform project, which began with Rafidain Bank, pointing out the work to provide a bank with specifications and standards through which problems can be overcome and confidence can be given to citizens, in addition to enhancing cooperation with local and foreign investors.

Shafaq.com

Parliamentary Economic Committee expects to vote on economic reform law soon

The Parliamentary Committee on Economy, Industry and Trade expected the vote on the economic reform law to be held in the coming few days, as the committee’s deputy chairman, Yasser Al-Husseini, stated that “the law reached the House of Representatives in general and the Economy Committee in particular months ago, and it includes all laws that include the economic aspect,” according to the official Al-Sabah newspaper.

He added, “The committee held many workshops at all levels, whether for businessmen or industrial and economic experts,” stressing that “the committee is proceeding with reading this law and working to vote on it during the next stage in cooperation with other specialized committees.”

Al-Hussaini explained that “there are comments, whether from the representatives or from the experts, and they will be included in a paper prepared alongside the law,” noting that “the committee is determined to vote on it with the available capabilities because it sees it as important in this law, which can bring about major reform in the economic reality of the country.”

He also stressed the “importance of the Industrial Investment Law for the public and private sectors, to accurately diagnose this partnership,” indicating that “the contracts concluded in accordance with this law will be beneficial and profitable for both parties, unlike some contracts whose negatives outweigh their positives in the industrial sector, and which oblige the state to long-term, impossible conditions.”

He added that “the committee is proceeding with voting on the industrial investment law, which is no less important than other laws, despite some objections that have prevented voting on it so far,” stressing that “the final stage of voting has been reached after consensus was reached between the political blocs objecting to its wording.”

Burathanews.com

Ranked 29th out of 100 countries, Iraq raises its gold holdings to more than 152 tons

The World Gold Council announced on Tuesday that Iraq has increased its gold holdings to more than 152 tons.

According to the latest table published by the Council in September 2024, which Shafak News Agency reviewed, “Iraq ranked 29th out of 100 countries listed in the table with the largest gold reserves,” indicating that “Iraq ranked third in the Arab world after Saudi Arabia and Lebanon.”

He added, “Iraq increased its gold holdings to 152.6 tons, after its gold holdings were 148.3 tons, which represents 11% of its remaining reserves.”

The Council also pointed out that “the United States of America is the largest country in the world with the largest gold holdings, at 8,133.5 thousand tons, followed by Germany with 3,351.5 thousand tons, then Italy with 2,814 thousand tons, while Bosnia and Herzegovina came in last with 1.5 tons.”

The World Gold Council is headquartered in the United Kingdom, has extensive experience and deep knowledge of the factors that cause market change, and its members consist of the largest and most advanced gold mining companies in the world.

Shafaq.com

The Federal Court interprets the phrase “Iraq is fully sovereign” in the Constitution

The Federal Court interprets the phrase Iraq is fully sovereign in the ConstitutionToday, Tuesday (October 8, 2024), the Federal Supreme Court issued a decision that included the interpretation of the phrase (fully sovereign) contained in Article (1) of the Constitution of the Republic of Iraq for the year 2005.

She said in a statement that “the Constitution of the Republic of Iraq guarantees the unity of Iraq, and since that unity requires that Iraq have full sovereignty over all its lands, airspace and territorial waters, this also requires that all federal authorities, decentralized regional and governorate authorities and local administrations be obligated to abide by the provisions of the Constitution to preserve the unity of Iraq and not to do anything that would undermine its sovereignty.”

The Federal Court stressed that “any authority that violates this has violated the constitution and endangered Iraq’s sovereignty, in accordance with Articles (1, 8, 50, 109, and 116) of the Constitution of the Republic of Iraq for the year 2005.”

She explained that “this interpretation came in accordance with the decision issued by the court No. (89/Federal/2024).”

Burathanews.com