The Federal Court gives the green light to prosecute more than 20 deputies accused of corruption

Economy News – Baghdad: The Federal Court’s recent decision to revoke the immunity of members of the House of Representatives granted the judiciary permission to prosecute more than twenty deputies accused of financial and administrative corruption, without referring to Parliament. She described this step as “part” of the reform process, after the government, through the Anti-Corruption Committee, managed to arrest a number of people accused of corruption.

Yesterday morning, the Federal Court issued a clarification regarding the immunity of members of Parliament, and confirmed that they have no immunity except when an arrest warrant is issued for an unmarked felony.

In a press release, she stated, “The court decided, by its decision 90 / federal / 2019, on 4/28/2021, to revoke previous court decisions regarding obtaining the approval of the House of Representatives in all crimes against which members of Parliament are accused, whether they are felonies, misdemeanors, or offenses.”

She added: “We decided to limit obtaining the approval of the House of Representatives in one case only, which is the issuance of an arrest warrant for a crime of the type of unmarked felony, except for immunity for members of Parliament.”

And the Federal Court continued: “It is possible to take legal measures against them directly in the event that any of them is accused of a felony, misdemeanor or contravention.”

Bahar Mahmoud, a member of the Parliamentary Legal Committee, says that “the decisions of the Federal Court are categorical and binding on all authorities, and cannot be neglected,” calling for “the abolition of immunity for all three presidencies, just like the members of Parliament.”

She believes that “the immunity that existed means inequality among the Iraqi people before the judiciary,” noting that “immunity should not be aimed at protecting the corrupt and thieves, and it grants MPs or anyone the right to practice corruption.”

In the past, hundreds of arrest warrants were issued against a large number of deputies. The Supreme Judicial Council demanded several times from the Presidency of the Council of Representatives to lift the immunity of MPs accused of stealing public funds.

A member of the Parliamentary Legal Committee added, “There are a large number of members of Parliament who have submitted requests to lift immunity, but they have resorted to candidacy in the elections in order to obtain immunity and to evade legal accountability and protection in an unreasonable manner.”

Article 63 / Second of the Federal Constitution regulates the granting of legal immunity and lifting it from the representative. Paragraph (b) prohibits the arrest of a member during the period of the legislative term unless he is accused of a felony and with the approval of the majority of members. Immunity with the approval of the Speaker of Parliament. Mahmoud stresses that “the number of MPs who will be prosecuted after the decision to revoke immunity is large and that the court’s decision came into effect after its announcement.” Accused of participating. ”

For his part, Tariq Harb, a legal expert, explains that “Article 63 of the constitution talks about arrest, and therefore immunity is limited to arrest for a flagrant felony (the crime punishable by more than five years),” stressing that “this immunity exists in The constitution is restricted and not absolute. ”

Members of the Iraqi parliament enjoyed absolute immunity from all crimes and charges against them, and no judicial or security body has the right to arrest or hold them accountable except after the parliament votes to lift their immunity.

He adds that the Federal Court’s decision “revoked immunity and previous cases that were considered immunity and said it was wrong and incorrect,” adding that “most cases of financial corruption are in accordance with Articles (331) and (341) of the Penal Code. Any deputy accused of these two articles. ”

The specialist in legal affairs adds that “many cases will lead to the issuance of arrest against deputies (…). Twenty deputies may have been arrested based on requests to lift immunity that the Supreme Judicial Council sent to Parliament,” indicating that “their cases are varied and different from Person to person. ”

The Supreme Judicial Council had requested, in a previous statement issued by its media office, to lift the immunity of (21) deputies accused of administrative corruption during their tenure in executive positions.

Harb added, “The immunity has ended for those MPs who were previously asked to lift their immunity, and therefore legal measures are supposed to be taken against them.”

Economy-news.net

The Dutch Disease and Iraq’s Foreign Exchange Rate

By Dr. Zeki Fattah

Economists who studied the reasons for the low per capita growth of GDP in developing countries that rely on revenues from abundant natural resources, (called ‘resource curse’), found it was actually caused not by high exchange rates, but by wrongly conceived economic policies over a long period of time. We will visit this point again at the end of the paper. Meanwhile, and until recently, monetary economists in Iraq explained the fall in the Dinar exchange rate against the Dollar (a change within the expected norm) as a passing event caused by falling oil prices, and trepidation in the markets in the wake of COVID-19. This explanation whilst went some way toward dampening the need for currency devaluation for a while, it didn’t help the Iraqi Government to raise the cash it needed to meet its obligations. Recently, the Government had to reduce the Dinar exchange rate against the Dollar considerably to increase the Dinars it receives from the Central Bank in exchange for the Dollar it receives mainly from oil exports.

Zaki fattah-The Dutch Disease and Iraq’s Foreign exchange Rate-IEN version

The President of the Republic: Iraq has lost a thousand billion dollars since 2003 due to corruption

Baghdad Today – The President of the Republic, Barham Salih, announced today, Sunday, that he submitted a bill (Recovering proceeds of corruption) to recover the stolen money.

He said in a speech today, “The group of Iraq’s oil revenues amounted to a thousand billion dollars, concluded deals with abroad, and that the law works to recover the money that was wasted by corruption.”

He called for “an international coalition to fight corruption along the lines of the coalition against ISIS, pointing to the need to dry up the sources of corruption, because corruption and terrorism go hand in hand, and one condemns the other.”

He promised, “Corruption hinders the opportunities for development and progress, and because of it, the demonstrators came out demanding a country free of corruption, and this imposes on us a serious and firm stand to confront this scourge and not tolerate it for the sake of a capable and capable state free of corruption

Baghdadtoday.news

Advisor to the Prime Minister: 50 trillion dinars outside the control of Iraqi banks

The financial advisor to the prime minister, Mazhar Muhammad Salih, revealed the existence of 50 trillion dinars outside the control of the banking system, indicating that there are reasons that impede private investment and others that have caused the emergence of a “usurious” credit system.

Saleh said in a press statement that the parallel market is still granting its usurious cash loans to the public on very high-cost loan terms, as the annual interest in it is between 50-80%, (which is called obscene interest) and the usurious market is a parallel financial market (unorganized) ) Highly exploited with high risks, but at the same time it has high flexibility in dealing with stagnant cash liquidity by moving the interest-based tool.

Important and vital that is currently trading outside the control of the legal or official banking system, “explaining that”Both scenarios, whether in the formal financial or banking market, or the parallel interest-based market (informal and unorganized) have made it difficult for the public to obtain credit or loans, whether at reasonable costs or conditions, especially loans that are commensurate with the average income of the general social class that needs money.

Pushing the monetary policy to really go to (direct quantitative) intervention in the official credit market by adopting credit facilitation policies and supporting the market with very easy and low-cost loans, most of which were provided (within the initiative of the Central Bank of Iraq), whether in the form of housing loans through the government real estate credit apparatus (the Real Estate Bank and the Housing Fund) ) Or in the form of supporting economic activity with small, medium and large loans in various economic fields.

He concluded by saying, “The liquidity obtained from these bonds will help, as they are excellent debt instruments, in activating the granting of credit, especially to small borrowers, on easy terms through banks or digital financial companies and others. Small or microfinance. ”

Dijlah.tv

A new statement from Rafidain Bank regarding deposits and profit rates for citizens

Baghdad: On Friday, Rafidain Bank decided to increase the fixed deposit interest rate for citizens who deposit their money in the bank.

The bank’s media office said in a statement that Nass received a copy of it (May 14, 2021), that the management “decided to increase the interest rate on deposits for a period of six months to 4.5 percent.”

The statement added, “The decision included increasing the interest rate on fixed deposits for a period of one year to 5.5 percent,” noting that “increasing the interest rate on deposits for a period of two years to become 6.5 percent

Nasnews.com

Saudi companies prepare to launch giant investments soon in Iraq

{Economist: Al Furat News} Saudi businessmen revealed that Saudi companies are close to launching giant investments soon in Iraq in the fields of manufacturing industries, noting that there are promising opportunities for Saudi products of building materials and food in the Iraqi market.

The businessmen explained in a press statement that “some Saudi companies specialized in raising livestock and cows have presented to the Iraqi government the idea of ​​investing 4 million dunums in the Western Desert located between Anbar Governorate, passing through the cities of Karbala and Najaf, to the Samawah desert, with a contract extending for more than 50 years to cultivate.” agricultural and cattle breeding crops.

For his part, Mohammed predicted leader Vice Chamber of Commerce and industry Chairman of Riyadh, to witness the Saudi – Iraqi relations prospects welcome , especially in the field of economic, commercial and investment cooperation, pointing out that the visit of Prince Khalid bin Salman , deputy Minister of Defense, Iraq, come under Integration, communication and permanent coordination between the two countries, pointing out that it is a visit that supports closer relations at all levels, including the economy.

Al-Murshid added that “the opportunities for integration between the Kingdom and Iraq are great.” Other areas that we will soon see their fruits … The Iraqi market is large and Saudi products are well received in it. ”

For his part, Abdullah Al-Melehi, President of {Tamayouz} said: “There are promising opportunities for Saudi products in the Iraqi market, as the Iraqi market is one of the great opportunities for Saudi products. In sharing borders with Saudi Arabia, an opportunity to export the Saudi product with the facilities provided by the Kingdom through The Saudi exports program to open new markets for manufacturers in the Kingdom, in addition to supporting the Kingdom’s government and the leadership’s keenness to build relationships in various fields.

Al-Melehi added: “The Iraqi market is promising and there are many export opportunities that national companies can benefit from,” adding that “the volume of Saudi non-oil exports to the Republic of Iraq amounted to 2.6 billion riyals ($ 693.3 million) during the past year 2020, while topping the list of the most prominent sectors. The exported building materials activity amounted to 859 million riyals (229 million dollars), and the foodstuff activity with a value of 790 million riyals (210.6 million dollars). ”

Al-Melehi pointed out that “there is a tendency to offer investments in the oil and gas field to Saudi companies, indicating that discussions are underway with the concerned authorities to clarify investment opportunities, as investors are always looking for specific opportunities or privileges to bring them to the market, especially after the Saudi Export Bank announced granting investors financing for this field.” Exports are a factor that attracts investors, “noting that” both Saudi Arabia and the UAE have allocated more than 6 billion dollars to invest in Iraqi lands, strengthen economic relations and create new opportunities for cooperation and partnership. ”

Al-Melehi explained that “there are Saudi investment projects currently in the Iraqi cities of (Anah) and (Al-Qaim),” indicating that “there are investments that Saudi companies will soon launch in Iraq in the fields of manufacturing, agriculture and various projects, while Saudi investment companies have offered specializing in livestock breeding and cows on the Iraqi government ‘s idea to invest 4 million acres in located between the Anbar province , passing through the cities of Karbala , Western Sahara and Najaf access to the desert of Samawah, a contract extends to more than 50 years for the cultivation of agricultural crops and cattle breeding.

He Malihi: “among the investments The Emirati and Saudi companies will implement them by producing some internal industries in Iraq, as joint factories between Iraq and these two countries will be implemented … Also, one of the most important investment projects is the interest in electric power projects from Saudi Arabia and the United States”.

Alforatnews.com

Hamid Al-Ghazi: The government is serious about opening up to the countries of the world

Baghdad: The Secretary-General of the Council of Ministers, Hamid Naeem Al-Ghazi, said, during his meeting with the ambassador of the Kingdom of Norway who is not residing in Iraq, Tun Elizabeth, that the government is serious about opening up to the countries of the world because of what Iraq has of the elements that attract international countries and major investment companies.

Al-Ghazi indicated, in a statement, that “the government is determined to end the issue of the displaced and restore stability to the liberated areas, and that the Ministry of Immigration and Displacement has made great steps towards closing a large number of camps and returning the displaced to their areas voluntarily, after the relevant ministries and international organizations contributed. To restore the infrastructure, road projects, schools, water and electric power networks.

For her part, Elizabeth praised the “efforts of the Iraqi government to restore stability in the liberated areas and its high coordination with the international community,” stressing “the Kingdom of Norway’s willingness to extend a helping hand to contribute to ending the issue of the displaced and rehabilitating the liberated areas.” She expressed.

“She expressed her hope that the Norwegian companies will take their role in the reconstruction of Iraq and the establishment of investment projects, especially since their companies have started implementing projects related to solar energy in Karbala Governorate and Alexandria.”

Alsabaah.iq

Allocating one trillion dinars in the 2021 budget for the petrodollar fund

Economy News – Baghdad… The Parliamentary Oil and Energy Committee revealed, on Saturday, the allocation of one trillion dinars to the petro-dollar fund for oil-producing provinces, while confirming that the accumulated amounts of petrodollars for previous years are estimated at 25 billion dollars.

A member of the committee, MP Sadiq Al-Sulaiti, said, “The petrodollar is an entitlement for the oil-producing and refined crude and gas-producing governorates, indicating that the project allocates 5% of the oil revenues to improve the infrastructure of those governorates,” according to “WAA”.

He pointed out that “the petrodollar did not enter into force during the previous years despite its confirmation in the budgets, due to the failure to allocate the funds by the ministries of planning and finance, under the pretext of a financial deficit or the lack of sufficient liquidity,” stressing that “there have been accumulations of petrodollar sums during previous years that are estimated. About 25 billion dollars. ”

Al-Sulaiti pointed out that “his committee sought during the current year to amend and include the section on petrodollar allocations in the budget, by establishing a fund after the budget is approved,” indicating that “accounts for the fund will be opened to be fed monthly from oil revenues.”

He explained that “a trillion dinars have been allocated for the amounts of petrodollars,” noting that “in the event that the Ministry of Finance does not open accounts for the fund and feed it with revenues, the ministry will be exposed to legal accountability, whether by the provinces or members of Parliament, for not applying the most important provisions of the budget.”

Economy-news.net

Biden signs a decree regarding Iraq .. these are its details

International: Al Furat News… Today, the US President, Joe Biden, signed a decree extending the state of national emergency, related to the situations in Iraq and Syria, for another year.

“There are still obstacles to the orderly reconstruction of Iraq, the restoration and maintenance of peace and security in the country, and the development of political, administrative and economic institutions in Iraq,” said a statement extending the state of emergency with regard to Iraq, published on the White House website.

The statement added that these obstacles “pose an extraordinary threat to the national security and foreign policy of Iraq and the United States of America as well. Therefore, (Joe Biden) decided that it is necessary to continue the state of national emergency declared under Executive Order 13303 regarding the stability of Iraq.”

In another separate statement regarding the extension of the state of emergency in Syria, the White House said that “the brutality of the regime and its suppression of the Syrian people … not only endanger the Syrian people themselves, but also generate instability throughout the region.”

The statement added that the Syrian regime’s actions and policies, including the pursuit of chemical weapons, their use and support for terrorist organizations, represent an “extraordinary threat to national security, foreign policy and the economy of the United States.”

“For these reasons, (Joe Biden) decided that it is necessary to continue implementing the state of national emergency declared in Executive Order No. 13338 regarding the policies of the Syrian government,” the statement continued.

The statement added that the United States condemns the Assad regime’s human rights violations, which it is practicing with the support of its Russian and Iranian allies.

In the statement, the United States called on the Assad regime and its supporters to stop its war against its people, and to cease fire in all parts of the country in order to deliver humanitarian aid to those who need it.

Resolution 13303 on Iraq was issued in 2003 during the era of US President George W. Bush, while Resolution No. 13338 on Syria was issued in 2004, which prohibits the export of some goods for the institutions of these two countries, in addition to punishing personalities and entities.

Alforatnews.com

Al-Rafidain: Increasing the fixed deposit interest rate for depositors with their money

Shafaq News / Al-Rafidain Bank announced, on Friday, an increase in the fixed deposit interest rate for citizens who deposit their money in the bank.

The bank’s media office said in a statement that it had been decided to increase the interest rate on deposits for a period of six months to 4.5 percent, as well as to increase the interest rate on fixed deposits for a year to 5.5 percent.

The statement added that the interest rate on deposits for two years had been increased to 6.5 percent.

Shafaq.com