Iraq tackles Corruption in Currency Auctions

The Iraqi Cabinet held its weekly meeting on Tuesday under the chairmanship of Prime Minister Mustafa Al-Kadhimi.

Addressing the meeting, the Prime Minister said the reserves of the Central Bank of Iraq (CBI) have increased by $4 billion, adding that the government has been able to tackle what it describes as “the corruption at the notorious foreign currency auction”.

The Prime Minister directed all ministers not to repeat the mistakes of previous governments, and not to let bureaucratic practices impede the implementation of strategic decisions.

(Source: Govt of Iraq)

Iraq-businessnews.com

Parliamentary law ends discussion of the Federal Court law

Baghdad today: The Media Department of the House of Representatives announced Thursday, the completion of the discussion of the Federal Court Law, which is scheduled to vote on in today’s session.

The department said in a statement received (Baghdad today), “The Legal Committee held a meeting headed by Deputy Rebwar Hadi, Chairman of the Committee, and the attendance of its members to discuss the draft law of the Federal Court.”

She added, “At the beginning of the meeting, the head of the Legal Committee stressed the necessity of resolving discussions on the draft law so that it could be included on the agenda of the House of Representatives session to vote on it.”

The statement continued, “The committee has finished reading and discussing the articles and clauses of the Federal Court bill,” indicating that “regarding the controversial articles, the committee decided to present it to the House of Representatives so that it would have the final word on it.”

Baghdadtoday.news

Al-Halbousi: Present the budget to a vote soon, and we are proceeding with the legislation of the oil and gas law

(Baghdad: Al Furat News) The Speaker of Parliament, Muhammad Al-Halbousi, confirmed, on Thursday, the parliament’s keenness to proceed with the laws that were suspended in previous sessions, most notably the Federal Supreme Court Law, which was suspended throughout previous sessions.

In a statement, Al-Furat News Agency received a copy of it today, Al-Halbousi said, “There is insistence from members of the House of Representatives to proceed with legislative measures to complete the Federal Supreme Court Law.” Being sensitive and related to the composition of the court and the decision-making mechanism.

He indicated that “successive meetings will be held with the heads of political forces and the legal committee, and these meetings will be chaired by the presidency of the Council, to reach common points.”

He pointed out that “next Monday has been set as the date for voting on the rest of the articles of this law,” stressing that “the draft budget law will be within the coming days within the council’s agenda to vote on it.”

He stressed that “there are a number of stalled laws that the council will proceed to legislate, such as the oil and gas law, which is one of the laws stipulated in the constitution, which will address the mechanism of dealing between Baghdad and Erbil and between Baghdad and the rest of the oil-producing provinces, and the law will be one of the council’s next priorities.

Alforatnews.com

Al-Kazemi: The infamous coin auction is in the past

Prime Minister Mustafa Al-Kazemi, during his presidency, yesterday, Tuesday, in a regular session of the Council of Ministers, confirmed that there are attempts to obstruct the work of the government in light of the many challenges facing the country, indicating that the government has succeeded in preventing the collapse of the country economically and financially, and it took an important reform step represented by the White Paper This contributed to the continuation of regular payment of salaries, after there were those who were betting on the collapse of the situation.

Al-Kazemi explained that the Central Bank’s reserves have grown and increased by four billion dollars, after accusations by the government that it will bankrupt the reserve, stressing that the government has been able to reduce the corruption of the notorious currency auction, and it has become a thing of the past.

The ministers directed all the ministers not to repeat the mistakes of previous governments in dealing with strategic files, and not to deal with bureaucracy with these important files, stressing the importance of diagnosing challenges and not giving in to them, and working to overcome obstacles and move forward in the stages of completion.

The Prime Minister called on the ministries of health, finance and planning to work towards ending the file of hospitals that have been lagging since 2009 and before, directing that dealing with the purchase of vaccines be directly with countries and manufacturers, and absolutely preventing dealing with intermediary companies.

On foreign affairs, he stressed that Iraq has succeeded in returning to its important role externally, and that there is great confidence in it now, for the important roles it played in the field of appeasement and dialogue.

Alsabaah.iq

Expectations of a decline in exchange rates as a “fait accompli.”

Yes Iraq: Baghdad… It seems that the dollar prices in the Iraqi market have begun to sing away from the central bank’s pricing, and have already begun to decline with the mounting calls to return the old pricing, following the rise in oil prices and the trend towards lack of financial deficit, which negates the need for the continuation of the new dollar pricing.

And the exchange rates of the dollar against the dinar began during the past few days in the Iraqi markets, which fall within the circle of 145 thousand, as the selling prices for today, Monday, 145.750 dinars per hundred dollars, compared to 144750 for purchase.

For his part, the expert in economic affairs, Raad Twig, suggested that the dollar exchange rate against the dinar would decrease as a result of the revival of the local market and the rise in oil prices.

Twig said in a press statement, that the average price of the dollar recorded a decrease from 1460 dollars, which is the official price of the Central Bank of Iraq, 1447.5 dinars for purchase and 1457.5 for sale, as a result of the recovery of sales of the Central Bank through the currency window last Thursday, to 155.984 million dollars at the official price.

He pointed out that “this move in the cash demand comes after it was met by stagnation in the Central Bank of Iraq’s dollar sales since the Iraqi dinar price was reduced as a result of the presence of excessive real domestic demand for imported goods for fear of extending urban periods as a result of the epidemic, as well as the merchants’ reliance on contentment with a steadfast decision. The Central Bank reduced the exchange rate of the Iraqi dinar and the Ministry of Finance pledged to compensate traders and contractors for their losses due to the decrease in the price of the dinar.

He explained that the decisive matter in the decrease in the price of the dinar is the increase in the reserves of the Central Bank of Iraq from 15 billion dollars to 55 billion dollars as a result of the increase in oil prices to 67 dollars per barrel and the decrease in the domestic demand for the dollar. No increase in oil prices and the arrival of vaccines in Iraq.

The economist expected more oil gains, which amount to 20% per month, and that the sale of oil would reach $ 70 a barrel.

For his part, the specialist in economic affairs, Dergham Muhammad Ali, stressed that the recovery of oil prices and the injection of the Corona vaccine around the world will increase economic recovery and reduce the need to change the exchange rate.

Muhammad Ali said that “the pretexts for reducing the exchange rate of the dinar and its wages on the Iraqi market from the burdens of inflation, stagnation and an increase in poverty rates were negated by the recovery of oil prices, which creates growth in budget revenues.”

He added, “The costs of eliminating the effects of the change in the exchange rate are severe and ineffective and do not effectively target the most affected groups, noting that” the closure caused by the second wave of Corona virus has exacerbated the already deteriorating economic situation from the government’s unmetered economic behaviors that affected the lower income groups.

Yesiraq.com

Al-Kazemi: We succeeded in preventing the collapse of Iraq economically and financially

The Prime Minister, Mustafa Al-Kazemi, confirmed today, Tuesday, that the white paper contributed to the continuation of regular payment of salaries.

Al-Kazemi said during the cabinet session, “The country is going through multiple crises and there are attempts to obstruct the work of the government and we have succeeded in preventing the collapse of the country economically and financially, and we have taken an important reform step represented by the white paper.”

He pointed out that “the white paper contributed to continuing to pay salaries regularly after there were those who were betting on the collapse of the situation.

Alsumaria.tv

Parliamentary Finance: At the end of this week, the budget will be passed

The Parliamentary Finance Committee confirmed, today, Tuesday, that the draft federal budget law will be passed in the House of Representatives at the end of this week.

Committee member Siham Shenoun said in a statement to “Tigris”, “The House of Representatives will pass the draft federal budget law for 2021 at the end of this week,” noting that “the political blocs have not reached any agreements with Kurdistan regarding the budget so far.”

She added that “the council will proceed to vote on the budget even if there is no political agreement with Kurdistan on the region’s share,” indicating that “the budget does not bear a delay until another time, since its passage has become an absolute necessity.”

Dijlah.tv

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

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