Al-Kinani supports the Central Bank’s initiative and calls for cooperation to make it succeed

money and business

Economy News _ Baghdad

The head of the Parliamentary Economic and Investment Committee, MP Ahmed Salim Al-Kinani, suggested, on Tuesday, that the Central Bank of Iraq initiative regarding lending to housing, service, industrial and agricultural projects will contribute to moving the Iraqi market and directing it in a way that contributes to increasing local investments.

Al-Kinani said in a statement that “Al-Eqtisad News” received a copy of it, that “the Central Bank launched its initiative in exceptional and complex economic conditions, as well as identified banks and exchange mechanisms through which those loans are granted to the covered surprises,” indicating that “the loan granting mechanisms must be accompanied by a monitoring mechanism.” Effective, clear, and unambiguous and unambiguous in spending those money by borrowers for projects that can benefit the national economy and citizens alike. ”

The head of the Economic and Investment Committee added, “This initiative should be kept away from speculators in public money who claim to be businessmen and investors, since there are previous experiences in this field that have led to a great waste of public money and its exploitation by beneficiaries whose only concern is to make profit at the expense of developing the Iraqi economy.” And make it more effective in facing economic crises. ”

Al-Kinani stressed, “his committee, on its part, will play its supervisory role to ensure the success of this initiative and guide it properly, calling on the central bank to cooperate and inform the committee of the details of the initiative as the committee has several proposals and can contribute to evaluating this initiative and its monitoring mechanisms.”

https://economy-news.net/content.php?id=22964

The Stock Exchange sets a date for the conclusion of the 2020 sessions

Iraqi Stock Exchange «Economy News»

Market

Economy News – Baghdad

The Stock Exchange has set, on the 24th of this month, the date for the conclusion of the sessions of this year.

The Stock Exchange said in a statement seen by “Al-Eqtisad News”, that “based on what was approved by the Board of Governors and on the occasion of the approaching end of the fiscal year 2020, the last trading session for 2020 will be on Thursday, 12/24/2020.”

The statement added: “The first trading session for the year 2021 will be on Sunday 3/1/2021 …”

https://economy-news.net/content.php?id=22965

The Center for Banking Studies at the Central Bank holds its first meeting for the year 2020

Side of the meeting.

Banks

Economy News – Baghdad

The Board of Directors of the Center for Banking Studies at the Central Bank held its first meeting for the year 2020.

“The meeting was chaired by Dr. Munther Al-Sheikhly, Deputy Governor of the Central Bank, with the participation of all members,” the central bank said in a statement received by Al-Iqtisad News.

The statement added: “The council discussed the topics included in its agenda, including the training program for the next year, which was prepared on the basis of the training gap in cooperation with the departments of the Central Bank,” noting that the council also discussed “the most prominent achievements that the center has achieved during this year despite the challenges presented.” I encountered it because of the Corona pandemic. ”

The statement affirmed that the members of the council agreed “on the proposals submitted by the center’s management, especially with regard to amending the Center’s Law No. 36 of 1999 in accordance with the developments in the training environment and keeping pace with international developments in this field.” 

 https://economy-news.net/content.php?id=22952

We will not leave Baghdad … Britain reveals its endeavor to “deal with the militias.”

Politics

Militia

2020-12-01 15:01

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Shafaq News / The British Minister of Middle East and North Africa Affairs, James Claverley revealed, on Tuesday, that the British government is seeking to address “militias that cause problems” in Iraq, while stressing that his country will not leave Baghdad.

“It is important that the British government has a presence in Iraq,” Claverley said in a press conference held today in Erbil and attended by Shafaq News, revealing that “the militia issue is one of the issues we are working to address.”

He added, “In the most complex situations we stayed in Baghdad,” stressing, “The British flag must remain in Baghdad and we will not leave it.”

He stressed that “these militias that cause problems must be addressed,” noting that “other countries witnessed a worse security situation than Baghdad and we did not leave it, and that is why we decided to stay in Baghdad and not leave it.”

The British minister also emphasized, “We will continue to support the Peshmerga and the Kurdistan Region until the final elimination of ISIS.

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The Iraqi government sets a new date for discussion of the 2021 budget bill

Economy

Baghdad

breaking

The budget

Salaries

2020-12-01 09:58

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Shafaq News / The Iraqi Cabinet has postponed holding the session devoted to discussing the 2021 budget bill until next Saturday.

The spokesman for the Council of Ministers, Minister of Culture, Tourism and Antiquities, Hassan Nazim, said in a press conference held today and attended by the correspondent of Shafaq News Agency, that laws and conflicts within Parliament should not affect people’s daily sustenance.

He added that Prime Minister Mustafa Al-Kazemi called for the human side to be removed from political conflicts, adding that there are ongoing dialogues in order to find a solution to the problem of salaries.

Last September, the government approved the financial budget bill and sent it to Parliament, before withdrawing it again for amendments.

Nazem also said that Al-Kazemi directed the ministers to mobilize the means to achieve the legitimate demands of the people of Dhi Qar.

He continued by saying that the government is proceeding with holding the elections as scheduled.

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Barzani: We fulfilled all our obligations to reach a constitutional agreement with Baghdad

Time: 12/01/2020 13:58:18 Read: 1,937 times

{Baghdad: Al Furat News} The President of the Kurdistan Regional Government, Masrour Barzani, today, Tuesday, received the British Minister of State for the Middle East and North Africa James Cleverley, the British Minister of the Armed Forces James Hebe and the British Ambassador to Iraq Stephen Hickey.

The media office of the president of the regional government said in a statement, Al-Furat News received a copy of it, that “in the meeting, ways to strengthen relations between the Kurdistan region and Britain were discussed.”

The British delegation indicated, according to the statement, that “the British view with great respect and appreciation the sacrifices of the Peshmerga forces and their response to terrorism, and the delegation expressed the UK’s readiness to enhance the prospects for cooperation with the region in all fields, especially in the commercial field and increase investment in the Kurdistan region.”

The Prime Minister thanked Britain and valued its role in helping the Kurdistan region. He also shed light on the relations between the Kurdistan region and the federal government.

Barzani emphasized that ”

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Al-Kazemi: Iraq is keen to build strategic relations with the United Kingdom

2020/11/30 18:34

The number of readings 130

Section : Iraq

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Baghdad / Obelisk: The Prime Minister, Mustafa Al-Kazemi, received, on Monday, November 30, 2020, the British Minister of State for the Middle East and Africa, James Cleverley, and the Minister of the British Armed Forces, James Hebe.

Obelisk publishes the text of the statement:

Prime Minister Mustafa Al-Kazemi receives the British Minister of State for Middle East Affairs and the Minister of the British Armed Forces

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The Prime Minister, Mr. Mustafa Al-Kazemi, received today, Monday, the British Minister of State for the Middle East and Africa, Mr. James Cleverley, and the Minister of the British Armed Forces, Mr. James Hebe.

During the meeting, they discussed bilateral relations between the two countries in the political, economic and military fields, and the importance of continuing joint cooperation in the field of the war against terrorism and the pursuit of ISIS terrorist organization. The regional situation was also discussed and working together for calm and dialogue, with the aim of stabilizing the region.

They also discussed what was agreed upon during the Prime Minister’s visit to the United Kingdom, last month, and ways to turn it into practical steps that would serve the interests of both countries.

During the meeting, they discussed ways to support building the capabilities of the Iraqi forces, in the field of training, equipment and intelligence support, provided that the support provided was in accordance with Iraqi priorities.

During the meeting, Mr. Al-Kazemi affirmed that Iraq is keen to build strategic relations with the United Kingdom, in the political and economic fields, referring to the historical relations between the two countries, which would contribute to strengthening cooperation and supporting the Iraqi economy, and supporting the economic reforms included in the White Paper, as well as helping Iraq to reach free and transparent elections that meet the aspirations of the Iraqi people.

For its part, the British delegation affirmed Britain’s support for Iraq, and for the path taken by the Iraqi government, in the field of economic and security reform, and the steps taken towards holding early elections.

Media Office of the Prime Minister

30- November-2020

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Economist: floating the currency will lead Iraq to 4 negatives at the same time

1,782 Economie 2020/11/30 21:34

Baghdad Today – Baghdad

The economic expert, Rasim al-Akidi, identified 4 negatives that would arise at the same time if the Iraqi government went to float the dollar.

Al-Aqidi said in an interview with (Baghdad Today), “The float of the dollar, or what is known as liberalizing the exchange rate, takes place through two methods, the first is pure or free, and the second is the controlled or controlled method, and in both cases the price of the dollar will rise against the Iraqi dinar and will lead to the withdrawal of a large amount of the monetary block.” in the markets”.

He added, “Withdrawing a large cash block is offset by 4 disadvantages at the same time, and the affected will be large segments, including the increase in prices in the markets in addition to the factories’ reluctance to produce because the value of profits will decrease in front of costs in addition to the absorption of per capita income and the increase in rental prices, so the interest will be limited by analogy. Other damages. ”

Al-Aqidi pointed out that “Iraq needs an economic rescue plan that starts from maximizing non-oil revenues, which are many, and keeping the influential parties away from them, because a large part of the financial resources does not go to the state treasury, and this is part of the causes of the current financial crisis in the country.”

Economists ’opinions differed on the” floating of the dinar “in front of the dollar exchange to face the deficit crisis that the financial budget suffers from.

One party believes that the measure will serve the Iraqi economy in the medium term by activating the sectors of industry and agriculture, but another party believes that it will eliminate the poor and middle classes.

The Iraqi Central Bank rejected the idea of “floating the dinar” during the next stage to increase government revenues and be able to pay employees’ salaries in the coming days, citing its fear of increasing prices and harming the vulnerable classes.

The estimated budget for 2020 suffers from a large deficit of 50 trillion dinars. Observers expected the deficit to rise with the oil market losing about 50% of its prices.

Central Bank Governor Ali Al-Alaq said, in a study published on the Central Bank’s website, that “the devaluation of the Iraqi currency stems from an attempt to reduce the budget deficit due to growing expenditures at unprecedented rates. Prices of imported materials and goods in light of the weakness of institutions and the general turmoil.

Al-Alaq added that “Iraq’s exports are limited to crude oil, and therefore the devaluation does not affect its exports, nor does a significant additional value materialize,” noting that “Iraq’s local industry is weak and unable to compensate for imports.” He revealed that the number of employees, retirees, and those covered by social care reach 6 million, and that they will be negatively affected by this measure.

The Governor of the Central Bank of Iraq confirmed that “the external debt of Iraq will rise after the devaluation of the currency, so the amount of 5.9 trillion dinars will become 7.1 trillion dinars, while the domestic debt remains unchanged.”

“The devaluation of the currency will undermine confidence in the national currency as a result of the absence of reforms and the general instability, and the demand for the dollar will increase, as well as the weak demand for deposits in local currency and conversion to foreign currency,” Al-Alaq added.

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A preliminary date to distribute the salaries of Kurdistan’s employees and a deputy confirms: Negotiations with Baghdad did not take place

560 Policy 2020/11/30 12:00 am

Baghdad today – Kurdistan

A member of the Finance Committee in the House of Representatives, MP for the National Union, Sherwan Mirza, confirmed today, Monday (November 30, 2020) that there is no indication so far that Baghdad will send 320 billion dinars to the Kurdistan region.

Mirza said in an interview with (Baghdad Today), “The federal government, after the parliament voted on the deficit financing law, was waiting for the regional government to send a delegation to Baghdad, for the purpose of discussion and negotiation, but that did not happen.”

He added, “The available indicators indicate that there is no sending of the sums during the current week, unless new negotiations take place between the two governments.”

In turn, a government source revealed, “If the federal government sends an amount of 320 billion as expected next week, it will distribute salaries immediately and at a deduction rate of 18%.”

The source added in his speech to (Baghdad Today): “In the event that the sums are not sent by Baghdad, the regional government will depend on its available financial revenues, and salaries will be distributed according to a deduction system of 40%.”

The spokesman for the Kurdistan Regional Government, Jotiar Adel, had stated that his government would distribute the salaries of its employees in the coming days, whether Baghdad sent the money or not.

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German Siemens reveals the reasons for not implementing the agreed “road map” strategy in Iraq

1,454 Sweeteners 11/30/2020 09:23 ha

Baghdad today – Baghdad

The German company Siemens confirmed, Monday (November 30, 2020), to proceed with the “road map” strategy that it agreed to implement in Iraq with previous governments, while expressing its hope to consolidate cooperation with Iraq and work to meet the country’s need for electricity during the coming period.

The company’s executive director, Musab Al-Khatib, said in a press statement, “The company has previously submitted an integrated strategy to provide electric power to Iraq in the name of (the Road Map), which included achieving self-sufficiency within four years. However, there are challenges to meet the requirements of the electricity sector, including the lack of The provision of adequate quantities of fuel affected the continuation of this plan. ”

He pointed out that “you can benefit from the associated gas to feed the power stations, and from its derivatives to support the general budget through these precious extracted materials.”

The executive director of the German company said, “The fluctuation of global oil prices and the economic decline that resulted from the Corona pandemic have affected the pace of implementation of development projects in Iraq, and these challenges are not only faced by Iraq; but are part of the challenges that the world faces.”

He continued, “We are making progress in implementing our projects, and we are optimistic about the economic policies and reform programs announced by the government, and its desire to move forward in implementing the state’s infrastructure projects, in a way that supports levels of economic performance.”

https://baghdadtoday.news/ar/