Al-Hanalal: We seek to expand banking and financial relations with the international and regional environment

Banks

   

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Economy News – Baghdad

The President of the Association of Iraqi Private Banks, Wadih Al-Hanalal, confirmed that the Association seeks to expand banking and financial relations between Iraq and its regional and international environment.

In his speech during the annual banking conference attended by “Economy News”, Al-Hanalal said that “digital transformation is important at the level of all sectors in our dear country, Iraq, linking the digital transformation to electronic payment, which takes a great resonance of this period, especially with the government plans and the efforts of the Central Bank to achieve this transformation and the major benefits it brings to all aspects of the citizen’s life, the economic and financial cycle, and the related need to develop human capabilities, expertise and systems and apply the highest standards of information security and modernifiable infrastructure.”

He added, “The conference is concerned with expanding banking and financial relations with the international and regional environment to form partnerships and alliances that open the horizons for the flow of foreign investments to enter Iraq within controls that adopt transparency and flexibility in completing and accelerating business. On the other hand, we seek to review the obstacles facing domestic and foreign investment in the banking and financial sector in terms of market risks, legislation and regulations,” stressing the importance of “the government curriculum with regard to reforming the banking system by restructuring and enabling government banks and stimulating, developing and empowering private banks to support investment and development.”

Al-Hanalal continued, “We believe that the basis of development and growth is the human factor, and therefore we always seek to develop local skills and experiences in various disciplines to be embedded in the labor market and provide decent job opportunities for young people that guarantee them a decent life and benefit various business sectors. We will announce a pioneering project within the work of this conference in this regard.”

Earlier in the day, the activities of the annual Iraqi banking conference were launched under the auspices of Prime Minister Mohammed Shia Al-Sudani, the support of the Central Bank of Iraq and the organization of the Association of Iraqi Private Banks.

The annual banking conference organized by the Association of Iraqi Private Banks is held with the support of the Central Bank and in the presence of a large number of banking leaders in Iraq, in addition to the governors of Arab and foreign central banks and international financial institutions.

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Added 2023/05/27 – 12:09 PM

https://economy-news.net/content.php?id=34429

The conclusion of the work of the development road conference by forming technical committees

EconomyBaghdadThe Iraqi Ministry Of OilMohammed Shia Al-SudaniCountries Of The RegionStrategic Development Path

2023-05-27 07:50Font

Shafaq News / The Development Road Conference concluded in the capital Baghdad on Saturday, with the participation of transport ministers or their representatives from the Kingdom of Saudi Arabia, the Islamic Republic of Iran, the Turkish Republic, the Hashemite Kingdom of Jordan, the Syrian Arab Republic, the United Arab Emirates, the State of Kuwait, the State of Qatar and the Sultanate of Oman, in addition to representatives of the European Union and the World Bank.

Before that, Prime Minister Mohamed Shia Al-Sudani opened the work of the conference, which was held under his auspices, according to a statement issued by his media office, and reported to Shafaq News.

Al-Sudani stressed, according to the statement, the present and future importance of the development road project, and the interdependence of the reasons for economic integration of the countries of the region with the interests and partnerships that will be strengthened by the path of the road, and all projects associated with it.

Participating delegations discussed the process of initiating operational steps, and transforming understandings between leaders and leaders of countries into a road map that will witness the start of development projects related to the development path.

The importance of the project to the countries of the region, regional partnerships and ways to consolidate them, access to economic integration among the participating countries, and the establishment of economic development platforms that enhance the ability of the peoples of the region to face economic challenges were discussed.

The conference witnessed a comprehensive review of the multimedia methods included in the project, the possibilities it offers in regional connectivity, in addition to the infrastructure that diversify the transport, industry, agriculture and renewable energy sectors, and the investments that will be made available in airports, high trains and land roads.

The route starting from FAO port and its integration with the region’s ports to the Turkish border were also reviewed, feasibility studies and results of work with advisory bodies, the implementation schedule, the financial returns it provides, and the data on all its details.

The conference ended with the formation of technical committees to fully visualize the nature and size of the participation of brotherly and friendly countries in this vital strategic project, according to the statement.

https://shafaq.com/ar/اقتصـاد/اختتام-عمال-م-تمر-طريق-التنمية-بتشكيل-لجان-فنية

World Bank: Iraq needs more than $21 billion to invest in transport sector

Economy – 27-05-2023 03:05 PM – Number of readings: 1613

The representative of the World Bank’s mission in Iraq, Richard Abdel Nour, confirmed on Saturday that Iraq needs more than $21 billion to invest in the transport sector.“Iraq needs to invest more than $21 billion in the transport sector over the next five years,” the World Bank representative said in a speech during the “Development Road” conference.https://googleads.g.doubleclick.net/pagead/ads?client=ca-pub-9231788046776019&output=html&h=312&adk=226916359&adf=530540280&pi=t.aa~a.768398705~i.7~rp.1&w=375&lmt=1685194218&num_ads=1&rafmt=1&armr=3&sem=mc&pwprc=9196680731&ad_type=text_image&format=375×312&url=https%3A%2F%2Fwww.dijlah.tv%2Findex.php%3Fpage%3Darticle%26id%3D329213&fwr=1&pra=3&rh=295&rw=353&rpe=1&resp_fmts=3&sfro=1&wgl=1&fa=27&dt=1685194218699&bpp=1&bdt=1799&idt=2&shv=r20230523&mjsv=m202305240101&ptt=9&saldr=aa&abxe=1&cookie=ID%3Da703cd3946d7fb4d-2248ee69c1e00015%3AT%3D1685189434%3ART%3D1685194217%3AS%3DALNI_MbakN3EduMJGl1QScLxhQaS6u4L5A&gpic=UID%3D00000990c85c5455%3AT%3D1685189434%3ART%3D1685194217%3AS%3DALNI_MbVTFvqpllx1GwXtU7lM8zMXBynPg&prev_fmts=728×90%2C375x312%2C0x0&nras=2&correlator=1229512247184&frm=20&pv=1&ga_vid=1501335315.1685189434&ga_sid=1685194217&ga_hid=3072897&ga_fc=1&u_tz=-300&u_his=2&u_h=812&u_w=375&u_ah=812&u_aw=375&u_cd=32&u_sd=3&adx=0&ady=994&biw=375&bih=636&scr_x=0&scr_y=0&eid=44759927%2C44759876%2C44759842%2C31074911%2C42531706%2C44788441%2C44789779&oid=2&psts=ABHeCvj0Ktx7b4NW4Zyu2wSUES8pgjANg-XUQXf4Egna2Jyv_LQHn6VRLr0gm6pFCiTfDrwCMHaxyWQgYbCkpBeA_JUweN3AsFyhR4UR_IId_e0NLiyAYA&pvsid=1392562315285937&tmod=2037543000&uas=0&nvt=1&fc=384&brdim=0%2C0%2C0%2C0%2C375%2C0%2C375%2C812%2C375%2C636&vis=1&rsz=%7C%7Cs%7C&abl=NS&fu=128&bc=31&ifi=4&uci=a!4&btvi=1&fsb=1&xpc=qHj0X6C4SI&p=https%3A//www.dijlah.tv&dtd=4He explained that “the development path will increase the interdependence between Iraq and the countries of the region,” noting that “the project will significantly reduce pollution emissions.””The World Bank is committed to supporting Iraq in modernizing infrastructure and creating jobs,” he said.The “Development Road” conference began on Saturday with the participation of 10 countries from the neighborhood and the Gulf.

https://www.dijlah.tv/index.php?page=article&id=329213

The Governor of the Central Bank announces the establishment of a center for finance and business and the establishment of a development bank

13:58

At the annual banking conference

Baghdad – 964

The Governor of the Central Bank, Ali Mohsen Al-Alaq, announced on Saturday the establishment of a Riyada Bank for Social Development, to support segments of Iraqi society, while referring to the launch of the project to establish a center for money and business.

On the sidelines of the opening of the annual Iraqi banking conference organized by the Association of Private Banks, Mr. Al-Mahfezer said that “the initiatives of the Central Bank of Iraq are the largest in the history of Iraq,” revealing “the completion of new projects, including the establishment of Riyada Bank for Social Development in line with the vision and initiative of the Prime Minister in the government project (Riyada) to support youth,” stressing that “the bank will be the first in Iraq to care for low-income people through soft loans and simple guarantees in support of fragile segments, and diversify the non-oil economy through small and micro projects to stimulate the private sector and reduce unemployment and poverty rates,” noting that “the Central Bank of Iraq has finalized the preparation of a national strategy for banking loans.”

Al-Maqee noted that “the Central Bank of Iraq will launch a project to establish a financial and business center and will serve as an integrated city that includes the stock market, the business sector and financial institutions.”

He explained, “The Central Bank is working to achieve an integrated structure, sustainable rules and policies to overcome technical challenges, information security, cybersecurity and the application of security and privacy measures to protect the information of users and the public.”

The governors of the central banks, Jordanian and the Palestinian, participated in this conference, and a large presence of the Iraqi banking sector, as well as dialogue sessions that talked about the directions of the Central Bank of Iraq in banking reform and development, in which the directors of departments of the Central Bank of Iraq and the Association of Iraqi Private Banks participated.

https://964media.com/149321/

Parliamentary Finance announces the completion of the vote on the budget today to hand it over to the presidency of the Council

The Parliamentary Finance Committee announced, yesterday, Friday, the completion of the vote on the most important dilemma in the federal budget, which is the share of the region despite the objection of the Kurdistan Democratic Party, and only a few simple paragraphs in the tables and transfers remain for the committee, which need about 24 hours. The Finance Committee is likely to hand over the draft budget to the presidency of the House of Representatives tomorrow, Sunday, to be included on the agenda.

The member of the Finance Committee Moeen Al-Kazimi said, in a statement to the official newspaper followed by the insider, that: “The region’s share in the budget was voted on Articles 13 and 14 after an amendment was made to the copy of the budget sent by the government, despite the objection of the Kurdistan Democratic Party bloc,” noting that “as the committee has completed all the articles of the 67 budget, and today (Saturday) some transfers are completed with the financial aspects and the schedules are amended, and the budget will be ready to be handed over to the Presidency of Parliament for the purpose of voting on it.”

He added, “There is no amendment to the region’s share in the budget, and it remained as it came from the government 12.67%), noting that “the amendment was added to the scenario of distributing oil export from the region, which is that Iraq has an export share of 3 and a half million barrels per day of oil, so the region’s share became 400 thousand barrels and the rest of the provinces export 3 million and 100 thousand barrels.”

He continued: “The signing of oil contracts with companies is carried out by the Iraqi Ministry of Oil and not the territorial government, and this is what has been confirmed by the Federal Court and the Arbitration Committee in Paris,” and indicated that “oil revenues from the four companies operating in the region will be deposited into the Central Bank account in the name of the Ministry of Finance, and the Federal Prime Minister will authorize the Prime Minister of the region to disburse, and the region’s share will be transferred to the bank account provided by the regional government.”

Al-Kazimi explained that “a paragraph has been added, which is that the region has no right to export oil from Nineveh wells or Kirkuk and other materials that control accounts with the region, and there are provisions for non-oil revenues and their delivery to the federal government,” adding that “there is another article related to the amounts that the territorial government was deducted from the salaries of its employees as compulsory savings, so the law included an article that forces the territorial government to pay this saving and return it to employees and its percentage of 10% of the salary monthly, until the employees of the region complete their entitlements from the compulsory savings exercised on them during the previous period.”

In addition, committee member Jamal Cougar told the official newspaper that “the budget can be handed over to the presidency of parliament tomorrow, Sunday, because there are paragraphs that have not yet been completed, which are the transfers, schedules, the issue of some additional paragraphs and the overall vote on the budget within the committee.”

https://almutalee.com/news/المالية-النيابية-تعلن-الإنتهاء-من-التصويت-على-الموازنة-اليوم-لتسليمها-لرئاسة-المجلس

Parliamentary Finance confirms the readiness of the budget and its handover today to the Presidency of Parliament for the purpose of voting on it

AM:11:27:27/05/2023

208 views

The Parliamentary Finance Committee announced today, Saturday, that the budget will be ready to be handed over to the Presidency of Parliament for the purpose of voting on it, after completing some transfers in the financial aspects and amending the schedules.

Committee member Moeen Al-Kazimi said in a press statement followed by NRT Arabia, that “the region’s share in the budget was voted on in Articles 13 and 14 after an amendment was made to the budget version sent by the government, despite the objection of the Kurdistan Democratic Party bloc,” noting that “as the committee has completed all the articles of the 67th budget, and today, Saturday, some transfers are completed with the financial aspects and the schedules are amended, and the budget will be ready to be handed over to the Presidency of Parliament for the purpose of voting on it.”

Al-Kazimi added that “there is no adjustment to the region’s share in the budget, and it remained as it came from the government 12.67%), pointing out that “the amendment was added to the scenario of distributing oil exports from the region, which is that Iraq has an export share of 3 and a half million barrels per day of oil, so the region’s share is 400 thousand barrels and the rest of the provinces export 3 million and 100 thousand barrels.”

He explained, “The signing of oil contracts with companies is carried out by the Iraqi Ministry of Oil and not the territorial government, and this is what has been confirmed by the Federal Court and the Arbitration Committee in Paris,” continuing that “oil revenues from the four companies operating in the region will be deposited into the Central Bank account in the name of the Ministry of Finance, and the Federal Prime Minister will authorize the Prime Minister of the region to disburse, and the region’s share will be transferred to the bank account provided by the regional government.”

Al-Kazimi indicated that “a paragraph has been added, which is that the region has no right to export oil from Nineveh wells or Kirkuk and other materials that control accounts with the region, and there are provisions for non-oil revenues and their delivery to the federal government,” adding that “there is another article related to the amounts that the territorial government was deducted from the salaries of its employees as compulsory savings, so the law included an article that forces the territorial government to pay this saving and return it to employees and its percentage of 10% of the salary monthly, until the employees of the region complete their entitlements from the compulsory savings exercised on them during the previous period.”

In addition, committee member Jamal Cougar noted that “the budget can be handed over to the presidency of parliament tomorrow, Sunday, because there are paragraphs that have not yet been completed, which are transfers, schedules, the issue of some additional paragraphs and the overall vote on the budget within the committee.”

On Friday, the Parliamentary Finance Committee announced the completion of voting on the most important dilemma in the federal budget, which is the share of the region despite the objection of the Kurdistan Democratic Party, and only a few simple paragraphs in the tables and transfers remain for the committee, which need about 24 hours. The Finance Committee is likely to hand over the draft budget to the Presidency of the House of Representatives tomorrow, Sunday, to be included on the agenda.

https://www.nrttv.com/ar/detail3/12188