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6ly410

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Posts posted by 6ly410

  1. What are the real reasons behind the government's delay in sending the 2024 budget schedules?

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    With the mounting criticism and calls to speed up sending the current year's budget to Parliament, ambiguity still surrounds the government's delay in sending the budget schedules, despite Finance Minister Taif Sami's pledge to complete the schedules and send them soon to the Council for approval.

    After demanding Parliamentary Finance, yesterday, Monday, to reveal the reasons for the delay behind the government's failure to send the budget schedules, Deputy Chairman of the Parliamentary Planning Committee, Muhammad Al-Baldawi, revealed today, Tuesday, the real reasons behind the delay in the government sending amendments to the current year's budget schedules to the House of Representatives for the purpose of approval.

    Al-Baldawi said, "The delay in sending amendments to the 2024 budget schedules to Parliament is due to several reasons, including the ministries not completing their plans regarding the lagging projects, as the government is working to close this file, as well as the difference in prices and currency values," according to Al-Alam Al-Jadeed newspaper.

    He added, "Among those reasons relates to the schedules and amounts allocated to the Kurdistan region of Iraq, especially after the recent decisions issued by the Federal Court that obligated the government to do so," noting that "most of these reasons and obstacles have been overcome by the government and will be sent to Parliament very soon."

    Members of the House of Representatives criticized the government's delay in sending the revised 2024 budget tables for study and approval, despite the facilities it enjoys as part of a three-year "tripartite budget" that only needs some amendments in the numbers of the exchange and revenue sections, adding that violating the legal timings regarding the "budget" and even others has become a "custom" in the country.

    Jamal Kojar, a member of the parliamentary finance committee, confirmed on January 2 that the 2024 budget will witness changes in its operational and investment aspects, indicating that many changes will be made in it and it will be something different in terms of resources, oil price estimates and exchanges.

    The exchange rates of the dollar in the local market have fluctuated greatly during the past months, as they suddenly fell to 148 thousand dinars per 100 dollars, and quickly rose again to 160 thousand dinars, and then continued to fluctuate until today, reaching 151 thousand. dinars per 100 dollars, after its price nearly two weeks ago was about 153 thousand dinars.

    From time to time, the Iraqi market is witnessing a crisis that leads to a rise in prices, which began with the change in the exchange rate of the dollar, and then the Russian-Ukrainian crisis, and the rise of the dollar again during the current year to record levels.

    It is noteworthy that the draft budget law for the current year, worth 197 trillion and 828 billion dinars (about 152.2 billion dollars), with a total deficit of 63 trillion dinars (48.3 billion dollars), while in the budget for the next two years The numbers will change, according to events at the time.

    The dollar exchange rate in the budget amounted to 1,300 dinars per dollar, and the budget was based on an oil price of $70 per barrel and expectations of exporting 3.5 million barrels of oil per day, including 400,000 barrels per day from the Kurdistan region.

    The three-year budget version included many articles on external borrowing, including continuing to borrow according to previous agreements, as well as new borrowing from international institutions and various governments, and some borrowing amounted to more than $3,000 billion.

    It is noteworthy that this tripartite budget, as a result of the value of very high salaries, due to the new appointments, led to a significant reduction in the budget investment, and according to economists that this will force the state to borrow.

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  2. Iraq confirms completion of requirements to join World Trade Organisation

    WTO membership opens up markets by reducing trade barriers, enjoying lower tariffs and fewer restrictions, leading to increased export opportunities.
    Tuesday 05/03/2024
    The World Trade Organisation (WTO) headquarters in Geneva. (AFP)
    The World Trade Organisation (WTO) headquarters in Geneva. (AFP)

    ABU DHABI –

    Iraqi Minister of Trade Atheer al-Ghurairi said that Iraq had fulfilled the conditions necessary to become a member of the World Trade Organisation following the completion of economic reforms and the enhancement of its investment climate.

    Iraq submitted a request to join in 2004.

    The Iraqi minister was speaking during the WTO’s 13th Ministerial Conference held in the Emirati capital, Abu Dhabi.

    Shwan Ibrahim Taha, an expert in Iraq’s finance and investments affairs, said: “Iraq business needs to make substantial reforms and changes to boost its private sector that still lags behind giving the opportunities and resources available in the country.”

    “To comply with WTO rules, Iraq has to align their trade policies with international standards. This process not only enhances the efficiency of domestic industries but also attracts foreign investments, as investors are more confident in transparent and consistent regulatory environments, something Iraq SME’s disparately needs,” Taha added.

    WTO membership promotes transparency and predictability in trade relations. The organisation provides a rules-based system that ensures fair competition. By adhering to established trade norms, countries can resolve disputes through the WTO’s dispute settlement mechanism, ensuring a level playing field for all members.

    Furthermore, the WTO promotes development by addressing the concerns of developing nations. Special and differential treatment provisions recognise the developmental needs of these countries, allowing them more time and flexibility to comply with WTO agreements. This inclusivity aims to bridge the economic gap between developed and developing nations.

    Joining WTO offers a multitude of benefits for member countries, fostering economic growth, stability and global integration.

    WTO membership opens up markets by reducing trade barriers, enjoying lower tariffs and fewer restrictions, leading to increased export opportunities.

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  3. Iraq confirms it has completed the requirements to join WTO

    WTO membership promotes transparency and predictability in trade relations


    Published:  March 05, 2024 08:35Gulf News Report
        

    Shwan Ibrahim Taha Shwan Ibrahim TahaImage Credit: Supplied

    Iraq has confirmed that it has fulfilled the requirements for joining the World Trade Organization (WTO) after implementing economic reforms and improving the business environment. Iraq submitted its request to join the WTO back in 2004. The Iraqi Minister of Trade, Atheer Al-Ghurairi, affirmed that Iraq has met the necessary conditions for WTO membership following the completion of economic reforms and the enhancement of the investment climate.

    The Iraqi Trade Minister made these remarks during his participation in the 13th Ministerial Conference of the WTO held in the UAE capital, Abu Dhabi.

     

    Shwan Ibrahim Taha, an expert in Iraq’s finance and investment affairs, stated, “Iraq's business sector needs significant reforms and changes to boost its private sector, which still lags behind despite the opportunities and resources available in the country.”

    “To comply with WTO rules, Iraq must align its trade policies with international standards. This process not only enhances the efficiency of domestic industries but also attracts foreign investments. Investors have more confidence in transparent and consistent regulatory environments, something Iraq's SMEs desperately need.”

    WTO membership promotes transparency and predictability in trade relations. The organization provides a rules-based system that ensures fair competition. By adhering to established trade norms, countries can resolve disputes through the WTO's dispute settlement mechanism, ensuring a level playing field for all members.

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  4. Iraq’s Customs starts using ASYCUDA automation system in Umm Qasr

    Iraq’s Customs starts using ASYCUDA automation system in Umm Qasr

    A boat moored at the port of Umm Qasr in Basra, Iraq. Photo: AP

    Baghdad (IraqiNews.com) – The Iraqi General Commission for Customs started on Sunday using the ASYCUDA automation system in the Port of Umm Qasr in southern Iraq.

    Iraq’s Customs said in a statement that the Minister of Finance, Taif Sami, ordered to start using the automation system during a ceremony held in the Grand Welcome Yard (GWY), situated within Umm Qasr Port, attended by the United Nations representative, Nizar Amari, and other Iraqi officials, the Iraqi News Agency (INA) reported.

    During the ceremony, Sami stated that the government’s strategic plan to use modern technologies includes the use of automation systems. This plan aims to provide accurate data and information, achieve financial discipline, reduce errors, and achieve efficiency in the use of government resources.

    The Minister erupted in rage at individuals who oppose the use of the automation system, confirming that customs officers create gangs and that they would be held responsible. In addition, an inquiry into the cause of the internet outage to stop the system will be launched.

    The Iraqi General Commission for Customs uses this automation system at the customs in Baghdad International Airport.

    ASYCUDA is a customs management system that utilizes information and communications technology (ICT) with the goal of modernizing customs clearance procedures in middle-class and developing economies.

    The automation system streamlines and computerizes processes. ASYCUDA has a significant influence on electronic business and government activities, simplifying and lowering the cost of international commerce and increasing the accessibility of international markets for businesses from developing countries. 

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