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Everything posted by DWS112

  1. The Ministry of Finance signs a contract for the customs automation system with the United Nations Conference on Trade and Development May 27, 2021 The Minister of Finance, Ali Abdul Amir Allawi, signed today, Thursday, in Baghdad a document to finalize and update the system of the General Customs Authority with the United Nations Conference on Trade and Development. In a statement received by Alsumaria News, the ministry said, "The Minister of Finance signed a document to complete and update the system of the General Customs Authority with the United Nations Conference on Trade and Development," stressing that "our country needs to improve standards of public administration in all state departments and that the Ministry of Finance is committed to providing best practices." International in all its units, and we are implementing an important program with the United Nations to upgrade financial management systems. " Allawi added, "This step is one of the many steps in the path of reform and development that must be implemented." Allawi stressed that "the ministry is determined to implement the electronic customs data system (ASYCUDA) in the General Authority of Customs, which was provided free of charge with the fruit of the efforts of continuous meetings and meetings with the United Nations Conference." And approved in more than 80 countries to contribute to simplifying customs procedures. The minister said that this measure will contribute to the development of customs services and improve their performance, which achieves in turn , effective management as well as financial sustainability and diversification of the economy according to the principles of integrity, transparency and the fight against corruption. " The Lupine minister said that" the ministry is seeking to transform the customs services to important sources of the state treasury to support after revenue "This system will work on documenting and exchanging customs information between countries, combating customs smuggling, in addition to standardizing documents and data between state institutions." Allawi stressed that "the Ministry of Finance is seeking to achieve the goals of the White Paper by initiating a radical reform program to address the budget deficit to provide the time and financial spaces for the implementation of reform plans to put the economy and the budget on a sustainable path after which Iraq can decide and choose the economic direction definitively. In this way, reforms are needed." Immediate and medium-term reforms between 3 to 5 years to implement them. The white paper for economic reform enjoys the support of the international community for what includes a reform process and the advancement of economic reality.
  2. Advisor Al-Kazemi warns of the risks of increasing the quantities of local currency in the market May 22, 2021 Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, outlined today, Saturday, the tasks of banks in investing the funds deposited with them, while he warned of the risks of raising the cash issuance at the expense of financing and increasing the quantities of Iraqi currency in the market. Saleh said, to the Iraqi News Agency (INA), that "the quantitative theory in economics confirms the existence of a direct relationship between the quantity of money and prices, and therefore the more money the price rises, so the income is assumed to be constant," warning of "the risks of raising the cash issuance at the expense of Financing, because it will lead to inflation. " 🙄 He added, "The cash quantity must be proportional to income," noting that "there is a stagnation in the monetary cycle." With regard to the tasks of banks, he explained, "The banks' job is to transfer money from surplus units represented by the entities and people who have money but lack the willingness to invest it and resort to depositing their money with them, to the deficit units represented by people who are willing to invest and rebuild but do not have sufficient funds, and want to borrow because of their desire to do so." Building and Reconstruction. " He stressed, "Banks are responsible for the process of recycling the flowing liquidity resulting from production, to prevent disrupting investment by not spending money on investments," stressing "the need to properly rotate funds and ensure the availability of consumer and investment spending to prevent a financial recession." He pointed out that "the income cycle requires that the money that is not consumed should go to saving, and then the saved money is transferred to consumption so that the cycle is completed in its correct form," indicating that "This process is a very healthy condition. " He explained, "The basis of funds is economic activity, while funds that come without economic activity are considered inflationary money, such as printing currency and so on," noting that "saved funds that are not spent on investments will lead to disruption of investment." Sounds like an economy of trillions may be coming to an end? - JMO DWS112
  3. The Ministry of Finance sets new conditions for "electronic payment" in Rafidain and recommends canceling the contract May21,2021 On Friday, Minister of Finance Ali Allawi issued new conditions regarding the "electronic payment" project in the Rafidain Bank. Documents signed in the minister's name included a recommendation to cancel the contract, rewrite it, or to draft a new contract according to new conditions. Below is the text of the documents: Wonder what these NEW conditions could be... DWS112
  4. NO data values for 2021 have been entered for the General Price Index of the Iraq Stock Exchange May 15,2021 Scroll to the bottom of the values LINK Link to General Price Index Chart (Maybe a new rate is needed? - DWS112)
  5. Parliamentary Finance announces the imminent formation of a committee to monitor the implementation of the budget May 3, 2021 Today, Monday, the Parliamentary Finance Committee announced the formation of a committee to follow up the implementation of the budget paragraphs, indicating that it includes all the spectrums in the political blocs. Committee member Naji Al-Saeedi said in an interview carried by the Iraqi News Agency, "The Finance Committee intends, after approving the budget and publishing it in the Iraqi newspaper Al-Waqa'i’, to form a committee from its members and from the various sects in the political blocs to follow up the implementation of the provisions of the general budget of the Iraqi state 2021. " He added, "This committee will follow up all the paragraphs of the budget, whether on the operational side of the budget or the investment side and even the issue of the Kurdistan region," noting that "during the coming days, this committee will be formed in order to start official work and follow up on the implementation of the budget through the Ministry of Finance and the surrounding departments." ". The budget entered into force after it was published in the Iraqi newspaper Al-Waqa'i ’, on April 18, after the President of the Republic approved it on the eighth of the same month.
  6. 2018 (plan to remove zeros) Central Bank, Ali Al-Allaq - " the central bank has a very comfortable foreign currency reserve, approaching 60 billion dollars, compared to 43 trillion dinars, which means that it covers 170 percent of the monetary mass" LINK
  7. Sounds like no 1:1 on the horizon for a long time. (about .00068 cents/dinar)
  8. Parliament transfers the budget law to the Presidency of the Republic April 4, 2021 Today, Tuesday, the House of Representatives referred the Federal Budget Law to the Presidency of the Republic, for approval. The following is the text of the document:
  9. America welcomes the approval of the budget in Iraq: he can now press ahead with reforms April 1, 2021 Shafaq News / The American embassy in Baghdad expressed on Thursday its happiness over the Iraqi parliament's approval of the federal budget for 2021. The embassy said in a statement today, “We are pleased that Iraq has approved the 2021 budget and can now move forward on the path of implementing economic reforms that will lead to greater prosperity and security. The statement added that the United States looks forward to continuing our partnership with Iraq and the Iraqi people.
  10. Parliament Presidency invites MPs to come tomorrow to vote on the budget March 30, 2021 On Tuesday, the Presidency of Parliament called on parliament members to come tomorrow to vote on the budget bill. The presidency said in a statement, "Legislating the Federal Budget Law for the fiscal year 2021 is one of the important steps, because of its prejudice to the interests of the citizen, and the paragraphs it bears that directly address his needs, as well as enabling the government to proceed with the implementation of its government program and support service projects that it has." Prejudice to the daily life of the citizen. " The statement added, "We call upon the distinguished members of Parliament to attend tomorrow, Wednesday, at 1 p.m., to hold the long-awaited voting session on the budget law, and we also note that the names of attendees and absences will be published in public opinion." The statement pointed out that "the agenda for tomorrow's session will include the presentation of the request submitted by the political forces, which is supported by the signing of more than 172 deputies to vote on the dissolution of the Iraqi parliament in its fourth session, according to the provisions of Article 64 first of the Iraqi constitution," noting that "this step It comes in response to popular demands for early elections, and thus the House of Representatives has fulfilled all the requirements and practical steps for conducting early elections, including the formation of an independent commission of judges, the legislation of the House of Representatives election law, and voting on the First Amendment Law (Order No. 30 of 2005 AD) Federal Court Law Supreme ".
  11. Parliamentary Finance talks about an "understanding" to approve the budget tomorrow March 27, 2021 Today, Saturday, the Parliamentary Finance Committee confirmed that there is an understanding between the parliamentary blocs to approve the 2021 budget, while indicating that it does not have any decision regarding whether or not to reduce the exchange rate." said a member of the committee, Muhammad al-Shabaki, in an interview reported by the Iraqi News Agency The meeting that took place today between the committee, the ministers and the second deputy speaker of the House of Representatives aims to amend some of the formulations and paragraphs contained in the draft budget bill," . He added, "There is a set of articles that must be reviewed in the technical formulation," noting that "the meeting did not discuss the contentious articles and did not address the region's share in the budget, because this issue is political." He pointed out that "the committee discussed some articles of the draft budget law, including the development of regions, the investment budget and some loans for projects of the Ministry of Electricity and Oil, and discussions were held with the ministers in this regard." He pointed out that "the Minister of Finance spoke about the issue of the exchange rate without giving a decision to the Parliamentary Finance Committee," stressing that "this matter is left to the government's discretion." And that "the mission of the Parliamentary Finance Committee is to conduct transfers and some increases and reductions and to ensure that there are no breaches of sovereign loans." Al-Shbaki noted that "the committee does not have any decision regarding lowering the exchange rate or not," indicating at the same time, "the existence of an understanding between the political blocs to approve the budget law in tomorrow's session."
  12. Al-Gharabi: We will not allow the Kurds to choose what they want from provisions related to oil 3/21/2021 The representative of the citizen bloc, Mona Al-Gharabi, explained, today, Sunday, what happened regarding the Baghdad and Erbil agreement on the issue of oil exports and imports, pointing out that the Kurds select what they want from oil-related items, but we will not allow that. Al-Gharabi said in a statement to "Tigris", "We are determined to implement the constitution in the budget. The Kurdistan region cannot be allowed to select the terms of the agreements, and they have to commit to giving Baghdad the amount of oil that it determines " . He added, "The point added by the Shiite political forces is to cut off the monthly funds that are delivered from Baghdad to Erbil in the event that Erbil refuses to deliver oil to Baghdad directly, and this is what the Kurdish forces rejected " . She added that "the non-Kurdish political forces have an absolute majority in the House of Representatives and are destined to pass the budget in the coming days by the political majority if the Kurdistan government insists on not implementing the agreements " .
  13. Al-Abadi calls on Parliament to reconsider the exchange rate of the dinar March 19, 2021 On Friday, the head of the victory coalition Haider al-Abadi called on the House of Representatives to reconsider the exchange rate of the dinar in order to control inflation. "The reduction in the exchange rate of the dinar has negatively affected citizens, especially those with limited income," Al-Abadi said in a tweet on Twitter followed by Alsumaria News. He added, "With the significant increase in oil prices during the past month, I call on the House of Representatives to stand with the citizens and review the exchange rate of the dinar in order to control inflation. The decrease in the exchange rate of the dinar has negatively affected citizens, especially those with limited income. With the significant increase in oil prices during the past month, I call on the House of Representatives to stand with the citizens and reconsider the exchange rate of the dinar in order to control inflation. - Haider Al-Abadi (@HaiderAlAbadi) March 19, 2021
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