Parliamentary finance excludes passing the external borrowing law

[Mary B]

Parliamentary finance excludes passing the external borrowing law

 04/06/2020

 

  

Information / private ...

On Thursday, the Parliamentary Finance Committee ruled out passing the external borrowing law in the parliament.

Committee member Hanin Qaddo said in a statement to “The Information”, that “the external borrowing law faced the refusal of a representative in Parliament during its first reading and its passage may fail during the second reading,” noting that “the Federal Budget Law of 2019 included a paragraph not to go towards external borrowing” .

He added that "the government has multiple chapters to fund the budget away from dependence mainly on oil," noting that "external borrowing is an incorrect option and will cause high debt on Iraq to rise ."

He continued that "next Saturday's session will include a discussion of finding non-oil alternatives to enhance the budget and avoid the expected deficit."

Member of the Parliamentary Work Committee, Fadel Jaber, confirmed today, Thursday, that external borrowing will be the last option for the government and the House of Representatives to secure employee salaries. It ended 25 T.

 

https://www.almaalomah.com/2020/06/04/477930/

[Mary B]

Starting the payment of salaries of some state employees

05-20-2020

 

The Rafidain and Rashid banks announced that the salaries of the employees of the departments and companies of the Ministry of Industry and Minerals and all employees of the health departments and some employees of the Ministry of Education have begun to be paid.

"We announce the payment of salaries of employees of departments and companies of the Ministry of Industry and Minerals through electronic payment tools," said the Rafidain Bank, in which Alsumaria News received a copy.

And the media office of Al-Rafidain added, "The bank paid the salaries of the employees of the departments and companies of the Ministry of Industry and Minerals after the arrival of financing and feeding their sukuk."

He added that "the exchange was done through electronic payment tools with a Master Card," noting that "employees can receive their salaries from the bank's branch network located in Baghdad and the provinces or from the private outlets offices and from anywhere they are."

For its part, Al-Rashid Bank announced that "its branches continue to pay the salaries of employees of a number of state departments, including the Ministry of Education and all departments of the Ministry of Health whose financing instruments have reached the bank."

 

And that his administration "continues the process of paying salaries to the employees of their nationals with the bank, as well as manual payment."

He added that "the bank's staff work even after the end of the official working hours to ensure payment of salaries without delay."

He continued, "The employees who hold electronic payment cards can receive their salaries from our branch network located in Baghdad and the provinces or from one of the approved Master Card offices if they receive a salary notification letter."

https://www.alsumaria.tv/news/اقتصاد/347671/بدء-صرف-رواتب-بعض-موظفي-الدولة

[Mary B]

Iraqi ports: navigation will not be affected by the sinking of the Iranian ship

Friday 05 June 2020 - 08:53

Iraqi ports: navigation will not be affected by the sinking of the Iranian ship

Basra - Waaa - Saad Al-Samak 
The Iraqi Port Company said Friday that maritime traffic would not be affected by the sinking of an Iranian ship at the entrance to Khor Abdullah.
"The maritime traffic and the shipping corridor will not be affected by the sinking of the Iranian ship at the entrance to Khor Abdullah," the official Iraqi News Agency (INA) said, quoting a source at the General Ports Company.
"The Iranian ship was loaded with about 850 tons of ceramic material and is believed to be overloaded, and the poor loading led to its sinking," the source said.
He pointed out that "the general manager of the company Captain Ethel Al-Kanani directed the formation of a specialized committee to investigate the subject of the incident to clarify the causes of the incident," stressing that "these marine accidents used to occur at various times and places in the oceans and bays more than once and in previous periods."

 

https://www.ina.iq/107721/الموانئ_العراقية:_حركة_الملاحة_لن_تتأثر_بغرق_السفينة_الايرانية

[Mary B]

Optimism hangs over oil markets .. A new date for the 'OPEC' meeting

2020.06.05 

 

Baghdad - people  

Algerian media, Friday, quoting a source in the Organization of Petroleum Exporting Countries (OPEC), said that the organization and its allies, led by Russia, in what is known as OPEC +, will meet on Saturday, June 6.  

The source indicated, (5 June 2020), that the meeting will discuss extending an agreement on reducing oil production.  

  

Oil prices closed higher, but remained below the session highs when it jumped in early trading above $ 40 a barrel, the highest level since March, with a decline amid doubts about the timing and scope of a possible extension of an agreement between OPEC and its allies to cut crude supplies.  

According to "Reuters", "Prices received support from an unexpected drop in US crude stocks last week, but they came under pressure from a sharp jump in stocks of refined products in the United States amid a cooling demand."    

"With demand for petroleum products remaining low, gasoline stocks have shown a significant increase, while distillate inventories have shown a huge increase ... although crude refining consumption is more than 3.6 million bpd lower than its levels," said Matt Smith, director of commodities research at Clipper Data. a year ago".    

"OPEC +" sources told the US agency, "Saudi Arabia and Russia have agreed in principle to extend the current record oil production cuts for a month, but it is unlikely that the group will hold a meeting to decide its policy, Thursday, instead of a later date this month."    

"OPEC +" agreed last month to cut production by 9.7 million barrels per day, a record level equivalent to about ten percent of global production in May and June, to raise prices, which have fallen due to the collapse of demand as a result of isolation measures aimed at stemming the outbreak of the Corona virus.    

Brent contracts for August delivery ended the session up 22 cents, or 0.6 percent, to settle at $ 39.79 a barrel.    

At its highest level in the session, the global benchmark crude jumped to $ 40.53 a barrel, the highest level since the sixth of March.    

US West Texas Intermediate crude futures rose 48 cents, or 1.3 percent, to settle at $ 37.29 a barrel.    

  

Oil markets are awaiting the outcome of the (OPEC +) meeting amid optimism in the data, regarding commitment to production cuts, and wide understandings from major producers on the need to continue to reduce production, until the demand affected by the Corona pandemic has improved.  

Analysts polled by a report published by the "Anatolia" agency and followed by "NAS", suggested that a collective consensus on the part of all producers inside and outside OPEC, to maintain the current price levels, until a real recovery in demand levels and control the spread of the virus.  

Algeria, the current head of OPEC, suggested that the "OPEC +" group hold a virtual meeting remotely on June 4, instead of the date set on the ninth and tenth of the same month.  

And the "OPEC +" alliance decided in April to cut production at an unprecedented size that began last May, to support prices that have fallen due to the increase in supply and low demand in light of the measures to contain "Corona".  

An agreement provides for a reduction in production of crude oil by 9.7 million barrels for a two-month period that ends on June 30, and for the next six months starting from July to December 2020 the total reduction will be 8 million barrels.  

The agreement also stipulated a reduction of 6 million barrels per day within 16 months, starting from January 1, 2021 to April 30, 2022.  

Prices rose to a three-month high and Brent crude contracts exceeded $ 40 a barrel on Wednesday.  

Positive support  

John Lucca, director of development at Britain's Thank Marks company, said that the harmony of trends among oil producers since the last meeting, provided positive support to the markets, and the most prominent main drivers of the price increase was approximately $ 40 a barrel.  

Luca added: "We hope that no differences will arise between Saudi Arabia and Russia, although price concerns in the negative range raised the concerns of all producers, so the results of cooperation were better than real, and in the first month of implementing the cuts, the level of compliance was most of the twenty countries that signed To agree, good. "  

"We must beware of resuming the increase in production, based on estimates of the return of economic activity, in light of the fact that the recovery of the economy will be gradual, so the increase in production must take place gradually."  

He pointed out that there are additional reductions approved by Saudi Arabia, Kuwait and the United Arab Emirates by about 1.180 million barrels per day in early June, which reflects the oversupply.  

He continued, "The (OPEC +) alliance may find itself forced to extend production cuts, as fears of renewed trade war between the United States and China escalate."  

Optimism case  

Oil affairs analyst Mohamed Al-Shatti said that Brent crude oil prices are moving toward $ 39- $ 40 a barrel, and it confirms the optimism in the markets, and thus reaching a little more than $ 40 a barrel is very possible.  

He explained that the improvement in prices depends on several factors, including recovering demand and shrinking supply, in addition to a decrease in floating stock, which is a positive development and if it disappears undoubtedly, it means a good thing for the markets.  

He added that the markets are also watching the impact of lower US and Canadian oil production, which are a factor in supporting prices, as well as efforts to control the Corona outbreak.  

Sharp effects  

In this regard, Edward Bell, commodity analyst at Emirates NBD, said that if OPEC + members extend the deeper cuts until the end of August, the effects on the economies of the Gulf states will be severe.  

Bell said that OPEC recorded a strong level of compliance with the goal of reducing production for the month of May, and total production from the ten OPEC countries that are part of the deal decreased to 20.6 million barrels per day from the baseline of 26.68 million barrels per day.  

At the level of each individual country, Bill said, the usual pattern of strong compliance from producers in the Gulf countries was achieved, with Saudi Arabia achieving nearly 92 percent of the targeted reduction, and the UAE basically achieving 100 percent.  

On the other hand, the commodities analyst pointed to the failure of both Iraq and Nigeria to record up to 50 percent of the targeted production reductions, as Iraq recorded production of 4.2 million barrels per day, compared to a production target of about 3.6 million barrels per day.  

While Nigeria's production in May reached 1.69 million barrels per day, with a target of 1.4 million barrels per day.  

The benchmarks both have jumped in the past few weeks, and Brent has more than doubled, after tumbling to the lowest level.     

 

https://www.nasnews.com/view.php?cat=32350

[Mary B]

Iraq blows the wrath of Russia and Saudi Arabia

 

 2020/06/05

 

Iraq blows the wrath of Russia and Saudi Arabia

 

Twilight News / face alliance big that helped to revive the markets of oil world known as the " OPEC '" shake big because of the conflict long - term among its members on compliance with promises to reduce production, and led by Iraq .

Before the day one only from a meeting proposal yesterday Thursday, for the alliance , " OPEC '" is suddenly holding the meeting, which was intended to extend the cuts of production and support prices of oil crude .

The news agency " Bloomberg " for people familiar with the matter as saying that Saudi Arabia and Russia, the largest producers of oil in the coalition, have lost patience on the " behavior wrong " which is practiced by Iraq .  

It adds the agency that , while the majority of countries to reduce their quotas agreed upon in the constraints of production, but the Baghdad retreat once again about their obligations .

Confirm " Bloomberg " that the unity coalition " OPEC '" , which includes 23 state is now at stake after that helped his efforts recently in the doubling of the prices of oil world , which fell much as a result of a pandemic Corona .

Notes the report of the IAEA to Riyadh and Moscow threatened to cancel an agreement to reduce production in the case did not comply with the Iraqis and producers others such as Nigeria and Kazakhstan .

He adds that Saudi Arabia and Russia were pushing on violators severely, not only of the order to implement the cuts that promised them already, but they are asking also from these countries make cuts more in the months ahead to compensate for their failures earlier .

The impossible choice

It will be the hard on Iraq to accept such as this reduction . According to the accounts of " Bloomberg " has conducted Baghdad , less than half of the cuts allocated a month past, so the reduction full requires them to reduce production by 24 in percent other, and therefore the export of 3.28 million barrels per day .

For a state that continues to re - build its economy after decades of war and sanctions , and the crisis of the organization Daesh, it is difficult, because resisting the temptation to sell crude through the recovery of the market current, which brought prices to around 40 dollars a barrel may be impossible .

In while pledged to the Minister of Finance of Iraq and the Minister of Oil Agency Ali Allawi to abide by an agreement to reduce production in the tweets published on Twitter Tuesday last, but he did not go further than that , according to " Bloomberg ".

The OPEC + group of oil producers agreed to cut production by almost ten million barrels per day in May and June to support global crude prices . Discusses the group that if they continue the cuts after June the same pace .

It agrees Riyadh and Moscow on the continuation of the cuts of their standard current for the month of additional after the first of July, according to people familiar with the matter .

But if they do not receive assurances from Iraq and other producers at their next meeting , scheduled for June 9-10 , the group’s daily supply cuts will drop to 7.7 million barrels for the rest of the year, instead of 10 million . According to the American Free

 

 

https://www.shafaaq.com/ar/اقتصـاد/العراق-يفجر-غضب-روسيا-والسعودية/

[Mary B]

Parliamentary finance offers alternatives to overcome the economic crisis

 

Friday 05 June 2020
 98

Parliamentary finance offers alternatives to overcome the economic crisis
 
Baghdad / Omar Abdul Latif 
 
The Finance Committee of the House of Representatives revealed a meeting with Prime Minister Mustafa Al-Kadhimi, the Ministry of Finance and the Central Bank to provide nearly 10 alternatives to overcome the current economic crisis and maintain the salaries of employees without deduction, and agree on what can be implemented from those alternatives.
"There are a lot of alternatives that exist that could significantly alleviate the current crisis, including increasing the price of a barrel of oil sold for $5 to refineries under the Ministry of Oil, while the rate of sale according to the 2019 budget is $60," said Committee member Dr. Majid Al-Waili. "These refineries buy about 1 million barrels per day, i.e. there is a price difference of $55, meaning there is a price difference of $55 million," he said, noting that the treasury could provide about 50 percent of that amount, or $20-$25 million.
He added, "The other alternative is to reconsider the amounts of state real estate sold and leased in small amounts, especially those located in the heart of the capital and in distinct areas of the capital, which can be re-evaluated because some of them are haunted without paying any amounts for rent in the first place," he said, adding that "the government should also pay attention to the debts of telecommunications companies, especially mobile phone and internet, which amount to millions.
Dollars."
"The amounts involved in border crossings, customs and taxes after proper and clear monitoring, as well as transport companies, despite a crisis at the moment, can be invested to ease the economic crisis caused by the fall in oil prices," he said, stressing that "the executives should be very interested in the issue of agricultural calendar and product protection." By prohibiting the entry of unnecessary agricultural crops available in the local market, or imposing customs prices on the importer to be equal to their local counterparts as they are cheaper than what is present in the Iraqi market, thereby stimulating the agricultural sector, especially under curfew conditions, by taking care of agricultural land owned by some citizens and which are sufficient for their crops to be consumed by them, their families and neighbors."
He explained that the committee also raised the tariff suppall for raw materials, after iraqi manufacturers and importers of raw materials were affected, to show that their prices are more than the price of the imported ready-made material, leading to the closure of the factory and layoffs, while the imposition of tariffs on imported materials will put them in competition with the local product," noting that "the need to encourage the national product and make a difference in prices between it and the importer."
He added, "It is possible to raise the exchange rate of the dinar against the dollar even by a small percentage in line with the central bank's vision, after trading between it and the Finance Committee on this subject, despite the first rejection of the order as a fiscal policy, but the committee is trying to hold the stick from the middle and the possibility of implementing this order even in small numbers and gradually maintains the value of the Iraqi dinar in front of
Dollar".
"There is a meeting of the Finance Committee with Prime Minister Mustafa Al-Kadhimi and the Ministry of Finance next week to present these alternatives to them and implement what can be implemented," he said, adding that "the committee is preparing an integrated study in light of the reports submitted by the Central Bank on the financial crisis and the government as a vision by the Advisory Board, which dealt with largely the deduction of employees' salaries as a solution to overcome the financial crisis."
For her part, committee member Dr. Magda Tamimi refused to reduce the salaries of employees, stressing that "the mistakes made by the government every time reflected on the employees 
State".
"The committee, at its meeting last Wednesday, asked to discuss the issue of reducing staff salaries with Prime Minister Mustafa Al-Kadhimi, the Governor of the Central Bank, the Minister of Finance, the Director General of The Budget and the advisers who made this proposal," al-Tamimi said, stressing that it would stand against this decision because "it is not right for the employee to bear the government's continuing mistakes, which we have long advised to find alternatives to economic suppance sought away from selling oil to no avail."
"The government can go to customs, taxes or border crossings to collect a lot of money that can address the economic crisis, but the solution is not always the salaries of employees and their reduction every time the country is exposed to a financial crisis," she said.
Tamimi warned that the committee will say its opinion on this subject after listening to the opinion of the executive side on the issue of salary reductions
Staff".

 

https://alsabaah.iq/26101/المالية_النيابية_تطرح_بدائل_لتجاوز_الأزمة_الاقتصادية

[Mary B]

10 alternatives to overcoming the crisis and maintaining staff salaries

Friday 05 June 2020
 295

10 alternatives to overcoming the crisis and maintaining staff salaries
 
Baghdad / Omar Abdul Latif
 
In the context of the government-parliamentary movement to deal with the current financial crisis, the Finance Committee in the House of Representatives revealed a meeting between Prime Minister Mustafa Al-Kadhimi, the Ministry of Finance and the Central Bank to provide 10 alternatives to overcome the current economic crisis and maintain the salaries of employees without deduction, and agree on what can be implemented.
"There are a lot of alternatives that exist that could significantly alleviate the current crisis, including an increase in the price of a barrel of oil sold for $5 to refineries of the Ministry of Oil, while the rate of sale according to the 2019 budget is $60," said Committee member Dr. Majid al-Waili. "These refineries buy about 1 million barrels per day, i.e. there is a price difference of $55, meaning there is a price difference of $55 million," he said, noting that the treasury could provide about 50 percent of that amount, or $20-25 million.
"The other alternative is to review the amounts of state properties sold and rented for low amounts, especially those in the heart of the capital and in distinct areas of the capital, which can be re-evaluated because some of them are haunted without paying any rent at all," he said.
"There is a meeting of the Finance Committee with Prime Minister Mustafa Al-Kadhimi and the Ministry of Finance next week to present these alternatives and implement what can be implemented," he said, adding that "the committee is preparing an integrated study in light of the reports submitted by the Central Bank on the financial crisis and the government as a vision by the Advisory Board, which has largely addressed the deduction of salaries of employees as a solution to overcome the financial crisis." 

https://alsabaah.iq/26110/10-بدائل-لتجاوز-الأزمة-والحفاظ-على-رواتب-الموظفين

 

[Mary B]

 

Our own banks and government support

Friday 05 June 2020
 54

Our own banks and government support 
Samir Al-Nassiri
 
The emergency cell for financial reform and its members are not known for the complex economic conditions and the repercussions of the spread of the Coronavirus and political conflicts, which have led to damage to the national economy, the interruption of the economic cycle and the economic stagnation, in addition to the accumulations and repercussions in the absence of a clear economic approach to previous governments, the uncertainty and confusion of the vision for real economic reform.
Since the banking sector is the main link in the revitalization of the economic process, the current conditions have contributed to the interruption of banking activity, particularly private banking activity since the outbreak of the demonstrations in October 2019, and until now it has had its obvious effects on the lack of liquidity, low deposits, credit, loans and banking facilities due to the interruption of hours during the curfew for more than 30 days and the reduction of public activity during the partial curfew, which led to a significant reduction in revenues and despite numerous actions taken by the Central Bank  In providing a package of facilities to banks, including strengthening their liquidity by reducing the rate of legal reserves, postponing loan installments and suspending and postponing fines imposed on banks.
According to the analysis of the data and official statistics, the structure of the Iraqi banking sector consists of seven government banks that account for 86 percent of the profits and only 13 percent of the total annual profits achieved at the total level, and the objectives set for the banking sector in all government programs of previous governments are focused on lending for development, considering banks as a priority for development, restoring confidence with the public and achieving financial inclusion in the sense of expansion and spread by providing products and services, practicing real banking and digital banking.
Through an analytical view of the realities of the Iraqi economy and the challenges facing the financial and monetary policies, in particular stimulating and stimulating the economy with bank financing and banking facilities, the challenges ahead stand in the way of its implementation at the present time despite the great efforts made by the Central Bank since 2016 to implement its strategic objectives for years. 
(2020-2016) which achieved important and fundamental objectives, most notably structural, structural and technical developments in banks, increased financial inclusion, investment in human capital, and a rapid pace towards stability in the monetary system and exchange rate stabilization since 2018. : ‐ 
 First, the nature of banking activities depends on the nature of the activities of the economic sectors, and as long as economic activity is concentrated in trade (imports), the activity of banks remains focused on external transfer and related activities. So unless other sectors (industry, agriculture, tourism, etc.) move, we don't expect the diversity of activity.

 

Banking.
Secondly, it is necessary to provide the legal environment and extend the rule of law in order to eliminate the phenomenon of default in the repayment of loans, where the non-performing debt reached the limits (7 trillion dinars), which constitutes a large proportion of the total credit granted and thus the reluctance of banks to provide loans and banking facilities 
Therefore, we believe that the failure to activate the decisions of the Council of Ministers and the Economic Affairs Committee of the Council of Ministers, which were previously issued in support of the banking sector, especially private banks. It has hindered the work and activities of private banks and has had a significant impact on their liquidity, revenues and deposits for this and for the purpose of overcoming the banking crisis and in order to ensure the transition of banks from the role of banking to the role of development and the revitalization of banking in the current circumstances requires the government, especially the cabinet and the emergency cell, to activate the decisions already issued by the Council of Ministers and the Economic Affairs Committee.
 Third, the activation of all the decisions of the Economic Affairs Committee to support private banks, in particular:
1. The Ministry of Finance changed its decision not to accept the opening of bank accounts of ministries and state departments in private banks and to restrict them to government banks under its book 207 dated 2019/1/31
2. Activating the decision to allow ministries and government departments to open documentary credits in private banks up to $50 million without going through the Ministry of Finance and the Iraqi Bank of Commerce.
3. The activation of Cabinet Resolution 110 for 2009 and the Decision of the Economic Affairs Committee 141 of 2012/20 on the transfer of government bank documentary credits up to $30 million to private banks through the Iraqi Commercial Bank.
4. Activating the Decision of the Economic Affairs Committee No. 253 for 2015.
Regarding the acceptance of instruments approved by private banks to pay insurance, customs fees and taxes.
Fourth, the activation of the Council of Ministers' Resolution No. 378 for 2018 on the collection of government fees in state departments through electronic payment.
Fifth, the financial services court, which is formed in accordance with the Central Bank Law No. 56 of 2004, and the court may refer cases that require referral to the competent courts in accordance with the penal code in force.
Sixth, non-performing debt claims by customers in private banks are considered to be urgent claims and excellent debts, as well as government debt.
Seventh, in addition to the efforts of the Central Bank, the government also requires that the government work to create conditions and take measures to help private banks obtain an internationally approved credit rating and thereby strengthen international banking relations with correspondent banks.
8. The Ministry of Finance compensates for the damage to the cash and fixed assets lost by private bank branches, which amount to 37 branches in the provinces occupied by isis terrorist in 2014 and is documented by the Central Bank of Iraq.
9. Activating cabinet decisions No. 313 for 2016 and 218 for 2017 on the localization of employees' salaries and asking government departments to settle their salaries according to their wishes and not directing them to settle salaries in government banks exclusively.

 

https://alsabaah.iq/26078/مصارفنا_الخاصة_والدعم_الحكومي_

[Mary B]

The agricultural sector needs promising investment plans

Friday 05 June 2020
 46

The agricultural sector needs promising investment plans
Baghdad / Al-Sabah 
 
The reform paper presented by the Iraqi Institute for Economic Reform, prepared by a specialized team of economic experts, addressed the overall problems of the national economy, as it stood at the agricultural sector, which is a permanent oil when it finds promising investment plans that make it a real supporter of the process of sustainable development. 
"The agricultural sector is an important focus in the economic development process sought by Iraq, as it suffers from weak protections for the agricultural product, control and control of imported agricultural products, as well as the cost of high production of agricultural crops," said Kazem al-Aqabi, a member of the paper's preparation team. 
 
Taxing
He pointed out that the reform paper focused on the importance of imposing a tax on imported agricultural crops and their products on the basis of calculating the tax rate based on the cost of domestic product inside Iraq to achieve competitiveness in the local agricultural sector, adopting import permits only to enter crops and agricultural products and preventing violations, adopting electronic governance and completing the institutional link between the ministries of state and the formations concerned with this activity to ensure the proper introduction of products, as well as the suspension of work with exceptions granted in violation of the laws on plant and animal wealth and not grantany other exceptions."
 
National products
He stressed the need to commit all ministries and government institutions that have a feeding program for their members to buy national plant and animal products, and support farmers, farmers and investors supporting the agricultural sector in terms of quantity and price, as well as electric tariffs to contribute to reducing production costs, and provide full support for the establishment of agricultural areas such as the regions. Industrial facilities are available through the availability of large areas and water in the country, including groundwater, as well as providing great support to farmers and farmers in terms of providing them with greenhouses, sprinklers, water pumps, fertilizers, pesticides and others at subsidized prices that can be exempted when achieving rich production as well as when exporting."
 
Dairy products
He warned that «the reform paper showed the importance of providing great support for the establishment of feed factories for livestock and poultry, which represent suppinated the dairy and meat canning industry through the raising of livestock, cows and poultry, and provide subsidized loans to farmers preferably interest-free and borne by the government in exchange for the output to be provided. Farmers, as well as investors in the field of livestock, poultry and food industries based on agricultural products such as canning plants and others, have been fined for not exploiting the loans for the purpose for which they were granted with a comprehensive follow-up to these projects."
 
Export Fund
He stressed that the preparatory team stood at the importance of preventing the import of crops and agricultural products to ensure the protection of local agricultural products, which will result in the expansion of the production of these crops locally or by imposing large duties on crops entering the country at a high rate to encourage farmers to farm and emphasize the benefit of the export fund law, and encourage craft industries and Household and timber industry, especially in the southern regions, and the introduction of modern technologies in manufacturing and providing the necessary support, as well as the recovery of the amounts of agricultural initiative loans that are due to be recovered before 2020 and recycled to other beneficiaries, and the establishment of the agricultural complexes project to market agricultural products to encourage farmers to focus on increasing agricultural production 
By facilitating marketing, reducing its cost and encouraging food industries that depend on agricultural products such as tomato paste plants, juices, dairy and dairy products."
 
Industrial projects
In another focus, the paper focused on adopting the principle of public-private partnership in the implementation of medium and large industrial projects to establish joint stock companies that put their shares on the Iraqi Stock Exchange, as possible within the available laws (21) and (22) for 1997 as well as directing the program of transformation (2) public companies or factory to a contribution according to articles (35-38) of the Public Companies Act No. 22 of 1997 in light of their success is being prepared and implemented a program of transformation for the long term."
The reform paper also stood at the adoption of the idea of industrial dinar because it will open the door to re-export, which is the most important in the subject of industrial development, because without it, the money used to import in non-Iraqi currencies, no matter how much it will not be recovered and will be wasted locally, and will encourage the major international suppliers to enter into the participation of Iraqi industrial enterprises for marketing in the surrounding markets first and then global as needed because of the real competition for world prices.

 

https://alsabaah.iq/26081/القطاع-الزراعي-يحتاج-خطط-استثمار-واعدة

[Mary B]

 

 

Social Security Act

 

Friday 05 June 2020
 47

Social Security Act
Mohammed Sharif Abu Maysem 
 
In November 2017, a big media outcry was raised after the Cabinet passed the Social Security Act, and this uproar continued with a wave of rejection sought by many parties on this law until its reading was blocked, and his deportation to the parliamentary session that came in
2018 .  
In short, this law consolidates a number of laws on retirement in one text and makes the right to a pension guaranteed to all community groups within a minimum of 400,000 dinars and a maximum of 850,000 dinars after paying pension insurance for years of public or private service. In other words, those who work in the private sector or even in the shadow economy are entitled to a pension after paying pension insurance to the pension fund at 7.5 percent of the monthly income they claim to receive. 
According to the years of service he decides, this applies to housewives according to the text of the law, in which a public servant pays 10 percent of his monthly income during his years of service, and the state pays 15 percent of the pension insurance for public and private sector workers for the pension fund, and here we leave it to the reader to estimate the amounts that will enter the pension fund monthly after millions of private sector workers, jobs and housewives apply for pension insurance.
This law, which eliminates the pension privileges of private laws, not only establishes a social justice environment, but will also be a catalyst for regular market relations, an end to chaos and a degree of acceptability for the public sector's working forces. 
It will be a real start for a private sector-led economy, reducing the activities of the shadow economy, as well as its indirect role in increasing non-oil revenues in the general budget, as it will reduce tax evasion in all economic activities, after demanding that all those working in a large or small project register, without which these projects will not find those who work in them unless they are registered and thus enter all projects in the records of the state under pressure from their workers, and will also contribute to the regularity of the labor market according to the mechanisms specified by them. The labour law, which guarantees appropriate working conditions and rights similar to that enjoyed by public sector workers, while stopping the attrition caused by the large differences in the pension stipends for large positions and special degrees and some ministries and bodies whose members enjoy high salaries and privileges in and out of service, will contribute to monetary stability and reduce inflation, and many other benefits that cannot be limited here. This raises the question of the neglect of the legislation of this important law, which can achieve many objectives that everyone is seeking at the present time. 

 

https://alsabaah.iq/26080/قانون-التأمينات-الاجتماعية

[Mary B]

Maximizing revenue and electronic control

Friday 05 June 2020
 23

Maximizing revenue and electronic control
Risan Al Khazali
In the economic crises that countries are going through, the concept of maximizing domestic and external revenues is highlighted in a way that is more interesting than in a stable economic situation, as these revenues constitute a financial burden that revives annual planning budgets, especially in the economies of non-rentcountries, and not only interest in them in these countries, but also the rent sits on the clear tab.
Such revenues are allocated special accounting restrictions, which are managed, monitored and audited by electronic systems on sub-calculators linked to a central calculator in the underlying financial facility, which operates and controls the activities and functions of all sub-computers, ensuring reliability. The high efficiency in the inventory and collection of revenues accurately from each facility achieves revenue no matter how much the size of the achieved, and such a measure falls within the category of electronic governance commonly used in this technological age, so that the government financial department can prepare its budgets with high probability of success.
For some who are not concerned with the economic understanding of the meaning of maximizing revenues, the internal and external revenues may seem to be secondary and not relied upon much, forgetting that the economies of many countries that are not industrially, agriculturally and commercially developed depend primarily on these revenues, and when we review the sources of these revenues, it will look different:
  Customs and border crossings, taxes of various kinds, land and sea transport, railways, airlines, airports, aircraft traffic in the airspace, state real estate, ports, tourism, oil derivatives (Panzine, gas, gas, gas, oil, white oil, black oil, fats, oils, qr). Mobile phone companies, income tax, traffic tax, passports and justice, profits of public and mixed companies and contributions, water and electricity collections, government food and construction trade, agricultural land rent, municipal resources, endowments and hajj, entry attributes, international grants, operating amounts generated from previous budgets, unspent investment allocations. And many more.
The above sources of revenue, made the countries pay attention economic /scientific and establish studies and research, and this has been extended until the establishment of specialized centers called "scientific centers to maximize revenues", in which specialists in finance, economy, trade and control, provide the conclusions achieved for the activities of their centers during certain periods, for inspection and evaluation.
Paying attention to and constantly maximizing the importance of internal and external revenues provides a kind of guarantee of economic stability, whether in a crisis situation or a situation 
Stable.

 

https://alsabaah.iq/26088/تعظيم_الإيرادات_والسيطرة_الإلكترونية

[Mary B]

Al-Fatlawi reveals up to 70 billion dinars in government debt to the farmers of Najaf

 05/06/2020

 

  

Information / private
, the deputy from the Najaf province, Ashraf Fadel Al-Fatlawi, revealed that there are amounts amounting to 70 billion dinars, under the government's authority to the farmers of Najaf, pointing out that the farmers did not receive their dues despite marketing the wheat crop.
Al-Fatlawi said in a statement to “The Information”, that “the farmers in the Najaf governorate did not receive their financial dues after marketing the wheat crop and the responsible authorities must pay their sums, as the wheat season was not good because of the diseases that afflicted the crop, which reduced the harvested quantities.” .
He added that "the farmers are preparing to grow the paddy crop, and therefore they need to receive their financial dues in order to start planting the crop."
And that "more than 100 thousand tons of wheat was marketed in the Najaf governorate and has a value of up to 70 billion dinars, as it should be handed over to farmers in Najaf, which is what is called upon by the government to give the farmers their dues." 25 n ended

https://www.almaalomah.com/2020/06/05/477986/

[utah rock]

"It is possible to raise the exchange rate of the dinar against the dollar even by a small percentage in line with the central bank's vision, after trading between it and the Finance Committee on this subject, despite the first rejection of the order as a fiscal policy, but the committee is trying to hold the stick from the middle and the possibility of implementing this order even in small numbers and gradually maintains the value of the Iraqi dinar in front of
Dollar".

from above...

[Mary B]

Deputy: The cut in salaries came for media marketing ... he will not get a majority in Parliament

 05/06/2020

 

  

Information / Baghdad ..
MP Asaad Al-Murshidi confirmed on Friday that all political blocs consider cutting salaries as a red line for them.
Al-Murshidi said in an interview with “Information”, that “all political blocs in the House of Representatives consider reducing the salaries of employees of all segments of their ranks as a red line, indicating that martyrs and political prisoners were excluded in the general retirement law from receiving more than one salary, so all that is said about reducing their salaries Or for any employee to receive more than one salary is for media marketing. ”
Al-Murshidi added, “No salaries can be reduced except by amending the laws and even abolishing the existence of more than one salary that requires amending the general retirement law. Before most political forces. ”End / 25

 

https://www.almaalomah.com/2020/06/05/477994/

[Mary B]

OPEC + meeting postponed

 05/06/2020

 

 

 

 

Baghdad - Mawazine News
, "Bloomberg" agency, citing sources, said that the meeting of the technical "OPEC +" committee was postponed from June 5 to June 17, and the ministerial monitoring committee meeting of the "OPEC +" group was postponed from June 8 to 18.
The agency also indicated that no date has been set for the ministerial meetings of "OPEC" and "OPEC +", which he was planning to hold on June 9-10.
During the meeting, the "OPEC +" countries will discuss the situation in the oil market, and the issue of extending the current production cuts (9.7 million barrels per day) until after this June.
A source in one of the delegations told Interfax that Russia and Saudi Arabia agreed to extend the restrictions imposed on oil production, which were in effect in May and June, to include the month of July as well, after which the two sides will consider how the situation will develop.
According to him, the issue now is that all states must fulfill their obligations firmly, and if they are not able to do so, they must make up for the reduction in the next month.
He said: "If one of the countries begins to tamper with the quotas or does not comply, then another country will follow and then a third country, and the agreement will collapse." End / 29 / h

 

https://www.mawazin.net/Details.aspx?jimare=103610

[Mary B]

Anti-corruption official: half a billion dinars per month .. Stationary for deputies

 

 Friday, June 05, 2020 

 

Member of the Supreme Council for Combating Corruption in Iraq, Saeed Yassin Moussa, revealed that each deputy in the Iraqi Parliament has been granted one million dinars of stationary allocations.

Moussa said in a press statement that: the total of those allocations is close to half a billion dinars per month and spent for the stationery of deputies, asking, Is this a disgrace to the Iraqi people or the acquisition of public money, by legal means?

He added that: Iraq does not need economically or financially, but we must rethink financial management, managing budgets and setting policies for the Iraqi state. We are a rich country, but we are poor in developing plans to manage crises.

 

https://www.thebaghdadpost.com/ar/Story/196269/مسؤول-بمكافحة-الفساد-نصف-مليار-دينار-شهريا-قرطاسية-للنواب

[Mary B]

"Baghdad may not commit to reduce production", oil is approaching $ 41 and currency rates are at the highest level

2020-06-05

Follow Iraq:

On Friday, oil prices continued to approach the $ 41 barrier with the start of daily trading, as traders awaited any indications from a meeting that might take place early next week, as major oil producers will discuss whether to extend record production cuts.

Brent crude futures rose 27 cents, or 0.7%, to $ 40.26 a barrel, while West Texas Intermediate crude futures rose 17 cents, or 0.5%, to $ 37.58 a barrel.

And countries in Europe and others in Asia continue to begin to gradually reduce the restrictions of the total closure to confront the Corona virus, with the rate of injuries and deaths stabilizing without escalation.

د. شجاع البقمي

 

✔@shujaa_albogmi

 

 

كورونا عالميًا..
التعافي 48.52%
الوفيات 5.87%
مثل هذه الأرقام دفعت النشاط الاقتصادي العالمي إلى بدء مرحلة العودة من جديد (عودة بحذر).
أسعار النفط تتحسن... برنت يستقر فوق مستويات 40 دولارًا للبرميل، مع تحسن الطلب واستمرار خفض الإنتاج.
.
العالم يكافح كورونا بـ"الوعي"

 

2

2:01 AM - Jun 5, 2020

 

 

 

 

 

 

And Brent gained about 14% since the beginning of this week, while West Texas Intermediate crude rose by nearly six percent, to become the benchmarks for the sixth week. The rise stemmed from production cuts as indications of an improvement in fuel demand, as countries began easing public isolation measures imposed to prevent the spread of the new Corona virus.

The Organization of Petroleum Exporting Countries (OPEC) and allies, including Russia, in what is known as the OPEC + group, will meet on Saturday to discuss extending production cuts, Algerian An-Nahar TV reported on Friday, quoting an OPEC source.

OPEC + sources had said earlier that a ministerial meeting via closed-circuit television may be held this week, if Iraq and others agree to reinforce their commitment to existing production cuts.

Edward Moya, a senior market analyst with Oanda, said that oil prices are heading for the sixth weekly rise, but the gains are receding as traders consider the possibility of Iraq’s full commitment to reduce supplies “with suspicion”.

محلل مختص لسوق KU@balajmi82

 

 

بعد ارتفاعات متتاليه ..#الآن .. تتواصل الارتفاعات ..
واغلاقات اسبوعيه خضراء قويه في معظم اسواق العالم ...

-الاسواق الاسيوية
-الاسواق الاوروبيه
-العقود الآجله للاسواق الامريكيه

-#النفط الان يدخل في اسعار جديدة منذ ثلاث شهور لم يسجلها

 

2

2:36 AM - Jun 5, 2020

 

 

 

 

 

 

 

"This may be an opportunity for them to be able to extend the cut agreement for three months, but energy dealers are very skeptical about the commitment remaining high after July," Moya added.

Saudi Arabia and Russia, two of the world's largest oil producers, want to extend production cuts of 9.7 million barrels per day until July.

In terms of currency rates, as the European Central's move provided support for high-risk currencies, which raised the Australian dollar to the highest level in five months and the pound sterling above peaks reached during the past two months.

The central bank raised its emergency program to buy bonds by 600 million euros, which exceeds expectations to 1.35 trillion euros and extended until mid-2021.

The euro rose 0.25% to $ 1.1367, its highest level in nearly three months. In the week, the single currency rose 2.4 percent and headed for gains for the third week in a row.

Investors' confidence in the currency also grew after Germany last month threw its weight behind the idea of a European Union recovery fund, abandoning its established tradition of rejecting any moves towards financial integration in the single currency area.

Against the yen, the euro recorded 124.43 yen, the highest level in 13 months.

In front of the Swiss franc, which is also another safe haven currency, the European single currency hit a five-month high of 1.08645.

The dollar index, which tracks the performance of the US currency against a basket of six currencies, is heading towards recording losses for the third week in a row at 96.510, which is near its lowest level in nearly three months.

The dollar rose to 109.33 yen, touching two-month highs.

 

 

 

https://yesiraq.com/بغداد-قد-لا-تلتزم-بخفض-الانتاج،،النف/

[Mary B]

The Finance Committee sets the terms for external borrowing

06/05/2020

 

  

The information / Baghdad ..

Today, Friday, the Parliamentary Finance Committee set conditions for Iraq’s borrowing from international banks.
Member of the Parliamentary Finance Committee Sadiq Al-Sultani told the Iraqi News Agency (INA), "External borrowing must be in accordance with standards and a database." the National".
Al-Sultani stressed that "external borrowing is supposed to be devoted to important issues, including salaries and government expenses for institutions."
He added: "Today we need quick decisions, activating some decisions in the Ministry of Finance, and restoring the financial policy and functional structure of the central bank."
The Parliamentary Committee had warned earlier of external borrowing, recommending alternative solutions to deal with the crisis, stressing that external borrowing means linking the sovereignty of Iraq and the economic movement and appointments to the policies of the International Monetary Fund and the World Bank, which leads to restricting the country's economic policy. End / 25

 

https://www.almaalomah.com/2020/06/05/478008/

[Mary B]

Deputy: The cut in salaries came for media marketing ... he will not get a majority in Parliament

 05/06/2020

 

  

Information / Baghdad ..
MP Assaad Al-Murshidi confirmed on Friday that all political blocs consider cutting salaries as a red line for them.
Al-Murshidi said in an interview with “Information”, that “all political blocs in the House of Representatives consider reducing the salaries of employees of all segments of their ranks as a red line, indicating that martyrs and political prisoners were excluded in the general retirement law from receiving more than one salary, so all that is said about reducing their salaries Or for any employee to receive more than one salary is for media marketing. ”
Al-Murshidi added, “No salary can be reduced except by amending the laws and even abolishing the existence of more than one salary that requires amending the general retirement law. If the prime minister wants to proceed in this direction, he must put forward a comprehensive amendment law, and despite that, he will not obtain a majority in the House of Representatives to pass it for his refusal Before most political forces. ”End / 25

 

https://www.almaalomah.com/2020/06/05/477994/

[Mary B]

The Finance Committee determines the conditions for external borrowing ... a dispute in the legislature regarding it

05/06/2020

 

 

 

 

Baghdad - Mawazine News
, the Parliamentary Finance Committee has set out, on Friday, the conditions for Iraq to borrow from international banks, while indicating that there are different opinions from the legislature on the subject of borrowing.
A member of the Parliamentary Finance Committee approved the Royal According to the official agency, said that external borrowing must be in accordance with the standards and database ", pointing out that" among these criteria to be interest rate of the small and the duration of long so that there will be time to re - recovery of the national economy. "
The The Sultan said, "External borrowing is supposed to be devoted to important issues, including salaries and government expenses for institutions," noting that "there are different opinions from the legislative authority on the subject of borrowing, whether internally or externally."
He added: "Today we need quick decisions, activating some decisions in the Ministry of Finance, and restoring the financial policy and functional structure of the central bank." Ended 29 / h

 

https://www.mawazin.net/Details.aspx?jimare=103615

[Mary B]

a representative of al sadiqin encourages internal borrowing because of its great economic benefits

Author: AhadNA3 On May 6, 2020 

Al-Ahed News - Baghdad
, the representative of the Sadiqin bloc Abdul Amir al-Tayban expressed today, Friday, the parliament’s rejection of the government's move towards external borrowing to get out of the financial crisis, noting that the parliament encourages internal borrowing from Iraqi banks because of its economic Fuad for the country.
Al-Taiban said in an interview with Al-Ahd satellite that "the economic collapse is caused by political blocs and mismanagement by people who run the ministries. It has caused the waste of public money in all state facilities, whether ministries, authorities or institutions."
He added, "The borrowing process is an increase in and exhaustion of the country's indebtedness and an increase in the channels of corruption and the acquisition of money that comes from international banks. We reject what the government requires from external borrowing, and we ask that borrowing be internal from Iraqi banks and this has benefits and supports the Iraqi economy by returning Its arrangement and recovery. ”
He explained, “In the parliament’s session the day before yesterday, foreign borrowing was rejected and discussed by the Iraqi government.” End 2

 

https://alahadnews.net/70791/العراق/السياسية/

[Mary B]

 

Foreign labor is on its way to the end ... the Iraqi parliament is close to voting

 

Foreign employment in Iraq - the Internet

Foreign labor is on its way to the end ... the Iraqi parliament is close to voting

 Wissam Al-Bazi

 ۰۵ June ۲۰۲۰

---

The workers segment in Iraq is one of the poorest and most marginalized groups since 2003 until now. Besides that they do not receive the wages they deserve, they are subjected to layoffs due to foreign workers.

Although Iraq has discussed more than once the file of foreign workers and its impact on increasing the unemployment rate in the country, it has not been able to reach any decisions, due to the overlap of the file with partisan and political interests.

Finally, member of the Iraqi parliament , Abdoun al-Abadi, was announced recently, near the discussion and vote on the law to completely end foreign employment.

Al-Abadi said in press statements that "Iraq is witnessing convincing unemployment due to the large number of foreign workers who came to the country illegally."

Stressing that «the upcoming sessions of the House of Representatives will witness a vote on the law to remove all foreign workers to ensure that the hard currency does not go out of Iraq».

He pointed out that "the government is supposed to provide job opportunities for its children instead of the foreign labor that seized the Iraqi money during previous years."

And the “ solution net ” continued, with the head of the Iraqi General Federation of Trade Unions, Walid Nima, and said that “#The Iraqi government has not provided anything important to workers since 2003 until now, because the political blocs are preoccupied with their interests. Rather, the latter has entered the line of importing workers for use Of them, at the expense of the people of the country ».

He pointed out that "future parliament decisions regarding foreign workers must be enforceable and not ink on paper, as happens with most laws from the legislature."

The Iraqi Ministry of Labor , had announced earlier, that the number of foreign workers working in companies operating in Iraq exceeded 750,000.

 

https://7al.net/2020/06/05/العمالة-الأجنبية-في-طريقها-إلى-النهاي/

[DWS112]

3 hours ago, Mary B said:

He added, "It is possible to raise the exchange rate of the dinar against the dollar even by a small percentage in line with the central bank's vision, after trading between it and the Finance Committee on this subject, despite the first rejection of the order as a fiscal policy, but the committee is trying to hold the stick from the middle and the possibility of implementing this order even in small numbers and gradually maintains the value of the Iraqi dinar         👉 in front of Dollar".👈 

?

Edited June 5, 2020 by DWS112

[Mary B]

 Parliamentary Finance Al-Kazemi received 10 alternatives to overcome the economic crisis

 

Iraqi Council of Representatives. "Internet"

Economy News - Baghdad The Parliamentary Finance Committee revealed, on Friday, a forthcoming meeting with Prime Minister Mustafa Al-Kazemi, the Ministry of Finance and the Central Bank to present 10 alternatives to overcome the current economic crisis and maintain the salaries of employees without deduction, and agree on what can be implemented from those alternatives. Committee member Majid Al-Waeli said in a statement reported by the official Al-Sabah newspaper and seen by Al-Iqtisad News that “there are many alternatives that can reduce the severity of the current crisis significantly, including increasing the price of a barrel of oil that is sold by $ 5 to refineries Of the Ministry of Oil, while the rate of selling it according to the 2019 budget is $ 60. He added that "those refineries buy about one million barrels per day; that is, there is a difference in the price of up to 55 dollars, meaning that there is a price difference of 55 million dollars," noting that "the treasury can supply about 50 percent of this amount, i.e. up to 20 25 million dollars. " He added, "The other alternative is to reconsider the sums of real estate sold cheaply and leased with sums, especially those that are located in the heart of the capital and in distinct areas of it, as it can be re-evaluated again because some of them are inhabited without paying any sums of rent at all." Al-Waeli indicated that "there is a forthcoming meeting of the Finance Committee with Prime Minister Mustafa Al-Kazemi and the Ministry of Finance next week to present those alternatives before it and implement what can be implemented from them." He stressed that "the committee is preparing an integrated study in the light of the reports submitted by each of the Central Bank on the financial crisis And the government as a vision by the Council of Advisors, which dealt extensively with the deduction of employee salaries as a solution to overcome the financial crisis.

Date added 06/06/2020   http://economy-news.net/content.php?id=20590

[Mary B]

Parliamentary Finance: We put texts in the budget that would save the economic situation from collapse

05-20-2020

 

Member of Parliamentary Finance Committee Faisal Al-Issawi confirmed today, Friday, that his committee will work to put new texts in the federal budget that include reducing unnecessary expenditures and revitalizing other non-oil sectors and the private sector in order to save the economic situation in the country from collapse.

Al-Issawi said in an interview with Al-Sumaria News, "The House of Representatives issued a decision in its session held last Wednesday, asking the government to send the budget to the House of Representatives, before the end of this month," noting that "the House of Representatives needs to study the budget according to the current circumstances and challenges ".

Al-Issawi added, "We will work to put new texts in the budget that include reducing unnecessary expenditures and revitalizing other non-oil sectors and the private sector, while developing materials that work to find reforms in institutions according to the existing data," noting that "we will work in coordination with the government to find Real alternatives to budget financing in order to pass it and save the economic situation in the country from collapse. "

 

https://www.alsumaria.tv/news/اقتصاد/347697/المالية-النيابية-وضعنا-نصوصا-في-الموازنة-تنقذ-الوض