The Virtual Iraq Finance Conference discusses the challenges of economic advancement

[6ly410]

The Virtual Iraq Finance Conference discusses the challenges of economic advancement

 https://www.alsumaria.tv/news/اقتصاد/349384/مؤتمر-مالية-العراق-الافتراضي-يبحث-تحديات-النهوض-ا

2020-06-23 | 04:07

 

 

 

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A two-day virtual financial conference in Iraq was organized via an electronic platform specializing in the participation of economists. They represented the various economies of the world were invited by Frontier Exchange, the organization of this international conference, which stood at the challenges of financial advancement in the financial, industrial, agricultural, services, and ways to advance in its entirety in cooperation with the global effort Sophisticated.

 

The Governor of the Central Bank of Iraq, Ali Al-Alaq, stressed that "the Central Bank prepared, in cooperation with the National Investment Commission, instructions for the introduction of foreign capital to Iraq for investment purposes and was put into practice, which contributed to the establishment of some investment projects," noting that "the central bank is managing its foreign currency reserves." In accordance with international standards issued by the International Monetary Fund. "

 

 

He pointed out that "the Central has prepared and presented draft laws, the most important of which are the Islamic Banking Law, the Government Banking Law and the Islamic Sukuk Law, as well as the establishment of the Deposit Insurance Company and another Takaful Insurance Company for the purpose of insurance on the activities of Islamic banks. The exit of Iraq from the gray area to the normal follow-up area and led to improving the credit rating of Iraq.

 

 

 

A member of the Board of Directors of the Union of Arab Banks and Chairman of the Board of the International Development Bank, Ziad Khalaf, during a virtual financial conference in Iraq organized by Frontier Exchange, presented a detailed analysis of the reality of the Iraqi economy and ways to advance the reality of the Iraqi economy and bring it to safety.

 

He said during the conference, which witnessed wide international participation via an electronic circuit, that "the world and our Arab region live in an exceptional situation in light of the spread of the Corona virus and its wide effects on most economic sectors, according to the reports of the World Bank and the International Monetary Fund, which is expected to shrink the global economy." 5.2%, and the Iraqi economy by 4.7% during the year 2020, "expecting that" this deflation will represent the most severe recession since the Second World War, and one of the main reasons for this deflation is the decrease in oil prices by about 50% to reach the lowest level in 20 years as a result of lower oil production and restrictions On travel and the movement of individuals due to stone and closure, in addition to declining interest rates to zero and negative levels in some global central banks, as well as the decline of the main stock indexes to more than 35% and their reflection on the performance of global financial markets. "

 

Decline in oil exports

 

He added, "On the level of Arab economies, the implications can be summed up in the impact of the exports of Arab countries by the decline in global demand by at least 50 percent, which is responsible for generating about 48 percent of the gross domestic product, as well as the decline in oil and non-oil exports, in particular it will be affected Arab economies are slowing demand by a number of their trading partners, as the countries affected by the Corona virus are currently considered one of the most important trading partners of the Arab countries, as they absorb 65 percent of Arab exports.

 

Most of the world experts

 

A representative of the company "Forintir Exchange" Ahmed Al-Jadir explained that "Iraq represents an important economic center and this is something that all global economies realize, as most of the world experts confirm that Iraq can be a tiger economy eighth in the world, and this is not a complicated or inaccessible matter in light of the availability Natural and human resources. "

 

Economic sectors

 

Khalaf went back to explain, "The Arab countries were affected by a partial halt to local production in a number of economic sectors, the most important of which are the production services services, especially the tourism, transport and internal and external sectors. These sectors collectively are responsible for generating about 40 percent of the GDP, and certainly the Arab oil exporting countries have been affected. From the decline in foreign exchange receipts in light of a possible decline in export levels as a result of the spread of the virus, and the decline in remittances of workers abroad that contribute to more than 10 percent of the GDP in some of these countries, "pointing out that he expects the number of unemployed to work in the Arab world To 40 million citizens, in addition to the impact of this small and medium-sized pandemic, and thus things combined will necessarily lead to increasing and deepening the budget deficit for most Arab countries. "

 

Digital economy

 

He stressed that "the role of the private and public banking sector comes to coordinate with the national units of partnership between the public and private sectors so that our first goal is to proactively provide support to the Iraqi economy through three main axes represented in the transition to the digital economy with Iraqi leadership in light of the Iraqi government's tendency to play a leadership role in Creating regional economic integration, which will lead to a reduction in the commercial cost and the creation of new jobs by 2% and an increase in the volume of commodity trade. This can only be achieved through the establishment of strong infrastructure that includes 4 main networks: electronic trading companies, banking and financing institutions, Insurance companies and technology companies.

These four pillars collectively form the basis of the true digital economy. "

 

 

Edited June 24, 2020 by 6ly410

[nannab]

Thanks 6ly 

[Mary B]

Disputed units complain about Iraqi trade. And her minister makes a pledge.

Society
Ration card
 2020-08-08 02:03
  
Four disputed units in Diyala on Saturday complained of a four-month-old cut in rations by the Ministry of Commerce, calling on the ministry to secure rations and help the poor with their livelihoods.

The director of Saadia district, 60 km northeast of Baquba, Ahmed Al Zarkushi told Shafq News that the district of Khanaqin, Al-Saadia, Jalwala and Qara Tabeh has not received the ration vocabulary for four months, causing great damage to the poor classes, although the ration vocabulary is symbolic and poor in origin and quality.

"Many poor and abusive families live on the food vocabulary despite their fluctuating distribution and irregular access to citizens on time," he said, calling on the Ministry of Commerce to "secure the ration as a living right for citizens."

"Official demands and appeals for the supply of the disputed areas mentioned in the aforementioned areas have been justified by the fact that the ministry of commerce's warehouses have no ration sourcing," he said.

For his part, Diyala MP Mudhar Maan al-Karroui announced that "Trade Minister Alaa al-Jubouri has pledged to solve the problem of rations and distribute their dues to administrative units soon."

"The united nations is ready to take action to stop the violence and to stop the violence," he said.

Since 2003, the Iraqi government has failed to manage and secure the ration file in the country's uncles due to corruption, partisan dominance over the Ministry of Commerce and the adoption of sectarian and partisan quotas in the ministry's administration through four previous election cycles.

https://shafaaq.com/ar/مجتـمع/وحدات-متنازع-عليها-تشكو-التجارة-العراقية-ووزيرها-يقدم-تعهدا

 

[Mary B]

Call for tighter anti-tax evasion measures

Saturday 08 August 2020
 70

Call for tighter anti-tax evasion measures 
Baghdad / Al-Sabah 
 
The Law Committee of the House of Representatives has promised government measures at border crossings that are insufficient to combat tax and customs evasion, indicating that the country is suffering from a severe financial crisis, which calls for tighter measures to combat tax evasion, which is largely overrid.
Committee member Hussein al-Asabi said in an interview with Al-Sabah: Tax and customs evasion causes the waste of large resources and its punishment is severe in all countries of the world, expressing regret for not fighting this scourge at a time when the country is suffering from a severe financial crisis.
Al-Aqabi said that the government's handling of tax and customs evasion in the landing of military forces at border crossings is not sufficient at all, pointing out that the solution lies in a number of points, including making proper contracts and avoiding contracting with failed companies that do not meet the legal description. He added that the solutions begin to adjust the procedures of government contracting according to legal formulas, and in the cases of ports there are three things that the government must take, the presence of a security force and the automation of the procedures electronically and the review of the competent personnel and the formation of committees to monitor this process, pointing to the tax and customs evasion occurs through the ports of the region, as traders and importers divert their goods through the ports of the province in order to escape from tax and customs accounting, especially valuables, because the customs rate is reduced by 70 percent and does not go to the general budget. He pointed out that the lack of resources in the public budget is due in one of its reasons to evasion of duties and tariffs that enter through the region, which is the largest, calling on the government to reconsider the tax evaders, especially in the real estate registration and public traffic departments and find a new mechanism to calculate the tax and replace the employees guessed and tighten their control on them because they raise the difference stake of the tax and receive a large bribe in exchange for changing the real reality to guess the material.
He noted that he submitted a proposal to collect a 10 percent tax from the currency auction and these proposals and ideas could address tax evasion in addition to reviewing tax and customs laws and unifying fees and making some taxes federal and some local, so that there is discrimination between them and this is the responsibility of the government, from which we expect steps in this direction.

https://alsabaah.iq/28431/دعوة-لتشديد-إجراءات-مكافحة-التهرب-الضريبي