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Oil announces the transfer of a copy of the oil and gas law to the Council of Ministers for approval


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7 hours ago, DinarThug said:

Flag Day

 

 

And Not That I Don’t Appreciate The Patriotic Gesture Above - But Now HorseSoldier’s Poor Horse Is Gonna Have To Go Around Barefoot After U Stole All Of The Shoes Out Of His Stable ! :o 

 

horsesoldier

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  • horsesoldier
     

           :D  :D  :D 


Fortunately I keep an emergency set of shoes ( Adidas of course) buried discreetly in the corner of the Barn behind my favorite sack of Oats.

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The central bank reduces the technology gap and achieves digital transformation

 

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16th March, 2021 by Samir Al-Nasiri

 

With high insistence and confidence in the ability of the Iraqi financial and technical cadres working in the Central Bank to reduce the challenges of the technical gap in information systems that Iraq has suffered due to the repercussions of the blockade, wars, terrorism and instability during the information revolution. The central bank was able to address the challenges of digital transformation and development in banking technologies, establish infrastructure in banks, and lead an advanced system of payments at the level of the state's financial system

And this major technical effort of the Central Bank was evaluated last month when the Director General of Payments at the Six Central Bank was honored, Duha Abdul Karim, among 12 innovators worldwide, by the United States Secretary of State for her role in implementing the Central Bank’s plan and her distinguished effort in establishing Nationwide credit card infrastructure facilitating digital payroll payments.  
 

These payments establish a path that can be audited, and it is certainly an important national effort for the employees of the Central Bank and the banks, and this comes due to the measures and developments undertaken by the Central Bank and to stand in the right direction in the darkest economic conditions that our country has suffered from and to draw a sound roadmap to catch up with technological developments in the countries of the world

An observer of the situation in Iraq will notice the extent of faith in the Iraqi capabilities and competencies in bringing about change and reducing the technical gap between us and the developed world, and this is evidenced by the important achievements that have been achieved, as follows

The methodology adopted by the Central Bank always focuses on working under a sound legislative, regulatory and legal umbrella, as well as strengthening the concepts of governance and international standards in relation to information technology and financial technologies

The central bank plays a pivotal role in establishing advanced infrastructure and pursuing the latest international technologies, developing the bank's financial and banking systems, payments systems and advanced communications networks according to the latest technologies

3- The central bank’s possession of advanced payment systems as well as retail payment structures, and the national exchange was one of its most important parts

47 Granting business licenses to many electronic payment service providers (card issuers and collectors, processing the operations of mobile payment companies, billers and payment gateways through various channels)

5. Wide interest in implementing the first objective of the Bank's strategy for the years (2016-2020)

6‐ Achieving financial stability through a sound financial system, with an interest in achieving financial inclusion and reducing risks, as well as adopting a project to localize employees' salaries

It is evident from the above achievements that the Central Bank has been able to reduce the challenges of the technical gap, and it is proceeding today at a steady pace to achieve a digital transformation in the financial sector towards achieving financial stability and moving from a cash society to a cash society, which is one of the goals of economic and financial reform in the White Paper

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First Iraqi Bank (FIB) selects ICSFS platform

 

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16th March, 2021


First Iraqi Bank (FIB), a newly established digital bank in Iraq, has reportedly selected the ICS BANKS digital banking platform from ICS Financial Systems Limited (ICSFS), to start its operations in Baghdad, Iraq.

Shaymaa Ali Hussein, Managing Director of First Iraqi Bank said:

"The need for a digital bank in Iraq today is long overdue since it is [pre]dominantly a cash society ... We shall aim to provide Iraqi citizens with innovative, convenient, secure and affordable banking services and solutions."

Wael Malkawi; Executive Directive of ICSFS, said:

"Digital banking is the new norm now, as many customers around the world are choosing digitised over traditional banking services, especially with the lock-down and social distancing we are experiencing right now."

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Deputy: The Federal Court Law will be decided today, and the option to go to the alternative is the closest

 
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12:50 - 16/03/2021
 

The deputy of the Alliance of Saeroun, Riyad Al-Masoudi, confirmed, Tuesday, that the House of Representatives gave the Kurdish representatives to six o'clock this evening to agree to pass the Federal Court’s law, which requires agreement on three remaining articles of the law, and on the contrary, the vote will be made to amend the law sent from Presidency of the Republic as a whole, which needs a simple majority.

Al-Masoudi said in a statement to / the information /, that “the House of Representatives voted yesterday to amend the Federal Court Law sent by the Presidency of the Republic, and the vote on it has been postponed in general to give the Kurdish representatives an opportunity to agree on Articles (2, 3, 12) of the new court law. Until today six o'clock in the evening.” 
 
He added that "in the event that a two-thirds quorum is completed for the members of the House of Representatives, the law will be voted," indicating that "in the absence of a quorum, only the amendment that needs a simple majority will be voted on."

The House of Representatives completed, in the early hours of Tuesday morning, voting on the remaining articles of the First Amendment Law (Order No. 30 of 2005 AD) of the Federal Supreme Court Law. 
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A Kurdistan Regional Government delegation visits Baghdad to continue discussions on the budget

 

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16th March, 2021


The Kurdistan Regional Government announced that its negotiating delegation for the federal government will return today, Tuesday, to the Iraqi capital, Baghdad, to resume discussions about the region's share in the financial budget for the year 2021.

"Today, a regional government delegation will visit Baghdad to complete discussions with other parties on the budget," government spokesman Jotiar Adel said in a statement made to reporters in Erbil, including the Shafaq News Agency correspondent.

And he added, "We hope to reach an agreement and the draft budget law will be approved."

Last December, Baghdad and Erbil reached an agreement on the financial budget, providing for the region to deliver 250,000 barrels of oil per day, and half of the revenues from border crossings and others to the federal government, in exchange for a share in the budget of 12.6%.

The agreement was included in the draft budget, but Shiite political blocs in Parliament rejected the agreement, which impedes its passage in Parliament until now.

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Kurdistan Minister: There are no major differences over the budget with Baghdad, and after its approval, we will proceed with the budget of the region

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16th March, 2021


The Minister of Planning in the Kurdistan Region, Dara Rashid,

expressed on Tuesday his optimism that the federal budget for 2021 will be approved,

including the region's share during the upcoming sessions of the Iraqi Parliament

and after the completion of the approval of the draft law of the Federal Supreme Court.

 

Rashid said in a press conference held in the Parliament of Kurdistan and attended by the correspondent of Shafaq News Agency,

that the draft Federal Court law caused the postponement of the budget bill being included in the agenda of the Iraqi Council of Representatives,

adding that the Federal Court law has cut good stages for its approval,

and then the budget vote will start.  

 

He pointed out that 

there are no points of contention between Erbil and Baghdad over the draft budget law,

and we in the regional government are committed to the text contained in the draft law sent by the federal government.

 

The minister added, 

"Of course, any bill when it reaches Parliament undergoes changes,

but we do not see that there are major differences between us and the Iraqi political parties and blocs over the budget,

and we hope that we will skip this issue in the coming sessions because approving the budget is in the interest of Iraq in general and in the region."
Kurdistan in particular.

 

Regarding the region’s budget for the current year, the Minister of Planning said that “the draft budget law for Kurdistan is ready, but one of its paragraphs includes the region’s share in the federal budget in relation to the operational and investment budget and the amount of money that the region will receive, stressing that the issue of determining the price of selling the region’s oil in its budget is linked to what Parliament will decide it in the federal budget.

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Today ... a parliamentary approach to vote on the 2021 budget

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16th March, 2021


Deputy Jassim Al-Bakhati revealed, today, Tuesday, the coalition of Iraqis led by Ammar al-Hakim, that the House of Representatives is heading to vote on the draft budget law for the year 2021 during today's session.

 

Al-Bakhati told Shafaq News, 

"The Iraqi parliament will vote during a session today, according to information that we received from the Presidency of Parliament, on a draft budget bill for the year 2021, and the agenda will include a paragraph for this vote."

 

And he indicated that "until now there is no final agreement regarding the Kurdistan region’s share of the 2021 budget, but the bill will be voted on according to the majority, especially after obtaining a quorum for the session," noting that "this matter is supported by the majority of MPs."

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Planning discusses multi-dimensional poverty in Iraq

 

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16th March, 2021


The Ministry of Planning continued, on Tuesday, the workshop sessions to prepare the second voluntary report for sustainable development for the year 2021, which comes in light of the national consultations launched by the ministry in cooperation with the United Nations Development Program. The first session, which was held today, Tuesday, which was moderated by the Technical Undersecretary of the Ministry Maher Hammad Johan, discussed the paths of the voluntary report for Iraq 2021, social protection and multidimensional poverty in Iraq.

The session included two presentations on the paths of voluntary reporting and social protection between two voluntary reports. 

Expert Hassan Latif Kazem gave the first presentation on the tracks of the voluntary report for Iraq 2021, in which he explained that there is a necessary step towards pursuing the sustainable development agenda at the national and local levels, as well as drawing a path the participatory approach among stakeholders, specifically between the federal government, local governments, the private sector and civil society organizations.

He added that this report confirms and announces to the world that the spirit of development in Iraq is awakened despite the weight of political, economic, health and social problems. 

He indicated that the report aims to monitor the outcome of the progress made in the sustainable development goals in addition to evaluating the impact of the Covid 19 Corona pandemic as well as diagnosing the best ways. To ensure that the process of sustainable development remains on the right path.

He continued by saying: The report also aims to listen to the voices of stakeholders and reveal the extent of the success of the Government of Iraq in framing the health crisis and promoting the transition from the national level to the local level in preparing reports of the sustainable development goals. 
 

As for the second presentation by the Director of the Social Fund for Development in the Ministry of Planning, Naglaa Murad, it dealt with poverty and social protection between two voluntary reports in which she emphasized that the elimination of poverty in all its forms is one of the great challenges facing humanity, especially since the Corona pandemic led to a decline in the global progress made and endeavors In alleviating poverty during the period leading up to 2020 as part of achieving the sustainable development goals due to the economic stagnation resulting from the preventive measures taken to limit the spread of the pandemic.

She added that the preventive policies and measures adopted by the Iraqi government to confront the pandemic and prevent its spread have clearly affected the standard of living of families, especially the poor and vulnerable ones. She indicated that the first voluntary report indicated that the goal of the poverty alleviation strategy during the period 2018-2022 is to reduce poverty by 25%.

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Iraq: Intractable Economic Crises Since 2003
 

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16th March 2021 by Walid Khadduri


Since the occupation of 2003, Iraq has been facing intractable economic crises, one after the other, which led to the deterioration of its economy to minimal levels. In fact, the failure of the economic experience during the past two decades is due to the spread of cancerous corruption, the rule of sectarianism and sectarianism in the capabilities of the rich countries, the domination of parties and militias with foreign agendas, the horrors of terrorists from "Al Qaeda" and "ISIS", and the parliamentary experience that was overshadowed by electoral fraud, and the transformation of The country is into an open battlefield between the United States and Iran.

 

The governments of the past two decades have exploited the main economic source of the country, oil rent, by drawing annual budgets, assuming a continuous increase in oil prices, so they appointed tens of thousands of employees in the state, needing or unnecessary, so the annual budget turned into a treasury to distribute pensions and retirement wages for about 6 to 8 Millions of employees, as the state lost the ability to spend on building the necessary infrastructure, investing in the necessary development projects, and reducing or stopping the scholarship system for outstanding students to complete their higher education abroad, or even the possibility of paying employees' pensions in some months. 

The country's economic system has collapsed, unemployment has spread among recent graduates, protests have been repeated, and economic performance and social growth have deteriorated to the ranks of the world's lowest levels.

 

Hence, the annual budget faces a continuous deficit that cannot be avoided without external debts, and the country is facing a new system, unprecedented in the modern history of Iraq, of open looting and thefts without accountability.

And oil), in the absence of development projects, and the increase in the number of immigrants and displaced persons to several million, along with the increase in poverty and illiteracy rates.

 

The data of the "Economist Intelligence Unit" indicates that the national income output has shrunk 11.2 per cent in 2020. Projections for 2021 indicate an additional decline of 1.3 per cent, making Iraq "one of the most economically affected countries in the world." 

Oil rents, the main source of the country's economy, constitute about two-thirds of the national income and 95 percent of the annual budget. Hence, any economic improvement will depend on the rate of oil production and prices.

 

It is expected that the government's priorities during this year will focus on the negative effects of the "Covid-19" pandemic, reforming the financial system and the method of drawing the annual budget, improving the performance of the oil sector and achieving its independence. 

And there are the early legislative elections for next October, which will be decisive in terms of their transparency and the possibility of reducing and limiting the influence of the religious parties loyal to Iran. 

 

The Institute of International Finance, the financial research institution in New York, which includes 450 members from various international institutions from 73 countries, in a recent report, reviewed the challenges facing Iraq, and the conclusions include the following:

The decline in oil prices and the shrinking of oil production due to the decisions of the "OPEC Plus" group in 2020, as a result of the closures of the Corona pandemic, which imposed long periods of closure, and a lot of confusion for both the Iraqi and global economy. Iraq has been negatively affected by the "Covid-19" injuries, which have recorded very high rates of injuries in the Middle East and North Africa region.

 

Since 2003, Iraq has faced a continuous series of terrorist attacks by various militias. 

The Al-Kazemi government is trying to find a balance in the conflict between America and Iran over Iraqi lands. There have been some recent attempts to control and pressure the militias affiliated with Iran. There are also parliamentary elections in the second half of this year. However, the problem of lack of transparency and rampant corruption continues, particularly by the dominant parties.

The Institute for International Finance report adds that Iraq's economy in 2020 was the worst economic performance for the country since 2003. The expectation is that the country will witness limited economic growth during the next two years, ranging between 1.6 per cent in 2021 and 3.1 per cent in 2022. 
 

The expected improvement is due to the possibility of an increase in oil exports and an improvement in prices, compared to the year 2020. The report of the institute indicates that the current account balance has shifted from a surplus in 2019 to a deficit in 2020, and the state’s financial reserve has also decreased.

 

Edited by DinarThug
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Parliamentary preferences by voting on the budget, according to the majority system, next Thursday
 

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14:30 - 16/03/2021

 

Member of Parliament, Zaitoun Al-Dulaimi, suggested that the draft budget law be included on the agenda of next Thursday's session, indicating that the agreement with the region will not reach a consensus and the vote will take place with a majority system.

Al-Dulaimi said in a statement to / the information /, that “the dispute between the region and the center did not reach any agreement for a moment, especially since the region’s representatives repeatedly tried to link the Federal Court’s law to the budget law. Enacted annually”.

She favored "the inclusion of the budget law on the agenda of Thursday instead of tomorrow, Wednesday, with the majority system," indicating that "the vote on the Federal Court Law will vote on the amendment due to the failure to achieve a two-thirds quorum to vote on new legislation for the court law."

And a member of the Parliamentary Finance Committee, Muhammad al-Shabki, confirmed in a previous statement to "the information", that Parliament will pass the budget with the exception of the disputed articles between Baghdad and Erbil, pointing out that passing the budget needs more than one session in Parliament. 
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Representative legal: large blocs set contentious conditions in exchange for voting on the budget

 
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15:27 - 16/03/2021
 
 

The Parliamentary Legal Committee revealed, on Tuesday, the deadline for approving the budget law and setting a date to bring it to Parliament.

A member of the committee, Salim Hamza, said in a statement to / al-Maalouma /, that “some large political blocs in Parliament stipulated that in exchange for setting the date for the budget and passing it in the House of Representatives, the vote on the Federal Court’s law in its new form will be taken.”

Hamza added, "Some of the major blocs categorically refused to pass the budget, and therefore the date for approval is delayed and we expect that it will not pass until after an agreement is reached on the Federal Court law."

He pointed out that "the big differences over the Federal Court law caused many problems in reaching agreements between Muslim forces and minorities from Christ and others who set conditions in exchange for passing the court law."

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In a very surprising and sudden move it was announced that the "Opinion Board" (Hayaatul raay  هيئة الرأي) of the Ministry of Oil (MoO) 

discussed and approved 

the final version of the Federal Oil and Gas Law (FOGL)

at its meeting on Wednesday, February 24, 2021.

Wow Thugs, this is a juicy tidbit indeed brother, nice find.

Could we really be near the end of this ride? As our good man LGD says "SUDDENLY" is looking mighty fine :bravo:

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34 minutes ago, Wiljor said:

In a very surprising and sudden move it was announced that the "Opinion Board" (Hayaatul raay  هيئة الرأي) of the Ministry of Oil (MoO) 

discussed and approved 

the final version of the Federal Oil and Gas Law (FOGL)

at its meeting on Wednesday, February 24, 2021.

Wow Thugs, this is a juicy tidbit indeed brother, nice find.

Could we really be near the end of this ride? As our good man LGD says "SUDDENLY" is looking mighty fine :bravo:

image.jpeg.809d20558f5c8af6f4884dc69a323b46.jpeg

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3 hours ago, Laid Back said:

I think we are my brother.!

 

With the 2021 Budget we will see the settlement of many pending rights that belong to the people.

 

“Iraq is on the brink of economic recovery”

Statement from PM financial advisor.

 

 

“We will witness the opening of Iraq to the world significantly."

Statement from British ambassador 

 

“In view of the corrective measures implemented by Iraq, the Executive Board decided not to require any further remedial action in connection with the breach of obligations under Article VIII, Section 5.”

Statement from IMF

 

The visit of the Pope to Iraq was a clear sign of security, stability and peace.

 

Too many positive things happening.... WTO ascension.... BUNA payment platform.... e-banking..... trade agreements.... Customs   automation

Fighting corruption.... HCL... Federal court law....$56 billion dollars in Foreign currency reserves .... 96.5 Tons of gold.... Oil at $65.

 

It’s coming fast ....... Go RV

 

 

 

 

💥

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