Mr. Sadr tweets on the budget and warns

[DinarThug]

4 hours ago, 6ly410 said:

SULAIMANI — The Official Gazette of Iraq published the final version of the 2021 Federal Budget Law on Saturday (April 18) meaning that it has now legally gone into effect.

NRT reporter Omed Muhammed said that the government will issue implementing instructions to ministries over the next week.

A technical delegation from the Kurdistan Regional Government (KRG) is expected to arrive in the Iraqi capital soon to oversee the execution of the budget deal between Baghdad and Erbil.

Muhammed said that the KRG Council of Ministers formed a “committee of budget implementation” during its most recent meeting, which is expected to begin its work next week.

On March 31, the Council of Representatives passed the budget law, including Article 11, which outlines the Kurdistan Region's share.

The KRG is supposed to receive 9.5 trillion Iraqi dinars ($6.5 billion), which will be disbursed in monthly increments, in return for submitting 250,000 barrels of crude oil per day to Iraq's oil marketer SOMO for export. The federal government will be able to cut off funds in the event of non-compliance.

(NRT Digital Media)

 

LINK

The 2021 budget comes into effect, and this is its final text
 

 

 

04/18/2021 11:30:00

 

The official Al-Waqa’a newspaper published the text of the fiscal budget law for 2021, to officially enter into force.

The newspaper published the final version of the budget law.

It is noteworthy that Prime Minister Mustafa Al-Kazemi announced the government's intention to challenge some of the budget's paragraphs for amendments to be made by Parliament.

To view the budget law ... click here
 
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The budget will enter into force after its publication in the Al-Waqaeq newspaper

 

18th April, 2021

The Ministry of Justice announced, on Sunday, the issuance of a new issue of the Iraqi newspaper Al-Waqi’a with the number (4625), which includes the publication of the Federal Budget Law for the fiscal year 2021.

The Director General of the Department, Haifa Shukr Mahmoud, said in a statement that Mawazine News received a copy of "Today, the new issue of the Iraqi newspaper Al-Waqi’a was issued with the number (4625).” Mahmoud added, "The number included the publication of Law No. (23) for the year 2021, the Federal General Budget of the Republic of Iraq for the fiscal year 2021."

After publishing the text of the budget law in the official Iraqi newspaper, the official Iraqi newspaper, the law will officially enter into force to initiate disbursement operations. On Thursday (April 8, 2021), President of the Republic, Barham Salih, approved the federal fiscal budget law for the current year.

To view the new issue of Al-Waqi’a newspaper, which included the publication of the 2021 Budget Law, download the file below:

download file

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Issue (4625) of the Iraqi newspaper Al-Waqi’a issued on 12/4/2021

18th April, 2021

Law No. (23) for the year 2021, the federal general budget of the Republic of Iraq for the fiscal year 2021.

To download the issue, click here

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Iraqi facts publish the 2021 budget and implementation pending financial
instructions

I 

18th April, 2021

The new issue of the Iraqi newspaper Al-Waqa’i ’, issued by the Ministry of Justice, was issued for publishing laws, legislations and legal decisions.

The Iraqi facts were published, the text of the Federal Budget Law for the fiscal year 2021, which means that it is ready for implementation, but an informed source told (Iraq Today), that “this law will not be implemented unless the Ministry of Finance issues instructions for its implementation, which it is hoped will be issued in the coming days.”  

[DinarThug]

12 hours ago, DinarThug said:

Parliamentary movement to make amendments to the oil and gas law

 

04/18/2021 07:47:21

 

 

The Parliamentary Oil and Energy Committee has opened the cabinet and the Ministry of Oil for the purpose of expediting amendments to the oil and gas law and sending it to Parliament.

 

Committee member Sadiq Al-Sulaiti said, in a press interview, that 

the oil and gas law is one of the most important stalled laws,

and the Parliamentary Oil Committee has addressed the Cabinet

and the Ministry of Oil for the purpose of expediting the necessary amendments to this law

and returning it to the House of Representatives for the purpose of advancing its legislation,

indicating that "the law exists in the inclusion of the government that is working on its completion, maturation,

and the treatment of some of its objectionable paragraphs,

and returning it to Parliament for the purpose of initiating its approval.

He added, 

"This law is the radical solution to the problems between the center and the region,

as in every budget it will create a crisis in the mechanism for settling oil receivables,

the mechanism for exporting oil and the mechanism for delivering those receivables and other paragraphs that will be subject to political difference,

and may be subject to political auctions as well."

And that "the issue does not go beyond being technical and mathematical,

related to revenues and duties,

and it is supposed to be regulated by law,"

expressing his hope during the coming period and the remainder of the parliament's life,

that "the government will ACCELERATE THE COMPLETION OF THIS LAW and return it to Parliament."

 

LINK

Parliamentary movement to make amendments to the oil and gas law

 

04/18/2021 07:47:21 

 

 

The Parliamentary Oil and Energy Committee has opened the cabinet and the Ministry of Oil for the purpose of EXPEDITING AMENDMENTS TO THE OIL AND GAS LAW AND SENDING IT TO PARLIAMENT.

 

Committee member Sadiq Al-Sulaiti said, in a press interview, that 

THE OIL AND GAS LAW is one of the most important stalled laws, 

and the Parliamentary Oil Committee has addressed the Cabinet 

and the Ministry of Oil for the purpose of expediting the necessary amendments to this law 

AND RETURNING IT TO THE HOUSE OF REPRESENTATIVES FOR THE PURPOSE OF ADVANCING ITS LEGISLATION, 

indicating that "the law exists in the inclusion of the government that is working on its completion, maturation, 

and the treatment of some of its objectionable paragraphs, 

AND RETURNING IT TO PARLIAMENT FOR THE PURPOSE OF INITIATING ITS APPROVAL. 

He added, 

"This law is the radical solution to the problems between the center and the region, 

as in every budget it will create a crisis in the mechanism for settling oil receivables, 

the mechanism for exporting oil and the mechanism for delivering those receivables and other paragraphs that will be subject to political difference, 

and may be subject to political auctions as well."

And that "the issue does not go beyond being technical and mathematical, 

related to revenues and duties, 

and it is supposed to be regulated by law," 

expressing his hope during the coming period and the remainder of the parliament's life,  

that "the government will ACCELERATE THE COMPLETION OF THIS LAW and return it to Parliament."

 

4 hours ago, 6ly410 said:

Conscious / After 16 years of delay ... a parliamentary committee to move the oil and gas law file

https://al-iraqinews.com/archives/124784

April 18, 2021 8 Views

 

Conscious / follow up

 

 The Parliamentary Oil and Energy Committee has approached the Cabinet and the Ministry of Oil for the purpose of expediting amendments to the oil and gas law and sending it to Parliament.

A member of the committee, Sadiq Al-Sulaiti, said in a statement to (Iraqi Media News Agency / INA) that “the oil and gas law is one of the most important suspended laws, and the Parliamentary Oil Committee has addressed the Prime Minister and the Ministry of Oil for the purpose of expediting the necessary amendments to this law and returning it to the House of Representatives for the purpose of moving forward with its legislation. “.

Al-Sulaiti added, "The law is in the drawers of the government, which is working to complete it, mature and treat some of its paragraphs that have objection and return it to Parliament for the purpose of initiating its approval."

He explained, "This law is the radical solution to the problems between the center and the region, as in every budget it will create a crisis in the mechanism for settling oil receivables, the mechanism for exporting oil and the mechanism for delivering these receivables and other paragraphs that will be subject to political difference, and may be subject to political auctions as well."

He pointed out, "The issue does not go beyond being a technical and mathematical one related to revenues and duties and is supposed to be regulated by law," expressing his hope during the coming period and the remainder of the parliament's life, that "the government will accelerate the completion of this law and return it to Parliament."

And the central oil and gas law was supposed to be approved since the first year of the adoption of the Iraqi constitution, in 2005, but successive Iraqi governments, with the encouragement of the political forces that formed them, according to observers, have been slow to pass it, like other laws that the Iraqi constitution has drawn its main features, And he left Parliament the power to decide its details through special laws

 

Conscious / After 16 years of delay ... a parliamentary committee to move the oil and gas law file 

https://al-iraqinews.com/archives/124784

 

April 18, 2021 8 Views

 

Conscious / follow up

 

 The Parliamentary Oil and Energy Committee has approached the Cabinet and the Ministry of Oil for the purpose of expediting amendments to THE OIL AND GAS LAW and sending it to Parliament.

 

A member of the committee, Sadiq Al-Sulaiti, said in a statement to (Iraqi Media News Agency / INA) that “THE OIL AND GAS LAW  is one of the most important suspended laws, and the Parliamentary Oil Committee has addressed the Prime Minister and the Ministry of Oil for the purpose of expediting the necessary amendments to this law and returning it to the House of Representatives for the purpose of moving forward with its legislation. “.

 

Al-Sulaiti added, "The law is in the drawers of the government, which is working to complete it, mature and treat some of its paragraphs that have objection and return it to Parliament FOR THE PURPOSE OF INITIATING ITS APPROVAL.”

 

He explained, "This law is the radical solution to the problems between the center and the region, as in every budget it will create a crisis in the mechanism for settling oil receivables, the mechanism for exporting oil and the mechanism for delivering these receivables and other paragraphs that will be subject to political difference, and may be subject to political auctions as well."

He pointed out, "The issue does not go beyond being a technical and mathematical one related to revenues and duties and is supposed to be regulated by law," expressing his hope during the coming period and the remainder of the parliament's life, that "the government WILL ACCELERATE THE COMPLETION OF THIS LAW and return it to Parliament."

 

And the central oil and gas law was supposed to be approved since the first year of the adoption of the Iraqi constitution, in 2005, but successive Iraqi governments, with the encouragement of the political forces that formed them, according to observers, have been slow to pass it, like other laws that the Iraqi constitution has drawn its main features, And he left Parliament the power to decide its details through special laws 

 

[DinarThug]

4 hours ago, 6ly410 said:

 

5 hours ago, TexasMike1958 said:

Looks like to me that since the budget has been published in the Gazette and is official, their next move is the oil and gas law.  Opinions???

 

4 hours ago, Half Crazy Runner said:

Definitely looks and sounds like that’s what’s happening!  

Let’s Bro !  

 

 

     

[NEPatriotsFan1]

The fact the budgets passed and printed and the next convo oil and gas is a very positive development! Let’s get this across the finish line and in Ramadan no less! 

[DinarThug]

LINK

Saleh: Customs taxes constitute 3% of GDP

 

18th April, 2021

 

The financial advisor to the Prime Minister, Mazhar Muhammad Salih, said that taxes in all their forms constitute only 3% of the gross domestic product in Iraq, and it is the lowest in the world

Saleh added in an article published on the Iraqi Economists Network website and seen by "Al-Eqtisad News", that taxes in Iraq, whether direct such as income and property taxes, and indirect, such as customs taxes, constitute only a percentage of the gross domestic product that does not exceed 3%, which is the lowest in the world compared to In neighboring oil-producing countries, some of which reach 30% of GDP

He pointed out that "the income tax on government taxpayers did not constitute an annual tax revenue between 450-500 billion dinars

He explained that "the income of government employees that exceeds 5.4 trillion dinars per month is not subject to income tax except the nominal salary and that the income tax law is subject to annual accounting for all sources of income

He pointed out that “the tax is currently calculated on the nominal salary only, which constitutes only 34% of the employee’s income, while 66% of the job income is unique to the tax-exempt allocations, especially the job grades that are confined between the fourth and first job grades, at a rate of 70%. ؜ from the total allocations plus special grades upwards

He continued: “Financial events in 2020 revealed that the critical operating expenditures exceeding 7 trillion dinars per month, most of which come from oil revenues, at a rate of 90%. ؜ when oil prices collapsed in the same year, the fixed-cost operating arm of government spending took to absorb the available oil revenues, preceded by salaries.

Pensions, grants and subsidies in the operating budget at a rate of 20% meaning that salaries still need 120% ؜ of oil budget revenues in order to feed their monthly payments without the other operational periods

And that "the salary difference in the year 2020 was funded from internal borrowing from the Central Bank of Iraq at the time and with an intensity of quantitative easing (printing of local currency) that the country had not seen before after the year 2003

He emphasized that "the government's internal borrowing increased by the end of 2020 to the 23 trillion dinars, and the total debt reached 66-70 trillion dinars

He added that “the goal of the fiscal policy when drawing the features of the budget in 2021 was to work on two different taxes imposed simultaneously; 

The first is the financial tax on the total income of employees and retirees to collect an additional amount in excess of 5 trillion dinars annually, at least instead of half a trillion dinars now, and that is the financial adjustment

And he continued, "The second tax that adopts monetary adjustment, which extended towards reducing the exchange rate of the Iraqi dinar and the shift in monetary policy from the philosophy of expensive cash to the philosophy of cheap cash, at a rate of 23%."
Pensions, grants and subsidies in the government sector, in addition to contractors, criminalization and earning in the private sector

[DinarThug]

LINK

Representative economy: The government was unable to provide the monthly quota, so how will the Ramadan quota be provided?

 

 

 

14:06 - 04/18/2021

 

On Sunday, the Parliamentary Economic and Investment Committee denounced the government's and previous governments' promises every year during the blessed month of Ramadan to provide citizens with either a specific substance or an additional share.

Committee member Nada Shaker said in a statement to / the information /, that “the delay in providing the citizen with the monthly quota at the specified time is due to the presence of corruption mafias in the Ministry of Trade for the purpose of protecting merchants to market and dispose of their goods similar to the terms of the insurance share in exchange for bribes given to some of the influential people in the ministry.”

Shaker added, "The promises of the Al-Kazemi government to provide the citizen with an additional Ramadan quota have not been fulfilled until now, and the reason is known."

And Trade Minister Alaa al-Jubouri confirmed on the tenth of April that the government is serious about stabilizing the ration card file during the coming period, indicating that the Ramadan quota will be distributed this week. 

[6ly410]

Kurdish threat regarding the budget

Posted 23 seconds ago

https://iraqakhbar.com/3038092

News source / Al Furat News

News source / Al Furat News

 

{Politics: Al Furat News} The Financial Committee of the Parliament of the Kurdistan Region revealed today, Sunday, the commitment of the Kurdistan region to send employee salary lists to the federal government.

 

 

"Committee member Sarko Azad said in a press statement that within the framework of the financial budget agreement between the Kurdistan region and Baghdad, the regional government is committed to sending salary lists for civil and military employees to the federal government."
And that "the negotiating delegation confirmed this, in its last meeting with the regional parliament." 
He added, "The Kurdistan Parliament is optimistic about the commitment of the federal and regional governments to the provisions of the financial budget, especially the Kurdistan Regional Government, which constantly affirms its commitment to the articles of the law, provided Baghdad is committed to sending financial dues."
He stressed that "the Kurdistan Parliament will not be silent about any government shortcomings regarding the budget, and will follow up the budget procedures," noting that "Parliament will not allow any problem that affects the lives of citizens in the region, especially the employees of them."
Ammar Al-Masoudi

[6ly410]

https://al-iraqinews.com/archives/124878 

Conscious / Sunday .. The central bank’s hard currency sales declined

April 18, 2021 7 Views

 

Conscious / follow up

On Sunday, the Iraqi Central Bank's hard currency sales fell to $ 196 million.

According to the daily bulletin of the Central Bank's auction for the sale and purchase of foreign currencies, today, sales decreased by 4.65 percent, to reach 196 million 842 thousand dollars, covered by the bank at a basic exchange rate of 1460 dinars per dollar.

The daily bulletin indicated that "the purchases amounting to 188 million and 92 thousand dollars, went to strengthen the assets abroad in the form of transfers and credits, while the banks bought 8 million and 750 thousand dollars in cash."

It indicated that "29 banks have met the requests to enhance assets abroad, 10 banks to meet cash requests, 9 joint exchange companies, and 155 companies out of a number of joint mediation companies."

The central bank's sales, at last Thursday's auction, amounted to 205 million 445 thousand dollars, 296 dollars

[DinarThug]

The budget officially enters into force ... but: no less than 10 articles are still "pending" and will not be implemented until the "answer" arrives.

2021-04-18

 

 

Yes Iraq: Baghdad

 

The 2021 budget entered into force today, Sunday, "officially" after it was published in the Al-Waqi’a newspaper, amid anticipation for many articles that may reach 10 articles whose fate will be suspended until the Federal Court decides on them.

Today, Sunday, the official Al-Waqi’a newspaper published the fiscal budget law for 2021, and by publishing the law in the official newspaper, the fiscal budget law is considered effective and the law will come into effect from today.

However, some articles will await their fate after the Federal Court decides them, against the background of several appeals filed by parliamentary blocs and others that may have been submitted by the government.

A member of the Finance Committee, Abdul Hadi Al-Saadawi, said in a press statement a few days ago, that "the federal budget comes into effect after its publication in the Iraqi newspaper Al-Waqi’a and the issuance of final instructions on it."

It was appealed to the Federal Court, which is supposed not to enter into force until a decision is reached by the Federal Court. ”

And he indicated that "a parliamentary bloc has challenged five articles in the 2021 budget, including the exchange rate, Article 11, guarantees and sovereign loans, and whose contracts have been canceled in the security ministries and the popular crowd," noting that "there is another article that will be challenged related to the tribal separation."

He continued, "This article was attached to the tables and not in the budget texts, and everyone knows that the tables are very important, and this paragraph did not appear even to the members of the Finance Committee." Destroyed by ISIS ”.

Government appeals

The matter did not depend on the aforementioned appeals submitted by a parliamentary bloc. Rather, Prime Minister Mustafa Al-Kazemi had announced his government's intention to submit new appeals against articles in the budget.

And Al-Kazemi said in a speech he gave during his meeting with tribal sheikhs and notables in Al-Muthanna governorate, that "we will file an appeal with some paragraphs of the budget with the Federal Court, because there are paragraphs that will affect the electricity sector, the health sector, etc." To solve it. ”

LINK

[DinarThug]

He revealed the truth about Al-Kazemi's appeal against the budget during his meeting with the President of the Federal Court and its members

 

259 Policy 2021/04/18 15:15 

Baghdad today - Baghdad 

 

A government source confirmed, today, Sunday (April 18, 2021) that the government will not yet submit an appeal regarding certain paragraphs in the 2021 budget to the Federal Court. 

The source told (Baghdad Today), "The meeting of the Prime Minister, Mustafa Al-Kazemi, with the President and members of the Federal Supreme Court that took place today, during which the government appeal for some paragraphs of the 2021 Budget Law was not submitted." 

And that "the competent government agencies are still working on preparing the appeal, and it will be submitted to the Federal Supreme Court within the next few days."

Earlier in the day, the Prime Minister, Mustafa Al-Kazemi, met the President of the Federal Supreme Court, Judge Jassem Muhammad Abboud, members of the court, and the President of the Supreme Judicial Council, Faiq Zaidan, in two separate meetings. 

In a statement received by the Supreme Judicial Council (Baghdad Today), the President of the Federal Supreme Court, Judge Jassem Muhammad Abboud, received Mustafa Al-Kazemi, Prime Minister, indicating that Al-Kazemi “extended my congratulations to the President, Vice President and members of the Court on the occasion of their assumption of their positions.” 

The statement pointed out that "the head of the Supreme Judicial Council, Judge Faik Zeidan, received the Prime Minister, Mustafa Al-Kazemi, and discussed joint efforts in the field of combating corruption and organized crime," indicating that "the meeting was attended by the deputies of the President of the Court of Cassation, the Head of Public Prosecution and the Head of Judicial Supervision." .

LINK

[DinarThug]

6 hours ago, 6ly410 said:

The most recent information regarding the region’s share in the financial budget

Posted 1 hour ago

https://iraqakhbar.com/3037288

News source / PukMedia Network

News source / PukMedia

 

Today, Sunday, 4/18/2021, Al-Waqi’a Official Gazette published the fiscal budget law for 2021, and it will be effective as of the date of its issuance.

Representative Nada Shaker Jawdat, a member of the Parliamentary Economic Committee, said in a statement to PUKmedia : The financial budget law has entered into force by publishing it in the Iraqi newspaper Al-Waqa'yat, explaining that the budget disbursement mechanism is one of the tasks of the federal government.

She added: The Kurdistan Region’s share will also be disbursed similar to the benefits of all governorates, including the salaries of employees.

For his part, Shirwan Misra, a member of the Parliamentary Finance Committee, said to PUKmedia : A technical delegation from the Kurdistan Region should go to Baghdad to discuss with the Federal Ministry of Finance, to resolve the details of the Kurdistan Region’s share, pointing out that the talks will determine the amount that Baghdad sends to Erbil.

It is noteworthy that, according to the federal budget law for the year 2021, the Kurdistan Regional Government must hand over 460,000 barrels of oil per day and half of non-oil imports to the federal government, including 210,000 barrels to pay the dues of oil companies and internal use, and deliver 250,000 barrels to SOMO for export. Oil, in exchange for the federal government sending the Kurdistan Region’s share of 13.9% of the budget, or about 11 trillion dinars

 

LINK

The most recent information regarding the region’s share in the financial budget

18th April, 2021

Today, Sunday, 4/18/2021, Al-Waqi’a Official Gazette published the fiscal budget law for 2021, and it will be effective from the date of its issuance.

Representative Nada Shaker Jawdat, a member of the Parliamentary Economic Committee, said in a statement to PUKmedia : 

The financial budget law has entered into force by publishing it in the Iraqi newspaper, Al-Waqi’a, explaining that the budget disbursement mechanism is one of the tasks of the federal government. 

She added: The Kurdistan Region’s share will also be disbursed similar to the benefits of all governorates, including the salaries of employees.

For his part, Sherwan Mezra, a member of the Parliamentary Finance Committee, said to PUKmedia :

A technical delegation from the Kurdistan Region should go to Baghdad to discuss with the Federal Ministry of Finance, to resolve the details of the Kurdistan Region’s share, pointing out that the talks will determine the amount that Baghdad sends to Erbil.

It is noteworthy that, according to the federal budget law for the year 2021, the Kurdistan Regional Government must hand over 460,000 barrels of oil per day and half of non-oil imports to the federal government, including 210,000 barrels to pay the dues of oil companies and internal use, and deliver 250,000 barrels to SOMO for export.
Oil, in exchange for the federal government sending the Kurdistan Region’s share of 13.9% of the budget, or about 11 trillion dinars. 

[DinarThug]

March 24, 2021

Top 12 Most Expensive World Currencies - 2021 Edition

 

 

 

101

 

 

Ever thought about what is the highest currency in the world today?

Most likely, you’re thinking now about British Pound, US Dollar, or Euro… Well, guess again.

There are at least a few currencies with a higher value than these three.
We’ve put together a list of the top 12 world’s highest-valued currencies in 2021 compared to the US Dollar and Euro.

You’ll be surprised to learn that being the most widely traded, USD is not even in the middle of the list, but almost at the end of it.

And if you want to see the flip side, compare this list to the top 10 of the weakest world currencies to see the significant differences.

Highest Currency Ranking

So, which country has the highest currency value? Let’s start with a quick recap of the most valuable currencies rating to get the entire picture:

 

#	Currency	Currency сode	USD conversion rate	EUR conversion rate
1	Kuwaiti Dinar	KWD	3.31 USD	2.77 EUR
2	Bahraini Dinar	BHD	2.66 USD	2.23 EUR
3	Omani Rial	OMR	2.60 USD	2.18 EUR
4	Jordanian Dinar	JOD	1.41 USD	1.18 EUR
5	British Pound Sterling	GBP	1.38 USD	1.16 EUR
6	Cayman Islands Dollar	KYD	1.22 USD	1.02 EUR
7	European Euro	EUR	1.19 USD	1 EUR
8	Swiss Franc	CHF	1.08 USD	0.91 EUR
9	US Dollar	USD	1 USD	0.84 EUR
10	Canadian Dollar	CAD	0.80 USD	0.67 EUR
11	Australian Dollar	AUD	0.77 USD	0.65 EUR
12	Singapore Dollar	SGD	0.74 USD	0.62 EUR

 

And now, we'll get a closer look at each currency and find out what makes them so highly valued.

 

#1 – Kuwaiti Dinar ($3.31)

 

Currency code – KWD

Kuwaiti Dinar rates:
1 KWD = 3.31 USD (Kuwaiti Dinar to US Dollar)
1 KWD = 2.77 EUR (Kuwaiti Dinar to Euro)

Today, Kuwaiti Dinar is the highest-valued currency in the world, estimating at $3.31 per Dinar. Such a high value is explained by Kuwait's stable economy and significant oil exports into the global market, producing almost 95% of the country's revenue.

According to the estimates, about 9% of the global oil reserves are located on its territory. Petroleum production here is the easiest and, therefore, the cheapest among other countries.

Besides, Kuwait is a tax-free country with a very low unemployment rate.

All of this makes it rank 8th in the list of countries with the highest GDP per capita.

Kuwaiti Dinar was first introduced in 1961 after the country gained its independence from the United Kingdom and was initially equivalent to one Pound Sterling.

Since 2003 the currency was pegged to the US Dollar, but in 2007 the government decided to peg the Kuwaiti Dinar to the weighted currency basket.

........................... CONTINUES .........................

LINK

[Longtimelurker]

2 hours ago, NEPatriotsFan1 said:

The fact the budgets passed and printed and the next convo oil and gas is a very positive development! Let’s get this across the finish line and in Ramadan no less! 

During Ramadan would fit the "why now" from kim Clements prophesy👍

[DinarThug]

LINK

General Electric affirms its commitment to support Iraq with the latest technologies, global expertise and large investments

 

 

 

04/18/2021 11:28:58

 

 

The CEO for Europe, the Middle East and Africa at General Electric Gas Energy, Joseph Anis, announced the company's commitment to support Iraq with the latest technologies, global expertise, experienced local talents, and large investments in the development efforts of the community.

 
"The company is working tirelessly to achieve tangible results that improve the lives of the Iraqi people, and today we are pleased to announce the start of work on all four turbines," Anis said in a speech during the opening ceremony of the Prime Minister Mustafa Al-Kazemi's power plant. At the Samawah station, after it was handed over to the Ministry of Electricity."

He added, "The station, which is one of the first electric power stations in the production sector in Al-Muthanna Governorate since 1975, where work was done to install four 9E gas turbines and operate them within the first phase of the project, enabling the station to generate 500 megawatts in a simple cycle." Pointing out that "at the present time the electric energy is transmitted through the transfer station to Samawah and the surrounding areas."

He continued, "General Electric Company formed an important role in supplying the necessary electric power to the country through its construction of a group of generating and transforming stations, and it is still working to supply the system with new cards based on agreements and contracts it signed with the Ministry and within time limits." 
 

He stressed that "in view of the future and the ruling need for energy demand, and in keeping with the growing demand, the ministry's cadres are making unremitting efforts to implement the second phase of the Samawah plant, and convert it to work in combined cycle to be able to generate 750 megawatts of energy to feed the national grid." 

"The company realizes the need to exert more effort to meet the growing demand for electric power in the country, and affirms to move forward in its commitment to support Iraq with the latest technologies, global expertise, experienced local talents, and major investments in the development efforts of the community," Anees said.

[DinarThug]

A strategic partnership between MasterCard and the Central Bank of Iraq to develop payment systems

 

 

 

 

MasterCard signed a partnership agreement with the Central Bank of Iraq to digitize the payment systems in the country, in a move aimed at enhancing financial inclusion, advancing social and economic development, reducing the risks of the shadow economy, and accelerating progress towards a cashless society

The partnership aims primarily to build an efficient, reliable and secure payment system, which will start with the education sector and then expand to other sectors

Not only will this reduce the use of cash, enhance digital payments and increase government revenues, but also overcome significant operational and administrative deficiencies in the education sector by reducing the excessive use of manual processes

It is noteworthy that the population of Iraq, of 40 million, depends on cash payments on a large scale, as these payments are used in 99.8% of personal consumption spending transactions that amounted to $ 122 billion in 2019

However, this does not reduce the great opportunities available for digital transformation, as the country has a large smartphone penetration rate of up to 70%, and 22% of the population falls within the category of tech-savvy youth between the ages of 15 and 24

In addition, most students' parents and guardians have limited options for payment methods, as the majority of students use cash for all their payments.

In light of the fact that parents or students do not have bank accounts, or do not use online payment services, it is very important to work to encourage a change in the way school fees are paid, which will positively affect the payments system and the economy as a whole

Commenting on the partnership, Mrs. Doha Abdel Karim Mohamed said; Director General of the Payments Department at the Central Bank of Iraq: 

The work that MasterCard has done in Iraq over the past few years has left a noticeable impact on the country's financial services sector and greatly enhanced levels of financial inclusion. We, in the Central Bank of Iraq, are fully aware of the vital role that the digital economy plays at this stage, especially enabling the formal economy to grow through a new payment system that is transparent, simple and effective. We also look forward to working with MasterCard to advance the digital transformation process in Iraq, starting with the education sector

”Khaled Al-Jabali, Regional President of MasterCard for the Middle East and Africa, said:“ Establishing a digital payments system is very important because it encourages economic development and contributes to Reducing the use of cash and the shadow economy as well. 
Our work with the Central Bank of Iraq focuses on improving the efficiency of the economy as a whole, starting with educational institutions, by giving students, families and merchants a safer, easier and more comfortable way to pay

The partnership between MasterCard and the Central Bank of Iraq is an important shift that allows the development of an integrated digital payment system that covers the basic pillars of the economy in Iraq, including the use of public policies and systems to curb the shadow economy, the comprehensive modernization of the payments system, and the digitalization of key value chains

These measures include government revenues and payments, consumer spending, as well as business purchases and salary
payments

LINK

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ERBIL, Kurdistan Region — Iraq’s poverty rate has increased slightly after the devaluation of Iraqi dinar, the spokesperson for the ministry of planning told state media on Monday, announcing recovery plans to reduce it.

“After the dollar exchange rate rose, the inflation index rose by 4.9 to 5 percent, while the primary poverty indicators rose to between 26 and 27 percent,” Abdul Zahra al-Hindawi told Iraq’s al-Sabah newspaper on Monday. 

The spokesperson added that the Ministry has “completed preparing a reform and recovery plan that responds to the challenges, taking into account the complicated crisis the country is facing, that is the economic crisis and the health crisis, what resulted in the increase of poverty rates, high prices and inflation.” The plan will be executed between 2021 to 2023.

According to Hindawi, at the beginning of the pandemic poverty rate increased to 31.7% but as the curfew lifted it led to a decrease to 25%, adding that the number of poor in Iraq is “less than 10 million.”

The ministry in January published that the population of Iraq has reached 40.1 million people, more than half of which are between the ages of 15 and 64 years old. 

Iraq has been gripped by an economic crisis, exacerbated by a drop in oil prices and the global coronavirus pandemic, which has left many unemployed.

The country has almost exclusively relied on oil revenues since the US invasion in 2003. In June last year, Kadhimi stated that the country currently gets 94.7 percent of its income from oil sales. 

Oil prices dramatically dropped because of reduced demand during the COVID-19 pandemic. Baghdad has had to borrow money to pay its civil sector and has introduced austerity measures cutting salaries and pensions, which sparked protests across Iraq. 

The price of Brent crude oil hit $62 per barrel on February 13, the highest it has been since the global oil price crash of last year – which was good news for the Iraqi economy that is heavily dependent on oil. 

The World Food Programme (WFP) representative in Iraq told state media on Thursday that "about 3 million people in Iraq suffer from insufficient food consumption.” 

Iraq’s poverty rate stood at about 20 percent before the coronavirus pandemic – but the World Bank Group in November also estimated the poverty rate in Iraq will increase by seven to 14 percent, calling on Baghdad to introduce urgent economic reforms. 

Iraqis entered the Muslim fasting month of Ramadan with a feeling of dread as they are faced with sharp price rises, a decline in the buying power of the dinar and rising unemployment. 
 

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Advisor Al-Kazemi .. Floating the currency leads to the collapse of the market and warned against its implementation

Posted 2 hours ago

https://iraqakhbar.com/3038912

News source / Sky Press

 

News source / Sky Press

Sky Press /

The Prime Minister’s Adviser for Financial and Economic Affairs, Muhammad Mazhar Saleh, confirmed today, Monday, that it is not permissible to float the currency in Iraq, indicating that this leads to the collapse of the market.

 

Saleh said that "it is not permissible to float the currency in Iraq because the market will collapse in this case," indicating that "the entry and exit of hard currency does not enter the market, which is only an exit for it, but the government is the one that brings this hard currency."

 

Saleh added, "If the government withdraws its hand, the supply will stop and the demand increases, and therefore the market will collapse."

 

He pointed out that “the problem in Iraq is that the market is asking and that the state is offering, and in the event that the Central Bank does not sell the dollar, it means that all the supply has stopped and there is no other offer. Because demand will be more than supply. "

 

He stressed that "the state is the bidder in Iraq, and therefore if the state tends to float, this means that there is no supply and thus prices collapse."

 

Floating currency is completely liberalizing the exchange rate, so the government or the central bank does not interfere in determining it directly, but rather it is secreted automatically in the currency market through the supply and demand mechanism that allows setting the national currency exchange rate against foreign currencies.

 

It is noteworthy that some officials talk from time to time on the need to float and liberalize the currency to preserve the hard currency reserves at the Central Bank.

 

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Parliamentary Finance: The share of the Kurdistan Region was set in the budget

Posted 4 hours ago

https://iraqakhbar.com/3038806

News source / PukMedia Network

 

News source / PukMedia

Today, Monday, the Parliamentary Finance Committee confirmed that the share of the Kurdistan Region was set in the draft federal budget law for the year 2021.

Representative Shirwan Mirza, a member of the Parliamentary Finance Committee, said during a special statement to PUKmedia : The share of the Kurdistan Region was set in the 2021 budget and amounted to more than 11 trillion dinars.

He added: What was announced today about determining the share of the Kurdistan Region is not correct, and this is just a blueprint for the amounts in the budget. The share of the Kurdistan Region was determined during the vote on the budget law.

He explained: Yes, the share of the Kurdistan Region was estimated at more than 11 trillion dinars, but this matter depends on what the Kurdistan Regional Government and the Federal Government agree upon, and that share may actually decrease, so we have to wait until a joint agreement is reached between the technical delegations of the Kurdistan Regional Government and the federal government

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Efforts to pass the oil and gas law

Posted 5 hours ago

https://iraqakhbar.com/3038730

News source / PukMedia Network

News source / PukMedia

 

A deputy from the Patriotic Union of Kurdistan bloc confirmed today, Monday, that there are efforts to approve the oil and gas law in the House of Representatives during the coming period.

Representative Diamond Fadel, a member of the Parliamentary Legal Committee, said during a special statement to PUKmedia : There are efforts to approve the oil and gas law in the House of Representatives during the coming period.

She added: The law exists within the Oil and Gas Committee, and the committee proposed to the Presidency of the Council of Representatives to include the law on the agenda of the upcoming sessions.

MP Almas Fadel pointed to the importance of approving the oil and gas law, because it is an important law and addresses most of the oil problems that Iraq suffers from.

 

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Warning of its implementation .. Advisor Al-Kazemi: floating the currency leads to the collapse of the Iraqi market

EconomyCentral Bank of IraqThe Iraqi marketAl-Kazemi's advisorThe Iraqi dinarFloat currency

•  

 2021-04-19

A-AA+

https://shafaq.com/ar/اقتصـاد/محذرا-من-تنفيذه-مستشار-الكاظمي-تعويم-العملة-ي-دي-لى-انهيار-السوق-العراقية

Shafaq News / The appearance of Muhammad Salih, Advisor to the Prime Minister for Financial and Economic Affairs, confirmed on Monday that it is not permissible to float the currency in Iraq, indicating that this leads to the collapse of the market.

Saleh said in an interview with Shafaq News; It is "not permissible to float the currency in Iraq because the market will collapse in this case," indicating that "the entry and exit of hard currency does not enter the market, which is only an exit for it, but the government is the one that brings this hard currency."

 

Saleh added, "If the government withdraws its hand, the supply will stop and the demand increases, and thus the market will collapse."

He pointed out that "the problem in Iraq is that the market is demanding and that the state is offering, and in the event that the Central Bank does not sell the dollar, it means that all the supply has stopped and there is no other offer, and if there is another offer, it is a little offer that is not enough to meet the demand and therefore the prices will rise Because demand will be more than supply. "

He stressed that "the state is the bidder in Iraq, and therefore if the state tends to float, then this means there is no supply, and thus prices collapse."

Floating currency is completely liberalizing the exchange rate, so the government or the central bank does not interfere in determining it directly, but rather it is secreted automatically in the currency market through the supply and demand mechanism that allows setting the national currency exchange rate against foreign currencies.

It is noteworthy that some officials talk from time to time on the need to float and liberalize the currency to preserve the hard currency reserves at the Central Bank.

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2021/04/19 12:48

• The number of readings 71
• Section : Iraq

War for Obelisk: Iraq's exit from the lists of high-risk countries is a victory for the government and the central bank

http://almasalah.com/ar/news/208221/حرب-لـ-المسلة-خروج-العراق-من-قوائم-الدول-ذات-المخاطر-المرتفعة-يعد-نصرا-للحكومة-والبنك-المركزي

 

Baghdad / Obelisk: Legal expert Tariq Harb, Monday April 19 2021, considered Iraq’s exit from the British classification of high-list countries as a "political and economic victory" for the government and the Central Bank.  

Harb explained in a statement to "Al-Obelisk", that many years have passed since the name of Iraq was included in the lists of high-risk countries, with the consequences of this staircase of great political and economic effects, perhaps the first and most important of which is the impact on investment and the reluctance of non-Iraqi companies to work in Iraq and the effects. The government and the Central Bank of Iraq have made great efforts, especially in the area of their cooperation, by taking the necessary measures regarding money laundering and terrorist financing.  

He added: The Iraqi newspaper Al-Waqi’a has hardly been published and has been devoid of publishing international procedures and decisions, especially those issued by the special committee associated with the UN Security Council with regard to combating money laundering, terrorist financing and other charges related to seizing the money of those accused of money laundering and terrorist financing, even if they are not. Iraqis, a higher committee was also established in the Central Bank to combat money laundering and terrorist financing, and these and other measures, such as activating the Anti-Money Laundering and Terrorism Financing Law No. 39 of 2015, was therefore issued Resolution 392 of 2021 including raising the name of Iraq from among the countries with high risks and thus it deserved The government The Central Bank deserved praise and praise for their efforts in raising the name of Iraq from the lists of high-risk countries.

And the Central Bank of Iraq announced, last Sunday, that Iraq was removed from the British classification of high-risk countries.  

In a statement, the bank stated that in the framework of the efforts of the Central Bank of Iraq and through the Office of Combating Money Laundering and Terrorist Financing in developing the business environment within the international compliance standards for combating money laundering and financing of terrorism, the British Treasury in the United Kingdom Government Department did not include the name of the Republic of Iraq in the lists. High risk countries according to Resolution No. 392 of 2021.

He added that the United Kingdom adopted the recommendations of the Financial Action Task Force (FATF) in classifying countries with high risks in terms of applying anti-money laundering and terrorist financing standards, after its exit from the European Union countries, and it promised Iraq is committed to keeping pace with and implementing international recommendations.

The fact that Iraq is not included in the list of high-risk countries is positively reflected in facilitating business and entering companies between the two countries, as well as supporting financial operations between the Iraqi banking sector and the United Kingdom

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The Governor of the Central Bank of Iraq, Mustafa Ghaleb Makhaif, cuts a tape of the opening of the Deposit Guarantee Company,

https://economy-news.net/content.php?id=24868

banks of the Economy News - Baghdad. The Governor of the Central Bank of Iraq, Mustafa Ghaleb Makhaif, inaugurated the new headquarters of the Iraqi Deposit Insurance Company in Baghdad. Ghalib said in a statement received by Al-Iqtisad News. Confidence in the private banks operating in Iraq, "stressing that" the Central Bank will pay attention to this company as it is one of the pillars of the banking business. "He added that" the public and private banking sector actively participated in establishing this company to become one of the leading institutions in the banking business and supporting it. " The Iraqi Deposit Guarantee Company provides a cover to guarantee public deposits with Iraqi banks licensed by the Central Bank of Iraq inside Iraq, especially small depositors.

 

Number of observations 162 date of addition 04/19/2021

 

 

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The Central Bank of Iraq signs an agreement with "MasterCard" to promote digital payments

 

Economy  ,   04/19/2021 20:46   ,

 

 

http://iraqtoday.com/ar/news/50406/البنك-المركزي-العراقي-يوقع-إتفاقا-مع--ماستركارد-لتعزيز-المدفوعات-الرقمية?latest

 

Baghdad - Iraq today: The

government of Prime Minister Mustafa Al-Kazemi is moving towards strengthening comprehensive governance in its institutions, moving from the traditional method of managing public payments to modern mechanization, to reduce the phenomenon of corruption and bureaucracy, and also to eliminate currency inflation in local markets. In this report, we highlight On the part of ongoing governance processes in financial payment systems.

Today, Monday, the Central Bank of Iraq signed an agreement with the global payment company Mastercard to limit the use of cash and promote digital payments in the country.

The two parties said in a joint statement, the agreement will help Iraq digitize its payment system, enhance financial inclusion, encourage social and economic development, and mitigate the risks of the shadow economy.

"We are very looking forward to working with MasterCard to drive digital transformation in Iraq, starting with the education sector," said Doha Mohammed, General Manager of Payments Division at Commercial International Bank.

"We are clearly aware that the digital economy has a vital role to play ... especially in enabling formal economic growth through a new payment system that is transparent, simple and efficient."

According to the World Bank, Iraq's population of 40 million depends to a large extent on cash. The bank said that nearly 99.8 percent of its $ 122 billion in personal spending was cash in 2019.

However, there is significant untapped potential for digitization. MasterCard, citing figures from the World Bank and Statista, said that Iraq has a smartphone penetration rate of 70 percent, and about 22 percent of the population falls into the category of tech-savvy youth.

The statement said that the partnership will initially aim to build a secure payment system within the education sector.

Said Khaled al - Jabali, head of the Middle East and North Africa in the MasterCard "will focus our work with the Bank of the Iraqi Central to improve overall efficiencies [in] the economy, ranging from educational institutions by giving parents, students and traders how much safer, simpler and easier to pay,"

said Jabali : "This is only the beginning .. We look forward to expanding into other sectors at a later stage, as we work to enhance the full payment system and achieve financial inclusion in Iraq."

The entities said the partnership will develop a fully digital ecosystem in Iraq, covering key pillars including the use of public policy and regulation to curb the shadow economy and the push for digitalization of key value chains.

Value chains include government collections, disbursements, consumer spending, business purchases, and salary payments

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The Iraq market is determined to be affected by the change in the exchange rate

Monday April 19, 2021 55

https://alsabaah.iq/44899/سوق-العراق-تحدد-تأثرها-بتغيير-سعر-الصرف

 

 Baghdad: Morning

 

Yesterday, Sunday, the Iraq Stock Exchange determined the extent to which the change in the exchange rate of the dollar was affected by the dinar, indicating that the decline in foreign exchange trading opportunities will move towards alternatives. 

Other. The executive director of the Iraq Stock Exchange, Taha Ahmad Abd Al-Salam, told the Iraqi News Agency (INA): "The economic facts indicate that when trading in foreign currencies decreases due to the low margin of the official price difference from trading, trading opportunities are directed towards other alternatives." 

He added that «the Iraq market has been affected, like the rest of the economic sectors in the near term, which could continue in the medium term, with the high purchase demand, in addition to other economic factors and the disclosure of the companies’ financial position for the year 2020 and their financial indicators

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Iraq leaves the British high risk country ranking

Monday April 19, 2021 55

https://alsabaah.iq/44902

 

 Baghdad: Morning 

 

Confirmed a member of the Iraqi Economists Association 

Dr.. Ikram Abdul Aziz, the positive impact on Iraq's exit from the British classification of high-risk countries, and its role in helping to develop the reality of investment in the country, pointing out that the decision represents an important step on the road to encouraging international investments to enter

 Iraq. 

The Central Bank of Iraq announced, on Sunday, that Iraq has left the British classification of high-risk countries. In a statement received by Al-Sabah, the Central Bank stated that “In the framework of the efforts of the Central Bank of Iraq and through the Office of Combating Money Laundering and Financing of Terrorism in developing the business environment within the international compliance standards for combating money laundering and terrorist financing, the British Treasury in the Department of the United Kingdom Government did not include the name The Republic of Iraq is among the lists of high-risk countries according to Resolution No. 392 of 2021 ».