The House of Representatives holds its session headed by Al-Halbousi

[yota691]

The House of Representatives holds its session headed by Al-Halbousi

• Time: 02/28/2022 12:33:07
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• Reading: 442 times

  

{Political: Al Furat News} The House of Representatives held its regular session, headed by Parliament Speaker Muhammad Al-Halbousi.

The agenda of today's session includes 3 paragraphs: taking the constitutional oath of some members, forming permanent parliamentary committees, and hosting Finance Minister Ali Allawi regarding discussing the rise in the dollar exchange rate.

Prior to the session, the Presidency of the House of Representatives held a meeting with the presidencies of the parliamentary blocs to discuss the agenda of the session and the distribution of parliamentary committees.

[yota691]

Discuss the exchange rate

The House of Representatives holds its session headed by Al-Halbousi and names 25 permanent parliamentary committees

2022.02.28 - 12:34

 

  

Baghdad - people   

On Monday, Parliament Speaker Muhammad al-Halbousi opened the second session of the House of Representatives in its fifth session.  

  

 

  

And the Council’s media department stated in a statement that “People” received a copy of it (February 28, 2022), that “the Speaker of the Council, Muhammad al-Halbousi, opened Session No. 2 / the fifth parliamentary session of the first legislative year of the first legislative term,” noting that “the quorum reached 288 deputies.” .  

  

The media department also said, "The constitutional oath has been taken of: Muhammad Karim Abdel Hussein, Alaa Sabah Merhi, Wasfi Assi Hussein and Adel Hashush Jaber."  

  

She pointed out that "the House of Representatives voted to nominate 25 permanent parliamentary committees."  

  

She stated that "the House of Representatives voted to form a committee to amend the tasks of the committees in the rules of procedure headed by the First Deputy and the membership of each of the following:   

Deputy Hassan Al Kaabi  

Deputy Faleh Al-Sari  

Representative Muhammad Tamim  

Representative Vian Sabri  

  

The House of Representatives also voted to "add a paragraph to its agenda, which is a fourth: a general discussion."  

  

The media department indicated that "the House of Representatives began discussing the exchange rate and its repercussions on the market through high prices and the damage to the poor segment, as well as discussing the public debt and the financial policy of the Ministry of Finance and what are the treatments for that in the presence of the Minister of Finance."  

  

  

  

  

  

  

The following are the standing committees of the House of Representatives that were voted on:  

1- Legal
2- Finance
3- Security and Defense
4- Integrity
5- Oil, Gas and Natural Resources
6- Foreign Relations
7- Services and Construction
8- Electricity and Energy
9- Economy, Industry and Trade
10- Investment and Development
11- Strategic Planning and Federal Service
12- Health and Environment
13- Regions and governorates that are not organized in a region
14- Transport and Communications
15- Culture, Tourism, Antiquities and Media
16- Education
17- Higher Education
18- Agriculture
19- Youth and Sports
20- Labor and Civil Society Organizations
21- Migration, Displaced Persons and Community Reconciliation
22- Martyrs, Victims and Prisoners
23- Human Rights
24 - Endowments and clans
25- Women, family and childhood  

Parliament Speaker Muhammad al-Halbousi said that "the government program follow-up committee has not been excluded or canceled, but its name has been modified to become the Strategic Planning and Federal Service Committee, and monitoring the government program is one of the tasks of this committee's work, and this will be mentioned in the council's bylaws."  

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4 MPs are sworn in, including a former minister in Al-Kazemi's government

• Time : 02/28/2022 12:45:00
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{Political: Al Furat News} 4 deputies took the constitutional oath in the parliament session held today.

Muhammed Karim Abdel Hussein, Alaa Sabah Merhi, Wasfi Assi Hussein, and Adel Hashush Al-Rikabi (former Minister of Labor in Mustafa Al-Kazemi's government) were sworn in and became members of Parliament.

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Vote on naming 25 permanent parliamentary committees and forming a committee to amend its tasks

• Time: 02/28/2022 12:49:14
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• Reading: 1,378 times

  

{Political: Al Furat News} The House of Representatives voted to name 25 permanent parliamentary committees.

The Council also voted to form a committee to amend the tasks of the committees in the internal system, headed by the First Deputy and the membership of each of the representatives (Hassan Al-Kaabi, Faleh Al-Sari, Muhammad Tamim, and Vian Sabry).

The House of Representatives voted to add a fourth paragraph to its agenda, which is (general discussion).

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Parliament begins hosting the Minister of Finance

• Time: 02/28/2022 12:54:46
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• Reading: 780 times

  

{Political: Al Furat News} The House of Representatives began hosting Finance Minister Ali Allawi.

Parliament will discuss with the Minister of Finance the high exchange rate of the dollar.

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{Euphrates News} publishes the names of the 25 permanent committees of the House of Representatives

• Time: 02/28/2022 13:37:52
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• Reading: 1,287 times

  

{Political: Al Furat News} Our agency publishes the names of the 25 permanent parliamentary committees voted on by the House of Representatives in its session held today.

The committees are:

1- Legal
2- Finance
3- Security and Defense
4- Integrity
5- Oil, Gas and Natural Resources
6- Foreign Relations
7- Services and Construction 
8- Electricity and Energy
9- Economy, Industry and Trade
10- Investment and Development
11- Strategic Planning and Federal Service
12- Health and Environment
13- Regions and governorates that are not organized in a region
14- Transport and Communications
15- Culture, Tourism, Antiquities and Media 
16- Education
17- Higher Education
18- Agriculture
19- Youth and Sports
20- Labor and Civil Society Organizations
21- Migration, Displaced Persons and Community Reconciliation
22- Martyrs, Victims and Prisoners
23- human rights 
24- Endowments and clans
25- Women, family and childhood

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Al-Halbousi: The government program follow-up committee was not excluded or canceled, but its name was modified

• Time: 02/28/2022 13:40:42
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• Reading: 507 times

  

{Political: Al Furat News} Parliament Speaker Muhammad Al-Halbousi said: “The committee to follow up on the government program has not been excluded or canceled, but its name has been modified to become (the Strategic Planning and Federal Service Committee).”

Al-Halbousi stressed during the parliament session held today that "monitoring the government program is one of the tasks of this committee's work, and this will be mentioned in the council's bylaws."

The House of Representatives voted in its session today on 25 permanent committees.

[yota691]

The House of Representatives begins discussing the dollar exchange rate and its repercussions on the market

• Time: 02/28/2022 12:59:42
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• Reading: 1,261 times

  

{Economic: Al Furat News} The House of Representatives began discussing the exchange rate and its repercussions on the market through rising prices and harming the poor.

He also began discussing the discussion of the public debt and the financial policy of the Ministry of Finance and what are the treatments for that, in the presence of Finance Minister Ali Allawi.

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The Minister of Finance explains to Parliament the reasons for changing the exchange rate of the dollar

06:33

 

Fourth - Baghdad

 

Today, Monday, Finance Minister Ali Allawi explained to Parliament the reasons for changing the dollar exchange rate 

 The Parliament's media department said, "The session is continuing and the Minister of Finance is still talking about the procedures and reasons for changing the dollar exchange rate in the Iraqi market, the revenue issue and the ministry's policies."

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Deputy: 9 trillion dinars allocated to those affected by the price of the dollar has not been spent yet

 

 2022-02-28 07:54

 

 

Shafaq News/ The deputy of the State of Law coalition revealed, inside Radi, on Monday, that nine trillion dinars were allocated in the 2021 budget to the groups affected by the rise in the price of the dollar, they have not been disbursed so far, indicating that the Minister of Finance is still insisting on maintaining the exchange rate. As is.

 

Radi told Shafaq News Agency, "The Minister of Finance, Ali Muhammad Allawi, when he proposed raising the price of the dollar in the 2021 budget, also proposed solutions for specific groups that he mentioned during a session hosted today in the House of Representatives, including allocating more than nine trillion dinars to compensate the mentioned categories, but unfortunately it was not done Disbursement of the aforementioned amount to these categories, according to the minister's words.

 

He added, "The Minister of Finance, during his hosting, gave a detailed presentation on the exchange rate of the dinar at the previous time, and how to submit the proposal to the Council of Ministers and include it in the budget law and vote on the law in the previous parliamentary session."

 

Radi pointed out that "the Parliament's State of Law coalition bloc did not vote in the previous session on the budget law and refused to change the exchange rate of the dinar against the dollar, and our position is still firm to restore the exchange rate to normal."

 

He pointed out that "the Minister of Finance answered the questions posed by members of Parliament, and gave a detailed explanation of the contribution of changing the exchange rate to improving the economy, increasing the hard currency, increasing the reserves of the Central Bank of Iraq, and repaying and controlling some foreign loans."

 

Radi confirmed that "the Minister of Finance is still insisting on the decision to raise the exchange rate and informed parliament members of that during a session hosted by Parliament today."

 

The exchange rate of the dollar has become the most prominent talk in political and popular circles in recent times, against the backdrop of the demand of the Sadrist movement's leader Muqtada al-Sadr for the House of Representatives to hold a special session to discuss the exchange rate of the dollar and the rise in the prices of materials and goods.

 

Hours after al-Sadr’s demand, the second deputy speaker of the House of Representatives, Hakim al-Zamili, a leader in the Sadrist movement and a member of the Sadrist bloc, announced the holding of a parliamentary session and directed a letter to host Finance Minister Ali Muhammad Allawi, and Central Bank Governor Mustafa Makheef, but Allawi refused to attend the session while he attended it. The Governor of the Bank, before holding today's session, which was attended by the Minister.

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{Euphrates News} publishes important documents presented by the Minister of Finance to Parliament on the exchange of the dollar

• Time: 02/28/2022 15:55:41
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• Reading: 481 times

  

{Economic: Al Furat News} Our agency publishes important documents presented by Finance Minister Ali Allawi before the House of Representatives on the dollar exchange rate.

The documents refer to food prices, inflation in Iraq and the world, and the direct benefits of devaluing the local currency {the dinar}.

 

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Alsumaria publishes the offer made by the Minister of Finance during his hosting in Parliament

Policy

2022-02-28 | 07:35

 

 

Source:

Alsumaria news

 

17,187 views

 

 

Alsumaria News Agency publishes the offer made by the Minister of Finance, Ali Abdul Amir Allawi, during his hosting in the House of Representatives, regarding the dollar exchange rate, today, Monday.

Earlier in the day, Parliament hosted the Minister of Finance; To discuss the exchange rate and its repercussions on the market through high prices and the damage to the poor segment, in addition to the issue of public debt and the financial policy of the Ministry of Finance and what are the treatments for this, according to a statement to Parliament.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[6ly410]

ERBIL, Kurdistan Region - Iraq’s parliament convened on Monday to discuss the increased exchange rate of the Iraqi dinar with the country’s finance minister.

The Iraqi parliament held a session to discuss the high exchange rate of the Iraqi dinar, which is set at 1,450 dinars per US dollar.

“The parliament has begun discussing the exchange rate and its repercussions on the market through high prices which are harming the poor,” reported state media.

The Sadrist movement on Monday said the Iraqi finance minister Ali Alllawi has been summoned to attend the parliamentary session “to discuss the financial and economic crises that Iraq is going through.” 

On February 17, Shiite cleric Muqtada al-Sadr and head of the largest parliamentary bloc, tweeted a list of six suggestions regarding the dinar-dollar exchange, with the fourth point reading “summon the finance minister to the parliament immediately.” 

In December of 2020, Iraq’s central bank announceddevaluing the country’s currency in an effort to combat a national liquidity crisis and bring in much-needed cash to the government’s coffers. 

The devaluation of the dinar struck the public hard as government employees get paid in dinar, and they would be able to afford less with their salaries given that many imported goods are paid for in dollars.

The devaluation of the Iraqi dinar is a step taken towards reform and creating a “financial balance” and will revive the economy, Allawi said at the time.

In mid-August of last year, a member of the parliament’s finance committee said the dinar-dollar exchange rate will be fixed for the next five years.

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Parliament continues to discuss the exchange rate and its implications in the presence of Allawi

08:12

Fourth - Baghdad

Today, Monday, the House of Representatives continues its session to discuss the dollar exchange rate and its repercussions, in the presence of Finance Minister Ali Allawi.

 

The Parliament's media department said in a statement it received (the fourth), that "the session  continues to discuss the exchange rate and its repercussions on the market through high prices and harm to the poor, in the presence of the Minister of Finance."

[yota691]

The Minister of Finance explains to Parliament the reasons for changing the exchange rate of the dollar

06:33

 

Fourth - Baghdad

 

Today, Monday, Finance Minister Ali Allawi explained to Parliament the reasons for changing the dollar exchange rate 

 The Parliament's media department said, "The session is continuing and the Minister of Finance is still talking about the procedures and reasons for changing the dollar exchange rate in the Iraqi market, the revenue issue and the ministry's policies."

[rvmydinar]

1 hour ago, 6ly410 said:

In mid-August of last year, a member of the parliament’s finance committee said the dinar-dollar exchange rate will be fixed for the next five years.

If the dinar-dollar rate will be fixed for the next 5 years, then the question is why and why would they keep talking and talking about changing the exchange rate lately? Do they have a hidden agenda behind a back door about changing the exchange rate that we don't know? Or is this one of their best strategy to scare away the dinar investors to sell off their dinars? Where there is no smoke, there is no fire.

[yota691]

The House of Representatives votes to cancel the Cabinet’s decision regarding the tasks of managing the National Oil Company

• Time: 02/28/2022 18:23:54
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• Reading: 533 times

  

{Politics: Al Furat News} The House of Representatives, in its session held today, Monday, voted to cancel the Cabinet's decision assigning the Minister of Oil to manage the National Oil Company.

 

And the parliament’s media stated in a brief statement, which {Euphrates News} received a copy of, that: “The House of Representatives is voting to cancel the Cabinet’s decision to assign the Minister of Oil the tasks of the director of the National Oil Company in addition to his job for violating the law.”

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The House of Representatives votes to form a parliamentary committee to investigate the facts and search for the missing protesters and the disappeared

• Time: 02/28/2022 18:26:17
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• Reading: 338 times

  

 

 

The House of Representatives votes to form a parliamentary committee to investigate the facts and search for the missing protesters  , the disappeared, the
security services and victims, the attack on institutions, and the follow-up to the file of the killers of the demonstrators

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Parliament adjourns the session

• Time : 02/28/2022 18:30:06
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• Reading: 429 times

  

{Politics: Al Furat News} The House of Representatives announced the adjournment of its session held today, Monday.

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Parliament votes to cancel the decision to assign the Minister of Oil the duties of the Director of the National Oil Company

 

 2022-02-28 10:26

 

Shafaq News/ The Iraqi parliament voted, on Monday, to cancel a decision assigning the Minister of Oil to manage the National Oil Company.

 

Shafak News Agency correspondent said that the House of Representatives voted to cancel the Cabinet's decision assigning Oil Minister Ihsan Abdul-Jabbar with the duties of the director of the National Oil Company in addition to his job, for violating the law.

 

On September 9, 2020, the Iraqi Council of Ministers decided to assign Oil Minister Ihsan Abdul-Jabbar with the tasks of the head of the Iraqi National Oil Company in addition to his job.

 

In 2018, Iraq established the National Oil Company with the aim of improving the management and protection of the country's wealth.

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Parliament forms a committee to investigate the fate of the absent protesters, and raises its session to further notice

 

 2022-02-28 10:38

 

Shafaq News/ The Iraqi parliament voted, on Monday, to form a parliamentary committee to investigate the fate of the demonstrators and the attacks on state institutions, and adjourned its session until further notice, while two new deputies took the constitutional oath as alternatives to the governors of Kirkuk and Salah al-Din.

 

Shafaq News Agency's reporter said that the parliament voted to form a parliamentary committee to investigate the facts and search for the missing demonstrators and the disappeared, as well as attacks on members of the security services, and casualties among them.

 

The committee also investigates the attacks on state institutions, as well as following up the file of the killers of demonstrators.

 

The demonstrations that started on October 25, 2019, and lasted for nearly a year, witnessed bloody events, as hundreds of demonstrators were victims and thousands of them were injured, some of which led to permanent disabilities, and some of them disappeared and their fate is still unknown until now. They arrested, kidnapped, disappeared, or killed and assaulted protesters.

 

On the other hand, a number of members of the security forces were subjected to various attacks, some of which led to death and others that caused permanent disabilities, and some state institutions were attacked.

 

On the other hand, MPs Wasfi Al-Asi and Muhammad Karim Al-Baldawi were sworn in as members of the House of Representatives as alternatives to the governors of Kirkuk and Salah al-Din.

 

"I took the constitutional oath today as a deputy in the Iraqi parliament for the Sadiqoun bloc, which is affiliated with the Al-Fateh Alliance," the deputy of the Asa'ib Ahl al-Haq movement, Muhammad Karim al-Baldawi, told Shafaq News Agency.

 

And he indicated that, "according to the amended Elections Law No. 9 of 2020 and the decision of the Federal Court, the reserve with the highest votes in the electoral district occupies a parliamentary seat as an alternative to the winner in the event of his abdication or withdrawal from Parliament."

 

Al-Baldawi confirmed, "I am the highest voted in the second electoral district in Salah al-Din, and I came second after the current deputy and governor of Salah al-Din from the Ammar al-Jabr (Progress) coalition, who preferred and decided to remain conservative and not go to Parliament."

 

During the last elections in October 2021, MP Muhammad Karim al-Baldawi came second behind the current governor and candidate for "progress" Ammar al-Jabr within the second electoral district, which included Balad, Yathrib, Dujail, al-Dur, Tuz Khurmatu and Amerli.

 

In the same context, MP Wasfi Al-Asi was sworn in as a deputy in parliament and an alternative to the current Kirkuk governor, Rakan Saeed Al-Jubouri, who preferred to remain in his position as Kirkuk governor.

 

Rakan Saeed Al-Jubouri from the Arab Alliance won 14,682 votes during the House of Representatives elections in October 2021, while Wasfi Al-Asi was replaced as a reserve.

 

Under the amendment in the last parliament elections law, the candidate with the highest votes replaces the winning deputy who gives up his parliamentary seat regardless of the list or the political alliance.

[yota691]

Parliamentary hosting and deep discussions

The Minister of Finance answers the representatives' questions: Is it possible to return the exchange rate to the previous one?

2022.02.28 - 19:11

 

  

 

  

Urgent///  

  

The House of Representatives discusses the implications of the dollar exchange rate in the presence of the Minister of Finance  

  

Today, Monday, in its second session of the fifth electoral cycle for the first legislative year of its first term, the House of Representatives hosted the Minister of Finance, in the presence of 288 deputies, to discuss the dollar exchange rate and its repercussions on the local market.  

  

The council, during its hosting of the Minister of Finance, discussed the rise in the dollar exchange rate and its repercussions on the market through the rise in prices and the damage to the poor segment, as well as the discussion of the public debt and the financial policy of the Ministry of Finance and the proposed treatments.  

The Speaker of the Council welcomed the presence of Finance Minister Ali Abdul Amir Allawi and the Undersecretary of the Ministry to the session at the request of Deputy Burhan Al-Maamouri, accompanied by the signatures of 100 deputies.  

For his part, Minister Allawi reviewed, in a detailed explanation, the reasons for changing the exchange rate and its relationship to economic reform, which was according to an extensive study in which concerned parties participated and was not an individual decision by the Ministry of Finance, noting that changing the exchange rate at that time was against the background of the deterioration of global oil prices due to the impact of the pandemic. Corona and a decline in the volume of Iraqi oil exports, according to the International Monetary Fund’s estimate, amounted to (4.9%), as well as the failure to approve the 2020 budget due to the resignation of the government, which led to a stifling financial crisis that prevented the payment of the salaries of employees and retirees, which prompted the House of Representatives to pass a law financing the deficit in the amount of 27 trillion dinars .  

The Minister of Finance indicated that the 2021 budget, which was developed according to reform plans, contributed to developing solutions, addressing the financial situation and working to develop the long-term financial strategy by presenting the white paper that restored balance to the Iraqi economy, provided economic stability for people with limited income and corrected local investment, indicating that the imbalance The Iraqi economy is due to the negative accumulations and the direct and indirect state control over the economy since the seventies of the last century, noting that reconsidering the exchange rate of the currency in an ill-considered manner leads to financial chaos similar to some countries, so the trend was to set the exchange rate of the Iraqi dinar comfortably to protect it From any external changes in a proactive and correct step in coordination with the Central Bank and studying it with the Prime Minister, heads of political blocs and other parties, in addition to the support of the International Monetary Fund regarding changing the price at a reasonable rate.  

The minister explained that the draft budget law for the year 2021 focused on protecting vulnerable groups in society, applying some elements of the white paper, increasing non-oil imports, and the ministry's treatment of these groups by allocating more than 9 trillion dinars to help increase social protection allocations, improve the effectiveness of the ration card, and support small and medium enterprises. For young people, in addition to increasing the pensions of retired people and the allowances for martyrs and political prisoners.  

Allawi indicated that the benefits of devaluing the Iraqi dinar increased government revenues by 23 percent, including maximizing the funds allocated to finance reconstruction projects and allowing the government to respond to the increase in citizens' needs and contribute to strengthening the balance of payments for the country and avoiding risks, in addition to the International Monetary Fund's support for the reduction process as it would strengthen The financial situation of Iraq, especially the competitiveness of the private sector against cheap foreign imports. Foreign investments have been revived as a direct result of the development of the financial and economic situation, which is witnessing a recovery and stability of markets.  

Allawi pointed out that the rise in prices in the Iraqi markets was not only due to the decrease in the exchange rate of the dollar, but rather as a result of the increase in global food prices since 2020, explaining that the rise in global oil prices is beneficial for Iraq and at the same time affects its needs of foodstuffs and oil derivatives and the import of gas that is used To generate electricity by 30%, alluding to the reduction of the Iraqi external debt by 4 billion dollars in 2021.  

  

The minister suggested supporting vulnerable segments of society by allocating a direct grant to be distributed through the ration card or social welfare, and supporting small and medium-sized enterprises, especially in rural areas, as a result of the financial abundance resulting from the increase in oil prices.  

On the same subject, Representative Burhan Al-Maamouri asked about the results obtained from the decision of the Ministry of Finance and the Central Bank to change the exchange rate of the dollar and its repercussions on the livelihood of citizens in light of the high demand for foodstuffs in local markets and knowing the percentage of completion of the white paper and its impact on the work of government institutions, in addition to his question about the lack of implementation The provisions of the budget for the past year by paying farmers’ dues, objecting to the establishment of the Petrodollar Fund, and depriving the producing governorates of additional amounts to improve their situation.  

In his response, the Minister of Finance indicated that there is a global imbalance in the economy and a defect in the commercial, import and institutional situation in Iraq, especially the uncontrolled outlets, as well as the poor absorption of the agricultural, industrial and private sectors of the economic changes taking place in the world, indicating that the rate of paying farmers’ dues amounted to 65 percent with the presence of many backlogs. For the years 2019 and 2020, noting that the financial crisis that occurred in 2021 affected the possibility of implementing some of the items contained in the budget law, while stressing that the percentage of completion of the white paper, which included 322 axes, reached 61%, declaring that 60% of the border crossings are not in control. Perhaps including those located in the Kurdistan region.  

In the interventions of the deputies during the session, which was presided in part by Governor Al-Zamili, a number of deputies demanded to know the possibility of restoring the dinar exchange rate to its predecessor to reduce price inflation, address currency smuggling outlets and delay payment of farmers’ dues, in addition to the demand for the automation of border crossings and reservations on the government’s reliance on the policy of External loans, burdening the country with debts, putting in place actual reform steps without overburdening the citizen, and asking financial authorities to make denominations of small currencies to avoid price hikes due to the lack of middle classes.  

For his part, Hakim Al-Zamili called on the government to work to impose its control over the financial sectors and to develop a basic solution with the commitment of the Ministry of Finance to support the simple classes in society.  

Al-Halbousi indicated during the session that the background of the exchange rate change was due to the Corona pandemic, the decline in oil prices and the scarcity of Iraqi imports, and what caused a financial crisis, at which time the Iraqi government was unable to pay its obligations towards employees and retirees, while the proposed solutions were identified by several options, including reducing employees’ salaries by 30%. percent and demobilizing a number of employees and referring them to compulsory retirement, but the House of Representatives chose to amend the exchange rate, which achieved revenues for the state amounting to 22 trillion dinars and found a solution to the problem, calling for effective solutions to maximize financial revenues that enable the state to restore the value of the Iraqi dinar, pointing out that the largest deals for corruption It happened in Iraq in 2012 when the dollar exchange rate was changed.  

In the same context, the Chairman of the Council called on the Ministry of Finance to work on presenting a new vision to address the negative effects that resulted from changing the exchange rate, provided that it is presented to the Council within a period of two weeks.  

In turn, the Minister of Finance made it clear that it is not possible at the present time to change the exchange rate as it has achieved stability in the Iraqi economy and its change is linked to the high financial abundance that meets the ambition.  

  

  

Media Department  

Parliament  

28/2/2022  

[yota691]

The Minister of Finance resolves the controversy over changing the dollar exchange rate

• Time: 02/28/2022 19:09:56
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• Reading: 1,092 times

  

 

During the parliament session.. Al-Halbousi calls on the Ministry of Finance to work on presenting a new vision to address the negative effects that resulted from the exchange rate change 

Finance Minister during his hosting in Parliament: It is not possible at the present time to change the exchange rate
Minister of Finance: The 2021 budget was drawn up according to reform plans that contributed to developing solutions and addressing the financial situation
Minister of Finance: The benefits of devaluing the Iraqi dinar increased government revenues by 23 percent

Finance Minister: The rise in global oil prices is beneficial for Iraq

Finance Minister: Reducing Iraq's foreign debt by $4 billion in 2021

Finance Minister: The rate of paying farmers’ dues has reached 65 percent

Minister of Finance: 60% of the border crossings are not under control, including those located in the Kurdistan region

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Al-Halbousi announces the setting of the next session to elect the President of the Republic and vote on the parliamentary committees

• Time: 02/28/2022 19:16:22
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• Reading: 637 times

[yota691]

In Details.. Parliament Session For Today

28/02/2022

19

 

Earth News/ The House of Representatives hosted today, Monday, in its second session of the fifth electoral cycle for the first legislative year of its first term, in the presence of 288 deputies, to discuss the dollar exchange rate and its repercussions on the local market.

A statement by the Media Department stated in a statement received by Earth News Agency, that "at the beginning of the session, Messrs. Muhammad Karim Abdel Hussein from Salah al-Din Governorate, Alaa Sabah Marei from Basra Governorate and Wasfi Assi Hussein from Kirkuk Governorate took the constitutional oath to fill the membership of the House of Representatives."

He added, "With regard to the formation of parliamentary committees, the Speaker of the Council directed all parliamentary blocs to expedite the formation of parliamentary committees by distributing their members equally among all committees due to the importance of their oversight and legislative tasks, pointing out that so far the parliamentary blocs have not presented their choices accurately."

The statement continued, “The parliament voted by a majority on the parliament’s presidency proposal to make the number of permanent parliamentary committees 25, and the parliament voted to form a temporary committee headed by the first deputy speaker of the parliament, Hakim al-Zamili, and the membership of Representatives Hassan Karim, Faleh al-Sari, Vian Sabri and Muhammad Tamim to amend and define the tasks of the committees in the rules of procedure. Then it was presented to Parliament.

The council discussed, according to the statement, "while hosting the Minister of Finance, the rise in the dollar exchange rate and its repercussions on the market through high prices and the damage to the poor segment, and the discussion of public debt and the financial policy of the Ministry of Finance and the proposed treatments."

"The Speaker of the Council welcomed the presence of the Minister of Finance, Mr. Ali Abdul-Amir Allawi, and the Undersecretary of the Ministry to the session, at the request of Deputy Burhan Al-Maamouri, accompanied by the signatures of 100 deputies."

For his part, Allawi reviewed in “a detailed explanation of the reasons for changing the exchange rate and its relationship to economic reform, which was according to an extensive study in which concerned parties participated and was not an individual decision by the Ministry of Finance, indicating that the exchange rate change at that time was against the background of the deterioration of global oil prices due to the impact of a pandemic.” Corona and a decline in the volume of Iraqi oil exports, according to the International Monetary Fund’s estimate, amounted to (4.9%), as well as the failure to approve the 2020 budget due to the resignation of the government, which led to a stifling financial crisis that prevented the payment of the salaries of employees and retirees, which prompted the House of Representatives to pass a law financing the deficit in the amount of 27 trillion dinars “.

The Minister of Finance indicated that “the 2021 budget, which was developed according to reform plans, contributed to developing solutions, addressing the financial situation and working to develop the long-term financial strategy by presenting the white paper that restored balance to the Iraqi economy, provided economic stability for people with limited income and corrected local investment,” noting That "the imbalance in the Iraqi economy is due to the negative accumulations and the direct and indirect state control over the economy since the seventies of the last century."

He noted that “reconsidering the exchange rate of the currency in an unthought manner leads to financial chaos similar to some countries, so the trend was to determine the exchange rate of the Iraqi dinar in a comfortable way to protect it from any external changes with a proactive and correct step in coordination with the Central Bank and studying it with the Prime Minister and heads of blocs Politics and other parties, in addition to the support of the International Monetary Fund, to change the price at a reasonable rate.

The minister explained that “the draft budget law for the year 2021 focused on protecting vulnerable groups in society, applying some elements of the white paper, increasing non-oil imports, and the ministry’s treatment of these groups by allocating more than 9 trillion dinars to help increase social protection allocations, improve the effectiveness of the ration card, and support small projects. In addition to increasing the pensions of retired people and the allocations for martyrs and political prisoners.”

And Allawi indicated that "the benefits of devaluing the Iraqi dinar increased government revenues by 23 percent, including maximizing the funds allocated to finance reconstruction projects and allowing the government to respond to the increase in citizens' needs and contribute to strengthening the balance of payments for the country and avoiding risks, in addition to the International Monetary Fund's support for the reduction process being The financial situation of Iraq, especially the competitiveness of the private sector, will strengthen against cheap foreign imports, and foreign investments have revived as a direct result of the development of the financial and economic situation, which is witnessing a recovery and stability of markets.

Allawi pointed out that "the rise in prices in the Iraqi markets was not only due to the decrease in the exchange rate of the dollar, but rather as a result of the increase in global food prices since 2020," explaining that "the rise in global oil prices is beneficial for Iraq and at the same time affects its needs of foodstuffs, oil derivatives, and imports." Gas, which is used to generate electricity, increased by 30%, alluding to the reduction of the Iraqi external debt by 4 billion dollars in 2021.”