Bond Lady’s Corner Iraqi News Wednesday AM/PM 5-5-21

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Iraqi News Wednesday AM 5-5-21

TLM724 Administrator BondLady’s Corner

China: The Agreement With Iraq Will Be Effective Soon, And The Annual Volume Of Exchange Reached 30 Billion Dollars

Economie| 01:48 – 05/05/2021   Baghdad – Mawazine News  China announced, on Wednesday, that the agreement with Iraq will be activated soon, while noting that the annual volume of exchange between the two countries has reached 30 billion dollars.

“The annual volume of exchange exceeded 30 billion dollars annually,” said Chinese Commercial Counselor Xu Chun, during a press conference with Chinese Vice Ambassador Jian Fangning, through a closed circuit to introduce the Chinese development achievements and the development of economic and trade relations between Iraq and China. 2019, the volume of exchange reached 33 billion and 300 million dollars, but last year it decreased to 30 billion and 200 million dollars, as a result of the decline in world oil prices.

He added that “China is still considered the largest importer of Iraqi crude oil despite the decrease in imports due to the repercussions of the Corona pandemic.”

On the date of implementation of the agreement signed between Iraq and China, he explained that “the Chinese Sancho Foundation is working in close communication with the Iraqi Ministry of Finance and the Central Bank to address technical issues,” stressing that “the Sino-Iraqi agreement will be activated as soon as possible and there is a serious intention in this regard.” https://www.mawazin.net/Details.aspx?jimare=152179

The Exchange Rate Of The Dollar Against The Iraqi Dinar In The Local Market Today

Economie| 11:00 – 05/05/2021   Baghdad – Mawazine News  publishes / Mawazine News / Dollar exchange rates in local markets on Wednesday (May 5, 2021).

Baghdad – Al-Kifah Stock Exchange   148,100

Price in exchange (approximate)   147,500  148,500

Erbil / Stock Exchange   148,225    Basra / Bursa  148,100

https://www.mawazin.net/Details.aspx?jimare=152151

Al-Kazemi And The French Ambassador Are Discussing Facilitating The Work Of French Companies In Iraq

Political| 03:10 – 05/05/2021   Baghdad – Mawazine News  discussed the Prime Minister, Mustafa Al-Kazemi, and the French ambassador to Iraq, Bruno Hubert, on Wednesday, to facilitate the work of French companies in the country.

The media office of the Prime Minister stated, in a statement that Mawazine News received a copy of, that “Al-Kazemi received the French ambassador in Iraq, Bruno Hubert,” pointing out that “the meeting reviewed the bilateral relations between the two countries, in addition to discussing a number of issues and files of interest. Subscriber. “

The two sides discussed “joint bilateral cooperation between Baghdad and Paris, and means of enhancing and developing it in the economic, security and cultural fields, as well as cooperation in the field of investment and facilitating the work of French companies in Iraq.”   https://www.mawazin.net/Details.aspx?jimare=152189

Al-Araji To NATO Chief Of Staff: Withdrawal Of Combat Forces Helps Stabilize Iraq

Political| 03:25 – 05/05/2021   BAGHDAD – Mawazine News  , National Security Adviser Qassem Al-Araji confirmed, today, Wednesday, that the withdrawal of combat forces helps stabilize Iraq.

The media office of the National Security Adviser stated, in a statement received by Mawazine News, a copy of it, that “Al-Araji, the National Security Adviser, Qassem Al-Araji, received in his office today, Wednesday, the Chief of Staff of NATO, Admiral Joachim Roll, and his accompanying delegation.”

The two sides discussed “joint cooperation between Iraq and the NATO mission, in the interest of security and stability in Iraq and the region.”

Al-Araji said, “The withdrawal of foreign combat forces from Iraq helps to stabilize and enhance its security,” stressing that “there is no increase in the number of foreign forces in Iraq.”

And, “Iraq needs training, advice and raising its combat capabilities, and it does not need any fighting force,” he said.

For his part, Admiral Roll said, “The NATO mission is a non-combat mission that helps and contributes to raising the combat capabilities and skills of the Iraqi forces, through training and correct advice.”

https://www.mawazin.net/Details.aspx?jimare=152191

Saudi Arabia Grants A License To An Iraqi Bank To Open A Branch In The Kingdom

Time: 05/05/2021 03:07:55 Read: 5,239 times   {Economist: Al Furat News} The Saudi Cabinet agreed, on Tuesday, to grant a license to the National Bank of Iraq to open a branch for it in the Kingdom.

It is noteworthy that the Iraqi-Saudi relations witnessed remarkable progress, the most recent of which was the visit of Prime Minister Mustafa Al-Kazemi to Riyadh at the head of a high-ranking government delegation on April 1.

The two countries’ joint statement after the visit stated, “Establishing a joint Iraqi-Saudi fund, the capital of which is estimated at three billion dollars, as a contribution from Saudi Arabia in promoting investment in economic fields in Iraq, for the benefit of the Saudi and Iraqi economies, with the participation of the private sector on both sides.”

Bilateral agreements were also signed that included (an agreement to avoid double taxation, an agreement for cooperation in the field of development planning for economic diversification and private sector development, a cooperation agreement between the Saudi Contractors Authority and the Iraqi Contractors Union for the reconstruction of Iraq, and the agreement for financing Saudi exports to Iraq).

Two memoranda of understanding and cooperation were also signed, which included (a memorandum of understanding between the Iraqi Media Network and the Saudi Radio and Television Authority, and a memorandum of cooperation between the King Abdul Aziz House in the Kingdom and the National Library and Archives in the Republic of Iraq).   LINK

The Establishment Of The First Industrial City And The Largest Iron Factory In Basra

Time: 05/05/2021 08:41:54 Read: 3,978 times  {Economist: Al Furat News} The Basra Investment Commission has included mega projects within the current year’s plan, the most prominent of which is the implementation of a large iron and steel plant, and the first industrial city to help employ thousands of unemployed.

“The plan for the current year includes the establishment of giant investment projects, the most prominent of which is the iron and steel plant with a design capacity of more than one million tons of reinforcing and industrial iron,” the commission’s president, Alaa Abdul-Hussain Salman, said in a press statement.

He added that “the plan also includes residential, industrial, recreational and hotel projects whose construction cost is estimated at hundreds of millions of dollars”, indicating that “almost all sectoral approvals have been completed in coordination with Basra’s local administration in preparation for signing the investment licenses.”

Salman pointed to “completing the approvals of government departments to establish the first major industrial city by preserving an area of a thousand dunams, as it was planned to accommodate a large number of petrochemical industrial investment projects and projects for the manufacture of iron, steel and electronic sectors.”

He mentioned that “the location of the industrial city was chosen near sources of oil and gas wealth, ports, and highways, which would help investors to export the surplus to global markets and reduce the cost of imported and imported process materials.”    LINK

Source: Dinar Recaps


More Iraqi News Wednesday PM 5-5-21

TLM724 Administrator BondLady’s Corner

Financial Management Reform

Wednesday 05 May 2021  148   Mustafa Muhammad Ibrahim   looks at the file of the financial administration in Iraq as one of the important files that must be focused on and it is not intended by the administrative position, but rather to employ the right person in the right place, i.e. (the financial manager) who leads his administration in the financial aspect in the correct manner and financial discipline in spending

This is what the country suffers after, which made Iraq suffer from a decline in financial management, despite its possession of a lot of financial, material and human resources, which make it better than it was now as a result of wasting financial resources, whether in operational or investment spending.

Correct and efficient financial management puts the institution in the development, continuous production and permanence of the institutional sector, so there is a set of reforms that must be taken to reform wasted, especially after the approval of the Budget Law No. (23) for the year 2021, as well as the implementation of the white paper prepared by the Ministry of Finance to reform the Iraqi economy For the next period, and among these reforms, the first of which is the prime minister’s field tour to the ministries of finance and planning, and a meeting to reform financial management along the lines of his tour to the National Investment Commission, which made everyone demand such rounds.

There is a need to place the right person in the right place in the financial (executive) side, with knowledge of all the laws, instructions, and exchange sections of the corporation, and controlling consumer spending by the corporation by relying on itself, i.e. from its own resources.

Financial management reform requires the automation of the collection and spending units of all institutions, as well as the establishment of effective controls and procedures by the General Secretariat of the Council of Ministers regarding the purchase of some of the main requirements of the institution.

Although these trends reduce financial corruption and improve the financial management of institutions, the government’s approach to effective financial management remains required, and this confirms the occurrence of change within the institution from the financial side in order for it to run in a straight line.

Studies and research confirm that undermining financial corruption and waste is financial mismanagement. It requires a serious and real pause to reform the financial system in all institutions, whether governmental or private, and that enhance the economic situation.   LINK

Securities Traded 41 Billion Shares

Wednesday 05 May 2021   130   Baghdad: Hussein Thahab  The Iraq Stock Exchange traded (41) billion shares during the month of April, at a value of (60) billion dinars, achieving a 4.5 percent increase in the index at its close for the month of April, compared to the closing of the month of March, which closed at (566) points. The executive director of the market, Taha Ahmed Abdel Salam, said: “The trading of last April witnessed the circulation of shares of (61) joint-stock companies, as the total number of deals executed by the dealers reached (13053) deal.”

Stressing that “the number of shares purchased by foreigners amounted to one billion shares that were executed through (827) purchase deals, worth (3) billion dinars from trading shares of (24) listed joint stock companies, and the number of shares sold from foreigners also reached one billion shares. Through (534) sales transactions, amounting to 1 billion dinars, from trading in shares of (17) listed joint-stock companies.

He pointed out that “the market uses electronic systems for trading, similar to the Arab financial markets from the NASDAQ global software company, and applies and monitors stock trading, ownership transfer, financial and stock settlements, through the instructions issued by the Securities Commission.”

Disclosure instructions

He pointed out that the ISX60 market index for the prices of shares traded in the first session of the month closed at 581 points, and closed at the last session of the month at 592 points, achieving an increase of 1.9 percent, noting that “the number of companies suspended from trading (19) joint-stock companies By a decision of the Securities Commission for non-compliance with disclosure instructions and failure to provide financial statements.

He added, “Shares of (23) joint-stock companies were not traded due to the difference in the prices offered from the required ones,” noting that the departments responsible for disclosure continue to follow up the joint-stock companies to publish information about the essential events that lead to a rise or fall in the prices of the shares traded in each trading session according to Disclosure Instructions issued by the Securities Commission.

Business environment

It is clear that “the Iraq Stock Exchange, represented by a member of the Board of Governors, Dr. Nagham Hussein Nehme, participated last April in the workshop organized by the World Bank Group in cooperation with the Economic Reform Unit in the Prime Minister’s Office, to discuss a copy of improving the business environment in Iraq, and the Iraq Market also participated.

Securities in the workshop organized by the Federation of Arab Exchanges through the application of ZOOM ((data investigation in Arab stock exchanges)), as well as the participation of the market in the workshop organized by the European Union – Asia via an electronic circuit. market”.    LINK

A High-Ranking US Delegation To Barzani: The Kurdistan Region Is An Important Ally For Us In The Region

Time: 05/05/2021 15:03:44 Read: 1,586 times   {Local: Al Furat News} A senior American delegation confirmed, on Wednesday, that the Kurdistan region is an important ally of the United States of America.

A statement by the Kurdistan Government Media Office, which the Euphrates News received a copy of, said, “Today, Wednesday, the President of the Kurdistan Regional Government, Masrour Barzani, received a delegation from the United States that included the US State Department advisor, Derek Chollet, and the White House coordinator for the Middle East and North Africa, Brett McGurk, Acting Assistant Secretary of State for Near Eastern Affairs Joy Hood, and Deputy Assistant Secretary of Defense for Middle Eastern Affairs Dana Stroll.

Adding that the meeting, which was attended by Deputy Prime Minister Qubad Talabani, discussed ways to strengthen relations between the Kurdistan Region and the United States, as well as discussing the latest developments in the situation in Iraq and the region.

The statement added, “The delegation conveyed the greetings of President Joe Biden to the Prime Minister, and indicated that his visit is an affirmation of the President and the American government’s desire to consolidate relations with the Kurdistan Region, which is an important ally of the United States in the region.”

The Kurdistan Regional Government, especially reforms in the Ministry of Peshmerga, also reaffirmed that the United States and the international coalition will continue to support the Peshmerga forces to confront terrorist threats, especially those represented by ISIS. ”

The Prime Minister expressed his gratitude and appreciation to President Biden and the support of the US government, and expressed the Kurdistan Region’s readiness to develop Bilateral relations with the United States, “and continued, the meeting dealt with relations between the Kurdistan Region and the federal government and the upcoming Iraqi elections in addition to the strategic dialogue between Iraq and the United States and the importance of implementing the Sinjar Agreement.”   LINK

Iraq submits its report on sustainable development to the United Nations next July

Time: 05/05/2021 11:52:45 Read: 1,794 times   {Local: Al Furat News} Iraq will present its report on sustainable development to the United Nations next July, which represents the verification of the goals of sustainable development and the challenges facing the achievement of those goals.

A statement by the Information Office of the Ministry of Planning, which Al Furat News received, revealed that “The Undersecretary of the Ministry of Planning for Technical Affairs, Maher Hammad Johan, chaired today, Wednesday, an expanded meeting of the team preparing the second national voluntary report for sustainable development, which Iraq will submit to the United Nations during the month of July Next, which represents the verified sustainable development goals and the challenges facing achieving those goals. “

The statement indicated, “During the meeting, the agent indicated that the progress made in preparing the report is proceeding according to the set timings, praising the efforts of the preparation team and the great care of this team in this area.” Adding that “the report will address the reality of sustainable development at the local level, by shedding light on the experiences of seven Iraqi governorates that have achieved success stories in the field of achieving sustainable development goals, and have also faced challenges that were not easy, pointing out that achieving these goals does not depend only on effort.” Governmental activities, but rather integrates with the activity of civil society and the private sector, as well as other scientific, social, economic, media and political activities. “

The statement added, “The representative of the United Nations Development Program, Sundus Abbas, confirmed the program’s keenness to provide all possible support for the efforts of the Ministry of Planning and other partners, to prepare the second voluntary report, which is of great importance to Iraq, because it will give the international community a clear picture of the whole Conditions of sustainable development in the country. “

He continued, “In addition, the team of experts concerned with writing the report, which includes a number of university professors, reviewed the initial draft of the second voluntary report on sustainable development.” Pointing out that “the meeting concluded with the continuation of discussions and dialogues leading to the report’s enemies in its final form, according to the map of the timelines specified for that.”  LINK

Brent Oil, To About $ 70 A Barrel

Time: 05/05/2021 12:16:05 Read: 2,509 times   {Economic: Al Furat News} Brent crude prices recorded, today, Wednesday, a rise to about $ 70 a barrel.

Expectations indicate an increase in demand, in relation to easing measures to combat the Corona epidemic in the United States and Europe.   This is the highest increase since last March.   LINK

Al-Rafidain launches a single window initiative to finance investment and housing projects

Banks  Economy News _ Baghdad   Al-Rafidain Bank announced, on Wednesday, the launch of the Single Window initiative to finance investment projects in the country, with open financial ceilings, to enhance the investment sector.

“The initiative is based on facilitating and simplifying procedures for companies and investors, and completing the transaction as soon as possible, away from routine, for the purpose of attracting investors who wish to obtain financing and grant loans to them for the purpose of completing their projects,” the bank’s media office said in a statement.

“The establishment of a unified room in the general administration of the bank from the concerned departments entrusted with the task of implementing investment facilities to complete transactions as quickly as possible,” the statement stressed.

He pointed out that “the bank supports many investment projects, including housing projects in most provinces of the country, as a contribution to revitalizing the sector and alleviating the housing crisis.”

Number of observations 130 Date of addition 05/05/21  https://economy-news.net/content.php?id=24995

Labor Issues New Directives To Eradicate Poverty In Iraq

Money  and business  Economy News – Baghdad  On Wednesday, the Ministry of Labor announced the issuance of directives to eradicate poverty, indicating that this was part of the government reforms program for the year 2021, which includes reforming the social protection projects and vocational rehabilitation centers for the unemployed.

“The Undersecretary of the Ministry of Labor and Social Affairs Abeer Chalabi held an expanded meeting with the members of the ministerial team formed to implement the directives of the Council of Ministers to start implementing the projects that fall under the responsibility of the Ministry of Labor within the government reforms program for the year 2021, which includes reforming my project,” the ministry said in a statement. Social protection and vocational rehabilitation centers for the unemployed to eradicate poverty. “

According to the statement, Chalabi directed the members of the team to develop a unified and robust database to classify the beneficiaries according to age and health status to distinguish between the unemployed who are able to work from among the disabled, as well as classify the women without a breadwinner according to the number of children, and then identify those who are able to work and train them after rehabilitating the training centers and establishing new centers in Areas where there are no rehabilitation centers available to train them in various technical and professional skills according to the needs of the labor market, and it is possible to include them with project loans that the ministry provides for the unemployed to enable them economically and exit from the ministry’s database and the possibility of including other numbers of disabled and women who lack breadwinners with social protection aid.

Number of observations 26 Date added 05/05/2021   https://economy-news.net/content.php?id=24997

Jamal Al-Muhammadawi Reveals The Number Of Private Banks That Have Evaded Tax Accounting For Years

Wednesday 05, May 2021 10:02 | Economical Views: 271   Baghdad / NINA / Member of Parliament, Representative Jamal Al-Muhammadawi, revealed that the total number of private banks that have not been taxed since 2015 amounted to 20% of the total number of registered banks.

According to a document issued by his office addressed to the Minister of Finance, Al-Muhammadawi said, “The number of private banks that have not been taxed for the year 2015 and previous years reached (9) banks, and this percentage constitutes (20%) of the total number of banks registered with the Companies Department of the General Tax Authority. (44) banks. “

He added, “This matter leads to not maximizing the financial resources of the state’s public treasury at the present time, and the administrative assessment has not been carried out despite the submission of financial data for those banks, which achieved a surplus as a result of their activities, contrary to Article 30 of the amended Income Tax Law No. 113 of 1982.”

He continued, “The banks are the Iraqi Credit Bank, Al-Economy, Al-Warka, North, Tigris, Euphrates, Kurdistan International, Abu Dhabi Islamic, Standard Chartered and City Bank’s representative office.”

Al-Muhammadawi confirmed, “There are banks that have not submitted their financial data to the tax accounting department, although the General Tax Authority has addressed the Central Bank with the necessity to stop dealing with such banks, but the Central Bank replied that including it as a party to the tasks of other institutions is inconsistent with its law, without taking the necessary measures to urge and notify These banks are required to provide financial statements in accordance with Article (27) of the Income Tax Law.

He pointed out, “the presence of some notices received by private banks to fulfill a percentage (3%) for the account of tax trusts for buying foreign currency for the benefit of the importer who does not include adequate details about this taxpayer from whom the trusts were received, for example, the full name of the taxpayer, his address, or the address of the bank, and all of that contrary to the paragraph ( 4) From the instructions of the Ministry of Finance / General Tax Authority.

Al-Muhammadawi called on the Central Bank of Iraq to clarify its procedures towards these tax violations, given that the bank is the supervisor of the work of banks in Iraq in accordance with Article (40) of the Central Bank Law No. 56 of 2004 amended. / https://ninanews.com/Website/News/Details?key=902882

To read more current and reliable Iraqi news please visit BondLady’s Corner:

https://www.bondladyscorner.com/

Source: Dinar Recaps

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