Iraqi News Sunday AM 5-9-21
TLM724 Administrator BondLady’s Corner
Barzani: We Passed A Difficult Year And Did Not Reach The Region’s Share Of The Budget
Time: 05/09/2021 16:22:21 Read: 156 times Today, Sunday, May 9, 2021, the President of the Kurdistan Regional Government, Masrour Barzani, inaugurated the Jabal Zawa cable car project in Dohuk Governorate.
In a speech on the sidelines of the inauguration of the project, the Prime Minister said that the Jabal Zawa cable car will not only serve the people of Dohuk, but will benefit all citizens of Kurdistan and tourists in general.
He stressed that the government’s work program is based on two goals, the first of which includes reform and the second is related to diversifying sources of income, indicating that every effort has been made to launch tourism, agricultural and industrial projects to double financial revenues in a manner that ensures that there is no dependence on one source of income.
The Prime Minister appreciated the role of the private sector companies that participated alongside the government in implementing the project, calling for more participation in government projects with the aim of strengthening the economic sector in the Kurdistan Region, and expressed his optimism that a promising future awaits the region.
He said, “We have embarked on the implementation of the reform program, and we will continue, with the help of God and the support and support of the citizens, despite the obstacles that have been set up to obstruct reform,” and stressed, “No one can stand in our way in implementing real reform.”
And he indicated that the Kurdistan Region has gone through a difficult year, especially after the outbreak of the Corona pandemic and the collapse of global oil prices, which created great economic problems that negatively affected the economic situation and the public life of citizens.
Turning to the file of financial dues, the Prime Minister said that the region’s share of the federal budget has not yet arrived, and he hoped to send it soon.
The Prime Minister said: “The Iraqi government has not sent the Kurdistan Region’s share for 11 months, but we will continue implementing projects and will not stop and we will implement other strategic projects throughout the Kurdistan Region.”
The Prime Minister expressed his confidence that the economic situation in Kurdistan will improve with the vigor and solidarity of his citizens and the support of the private sector. He also pointed out that security and political stability are important.
And he added, “While protecting political stability, it is imperative to preserve the security and stability of the Kurdistan Region, and we will do everything we can for that.”
The Jabal Zawa cable car project is one of the largest tourism projects in Duhok, with a height of 500 meters and a length of 2,300 meters, with a total cost of $ 30 million.
Mount Zawa is a tourist area on the heights of Dohuk and enjoys stunning nature throughout the year, and is an important destination for tourists and citizens. LNK
More Than 96 Tons Of Iraq’s Gold Reserves
Economy Sunday May 9, 2021 | 10:09 am| Views: 63 The World Gold Council announced, on Sunday, that Iraq possesses more than 96 tons of gold in reserves of the precious yellow metal .
In its latest schedule for the month of May 2021, the council said, “Iraq ranked 38th in the world out of 100 countries listed in the table with the largest gold reserves in the world, and ranked fifth in the Arab world after Saudi Arabia, Lebanon, Algeria and Libya.”
He added, “Iraq’s possession of gold amounted to 96.3 tons, which represents 8.1% of the rest of its other reserves .”
He added, “The United States of America still ranks first in the largest gold reserves in the world with 8,133 thousand tons, followed by Germany with 3,362 thousand tons, while Suriname comes to the top with 1.5 tons, followed by Yemen with 1.6 tons .”
He pointed out that “the most prominent buyers of gold during this month are Japan, by 80.8 tons, and Hankaria, by 63 tons, and Uzbekistan, 8 tons, while the most prominent sellers were Turkey, by 2.6 tons .”
It is noteworthy that the World Gold Council, which is based in the United Kingdom, has extensive experience and deep knowledge of the factors causing market change, and its members consist of the largest and most advanced gold mining companies in the world. https://aynaliraqnews.com/index.php?aa=news&id22=147211
A Rise In Central Bank Sales Of Hard Currency
Economie| 01:47 – 05/09/2021 BAGHDAD – Mawazine News The Iraqi Central Bank’s hard currency sales, on Sunday, rose again, to record $ 173 million.
The central bank’s sales increased, during its auction for the sale and purchase of foreign currencies today, by 16.11%, to reach 173 million 992 thousand and 311 dollars, covered by the bank at a base exchange rate of 1460 dinars per dollar. The purchases amounting to 151 million and 492 thousand dollars 311 went to strengthen the funds abroad in the form of transfers and appropriations, while the remaining amount of 22 million and 500 thousand dollars went in cash. https://www.mawazin.net/Details.aspx?jimare=152671
Dollar exchange rates in local markets
Market Economy News _ Baghdad “Economy News” publishes the exchange rates of the dollar in local markets on Sunday. The price of the dollar against the Iraqi dinar Prices of exchange offices:
the selling price of the dollar is 149,000, the purchase price of the dollar 148,000
Number of observations 111 Date added 05/09/2021 https://economy-news.net/content.php?id=25035
Representative Bloc: Dismissal Of The Minister Of Finance Is Excluded … Supported By Influential Forces!
Political Sunday May 9, 2021 | 02:40 PM| Views: 142 The head of the Bayariq al-Khair parliamentary bloc, MP Muhammad al-Khalidi, ruled on Sunday dismissing the Iraqi Finance Minister, Ali Abdul-Amir Allawi, from his post.
Al-Khalidi said, “There is parliamentary support for the questioning of the Minister of Finance in the coming weeks on various issues, most notably the dollar exchange rate and the current economic crisis, stressing that the minister is supported by influential political forces and his dismissal according to his opinion is not mentioned at the present time .”
Al-Khalidi added, “Regardless of what will lead to questioning the Minister of Finance, whether he remains in his position or dismissed, and this is excluded from our viewpoint. It needs a real government stance in order to aim it towards the treasury tracks and not the pockets of the corrupt .
He pointed out that “the Iraqi financial crisis is a crisis of planning and management, and corruption is rampant in an unprecedented way in its institutions in a manner that threatens the entity of the state, especially since the recent financial crises revealed the large waste of money.”
Parliamentary Energy Submits Proposals To The Ministry Of Electricity
Energy Economy News _ Baghdad On Sunday, the Parliamentary Energy Committee complained about the poor quality of imported gas and the reluctance of the Oil Ministry to extract gas, confirming that it submitted proposals to solve the electricity crisis.
A member of the Parliamentary Oil and Energy Committee, Hammam Al-Tamimi, said in an interview with the Iraqi News Agency, which was followed by “Al-Iktissad News”, that “the committee presented many recommendations to the Ministry of Electricity regarding energy production and finding alternatives to gas stations and replacing them with other stations and treating them, especially with the presence of problems with imported gas and its lag Ministry of Oil to extract gas.
Al-Tamimi stressed, “The necessity for there to be a joint responsibility between the Ministry of Oil and Electricity and attention to the energy transmission sector, which has many problems and bottlenecks, to establish transformer stations, and to pay attention to the distribution sector.”
He added that “among the proposals presented, is to establish an integrated and modern electricity system, and to ensure that citizens do not override it, as well as to install electronic meters that would solve the problem of rationalizing energy consumption.” Number of observations 180 Date added 05/09/2021 https://economy-news.net/content.php?id=25036
Source: Dinar Recaps
More Iraqi News Sunday PM 5-9-21
TLM724 Administrator BondLady’s Corner
Parliamentary Finance Warns Against Borrowing For Non-Important Sectors
Sunday May 09, 2021 189 Baghdad: Muhannad Abdul-Wahhab The Parliamentary Finance Committee warned that borrowing other than important sectors such as electricity and health will shackle the country in the future, indicating that the high oil prices have brought Iraq a financial abundance that it can exploit without going to borrow from banks and international institutions with sovereign guarantees.
Committee member Muhammad al-Shabaki said in an interview with “Al-Sabah”: “After the rise in oil prices, Iraq will no longer need external loans because it will be a burden to the national economy,” indicating that “electricity loans reached 8 trillion dinars in the 2021 budget.
He added, “The loans related to the Ministry of Electricity are not permanent loans but are related to production, distribution, and transportation, and therefore the Al-Fateh Alliance had a problem with these loans after the meeting of the heads of the blocks and identified them with two points. Finance ».
He pointed out that “the second point included a question about these loans; Are they for sober and global companies, and it turns out that they are given to sober companies like (General Electric) and (Siemens). LINK
Planning Reveals What Has Been Achieved Developmentally
Sunday May 09, 2021 1033 Baghdad: Morning Yesterday, Saturday, the Government Media Cell announced that the Ministry of Planning has investigated the economic and development aspects within a year of the current government’s life.
A cell statement said, “The Ministry of Planning has achieved a number of important steps and took more measures related to the development and economic reality in the country within one year of the life of the current government, starting from May 2020 until the end of April 2021.
He added, “All ongoing and stalled projects have been counted within the investment program and the regional development program, and to find the remedies and procedures required to return these projects to work, cancel or invest them, and according to the nature of each of these projects, and the Ministry of Planning has also been able to count the amounts of financial obligations for completing Investment projects for all parties after excluding cumulative expenses from them.
He pointed out, “The Diwani Order 45 Committee headed by Minister of Planning Khaled Battal Al-Najm managed to restore 30 hospitals out of 52 that had stopped working, and also contributed to the preparation and completion of the national plan to end the displacement file, and enable the displaced to return to their areas in cooperation with the Ministry of Immigration. The displaced, and the United Nations organizations. “
The statement stated, “With regard to the file of the Social Fund for Development projects in a number of governorates, planning succeeded in completing 32 projects, and covering 8 new governorates with the Fund’s projects. The last period also witnessed the formation of the Private Sector Support Council, which will undertake the tasks of supervision, management and formulation of private policies. In the private sector in Iraq. “
The statement continued, “The Ministry of Planning has managed to address the technical and contractual problems of more than 70 different projects throughout Iraq, and has prepared a manual for checking and assessing conformity for vehicles, and it is continuing to complete the job number project for Iraqi state employees, and more than two million five hundred thousand job numbers have been entered.” Up to now, the completion of the reform and recovery plan that responds to the complex, health and economic crisis. ” LINK
The Investment Vacation
Sunday May 09, 2021 184 Yasser Al-Metwally The cabinet’s decision to withdraw investment licenses for lagging projects sparked widespread debate among investors as well as among economists.
This decision has positive repercussions on reforming the investment process, as well as negative repercussions at the same time. These advantages and disadvantages are distributed among the causes and causes of the decision, and most importantly the objectives envisaged from it.
On the investor side, this decision has raised legitimate concerns among new investors or those who want to invest, regardless of the nature of the decision, i.e. its correctness from its mistake, and this debate is a negative reflection on the investment process in the future, at a time when the state seeks to search for investors for the purpose of rebuilding a homeland.
As for economists, their debate has focused on researching the causes and causes of the delay, and here the causes and causes of each lagging project must be identified separately, and the results and causes should be announced with full transparency and disclosure in order to rationalize the correctness of the decision or not.
This opinion serves the investment process as a whole, and this method will be a means to correct the course of investment first, and it makes us overcome the mistakes that caused this delay and not fall into it in the future, whether by the investor or the owner and I mean the state or even the owner of the private property.
The results, which will be disclosed with transparency and disclosure, will lead us to adopt them in the direction of reforming legislation, decisions, and procedures for investment and the investment process in the future. The aim here is not to reduce the decision to withdraw the investment license, but to clarify its importance and legal force that preserves the rights of the two parties to the equation in the investment process (the investor and the owner), a state or individuals.
Perhaps the delay or delay of any project, especially in circumstances beyond the control of the investor or the owner, is much easier than disposing of the investment license or using the lands allocated for investment other than the projects for which this investment is designated. Therefore, dealing with the exploitation of lands other than the agreed-upon purposes, I need accountability, withdrawal and confiscation of licenses.
As for the reluctance, it must be examined carefully and transparently, and here it is imperative that the evaluation of the reasons for reluctance be subject to oversight to reduce some of the spoilers’ impact.
The issue of withdrawing investment licenses will enter the state into a cycle of legal problems and occupy the role of justice and the judiciary with an additional case that takes time, effort and expense a lot, whether on the state or the investor.
Therefore, it requires accuracy and transparency in determining the causes and causes of delay before embarking on the implementation of the decision to withdraw the investment license, in order to avoid waste of time, costs and delay in construction and investment. For this reason, the investment license that includes correct conditions and controls guarantees the rights of both sides of the equation, and it is the real building block of the country.
The bottom line is to be patient and wait in the implementation of the decisions to withdraw investment licenses, until the violations are sorted out and the causes and causes are identified. The cost of waiting here is in favor of correcting the course of the investment process with the will to overcome the causes and causes.
A Tight Economic Policy
Sunday May 09, 2021 964 Baghdad: Morning The head of the Iraqi Industrial Association, Abdul-Hasan Al-Shammari, called for an economic policy that activates customs tariff laws, standardization, quality control and product protection the National.
He pointed out to “the importance of finding a tight and accurate import policy that does not negatively affect the reality of the national economy and restore the public institution for export to life from new.
And Abdul Hassan called for stopping the import of everything that can be produced inside Iraq, in order to provide job opportunities, preserve the Iraqi money and restore the spirit to the military industry, and this saves billions of dollars. To Iraq.
He pointed out that «the industry is the main pillar for rebuilding Iraq economically, and that the activation of the national industry leads to the activation of all the supporting sectors and provides job opportunities for a wide segment of the unemployed».
It is noteworthy that the Iraqi market was affected by the random import that it witnessed during the last period, and it carried significant negative effects on the economy the National. LINK
Planning For The Post-Oil Era
Sunday May 09, 2021 93 Baghdad: Morning The former General Manager of the Oil Marketing Company, Dr. Falah al-Amiri said, “The oil magnates in the world have seriously begun planning for the post-oil era. The first of them is the United States and the Kingdom of Saudi Arabia, which has embarked on the vision 2030, with rapid and confident steps, to be prepared for any emergency that causes an economic blow. Painful ».
He added, “There are many reasons for adopting this approach, the most important of which is ensuring energy security through the use of modern technology and innovations for diversifying new energy, achieving energy self-sufficiency, and switching to an energy export country, especially oil and gas, as well as an additional means of economic transformation in the field of energy from fossil sources To clean, renewable and low-cost sources.
Al-Amiri pointed to “the importance of benefiting from global trends in our country and working towards planning for the era of renewable energy, while preserving the current energy sources, which are the country’s financial resource. The only ».
It is noteworthy that the oil poles are working towards exporting technology for renewable and clean energy sources abroad as a sustainable economic activity, which will contribute to reducing dependence on fossil fuels, especially coal and oil, and moving to the use of solar energy, wind energy and hydrogen energy. And others. LINK
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Source: Dinar Recaps
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