Bond Lady’s Corner Iraqi News Tuesday AM/PM 6-29-21


Iraqi News Tuesday AM 6-29-21

TLM724 Administrator BondLady’s Corner

Finance Minister: The White Paper Includes 600 Changes In Laws

Tuesday 29 June 2021   126  Baghdad: morning   Deputy Prime Minister and Minister of Finance Dr. Ali Abdul-Amir Allawi said: {Iraq is dealing seriously with issues that have hindered and distorted the economy,’ pointing out that “the Prime Minister and his reform team took a bold decision to implement a reform agenda, and any reform must have great political support.” and recognition of its necessity, and there was support from political leaders and important parliamentary groups for reforming the state’s economic policy.


He pointed out that {the decision to devalue the currency is necessary to improve competitiveness within the Iraqi economy and improve public finances, and a number of necessary infrastructure projects that have suffered interruption for years have been completed, and we have also worked on reforming the banking system, and establishing an anti-corruption squad.

He stressed that {the white paper is the most important achievement of the government and a serious plan to reform the economy, as it calls for the issuance of more than 600 changes in laws aimed at reforming the economy}.

investment efforts

The head of the National Investment Commission, Suha Al-Najjar, confirmed that “investment is an absolute necessity to develop the reality of the national economy and move it to a better stage, and that the commission is supportive of investment efforts that wish to enter the Iraqi labor market.

The speech of the Minister of Higher Education and Scientific Research was read out by Dr. Yassin Al-Ithawi, in which he emphasized “the ministry’s continued investment in human capital,” pointing to “the establishment of training units that will be transformed into specialized centers, aimed at developing students and putting them in the labor market after rehabilitating them.” “, pointing to a breakthrough in the reality of e-learning during a record period, despite the lack of infrastructure in the country.”

International Conferences

Member of the Board of Directors of the Union of Arab Banks Ziad Khalaf said: {The issue of the reconstruction of Iraq began to be planned immediately after the end of the war, as the first preparatory meeting was held in New York, during which the United Nations, the World Bank, the International Monetary Fund and the Iraqi side identified the main sectors involved in reconstruction, including education. And health, transportation, transportation and electricity, as well as many other international conferences, which were devoted to the reconstruction and held in Japan, China, Spain, Belgium, Egypt, Kuwait and other Arab countries, up to the white paper that was officially supported by {the International Contact Group for Iraq IECG. Which includes the seven 7G countries, the European Union, the World Bank and the IMF international }.

He said: {As a matter of national responsibility, I appeal to all distinguished Iraqi businessmen at home and abroad to participate in the development of the private sector to enable it to assume an important role in the responsibility of reconstruction and to play a greater role in the economic arena and to supply the necessary supplies for everything the country needs, to reflect the real capacity inherent in Iraqi society and attracting national immigrant capabilities to rebuild the country.

achieve goals

As for the Deputy Governor of the Central Bank, Ihsan Al-Shamran, stressed that rebuilding Iraq requires the ability to build and follow it, and to achieve the goals seriously.

He referred to the initiatives of the Central Bank and the support it provides to small and medium enterprises in addition to the housing sector, especially vertical housing with comfortable installments, and the Central Bank is also working to enhance the role of women in economic life.

He pointed out that “the evaluation oversight on the banking system to be an actual supporter of the development process and assigning it with possible financing.”

put forward an initiative

Communications specialist Alaa Jassem said: “The world has become closely linked to the Internet, which requires us to provide advanced services in the country,” noting that “the coming period will witness the launch of an initiative (Education in Iraq), and this supports electronic universities.”

The representative of Frontier Exchange Company, Ahmed Al-Jader confirmed that {the volume of international participation in the conference by major international companies reflects the importance of the Iraqi market for international companies, as it is keen to be present in the economic forums organized inside Iraq}.   LINK

Parliamentary Economy: There Is No Justification For Not Implementing The Budget Items

Money  and business  Economy News _ Baghdad  The Parliamentary Committee on Economy and Investment called, on Tuesday, to expedite the implementation of budget mechanisms for fear of causing an economic stagnation in the market.

Member of the Parliamentary Committee, Mazen Al-Faili, said in an interview with Al-Sabah newspaper, followed by Al-Eqtisadi News, that “there is no excuse for implementing the budget’s provisions, especially after the many calls to vote on it before its approval and reduction from 164 trillion to 130 trillion dinars.”

He stressed that “the delay in launching the budget mechanisms is not justified, but is caused by the absence of a government program applied on the ground.”

He added that “the implementation of the budget paragraphs in general would move the market, and that disrupting this matter is expected to cause an economic recession.”

Views 146 Date Added 06/29/2021

Parliament Hosts The Governor Of The Central Bank

political| 02:36 – 29/06/2021   Baghdad – Mawazine News, the Parliamentary Government Program Monitoring Committee hosted, on Tuesday, the governor of the Central Bank and managers of government banks,

and a source told / Mawazine News /, that “the Committee to Monitor the Implementation of the Parliamentary Government Program hosted the Governor of the Central Bank and managers of government banks today.”

The source added, “The hosting comes within a series of hostings to discuss several files, including the continued rise of the dollar.” Ended 29/A43

The Parliamentary Strategic Planning And Government Program Follow-Up Committee Meets With The Governor Of The Central Bank And Managers Of Some Banks

Tuesday 29 June 2021 12:52 | Economic Number of readings: 309  Baghdad / NINA / – The follow-up committee for the implementation of the government program and parliamentary strategic planning held a meeting with the governor of the Central Bank and directors of housing, real estate, Rafidain and Rashid banks./ End 5

Parliamentary Legal Reveals To / NINA / New Details About The Joint Meeting With The Governor Of The Central Bank

Tuesday 29 June 2021 15:12 | Economic Number of readings: 80   Baghdad / NINA / – The Parliamentary Legal Committee revealed new details of the parliamentary meeting with the Governor of the Central Bank and the directors of the housing and real estate banks, Al-Rafidain and Al-Rasheed.

Member of the committee, Representative Hussein Al-Aqabi, said, in a statement to the National Iraqi News Agency ( NINA ), that “there are major gaps in the work of banks, some of which exist because of the banks themselves, and others are linked to government agencies and other institutions, including border crossings, customs, the Real Estate Department, the Companies Registrar and the Ministry of Trade.”

He added, “These loopholes create noticeable confusion and corruption operations, especially in the currency auction,” noting that “the meeting discussed the repercussions and damages of the currency auction, as we proved its economic futility and the need to search for other mechanisms in marketing the currency to real “field” traders.

He explained, “We confronted the governor of the Central Bank with facts and evidence that the currency auction is supported by parasitic banks and banks whose function is only investment, and therefore we are waiting for the bank’s governor’s actions regarding it.”

Today, Tuesday, the committee to follow up on the implementation of the government program and parliamentary strategic planning held a joint meeting with the governor of the Central Bank and directors of housing, real estate, Rafidain and Rashid banks, on evaluating the performance of banks and general financial and monetary policy.

A Parliamentary Committee Reveals To / Nina / The Details Of Its Meeting With The Governor Of The Central Bank And Managers Of Government Banks

Tuesday 29 June 2021 14:35 | Economic Number of readings: 151  Baghdad / NINA / – The Parliamentary Strategic Planning and Government Program Follow-up Committee disclosed the details of its joint meeting with the Governor of the Central Bank and the directors of housing, real estate, Rafidain and Al-Rasheed banks.

Committee member MP Alia Nassif stated, in a statement to the National Iraqi News Agency ( NINA ), that “the joint meeting is related to the ministerial curriculum submitted by the government and the evaluation of the implementation of its work for the past year, which obligated the Parliamentary Committee to summon all ministries and government sectors, including the Central Bank.”

She added that “the meeting discussed the issue of the currency exchange rate and the failures of banks related to the activities of banks, as well as housing loans, the mechanism for their implementation and their obstacles,” noting that “many questions were directed to the governor of the Central Bank about the feasibility of a high currency exchange rate in light of the financial abundance achieved by the rise in oil prices.”

She explained that “the government’s justifications for raising the exchange rate at the time were related to securing the salaries of employees, and today we have a clear financial abundance, so why continue to increase the exchange rate and not control speculation in the currency rate in the local market.” Suspect

Today, Tuesday, the committee to follow up on the implementation of the government program and parliamentary strategic planning held a joint meeting with the governor of the Central Bank and directors of housing, real estate, Rafidain and Rashid banks, on evaluating the performance of banks and general financial and monetary policy.

Parliamentary Finance: We May See The Results Of The Outcomes Of The Tripartite Summit In 2022

Economy  Tuesday, June 29, 2021 | 01:30 PM| Number of readings: 109   A member of the Parliamentary Finance Committee, Jamal Cougar, said on Tuesday that the outcomes of the tripartite summit held in Jordan with regard to investment and economic cooperation between Iraq, Egypt and Jordan did not see its results on the ground .

Cougar said, “The talks of the tripartite summit between Iraq, Egypt and Jordan, which were held in Amman earlier, have not yet touched the results .”

And he indicated that “Iraq during the past years signed several agreements with these countries for cooperation in the fields of education, health and the economy, which have not been translated on the ground .”He added that “the summit, which was held in Baghdad last Sunday, also focused on investment and economic cooperation in the fields of agriculture, electricity, transportation and health, and then we hope that these outputs will be translated within the draft federal budget law for the country for the year 2022.”

Parliament Decides To Stop The Salaries Of Mps Who Are Absent From Sessions

Tuesday 29 June 2021 15:36 | politicalNumber of readings: 49   Baghdad / NINA / – The Presidency of the House of Representatives decided to stop the salaries of deputies who are absent from the sessions, except with an official excuse, without the approval of the Presidency./

Parliament Opens 12 Files While Hosting The Minister Of The Interior

Political  | 02:49 – 29/06/2021 Baghdad – Mawazine News, on Tuesday, the committee monitoring the implementation of the government program and strategic planning revealed the details of its hosting of the Minister of Interior Othman Al-Ghanimi.

A member of the committee, Muhammad Shiaa Al-Sudani, said in a statement that Mawazine News received a copy of it, that “the committee hosted the Minister of Interior Othman Al-Ghanimi,” stressing that “the committee discussed with Al-Ghanimi 12 axes related to the work of the ministry, including the security and service duties of the ministry.”

Al-Sawadani added, “The committee’s focus was on the high rates of criminal and organized crimes at the level of conflicts, procedures for investigations, and detection of the assassinations that took place during the past period and the convicts who caused them, as they represent a dangerous indicator and a worrying factor for citizens.”

He continued, “The committee also touched on the issue of coordination between the security services of the Ministry of Interior on the one hand and between the ministry and the rest of the institutions on the other hand, which would have a positive impact on the security work, in addition to the presence of several security agencies in the controls deployed in Baghdad and the provinces and that everyone It is agreed that it is a place for bribery, extortion and harassment that is practiced against citizens, businessmen and everything that passes through it.

He pointed out, “Discussing issues related to employees who hold certificates, which the budget law stipulates to refer them to civil jobs within the ministry, and in this regard, the Administrative Undersecretary of the Ministry of Interior Hussein Al-Awadi confirmed that there are problems in job grades in this regard, noting that the number of employees who are to be transferred to Civilian jobs amounting to 23 thousand members, indicating that this number will cause a numerical shortage in some formations in the ministry, including the Federal Police, in which the number of certificate holders reaches 5,000 members, which affects their work duties. Those who wish to complete their studies were also discussed to provide them with this opportunity, including It reflects positively on the performance of the ministry.”

Al-Sudani continued, “The committee’s hosting also touched on the drug scourge that kills young people in Iraq, and the need to improve the work of the ministry, the competent directorate and its departments in Baghdad and the provinces to reduce this phenomenon and constantly combat it.”

He stressed that “the committee will prepare a comprehensive report on the government’s performance in the second half of the current parliamentary session with regard to the Ministry of Interior in light of the data provided by the minister and officials in the ministry.” Ended 29/A43

Source: Dinar Recaps

More Iraqi News Tuesday PM 6-29-21

TLM724 Administrator BondLady’s Corner

Central Bank Sales Of Hard Currency Are Rising Again

Economie| 02:32 – 29/06/2021   Baghdad – Mawazine News  The Central Bank of Iraq’s sales of hard currency recorded, on Tuesday, a remarkable increase.

Today, the Central Bank’s auction for the sale and purchase of foreign currencies witnessed an increase in its sales by 9.22%, to reach 237 million and 968 thousand and 82 US dollars, which it covered at a base exchange rate of 1460 Iraqi dinars per one dollar.

The purchases amounting to 171 million and 238 thousand and 82 dollars went to enhance balances abroad in the form of remittances and credits, while the remaining amount of 66 million and 730 thousand dollars went in cash. Ended 29/A 4

A New Decline In The Exchange Rates Of The Dollar In The Local Markets

Economie| 10:14 – 29/06/2021   Baghdad – Mawazine News   The dollar exchange rates recorded, on Tuesday, a new decline in the main stock exchange and local markets in the capital, Baghdad.

The dollar exchange rate fell, on the Central Kifah Stock Exchange in Baghdad, today, as it recorded 146,800 dinars, for each $100 bill.

This has stabilized the prices of buying and selling dollars in banking offices and local markets in Baghdad, where the selling price amounted to 147,250 dinars for each paper denomination of 100 dollars, while the purchase prices amounted to 146250 dinars for each paper denomination of 100 dollars. Ended 29/A 4

The Iraqi Economy Is The Center Of Polarization

Tuesday 29 June 2021  212   Yasser Al-Metwally

Another definitive evidence of the strength and durability of the Iraqi economy, despite all crises and adversities, was represented by the convening of an Egyptian, Jordanian, and Iraqi tripartite summit.

A lightning summit that settled many speculations and indicated an attempt to go towards diversifying economic relations in various international, regional and Arab axes, thus liberating the economy, as alternatives are available, and this is what we are looking for for the future of Iraq in light of internal and external challenges.

Energy, money and investment are the focus of the summit.

Economically, the compass is heading towards the most important aspect of the meeting or summit that took place recently.

What is the relative importance of these top countries?

Arab Egypt has capabilities, competencies and advanced companies, and has remarkable success experiences in the implementation of strategic and infrastructure projects, and has made achievements in addressing energy challenges and various other projects, including water and tourism investment, the Suez Canal, and others.

The Kingdom of Jordan enjoys a deep strategic position to support the outputs of the Iraqi economy in the event of the return of its production and export strength, as it counts on Jordan to be the original additional port, as well as the reserve in the event of challenges in the main outlets for the export of crude oil, and as a reserve when the extractive capacities of energy expand and quantities increase Production and export in the future, as the conveying line project through the port of Aqaba will enhance the export capabilities of Iraqi oil, in addition to the high-quality financial expertise that Oman enjoys and its wealth of international expertise in this field.

As for Iraq, it is known for its diverse economic capabilities and capabilities, not only energy, but also large natural resources that have not been invested; Therefore, the center of polarization is the strongest in the region.

Here lies the importance of the integration formed by this important tripartite axis, which will contribute to the return of the lead to Iraq, restore the world’s confidence and encourage them to invest in it, knowing its available capabilities and the country’s need for large investments to rebuild a homeland exhausted by the challenges and problems it has faced.

This summit produced facts on the ground that Iraq is a difficult figure in the international economy, as well as it leads an important middle direction in making economic relations between nations an alternative to wars to promote mutual economic interests as a realistic alternative in the region.

Will we understand the lesson to enhance Iraq’s capacity and return to its real role in building the new global economy in accordance with its new system by continuing with this new, clear and correct approach? .. We are watching to see.    LINK

Basra Gas Signs A Loan Agreement With The International Finance Corporation To Reduce Gas Flaring

Economy   Tuesday, June 29, 2021 | 12:58 pm| Number of readings: 102  On Tuesday, June 29, 2021, Basra Gas Company (BGC) and the International Finance Corporation (IFC) signed a loan agreement worth $360 million for a period of five years, in line with the vision of the Government of Iraq to maximize the utilization of its natural gas resources to supply Iraqi homes and companies. powered .

Through this agreement, IFC is investing in Basra Gas Company to support one of the largest gas flaring reduction projects in the world to support the more sustainable energy sector in Iraq. Basrah Gas Company is an Iraqi natural gas joint venture established to collect and process associated gas, which is a by-product of the oil production process in the region and which would otherwise be burned .

This loan will contribute to the expansion and increase the capacity of Basrah Gas Company to process an additional 400 million standard cubic feet per day of natural gas. This is a 40% increase from the company’s current capacity, which aims to help the country meet its growing energy needs and power an additional 1 million Iraqi homes. The Basra liquid-gas separation plant project will reduce greenhouse gas emissions by about 10 million tons annually .

Iraq enjoys large reserves of natural gas, and in the absence of the infrastructure necessary to process gas during oil production, it is burned and wasted. This leads to significant emissions of greenhouse gases, at the same time homes and businesses in the country depend on other energy sources that may themselves be associated with similar emissions of gases. By capturing the gas byproduct and later using it by these customers, the Basrah Liquid Gas Separation Processing Plant project can help reduce overall emissions.

The IFC loan will partially finance the construction of this new gas processing facility (Basra Natural Gas Processing Plant (BNGL) , which is part of a broader plan to reduce gas flaring in southern Iraq.

On this occasion, Minister of Oil, Mr. Ihsan Abdul-Jabbar Ismail, said: “Signing this loan supports joint efforts to maximize the optimal investment of gas associated with oil operations, by treating it with the latest modern technologies and striving to achieve our goals of converting burned energy into clean and useful energy, and working to reduce emissions. and harmful environmental effects, and the Minister of Oil pointed to the importance of strengthening cooperation with sober international banks to implement and support sustainable development projects, including gas investment projects in the Basra Gas Company.

Ismail added that this loan opens new horizons for more cooperation and transactions that serve common interests and goals, stressing that Iraq’s commitment to maximizing associated gas investment projects, and achieving the standards and objectives stipulated in the Paris Agreement .

For his part, Mr. Malcolm Mays, Managing Director of Basra Gas Company, said: “We are pleased to sign this agreement with the International Finance Corporation, which is the first loan agreement of its kind in the oil and gas sector, and it is a milestone that we are proud of. This agreement demonstrates the strength of Iraqi companies, such as Gas Basra and its ability to attract financing and trust from international banks.

The objective of this five-year loan is to support the company’s growth project, the Basra Gas-Liquids Processing and Separation Plant (BNGL) project and converting wasted flare gas into much-needed energy for the country.Our strategy is in line with the vision of The Iraqi government to provide electricity to Iraqi homes and create a more sustainable energy industry. This agreement would not have been possible without the continued support of the Ministry of Oil, the International Finance Corporation and our shareholders .”

Meanwhile, Sergio Pimenta, IFC Vice President for the Middle East and Africa, added: “This pilot project has the potential to deliver significant environmental and economic benefits, including reducing greenhouse gas emissions and increasing financial revenues, as well as improving access to energy and lowering costs. This project comes after years of hard work and strong cooperation by all parties involved. We hope to send a strong signal to other investors to support more investments in tackling climate change and supporting inclusive growth in Iraq .”

The IFC investment consists of $137.76 million in IFC account loan and $180 million syndicated loan to eight international banks (Bank of China, Citibank, Deutsche Bank AG, Industrial Commercial Bank of China, Natixis, Sumitomo Mitsui Banking and Societe General, Standard Chartered Bank), and a $42.24 million loan through the IFC Syndication Managed Lending Portfolio Program, a platform that allows institutional investors to participate in the IFC’s loan portfolio .

The project benefits from the World Bank Group’s long-term engagement in the energy sector in Iraq. Iraq joined the Global Gas Flaring Reduction Initiative in 2011 and in 2013 committed to eliminating all routine natural gas flaring by 2030.    Source: zawya

Officially.. The Iraqi Minister Of Electricity Submits His Resignation To Al-Kazemi

Political   Tuesday, June 29, 2021 | 12:08 PM| Number of readings: 116  The Iraqi Minister of Electricity, Majid Hantoush, submitted his resignation to Prime Minister Mustafa Al-Kazemi .The resignation comes after a complete decline in the hours of electricity supply in Iraq, with high temperatures, and an organized campaign launched by unknown persons to blow up the power supply towers .

A spokesman for the Ministry of Electricity, Ahmed Moussa, said, “The minister has already submitted his resignation to the Prime Minister, refusing to go into more details.

Presidency Of The Republic: The US Bombing Is Condemned And A Violation Of Iraqi Sovereignty

The Presidency of the Republic condemned the recent American bombing of sites belonging to the Popular Mobilization Forces at the Iraqi-Syrian border, considering it a violation of Iraqi sovereignty.

The Presidency of the Republic said in a statement, “We condemn the attack that targeted a site on the Iraqi-Syrian border,” adding that “the escalation that has occurred is condemned, and represents a breach of Iraqi sovereignty and national security and undermines existing national efforts to achieve and enhance security and stability.”

She added that “Iraq strongly supports, through great diplomatic efforts, the paths of dialogue and communication with various parties in order to ensure its security, stability and full sovereignty.”

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

Source: Dinar Recaps


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