Iraqi News Tuesday AM 8-3-21
TLM724 Administrator BondLady’s Corner
Economist For / NINA /: Adjusting The Exchange Rate .. Strengthening The Credit Position Of The Central Bank
Tuesday 03, August 2021 13:07 | Economic Number of readings: 394 Baghdad / NINA / – The economic expert, Hazem Hadi, confirmed that: The exchange rate adjustment .. strengthening the credit position of the Central Bank.
He told the National Iraqi News Agency ( NINA ) that: One of the reasons for adjusting the exchange rate is to increase resources, reduce the import of luxury goods, create a good reserve for the Central Bank and strengthen its credit position.
Hadi added that: the amendment is to enhance the ability of the Central Bank to fulfill its obligations and try to put pressure on the deficit in the balance of payments, correct its course, and create investment opportunities for the private sector.
He explained that: this increase in resources does not cover the budget deficit completely, indicating that the fiscal and monetary policy requires maintaining the exchange rate at its current position because any change in the exchange rate will confuse the economic situation.
Oil prices, especially the price of Basra oil, witnessed a remarkable improvement during the last period, exceeding $70, which will bridge the budget deficit and raise the level of the economic and financial sector in the country./End 3 https://ninanews.com/Website/News/Details?Key=919315
Starting The Implementation Of The Administrative And Executive Mechanisms Of The White Paper
The Council of Ministers headed by Mustafa Al-Kazemi
Money and business Economy News – Baghdad Prime Minister Mustafa Al-Kazemi announced the start of implementing the administrative and executive mechanisms of the economic reform plan within the white paper.
Al-Kazemi’s media office said, in a statement, yesterday, Monday, seen by “Economy News”, that “the Prime Minister chaired the meeting of the Higher Committee for Reform.”
The statement quoted Al-Kazemi as saying that “since we launched the reform white paper to address the rampant corruption in the country, we are working to create an appropriate atmosphere for its application,” noting that “the meeting is to announce the start of implementing the administrative and executive mechanisms for the economic reform plan within the white paper.”
He added, “We aspire to restore the country’s economy to its strength after the situation reached very low levels as a result of rampant corruption,” stressing that “this plan would rebuild the Iraqi economy in a proper manner, achieving sustainable development for the country.”
He added, “The reform plan will provide a solution to the chronic economic management crisis, which is represented by complete dependence on oil, and the failure to diversify sources of income.”
He explained, “We want to prove to the Iraqis that we are serious about reform, so the plan for managing the economy was not short-term, nor was it timely solution, but rather aimed at an integrated reform until it is completed within 5 years.”
He stressed that “the damage to the Iraqi economy is very great, and for this reason it is impossible to implement the reform plan in a short time, and whoever promises to do so is delusional.”
He pointed out that “the goal is to advance the Iraqi state, not the current government. Governments go and the state remains, and for this we want with all our determination to restore Iraq’s economic prestige.”
Views 235 Date Added 03/08/2021 https://economy-news.net/content.php?id=25849
A Slight Increase In The Exchange Rates Of The Dollar In The Local Markets
Economie| 12:59 – 03/08/2021 Baghdad – Mawazine News The dollar exchange rates witnessed, on Tuesday, a slight increase in the main stock exchange and local markets, in the capital, Baghdad.
Today, the dollar exchange rate on the Central Kifah Stock Exchange in Baghdad was 148,000 thousand dinars, for each $100 bill.
The prices of buying and selling the dollar rose in the local markets and exchange offices, where the selling price reached 148,500 dinars, for each denomination of 100 dollars, while the purchase prices were recorded at 147,500 dinars, for each paper denominations of 100 dollars. Ended 29/A 4
The Central Bank’s Hard Currency Sales Exceed $200 Million
Economie| 02:44 – 03/08/2021 Baghdad – Mawazine News The Central Bank of Iraq’s sales of hard currency, on Tuesday, decreased slightly, recording more than $200 million.
Today, the Central Bank’s auction for the sale and purchase of foreign currencies witnessed a decrease in its sales by 7.33% to reach 215 million and 600 thousand and 597 dollars.
The purchases amounting to 155 million and 760 thousand and 597 dollars went to enhance balances abroad in the form of remittances and credits, while the remaining amount of 59 million and 840 thousand dollars went in cash. Ended 29/A 4 ttps://www.mawazin.net/Details.aspx?jimare=162575
“By A Historic Decision” .. The International Monetary Revives The Global Economy With 650 Billion Dollars
Economy Tuesday 3 August 2021 | 10:13 am| Number of readings: 107 The Board of Governors of the International Monetary Fund on Tuesday approved the largest support in its history, worth $650 billion, to help countries deal with the growing fallout from the “Covid-19 ” pandemic .
In a statement, the fund said that the board approved a general distribution of the equivalent of $650 billion in special drawing rights units (456 billion units) to support global liquidity .
For her part, Kristalina Georgieva, Managing Director of the Fund, said, “It is a historic decision, this is the largest allocation of SDR allocations in the history of the Fund and is a vaccine injection into the arm of the global economy during an unprecedented crisis .”
“The distribution of these allocations will include all member countries, address the long-term global need for reserves, build confidence, and enhance the resilience and stability of the global economy, and this distribution will help, in particular, the most vulnerable countries suffering in their quest to overcome the impact of the Covid-19 crisis .”
Georgieva added, “It is like a vaccine injection into the arm of the global economy during an unprecedented crisis. The distribution of these allocations will include all member countries, address the long-term global need for reserves, build confidence, and enhance the resilience and stability of the global economy. In particular, this distribution will help the countries most vulnerable to suffering in their quest to overcome the impact of the COVID-19 crisis .”
This general distribution of SDR allocations will become effective on August 23, 2021. Member countries will receive newly issued SDR units in proportion to their existing quotas in the Fund .
About $275 billion (about 193 billion SDR) of the new issuance will be distributed to emerging markets and developing countries, including low-income countries .
In this regard, Ms. Georgieva said: “We will also continue to actively engage with our member countries to identify possible options for voluntary transfer of SDRs from the richest to the poorest and most vulnerable member countries to support their efforts to recover from the pandemic and achieve resilient and sustainable growth .”
An essential option in this regard is for member countries with strong external positions to voluntarily transfer part of their SDR allocations to support targeted lending to low-income countries through the Poverty Reduction and Growth Trust Fund ( PRGT ). Interest-free concessional financing is currently provided through this fund.
The Fund is also looking at other options to help the poorest and most vulnerable countries in their recovery efforts. A solidity and sustainability trust fund could be considered to facilitate more solid and sustainable growth in the medium term. https://aynaliraqnews.com/index.php?aa=news&id22=150375
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Source: Dinar Recaps
More Iraqi News Tuesday PM 8-3-21
TLM724 Administrator BondLady’s Corner
Economic Position: $8.9 Billion .. The Cumulative Surplus Of Oil Revenues
Tuesday 03, August 2021 12:58 | Economic Number of readings: 279 Baghdad / NINA / – The Iraq Future Economic Corporation announced that the total cumulative surplus of oil revenues amounted to $8.9 billion in 2021 compared to the planned figures in the 2021 budget until July.
The head of the corporation, Manar Al-Obaidi, said in a statement that: The surplus came on the grounds that the oil revenues planned in the 2021 budget amounted to 30.7 billion dollars, while the oil revenues that were achieved until July 2021 amounted to 39.6 billion dollars.
He added: It is expected that if the price rate continues at the same current rate of 72 dollars until the end of the year, the expected surplus from oil revenues will reach 19 billion dollars, and this amount depends on fluctuations in oil prices and the amount of daily sales of Iraqi oil.
Al-Obaidi pointed out that: the biggest challenge lies in the non-oil revenues, which he planned in the 2021 budget to be in the range of 20 trillion Iraqi dinars. .
And he continued, “Depending on the oil revenues, which are expected to reach up to 103 trillion Iraqi dinars until the year, and based on the fact that non-oil revenues will be around 7 trillion, then the total revenues of the Iraqi state expected until the end of 2021 will be around 120 trillion dinars.”
Al-Obaidi stated that: According to the 2021 budget, the total expenditures will amount to about 128 billion dollars, so the amount of the deficit (if the entire planned budget is spent) will be around 8 trillion dinars.
He said: Delayed work on the budget and non-disbursement of amounts for operational and investment expenses. It is expected that Iraq will achieve in 2021 a surplus that may reach the barrier of 30 trillion Iraqi dinars, especially since the current monthly spending rates, according to the Ministry of Finance, amount to 6 trillion dinars, with the possibility of increasing this rate in the months The coming year, especially with the start of disbursing investment and operational budgets, as planned in the 2021 budget./End 3 https://ninanews.com/Website/News/Details?key=919313
The Central Bank Calls On Exchange Companies To Follow Up On The Banned Names
August 03, 2021 The Central Bank of Iraq would like to emphasize the controls of money laundering and terrorist financing for companies brokering the sale and purchase of foreign currencies, which stipulated (the need for companies to follow the names prohibited from dealing received from the official authorities concerned with this) .
Therefore, this bank calls on your respected companies to own an electronic system that includes the daily movements of their activities, with the necessity of linking this system with the international and local deprivation lists supervised by the Central Bank of Iraq . https://cbi.iq/news/view/1791
The Finance Committee Hosts The Chairman Of The Retirement Authority
08/03/2021 On Tuesday 3/8/2021, the Finance Committee, headed by Representative Dr. Haitham Al-Jubouri, the Chairman of the Committee, and the presence of its members and a number of other parliamentary committees, hosted the Chairman of the Retirement Authority, Iyad Al-Jubouri, the advanced staff in the Authority and the Ministry of Finance.
The meeting, which was held at the headquarters of the Finance Committee, discussed a number of files of interest to the retired segment, as the committee discussed the file of disbursing the entitlements of army officers from the accumulated vacations and the differences related to the victims of terrorism.
The committee discussed ways to solve all the problems that prevent the payment of these financial dues for more than 15 years, and the committee confirmed that it will follow up on this issue until the dues are paid to their families. Media Department House of Representatives August 3, 2021 LINK
The American Ambassador In Baghdad: The Relationship With Iraq Will Not Be Affected By The Change Of Administrations In The White House
Political | 03:28 – 03/08/2021 Baghdad – Mawazine News The US ambassador to Baghdad, Matthew Toler, confirmed, on Tuesday, that the relationship with Iraq will not be affected by the change of administrations in the White House.
A statement by the National Security Adviser’s media office said, “As part of a series of periodic strategic dialogue sessions, and in the presence of National Security Adviser Qassem Al-Araji, the National Security Adviser held a dialogue session at the Al-Nahrain Center for Strategic Studies, and hosted the American ambassador in Baghdad, Matthew Tueller.”
The statement continued, “The session witnessed a series of questions being asked to the American ambassador by the attendees, related to the size and type of support that Washington will provide to Iraq.”
During the dialogue session, the US ambassador presented a “brief on the nature of the strategic relationship between Iraq and America, and the developments that took place under the administration of President Joe Biden,” stressing “the importance of developing the relationship with Iraq and paying attention to it, due to its strategic importance in the Middle East.”
Tueller said that “the relationship with Iraq will not be affected by the change of administrations in the White House, pointing to the importance of continuing support for Iraq.”
And he indicated “the role of the United States in allocating funds to support reconstruction and stability in the liberated areas,” noting that “the security support will be to enable all Iraqi security forces to perform their tasks in combating terrorism and security challenges.”
For his part, National Security Adviser Qassem al-Araji stressed “the importance of benefiting and activating the strategic framework agreement, to develop the health, education and energy sector,” explaining that “what happened in the fourth round of dialogue with Washington was positive and in the interest of Iraq and its people.” Ended 29/R77 https://www.mawazin.net/Details.aspx?jimare=162583
Al-Muhammadawi Addresses The Integrity Commission To Take Legal Measures Against The Minister Of Industry, His Deputy And Senior Officials Regarding The Basra Saltine (Documents)
Political Tuesday 3 August 2021 | 10:09 am| Number of readings: 70 A member of the House of Representatives from Basra Governorate, Representative Jamal Al-Muhammadawi, addressed the Integrity Commission regarding financial, legal and administrative violations in the Basra saltine investment file, calling for legal measures to be taken against the Minister of Industry and Minerals, his deputy for planning affairs, the Director General of the Investments Department and the General Director of the General Company for Mining Industries.
Al-Muhammadawi said, according to a document issued by his office, “We received information and documents regarding legal, administrative and financial violations in the Basra saltine investment file, which belongs to the General Company for Mining Industries in the Ministry of Industry. / 2021) to the General Company for Mining Industries to establish new production lines in the Basra saltine, while raising the production capacity of the saltine to an amount of (500) thousand tons annually.
He continued, “The issue of the paint group (the partnership contract with the investor) was presented in the sixth board of directors session held on (7/13/2021) without any report of the committee studying requests for participation and employment contracts for third parties formed by the company showing their opinion.”
He added, “A resolution formula No. (1/C6/2021) was printed that includes approval to conclude a partnership contract with the paint company in the same session, and the decision was reserved by five board members.”
He pointed out that “the current request of the paint company is similar to the request of the Saco Company for Trading and General Contracting, according to which a contract was made with them on July 24, 2020, to establish new production lines in the Basra saltine, and the Ministry’s Investment Department directed its cancellation according to their letter (338) on 1/5/ 2021, after auditing the contract and establishing contractual violations that require the termination of the contract, and the most important of these violations is Paragraph (23) of Article (18) of the contract, which states (the second party, the investing company, manages the salt pan from all technical, administrative, financial and production aspects, and bears full responsibility for that)
A directive was issued to cancel the contract with SACO, as it is in violation of the board of directors’ approval to establish production lines and not to invest in the salt pan.”
Al-Muhammadawi revealed, “there is a contradiction in the letters of the Investments Department to the General Company for Mining Industries, where their letter in the number (27582) on 7/11/2021 confirms that the responsibility for raw raw materials (salt) in terms of technical, administrative, financial and production aspects falls on the shoulders of the General Company for Mining Industries, i.e. what is This means that the salted product is not subject to total investment, while the book of the same department with the number (28701) on 7/25/2021 confirms that the responsibility of the raw salt raw material rests with the investor, i.e. his delivery of the salted fully.
Al-Muhammadawi stressed that the salted fish is considered a winner because the salt harvest season starts from the sixth month of 2021, and will not end before 11/1/2021, and the season is good and good profits are expected from it, and that the saltwater harvesting season is considered a winner by all measures before and after the investment.
He was surprised, “The party responsible for studying the economic and technical feasibility of the project (the Investment Department in the Ministry of Industry) sent a letter to the General Company for Mining Industries to take responsibility for the technical, administrative, financial and production aspects on the company’s shoulders. However, the pressures were clear from the ministry to pass the contract!!”
Al-Muhammadawi called on the Integrity Commission to take legal measures against the Minister of Industry (Manhal Aziz Al-Khabbaz), the Undersecretary for Planning Affairs (Youssef Muhammad Jassim Al-Janabi), the Director General of the Investments Department (Saif Al-Din Ali Ahmed) and the Director General of the General Company for Mining Industries (Rafid Abdul Jalil Jabbar). https://aynaliraqnews.com/index.php?aa=news&id22=150373
To read more current and reliable Iraqi news please visit BondLady’s Corner:
Source: Dinar Recaps
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