Bond Lady’s Corner Iraqi News Articles 8-14-21


Iraqi News Saturday AM 8-14-21

TLM724 Administrator BondLady’s Corner

White Paper Incubator

Saturday 14 August 2021  250  Thamer Alhemis

On the occasion of starting work according to what was stated in the white paper issued by the central government, which we cannot contain in one column, but it does not prevent us from addressing it as it is a practical road map, and in order for the work steps to proceed, according to it, coherently, the executive body should work as an institution with civil society institutions Active or influential, such as unions, associations, federations, and chambers of commerce and industry, but these organizations were and still keep pace with the performance of the executive body with its well-known performance for the past 18 years.

Therefore, it is necessary to have a white paper for these organizations. The leaders have grown old in performance and have become a rollercoaster according to the pressures, except for some of them that have no direct relationship, as these organizations suffer from the same pressure on the official administration (re-elections) and the application of oversight over performance and dealing effectively with what has been accomplished.

And developing work through real conferences for that formation, taking into consideration first that the relationship with the White Paper in the contexts of its work, performance and support, is that of institutions.

The white paper should also take into account that the market and competition components are not provided automatically by the market itself, but rather (through state institutions), that is, by quality standards and technical specifications set by governmental or semi-governmental bodies related to the market.

And if the efficiency of the market is linked to a minimum level of social justice, then the state’s intervention is the only guarantee to redistribute income through mechanisms, including tax policy.

As for state companies that are not self-financed, treating them as an accumulated loss should be quick and essential to ensure a steady pace of the white paper. The active private sector is not among its priorities to address the reality of these companies outside privatization.

Therefore, it is necessary to pass these companies through the restoration of the mixed sector, which will be, after the relevant ministries move as partners in it, to activity in order to be qualified to invest with the private sector in this field, which has been thwarted by many factors. To an external cycle that does not interact with the Iraqi economic cycle, to turn because of that industry into a mere comprador relationship with foreign capital, as is the nature of consumer import, which deepened our rentier economy in its favour.

The mixed sector, after the revival of the frozen one, as distinct models for us, did not flourish or return to its previous activity due to competition and intersection with imports, as well as clothing and food factories.

The cement experiment succeeded in the public and private sectors, so passing through the mixed sector filter and reforming union work, is produced after stopping importing what It can be produced locally, the basic needs of secondary and recreational, which we see in the malls, because import led us to the closure of industry and the scaling back of agriculture, which led to an unprecedented class disparity due to the emergence of social strata outside the contexts,

 which we have cultivated for decades, and the violation of pension laws in terms of service and collection My knowledge, but the worst has enacted exceptional laws for it, and it became a difficult number in the budget, which confused the pension fund, as the World Bank warns us, as stated on page 14 of the white paper. Activate the work of the reform paper.   LINK

Finance Discusses The Application Of The Tax System With Investment Companies And Businessmen

Ministry of Finance building  Money  and business  Economy News – Baghdad  On Saturday, the Ministry of Finance discussed with investment companies and a number of businessmen the implementation of the tax system and its feasibility.

And the official news agency “conscious” stated that “the Ministry of Finance held a workshop under the title (Reform of the Tax System in Iraq) in the presence of Finance Minister Ali Allawi, advisers in the Prime Minister and general managers in the Ministry of Planning and the financial and tax departments, and with the participation of a number of owners of investment companies operating in Iraq and businessmen “.

She added that “the workshop dealt with several topics, most notably the feasibility of applying the tax system and types of taxes.”   Views 83 Date Added 08/14/2021

A Slight Increase In The Exchange Rates Of The Dollar In The Local Markets

Economie| 10:17 – 14/08/2021  Baghdad – Mawazine News: The dollar exchange rates recorded, on Saturday, a slight increase in the main stock exchange 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.

And the prices of buying and selling the dollar have stabilized in exchange companies and local markets in Baghdad, where the selling price reached 148,500 dinars, for each denomination of 100 dollars, while the purchase prices amounted to 147,500 dinars, for each paper denominations of 100 dollars. Ended 29/A 4

Last Week, The Iraqi Stock Exchange Traded Shares Worth 3 Billion Dinars

Economie| 12:44 – 14/08/2021   Baghdad – Mawazine News  The Iraqi Stock Exchange announced, on Saturday, the circulation of two billion shares, with a financial value of more than 3 billion dinars during the past week.

The market stated in a report seen by / Mawazine News /, that “the number of companies whose shares were traded during the past week amounted to 46 joint-stock companies, while the shares of 38 companies were not traded due to the lack of convergence of the prices of purchase orders with sales orders, while 19 companies continued to be suspended for not providing disclosure out of 103.” listed company on the market.

He explained that “the number of traded shares amounted to two billion and 45 million and 415 thousand shares, a decrease of 97.49% compared to the previous session, with a financial value of 3 billion and 410 million and 639 thousand dinars, a decrease of 95.95% compared to the previous session through the implementation of 797 deals.”

The market pointed out that “the ISX60 traded price index closed at 580.58 points, recording a decrease of 0.31% from its closing in the previous session.”

He pointed out that “the number of shares purchased from non-Iraqi investors for the past week amounted to 55 million shares, with a financial value of 122 million dinars, through the implementation of 73 deals, while the number of shares sold from non-Iraqi investors reached 41 million shares, with a financial value of 135 million dinars, through the implementation of 51 deals.

Allawi Stresses The Importance Of Preparing A New Tax Law And Warns Foreign Companies “Evading”

Finance Minister Ali Abdel Amir Allawi, “Al-Iqtisad News”

Money  and business  Economy News – Baghdad  Finance Minister Ali Abdel Amir Allawi stressed, on Saturday, the importance of preparing a new tax law, while revealing the percentages collected from taxes.

Allawi said in his intervention during the workshop that was held at the Ministry’s headquarters to discuss the application of the tax law, that “a draft of a new tax law commensurate with the Iraqi situation must be prepared,” noting that “the current Iraqi tax law is a copy of the British tax law issued in 1922 and it must Preparing a draft of a new law to be submitted to the Council of Ministers that is commensurate with Iraqi society,” according to “Conscious.”

Allawi added that “the percentage of taxes collected is 1% of the state’s national product during the past year,” stressing that “this percentage is small.”

He explained that “the property tax rate imposed is 9% of the estimated property price. As for the property transfer tax, it is progressive, ranging from 3 to 6% of the property value, and the income tax rate is 15% of the net profit.”

He added that “there are part of the foreign companies that practice tax evasion and the necessary measures will be taken against them.”

Views 224 Date Added 08/14/2021

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

Source: Dinar Recaps

More Iraqi News Saturday PM 8-14-21

TLM724 Administrator BondLady’s Corner

Economist: Iraq Is In A Struggle Between State And Non-State Forces, And Billions Of Mafias Have Enriched Themselves On Public Money

Saturday 14 August 2021 10:58 | Economic Number of readings: 423

Baghdad / NINA / – The expert in economic affairs, Safwan Qusay, praised the step of removing abuses, describing it as positive, stressing the existence of billions of mafias that enriched public money and encouraged chaos in all sectors.

In a statement to the National Iraqi News Agency ( NINA ) , Qusay said : “It has become clear that Iraq has now entered into a struggle between the forces of chaos and non-statehood on the one hand, and the forces of the state and organization on the other. The confrontation has become in all axes,” noting:

“The removal of abuses on public money It will appear who were the parties that allowed the exploitation of public money without controls for private purposes, and this would provide evidence of those involved in that chaos, what were their motives, and what were the regulatory agencies that allowed this, and the government should follow the movement of abuses and hold everyone accountable.

He added: “The government, the legislative and supervisory authority, and the judiciary should unite efforts in re-evaluating and amending previous decisions and procedures in order to restore the people’s confidence in the state.”

He continued, “The government is obligated to provide a decent life for all Iraqis, and it has taken a number of measures to reduce the damage to large segments of Iraqis, including the initiation of distributing land to the poor and families of martyrs and supporting the food basket project to improve the standard of living of the simple classes.”

He added, “This step targets the mafias that exceeded their power and control over public money in the previous period, and now they will be removed and the rights of the state and the people restored.” / End 8

Parliamentary Finance Reveals To / Nina / The Fate Of The Financial Abundance Achieved From The Rise In Oil Prices In The General Budget

Saturday 14 August 2021 15:43 | politicalNumber of readings: 153    Baghdad / NINA / – The Parliamentary Finance Committee has reassured citizens about the financial abundance achieved from the rise in international oil prices in the federal general budget 2021, noting that it is awaiting the decision of the Federal Court to consider the government’s appeal against the budget law.

Member of the Committee, MP Sadiq Al-Sultani, stated, in a statement to the National Iraqi News Agency ( NINA ), that “the draft general budget law 2021, which was voted on by the House of Representatives, included a paragraph that states, “If the price of a barrel of oil rises from what is based in the original budget of $45, there will be 5 % of the price difference goes to the petrodollar fund for the oil-producing governorates.

He added, “The remaining financial differences will be spread to fill the financial deficit in the budget and cover the first and second government borrowing,” noting that “in the event of another abundance added, there will be a supplementary budget to complete the entitlements of the ministries and governorates in the current year 2021.”

The House of Representatives voted on the budget for the current year 2021 at the end of last March, then the Council of Ministers decided, in its session held on April 20, to authorize its president to appeal to the Federal Court with a number of articles of the General Budget Law, where the Federal Court decided, last July, Postponing the date of appealing the Federal General Budget Law for the fiscal year 2021, to the current month./End 5.

The Real Reform Is To Activate The Private Sector

Saturday 14 August 2021   162   Baghdad: Shukran Al-Fatlawi   Those concerned with the economy affirm that economic and administrative reform, in light of the circumstances that Iraq has experienced since 2003 until this day, is a necessity that must be followed by relying on the private sector, as it is the real partner of the public sector, not through ready-made recipes that are presented to it, but through supporting it with legislation, and facilitating His productive investments are not satisfied with holding supporting conferences only, but also by applying their outputs and recommendations.

In this regard, Dr. Hamid Al-Uqabi said, “The studies and research presented by economic and academic organizations are to reach the goal in all possible ways that will lead in the short and long term to change the policy of the economic system in the process of economic and administrative reform, so that the private sector is the leader in development. economic and social, and as an incubator of unemployment.

He added, “With the government’s shifts in economic policy in the short term, for the remainder of the current year, by presenting the economic reform process (the white paper), in this short time the economic file needs to review the laws and legislation that regulate economic policy, and the legal, constitutional and legislative measures that are intended to achieve Economic development, the volume of investments in it is still limited to creating sufficient job opportunities for unemployed youth due to instability and corruption.

Al-Uqabi said that “the emerging circumstances made the state really think about increasing non-rentier revenues in the economy through a productive environment capable of achieving the production of new, advanced and distinguished industries, relying on the privatization of stalled, lagging or losing companies in the public sector.”

He continued, “This is not the best solution for the advancement of the Iraqi economy unless we take the necessary means to protect the local product from dumping the local market with foreigners, in accordance with the protection and encouragement of the local product, getting rid of consumption and slowing down in front of the will of production, and encouraging a culture of savings that leads to an increase in the citizen’s conviction in the role of banks, in The public and private sectors, addressing the reality of infrastructure, and developing international and local relations with a safe haven for investment in Iraq.

Al-Uqabi stressed that “respecting the spirit of teamwork, enhancing the spirit of initiative and respecting working time, and rejecting dependency and good governance to confront corruption, will limit the state’s neglect of the private sector and unilateralism in economic policy, which would create cooperation between the public and private sectors in the steps of correction, implementation and monitoring in reform programs.” The economic sector, due to the real private sector expertise in information technology, the skills of its members, and the ability of its institutions to manage its assets.

He pointed out that “this requires the private sector to start from the marginal role to the leading role, to take a role in development and economic reform after a clear vision of the Iraqi economy.”

Al-Aqabi called on the state to take care and guarantee the sustainability of welfare and employment in the production process and increase the per capita income of the Iraqi citizen.

The head of the Investment Commission, Suha al-Najjar, had revealed the reasons for obstructing investment in Iraq, saying: “The Investment Commission stresses the granting of investment permits, but the most important problems we face remain the absence of the real investor.”

She pointed out that “the first stages of the Rafael project do not approach the lands of citizens,” noting that “the commission will grant Rafael projects to the serious investor and prefer the Iraqi investor.”

Regarding the Basmaya project, she explained: “We are in a state of negotiation with the Korean company in Basmaya,” stressing “the authority’s desire to continue the company’s work.”   LINK

Iraq And Jordan Are Discussing The Implementation Of The Economic City

Saturday 14 August 2021  175  Baghdad: morning The Minister of Industry, Manhal Aziz Al-Khabbaz, stressed the need to take quick measures to implement the economic city with Jordan, while he directed an urgent meeting with the Jordanian side on this.

A statement by the Ministry of Industry stated that “Khabber chaired a meeting with the Administrative Undersecretary of the Ministry, the Chairman of the Board of Directors of the Iraqi-Jordanian Company for Industry, the Scientific Advisor to the Ministry, the Ministry’s Advisor for Development, the Director General of the Industrial Cities Authority, the Managing Director of the Iraqi-Jordanian Joint Company, members of the company’s board of directors and a number of officials in the ministry, to discuss another The developments in the joint economic city project, consultation and deliberation, to determine the tasks and role of the parties and bodies related to the project and direct them to the work entrusted to them and the matters entrusted to them.

He added that “the meeting reviewed the measures taken by the Iraqi and Jordanian sides on the project and discussed proposals regarding the data and results of the ongoing discussions and discussions between the two parties. The views and suggestions of the director of the Iraqi Jordanian Company for Industry and members of the company’s board of directors regarding activating the company’s role in implementing the project were heard.” .

Al-Khabbaz stressed, “The need to take quick measures to resolve the file of the implementation of the joint economic city project between Iraq and Jordan and to lay sound foundations for work during the next stage and at specific times in light of the directives and interest of the leaders of the two countries.”

He pointed to “the importance of revitalizing the Iraqi-Jordanian Company for Industry and participation with the Industrial Cities Authority in implementing the economic city, as it is a joint Iraqi-Jordanian work and the need to agree with a consulting agency or center and to seek the assistance of experts and consultants specialized in preparing feasibility studies and designs for the city.”

Al-Khabbaz made a call with his Jordanian counterpart to set a date for a joint meeting via videoconference to lay the foundations and a clear and sound plan and to agree on the mechanisms necessary to proceed with the joint economic city project   LINK

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

Source: Dinar Recaps


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