Wed. AM TNT News Articles 9-29-21



A source for “Economy News”: The bonds are worth a trillion dinars and will go to fill the budget deficit

An official source confirmed that the construction bonds offered by the Central Bank in favor of the Ministry of Finance will support the deficit in the 2021 budget.

On September 26, 2021, the Central Bank decided to offer bonds in two categories: “a bond of a category of 500 thousand dinars with an annual interest rate of 6% and for a period of two years, and a bond of a category of one million dinars with an annual interest of 7% for a period of 4 years.”

According to the 2021 budget, the Ministry of Finance will issue national bonds worth 8.5 trillion dinars to finance the budget deficit.

The source, who preferred not to be named, told “Economy News”, “The bonds launched by the Central Bank are worth a trillion dinars, and the bank will deduct them for the benefit of the Ministry of Finance.”

He added that the interest on the offered bonds is very excellent, and will contribute to the development of the local financial market, noting that the Ministry of Finance will use these funds to support the deficit and may go to support the operating budget or the investment budget.

And he indicated that the problem that stands in the way is the difficult timing in which it was presented, which is turning the current government into a caretaker government and thus these bonds may fail, adding that many owners of money will invest in these bonds.

He pointed out that in the event of the success of these bonds, bonds worth another trillion dinars will be issued   link

Economic reform and sector restructuring (9/29)

The President of the International Federation of Businessmen in Iraq, Dr. Hamid Al-Aqabi, called for working to restructure the structure of the economy in accordance with the global context, reforming the business environment and creating elements of attraction for the global effort that owns advanced technologies and capital.

And he added in his speech to {Sabah} that {economic reform has become an inevitable step to start the first steps of sustainable development that the country seeks, and that according to advanced economic foundations, by adopting the foundations for its transition from a central economy to a free market economy}, pointing to {the importance of The private sector should have a leading role in the reform process, as well as in development work. 

It is mentioned that Article (112) second stipulates that the federal government and the governments of the region and the producing governorates together draw up the strategic policies necessary to develop the oil and gas wealth in a way that achieves the highest benefit for the people, adopting the latest techniques of market principles and encouraging investment.

Article 110 of the constitution also stipulates that the federal authorities exercise exclusive powers in drawing up economic policy and foreign trade, as well as drawing up trade policy across the borders of the region and governorates in Iraq, setting the state’s general budget, drawing up monetary policy, establishing and managing the central bank, in addition to drawing up a draft general and investment budget. 

Al-Uqabi had indicated that {the private sector has a key role in all societies as it is the cornerstone of their economy, and that private sector projects are capable of eliminating unemployment as it will employ the largest possible number of labor, in addition to that this vital sector will solve many files, including the banking sector} .   link

Iraqi Justice: The government is moving to conclude “money for money” agreements with 3 countries

The Ministry of Justice confirmed, on Wednesday, that there is a government tendency to conclude agreements with three countries to recover the looted funds, noting that these agreements will be concluded according to the principle of “reciprocity.”   

The Ministry’s spokesman, Ahmed Laibi, told the official newspaper, followed by “Nas” (September 29, 2021), that “the conference to recover the looted funds is the first step in the way to recover these funds, and what resulted is the tendency to conclude bilateral agreements with some countries, which have Money inside Iraq, in exchange for money demanded by the Iraqi government.”  

He added, “Iraq is drafting agreements with three countries, Jordan, Egypt and Switzerland, that include the return of funds and lands seized by the former regime, in exchange for the recovery of frozen Iraqi funds in the name of intelligence figures in these countries.”  

He continued, “The move towards recovering these funds comes through the lawsuit offices in the Ministry of Justice and the Fund for Recovering the Funds in the Integrity Commission, amid the desire of regional and international parties to activate these agreements,” ruling out “the existence of an accurate statistic of the amount of looted funds, ranging from 180 to 350 billion dollars.   link

Source: Dinar Recaps


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