Thurs. AM TNT News Articles 1-13-22



A legal expert explains the possibility of submitting the 2022 budget to Parliament this month

1. Article 62 of the constitution obligates the government to submit the final accounts to Parliament before approving the budget.. As for .. Article 8 of the Financial Management Law No. 6 of 2019 required the Ministry of Finance and Planning to submit a draft general budget law to the Council of Ministers at the beginning of September of each general … 

2. Article 11 of the above law requires the financial management of the Council of Ministers after receiving the budget and submitting it to Parliament after discussing it in mid-October…

3… As for Article 13 of this law above, it said in the event that the general budget law is not approved until December 31, the Minister of Finance will issue instructions to spend at a rate of 1/12 of the total expenditures…

4. As for the Internal and External Borrowing Law for the year 2020 .. it is only according to which it is possible to borrow internal and external for the year 2020 only

……….  The source is legal expert Ali Al-Tamimi     LINK

Specialists: Moving the private sector increases development rates (1/13)

The Dean of the College of Business at Al-Nahrain University, Dr. Nagham Hussein, stressed the need to provide various forms of government support to the private sector, stressing that the recovery of that sector would increase development rates, eliminate unemployment, and reduce poverty rates.

Hussein said, “The private sector is an essential axis in the sustainable development process, whether in the country or developed and developing countries, because of its advantages and capabilities that qualify it to play a leading role in the economic and social fields in light of a global trend to give it more roles,” stressing “the existence of strategic links.”

There is a significant relationship between the private sector and the process of economic and development growth, and that most economic studies confirm the existence of a positive relationship between them.” The dean added that productivity growth is closely related to private investments and the transformations that took place in economic policies in the last two decades of the last century towards the market, and this matter reinforced the heavy dependence on the private sector and its role in overall investments.

suitable environment

Dr. Nagham continued, saying, “This high tendency to support the private sector has boosted the increase in foreign investments in a number of countries, given the efficiency of this sector and its role in growth processes by more than one and a half times the impact of public investments,” noting that “the degree to which private sector investments are linked to sustainable development.” And economic growth has become a document in most of the developed world countries, which should benefit from their experiences and apply them in Iraq.”

In turn, a member of the administrative body of the Iraqi Economists Association, Dr. Ikram Abdel Aziz, said: The foreign investor needs a developed private sector and is able to enter into a partnership and agreement with it that guarantees the upgrading of the private sector through sectoral intertwining with foreign companies, stressing at the same time, the need to implement strategic projects 

the mission.

Abdulaziz pointed out that the local private sector is able to invest in other circles completely freely, according to market data, cost and profit accounts, market data, cost and profit accounts, and local demand. 

and external.

Abdulaziz stressed the need for there to be a partnership and cooperation relationship between foreign investment companies and the local private sector, and this situation is achieved through political and economic stability and providing administrative facilities for the entry of foreign investments and giving special privileges to that as well as incentives to encourage investment in Iraq.

The industrial development consultant, Amer Issa Al-Jawahiri, had previously suggested through {Al-Sabah} the necessity of including the reform white paper, aimed at advancing the economic reality in the country, a number of points that he stressed their importance in achieving development booms in various economic fields, putting them at the forefront of those Points Empowering the private sector, advancing industrial and tourism aspects, as well as improving services, information technology and developing education.

The white paper, prepared by the government, represents a comprehensive roadmap aimed at reforming the Iraqi economy and addressing the serious challenges it faces, which have accumulated over the past years due to corruption and lack of planning, in addition to the almost total dependence on oil as a main source of state revenue.

The white paper also aims to restore balance to the Iraqi economy, and put it on a path that allows the state to take appropriate steps in the future to develop it into a dynamic diversified economy that creates opportunities for citizens to live a decent life.    link

International reports: Oil prices may reach $125 this year

JPMorgan expects excess production capacity in the Organization of the Petroleum Exporting Countries (OPEC) to decline over the course of 2022, which increases the risks of a sharp increase in crude prices.

The US investment bank said that it “expects oil prices to rise to reach $125 a barrel this year and $150 a barrel in 2023.”

Oil prices hit two-month highs on Wednesday, supported by a supply shortage, as crude inventories in the United States, the world’s largest consumer, fell to their lowest levels since 2018.

The bank said in a note that assuming production at the current quotas, the surplus production capacity of OPEC will fall to four percent of the total production capacity by the fourth quarter in 2022, from 13 percent in the third quarter in 2021.

He added that “weak investment within the OPEC + countries and the increased demand for oil after the pandemic may lead to a potential energy crisis   link

Source: Dinar Recaps


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