Sun. AM-PM TNT News Articles 9-4-22

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Tishwash:
Adviser: Iraq succeeds in curbing financial waste and combating money laundering

Financial Adviser to Prime Minister Mazhar Muhammad Salih confirmed, on Sunday, Iraq’s success in curbing financial waste and combating money laundering by building effective supervisory bodies.

Saleh said in a statement to the official newspaper, which he followed, that “Iraq is currently on the white list of countries in the application of international standards in combating money laundering.”

 He added that “Iraq succeeded in curbing financial waste and combating money laundering by building experienced supervisory bodies that are committed to laws and regulations related to the financial and banking system,” explaining that “the package of financial reforms and effective measures to pursue sources of funds, led to the restoration of Iraq’s international financial confidence in its confidence in the international community.” and commercial deals.

The Prime Minister’s advisor indicated that “Iraq has waged a war on money laundering gangs and prosecuting transfers, deposits and concealment with high efficiency at home and abroad.” link

CandyKisses:
What awaits the Iraqi markets in the coming period? .. Economists warn

Economists expect a major recession and stagflation in the Iraqi markets during the coming period, in light of the continuing political crisis and the lack of approval of the country’s financial budget.

The economic expert, Basem Antoine, says that “the delay in approving the budget until the present time, without omens for the date of its issuance, indicates a recession and inflationary stagnation in the Iraqi markets.”

And Antoine added, to Shafaq News Agency, “As for new investment projects, there is no hope for them, because Law No. 6 of 2019 for Financial Management does not allow spending for the following year on investments and creating job opportunities, so there will be a major depression if this problem is not addressed seriously and continuously.”

Economic analysts rule out the application of comprehensive economic reform in Iraq during the next short period at the very least. “Economic reform needs a clear vision that must differ greatly from the vision set by the former Minister of Finance, Ali Allawi. And returning to its recent history, and it should also be based on dealing with businessmen from a financial perspective, and not from a partisan and sectarian perspective,” according to the economist, Hammam al-Shama’.

In his interview with Shafak News Agency, Al-Shamaa indicates that “the next government – if it is formed – will be similar to its predecessors, it cannot reduce corruption even by 10-20 percent, as financial corruption has become available to everyone, so I do not expect much from the next government, the situation will continue as it is.”

And he continues, “But do not forget that there is a financial abundance, and this abundance goes to the corrupt and moves the speculative sectors (the auto sector, the real estate sector, the remittance sector through the currency buying and selling window in the Central Bank), and these transfers reached during the last month one billion and 300 million dollars. , which is a huge amount, and it has reached this level from about 100 to 120 million dollars per day, and now at a rate of 250 million dollars per day, that is, remittances have doubled.”

“Real estate prices have also risen, and these are indicators of corruption that has increased in depth, size and quality, after the passage of the Emergency Food Security Support Law, which is not subject to financial accounting controls, so I expect the situation to get worse because the poor distribution of wealth is causing the poor financial conditions of the Iraqi people,” says Al-Shamaa. 

As for the economic expert, Abdul-Hassan Al-Shammari, he believes that “Iraqi markets differ from the markets of other countries, as they take the political curve and consider it a major aspect, and when politicians differ among themselves, it reflects negatively on the Iraqi markets, and the circumstance that Iraq is currently going through makes the markets conflicting, between the day and another, prices rise and fall according to political news, and two days ago, the prices of materials rose from 75 – 100 percent, and yesterday they fell 100 percent.”

Al-Shammari points out, in his speech to Shafaq News Agency, that “the problem lies with the Iraqi merchants, as the merchant is the cause of the calamity in Iraq, because he takes advantage of these opportunities in order to develop his materials and criticize, and this is a big mistake committed by the merchant, while we see that in other countries companies reduce companies.” Owners of shops and markets own their materials by no less than 20 percent.

 The economic expert concludes by saying that “the Iraqi markets are on the verge of white and black days, according to the political conditions that drive them, and if the Ministry of Commerce intervened in the markets, and the central markets and other public companies operating in Iraq remained, we would not have reached this situation, which is getting worse, because The absence of a real policy and economic vision in Iraq, as well as its volatility and instability, which negatively affected prices in the Iraqi markets.

Iraq in uncharted territory: What if Al-Kazemi actually resigned?

The English newspaper “The National” considered that Iraq faces the possibility of more violence between the competing factions in light of the uncertainty surrounding the country’s political future, especially if the outgoing Prime Minister Mustafa Al-Kazemi implements his threat to step down. 

After referring to the atmosphere of conflict that has existed since the October 2021 elections, the clashes that took place last week and caused 30 deaths, and the Sadrist leader Muqtada al-Sadr’s dissatisfaction with his inability to form a government, the report translated by Shafak News Agency was transmitted; Omar Al-Nadawi, an analyst at the NGO “Empowering Peace in Iraq,” said that the situation was “unpredictable.” 

Al-Nadawi added that “the possibility of a new escalation is still high, because Mr. Al-Sadr is still troubled and it is clear that he is far from retiring from politics,” noting that Al-Sadr “does not seem to have a vision of a feasible way out of this impasse.”

The report considered that the turning point in the impasse could be Al-Kazemi stepping down from his position, a possibility that had indicated the possibility of it occurring in the event of violence erupting again. The report quoted Iraqi political analyst Sajjad Jiyad as saying that it is possible that if the violence escalates, Al-Kazemi may feel that there is a lot of pressure, and he will resign,” adding that if Al-Kazemi did so, “the scene in which Parliament has to elect may be avoided.” The new president and government.

Jiyad pointed out that the current president, Barham Salih, who is also holding his position temporarily after parliament failed to elect a new president, may nominate a new prime minister so that Iraq will have a caretaker and interim government.

According to Al-Nadawi, a possible resignation from Al-Kazemi will impose new pressures on Al-Sadr, explaining that in the event of his resignation, the coordination framework and the Patriotic Union of Kurdistan will make the situation largely in their favour.  

The report pointed out that in the event of Al-Kazemi’s resignation, the constitution stipulates that Barham Salih must take over the duties of the Prime Minister and then appoint a candidate for this position within 15 days.  But according to Al-Nadawi, in light of the existing difficult impasse and the possibility of not reaching a political agreement, Barham Salih may remain in the position of Prime Minister for an indefinite period, and the coordination framework and the Patriotic Union of Kurdistan will not have a great incentive to make concessions to meet the conditions of al-Sadr, He added that ignoring al-Sadr on the part of the coordination framework, “will undoubtedly provoke a great reaction from al-Sadr.”

After referring to the lawsuit filed with the Supreme Court for the dissolution of Parliament, which is supposed to make its decision on September 7, the report quoted Jiyad as saying, “Constitutionally, we are in uncharted territory as to who has the power to move things forward…the court does not have the capacity to dissolve.” Parliament, but only Parliament can dissolve itself.”

Source: Dinar Recaps


Tishwash:
An economist expects oil to continue at $ 100 until the end of 2022

An economic expert expected, today, Sunday, the continuation of selling oil at a price of $ 100 until the end of 2022

Safwan Qusay told Al-Furat News that: “We have the last quarter of this year, if Parliament was able to approve the actual spending in these nine months and add the surplus to the investment budget, it would be supportive of all units and the organization of investment projects for the year 2020-2023.”  

He added, “The next government will put its vision within the 2020-2023 budget, but we have the money as a result of the rise in oil prices. There is a surplus that covered the Food Security Law, and this surplus can also contribute to creating job opportunities to reduce poverty and unemployment.”

Qusay stressed, “Oil rates are still controlled by international companies through the OPEC agreement, and there is a desire by OPEC to maintain the price of a barrel of oil at a price of 100 dollars for the remaining year of 2022, and there may be a commitment to new cuts in order to control prices.”

And he indicated, “Russia cannot currently give up the price of oil for it because it is financing a war, as well as Saudi Arabia and the OPEC countries lost oil revenues from 2014-2021, and they are trying to maximize their revenues during this period and have clear capabilities by creating various strategies.”

With regard to the delay in approving the federal budget, Qusay explained, “The Iraqi economy faces a problem to transform it into a global economy, as it needs a budget to finance these goals. The process of linking the port of Faw to the European Union needs funds to be placed in the budget, bank revenues and the currency market.”

And Qusay continued, “As we have 9 million poor people in Iraq, fighting corruption lies in creating job opportunities, and this means that the process of placing Iraq within the global investment circle will provide great opportunities to work through the budget, and the survival of the situation as it is now is considered a waste of public money because there is money that goes to the reserves and there Poverty, unemployment and desertification.

He stressed, “the need to rehabilitate all federal ministries, as there are 3 million employees in government institutions, and currently the Ministry of Planning has launched the job number program and collected job numbers for these addresses, matching the specialization with the certificate with the job title, and investing those who have retired since 2019 with more than 300 thousand job degrees.”

Qusay concluded, by saying, “Iraq can currently release these degrees through the Federal Service Council, and the 2023 budget has to search for what disciplines are required to raise the efficiency of the performance of the economic unit so that we have productive government ministries. link

Source: Dinar Recaps

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