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Tues. PM KTFA Iraq News Articles 1-10-23

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KTFA

Clare » January 10th, 2023

The Sudanese government obliges all of its institutions to deal in the Iraqi dinar

The Ministerial Council of the Iraqi Economy took, on Monday, a number of economic decisions, including obligating all ministries and state institutions to pay wages for goods and services in dinars.

This came, during the presidency of the Deputy Prime Minister, Minister of Foreign Affairs, Fuad Hussein, the meeting of the Ministerial Council for the Economy, in the presence of the Deputy Prime Minister, Minister of Planning, the Ministers of Finance, Trade, Industry, Agriculture, Labor and Social Affairs, the Secretary General of the Council of Ministers, the Governor of the Central Bank of Iraq, and the Chairman of the Commission The National Investment Agency is an agency, and the Prime Minister’s advisors for economic and legal affairs, according to a statement received by Shafaq News agency.

At the beginning of the meeting, the council discussed, according to the statement, the draft law of the state’s general budget and the revenues and expenditures contained therein. It also discussed the economic issues on its agenda, and took many important economic decisions.

Among these decisions is obligating all state ministries and institutions to pay wages for goods and services in Iraqi dinars, and whoever chooses from the private sector to have sales as mentioned above, provided that the Central Bank of Iraq compensates those amounts in dollars and at the official rate, in order to fulfill their obligations and purchases outside Iraq.

The Ministerial Council of Economy agreed that the Central Bank of Iraq would contract with the “Zaha Hadid” Foundation to design the Central Bank building in Nineveh Governorate.   LINK

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Henig » January 10th, 2023

The full text of the new Cabinet decisions

Time: 01/10/2023 18:57:14

{Local: Al Furat News} Prime Minister Muhammad Shia Al-Sudani chaired today, Tuesday, the second regular session of the Council of Ministers, which discussed the overall general situation, issues and decisions on the agenda.

According to the government statement, which {Euphrates News} received a copy of, that the session witnessed a discussion of the rise in the exchange rate of the dollar, its effects on the market, and on citizens’ purchases from local markets, and the measures required to address that and support the national currency, as the council approved the following procedures:

1- Oblige all government agencies to sell all goods and services inside Iraq in dinars and at the Central Bank rate of (1470) dinars to one dollar.

2- What was stated in paragraph (1) above includes sales of goods and services from the private sector, especially the offices of national and foreign airlines, commercial agencies, telecommunications and Internet companies, and sales of investment residential complexes, and it is emphasized that the prices of goods and services are in Iraqi dinars on the price of the Central Bank.

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3- The Central Bank shall sell the dollar to the parties mentioned in Paragraph (2) at the price set by the Central Bank at a price of (1460) dinars per dollar for remittances, and (1455) dinars per dollar to cover documentary credits, after undertaking to sell in Iraqi dinars, and this shall be announced on the official websites of the concerned authorities. on sales outlets.

4- The Central Bank of Iraq issues an easy mechanism, and within one week from the date of the decision, through which the private sector mentioned in paragraphs (2 and 3) above can obtain dollars at the official rate, and the bank also secures private sector transfers outside Iraq and at the official rate to cover their external obligations.

The Council of Ministers also continued discussing the file of confirming contractors in all state ministries, and approved the Ministry of Finance’s creation of titles and job grades within the budget of departments and formations, to install contractors before November 2, 2019, on permanent staffing, within the operational or planning expenses of each formation.

In the same context, the Council of Ministers approved the Ministry of Finance to convert (1,000) social researchers into contractors in accordance with Cabinet Resolutions (315 and 337 of 2019), with the addition of financial allocation teams to them with special schedules.

And within the framework of supporting the winter agricultural plan for the current season, and addressing the existing water problem, the Cabinet approved the recommendations of the meeting of the permanent joint committee between (the Ministries of Agriculture and Water Resources) held on November 30, 2022, regarding adding the two paragraphs below to the recommendations of the committee concerned with preparing A clear study on the winter agricultural plan for this season, and focus on the use of groundwater in promising areas in all governorates approved by the Council of Ministers in accordance with its decision (284 of 2022) according to the following:

1. Adding an area of (one million dunums) so that the total area cultivated on surface water becomes (2,500,000) dunums, only two and a half million dunums, provided that the focus is on the agricultural areas of the winter plan on the main rivers, streams and canals.

2. Forming joint committees from water resources directorates, agricultural directorates, agricultural committees and agricultural associations in coordination with them and the operations room composed of the Joint Operations Command in all governorates to follow up on the commitment of farmers and farmers to the irrigation areas approved by the agricultural plan for the winter season 2022-2023 and to remove the abuses, and the trespassers bear the legal responsibility As a result of their transgression, the aforementioned ministries are not obligated and are not responsible for considering or promoting any requests for compensation, in the event of a transgression of the approved agricultural plan, and for setting bi-monthly meetings whose dates are agreed upon in coordination between the directorates of agriculture and the directorates of water resources in all governorates.

And in implementation of the directives of the Prime Minister to expedite the implementation of the government’s plans to remove traffic jams and reduce traffic congestion in the capital, Baghdad, and the subsequent measures represented in raising a number of checkpoints on both sides of Karkh and Rusafa, and opening several roads and tunnels inside the Green Zone, the Council of Ministers discussed The comprehensive government plan to be implemented by the Ministry of Construction and Housing to relieve traffic jams in the capital, Baghdad, where the Council approved the following:

1. Authorizing the Ministry of Construction, Housing, Municipalities and Public Works to conduct contracts with a ceiling not exceeding 1,500,000,000,000

Dinars, only one trillion and five hundred billion dinars for projects included in the government program, by direct invitation method (design / implementation) and acceptance of the only offer within the total cost, provided that the contracts include a clause stipulating that no amounts will be spent until after the approval of the federal budget of the Republic of Iraq for the fiscal year / 2023, and the aforementioned Ministry will finance the required amounts, including contracting with a reputable and reputable international consulting body, as an exception to the instructions for implementing government contracts (2 of 2014).

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2. All ministries and agencies not associated with a ministry provide support for the project to relieve traffic jams in the capital, Baghdad, which is being implemented by the Ministry of Construction, Housing, Municipalities and Public Works.

3. Forming committees at each site to address conflicts facing implementation, consisting of ministries (oil, culture, electricity, communications, transportation, finance, and planning), the Municipality of Baghdad and the Baghdad Operations Command. The committees are empowered to implement spare orders, and their costs are added to the project cost.

4. Authorizing the Ministry of Construction, Housing, Municipalities and Public Works, and the public entities that own land or the owner of the allotment, the authority to implement the projects in question within the lands owned or allocated to those entities, provided that the expropriation takes place or the allotment body is changed.

With the aim of implementing what was stated in the ministerial curriculum, and what was included in the government program with regard to the housing axis, and providing the necessary facilities in this regard, the Council of Ministers approved the following:

Approval of the minutes of the consultative meeting held on November 29, 2022 regarding lands belonging to the Ministry of Finance and complexes designated for the construction of residential complexes, and paragraph (Third) of the recommendations of Meeting No. (17) of the National Housing Council, according to the following: 

• Lands belonging to the Ministry of Finance

– Based on the provisions of Article (1/7) of the Amended Law of Ownership of Lands and Emiri Buildings (3 of 1960), the ownership of lands belonging to the Ministry of Finance and previously allocated by the Ministry above, without compensation, shall be transferred to the Housing Department, one of the formations of the Ministry of Construction, Housing, Municipalities and Works. Public housing, on which public housing complexes are built or under construction in accordance with Legislative Decree (39 of 2001).

• Lands belonging to the General Directorate of Municipalities and allocated to the Housing Department.

2- Owning the lands belonging to the General Directorate of Municipalities and allocated to the Housing Department in accordance with Resolution (693 of 1973) without compensation, with what you need from the lands indicated in Article 1 of Law (80 of 1970) in the event that it applies to lands belonging to municipalities.

In the context of implementing the strategic plans set for the development of the electricity system, the Cabinet agreed to authorize the Minister of Electricity to sign a memorandum of cooperation for the energy program in Iraq, the second phase, between the Ministry of Electricity and Siemens Energy AG, as an exception to the contracting methods stipulated in Article (3) of the instructions. Implementation of government contracts (2 of 2014)

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It also authorized the ministers participating in the government delegation to Germany to sign memorandums with their counterparts from the German side.

The Cabinet continued discussing other issues on the agenda, and issued the following decisions: 

First / Approval of the recommendations of the minutes of the (twenty-eighth) meeting of the Diwani Order Committee (45 of 2018), concerned with developing ways, mechanisms and solutions necessary for the completion of public hospital projects.

Second / Approving the draft law of the second amendment to the Iraqi Media Network Law No. (26) of 2015, and referring it to the House of Representatives.

Third / For the requirements of the public interest, work requirements and ensuring the continued provision of the media network in the most complete manner, impartiality and independence in accordance with the standards specified by law, recommending to the House of Representatives the dismissal of the president and members of the Board of Trustees of the Iraqi Media Network.

Fourth / Approval of the recommendations presented by the Deputy Prime Minister / Minister of Planning regarding amending the customs tariff

 Fifth / Approval of the recommendation of the Ministerial Council of Economy according to the following:

– Adjusting the prices of petroleum products in the future will be one of the tasks of the Ministerial Council for the Economy, upon a recommendation to the Council of Ministers.

Sixth: Approving the exemption of military shipments belonging to the Ministry of Defense from paragraphs (3, 5) of Cabinet Resolution (65 of 2022).   LINK

Expectations of approving the budget in the middle of next month will be 140 trillion dinars

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JANUARY 9, 2023

COMMENTSON EXPECTATIONS THAT THE BUDGET WILL BE APPROVED IN THE MIDDLE OF NEXT MONTH, WITH 140 TRILLION DINARS CLOSED

Parliamentary Finance: The government will resolve the discussion of the law this week and refer it to Parliament

Special – Al-Sabah Al-Jadeed:

The Parliamentary Finance Committee expected that the budget law would be decided during the cabinet meeting this week, in preparation for presenting it in parliament and voting on it in mid-February, stressing that its amounts will be 140 trillion dinars.

Committee member Mueen Al-Kazemi said, “Our confirmed information indicates that the Ministries of Finance and Planning have completed the preparation of the draft budget law and it has been submitted to the Council of Ministers.”

Al-Kazemi added, “Last week, a meeting of the Economic Council in the Council of Ministers discussed the draft, and some amendments were made.”
He pointed out, “Expectations are that the law will be completed within the government during the current week, in order to then refer it to Parliament.”

And Al-Kazemi indicated, “The dialogues between the federal government and the Kurdistan region have reached certain consensuses in this regard, so there is a real desire among the political blocs to pass the law.”

And he reported, “The blocs promised the street to hold elections for the provincial councils in the month of October, and that proceeding with this entitlement requires financial allocation.”

And Al-Kazemi indicated that “these blocs, in order to obtain the approval of the street, must provide something to the street by completing service projects, which in turn need financial allocations through the budget.”

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He explained, “Efforts come to approve the law during the first half of next month, and after completing the first and second readings, in order to implement it next March.”

Al-Kazemi pointed out, “The law has so far set a price for a barrel of oil estimated at 65 dollars, with exports of 3.5 million barrels allocated to Iraq from OPEC, provided that the exchange rate for the dollar is 1450 dinars.”

And he warned, “These figures bring us to the conclusion that this revenue will be in the next budget is 120 trillion dinars, and it constitutes oil revenues, in addition to another 20 trillion dinars for taxes and border crossings.”

And Al-Kazemi went on to say, “The entirety of the law will carry sums of money estimated at 140 trillion dinars, with an estimated deficit of 10 trillion dinars.”

For his part, committee member Jamal Cougar said, “The exact information regarding the budget law is still vague, whether in terms of amounts or even when it will be sent to Parliament.”

Cougar added, “Discussions within Parliament on the law need at least two months in order to resolve all differences.”

But he came back to clarify, “The State Administration Alliance, which formed the government, has the overwhelming majority in parliament and can pass the law, even with objections from other blocs.”

And Cougar went on to say, “What we can say is that the political blocs agree that this year a budget should be legislated for it in order to benefit from the surplus that has been achieved from oil revenues.”

The Parliamentary Legal Committee had warned against spending all the surplus during the current year, calling for it to be placed in an emergency fund in order to face any exceptional situation in the country and not to repeat the weak financial position that occurred during the decline in oil prices to very low levels.   LINK

Including activating the productive sectors.. An expert shows the mechanisms for developing the Iraqi economy

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Today, Monday, the economist Nabil Al-Tamimi explained ways to develop the Iraqi economy in light of the rapid changes, while stressing the importance of implementing economic reforms, some of which reach “fundamental” change.

Al-Tamimi said, in a press interview seen by Taqaddam, that “despite the financial abundance achieved from the rise in oil prices during the last two years, it is very necessary to start implementing economic reforms, some of which may lead to fundamental change.”

 He added, “Decision-makers must develop a plan for economic reform by achieving policies with different short, medium and long-term dimensions, through which the identity of the Iraqi economy will be determined.”

The economist explained that “starting with reforms will be with steps aimed at diversifying the economy, activating the productive sectors, and drawing the space for the private sector to work in various sectors, leading to the stage of securing the state’s revenues from resources in a way that guarantees the sustainability of its operational and investment spending.”

And Hadith continued, saying: “Also, expanding economic activities in order to achieve a rise in the Iraqi gross domestic product, ensuring the provision of sufficient job opportunities to absorb unemployment and reduce poverty.”  LINK

Interior Minister: The electronic passport will be launched in Baghdad as a first stage next month

Baghdad / Obelisk: Interior Minister Abdul Amir Al-Shammari said, on Monday 1/9/2023, in a televised interview, that the electronic passport will be launched in Baghdad as a first stage next month, and in 5 governorates in the second stage.

The Obelisk publishes clips from the meeting:

I congratulate all employees of the Ministry of Interior on the 101st anniversary of the founding of the Iraqi police

– The Prime Minister outlined in brief words his support for the Ministry of Interior and its affiliates

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-Since we assumed the task, we have worked to automate work in the Ministry’s joints to alleviate the suffering of citizens and facilitate their obtaining identity documents.

The electronic passport will be launched in Baghdad as a first stage next month, and in 5 governorates in the second stage

We are working on an electronic visa for arrivals to Iraq

We contracted with a company to develop and modernize the unified electronic card system and provide us with raw cards

We have received the security file in Wasit, Muthanna and Diwaniyah, and in the second phase we will take over Babylon and Najaf, then the other provinces.

We will rely on cameras and intelligence efforts to secure cities

– The changes that took place in the ministry, in which we relied on the principle of integrity and efficiency, and a large number of officers and associates were expelled on charges of bribery.

We will not allow any affiliate or officer to take bribery, and our doors are open to citizens.  LINK

The dollar is falling and Wall Street indices are rising strongly

Economy News-Baghdad

 The US dollar weakened in early European trade on Monday, as traders re-evaluated the path of US interest rate hikes in the wake of last week’s jobs report while risk appetite benefited from China’s reopening of its borders.

The dollar index is now falling by 0.77%, to record 102.852 against a basket of foreign currencies, while the US market indices are rising at this time, as the Nasdaq index rose by 2.11%, to record 10,792.12 points, while the Dow Jones rose by 0.63%, adding 210 points, and the S & S index jumped. B500 by 1.16%, to record now 3940.10 points.

Traders are now considering an easing of monetary policy by the US central bank, with a broadly expected 25bp increase in February, down from a 50bp increase in December.

This followed the release of the official US monthly jobs report on Friday, which showed non-farm payrolls increased by a relatively healthy 223K in December, while average hourly earnings rose 0.3%, less than expected and lower than the previous month’s figure. 0.4%.

In addition, service industry activity in the US contracted for the first time in more than two and a half years in December, which is further evidence of a calm economy.

Bets against the US dollar also swelled to 30,457 contracts last week, the most since August 2021, according to CFTC data on eight currency pairs compiled by Bloomberg.

This puts US CPI for December on Thursday into sharp focus, as any sign of price pressures continuing to ease will reinforce the view that the Fed is nearing the end of its most aggressive tightening cycle in decades.

Elsewhere, USD/CNY fell 0.9% to 6.7748, with the Chinese yuan reaching a four-month high after the country reopened its borders to international travel over the weekend.

The move marks the country’s biggest pivot away from its strict anti-coronavirus policy, which has contributed to the sharp decline in its economic growth over the past three years.

EURUSD also rose 0.5% to 1.0692 supported by data showing German Industrial Production rose 0.2% m/m in November, an improvement from the revised 0.4% decline seen in the previous month.

Also, GBPUSD rose 0.6% to 1.2159, after rising 1.5% on Friday, USDJPY rose 0.1% to 132.25 and the risk-sensitive USDJPY rose 0.8 % to 0.6930.

USD/BRZ is yet to trade Monday, but the Brazilian real will be in the spotlight later in the session as traders react to news that supporters of former far-right President Jair Bolsonaro stormed key government buildings over the weekend, echoing Echo of the United States in January. 6. The 2021 Rebellion.   LINK

Source: Dinar Recaps

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