Wed. AM TNT News Articles from Iraq 5-31-23




A deputy determines the mechanism for passing the budget if the consensus option fails

Representative Salem Al-Anbuge confirmed, on Wednesday, the possibility of passing the budget without waiting for political consensus, indicating that the coordination framework has the parliamentary majority to pass laws.  

 In an interview with Al-Maalouma, Al-Anbuge said, “The coordination framework is serious about resolving the 2023 budget through political consensus, but if it fails to achieve its goals, the choice of the political majority will be open to deciding the fate of the budget.”

He added, “The budget will be passed by the political majority if it reaches the House of Representatives, and the presentation of the budget is currently postponed for some days, pending the outcome of the ongoing discussions now in Baghdad.”

He pointed out that “the budget, despite its complexities, but its approval is necessary because it includes dues of large segments of the people and gives flexibility to institutions to fulfill their duties.”

And the demands of some Kurdish forces caused the postponement of presenting the budget to the House of Representatives until further notice.   link

The President of the Republic: The oil and gas law will be an important factor in solving most problems




Today, Wednesday, the President of the Republic, Abd al-Latif Jamal Rashid, affirmed that Iraq has returned to exercising its role in the region, while he considered that most of the outstanding issues between Baghdad and Erbil could be found solutions.

Rashid said, “Our steps now, after eliminating terrorism, are directed towards implementing a program that includes serving citizens in terms of rehabilitating infrastructure and providing services, expanding freedoms, fighting poverty, raising the standard of living and the ceiling of social security, and eliminating unemployment by activating the private sector and encouraging investment in the country.” And discussing and discussing the issuance of the oil and gas law, which will be an important factor in solving most of the existing problems.

Regarding the water crisis, Rashid stressed that “Iraq is a state at the mouth of the waters of the Tigris and Euphrates rivers and their tributaries, and most of our tributaries are connected with Iran, and the two countries, Turkey and Iran, must take into account our water situation.”

In a separate context, the President of the Republic said, in the context of an interview with Al-Masry Al-Youm newspaper, that “relations between the federal government and the regional government are good, and there are differences in viewpoints, not disagreements, and most of the outstanding issues between the two sides can be found solutions  link

Work: Loans are currently suspended until the budget is approved

The Ministry of Labor and Social Affairs said that launching loans for the poverty alleviation strategy depends on the financial allocations allocated within the general budget, while it begins disbursing the 36th batch of soft loans during the next five months.  

The Director of the Department of Labor and Vocational Training in the Ministry, Raed Jabbar Bahidh, said in an interview with the official newspaper, followed by “Al-Iqtisad News”, that “the 35th batch of soft loans that were launched recently was for applicants since 2020, and it depends largely on the amount of refunds from borrowers during the past years.” Which is reflected in the shares of each province and the percentage of recovery.  




He pointed out that “loans for the poverty alleviation strategy depend mainly on the financial allocations allocated to the ministry in the general budget, so they are currently suspended until the budget is approved.”  

Bahedh added, “Applications for all loan programs approved by the Ministry are currently suspended due to the lack of sufficient financial allocations to receive new applications,” noting that “loans cannot be combined with a social welfare grant, and whoever’s name appears in loan payments is not entitled to apply to be included in subsidies and vice versa.” like that”.  

He noted that “the ministry has not issued any decision related to dropping loans on behalf of the deceased or for any other reason, as they are collected annually by the family of the deceased beneficiary, indicating that during the next five months, the 36th batch of soft loans will be launched for those registered during the past years   link

The Sudanese financial advisor reveals the amount of gold accumulated by families and the gold flowing into Iraq

Today, Wednesday, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed that monetary gold is managed within the country’s sovereign investment portfolio, revealing the volume of gold accumulated by the public and the gold flowing into Iraq.

Saleh said, in a press statement, followed by NRT Arabia: “The Iraqi families lost (their mufflers) and their various assets and assets of preoccupied gold during the period of the economic blockade that struck the country throughout the ninetieth decade during the last century, and the subsequent few years, as gold was used at that time and heavily under the weight of the hardships of economic life, to exchange it for means of subsistence and to defend human existence.

He added, “Most of the occupied gold leaked out of the country during the era of the former regime, as a means of exchange for basic and necessary needs, in addition to the loss of the country’s official reserves of monetary gold and foreign currencies due to the international blockade decisions at the time.”

Saleh pointed out that “the development of the positive economic conditions in the country after 2003, and the flow of oil revenues and other resources over the last twenty years, led to a change in the equations of gold wealth and the demand for it on a large scale again,” stressing that “the monetary authority reserves today what More than 132 tons of monetary gold. 

He explained, “Keeping monetary gold is an important possession that represents an aspect of monetary policy measures and its optimal management of the investment portfolio from the country’s foreign reserves.”

Saleh continued, “International guidebooks and regulations, especially those approved by multilateral international financial institutions, indicate that monetary gold reserves are between 7-10 percent of total foreign reserves, and monetary gold is managed within the sovereign investment portfolio,” noting that “this percentage It comes because it is devoid of returns compared to foreign currencies and investment in international financial instruments.




Regarding the flow of gold and worked gold into the country, he stated, “The preliminary estimates indicate that there is an annual average flow of gold and worked gold into the country, especially of the desired high karat, at least 50 tons per year.” 

And Saleh continued by saying: “What means the existence of a wealth of gold stored by families or the public with the accumulated historical gold that can be estimated between 1200-1500 tons of gold and perhaps more, which is equivalent to at least ten times the official monetary gold.”

He pointed out, “The market value of one ton of gold (of 24 karat) today in the global gold markets exceeds $6 million.”  link

Source: Dinar Recaps


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