Bondlady’s Corner

Iraqi News Highlights Wednesday Afternoon 5-17-23

Tlm724 Administrator Bondlady’s Corner

The White House Announces The Extension Of The State Of Emergency In Iraq And Refers To “Extraordinary Threats”

Posted On2023-05-17 By Sotaliraq  The White House announced the extension of the state of emergency in Iraq, citing “extraordinary threats.”   US President Joe Biden signed a decree extending the state of national emergency related to the situation in Iraq.

“There are still obstacles to the orderly reconstruction of Iraq, the restoration and preservation of peace and security in the country, and the development of Iraq’s political, administrative and economic institutions,” said a statement by Biden, according to the White House.

These obstacles constitute “an extraordinary threat to the national security and foreign policy of Iraq and the United States of America as well. Therefore, I have decided that it is necessary to continue the national emergency declared under Executive Order 13303 with regard to the stability of Iraq,” according to the statement.

It is noteworthy that Resolution 13303 on Iraq was issued in 2003 during the era of US President George W. Bush, and it prohibits the export of some special goods, in addition to punishing individuals and entities.   LINK

A slight decrease in the dollar exchange rate

Economy  Wednesday, May 17, 2023 Baghdad / National News Center   Today, Wednesday, the exchange rates of the dollar against the dinar recorded a slight decrease in the local markets in all the country’s governorates.

As the selling price reached 146,250 dinars per 100 dollars, while the purchase price reached 144,250 dinars per 100 dollars, in the capital, Baghdad.

Parliamentary Recommendation To Government Institutions To Contract With Specialized Companies To Avoid Corruption And Waste Of Public Money

Wednesday 17, May 2023 13:06 | Economical Number of readings: 477   Baghdad / NINA / The Parliamentary Economy, Industry and Trade Committee recommended that all government institutions be required to contract with specialized companies, whether they are oil, service or support companies, to avoid suspicions of corruption and to tighten control and oversight of public money.

Deputy Chairman of the Committee, Yasser Al-Husseini, criticized, in a press conference today, Wednesday, that the Energy Ministerial Council approved a recommendation regarding the contracting of the Central Refineries Company / Karbala Refinery Project to implement the order for the supply of chemicals, catalysts, oils and reserve materials in the manner of direct contracting with the project contractor (the Korean consortium).

And he explained, “The quantities of materials are known to the ministry and the company, and the competent authority has a warehouse system for disbursing them and balancing the available and disbursed ones for the purpose of perpetuating work and avoiding delay in the work of the refinery.”

He added, “The company referred to in the recommendation is an intermediary company and does not manufacture the required materials according to the information available to us, which causes this procedure to waste public money, in addition to the fact that the Karbala refinery has not been fully operated until now,” returning that “resorting to companies Supplying the required materials from non-manufacturers represents a clear waste of public money and indicates clear suspicions of corruption.

He went on to say, “In the event that there are companies specialized in the processing of these materials, it is more appropriate legally to resort to announcing a tender and selecting the best and lowest bids, or obtaining a decision of the Council of Ministers to contract directly in the event that the issue is

monopolistically”, calling on the concerned company to prepare an urgent study and a schedule of quantities for the refineries’ need for the raw materials required for their operation and to set strategic stocks of them, especially as we are approaching the summer season, which requires an abundance of kerosene production, for example”, stressing that this is the same thing that happens in the Ministry’s companies The industry is what made it profitable and economically useless companies./End 5

Al-Sudani: Voting On The Social Security Law For Workers Represents An Important Step In Economic Reform

Wednesday 17, May 2023 21:58 | political Number of readings: 139  Baghdad / NINA / – Prime Minister Muhammad Shiagh Al-Sudani affirmed that the vote on the Social Security Law for workers represents an important step in economic reform.

Al-Sudani said in a tweet via “Twitter”, We welcome the important step taken by the House of Representatives, represented by voting on the Social Security and Retirement Law for Workers, as it represents an important joint of the economic reform that we have adopted in our government program, in addition to the many advantages of this law that make it It represents a qualitative shift in the labor movement, and supports government plans for the government’s executive program. It will also help activate the role of the private sector, provide job opportunities for young people, and ensure a decent life for citizens.”

Al-Sudani added, “This important law will relieve pressure on public jobs, and all of these are among our priorities that we pledged and voted on by the House of Representatives within our ministerial platform.” He continued, while we appreciate the great efforts made by members of the House of Representatives, we affirm that

this law It represents a roadmap towards the enactment of many laws that serve the citizen and his well-being , and push the legislation system towards providing everything that would improve the reality and development of our country.

Oil Rises Due To Optimism About The US Debt Ceiling And Demand

Energy  Economy News-Baghdad  Oil prices rose 2 percent on Wednesday as optimism about oil demand and negotiations to raise the US debt ceiling outweighed supply concerns.

Brent crude futures rose $1.48, or 2 percent, to $76.39 a barrel by 1656 GMT. US West Texas Intermediate crude also rose $1.50, equivalent to 2.1 percent, to $72.36.

On Tuesday, the International Energy Agency predicted that oil demand would exceed supply by 2 million barrels per day in the second half of the year and that China would account for about 60 percent of oil demand growth in 2023.

“The IEA’s estimates have restored optimism to the market this morning,” said Bob Yawger, director of energy futures trading at Mizuho.

The negotiations over the US debt ceiling preoccupied the minds of market participants, who were optimistic about the statements of US House of Representatives Speaker Kevin McCarthy on Wednesday, in which he pledged to avoid what would be a catastrophic default.

Optimism overshadowed the increase in US crude oil inventories by five million barrels in the week ending May 12, as announced by the US Energy Information Administration on Wednesday.

Analysts had expected, in a Reuters poll, a decline of 900 thousand barrels.

The increase in crude stocks added to concerns about growth in the United States, after data showed that retail sales rose 0.4 percent in April, which was below expectations for a 0.8 percent rise.

51 views  Added 05/17/2023 – 9:27 PM

A New High.. Central Bank Sales Exceed $274 Million

Economy| 12:16 – 05/17/2023   Baghdad – Mawazine News  Sales of the Central Bank of Iraq recorded a new high in the auction today, Wednesday, as it exceeded $ 274 million.

Where Does A Billion Dollars Go A Week? An Economist Wonders About Currency Auction Sales

Economy| 04:49 – 05/17/2023   Baghdad – Mawazine News, economist Salam Sumaisem asked today, Wednesday, about the Central Bank of Iraq’s auction sales of hard currency.

Sumaisem said in a tweet on Twitter: “Where do these millions go in light of a small economy like the economy of Iraq??, at a rate of 200 million dollars per day x 5 days = 1000 million, or one billion dollars, is this billion per week really for the supply of goods and services in Iraq? ?”

Finance Directs The Need To Oblige Government Departments And Institutions To Adopt POS Devices

Local | 06:55 – 05/17/2023   Baghdad – Mawazine News   Today, Wednesday, the Ministry of Finance clarified the importance of applying the “POS” system in revitalizing the economy and combating money laundering, while obligating its affiliated agencies and companies to implement the system.

The ministry said in a statement, a copy of which was received by Mawazine News, that “in light of the directives of the Prime Minister and Minister of Finance, Taif Sami, of the need to oblige all government departments and institutions to adopt POS devices and generalize the experience to include various economic and societal sectors, the Undersecretary of the Ministry of Finance and the head of a committee Today, POS electronic payment held a meeting with the directors of departments, banks and departments concerned with implementing the POS electronic payment points project.

The Undersecretary explained, “The importance of applying the (POS) system in the field of economic activity and efforts to combat money laundering and terrorist financing,” stressing the need to “include all bodies and companies affiliated with the Ministry who collect, deliver or receive money, by applying the (POS) system, to The aspect of working to remove the obstacles that prevent the initiation of the optimal application of the system.

It is noteworthy that the Ministry of Finance is moving towards providing all the necessary facilities to grant POS electronic sales devices in state institutions and the private sector for free, at zero percent interest, for a period of 6 months, in addition to providing technical and logistical support and various software supporting the project, as well as training cadres working in this field. Ended 29 / M99

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