Bondlady’s Corner

Iraqi News Highlights Wednesday Afternoon 2-1-23

Tlm724 Administrator Bondlady’s Corner

Al-Sudani And Al-Abadi Discuss Effective Solutions To Control Dollar Prices And Support The Poor Classes

Wednesday 01 February 2023 18:18 | political Number of readings: 115  Baghdad / NINA / – The Prime Minister, Muhammad Shia’a Al-Sudani, and the head of the Al-Nasr coalition, Haider Al-Abadi, discussed finding effective solutions to control the dollar prices in the local markets and support the poor classes in the country.  Al-Sudani and Al-Abadi stressed the importance of uniting the word to move forward in the reconstruction and construction of the country, reform in state institutions and fight corruption.

Control Of The Exchange Rate Is Achieved By Supporting The Central Bank’s Measures

Sameer Al-Nusairi   Since last week, and in continuation of the efforts of the government and the Central Bank, specialized work cells and teams from the cadres of the Central Bank and banks, with the follow-up of the Prime Minister and the Parliamentary Finance Committee, and under the direct supervision and management of the Governor of the Central Bank, have begun to hold a series of meetings, discussions and reviews of instructions with the aim of simplifying the procedures that lead to To secure the US dollar in the quantities required to cover the foreign trade needs of merchants, businessmen and importers (companies and individuals) through the banking system, as well as covering the needs of citizens traveling outside Iraq for all purposes.

In addition, the tireless efforts of the Central Bank and the government to coordinate at a high level and directly with international technical requirements, in a manner that guarantees the arrival of the dollar to the real beneficiary, while preserving the bank’s foreign currency reserves with the bank and with other banks according to the highest levels of care, transparency and responsibility.

And from our analysis of the current situation of the money market in Iraq and the continued flow of the dollar according to the daily rates of oil imports and the availability of foreign cash reserves of about 115 billion dollars. It makes us reassured that the current exchange rate crisis is temporary, and the price will return to its targeted rates from the Central Bank in a short time.

This requires governmental and parliamentary cooperation and support and keeping the crisis away from bickering, tensions and political conflicts, as well as media support for the Central Bank’s procedures and non-interference of non-specialized analysts who are hosted in Some media channels to harm the independence of the Central Bank and the reputation of our national economy internationally.

We commend here the government’s measures to track down speculators in the currency market and unlicensed money changers who harm the money market and the commercial market, and we bet that the crisis will end in the short term.

We hope that the trolls understand that the duties and tasks of the Central Bank are clear and defined in its law in force and that it implements them in accordance with its independence and its monetary policy and its tools. It is not one of its tasks to control the border crossings and the customs system,

nor to follow up and control speculators in the currency market, nor is it responsible for the lack of local production that covers the needs of citizens It is not responsible for increasing the ration ration or committing to distributing it on time to citizens,

nor is the Central Bank responsible for providing sufficient social welfare allocations to meet the needs of the poor, and the Central Bank is not responsible for activating the productive sectors in agriculture and industry and diversifying sources of national income.

Therefore, the responsibility to maintain the stability of the exchange rate is the responsibility of everyone, the central bank, the government, banks, the media and citizens.

The Minister Of Planning Affirms Iraq’s Desire To Continue The Partnership With Washington

Wednesday, February 1, 2023 Baghdad / The National News Center  , Minister of Planning Muhammad Ali Tamim confirmed today, Wednesday, the existence of a serious desire by Iraq to continue the partnership with the United States of America to achieve the goals of sustainable development.

Tamim said in a statement received by the National News Center that “there is a serious and great desire to continue partnership and cooperation with the United States of America in order to achieve the goals of sustainable development, improve the level of performance and establish the principles of good governance.”

And he added, “We have attached, within the government program, exceptional importance to applying the principles of good governance in order to achieve a better life for citizens and to establish the pillars of state security in all fields.”

Tamim explained that “the ministry works within the framework of improving the level of performance through many activities and policies and in cooperation with the Takamul project through what the departments and formations of the ministry, committees and work teams emanating from the National Committee for Sustainable Development are doing,” noting that “reaching the required results from all these Partnerships, policies and events require work to ensure the sustainability of their application and continuity within government institutions at all levels.”

For her part, the US Ambassador to Iraq, Elena Romanowski, expressed her “deep gratitude on behalf of the United States for the support provided by the Government of Iraq and the Kurdistan Regional Government in promoting good governance and improving basic public services.”

She added, “Since 2012, the US Agency for International Development has invested more than $172 million to improve basic services, enhance budget transparency, and improve government response and effectiveness in meeting public service needs.”

Parliamentary Finance For / NINA/: The General Budget 2023 Will Be The Highest Among The Previous Budgets

Wednesday 01 February 2023 09:44 | political Number of readings: 430  Baghdad / NINA / – A member of the Parliamentary Finance Committee, Jamal Cougar, confirmed that the general budget 2023 will be the highest among the previous budgets.

Cougar said in a statement to the National Iraqi News Agency ( NINA ) that the many new appointments are not a major reason for delaying the budget so far with the government, indicating that the government has confirmed all contracts and their matter has ended, noting that the fluctuation of international oil prices is one of the main reasons for the delay in the budget.

He explained that the government set the price of a barrel of oil at 75 dollars, but the drop in oil prices confused the calculations, and therefore the government is considering setting a reasonable price for the price of a barrel, then the amounts are calculated in light of that.

He also confirmed the existence of political differences over the budget between the parties to the political blocs on the one hand and between the Kurdistan region and the federal government on the other hand, and this matter is another reason for the delay in the budget.

A Parliamentary Committee Calling For The Establishment Of A Sovereign Fund And Speeding Up The Adoption Of The Oil Law

Posted On2023-02-01 By Sotaliraq  Yesterday, Tuesday, a parliamentary committee called on the current government to establish the sovereign fund, pointing out that this project will provide wealth for future generations, stressing the speedy approval of the oil and gas law, stressing that it has addressed the government in this regard.

This comes at a time when the Presidency of Parliament called for activating the oil-for-development agreement signed with a European country.

A member of the Parliamentary Oil Committee, Suad al-Moussawi, said, “Oil prices, according to current polls, will rise during the current year to the range of 100-120 dollars.”

Al-Moussawi added, “Initial information indicates that Iraq will adopt the price of a barrel in the 2023 budget law at a price of 45 dollars, which will generate a large financial surplus. It is assumed that the sovereign wealth fund will be established to save this surplus.”

And she indicated, “The establishment of the sovereign fund will be for the purpose of providing wealth for future generations by maximizing the return from the untapped assets of the state by attracting investors from inside and outside.”

And Al-Moussawi went on to say, “The important things that can be exploited through the establishment of the fund will be represented by investing in important sectors such as localization and deepening of industry, digital transformation, and the creation of leading entities in various fields.”

It is noteworthy that a sovereign wealth fund is a fund owned by a state that consists of assets such as land, stocks, bonds or other investment vehicles. These funds can be described as entities that manage state surpluses for investment.

For his part, another member of the committee, Ali Faris al-Shaddad, said that “the draft oil and gas law is one of the basic tasks of the committee,” noting that “the committee will approach the government to send the final draft of the draft oil and gas law.”

Shaddad continued, “The government has formed a negotiating committee headed by the Deputy Prime Minister for Energy Affairs, the Deputy Prime Minister for Economic Affairs, SOMO and a number of relevant government agencies to negotiate with the Kurdistan Regional Government regarding the oil and gas law.”

He pointed out that “the absence of the oil and gas law is one of the most prominent problems facing the oil and gas sector after 2003.”

And Shaddad went on to say that “the ministerial platform of the government of Muhammad Shia’ al-Sudani, which was voted on by Parliament, had included voting on the law within a period of time not exceeding a year from the date of formation of the government.”

In addition, a parliamentary statement received by (Al-Mada) stated that “First Deputy Speaker of Parliament Mohsen Al-Mandalawi received the Ambassador of the Kingdom of Norway to Iraq, Aspen Avent Lindbeck, and his accompanying delegation,” noting that “the bilateral relations between the two countries and ways to enhance them were discussed.”

Al-Mandalawi stressed that “the House of Representatives is continuing to legislate important laws, especially after completing the presidencies of parliamentary committees, and that among the most important priorities on which the legislation of the budget law will focus is the services file, revitalizing local industry and investment, in addition to water, agriculture and health, as well as providing possible facilities for international companies.” sober.”

Al-Mandalawi called for “activating and employing the (oil for development) program signed between the two countries, in a way that contributes to achieving the interests of the two friendly peoples, in addition to activating friendship committees and expanding bilateral cooperation in various fields between Baghdad and Oslo.”     LINK


Cabinet: The Government Will Deliver Petrodollar Allocations Directly To The Oil Provinces

Money and business  Economy News / Baghdad  The President of the Republic, Abdul Latif Jamal Rashid, discussed, on Wednesday, with the Secretary-General of the Supreme Coordinating Committee for Provincial Affairs in the Council of Ministers, Ahmed Al-Fatlawi, the allocations of the governorates and the possibility of amending the law of their councils.

In a statement on the sidelines of his meeting with Al-Fatlawi, Rashid said, “Field visits to the governorates are necessary to find out the size of the problems and challenges facing citizens and work to overcome them.” To the governorates, in a way that helps in combating and eliminating corruption and improving the general level of the governorates.

The President of the Republic explained “the importance of reviewing the numbers of members of the provincial councils in the draft law amending the law of governorates that are not organized in a region,” stressing “the need to address the disbursement of funds allocated to the provinces to advance their urban and service reality, in addition to the establishment of new cities integrated in the services provided and infrastructure.

He pointed out, “Security and political stability will help open horizons for investment,” noting “the importance of developing these opportunities to advance the country’s reality and ensure prosperity and stability for the people.”

In this context, the President of the Republic directed “the establishment of a citizen complaints fund for the Presidency of the Republic.”

In turn, Al-Fatlawi indicated that “the committee will play a coordinating role with the Presidency of the Republic by reviewing the reports of each province in an integrated manner.” He explained, “The government is keen to activate petrodollar allocations and pay them directly to the provinces, and the Development Fund for Iraq and the Reconstruction Fund for the poorest provinces have been established.” .


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