BondLady’s Corner

TLM724 Administrator BondLady’s Corner

Economic Position: $8.9 Billion .. The Cumulative Surplus Of Oil Revenues

Tuesday 03, August 2021 12:58 | Economic Number of readings: 279  Baghdad / NINA / – The Iraq Future Economic Corporation announced that the total cumulative surplus of oil revenues amounted to $8.9 billion in 2021 compared to the planned figures in the 2021 budget until July.

The head of the corporation, Manar Al-Obaidi, said in a statement that: The surplus came on the grounds that the oil revenues planned in the 2021 budget amounted to 30.7 billion dollars, while the oil revenues that were achieved until July 2021 amounted to 39.6 billion dollars.

He added: It is expected that if the price rate continues at the same current rate of 72 dollars until the end of the year, the expected surplus from oil revenues will reach 19 billion dollars, and this amount depends on fluctuations in oil prices and the amount of daily sales of Iraqi oil.

Al-Obaidi pointed out that: the biggest challenge lies in the non-oil revenues, which he planned in the 2021 budget to be in the range of 20 trillion Iraqi dinars. .

And he continued, “Depending on the oil revenues, which are expected to reach up to 103 trillion Iraqi dinars until the year, and based on the fact that non-oil revenues will be around 7 trillion, then the total revenues of the Iraqi state expected until the end of 2021 will be around 120 trillion dinars.”

Al-Obaidi stated that: According to the 2021 budget, the total expenditures will amount to about 128 billion dollars, so the amount of the deficit (if the entire planned budget is spent) will be around 8 trillion dinars.

He said: Delayed work on the budget and non-disbursement of amounts for operational and investment expenses. It is expected that Iraq will achieve in 2021 a surplus that may reach the barrier of 30 trillion Iraqi dinars, especially since the current monthly spending rates, according to the Ministry of Finance, amount to 6 trillion dinars, with the possibility of increasing this rate in the months The coming year, especially with the start of disbursing investment and operational budgets, as planned in the 2021 budget./End 3 https://ninanews.com/Website/News/Details?key=919313

The Central Bank Calls On Exchange Companies To Follow Up On The Banned Names

August 03, 2021  The Central Bank of Iraq would like to emphasize the controls of money laundering and terrorist financing for companies brokering the sale and purchase of foreign currencies, which stipulated (the need for companies to follow the names prohibited from dealing received from the official authorities concerned with this) .

Therefore, this bank calls on your respected companies to own an electronic system that includes the daily movements of their activities, with the necessity of linking this system with the international and local deprivation lists supervised by the Central Bank of Iraq .   https://cbi.iq/news/view/1791

The Finance Committee Hosts The Chairman Of The Retirement Authority

08/03/2021  On Tuesday 3/8/2021, the Finance Committee, headed by Representative Dr. Haitham Al-Jubouri, the Chairman of the Committee, and the presence of its members and a number of other parliamentary committees, hosted the Chairman of the Retirement Authority, Iyad Al-Jubouri, the advanced staff in the Authority and the Ministry of Finance.

The meeting, which was held at the headquarters of the Finance Committee, discussed a number of files of interest to the retired segment, as the committee discussed the file of disbursing the entitlements of army officers from the accumulated vacations and the differences related to the victims of terrorism.

The committee discussed ways to solve all the problems that prevent the payment of these financial dues for more than 15 years, and the committee confirmed that it will follow up on this issue until the dues are paid to their families.   Media   Department House of Representatives   August 3, 2021   LINK

The American Ambassador In Baghdad: The Relationship With Iraq Will Not Be Affected By The Change Of Administrations In The White House

Political   | 03:28 – 03/08/2021   Baghdad – Mawazine News   The US ambassador to Baghdad, Matthew Toler, confirmed, on Tuesday, that the relationship with Iraq will not be affected by the change of administrations in the White House.

A statement by the National Security Adviser’s media office said, “As part of a series of periodic strategic dialogue sessions, and in the presence of National Security Adviser Qassem Al-Araji, the National Security Adviser held a dialogue session at the Al-Nahrain Center for Strategic Studies, and hosted the American ambassador in Baghdad, Matthew Tueller.”

The statement continued, “The session witnessed a series of questions being asked to the American ambassador by the attendees, related to the size and type of support that Washington will provide to Iraq.”

During the dialogue session, the US ambassador presented a “brief on the nature of the strategic relationship between Iraq and America, and the developments that took place under the administration of President Joe Biden,” stressing “the importance of developing the relationship with Iraq and paying attention to it, due to its strategic importance in the Middle East.”

Tueller said that “the relationship with Iraq will not be affected by the change of administrations in the White House, pointing to the importance of continuing support for Iraq.”

And he indicated “the role of the United States in allocating funds to support reconstruction and stability in the liberated areas,” noting that “the security support will be to enable all Iraqi security forces to perform their tasks in combating terrorism and security challenges.”

For his part, National Security Adviser Qassem al-Araji stressed “the importance of benefiting and activating the strategic framework agreement, to develop the health, education and energy sector,” explaining that “what happened in the fourth round of dialogue with Washington was positive and in the interest of Iraq and its people.” Ended 29/R77    https://www.mawazin.net/Details.aspx?jimare=162583

Al-Muhammadawi Addresses The Integrity Commission To Take Legal Measures Against The Minister Of Industry, His Deputy And Senior Officials Regarding The Basra Saltine (Documents)

Political  Tuesday 3 August 2021 | 10:09 am| Number of readings: 70   A member of the House of Representatives from Basra Governorate, Representative Jamal Al-Muhammadawi, addressed the Integrity Commission regarding financial, legal and administrative violations in the Basra saltine investment file, calling for legal measures to be taken against the Minister of Industry and Minerals, his deputy for planning affairs, the Director General of the Investments Department and the General Director of the General Company for Mining Industries.

Al-Muhammadawi said, according to a document issued by his office, “We received information and documents regarding legal, administrative and financial violations in the Basra saltine investment file, which belongs to the General Company for Mining Industries in the Ministry of Industry. / 2021) to the General Company for Mining Industries to establish new production lines in the Basra saltine, while raising the production capacity of the saltine to an amount of (500) thousand tons annually.

He continued, “The issue of the paint group (the partnership contract with the investor) was presented in the sixth board of directors session held on (7/13/2021) without any report of the committee studying requests for participation and employment contracts for third parties formed by the company showing their opinion.”

He added, “A resolution formula No. (1/C6/2021) was printed that includes approval to conclude a partnership contract with the paint company in the same session, and the decision was reserved by five board members.”

He pointed out that “the current request of the paint company is similar to the request of the Saco Company for Trading and General Contracting, according to which a contract was made with them on July 24, 2020, to establish new production lines in the Basra saltine, and the Ministry’s Investment Department directed its cancellation according to their letter (338) on 1/5/ 2021, after auditing the contract and establishing contractual violations that require the termination of the contract, and the most important of these violations is Paragraph (23) of Article (18) of the contract, which states (the second party, the investing company, manages the salt pan from all technical, administrative, financial and production aspects, and bears full responsibility for that)

A directive was issued to cancel the contract with SACO, as it is in violation of the board of directors’ approval to establish production lines and not to invest in the salt pan.”

Al-Muhammadawi revealed, “there is a contradiction in the letters of the Investments Department to the General Company for Mining Industries, where their letter in the number (27582) on 7/11/2021 confirms that the responsibility for raw raw materials (salt) in terms of technical, administrative, financial and production aspects falls on the shoulders of the General Company for Mining Industries, i.e. what is This means that the salted product is not subject to total investment, while the book of the same department with the number (28701) on 7/25/2021 confirms that the responsibility of the raw salt raw material rests with the investor, i.e. his delivery of the salted fully.

Al-Muhammadawi stressed that the salted fish is considered a winner because the salt harvest season starts from the sixth month of 2021, and will not end before 11/1/2021, and the season is good and good profits are expected from it, and that the saltwater harvesting season is considered a winner by all measures before and after the investment.

He was surprised, “The party responsible for studying the economic and technical feasibility of the project (the Investment Department in the Ministry of Industry) sent a letter to the General Company for Mining Industries to take responsibility for the technical, administrative, financial and production aspects on the company’s shoulders. However, the pressures were clear from the ministry to pass the contract!!”

Al-Muhammadawi called on the Integrity Commission to take legal measures against the Minister of Industry (Manhal Aziz Al-Khabbaz), the Undersecretary for Planning Affairs (Youssef Muhammad Jassim Al-Janabi), the Director General of the Investments Department (Saif Al-Din Ali Ahmed) and the Director General of the General Company for Mining Industries (Rafid Abdul Jalil Jabbar).  https://aynaliraqnews.com/index.php?aa=news&id22=150373