TLM724 Administrator BondLady’s Corner
MEMBER: Tobyboy: This would not work presently. Reason most of the politicians are crooks and have been stealing the money for years. They gave themselves immunity. The country needs to eliminate the immunity and put the politicians in jail and freeze all the money the politicians have in their Bank accounts & property around the world. There are Billions of dollars the politicians have stolen over the years. Until they eliminate the immunity & freeze all the accts the politicians are holding does no good the will continue stealing the funds of the country.
Al-Kazemi’s Financial Advisor Talks About The Generations Fund: It Is Still An Idea
Monday, September 6, 2021 12:41 PM Baghdad / National News Center The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed today, Monday, that Iraq lacks a sovereign fund, indicating that there is an idea to establish it soon.
Saleh said in a press interview; The “National News Center” website continued, “Iraq does not have a sovereign wealth fund, but it has the investment portfolio of the bank responsible for economic stability and currency stability, and it is considered semi-wealth of a sovereign fund, and there is also the Iraq Fund for Foreign Development that has investments with Arab companies.” A joint venture of up to $3 billion and receives profits, but it is not large, and it is considered a sovereign wealth fund, but it is simple.”
He explained that “the Gulf countries have formed the largest sovereign wealth funds, in addition to Norway, which has the largest sovereign fund in the world, with an amount of $1.250 trillion, which came from oil revenues,” noting that “Norway builds its budget on the basis of balance and the budget surplus goes to various investments. Income and the fund grows, and when the state needs a budget, the profits of the fund block the budget.”
Saleh pointed out that “the Iraqi government is considering establishing such a fund, but the country has a deficit and not a surplus,” noting that “we have proposals to establish an Iraqi sovereign wealth fund, in which amounts equivalent to the Kuwait war compensation will be deposited after the completion of paying those compensations in the coming months.
And it is supported by any other assets and at the same time it is an investment for mineral wealth that is not invested or neglected, and its returns go to the fund and we establish the Generations Fund and this is called sustainable development.”
a sovereign wealth fund or sovereign funds; It is a state-owned fund consisting of assets such as land, shares, bonds or other investment devices, and these funds can be described as entities that manage state surpluses for investment and promise billions of dollars invested by states in stocks and bonds. https://nnciraq.com/84494/
Parliamentary Finance Estimates Non-Oil Revenues For The Current Year At 5 Billion Dollars
Economy Tuesday 7 September 2021 | 02:12 PM| Number of readings: 239 The Parliamentary Finance Committee estimated, on Tuesday, the arrival of non-oil revenues for the current year, at $ 5 billion out of the 10 billion that was supposed to be achieved during this year .
Committee member Ahmed Hama said, “The non-oil revenues include what Iraq obtains from the revenues of border crossings through taxes on the entry of goods and merchandise and government fees, and what Iraq exports from some agricultural crops as well as cement .”
He added, “The Ministry of Finance has not provided us for a long time with non-oil revenues or non-oil exports that Iraq is working to export abroad, but annually the revenue of these materials should be 10 billion dollars .”
And he indicated that, “At the present time, we believe that Iraq has obtained approximately $ 5 billion in non-oil revenues,” noting that “the Financial Management Law divides these funds by 50% into the governorates that have outlets, and the rest of the amount is transferred to the Ministry of Finance.”
Iraq Is The Fifth Largest Oil Producer In The World
Economy Tuesday 7 September 2021 | 10:43 am| Number of readings: 94 On Tuesday, 24/7 Wall Street reported that Iraq is the fifth dominant oil producer in the world, indicating that the oil industry faced unprecedented challenges in the year 2020 .
In a report, the website said that the oil industry faced unprecedented challenges in the year 2020 due to the Corona pandemic, as demand for oil decreased for the first time in more than a decade, by more than 9 million barrels per day, noting that “this also coincided with the decline in production oil by 6.6 million barrels per day .
Nevertheless, according to the report, “more than 88 million barrels per day were produced worldwide in 2020,” noting that “the vast majority of this production was for only 15 countries .”
The report noted that “the highest production was achieved in 2020,” noting that “the 15 countries combined have 1.6 trillion barrels of oil in their reserves .”
The report indicated that “Iraq is the fifth dominant in oil globally, with proven reserves of 145 billion barrels, which represents 8.4% of global reserves, and a production of 4.1 million barrels per day,” noting that “the per capita GDP for the year 2020 amounted to 9,654 dollars, and the percentage of exports Oil for 2020 constitutes 39.6% of GDP .
The website indicated that “Venezuela is ranked first in the world’s largest oil dominance, with reserves of 303.8 billion barrels, followed by Saudi Arabia, then Canada third and Iran fourth.”
The Association Of Iraqi Private Banks Participates In The Conciliation Meeting Between The States Of Qatar And Iraq
Banks Economy News – Baghdad Today, Tuesday, the conciliation meeting between the State of Qatar and Iraq was held in the capital, Baghdad, in the presence of the Deputy Governor of the Central Bank, Dr. Ammar Hamad, Vice President of the Association of Private Banks Tamkeen Abdul Sarhan, Deputy Executive Director of the Association Ahmed Al-Hashemi, in addition to the Minister of Environment Jassem Al-Falahi and Qatari Ambassador Khalid bin Hamad Al Sulaiti and a number of Qatari companies.
Deputy Executive Director Ahmed Al-Hashemi said in his speech during the meeting, “We look forward to strengthening cooperation and economic partnership between the two countries,” noting that the Iraqi banking sector, under the supervision of the Central Bank, is making great strides in growth and services during the current period, if today there are more than 70 private banks spread in It implements international laws and instructions and provides services to most citizens, so there are currently more than 5 million active bank accounts.”
He stressed that the opening of bank accounts is growing by 44% annually, and bank deposits amounted to about 85 trillion dinars, or 57 billion dollars, and the volume of lending rose to 50 trillion dinars, as banks worked to enhance economic stability despite the great challenges facing the Iraqi economy due to the outbreak of the Corona virus and the decline in oil revenues. On which the budget depends by 93%. .
He added that the steps of development, in cooperation with the Central Bank and the Association of Banks, contributed to improving the performance of most banks and was the subject of good governance and management, as well as training and qualification of human resources. direct structural and contributed to achieving sustainable development
In his turn, Minister of Environment Jassem Al-Falahi said, in his speech during the meeting, “I extend my sincere thanks and gratitude for this generous invitation to attend the opening ceremony of the Qatari-Iraqi consensus meetings. I welcome you and on behalf of Prime Minister Mustafa Al-Kazemi, our brothers from Qatar in their second country, and we appreciate the efforts and insistence on work and communication despite The effects of the Corona pandemic and its negative repercussions on all areas of life, especially in the economic aspects.
He added, “Based on Arab and Galilean brotherhood and the common interests between the two countries, we are meeting here today to strengthen economic, cultural and industrial cooperation between the two brotherly countries.”
Al-Falahi praised “the role of the sisterly State of Qatar in the region, which seeks to achieve the goals of sustainable development.”
In addition, the Qatari ambassador to Iraq, Khalid bin Hamad Al-Sulaiti, said on the sidelines of his participation in the meeting, which was attended by “Al-Iqtisad News”, “Today we translate the State of Qatar’s keenness on the future and stability of the sisterly Republic of Iraq, and we actually comply and say to His Highness, the Emir of the State of Qatar, Sheikh Tamim bin Hamad Al Thani, of the necessity of Iraq’s restoration of its leading position and the consolidation of its national sovereignty by building state institutions and supporting the pillars of security and stability, in which the economy is a central pillar.
He added, “In addition to writing, culture and the arts, humanity in this Arab land has known trade since the dawn of history,” noting that “today we are inspired by this history to galvanize our enthusiasm and build new trade and economic horizons that link our promising present to the future.”
Al-Sulaiti indicated that “we hope that these bilateral meetings will be the beginning of a series of new commercial steps through which the State of Qatar will be able to support the Iraqi brothers in various strategic areas.”
And the ambassador added, “Since my traditional position as ambassador of the State of Qatar in the Republic of Iraq, I have not known of this good country and the hospitable people except all the best and keenness to advance their country to the ranks of the major countries.”
He concluded his speech by saying: “We appreciate the efforts of everyone who were keen to organize and make this bilateral economic initiative a success between the two countries.”
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Customs: Our Revenues Are Lost Due To The Kurdistan Region’s Lack Of Commitment
Trebil border port with Jordan
Money and business Economy News – Baghdad The Director General of the Customs Authority, Shaker Al-Zubaidi, announced that customs revenues are lost due to the Kurdistan Region’s failure to comply with Resolution No. 13.
Al-Zubaidi said, during his meeting with the directors of the customs areas , that customs revenues are lost due to the Kurdistan region’s failure to comply with Resolution “13 “.
He added that the customs exemptions are the reason behind the loss of revenues and this is due to the lack of knowledge of the court by the industrial development, indicating that in the next few days, new customs auditing offices will be established in the northern regions, thus we will add significant revenues to the state .
He explained that the idea of the establishment of Kmarkip offices will increase auditing state revenues and to reduce smuggling and manipulation , indicating that the customs will see a revolution Kmarkip to maximize the flow of financial and revenue in full Alkmarki work .
And he indicated that all customs duties for consumer goods will be reviewed for the purpose of encouraging investors and traders and advancing the reality of the private sector .
He pointed out that we recommend managers of customs offices throughout Iraq to facilitate all customs procedures according to the controls. There is no place for manipulation, fraud and forgery .
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Cabinet Decisions For Today’s Session, Which Included The Allocation Of 500 Million Dinars To Pay Hotel Wages
The Council of Ministers headed by Mustafa Al-Kazemi Money and business Economy News – Baghdad Today, Tuesday, Prime Minister Mustafa Al-Kazemi presided over the thirty-fourth regular session of the Council of Ministers, in which a number of issues and developments in the country were discussed, topics on the agenda were discussed, and decisions were issued .
During the session, the Prime Minister stressed the importance of integrative work between state institutions; In order to achieve the desired goals and push the wheel of development forward, in a way that contributes to the upgrading of the country and its repercussions on the lives of citizens .
His Excellency affirmed that full readiness has been reached with regard to holding the elections next October, after the government fulfilled its obligations and completed all the technical and security requirements of the electoral process, calling on political forces and social activities to push towards urging citizens to participate broadly in the elections .
During the session, the epidemiological report of the Corona pandemic was reviewed, and the developments in the work of the Committee to Strengthen Government Actions in the Fields of Health Awareness Prevention and Control; To limit the spread of the virus, the preventive measures taken by the Ministry of Health to confront the pandemic, and its efforts to provide vaccines to citizens through vaccination outlets .
After discussing the topics on the agenda, the Council of Ministers issued the following decisions :
First/ Prime Minister Mustafa Al-Kazemi directed the Budget Preparation Committee to include the budget law for 2022, the amounts necessary to conduct the general population census within the budget of the Ministry of Planning .
Second / The Ministry of Finance allocates an amount of (3) billion dinars, only three billion dinars, to the Holy Karbala governorate from the emergency reserve, according to what was stated in the governorate’s books numbered (5983) and (5984) on September 4, 2021 .
Third / Amending Paragraph (5) of Cabinet Resolution (158 of 2021), to become as follows :
– It is sufficient to bring Iraqis coming from India, a negative PCR examination , which was conducted within (72) hours before their entry to Iraq, with a pledge to quarantine them at home (10) days, and ensure that they are free of symptoms of the disease before allowing them to mix with others .
Fourth / The Ministry of Finance allocates an amount of (500,000,000) dinars, only five hundred million dinars, to the Ministry of Health / Baghdad Health Department / Rusafa, as a matter of emergency; To pay hotel fees designated for quarantining arrivals from travel; To prevent the spread of the Corona virus, and pay them the received oxygen dues to the People’s Medical Clinics Department .
Fifth / 1 – authorize the Director General of the General Directorate of Water in the Ministry of Construction and Housing, Municipalities and Public Works, the validity of the contract signing and exchange with a consortium of companies jointly and severally (SAMSUN MAKINASINAYI -BIWATER-WOOD Group- satisfaction Group), on a project (desalination of sea water in the Basra governorate), according to The study submitted by the Austrian consultant (ILF) , who is contracting with the ministry, and the implementation of the project will be under the supervision and follow-up of the above consultant .
2 – Authorizing the Ministry of Construction, Housing, Municipalities and Public Works, the authority to appoint an international legal consultancy company for the purpose of preparing and auditing everything related to the contractual matters of the project .
3 – assigned to the bank of the Iraqi Trade (TBI) manage all required project funding from the British loan and organization of work, and coordination with the British Export Corporation (UKEF) , and any other financial institution linked to the financing of the project, to be within the bank functions defined by law .
Sixth / approval of the following :
1 – Adoption of the attached recommendations of the committee composed of the Ministry of Transport linking its book to the number (19227 dated August 17, 2021) regarding discussions with the Italian company PEG to present the technical and commercial offer for the preparation of an integrated study; To develop the railway sector in conjunction with the establishment of the Great Port of Faw .
2 – Excluding the referral of a project (preparing an integrated study for the development of the railway sector, in conjunction with the establishment of the Grand Port of Faw to the Italian company PEG ) from the contracting methods stipulated in the instructions for implementing government contracts No. 2 of 2014), and the aforementioned methods in the instructions for implementing the general budget Federal, based on Cabinet Resolution (222 of 2021 ).
Seventh/ The Independent High Electoral Commission may seek the assistance of the required numbers of employees (teachers, teachers and other job titles), working in schools used as registration or polling centers for a period not exceeding one month, provided that they do not quit working in the Independent High Electoral Commission without its approval .
– Obligating ministries and agencies not associated with a ministry to implement this decision .
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