Iraq Economic News and Points to Ponder Tuesday Afternoon 1-23-24
Tlm724 Administrator Bondlady’s Corner
Romanski: Deposits In Iraqi Banks Increased To 37 Percent
US Ambassador to Iraq Alenia Romanski Economy News – Baghdad The US Ambassador to Iraq, Alenia Romanski, announced on Tuesday that the total deposits held in Iraqi commercial banks increased by about 37% over the past two years.
The Ambassador said in a post on the A bank account in local banks by 31%.
She added, “We have made impressive progress. By working with Iraq on reforms, we are contributing to building confidence in the banking sector, as modern banking services enable us to promote a greater amount of foreign investment and protect funds from financial crimes, theft and loss.”
Views 63 01/23/2024 – https://economy-news.net/content.php?id=39750
The American Ambassador Expresses Her Astonishment At The High Confidence In The Banking System In Iraq
Economy | 01/23/2024 Mawazine News – Baghdad The Ambassador of the United States of America, Elena Romanowski, expressed her astonishment at the progress made in the banking sector and the increase in the total number of bank accounts in Iraqi banks.
Romanowski said on her account on the “X” platform, “Data from the Central Bank of Iraq indicate that the total deposits held with Iraqi commercial banks increased by about 37% during the past two years, and from 2021 to 2022, the total number of people with a bank account in Local banks by 31%,” and commented on the matter, “It is impressive progress!”
She added, “By working with Iraq on reforms, we contribute to building confidence in the banking sector.” Modern banking services enable greater foreign investment and the protection of funds from financial crimes, theft and loss https://www.mawazin.net/Details.aspx?jimare=240928
The Central Bank Sells $194 Million At Auction Today
Economy Tuesday, January 23, 2024 Baghdad/National News Center External remittances at the Central Bank of Iraq auction rose by 90% on Tuesday, at the expense of cash sales, to reach $194 million.
Today, during its auction for buying and selling the US dollar, the Central Bank sold 214 million 954 thousand and 64 dollars, covering it at a base exchange rate of 1,305 dinars per dollar for documentary credits and international settlements for electronic cards, at a price of 1,310 dinars per dollar for external transfers, and at a price of 1,310 dinars per dollar in cash.
It was stated that most of the bank’s sales were in dollars to enhance balances abroad in the form of transfers and credits, which amounted to 194 million 954 thousand and 659 dollars, an increase of 90% over cash sales amounting to 19 million 110 thousand dollars.
While the number of banks that purchased cash dollars reached 9 banks, the number of banks that responded to requests to enhance balances abroad reached 17 banks, and the total number of exchange and brokerage companies participating in the auction was 156 companies. https://nnciraq.com/247261/
Parliamentary Finance: This Year’s Budget Is A Budget For Eliminating Problems With The Region
The head of the Parliamentary Finance Committee, Atwan Al-Atwani, confirmed today, Tuesday, that “there is no complete fiscal year due to the delay in approving the budget every year,” noting that “last year some governorates exceeded their share of the budget,”
Al-Atwani said in a televised interview. “The government has decided to reduce the duration of project implementation, and this is an important course of action,” stressing, “The budget last year amounted to 205 trillion Iraqi dinars, and this year’s budget will approach 214 trillion Iraqi dinars.”
Al-Atwani added, “There are complex technical problems that hinder the rapid return to exporting the region’s oil,” pointing out, “There are obligations on the region’s government that must be implemented to solve the salary problem.”
He explained, “The best solution to solve the problem of the region’s salaries is to add them to sovereign expenditures and enter them into the central payroll system,” noting, “This year’s budget is a budget for eliminating problems with the region.” https://www.radionawa.com/all-detail.aspx?jimare=37112
The Council Of Ministers Issues A Number Of Decisions
Time: 01/23/2024 19:57:40 Read: 1,326 times {Politics: Al-Furat News} The Council of Ministers held its regular session today, Tuesday, headed by Prime Minister Muhammad Shiaa Al-Sudani, during which it “reviewed the general conditions and service and economic files, and followed up on the implementation of the paragraphs of the government program within multiple axes.
The session also witnessed discussion of the topics listed on the agenda.” business, and take the necessary decisions thereon.”
Within the framework of evaluating the performance of ministries in the field of combating and preventing corruption, the Prime Minister directed the following:
1- The ministries must expedite the completion of the information required for the fourth semester of last year, in order to complete the comprehensive position for the year 2023, submit it to the Office of Financial Supervision, complete the results of the annual evaluation, complete the observations, process the proposals, and exhaust all procedures in accordance with the law.
2- Ministries must raise the level of achievement, resolve investigative cases, expedite the completion of criminal cases related to corruption cases, recover public funds, and hold accountable and prosecute the corrupt and wanted persons, in recognition of the extreme importance of initiating anti-corruption measures in all fields (imposing disciplinary penalties and issuing judicial rulings of conviction). , recovering funds), the effectiveness of accountability and accounting for the corrupt, imposing legal penalties against them, and spreading a culture of principles of integrity and transparency to develop job performance; Protection of government institutions and public funds.
In terms of following up on health sector projects, the Council of Ministers approved the exceptions for transferring the program for managing and operating modern hospitals with a capacity of (492) beds (6) in the governorates of (Babylon, Al-Najaf Al-Ashraf, Holy Karbala, Basra, Dhi Qar, and Maysan) according to the following:
- Exemption from Cabinet Resolution (23684 of 2023) and opening an irrevocable documentary credit of (95%) of the contract value in dollars in favor of the service provider, after signing the contract and paying the remaining (5%) of the management fees in dinars in a bank account chosen by the provider. .
- Exemption from work permit fees stipulated in the Law of Practicing the Profession for the Maintenance of Devices, Machines and Equipment No. (18) of 1987 (Foreigners practicing work in Iraq).
- Adopting the late fines indicated in the offer submitted by the company nominated for referral, based on a percentage for each service, instead of the text established under the provisions of the Government Contracts Implementation Instructions (2 of 2014).
- Exemption from opening a branch of the company inside Iraq upon signing the contract, provided that the registration of the branch is completed in accordance with the system of branches of foreign companies (2 of 2017) and the last date for opening the branch is 1-March-2024, which is the date the company commenced work, otherwise it will be cancelled. Contract.
- Granting an advance (10%) of the contract value in exchange for a letter of guarantee from a bank accredited to the Central Bank of Iraq, to be recovered from the two installments of the last two months of the contract, as an exception to the controls (instructions to bidders in the tender documents) and the controls for the mechanism for dealing with issued operational advances. From the Ministry of Planning attached to the instructions for implementing government contracts (2 of 2014).
- Obligating the Ministry of Finance to provide financial allocations for the aforementioned program, provided that the contract period is two years starting from the date of signing the contract, renewable for one year, provided that the financial allocation is available.
In terms of following up on service projects, the Council of Ministers approved the following:
- Increasing the reserve percentage for the contract (Construction of the North Nasiriyah Bridge and its approaches/Phase Two), one of the components of the project (Construction of the North Nasiriyah Bridge and its approaches) included in the investment budget tables of the Ministry of Construction, Housing and Municipalities/Department of Roads and Bridges, to become (23.1%) (after rounding) Instead of (10%) to implement the two replacement orders, No. (5) regarding the difference in the exchange rate of the dinar against the dollar for the uncompleted work, audited by the Federal Office of Financial Supervision, and the replacement order No. (6) for the additional work.
- Increasing the total cost of the project referred to in paragraph (1) mentioned above to become (60,670,041,985) dinars, only sixty billion six hundred and seventy million and forty-one thousand nine hundred and eighty-five dinars instead of (56,826,000,000) dinars, only fifty-six billion eight hundred. Twenty-six million dinars, an increase of (6.76%) over the adjusted cost.
- Increasing the reserve percentage for the project (construction of the bridge housing intersection/Dhi Qar), which is included in the investment budget tables of the Ministry of Construction, Housing and Municipalities/Directorate of General Municipalities, to become (19.878%) instead of (10%).
- Increasing the total cost of the project to become (65,581,803,419) dinars, only sixty-five billion five hundred and eighty-one million, eight hundred and three thousand four hundred and nineteen dinars instead of (60,309,000,000) dinars, only sixty billion three hundred and nine million dinars, with an increase rate of (8.742). %) on the adjusted cost.
- The Ministry of Construction, Housing, Municipalities and Public Works bears responsibility for the accuracy of the statements and pricing items included in Spare Order No. (4) for the project.
The Council of Ministers also approved the recommendation of the Ministerial Council for the Economy (24026 Q) as follows:
- Extending the period for signing the contract for a period of (15) days regarding the Al-Wahda sewerage project in Baghdad Governorate, and agreeing to divide the amount of the letter of guarantee, provided that the allied companies are jointly responsible for the debt and the obligations resulting from them.
- Accepting a certified instrument instead of a letter of guarantee, provided that the letter of guarantee is submitted within (6) months from the date of issuance of the instrument, because the legal value of the certified instrument remains effective (6) months from the date of its issuance, and in the event that the letter of guarantee is not issued, the amount of the instrument will be withdrawn. And deposit it in the trust account, during the validity period of the instrument for the company implementing the Saba El-Bour sewers.
The Council of Ministers also approved the recommendation of the Ministerial Council for Social Services (23034 KH), which includes the responsibility of the Nasiriyah Municipality to announce the sale of the serviced plots of land, numbering (1,200) plots in the Nasiriyah district indicated in the letter of Dhi Qar Governorate on October 10, 2023, through projects Dhi Qar Reconstruction Fund and sell them by public auction, provided that the Nasiriyah Municipality pays the costs of services to the aforementioned fund in exchange for the services and infrastructure it has established, and the amounts collected from the sale of real estate are registered with the owner, provided that the amount of the cost of services for the neighborhoods served is deducted for the benefit of a fund. Reconstruction of Dhi Qar in exchange for services provided by them in the form of deposits.
In the field of following up on energy and oil sector projects and developing staff, the Council agreed to finance the increase amount in the contract annex for preparing staff to operate and transfer experience and knowledge.
To ensure the sustainability and operation of the Karbala Refinery Project amounting to (262,600,000,000) dinars, only two hundred and sixty-two billion and six hundred million dinars are required, based on Instructions No. (4) of 1999 issued by the Ministry of Planning and Cabinet Resolution (23713 of 2023) since the beneficiary company is a public company.
(Self-financing), provided that the financed amount is recovered from the financial revenues generated by the aforementioned liquidator outside the treasury share, according to a payment schedule of no less than (50) billion dinars per year, starting from this year.
The Council also approved the continuation of work by Cabinet Resolution No. (361 of 2022) regarding the emergency plan for the Ministry of Electricity in relation to the third paragraph thereof, provided that the powers are restricted exclusively to the Minister, and no one is authorized to act on his behalf.
Within the framework of continuing financial and administrative reforms, the Council of Ministers approved the results presented at the Council meeting session by the Minister of Finance on the subject of the unified treasury account, which included the following:
1- Forming committees in accordance with what is required by Cabinet Resolution (23452 of 2023), which have not formed committees to date, while making the necessary recommendations.
2- The continuation of the work of the committees formed in the entities that previously adhered to the aforementioned Cabinet decision, to study and analyze immobile bank accounts and send recommendations regarding them.
3- Coordination with the Accounting Department to review the recommendations received by the Ministry of Finance, to take the necessary measures in accordance with what was stated in the above decision.
In the field of following up on the displaced persons’ file, the Council of Ministers decided to adopt the mechanism for implementing Council of Ministers Resolution No. (24007 of 2024) submitted by the Ministry of Immigration and Displacement – Branch Affairs Department, and to assign all ministries, government agencies and international organizations operating in Iraq to take the necessary measures to implement it, according to the following:
- Allocating an amount of (4) million dinars to each family returning from displacement registered in the database of the Ministry of Immigration and Displacement, who reside in displacement camps exclusively in the Kurdistan region of Iraq, to encourage them to leave the camps and return voluntarily to their areas of origin or any other area chosen by the displaced. After the issuance of Cabinet Decision (24007 of 2024).
- Launching a work program between the Ministries of Transport and Immigration and Displacement regarding employing unemployed people returning from displacement living in the region’s camps after the issuance of Council of Ministers Resolution (24007 of 2024), and submitting the final version of the details of the program from the representative of the Ministry of Transport in the Supreme Committee for the implementation of this project from Ministry of Transport/General Company for Transporting Passengers and Delegations.
- Obligating the Ministry of Education to allocate a percentage of the contract appointments to be launched at the present time, equivalent to (2%) of each job title in the governorates (Nineveh, Salah al-Din, and Anbar), allocated to those returning from displacement in the region’s camps after the issuance of Council of Ministers Resolution (24007 of the year 2024) equal to the percentage of appointments granted to minorities; To support the return of displaced people living in camps.
- Assigning the Ministry of Migration and Displacement to provide the Joint Operations Command with a list of the names of those residing in displacement camps in the Kurdistan region of Iraq, provided that the leadership and all security agencies complete security checks for a maximum period (one month only) in preparation for completing the procedures for the voluntary return of the displaced to their areas of origin or to Other areas, and closing the displaced persons file on July 30, instead of June 2024.
- Send a recommendation to the Supreme Judicial Council to coordinate with the courts and judicial authorities in the Kurdistan region of Iraq; For the purpose of providing them with data on the displaced people living in the region’s camps against whom judicial decisions have been issued for the purpose of stating the legal opinion regarding them.
- Instructing the Sinjar and Nineveh Plain Reconstruction Fund and the Liberated Areas Reconstruction Fund to build two plots of land in Sinjar District and Mosul District as low-cost homes exclusively for returning displaced persons living in camps, for which the required approvals have been obtained from the Governor of Nineveh.
- Instructing the Liberated Areas Reconstruction Fund to allocate a percentage of its budget to Sinjar District, as it is one of the affected areas, noting that the amount allocated to it within the reconstruction of Sinjar and the Nineveh Plain is not sufficient to rebuild the district due to the great damage it has sustained.
- Activating subcommittees formed in the governorates to coordinate with tribal notables and heads of local administrations in the governorates to solve tribal and social problems in the displaced areas to facilitate the task of returning displaced families in the camps of the Kurdistan region of Iraq to those areas.
- Assigning the Ministry of Labor and Social Affairs to include those returning from displacement in the camps of the Kurdistan Region of Iraq after the issuance of Council of Ministers Resolution (24007 of 2024) with programs (social protection benefits salary, a full-time assistant for the disabled, and soft loans for the unemployed without interest) as an exception to the controls.
- Directing all ministries and service institutions to open offices, representations, or branches in the Sinjar region to provide the necessary and necessary services to the people of the district, according to the jurisdiction of each ministry or institution.
- Obligating the Ministry of Finance to provide compensation for demolished homes in the governorates to displaced people living exclusively in camps in the Kurdistan region of Iraq, especially in Sinjar district, to encourage them to return voluntarily to their areas of origin or any other area.
- Obligating all ministries and governorates to allocate a percentage (2%) of contracts to those returning from displacement in the camps of the Kurdistan Region of Iraq after the issuance of Council of Ministers Resolution (24007 of 2024) on par with other vulnerable groups, to encourage them to leave the camps and voluntarily return to their original areas or any area. Other.
- Assigning the Ministry of Immigration and Displacement to conduct media coverage in the camps for displaced people in the Kurdistan region of Iraq, and notifying them of the Council of Ministers’ decision (24007 of 2024) regarding closing the camps that it is an effective and binding decision to encourage them to return voluntarily within the specified period.
- Directing the competent committees composed of the Ministry of Migration and Displacement and the Ministry of Interior to expedite the resolution of the issue of granting documents and identification documents to missing displaced persons living in camps.
- Including displaced and divided families residing in camps in the financial grant allocated to returnees, amounting to 4 million dinars, disbursed as follows:
– A single powder (i.e. dispensed in the form of a check delivered to the citizen) similar to the mechanism used by the Ministry of Immigration and Displacement with those returning from abroad, to reduce episodes of red tape and enable the Ministry to carry out its tasks to complete the process of closing the camps permanently within the time limit specified for that.
The Council of Ministers also considered a number of topics on its agenda and took the following decisions:
First: Approval of amending Paragraph (3) of Cabinet Resolution (23680 of 2023) regarding the Ministry of Agriculture’s contract with the Austrian company BAUER; To become as follows:
Authorizing the Minister of Agriculture to contract with the Austrian company BAUER for an amount of (300) million euros, after converting it into dollars and converting it to the exchange rate of 1,300 dinars, according to the instructions for implementing the budget, and according to the minutes of the meeting of the negotiating team, and the Ministry of Agriculture is responsible for the validity and soundness of the contractual procedures, as an exception to Cabinet Decision (90 of 2009).
Secondly: Approval of adding the name of the Financial Secretary of the Iraqi Football Association (Kamil Aday Jabbar) to Council of Ministers Resolution (23050 of 2023) amended by Council of Ministers Resolution (23090 of 2023) regarding honoring the Iraqi delegation that won the Gulf Cup (25) in football.
Third: Approving the recommendations of the committee to study and restore the controls in place in the construction of mosques and mosques, taking into consideration the opinion of the Legal Department in the General Secretariat of the Council of Ministers.
Fourth: The Ministry of Finance allocated an amount of one billion dinars to each governorate, except for the governorates of the Kurdistan region of Iraq, and a total of (15) billion dinars, from the emergency reserve, based on the provisions of the general budget law for the three fiscal years, to begin purchasing weapons from citizens, in implementation of the government program, and the first phase. From the national policy to regulate weapons and confine them to the state (the stage of registering citizens’ weapons). LINK
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