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Late Friday Evening Iraq Economic News Highlights 9-1-23

He Stressed That It Will Limit The Possibility Of The Corrupt Seizing Cash…. An Economist Explains The Importance Of Implementing The Unified Treasury Project In Iraq

Posted On2023-08-31 By Sotaliraq   He emphasized that it would limit the possibility of the corrupt appropriating cash… An economist explains to Al-Zawraa the importance of implementing the unified treasury project in Iraq

The Possibility Of Corrupt Takeover Of Cash.

Qusai said in an interview with Al-Zawraa: “The process of controlling the cash flows entering the accounts of the federal ministries and more than 4,500 government units requires electronic linking between these units in order to know the inflows and outflows. The establishment of the unified treasury account aims to monitor government performance from through cash flows.”

He added, “The position of the Prime Minister can know the cash flows of any unit of account, the movement of incoming cash and the outgoing transfer in order to evaluate performance and know the possibility that there will be more investment of inward cash and in line with the required liquidity, for example at the level of customs and at the level of taxes. For any government activity, there is a return.” Govt.

And he indicated that “the establishment of the unified treasury account makes it easier for the Ministry of Finance to manage and control cash and limit the possibility of seizing this cash by the corrupt, because showing this account will contribute to knowing where the cash flows come from and where they go, why the decrease has not been made, and the reason for the decrease in collection, all of them are matters We can obtain it by establishing the unified treasury account.”

He pointed out that “this account will be linked with an administrative financial account for integrated purposes, that is, an integrated administrative financial system that will accompany the establishment of the treasury account, so that there will be monitoring of the performance of levels of responsibility within one department in order to also improve government performance and achieve the goals of the financial and administrative reform program, as pledged by the Sudanese government.” “.

He stressed that it is considered “within the financial, administrative and financial reforms in the first place, but the integrated administrative financial account is set within the administrative side as well, and it will contribute to the control of incoming and outgoing cash flows.

The unified treasury and you go to the secondary website of the Passports Department. You will know the amount of cash that was collected in exchange for the passport issuance service, or for, for example, the crossing of such and such a truck, or for, for example, the fee for performing such and such a task.

You can draw a map through which you monitor the cash flows and hold accountable the officials in those units from where they come. The money and where it goes.   LINK

Oil Announces The Direction To Follow Up The Implementation Of Gas Investment Projects And Add New Quantities To The National Production

Political  | 09:28 – 08/31/2023  Baghdad – Mawazine News  Deputy Prime Minister for Energy Affairs and Oil Minister Hayan Abdul Ghani stressed today, Thursday, the importance of following up the implementation of gas investment projects and accelerating the addition of new quantities.

The media office of the Minister of Oil said in a statement: “Abdul-Ghani stressed, during his presidency of the meeting of the opinion committee in the ministry in its eighth session, the importance of following up the implementation of gas investment projects, accelerating the addition of new quantities of national production, and working to enhance foreign investments in site development projects and exploratory patches for licensing rounds.”

Abdul-Ghani stressed, according to the statement, that “the Basra Oil Company has implemented plans for oil export pipeline projects for the southern outlet, and that the Oil Pipelines Company and the concerned companies have re-evaluated and rehabilitated oil pipeline systems throughout Iraq.”

Abdul-Ghani instructed the oil formations to harness their efforts and capabilities to provide services to the Arbaeen visitors, including the provision of fuel of all kinds, the provision of potable water, the provision of ice, the provision of resting sites for visitors, in addition to other services

. The oil formations obtained international quality certificates “ISO” to achieve the ministry’s goals in improving the technical and administrative performance.

The statement concluded, “The meeting of the opinion committee, which was held in the presence of undersecretaries, consultants, directors of oil companies and departments, and the director of the Media and Government Communication Office, included a discussion of the topics on its agenda and took the appropriate decisions in this regard.”

The Iraq Stock Exchange.. Trading Indicators Of Joint-Stock Companies Rose 38% In August

Market   Economy News-Baghdad  The Iraqi Stock Exchange announced, on Thursday, the trading indicators for the shares of joint-stock companies for the month of August 2023

The Executive Director of the market, Taha Ahmed Abdel Salam, said in a statement that the Iraq Stock Exchange organized (23) trading sessions for the shares of the listed (103) Iraqi joint-stock companies during the month of August 2023.

The number of trading days was (23) trading session. The number for the current year, up to August 31, reached (159) sessions, which represents (67%) of the number of days planned for the year 2023, which correspond to the official working days.

The number of traded shares was (67 billion shares). The number for the current year, until August 31, reached (475) billion shares, which represents (84%) of their number for the year 2022.

The value of traded shares amounted to (444) billion dinars. For the current year, up to August 31, it amounted to (371) billion dinars. It represents (85%) of its value for the year 2022.

The ISX60 traded stock price index closed at (809.8) points. Compared to the close of 2022, the index increased at the close of August 2023 by (38%). Compared to the close of July 2023, the index increased for August 2023 by (13%).   63 views  08/31/2023 –

Trade: The Window For Electronic Registration Of Companies Has Met With Wide Acceptance And Success

Money  and business  Economy News _ Baghdad  Today, Thursday, the Ministry of Commerce confirmed that the electronic registration window for companies has met with wide acceptance and success, while indicating the adoption of a mechanism for selling cars that achieved 8 percent profits.

A spokesman for the Ministry of Commerce, Muthanna Jabbar, said in an interview with the Iraqi News Agency, followed by “Al-Iqtisad News”, that “there is a promising program that is being followed up by the government, and it was an initiative of the Prime Minister’s Office to automate and create a window for registering companies according to complaints submitted by lawyers and many company owners.”

Pointing out that “there is an electronic registration program in the world that starts from an electronic window and ends with the applicant obtaining a registration or creating a company, and ends with results through the window.”

Jabbar added, “The Ministry of Commerce has started relying on this program, and it has been activated and implemented for more than two years, in addition to having met with wide acceptance and success,” noting that “the archive in the Registrar of Companies, which has more than 45,000 registered companies, has been transferred and archived from The approved paper-based systems to the electronic systems lasted two years and were not completed until the end.

He pointed out that “6 months ago, the applicant who wanted to register a company, add an activity, transfer, sell or exit one of the founders, through the electronic window and through the approved program,” expressing his hope for “the ratification of the electronic signatures law, to overcome all obstacles that It is possible that you will face the company and its electronic window.”

Regarding the sale of cars, Jabbar said, “The General Company for Car Trade went through periods similar to the ebb and flow, as after all cars were purchased through the company that used to adopt Japanese, German and American origins, the purchase turned today to a competitive market and a change in the purchase policy.”

He continued, “Iraq’s openness to the free market took the advantage of the number that was enjoyed by the General Motors Company, as it was granting the number directly with the car, but now its capabilities have been transferred to the private sector, which has freedom of decision and negotiation, in addition to being not bound by the Iraqi standard, although The opposite of the General Motors Company.

He pointed out, “The existence of partnerships between the General Motors Company and the private sector by the fact of selling on a disposal fee that achieves a profit of 8 percent for the company and the rest for the private sector.

And he added, “Now the company has offers in installments for a group of cars, including (Sunny) cars with an engine size of 1300, at a good price and very low installments, in agreement with Iraqi banks that are sold to employees and holders of electronic payment cards, and everyone can enter the company’s website and know its offers.” He stressed that “there is a good turnout, especially since the number of cars is available.”  Views 42  08/31/2023

Trade: We Have Activated Previous Agreements With The Turkish Side

Posted On2023-08-31 By Sotaliraq   Yesterday, Wednesday, the Ministry of Commerce confirmed the agreement with the Turkish side to “activate what was agreed upon in previous meetings.”

Turkish Trade Minister Omar Polat visited Baghdad and held meetings he described as “fruitful” with Iraqi officials.

A spokesman for the Ministry of Commerce, Muthanna Jabbar, said, “Trade and economic relations with the Turkish side are witnessing clear growth and positive development.”

Regarding the agreements reached during the visit, he explained that “there was no specific agreement or signing of a specific agreement or contract.”

He pointed out that “the two parties exchanged intentions to overcome the difficulties, and agreed to refer to all signed memorandums of understanding and what was agreed upon in previous meetings recorded in the minutes of the joint committees.”

A statement from the Ministry of Commerce had announced earlier that the two sides agreed to “activate the joint committees and agreements signed between them, overcome obstacles, increase the volume of trade exchange and promote joint investments.”

On the volume of trade exchange between the two countries, a spokesman for the Ministry of Commerce said, “Iraq is the fifth largest importer from Turkey.”

He pointed out that “all ministries participate in the joint committee through a representative in addition to the General Secretariat, the private sector and the Federation of Chambers of Commerce,” noting that the Kurdistan region is also represented “not by being a region, but by being part of the Iraqi government.”

Regarding the opening of a new port with Turkey, Muthanna Jabbar said: “Until now, no specific date or location has been specified for this port, and it will be officially announced when an agreement is reached.”

The visit of the Turkish Minister of Trade came days after the visit of Turkish Foreign Minister Hakan Fidan to Baghdad and Erbil, in which he affirmed that Turkey sees Iraq as a “reliable partner” and that “its stability contributes to the prosperity of Turkey,” pointing out that Turkey attaches “great importance” to its economic relations. with Iraq.

“The volume of our trade, which is close to $25 billion, lags behind (the two countries’) real capabilities,” he said in a joint press statement with Foreign Minister Fuad Hussein.

In turn, Fouad Hussein said, “There are about 850 Turkish companies in Iraq, most of which work in the construction and construction sector.” LINK