Bondlady’s Corner – Iraq Economic News and Points to Ponder Wednesday Afternoon 11-22-23


Iraq Economic News and Points to Ponder Wednesday Afternoon 11-22-23

Tlm724 Administrator Bondlady’s Corner

The Council Of Ministers Issues A Number Of Decisions, Including Important Economic Ones, Regarding The Dollar

Time: 11/21/2023 19:34:19 Read: 5,369 times  {Politics: Al-Furat New} Today, Prime Minister Muhammad Shiaa Al-Sudani chaired the forty-seventh regular session of the Council of Ministers, during which developments in the general situation throughout the country were discussed, and the progress of implementation of the government program was discussed, with all its basic axes and objectives, in addition to deliberating on the topics listed. on the agenda, and take the necessary decisions thereon.

At the beginning of the session, the Prime Minister offered his condolences over the tragic traffic accident, which claimed the lives of a number of members of the educational staff of male and female teachers at Al-Ibrahimi School in the Safwan district of Basra Governorate, which witnessed the death of (ten) educational staff and (three) children.

Al-Sudani directed that a delegation be sent to provide all possible assistance, assistance and support to the families of the grieving victims, and to follow up on their needs.

In the field of regulating trade and the importation of some materials and goods, which some merchants are forced to finance from the unofficial market for foreign currency, and the negative repercussions of that financing on the exchange rate, the Council of Ministers took a number of decisions and measures aimed at facilitating the benefit of importers of commodities (gold, cars). , mobile phones, cigarettes), are among the services of the external banking financial transfer platform, which makes it easier for importers of these goods to obtain financing in foreign currency at the official exchange rate and spares them the need to resort to purchasing foreign currency from the unofficial market.

The statement of the Prime Minister’s Office, which published the decisions of today’s session, pointed out that this decision “will reflect positively on reducing the price of foreign currency in the unofficial market, as trade in the aforementioned materials constitutes a large part of the demands for foreign currency in the unofficial market, as those decisions included Reducing customs duties on containers and another reduction related to cigarette import duties and approving certificates of origin issued by the chambers of commerce of exporting countries. These decisions also included simplifying procedures for importing gold through air ports and with 24-hour service.”

The Council of Ministers continued to consider the topics of the session. On the path of economic reform, which falls within the government’s priorities, the Council of Ministers decided to form a committee headed by the Minister of Planning, with membership; The Ministers of Interior, Construction, Housing, Higher Education, Scientific Research, and Justice, the Ministers of Interior and Finance of the Kurdistan Regional Government of Iraq, the Secretary-General of the Council of Ministers, the Head of the Legal Department in the Council of Ministers, the Director-General of Customs, the Chairman of the Border Ports Authority, and the Director-General of Taxes; It undertakes the following tasks:

– Reviewing the procedures for unifying customs policy at all border, land and sea ports and airports, and proposing the necessary decisions to implement what is stated in the ministerial platform in this regard.

-Developing a comprehensive and unified vision for implementing customs policies, product protection laws, and decisions in this regard.

– Reviewing the mechanisms for implementing the Border Ports Authority Law No. (30 of 2016), and its amendments, and proposing the necessary treatments to enable the Authority and the concerned authorities to perform their duties, and that the committee should complete its work within a month, and it may seek assistance from whomever it wishes of the specialists.

Within the framework of continued support for the agricultural sector in accordance with what was stated in the government program, the Council of Ministers approved the recommendation of the Ministerial Council for the Economy (230308 Q) according to the following:

1. Authorizing the Mesopotamian General Seed Company and the Iraqi Seed Production Company to contract with licensed private sector laboratories (yellow corn milling and drying laboratories), as an exception to the contracting methods in the instructions for implementing government contracts (2 of 2014).

2. Using the Ministry of Defense airports as spaces for receiving ears of yellow corn, under the management and supervision of the Ministry of Agriculture.

3. Allocating (150) billion dinars in addition to the remaining amounts of the amounts previously allocated to purchase ears of yellow corn for the season (2023-2024).

4. Approving a price of (380) thousand dinars to purchase one ton of yellow corn ears.

5. Approval of a price of (435) thousand dinars for the sale of one ton of yellow corn grains.

Provided that the Ministry of Agriculture initially delivers the Ministry of Finance’s share (70%) of the proceeds from the sale of yellow corn for the season (2022-2023), and adheres to the text of Article (44) of the Federal General Budget Law of the Republic of Iraq, for the fiscal years (2023-2024-2025), For future seasons.

In the same file, it was decided to amend Council of Ministers Resolution 248 of 2022, as follows:

– Approval of the establishment of grain marketing centers (silo) in the Wasit and Kirkuk governorates; To increase the storage capacity from the revenues of the General Company for Grain Trade.

In the oil sector, the recommendation of the Ministerial Council for the Economy (230270 Q) was approved, which includes approval of what was stated in the letter of the Ministry of Oil regarding correcting Council of Ministers Resolution (23068 of 2023), and Paragraph (5) of Council of Ministers Resolution (23188 of 2023). Concerning the pricing of petroleum products.

Also in the oil file, the Council of Ministers approved the following:

1- The entry into force of Council of Ministers Resolutions (100 and 189 of 2022) to be implemented by the Ministry of Oil, according to its letter on October 16, 2023. 2-

Amending the Council of Ministers Resolution (23 of 2022), bearing the burden of Petroleum Products Distribution Company The amount of taxes that will be incurred on the contract in question. Then later, after determining their amount and applying the description of (a government debt to it), the matter will be presented to the Council of Ministers, in accordance with its powers to waive, write off, or postpone, stipulated in the Federal Financial Administration Law (6). For the year 2019) amended.

As part of the government’s efforts to develop the gas sector and invest it in an optimal way, the Council of Ministers approved the recommendation of the Ministerial Council for Energy (23097 of 2023) regarding the tender to modernize the gas desalination plant, and establish a nitrogen unit and facilities for compressing and drying gas from the West Qurna/2 field, according to the following: – Approval of the tender

. Related to the modernization of the gas desalination plant, and the establishment of a nitrogen unit and gas compression and drying facilities, for the West Qurna/2 field, under the custody of the Italian company (SICIM SpA), for a total amount of (619) million dollars, of Italian origin, with an implementation period of (990 days).

The Council of Ministers also approved the Ministerial Council for Energy’s recommendation (23093 of 2023) regarding the Ibn Omar Field gas investment project, as follows:

1. Recommendation to the Council of Ministers to exclude a gas investment project (Bin Omar Field) from the amended Cabinet Resolution (245 of 2019). By Cabinet Resolution (23374) of 2023, regarding the announcement of investment projects exclusively, through the National Investment Authority.

2. Guaranteeing the payment of funds through the Ministry of Finance (payment guarantee), determined by the Ministry of Oil from November 21, 2023, in light of the annual budget allocations.

3. Financial payment of invoices for all dues by means of crude oil, only through the Oil Marketing Company (SOMO), is an exception to the instructions to facilitate budget implementation.

In continuation of the government’s efforts to develop the electricity sector and address its crises, the Council of Ministers approved the recommendation of the Ministerial Council for Energy (23091 of 2023) regarding the Iraqi-Saudi electrical interconnection project, according to the following:

1. Referring the implementation of consulting work for the Iraqi-Saudi electrical interconnection project to Tetratec Company

. (Terta Tech) for obtaining the highest technical and financial evaluation score, at a total cost of (1,088,652) dollars, only one million and eighty-eight thousand six hundred and fifty-two dollars, in six months.

2. Authorizing the Ministry of Electricity to sign the tripartite contract within the operational budget allocations, as an exception to the instructions for implementing government contracts (2 of 2014).

Based on the directives of the Prime Minister, to support the sports sector with various sporting events, the Council of Ministers agreed to allocate an amount of 923 million dinars, from the total budget allocated for the Asian Cup for Bow and Arrow Championship/first stage, which will be held in the capital, Baghdad, for the period from February 20-25. 2024, in order to be at the appropriate level and comply with the conditions of the International Federation of Bow and Arrow, according to the letter of the Ministry of Youth and Sports dated November 19, 2023.

In the context of reducing the spread of the drug phenomenon and mitigating its effects, the Council of Ministers approved the allocation of the Ministry of Finance in the amount of ten billion JD to the Ministry of Interior/General Directorate of Narcotics and Psychotropic Substances Affairs; To maintain and renovate forced drug rehabilitation centers, the amount is allocated from the emergency reserve, based on the provisions of the Federal General Budget Law of the Republic of Iraq, for the three fiscal years.

In the military industrialization file, the Council of Ministers approved the handover of all iron waste, which includes weapons, military equipment, military waste, and colored metals (copper, lead, aluminum) seized from the security services, to the Military Industrialization Authority, after the ruling on it acquired a final degree of finality. Competent courts.

The Council also agreed to include the Military Industrialization Authority in the provisions of Customs Law No. 23 of 1984, as amended, provided that the final beneficiary of the goods imported from the aforementioned Authority is the Armed Forces and the Internal Security Forces. LINK

A New Rise In The Dollar Exchange Rates On The Baghdad Stock Exchange

Economy  Wednesday, November 22, 2023 Baghdad/National News Center  Dollar prices rose today, Wednesday, in the markets of the capital, Baghdad, to record 158,500 dinars against 100 dollars, while yesterday, Tuesday, prices were 158,150 Iraqi dinars against 100 dollars.

Selling prices in money exchange shops in local markets in Baghdad reached 159,500 dinars (157,500 dinars per 100 dollars), while purchasing prices reached 157,500 dinars per 100 dollars.

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Provoking Points to Ponder  on Feelings – Sincerity – Slander

The last, best fruit which comes to late perfection – even in the kindliest soul – is – tenderness toward the hard – forbearance toward the un-forbearing – warmth of heart toward the cold – philanthropy toward the misanthropic — Richter

Some people carry their hearts in their heads; very many carry their heads  in their hearts — the difficulty is to keep them apart and yet both actively working together — Sterne

A word – a look – which at one time would make no impression –  at another time wounds the heart; and like a shaft flying with the wind, pierces deep, which, with its own natural force — would scarce have reached the object aimed at – Sterne

Every human feeling is greater and larger than its exciting cause – a proof I think – that man is designed for a higher state of existence — Coleridge

Feelings come and go – like light troops following victory of the present; but principles – like troops of the line are undisturbed and stand fast — Richter

The heart has often been compared to the needle of the compass for its constancy; has it ever been so for its variations?  Yet,  were any man to keep minutes of his feelings from youth to age, what a table of variations would they present — how numerous, how diverse, how strange ! – Hare