The Association of Banks seeks to link local banks to the universal

08/22/2017

Mobility extended its dimensions to the major economies of the world adopted by the Association of Iraqi private banks through communication with the best international banks in the United States to develop the domestic financial sector and make it more sophisticated and rival banks of the region
And the world.

The Executive Director of the Association of Iraqi Private Banks Ali Tariq said: "Iraq, as all countries of the world have the size of large wealth and a large market for work to expand the global effort is not specified in various sectors of production and service, pointing out that many of the major companies around the world is considering that Iraq has a distinctive location starting For its production, which is marketed to the east and west of the globe.

Fast services said in an interview with Ā«morningĀ» that this great effort Acherth Association is aware that any major efforts need to be developed banking sector offers fast services and can handle large numbers using advanced technology that began to be adopted by our banks gradually and under the supervision of the Central Bank of Iraq , which gives this The joint is particularly important .
Experiences of banks

http://www.alsabaah.iq/ArticleShow.aspx?ID=143112

Financial Reform of Iraq for the years 2018-2020

08/22/2017

Dr. Mohamed Saleh published on the network of Iraqi economists a paper entitled "Financial Strengthening of Iraq: Vision for the years 2018-2020". As usual, our Galilee professor puts before us his academic weight and practical experience as the most important economic adviser to the government.

(I)
Do not argue with Dr. about the description of the bug in the economy "rentier".

"The burden of the war on terror and the burden of reconstruction requires an aggressive fiscal program to rebalance the economy and the fiscal balance" of the treasury.

However, Dr. Saleh’s proposals in the "Adaptation and Financial Consolidation Approach 2018-2020" need to be reconsidered because most economists in the rentier countries fall in the wrong call to balance by increasing the share of non-oil resources in national income
.

In Iraq, for example, all the attempts made since 1961 to date have only deepened the rentier dependence in an inevitable spiral out of them because of the nature of the rentier states.

Salvation is to Ekman in re – raking all the treatise on the subject, has not left the door only ways economists, and the whole is lost in a mirage illusion in front of the dynamics of the rentier state , which makes it imperative to deepen the rentier dependence which private him not to demolish the foundation upon which the rentier economy of the four components of :

1 – the main income of the economy Of oil exports.

2. The value added and local labor do not constitute a small percentage of the total value of oil exports.

3 – Oil revenues come from abroad.

4. The rent income goes to the government. So what is the solution?

The solution is to overthrow the state rent equation and turn it into a state that is charged with giving oil income to the citizens with a universal basic income, and financing the state budget through a tax imposed on citizens.

In terms of the medium, Article "111" of the Constitution states that oil and gas belongs to the Iraqi people, and this is an appropriate entry to overthrow the equation of the rentee state.

In practice, it is possible to start the 2018 budget by the following steps:

First: Collect the following paragraphs and convert them into a comprehensive and equal cash balance to all resident citizens on the basis of the record of the families of the ration card:

1 – Sale of crude oil to domestic consumption at the external market price, – $ 8 per barrel.

2 – Suspension of allocations ration card and social guarantees and converted to the share of comprehensive basic income.

3 – Remove electricity allocations from the budget starting in 2018 and pay the electricity sector for self-financing "with the provision of gas at cost."

Second: Freezing oil allocations for subsequent budgets "2019 and beyond:.

At the price and quantity of 2018 and the conversion of each increase in price and production to the reserve fund "Sadiq Fund" and the development of comprehensive primary income "UBI".

And linking it in the future with oil revenues outside the
budget.
Sources 1 "Dr. Mazhar Mohammed Saleh www.iraqieconomists.net/8/2017

" 2 "Adnan al-Janabi Salvation from the state rent – Iraqi studies 2016.

http://www.alsabaah.iq/ArticleShow.aspx?ID=143109

The TBI launches its strategy for the years 2017-2019

21/8/2017

Baghdad / Farah Al-Khafaf
The Iraqi Bank of Commerce ( CBK) launched a strategy for the years 2017-2019 to expand the bank’s operations locally and internationally and to maximize its profits by developing the bank’s young cadres.

Director General of the Iraqi Trade Bank, Faisal Al-Hims, said: "The Bank intends to expand the Bank’s business in addition to four new branches, providing 350 new jobs, preparing and launching structured policies and procedures for the various departments in the Bank’s general administration.

Of these sections, as well as the signing of a memorandum of understanding with Ahli United Bank (AUB) to develop and strengthen technical and strategic cooperation with the bank’s correspondent banking partners. "

The new strategy will be based on a cross-objective management system to assess job performance and reward outstanding employees in their performance and to further train the Bank’s staff by investing in training them to perform their job duties in accordance with the best performance in advanced banks in the world. (139) training courses inside Iraq and (26) training courses outside, since the beginning of the current year 2017.

The
Bank also seeks to expand the management of expenses of operations by rationalizing spending, by saving 8.4 billion dinars annually, canceling the contract of the parent company The intention of private and secure the bank’s protection by the security forces as well as investment property and real estate bank instead of leased branches.

As for the achievements of the bank on the financial level, the achievement of the most important objectives in this regard, increase the capital of the bank from (1,750) trillion dinars to (2,750) trillion dinars, announced by Prime Minister Dr. Haider Abadi recently, in addition to conversion (50 percent) of net The bank’s annual profit for the year 2016 amounted to JD (268,283) billion to the Ministry of Finance last April.

The Bank of Iraq continues to collect its outstanding debts from the date of the current administration’s responsibility, which amounted to a total of $ 345,031 million and JD 57,263 billion, of which $ 166,095 million, And (36.446 billion dinars) for the period from 2 January 2017 to 30 June 2017.

The bank continues to collect commissions to the income account without actually being collected, reaching $ 18,650 million out of $ 24,750 million since the current management of the bank began its work in June 2016.

The Bank implemented the directives of the Prime Minister to support the private sector. He also deducted the bonds issued to the contractors by the Ministry of Finance and net profit for the current half of the year 2017 amounted to 169.943 billion dinars until 30-6-2017.

The Iraqi Trade Bank (BTI) has been involved in the international bond issuance of US $ 1 billion, along with the world’s largest banks (Citibank, JPMorgan and Deutsche Bank).

Faisal Al-Hymes, general manager of Faisal Al-Hims, said in a statement to Al-Sabah: "Government bonds have been included in the international market of Ireland, confirming that the subscription can not be increased to $ 1 billion.

The current bond issue is included in the supplementary budget for the current year 2017. So law by Parliament and ratified by the government. "

He also pointed out that the benefit of this low-cost financing will be directed to the reconstruction of liberated areas, calling at the same time the private banking sector to stimulate and diversify its business, in this area, similar to the Iraqi Bank for Trade (TBI).

http://www.alsabaah.iq/ArticleShow.aspx?ID=143000

Half a trillion dinars to fill the temporary budget deficit







21/8/2017

Achieved auctions of treasury transfers until June ,
Baghdad / Mustafa al – Hashemi
auctions of treasury transfers made for the Ministry of Finance ‘s annual order, regulated by the Central Bank, amounts of money to reduce the budget deficit amounted to the first six months of this year , 520 billion and 430 million dinars.

The central bank, as the financial agent of the ministry to manage auctions of remittances based on the Public Debt Law, which authorized the Ministry of Finance to issue treasury transfers guaranteed by the government for the purposes of government funding to meet part of the temporary deficit in the general budget of Iraq.

According to the results of the auctions, which was announced by the Central Bank and followed by "morning" the first auction, within the plan of the Ministry of Finance to issue Treasury transfers for the current year, which was held in February, resulted in the sale of the full amount of 100 billion dinars.

As for the results of the second auction, which was held in March last year, the Central Bank said in a statement that the auction held on 22/3 resulted in the sale of the total amount of 200 billion dinars, while the Central did not announce the results of the third auction on 19/4 .

Iraq relies on fiscal and monetary policy instruments, one of which is the sale of domestic bonds to reduce the budget deficit through the Ministry of Finance’s 364-day annual remittances, supervised by the central bank, with the aim of withdrawing liquidity from outside the banking system to re-employ them in the
financial sector .

The auction of the fourth treasury transfers, which was held on the twenty-fourth of last May, the sale of the full amount of the reserves of 200 billion dinars.

On the 21st of June, the Central Bank organized an auction for the sale of treasury transfers for the 364-day period of 200 billion dinars, during which 120 billion and 430 million dinars were sold.

The Ministry of Finance announced its plan to issue treasury bills for the annual period (364 days) for the year 2017, which includes the establishment of 11 public auctions to sell these remittances to beneficiaries such as banks, social welfare services, retirement and minors.

According to the plan announced by the ministry and seen by "morning" the total amounts of the issuance of two trillions dinars is expected to be sold in full to meet the proportion of temporary deficit in the general budget

http://www.alsabaah.iq/ArticleShow.aspx?ID=142997

Financial Strengthening of Iraq: Vision for the years 2018-2020

21/8/2017

Crude oil imports dominate the order and movement of three major balances in the national economy: the current account of the balance of payments (the so-called balance of payments balance, which accounts for 98 percent of total foreign exchange flows).

As well as the federal budget as the oil revenues represent at least 92 percent of the total annual revenue of the public budget.

The final balance is the contribution of the oil sector to the GDP components, which range from 46 to 50 percent of the composition of that output.

While the non-oil revenues in the general budget estimates for the year 2017 amounted to 8 trillion dinars, of which (5.7 trillion dinars is the tax revenue, including: (4) trillions dinars direct taxes on property income and (1.7) trillion dinars taxes Such as customs and others.) *

If we exclude the oil resource from the three scales mentioned above, the country will go to a tripartite deficit complex difficult to dismantle in the short term because of the lack of diversity in the sources of national income.

Consequently, modern public finance of producer and exporter countries has created a benchmark for measuring the actual deficit inherent in the financial structure of highly leveraged economies called non-oil
primary
balance- NOPB, ie the non-oil balance that expresses the amount
* Note that other non-oil revenues did not exceed 2.4 trillion dinars represent capital revenues (on the sale of state property, such as land and real estate) and conversion income (such as mobile phone license fees and exchange rate differences and recoveries
and others).

The total tax revenues are not more than 2 percent of GDP according to the statistics of 2016 and the income and property tax (direct taxes) is half the
percentage.

In sum, total non-oil revenues in all cases did not exceed 5 percent of GDP, which is close to 8 percent of total actual budget revenues.

(Negative) if all public expenditures were subtracted from non-oil revenues (expenditures incurred on the oil sector should be deducted from total expenditure as well as debt services because they relate to the obligations of previous financial years).

Thus, the non-oil main balance in 2017 will be about (72) trillion dinars.

The deficit or negative sign is a sign that non-oil revenues account for only 5 percent of the country’s gross domestic product, while oil revenues account for 46 to 5 percent of Iraq’s GDP.

This has made the oil revenues increase by 9-10 times the non-oil revenues in the general budget, which means that the country is dependent on its public expenditure on oil revenues.

The lack of non-oil resources in the composition of the budget has become a serious financial threat because of the construction of the federal budget on the constants of spending is difficult to dismantle, especially salaries, wages and pensions and salaries of workers in state-owned enterprises (the unemployed

). As all salaries, wages and pensions are accounted for 50 percent of the total expenditure ceiling of the country’s budget, which is covered by oil revenues exclusively or through internal and external borrowing, especially during the years of the previous oil recession

.
Therefore, there is no choice for Iraq’s fiscal policy, but one option is to enhance financial resources in the short and medium term and to diversify the economy and national income through long-term development programs (Iraq 2030).
Therefore, the need to maximize the resources of the general non-oil budget needs to be aware of the following economic factors:

First: – Iraq is one of the high countries in government spending relative to gross domestic product by about 46 percent, which requires reducing this ratio in favor of the market economy and the role of the private sector in economic activity and the formation of aggregate demand.

Second: The country’s financial indicators still show Iraq’s dependence on oil revenues or expansion to cover public expenditure, which is unsecured resource, which requires a radical new financial reform in the composition of public revenues.

Third: – The opportunity to address unnecessary government expenses and expenses from support and extension to non-eligible and ended with the tax evasion equipment accumulated income and wealth far from the scope of public finances and social and economic goals.

Fourth: The burdens of the war on terrorism and the reconstruction of the regions of Iraq and the development of all areas of Iraq require a financial program is hardened and not intended to serve the direction of financial resources towards stability and development and address the manifestations of
waste.

2 – Features fiscal consolidation in Iraq
2018 – 2020 Fiscal consolidation
that in front of fiscal policy for Iraq today to look for opportunities binoculars resources of non – oil that make the principal balance is Alnafty- scale NOPD
objective of strengthening the financial adjustments required to control overhead and control and to maximize the revenue of non – oil level The following should be noted: a.

In
order to maintain the non-oil
main balance ( NOPD)
in the short term (at the level of one fiscal year) and then to take the decline in the medium term,

Fiscal consolidation
Which represents the set of policies adopted by the state at the national level or at the level of provinces and regions in order to seek to reduce the fiscal deficit and the accumulation of public debt balance.

In other words, work to reduce the deficit or reduce the increase in debt through restructuring expenses and reduce as much as possible and maximize non-oil revenues. Which is to make the non-oil main NOPD decline at a steady rate over the next three years from the current status of (- 72) trillion dinars 2017 to – (42) trillion dinars in 2020, assuming that the ceiling is stable at about (100 – 107) .

And that the rate of change in the main non-oil balance in the direction of reduction or reduction should be about 70 percent. Which means that non-oil revenues will be significantly improved, including taxes, fees, and various transformational capital revenues during the years 2018-2020.

B – Method of adaptation or financial reinforcement
2018-2020
There are practical steps to be adopted starting from the financial year 2018 and as follows:

First: the establishment of an account on behalf of the Public Debt Compensation Fund, to deposit any increase resulting from the improvement of oil prices above the target rate in the federal budget Is used to make up for any internal or external debts planned during the fiscal year or extinguish previous debts depending on the situation to be committed to the current prices estimated in the supplementary budget for 2017 of 44.4 dollars per barrel of oil exported during the period 2018-2020.

Public Debt Revenue Capitalism from the sale of land and real estate and state revenue and manufacturing promise from aspects of the financing of the fund account
above.

Second: The adoption and expansion of outsourcing system at the level of customs outsourcing
Through contracting with international companies in order to ensure the efficiency of inspection and collection and customs clearance, which maximizes the sovereign resources of the
state.

Lead to lower import costs and eliminate systemic and other corruption as well as maximizing public resources.

Third: The outsourcing system ‘s reliance on the tax system for units of small taxpayers
Outsourcing
by granting licenses to companies civil outstandingly to open the collection of a tax that ports depends broken tax system Flat Rate
for small taxpayers to ensure the achievement and raise its efficiency and stay away from diligence and corruption, I do not mind the outsourcing outlets civil to assume collection For various other collections such as fees, municipal fees and
others.

Fourth: Expansion of the system of partnership with the private sector in the distribution of electric power to be the year 2018 Finance is the starting point to cover all regions of the country. And included in the provisions of the Budget Act of 2018.

Fifth: Legislation the sales tax law by calculating the tax on the final value of the service, and to take the decisions and financial regulations gradual in order to avoid the complexity of the tax system for sales tax.

For example, food, building materials, etc. are exempted in the first stage.

Sixth: Improve the management of collection of fees (non-sovereign) and wages approved in accordance with Article 24 of the Federal Budget Law for the year 2017, on the establishment of a clear and transparent accounting system shows the movements of income and expenditure and disbursements at all spending units and provide the Ministry of Finance movement and calculation of the account
monthly.

Seventh: To develop the fuel subsidy system and limit it to poor consumption classes through social welfare programs.
The state-owned and fuel-producing state companies will maintain a cost accounting system that will demonstrate the actual costs of production and avoid the "free ride" aspects of unrealistic profit collection due to the unrealistic pricing of refined crude oil and marketed internally.

http://www.alsabaah.iq/ArticleShow.aspx?ID=142993

The appearance of Mohammed Saleh calls for the establishment of a political fund to pay public debt
08/19/2017

The economic adviser to the prime minister called for the appearance of Mohammed Saleh to adopt practical steps starting next fiscal year is the establishment of an account called the "Public Debt Compensation Fund", where "any increase in oil prices above the budget target, to be used to cover any external debt Whether internal or internal. "


Saleh stressed that the burden of war on the organization and advocates of reconstruction and the development of all areas of Iraq require a financial program is inevitably hard to serve the direction of financial resources towards stability and development and to address the manifestations of waste, denying the existence of conditions from the International Monetary Fund on Iraq,

in exchange for borrowing steps, With the government reforms, while disclosing at the same time for the issuance of Iraq’s foreign bond called (Euphrates) months after the issuance of another bond called (Tigris).


"There are practical steps that must be adopted starting in fiscal year 2018," he said in an interview with Elaph and his Mawazine News.

"Any increase due to the improvement in oil prices above the target rate in the federal budget is used to compensate for any internal or external debts planned during the fiscal year or extinguish previous debts as the case is to be adhered to the current prices estimated in the supplementary budget for the year 2017 of 44, $ 4 per barrel of oil exported during the period 2018-2020.

He stressed that "the account of the public debt compensation fund receives capital revenues from the sale of land, state real estate and transfer income promised by the financing aspects of this fund account."

In the second step, Saleh said that "the outsourcing system should be adopted and expanded at the level of customs," through contracting with international companies to ensure the integrity of the examination and collection and customs clearance, which maximizes the sovereign resources of the state.

He pointed out that "it leads to a decrease in the cost of imports and eliminates systemic and other corruption, as well as maximizing public resources, as well as the adoption of the system of outsourcing to the tax system of small units entrusted with granting licenses to civil companies to open the opening of tax collection points,

Saleh also stressed the importance of "expanding the system of partnership with the private sector in the distribution of electric power to be the year 2018 Finance is the starting point to cover all areas of the country, including in the provisions of the law of the budget of 2018."

"The sales tax law should be legislated by calculating the tax on the final value of the service, and the gradual financial decisions and regulations should be taken in order to avoid complicating the tax system of sales tax, for example in the first phase," he said.

He encouraged the improvement of the administration of collection of fees (non-sovereign) and wages approved in accordance with Article 24 of the Federal Budget Law for the year 2017 on the establishment of a clear and transparent accounting system shows the movements of income and expenditure and disbursements at all spending units and provide the Ministry of Finance movement of the account and its assets monthly.

He called on the consultant to develop the system of fuel subsidies and limited to the poor classes of the poor through social welfare programs. He pointed out that the state-owned companies that produce and market fuel should maintain a cost accounting system that explains the actual costs of production and avoids the manifestations of "free ride" in the collection of unrealistic profits due to the unrealistic pricing of refined crude oil marketed internally.

http://www.mawazin.net/%D9%85%D8%B8%…B9%D8%A7%D9%85

Annual Conference of Arab Banks and US Federal Reserve






19/8/2017

Held next October in New York ,
Beirut / follow – up to the morning
Union of Arab Banks announced holding joint annual conference with the US Federal Reserve Bank at its eighth session on 16 October next in New York.

President of the International Union of Arab Bankers and Chairman of the Executive Committee of the Union of Arab Banks, Joseph Tarabia, said in a press conference:

The Union seeks to make the Arab-American banking dialogue a platform for direct dialogue between Arab banks and Arab central banks and US banks and regulatory authorities.

The conference will discuss several topics, including the fight against terrorism and the strengthening of relations with correspondent banks, in addition to current issues on the regulatory developments in terms of sanctions and the relationship of correspondent banks and the issue of combating corruption and bribery,

He added that the conference will also discuss "the recent anti-terrorism agreement signed at the Arab-Islamic Summit in Riyadh, as well as legal factors related to the exchange of information, the need to mitigate risks and address the threat of terrorist financing, On Arab banks. "

He pointed out that the issues under discussion are the main issues to push forward the sound Arab and international banking business.

He stressed that "the Union seeks to be a gateway for Arab banks to the rules of international banking, so as to facilitate and enhance their integration into the global banking industry, and to protect the interests of these banks at a time when financial sanctions became a political tool."

Officials from the Federal Reserve, the US Federal Reserve, the US Treasury, the IMF and the World Bank, experts from the Office of Foreign Assets Control, international financial and regulatory bodies, Arab and European banking leaders, financial institutions and member banks will also attend the next session.

The Union of Arab Banks launched the Arab-American Banking Dialogue Initiative in 2006.

http://www.alsabaah.iq/ArticleShow.aspx?ID=142866

Economic leaders at Jackson Hole meetings

08/19/2017

August 24-26, 2008 – The US annual meeting of the Jackson Hole, where world leaders meet, meets central bankers and finance ministers from around the world.

As investors become accustomed to the announcement of strong statements by officials during these meetings,
which have a significant impact on the markets, the
importance of the meeting’s events from year to year is highlighted.

About Effectiveness
In 1978 , the Federal Reserve Bank held in the US city of "Kansas" annual economic policy symposium, which focused on issues that do not have a direct interest in the current period, but it looks to emerging issues and trends.

Since 1981, the meeting has been held at Jackson Hole, attended by all the heads of central banks, finance ministers and market analysts from around the world.

The annual Jackson Hole seminar focuses on important economic issues facing the United States and global economies.
The proceedings of the seminar are closely followed by investors, as the comments and observations of officials will affect market conditions.

Presentation of the Meeting Papers
The Bank will be
presented with papers to be presented at the meeting and published by the Bank on its website at the time of submission. Other papers, such as participants’ comments, may be submitted only after the event ends, but will be published upon availability.

However, a very limited number of journalists are selected to cover the event, and all participants, including members of the press, will pay a fee to attend.
The Jackson Hole Annual Symposium will be held this year from 24 to 26 August under the title "Promoting a dynamic global economy". The list of speakers will not be published until shortly before the meeting.

The

European Central Bank policy
The speculation on the issues scheduled for discussions within the conference on the ECB and its forthcoming policy, especially since the meeting will be held ahead of the monetary policy meeting within the European Central Bank in September.

The European Central Bank announced in 2014 that it will begin a program to buy bonds in the euro area, under the so-called "quantitative easing", to stimulate economic growth and employment.
Expectations had indicated that the central bank would announce a reduction in its bond holdings at the September meeting.

But after news reports that the ECB president will not give any new monetary policy messages and that he will focus on the theme of the conference, which is concerned with the performance of the global economy, the fate of the thorny issues to be discussed is not known.

Mario Draghi said in June that the bank’s stimulus policies were working well and would end gradually as the economy accelerated.

These statements contributed to a strong rise in the value of the euro, to come out of statements from the European Central after which the misunderstanding of these statements.

Monetary Policy Plans
The Jackson Hole conference was sometimes used to announce monetary policy plans in some central banks. In 2010, the Federal Reserve Chairman announced his plan for a monetary easing policy at the time of the global financial crisis. Of the 5000 statements he made, "Ben Bernanke," there are 2000 words about more options towards easing monetary policy.

His remarks caused stock market volatility as the Standard & Poor’s index fell, but at the same time Bernanke’s comments on more bond buying helped boost investor appetite for risk.

All three major indexes in the US recorded a record high in the US, Month of meeting.

In the 2014 meetings, when European Central Bank President Mario Draghi spoke of the European Central Bank’s intention to dump markets in the quantitative easing program, US and German bond yields rose by 20 to 30 points in the weeks following the comments, Assets.

http://www.alsabaah.iq/ArticleShow.aspx?ID=142863

Revenues of the Umm Qasr Customs exceeded 33 billion dinars last July

08/17/2017

Basra / Saad Hassan
led to confirmed intelligence to the arrest of a gang dealing with dangerous drugs in the Zubayr district of Basra, as well as thwarting an attempt to introduce cars without model in violation of customs instructions, at the time revealed the Customs Center of Umm Qasr North to exceed revenues of 33 billion dinars during July the past.

The head of the Falcons Bureau and the Tactical Team in Basra told Al-Sabah that the intelligence force was able to arrest those accused of drug trafficking in al-Zubayr district in the midst of exchanges of fire. One of the wanted men was shot, .

The official said the operation was carried out on the instructions of the interior minister to combat narcotics traffickers and organized crime gangs that have undermined social security and jeopardized national security.

In addition, the official of the hawks cell confirmed that the cell elements in coordination with the customs center and the authority of the port of Umm Qasr al-Shamali to take measures to check and reserve 71 containers containing imported cars without the model and different goods.

For his part, the Director of customs of the port of Umm Qasr Al-Shamali Abdul Hussein Al-Atwani told "Al-Sabah": that there is information received from the Falcon Intelligence Cell was the formation of a joint investigation team of customs and the cell and ports to control the said cars after unloading on the dock 20 at the port, which proved Investigations into its entry into law.

He explained that the anti-corruption measures resulted in a high rate of imports during the current year by 100 percent and exceeded the month of July more than 33 billion dinars, expected to achieve an additional increase in the coming months for the willingness of traders and companies to import cars 2018 and stop the 2015 model, according to resolution 215 of 2009 Issued by the Council of Ministers.

In turn, the Customs Follow-up Committee Chairman Hamid Al-Issawi told "Al-Sabah": Attempts to introduce cars in violation of the import conditions caused the state financial losses, stressing the importance of coordination with the security authorities in ports to counter smuggling and the entry of articles banned entry into the country.

Al-Issawi praised the efforts of the falcon cell because of the accurate and confirmed information that has recently revealed the largest attempt to introduce cars without model to the country and protect the national economy.

http://www.alsabaah.iq/ArticleShow.aspx?ID=142794

Industry: 150 products locally protected from commodity dumping

16/8/2017

Confirmed its support to the private sector
Baghdad / Al-Sabah

The Ministry of Industry and Minerals has revealed its endeavor to provide full protection of local products from dumping goods in local markets.


While more than 150 protected products have been declared, they have confirmed their support for the country’s private sector.

The Director General of Industrial Development in the ministry, Alaa Musa during a workshop to exchange expertise, organized by a private sector companies: "The industry in the country has passed during the last period with a great slowdown, because of the policy of dumping goods for local markets,"

noting that the House of Representatives recently approved a number of The laws supporting the industry and the development of the private sector, including the Tariff Law, especially as the ministry seeks to provide full protection of local products through the inclusion of the largest number of imported goods by this law.

He added that "there are more than 150 domestic products protected from dumping goods," pointing out that "the ministry seeks to provide real support to the private sector to promote the national industry in the country."

For his part, the director of the Asian paint company, a private sector company Haider al-Bandar said in a press statement that the government, as directed by Prime Minister Haider Abadi, is working on the development of national industry, while providing full support to the private sector,

in contrast most private sector companies seek to achieve quality by production and development Marketing processes, thereby contributing to the objective of competing with the imported product.

Al-Bandar called for the activation of economic laws that would contribute to providing an industrial environment in order to provide foreign currency and create job opportunities for the unemployed.

http://www.alsabaah.iq/ArticleShow.aspx?ID=142726