Experts: The absence of guarantees paid by {40} trillion dinars outside the banks


Establishment of a company to secure the deposits of citizens
Baghdad / Huda al-Azzawi
The Central Bank of Iraq resorted to the issuance of the system of guarantee bank deposits, including the bank to grant a license to practice a guarantee for a joint stock company established in accordance with the provisions of the Companies Law, a system that was welcomed by the economic circles because of the weakness in the mobilization of funds and deposit with banks to take their way to various investment channels, Especially after the large losses caused by the financial crises in the state budget.

The participation of banks is mandatory
The Director General of the Legal Department of the Central Bank, Mustafa Ghaleb, told the "morning": "The Central Bank is currently working according to the feasibility study of technical and economic and legal establishment of the Iraqi Company to ensure deposits with a mixed contribution of government and private banks with the Department of registration of companies in the Ministry of Commerce ,

According to the provisions of the Companies Law No. 21 of 1997, "noting that" this institution aims to achieve the public interest of the community and protect the funds of depositors and increase their confidence in the banking sector existing in the State, away from profit. "

He explained that the proposed capital of the company, amounting to 100 billion dinars, 55 percent of its nominal capital of the contribution of public and private banks and branches of foreign banks, including the minimum required for the contribution of the state of 25 percent, while the remaining 45 percent will be put to public subscription on the basis of the provisions of Article 39 of the companies mentioned law ,

"pointing out that" the participation of Iraqi banks , which is compulsory to ensure the continued existence of sufficient balance within the fund and use it to provide financial cover to ensure that the assets of depositors in banks licensed by the Central Bank of Iraq within the country. "

compensation according to the circumstances

"The company’s money can be invested in the field of deposits with banks, such as fixed deposits and the purchase of government securities such as treasury bills and bonds, and remittances issued by the Central Bank of Iraq, which is purchased from the secondary market, and can be invested in borrowing from banks or issue bonds A loan to support its capital and its own resources, "stressing that" the company will pay compensation for deposits with banks according to amounts and depending on the economic conditions of the country. "

He concluded by saying that "the company’s certificate of incorporation will be announced by the Ministry of Commerce after the Central Bank completes all the requirements for incorporation with the registration and public subscription department in accordance with the Companies Law referred to."

Doubts and concerns of depositors

Regarding the culture of dealing with the banking system, the financial adviser to the Prime Minister Dr. Mohammed Saleh said to the morning that dealing depends on the awareness of the Iraqi financial system, considering private sector projects and the availability of job opportunities that can contribute to reducing unemployment rates.

The system of deposits adopted by the Central Bank has been approved by the Council of Ministers for more than two years, which is expected to see the year 2018 achievement, aims to encourage citizens to save in banks rather than compactness, "noting that the percentage of cash out of banks up to 80 percent , So as to attract them to Government and private banks, must provide real guarantees that encourage depositors to save.

Offering Contracting Parties

For his part, professor of monetary at the University of Mustansiriya Dr. Faleh al-Zubaidi told the "morning" that the banking system to clarify the nature of work on how to invest the funds of unemployed citizens and operate transparently, without any ambiguity or ambiguity, within the legal contracts that preserve the rights of contracting parties through The company offered its shares to the public,

with the aim of seeking to increase its capital and contribute to attract financing for the sale of its shares or issue new shares to support the current capital.

Explaining that some of the amount of money outside the banking system and estimated at 40 trillion dinars, a normal situation because Iraq from developing countries known to increase the proportion of currency in circulation outside the banking system,

"pointing out that" the investment of this huge amount of money by the banking system or Companies will employ money will contribute to the revitalization of the Iraqi economy and provide job opportunities to reduce the high unemployment rates rampant in the country. "

Increasing supervision and supervision
In terms of the most important steps taken by the Central Bank to withdraw funds Almknzah to financial institutions and banking, the Director of Payments in the Central Bank, Subhi Abdul Karim Mohammed, "Sabah" that the project of localization of salaries,

which will contribute to raising awareness of banking and saving and reliance on technical methods in The transfer of funds and not rely on cash, will work to determine the conversion rate from the dinar to the dollar in cards issued locally,

"noting that the card is used outside Iraq to be a catalyst for citizens to be used in any place where it is resolved as well as the inside of Best services ", adding that the financial inclusion strategy , which will soon be launched by the bank aims to access financial and banking services for every citizen in line with their needs."

The payments manager is expected to contribute to the establishment of strategic projects in the country with the financial and banking institutions.

By Wassim Bassem for Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News

Mohammad Hassan worries about the steady decline in the number of customers who come to his shop in Baghdad’s Souk al-Safafeer, the legendary copper market in the neighborhood of Bab al-Agha. The shop sports Hassan’s handmade copper products, mostly miniatures of Iraq’s symbols and monuments, such as the palm tree, the Lion of Babylon, the Malwiya Minaret in Samarra and Mosul’s Great Mosque of al-Nuri, which the Islamic State destroyed in 2017.

Hassan, who has been a coppersmith for 30 years, exercises a profession that dates to the Abbasid period of the 10th century, when many everyday goods, from lanterns to water bottles and from cups to knives and daggers, were made of copper. But those days are long gone.

“Industrial development has turned this profession into a business that only provides decorative objects,” Hassan told Al-Monitor in his shop in Souk al-Safafeer, which takes its name from the color of copper, “safra” in Arabic.

The situation is similar in all coppersmiths’ markets around the country. In Nasiriyah, a city on the banks of the Euphrates River about 370 kilometers (225 miles) southeast of Baghdad, the copper market, once an important place of commerce and socialization, is now almost nonexistent. The same goes for Mosul’s market, Basra’s Musa al-Attiyah market and Najaf’s Safafeer market, which are turning into mere memories.

Coppersmith Haider Khafaji told Al-Monitor that the famous Safafeer market in the southern province of Babil has now faded behind the modern shops, but in the past it was packed with tourists who would head there after visiting the nearby historic city of Babylon about 20 kilometers (12 miles) away.

Khafaji said, “I started working in this profession 40 years ago, back when there was significant demand for copperware, when copper was an important commercial commodity and copper goods were a sign of status.” He added that there are just a few coppersmith shops left and most double now as blacksmiths.

“Our work today is limited to making gifts and souvenirs that hardly ever get sold,” Khafaji added. “We seriously fear that this craft will disappear, as the new generation is not keen to learn the craft.”

Member of parliament Maysoon al-Damluji, a member of the legislature’s committee on culture, told Al-Monitor that the days when people used copper in most of their daily goods are gone, but that the craft of the coppersmiths, part of the Iraqi intangible heritage, should be maintained.

“[The coppersmith shops and markets are part of] the identity of Iraqi cities,” he said, expressing concern that Iraq’s cities, which have been badly damaged in the wars and battles that have taken place in Iraq and have been subject to poor urban planning, have lost their historical heritage.

Damluji said one of the reasons copper markets are disappearing is the “law issued by the Ministry of Health in the 1950s preventing the use of copper utensils for eating, as it causes poisoning.”

Another reason, according to Damluji, is related to “the unstable security and political situation in Iraq, as the Iraqi state has allocated its budget for wars since the 1990s, leaving no room for projects to preserve cultural heritage.”

Ibrahim Khalil al-Alaf, professor of modern history at the University of Mosul, told Al-Monitor that the craft was also disappearing because local and handmade goods were unable to hold their ground against foreign copper miniatures of Iraqi monuments that flood the markets and are sold at lower prices. These come from China and the government has no regulation or subsidies to protect the local products. “The Safafeer market in Mosul has been in steady decline,” he added.

In many Safafeer markets, coppersmiths themselves have begun trading in imported goods, no longer relying on creating their own. Given the lack of financial support from the government for this dying profession and the reluctance of the new generation to master this craft in which profits are low, coppersmiths are becoming a part of disappearing intangible heritage.

Alaf said he deeply regrets how Mosul’s heritage has been falling apart before his eyes. “We need to preserve historical monuments using modern restoration techniques and learning from the experience of developed countries in urban and market planning,” he said.

“The Directorate of Heritage and Antiquities should develop a comprehensive national strategy and cooperate with the United Nations Educational, Scientific and Cultural Organization because the Safafeer market in every city is not only a market but a museum preserving this profession and all Iraqi handicrafts,” Alaf said.

Meanwhile, Amran Obeidi, the director of media and spokesman at the Ministry of Culture, told Al-Monitor that the ministry believes preserving Baghdad’s Safafeer market, the largest of the copper markets in the country, does not fall under its responsibilities according to laws and regulations in force. “Maintaining the Safafeer market is Baghdad municipality’s job. Our work in the ministry is only limited to technical consulting,” he said. “The Safafeer markets are Iraq’s cultural introduction to the world, as well as they showcase a now rare profession that has long been part of the Iraqi folklore.”

Obeidi said the ministry classified Rashid Street, at the end of which the Safafeer market in Baghdad is located, as a historical area, so any change in buildings there requires the ministry’s approval. “It is particularly important to preserve this market because it specializes in creating cultural handicrafts,” he said.

Hakim Abdul Zahra, the director of media and public relations in the Baghdad municipality, told Al-Monitor that the city is trying to ensure that the old markets do not disappear. Some store owners try to reconstruct the historical stores and turn them into another business, which is illegal. “We have plans, in coordination with the Heritage Authority, to repair and restore houses and ancient markets as soon as our financial situation improves,” Zahra said.

(Picture credit: Jonathan Zander)

Deputy: Parliament will not be able to hold any plenary session

Treasures of the MP – the representative of the state of law Ahmed al-Badri, Saturday, the inability of the House of Representatives to hold any future session full of quorum in the last legislative term, indicating that all deputies will be engaged in the promotion of elections starting next April.

"The House of Representatives, according to the data will not be able to hold a meeting full of quorum because of political differences and the preoccupation of most MPs to prepare for the upcoming elections."

He added that "the Electoral Commission will launch the election campaign on April 10, which means that the work of the House of Representatives will stop automatically until the next session."

Al-Badri said that "the political differences on the eligibility and importance of laws have caused the loss of the opportunity to pass dozens of laws that serve the interests of the simple citizen."…%D8%A9-%D9%85/

Abbadi: Iraq fulfilled its international obligations to destroy all chemical residues


Prime Minister, Haidar Abadi, the Government’s rights of the Kurdish people within one Iraq. said Abadi, said in a statement today, "recalls the people and the world that catastrophic day city of Halabja chemical weapons bombardment by order annihilated, that crime which shook the conscience of the world

and led For killing thousands of innocent civilians belonging to our Kurdish Aziz was one of the worst crimes committed by the witness locations Baath regime and his oppression and tyranny and repressive policy against all Iraqis. "

"While we remember traumatic stress this tragedy our unit pride and intermingling of Kurdish blood with the blood of the rest of the Iraqis in the triumphant edits against terrorist ISIS, where the two forces fought alongside their brothers in the Iraqi army until victory."

"We indicated we fight our sorrow and our solidarity with the victims and with the children of our Kurdish people emphasize our concern for security and stability and constitutional rights and fair with Iraqi people within Iraq and move together towards a new era of brotherhood and cooperation for reconstruction and aspirations Our citizens.

"the Prime Minister stressed that" Iraq has met its international obligations to destroy all remnants of chemical weapons that were used in the time order annihilated in the cities of Halabja and other Iraqi cities where re-activate this work under the current Government and fully completed and Iraq received international certificate support To accomplish this mission. "

Abadi: We will chase the big thieves and recover the money they seized


Received a call from the US Vice President and held a meeting with the directors of Baghdad
Baghdad / follow-up morning
Prime Minister Haidar al-Abadi vowed to hunt down the big thieves who seized the state land and citizens’ properties, stressing that he would challenge any law that could benefit from these thieves.

As he accelerated the completion of services projects in the areas of the outskirts of Baghdad and provide the necessary funding and financial allocations that have priority, US President Mike Pence, during a telephone conversation, led by Abadi in the victory against the «urging», reiterated his country’s continued support to Iraq in all areas.

According to a statement issued by the Prime Minister’s Office, the Prime Minister, Dr. Haider al-Abadi, held a wide-ranging meeting with the district directors and municipal units in the city of Baghdad.

He said during the meeting that "Iraq has gone through a difficult stage and an existential and economic challenge. And we must work now to harness all the national capabilities and capabilities to provide services to citizens after the great victory achieved with the most sacrifices and the least potential ».

During the meeting, Abadi called on the district directors and municipal units in the city of Baghdad to "follow the field for every small and large, and be true to the promises in providing services and not to give promises can not be met, and away from partisan loyalties or work for electoral reasons at the expense of quality."

"The need to make maximum use of the available resources and the national effort." He stressed that "collection should not be limited to providing appropriate services, and not be tax to take payments without services and it is very necessary to stop waste in order to reach services to eligible citizens."

Abadi said: "We must take into consideration the need of citizens, but we must pursue the big thieves who seized the state land and the property of citizens, while at the same time distinguish them from the poor citizens in need of housing.

And also appealed the amnesty law, which unfortunately included the kidnappers and criminals, "vowing to pursue" the big thieves and recover the money they seized. "

Al-Abbadi listened to a detailed explanation of the reality of the services provided by Amina Baghdad and the Governor of Baghdad and the managers of the districts and municipal units.

The solutions were put in place and the allocations were made in the field of services, water networks, sewerage, tiling and other basic services inside and outside the city of Baghdad.

The Prime Minister urged the speedy completion of service projects in the outskirts
of Baghdad and the provision of funding for financial allocations, which is a priority.

He also stressed the rehabilitation and completion of hospital projects in the areas of seven wells and laboratories, in addition to the launch of allocations for cleaning efforts in the capital and other provinces.

The meeting was attended by the Minister of Planning, Reconstruction and Housing and the deputies of a number of ministries and officials in the service departments.

The Prime Minister, Dr. Haider Abadi, on Thursday, the opening of the airports of Sulaymaniyah and Erbil for international aviation after the completion of legal and constitutional procedures by the federal control of the two airports, according to a statement of the Information Office.

On the other hand, Prime Minister Haidar al-Abadi received a telephone call from US Vice President Mike Bens, praised Bens leadership of Abbadi in the victory against «Da’ash», stressing the continued support of his country to Iraq and renewed US President’s victory, .

"He expressed his admiration for the vision of the Prime Minister and his country leadership and for achieving community cohesion and his keenness to guarantee the rights of all components of the Iraqi people that he saw through the visit of Dr. Haider Al-Abbadi to Mosul."

He also praised the government’s steps in reopening Sulaymaniyah and Erbil airports, And stressed the support of his country for the unity of Iraq and sovereignty, "noting that" the leadership of Dr. Haider Abadi in this file proved to all the Iraqi people not to distinguish it to the component without another, "according to a statement to the media office of the Prime Minister.

Abadi stressed his keenness to consolidate democracy in Iraq and strengthen the institutions of the state and the importance of continuing the citizenship project to overcome sectarian and racist policies, praising the aspirations of young Iraqis aspiring to hold free and fair elections for a new Iraq.

The local government in Kurdistan aims to solve all the problems between the center and the region and to feel the Kurdish people that is an essential part of the state and the Iraqi society », noting that« the government is paying salaries of the staff of the region »,

and Abadi« he now has a strong army and military institution and the government is working On The further strengthening of the rest of the state institutions and the goal is to reach a sober political situation to prevent foreign interference, which seeks to weaken the sovereignty of the state ».

The Prime Minister also confirmed during the telephone call to the US Vice President, "the plan that was put in place to reduce the number of American advisers and trainers in Iraq after a crushing victory over the terrorist advocate, and that the presence of these trainers to support the Iraqi military and security institutions with international expertise in training and technical support»

Abadi stressed «the importance of consolidating economic and trade relations between the two countries, as Iraq hopes the US administration to encourage the private sector to invest in Iraq».

This article was originally published by Niqash. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News.

By Hayman Hassan.

The Iraqi Kurdish authorities owe many state employees months in back pay. The citizens of Iraqi Kurdistan owe the government a variety of fees. But right now, it seems nobody is getting anything.

In the semi-autonomous, northern region of Iraqi Kurdistan, there are a lot of debts to be paid – and everybody owes somebody money.

One of the most pressing issues is that of the partial payment of salaries to those employed by the government. Iraqi Kurdish teachers have recently been protesting about this again, causing the closure of some local schools, and other state employees have done so in the past.

As a result of its financial problems – caused, partially by the security crisis, a fall in oil prices and ongoing wrangling about their share of the national budget – the government of Iraqi Kurdistan decided to “save” employees’ salaries in 2016. This means that a part of any employee’s salary was paid to them as usual and the other part was withheld, with a view to returning it later. It was a debt that the Iraqi Kurdish government owed to its people.

Earlier this month, the authorities decided again to set up a whole new department – the department of government debt – to deal with this issue. They had announced they would do this last year but nothing really happened.

The department should log all of the money that the Iraqi Kurdish government owed and also what was owed to them. The staff salary “savings” are meant to be part of this but it’s hard to know how the department could enforce any exchange of cash. As yet, there is no dedicated bank account to deal with this issue and nobody knows when repayments might happen.

“The Kurdish government should pay their people back around US$10 billion, and then another US$10 billion to other investors,” Ali Hama Salih, the deputy head of the Iraqi Kurdish parliament’s finance committee and a member of the anti-corruption Change movement, told NIQASH. “But it has no mechanism in place to pay anything back.”

“When the government’s revenues increase again, it is going to pay those debts,” says Safeen Dizayee, the spokesperson for the Iraqi Kurdish government and a member of the region’s biggest political party, the Kurdish Democratic Party.

Over the past four years, nobody has managed to figure out how to pay government employees back what they are owed. One of the ideas suggested by provincial councils late last year was that the government deduct the money they owe citizens from citizens’ bills for power and water and for other payments such as traffic fines.

“We’ve suggested this project two times now,” says Khanzad Younis, a member of the Erbil provincial council. “But the government refused, saying such a thing cannot be implemented right now. That is despite the fact that we outlined all of the specific things the government and citizens should do to have these debts repaid.”

The Kurdish government told the council members that it would all take too long and that too much information was required, that nobody had. It also requires all employees to have bank accounts, which they do not. Additionally, the government still only has enough money to pay the proportion of salaries it is liable for.

Another proposal says that a bank account should be opened, and all of the savings should be deposited in there eventually. This would be impossible currently and anyway, the ministry of finance has all of the details of what is owed. Still, the idea was thought to be a symbolic step in the right direction. However, this has not happened either.

And there is an added complication. In November 2017, the government waived some payments that local tax payers were supposed to make to it. This includes some payments for water and power, marriage license fees and loans for housing, saying that those who had been impacted badly by the fight against the extremist group known as the Islamic State should not have to pay these.

The debt that locals owe the Kurdish government apparently totals around IQD3 billion (around US$2 million) and is slowly being paid back via small monthly instalments, Dizayee explains. But this is nothing when compared to the larger amount of back pay owed to employees.

“Given that the government is the executive authority in Iraqi Kurdistan it could issue new laws that allow it to collect those debts from citizens faster,” speculates Khalid Hayder, an assistant professor of economics at the University of Sulaymaniyah in Iraqi Kurdistan. “As for what the government owes its citizens, it is under pressure to pay that money back at some stage. If it doesn’t this creates a serious lack of trust and endangers the whole region’s economic future.”

Right now, it seems the Kurdish government is waiting for the federal authorities in Baghdad to pay them their share of the federal budget. But, he adds, when it comes, that is most likely to be used to pay the outgoing salaries of citizens and not the debts.

The Iraqi government passed its 2018 budget earlier this month, and although wrangling continues as to whether it is actually workable, one thing does appear to have been made clear: The percentage of the income that the Kurds get has dropped. Politicians have already warned that they won’t be getting enough to pay back the debts they owe their own employees and voters. The debtors’ standoff looks likely to continue.

The launch of the first installment of salaries through the "master card" in Iraq

The media office of the Rasheed Bank confirmed the launch of the first batch of salaries through the MasterCard card, one of the electronic payment tools, pointing out that the card is drawn from inside and outside Iraq.

"Al Rasheed Bank launched the first installment of salaries through the MasterCard International Card (Nakheel), one of the electronic payment tools," the office said in a statement.

He added that the bank called on all departments and ministries to speed up the settlement of the salaries of their employees and obtaining the card to enable the bank to give them advances and loans, knowing that the card helps the citizen to save and protect the circulation of counterfeit currency and the composition and maintain salaries of thefts suffered during transport.

He explained that "the card is withdrawn from inside and outside Iraq and the Bank recently distributed a number of ATMs in Baghdad and the provinces, knowing that the commission of the card (10) thousands of dinars, three years."

In a phone call: Abadi asks the US Vice President to reduce US advisers

The Prime Minister Haider al-Abbadi received a telephone call from US Vice President Mike Bens on Friday morning, and called Abadi during the call to a penny to reduce the number of American advisers in Iraq.

"US Vice President Mike Bens made a phone call to Prime Minister Haider al-Abadi, where he praised the victory of Iraq on a supporter," a statement issued by the office of the media chief said.

"The prime minister stressed the plan that was put in place to reduce the number of American advisers and trainers in Iraq after an overwhelming victory over the terrorist and that the presence of these trainers is limited to supporting Iraqi military and security institutions with international expertise in training and technical support," the statement said.

While Pence Park "the steps of the government in reopening Sulaymaniyah and Erbil airports for international flights and confirmed his country’s support for the unity and sovereignty of Iraq."

For his part, Abadi stressed his keenness to consolidate democracy in Iraq and strengthen the institutions of the state and the importance of continuing the citizenship project to overcome sectarian and racist policies, praising the trends of Iraqi youth who aspire to hold free and fair elections to come out a new Iraq.…7%D9%84%D8%B1/

Jubouri: Budget will not be presented again to the House of Representatives


Lawmakers promise to restore the budget to the House of Representatives (a constitutional breach)
BAGHDAD / Sabah / Omar Abdul Latif / Muhannad Abdul Wahab
counted parliamentary circles, rejected the President of the Republic, Fuad Masum, the ratification of the Federal Budget Law for 2018 and return to Parliament, because of what he described as " Legal and constitutional violations, "is unconstitutional and can not be accepted.

While they hinted at the existence of political motives forced the President to return to parliament, they confirmed that it will be considered as a ratification after 15 days of sending to the presidency of the republic.

For his part, the Speaker of the House of Representatives, Salim Jubouri, that the budget «has become a law and will not be submitted to the House of Representatives again».

The Prime Minister, Haider Abadi, has confirmed, in the first official reaction to the re-budget to parliament, on Tuesday, that "no one has the right to suspend the general budget of the country after the vote by the House of Representatives," expressing his hope to »A copy of the budget of the Presidency of the Republic to be effective».

The budget has become «law»
as the Speaker of the House of Representatives, Salim al-Jubouri that the draft budget law became «a law after the vote by the Council» pointing out that any observations can be fixed on the origin of the law and challenged in the Federal Court.

Al-Jubouri pointed out that "the formula of rejection in a way (veto) does not exist in the Iraqi constitution and can not be adopted as a way to reject," explaining that "the House of Representatives is not interested in the draft budget bill again or to make any vote on any paragraph of what was voted To be taken into account by pursuing the normal procedures of publishing.

" The Speaker of the House of Representatives to "consider the observations of the observations made but they have no impact on the origin of the law as a law was voted on," stressing that "the budget is still after the vote in the House of Representatives and take their natural contexts publication and time limits set by the Constitution," stressing that " The budget will not be presented again to the House of Representatives and there will be no paragraph in the review of voting at all. "

Jubouri said that "the natural situation after the vote of the House of Representatives on the budget be in view of the nature of the observations that were submitted and then re-sent to the presidency of the Republic to take the time period for the purpose of publication is an explicit violation of his part, said a member of the Legal Committee, Mahmoud Hassan, in a statement:

The President of the Republic to re-draft the federal budget law for the year 2018 is a clear violation of the Constitution and in violation of its provisions », noting that« the provisions of Article (73) of the Constitution showed the powers of the President of the Republic, especially paragraph (III) of the said article (approves and issues laws enacted by the House of Representatives and is a validated They sold D.

Fifteen days have elapsed since the date of delivery. Consequently, the President of the Republic may not reinstate the laws legislated by the House of Representatives.

Al Hassan pointed out that «this authority was entrusted exclusively to the Presidency Council, which was in the first session only in accordance with the provisions of Article (138 / V) of the Constitution, which has the right to return the draft laws voted by the House of Representatives for reconsideration», adding that «the Court The Federal Supreme Court confirmed its decision No. (18/2009) on
4/8/2009 to this effect.

Therefore, the President of the Republic clearly disregarded the rights of citizens from different sectors, headed by the employees whose waivers were lifted, in addition to the service projects that are needed .

In turn, the member of the Committee, Hassan al-Shammari, saw that two reasons, one legal and the other political, called on the President of the Republic to restore the budget, explaining, in an interview with «morning», that «the right of the President of the Republic, first, to make comments on the budget or any resolution issued by the House of Representatives This right is based on Article 138 paragraph V of the Iraqi Constitution and that the Council to address the observations and approval by simple majority (half present + 1) and sent to the presidency and published in the Official Gazette after that ».

Al-Shammari added that "if the Council does not agree and insists on its position not to accept the remarks, then the President of the Republic either to take the opinion of the House of Representatives or return it (Parliament) again, and in the event of approval of the Council’s decision back the budget and vote on it by three-eighth members of the Council and ratify And there is no need to return them to the presidency a third time.

" Appeal to the federal

For his part, MP Mohammed al-Lakash, said that the budget after the vote of the House of Representatives, has gained legitimacy and ratification is nothing more than a formality.

Al-Lakash told Al-Sabah that he was the first president to ratify it and not to return it to the House of Representatives on the grounds that there are formal and technical problems, although it is far from its competence.

He pointed out that «in the event of such problems can go To the Federal Court and the appeal ».

While pointing MP, Mohammed al-Shammari, that the Parliament will verify the observations sent by the Presidency of the Republic and address if found right and then vote by one decision on the paragraphs indicated without the need to vote on all paragraphs.

Al-Shammari called on politicians and media to "be careful in expressing their positions towards the presidency and the Council of Representatives, and that all remain in the framework of professional work, because those paragraphs if they violate the constitution, the parliament is obliged to amend them and return them to the presidency for approval.

In the meantime, attributed the MP for the rule of law, Abbas al-Bayati, the re-President of the Republic budget to the Parliament that «the Kurds are not satisfied with some paragraphs».

Al-Bayati said that «an important part of the budget of the region was allocated to cover the salaries of employees», noting that «the last step of the Prime Minister in regard to airports and border crossings positive messages confirm that the purpose of approving the budget was to achieve justice and not derogate from the rights Party on another account ».

Al-Bayati said that «the budget should provide part of the needs of the region as it provides part of the needs of other provinces», adding that «the insistence of the region on the demands of a normal political process, but the federal parliament approved the budget in a democratic manner so the region to engage in dialogues to convince his political partners and the Iraqi people that His needs are more than he acknowledged. "

Al-Bayati concluded by saying: "The percentage of population approved by the Ministry of Planning was the criterion in the distribution of revenues to all Iraqis."

The position of the Kurdish blocs
While MP Karam Arafat pointed out that the Kurdish blocs their position is clear from the budget and did not participate in the first reading and the second did not participate in the vote on them, pointing out that «the budget is in the interest of certain blocks for electoral purposes and did not meet the demands of the citizens of Kurdistan so we suggested to the political leadership asylum To some options because the withdrawal from parliament is impossible at this time and withdraw from the political process difficult to near the elections ».

On the other hand, the head of the «Change» Parliamentary bloc Amin Bakr, the House of Representatives to deal «professionally» with the remarks made by the President of the Republic on the federal budget.

Bakr said in a statement: "The President of the Republic and after a comprehensive review of the budget found that it included nearly 31 articles of violation, some legal and some constitutional, in addition to other materials need to formulate a more solid legal, which led him to return to the House of Representatives to amend
those materials.

Bakr, a member of the parliamentary legal committee, said that "the failure of the legal committee to participate in the budget preparation stages was the main reason for this failure, which was expected by us as a result of the obvious weakness and fragility in the formulation of the budget that was voted on,"

adding that " Included in the budget, not to mention the illegal formulations, some of which included a waste of public money, such as the situation of three trillion dinars can be increased with the financial abundance at the disposal of the Prime Minister is in violation of the law of financial management and public debt, in addition to other constitutional remarks concerning the percentage of Kurdistan and other allocations Singled out doors that we think are unnecessary and burdens the budget. "

He stressed Bakr on «the need not to go over those remarks by the political blocs and be dealt with full professionalism with those observations and address it because the end will be a stage of the life of the House of Representatives and we have to be careful to write in the best form».

The MP of the coalition of state law, Zeinab al-Khazraji, that the ratification of the President of the Republic on the laws that are voted in the House of Representatives and sent to the President of the Republic honorary protocol as approved by the Constitution in Article 73 and does not entail legal matters whether ratified or not ratified ,

Explaining that it is not the right of the President of the Republic to restore the budget to the House of Representatives or decide what are the irregularities in the budget as it is not within the jurisdiction of the President of the Republic on the grounds that the budget will be work after two weeks of voting.

Khazraji added in a press statement that the budget law for this year was much delayed and the projects and the interests of the Iraqi people were all disrupted because of the lack of approval and it was better for the President of the Republic to take full responsibility and ratify the budget because it does not bear the delay more », indicating that« the budget this year achieved justice between All governorates were distributed revenues equally by population ratios, including the provinces of Kurdistan ».

Legal effects In the same context, a member of the parliamentary legal committee, Hamdiya Husseini, that the President of the Republic can not veto the budget because there is no authority under the Iraqi constitution to veto the laws enacted by the House of Representatives.

Al-Husseini confirmed in a press statement that Article 73, paragraph 3 of the Constitution stipulates that the President of the Republic shall ratify and issue the laws enacted by the Council of Representatives and shall be considered ratified after fifteen days from the date of receipt.

Therefore, the budget is ratified by it after 15 days from the date of receipt, and the objection has no legal effect.

The Information Office of the President of the Republic has confirmed, on Tuesday, that the President of the Republic Fuad Masum decided to return the draft «the Federal Budget Law of the Republic of Iraq for the fiscal year 2018) and voted by the Parliament on the third of this March, to the House of Representatives to re-audit form and content of Constitutional, legal and financial aspects.

Electronic Banking .. Opportunities and Challenges


Dr.. In the name of Brahimi,
it is no secret to anyone that the world is evolving more rapidly than we thought until recently, and catching up with this development is one of the major challenges facing producers and consumers alike.

In contrast, modern innovations offer opportunities that can be used to change rules Competition and the form of contenders constantly making the life cycle of the most active products
very short .

In turn, the financial technology has been subject to the same rules, as statistics from the Bank for International Settlements that the amounts invested in startups specialized in financial technology amounted to about 40 billion dollars and a huge growth rate of (1600%) during the period (2010-2016), was more than one third These companies work in the area of ​​payment and financial adjustments, while about a quarter work in the field of computers and electronic protection systems.

Some observers believe that the important developments in this area exceeded the subject of financial services provided electronically (online) to operations that will change the balance of banking fully in the next few years, as some companies are now offering themselves a substitute for the traditional bank, as well as the introduction of means Social networking on the line of competition after Facebook announced that it will offer its subscribers the service of using their pages to raise money for their own projects, and in the same direction is preparing (Watsab) to launch payment service using special technology.

In order to keep abreast of these developments, the Central Bank of Iraq has prepared an important program that is now being implemented in order to modernize the electronic structure of Iraqi banks. Certainly, the speed of response differs from one bank to another, and the speed of response of beneficiaries is different from one customer to another.

Whether from banks or customers is still not too excited to enter the modern banking world.

As for the banks, they realize the importance of this shift, but their reluctance is due to the large amounts they need for this change. As for the customers, the reluctance in automation comes because of lack of knowledge. In turn, the Central Bank realized these obstacles and is working to solve them by pressing banks to modernize their systems. ,

As well as the implementation of an educational program for citizens at all levels, and I think the positive results of this will appear