Sunday, June 23, 2024
Government Advisor: Sovereign Guarantees for the Private Sector Will contribute to Industrial Renaissance, 23 JUNE
Economy News – Baghdad
The financial adviser to Prime Minister Mazhar Mohamed Saleh confirmed on Saturday that the sovereign guarantees of the private sector will contribute to the industrial renaissance, noting that they are a practical application of the government approach in modernizing the national industry.
And Saleh said, In a statement reported by the official news agency, and seen by “Economy News”, “sovereign guarantees are amount to undertakings from the government to ensure the payment of debts or financial obligations owed to another entity such as a company or a subsidiary government entity,” pointing out that “the sovereign guarantees have taken another direction, which is to guarantee the activities of the national industrial private sector, based on Article II/3 of the Federal Public Budget Law (Tripartite) No. 13 of 2023, Article II/3 of the law stipulates: The Federal Minister of Finance with the approval of the Federal Council of Ministers may issue the necessary guarantees to support the agricultural industrial sectors and the private industrial sectors to establish projects that will finance Foreign institutions are at least 85% of the value of each project and with a total amount not exceeding one trillion dinars.”
He added that “based on the above, this guarantee issued by the sovereignty of the state makes it easy for those companies or entities in the private sector to obtain external financing in particular, especially investors or lenders feel more secure because there is a government guarantee to proceed with their projects, which are made with accurate choices that help the industrial renaisssance in the country, and contribute to diversifying the sources of national production, especially the renaissance of the private industrial sector in particular, provided that the private sector benefiting from the sovereign guarantee contributes to providing a percentage of financing for its industrial project from its own funds of not less than 15% of the total value of financing the project.”
He pointed out that “the coverage of the industrial private sector with sovereign guarantees is only a practical application of important aspects of the philosophy of the government curriculum, aimed at modernizing the national industry and ensuring the state for the private industrial sector and promising it as a strategic basis in economic diversification and in accordance with the principle of applying the economic partnership between the market and the state, the latest of which is the decision of the Council of Ministers, which allowed the activation of Article 35 of the Public Companies Law No. 22 of 1997 amended by making dozens of public industrial companies become joint stock public companies.”
Saleh continued that “the priorities of the Sovereign Guarantees Committee, which follows up implementation, according to the General Budget Law (tripartite), its priorities are directed towards supporting the industrial sector, and that the objectives of the committee constitute at the same time one of the priorities of the government in maximizing the rates of economic development and its sustainable opportunities in growth, building accumulation in human capital, combating the phenomenon of unemployment and promoting economic well-being.”
He pointed out that “the first aspect is the industrial promotion and through the financing partnership by granting sovereign guarantees to the private sector producing industries, medical supplies and export supplies for medicines. The second aspect is related to the industrial base related to infrastructure, especially construction and construction projects, whether from iron, brick-cement and other factories, while the third aspect is related to the diversification of the oil sector itself, especially the chemical and petrochemical industries, in addition to energy projects and industries related to agriculture.”
"RV UPDATE" BY MNT GOAT, 23 JUNE
Mnt Goat
Just look at all the progress made just since December 2022 when Iraq announced they were finally entirely out of Chapter VII. And now the spigot is wide open... the final issues preventing the reinstatement are being dealt with one by one...It is June already and this month is proving to be a very significant month again...my contact in the CBI told me there is a very high probability that we would see the currency swap out in this month of June and so we watch and wait.
Do they have to RV to make the budget work? If you take what the prime minister told us about the dropping of the zeros... in an April 2023 article, we can see that taking the 1320 rate and dropping the 3 zeros makes it $1.32. If we take the 6.5 billions dinars allocated for the new pipeline construction it is actually about $4.9 billion dollars. If we divide 6.5 / 4.9 we get 1.32...is this a coincidence? Can you see now why I am so excited...WOW! WOW1 WOW! ...Many believe it is not coincidental and so I agree...Do they need the change in rate to build the pipeline? What about the other projects too like the 7 new refineries? ...if it does they will have to get their act in gear real soon, as they also told us they plan to begin this new pipeline now NOT in 2025.
Urgent The Sudanese issues a decision on reducing the official working hours in the institutions, the government is all, 23 JUNE
Prime Minister Mohammed Shia Al-Sudani issued today, Saturday, a decision to reduce the miloral shift in all government institutions.
A statement for his office, a copy of which was received by {Euphrates News}, said: “Taking into account the conditions of high temperatures, especially peak times, and in order to ease the burdens on citizens in general and employees in particular and rationalize the consumption of electric power, the Sudanese directed the following:
1. The time for the start of official working hours in all government institutions in the governorates, except the capital Baghdad, is at seven in the morning and the end of the work is at one o’clock in the afternoon.
2. Governors are empowered to disrupt official working hours in all government institutions, including central departments not associated with the governorate operating in their governorates on days when temperatures are (50) degrees Celsius and more.
3. Work in all government institutions continues in the capital Baghdad, in accordance with the timings mentioned in accordance with the Council of Ministers Resolution (24213) of 2024, taking into account the following two amendments:
A. Submit the time of the start of official working hours for one hour according to the classification indicated in the aforementioned decision.
B. Reducing the number of official working hours by one hour at the end of work, the end of work time is two hours before the applicable time before this directive (one hour due to submission, and an additional hour due to reduction).
4. Official working hours shall be in accordance with the timings mentioned in this directive, starting from Sunday 23/6/2024 until Thursday 29/8/2024 and then the applicable timings shall be reinted before issuing this directive.
5. The competent minister may extend the work outside the times mentioned in this directive in cases of necessity, and in accordance with the law.
"RV UPDATE" BY FRANK26, 23 JUNE
Frank26
Article: "Iraq is preparing to establish a project that will change the oil map.. Will it affect energy producers?"
The way this article is written, the amount of 6.5 billion IQD equivalent to $4.9 billion...is an example of the 3 zeros being lifted...We are going from trillions to billions because they lifted the three zeros...We are now in position for the next step of the monetary reform.
Question: "How much longer are they going to hide the budget?"
Good question because you see everything that's in the budget requires the new exchange rate. The HCL is coming out, which requires the new exchange rate...The ATMs have the lower notes, which require the new exchange rate...Sometimes my opinions I should keep to myself and this is one...
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