The Central Bank of Iraq submitted, on Sunday, the “system paper” to the Council of Ministers concerning the regulation of e-commerce in Iraq. The bank said in a statement received by Mawazine News, that “the Governor of the Central Bank, Ali Mohsen Al-Alaq, chaired the meeting of the Diwani Order Committee (24079) to regulate e-commerce in Iraq with the participation of the concerned authorities.”
During the meeting, they discussed the draft of the e-commerce system and consumer protection through the controls discussed by the attendees, through the procedures for registration and obtaining a license to practice this trade,” pointing out that “the committee contributed to the definition of the service provider and granting it the license through an electronic platform established by the Ministry of Commerce.”
The members of the committee stressed “the installation of controls for granting the license to those wishing to practice electronic commerce in a way that preserves the rights of all parties,” while the attendees agreed to submit the “system paper” to the Council of Ministers for review and approval to proceed with work.
During the past three months, the Ministry of Planning and the specialized work teams have made efforts to prepare and prepare the National Development Plan 2024-2028, the draft of which addressed in detail the main challenges facing the Iraqi private sector and the main objectives aimed at achieving its effective contribution to improving the investment environment.
While I agree with what is stated in the plan, we emphasize the need to add the basic pillars stated in the private sector development strategy.
For the years 2014-2030, and in particular its three time periods, its four pillars, its four pillars, what has been achieved since its launch in 2014, and what has not been achieved.
It is also necessary to state what has been achieved from Iraq’s Vision 2030, which clearly outlined the path to achieving a “strong and developing private sector.”
In addition to determining what has been achieved during the implementation of previous national development plans and the economic, financial and banking reform strategy included in the government program of the current government and what is the real role through which the private sector should contribute with government participation and support in managing the overall economy. This requires providing a legislative environment and a stable business environment and focusing on the axes that aim to build sound preliminaries for the transition to a complete economic reform.
This is what we all agree on, but this requires the government and the private sector in all its banking, industrial, agricultural, energy, health, construction, tourism and service sectors to participate and cooperate in implementing the transitional, medium and long-term economic reform strategy.
This means involving the private sector in a greater role in economic decision-making and leading the market institutionally and legislatively through the following:
1- Contributing with the government to improving the business environment in Iraq and providing an encouraging investment climate to attract national and foreign capital in accordance with the government’s program and encouraging and stimulating the achievement of partnerships between the public and private sectors in financing and developing development projects that have achieved implementation rates.
Good and its allocations are included in the general budgets of 2024 and 2025
2- Contributing with the government to creating a new legislative environment based on Article (25) of the Permanent Constitution, the strategies and laws related to economic reform, the private sector development strategy, its pillars and specific contents, in a way that ensures its activation and leadership of the market in the future.
3- Maintaining and activating the partnership, dialogue and cooperation between the private sector and the government by taking rapid measures to activate the Private Sector Development Council and start its work under the chairmanship of the Prime Minister, enacting a special law for it and forming a joint advisory council from the government and private sectors linked to the council that includes experts from the various economic sectors nominated by the council members and provides its advice and works according to a special system approved by the council.
4- Contributing with the government in developing policies, mechanisms and strategies and participating in following up on their implementation to resolve the transition to time-programmed stages to a market economy.
5- Working with the government to provide additional sources of funding for the state’s general budget by adopting the development and diversification of resources towards raising the percentage of resources other than oil in the gross domestic product, by activating the real economy and diversifying sources of national income.
6- Work to encourage the establishment and development of small, medium and micro enterprises in order to achieve comprehensive and sustainable development, including the formation of specialized institutions for this purpose and issuing a special law to develop and advance these projects and determine their economic feasibility and benefit from the Riyada initiative launched by the Prime Minister and the National Lending Strategy launched by the Central Bank on 5/25/2024.
7- Cooperation in financing and ensuring the implementation of central plans to provide infrastructure to encourage and develop the private sector in industry, trade, agriculture, tourism, health, energy, construction, strengthening and services.
8- Activating the role of specialized banks and private banks to provide soft loans to the national private sector, as well as finding solutions to the problems of taxes and accumulated interest incurred by owners of projects that have stopped production, and setting a short- and medium-term financial policy.
9- Coordination and cooperation with the relevant ministries and financial and statistical institutions, especially the Ministries of Planning and Finance, in building a financial and statistical information base and ensuring its transparency. LINK
MZ: Yes, More and more sources are telling me that serious money movement and us moving towards the banks somewhere around the 12th-15th. Noone knows the exact timing but they are certainly preparing lots of bank contacts for that time period , so I think it may speak well to where we may be on that.
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I have been told by a number of different sources that the system [QFS - quantum financial system] is fully in place and tested. Nothing left to do but trigger it...with a possibility (treat as rumor- as we have heard this before) of money moving for us/ currencies as early as next week.
This is all coming from many, many different sources right now. Reputable sources.
This is very consistent chatter with big expectations. The system is in place and they hope to trigger it. I am pretty excited...
...I’m not saying a float is not possible …but I believe it would have to be managed and come out closer to the end rate they want.
There are supposedly movement of Kurdish leaders in Iraq visiting Baghdad and the rumor is the HCL will be nailed down tight…done, done, done…and the announcement could be today.
Parliamentary Finance to NINA: Oil companies’ dues added to budget tables, government coordination to resume exports
7/6/2024
The Parliamentary Finance Committee confirmed the continuation of coordination and communication between the federal government and the Kurdistan Region to resume oil exports through the Turkish port of Ceyhan.
The Vice-Chairman of the Committee, Ikhlas Al-Dulaimi, stated in a statement to the National Iraqi News Agency / NINA /, that "the general budget tables approved by the Council of Representatives are the ones adopted by the government, thus canceling any financial texts and paragraphs mentioned outside it," and pointed out that there are allocations for the costs of oil production and transportation worth 3 trillion and 800 billion dinars, which were added to the general budget tables.
She added, "If an agreement is reached between the federal government and the region to resume oil exports, the federal Ministry of Finance and the Ministry of Oil and Natural Resources in the region will proceed to coordinate to find a mechanism to disburse those amounts and pay the dues of oil companies."
She explained, "The oil companies operating in the Kurdistan Region, the region requests 6 months' amounts and there are contracts signed between the two parties that are difficult to cancel, because they are giant foreign companies that will resort to the judiciary and sue the region and the federal government." LINK
Mod: THE CBD GURUS KICK OFF THE FIRST 45 MINS AND MARK GIVES THE NEWS AT 10:30 AM.
Member: Wow- We are at another weekend again…..something good needs to happen soon
Member: Hopefully we will get some RV news, even if it can’t be confirmed, we as your listeners understand sometimes it can’t be confirm but we would like to know we here it might be!!!
MZ: I keep getting loaded up on the Rumor side …There is a lot going on and they are saying that we hit the banks someti...FOR READ MORE:
Member: Good Morning Mark, Mods and fellow RV’ers!!
Member: Hope everyone enjoyed your 4th of July……
Member: If you drink a 5th on the 4th you may not go forth on the 5th…lol
Member: Can we All hope that there is some great news today
MZ: There is a lot of chatter as of yesterday over the HCL in Iraq.
MZ: “Parliamentary committee for “Economy News” The Oil and Gas law is almost complete-this is what we hope from Barzani’s visit to Baghdad” They want you to know they are almost done with HCL. From day one I was to..FOR READ MORE:
