Sunday, January 26, 2025
Saturday, January 25, 2025
Saleh: Serious Government Move To Stimulate The Insurance Sector In Iraq, 26 JAN
Saleh: Serious Government Move To Stimulate The Insurance Sector In Iraq
Local | 12:57 - 01/24/2025 Mawazine News – Baghdad The Prime Minister's Advisor for Financial Affairs, Mazhar Mohammed Salih, confirmed today, Friday, that there is a serious government trend to activate the insurance sector in Iraq.
Salih said: "Activating the insurance sector in Iraq and addressing the absence of insurance culture as a means of financial protection requires considering several intertwined factors, some of which relate to the movement of the overall economy, and others to the societal culture,
including reviewing existing legislation, including, for example, the importance of providing tax incentives for companies and individuals who choose insurance and supporting small and medium-sized companies to provide innovative insurance products that meet market needs.
" He added, "Based on that, I find it important to design insurance products that suit different categories, such as agricultural insurance and disaster insurance, and to inform citizens that there is mandatory insurance for car accidents, as there is an approved mechanism in this regard that not many people know about, and it is part of the absent societal culture towards mandatory insurance in the country,"
indicating that "citizens' confidence in non-banking financial institutions must be enhanced, including insurance activity in particular, which is reflected in the development of the insurance sector as a whole and its interconnections in the entire national economy."
He added that "the disparity in purchasing power of many segments of society makes them focus on basic needs instead of future financial planning, and for inherited reasons as well due to years of wars, conflicts, and social and economic changes that have affected society."
He pointed out that "the decline in insurance culture is the main factor in the lack of development of this vital sector due to the lack of knowledge of the benefits of insurance and its importance as a means of financial protection, as families, communities, and clans are often relied upon to confront risks instead of resorting to appropriate insurance solutions guaranteed by law."
He stressed "the need to build integrated awareness programs targeting youth and various business sectors and improve the level of services in a way that enhances trust between customers and insurance companies, in addition to increasing the number of options provided by current insurance companies and activating the use of digital technology to improve the customer experience in terms of easy access to insurance services,"
noting "the importance of promoting partnership between the state and the private sector in the scope of life insurance, its services, and its institutions, and I find that it represents the second phase of the financial and economic reform undertaken by the government program."
He pointed out that "there is a serious government trend towards activating the insurance sector as it is the financial guarantor of the individual's and society's life, due to its significant positive impact on the national economy in general and the development of the financial market in particular by reducing risks and enhancing financial stability in the country."https://www.mawazin.net/Details.aspx?jimare=258947
TIDBIT FROM WALKINGSTICK, 26 JAN
Walkingstick
The American dollar, Trump is wanting maybe it should go in a basket with the Iraqi dinar...He wants it in a basket (dinar and dollar) to bring the dinar to $1.00.
He wants other currencies in that basket to help each other...and in doing so, by helping each other in that basket, these currencies will gain security and stability, value, and internationally recognized etc.
Halliburton to Develop 2 Oil Fields in Iraq, 26 JAN
Halliburton to Develop 2 Oil Fields in Iraq
The Iraqi Cabinet has approved a Heads of Agreement (HOA) with US-based Halliburton for the development of the Nahr Bin Omar [Nahr Bin Umar, Nahr Ben Umar] and Sindbad oil fields in Basra.
According to a statement from the Media Office of the Prime Minister, the project will employ Integrated Field Management Services (IFMS) and the EPCM model, aligning with national efforts and licensing round frameworks.
The South Gas Company (SGC) and Halfaya Gas Company (HGC) signed a contract for the development and processing of gas from the Nahr Bin Umar last year, while China's United Energy Group (UEG) was awarded the contract for Sindbad in 2018.
(Source: Media Office of the Prime Minister) link
AJ : 🇮🇶UPDATES ON BUDGET LAW 3 Part Thread 🧵, 26 JAN
AJ
UPDATES ON BUDGET LAW 3 Part Thread 
The Finance Committee of the Iraqi Council of Representatives announced on Friday that they are awaiting the submission of the 2025 budget schedules by the Iraqi government for approval.
They anticipate that employee allowances and promotions will be implemented according to the current schedule, considering these as inherent rights of employees under the Ministry of Finance's jurisdiction. The 2023 budget was designed as a three-year plan covering 2023, 2024, and 2025. A significant change has been the amendment to Article 12/Second/C, which pertains to resuming oil exports from the Kurdistan Region at a rate of 400,000 barrels per day, with the cost of extraction and transportation adjusted from $6 to $16 per barrel.
This amendment has undergone its first reading, with discussion and voting pending in the second reading. Moeen Al-Kadhimi, a committee member, stated that no further amendments are planned after this one. Once the budget amendment is finalized, the Finance Committee expects the government to provide the budget schedules to ascertain any specific financial adjustments. Regarding employee bonuses and promotions, Al-Kadhimi noted that these are managed by the Ministry of Finance, which had previously suspended bonuses pending budget approval. According to the current schedule, bonuses could be added to salaries in February, affirming this as a right of employees. On January 17, the Iraqi Ministry of Finance reiterated that employees' rights to bonuses and promotions are preserved, explaining that the suspension of certain services transfers and promotions is part of annual regulatory procedures to accurately allocate finances. The ministry is currently unable to transfer services due to the absence of the 2025 budget schedules, which are necessary to understand the financial allocations for each entity, ensuring no financial discrepancies. The ministry is actively working on regulating government spending and setting financial allocation limits for various ministries and entities, including the Kurdistan Region. They emphasized the need to monitor new appointments and employee numbers to prevent funding shortages and ensure timely salary payments for January. Furthermore, the Ministry confirmed that bonuses and promotions are calculated from the date of entitlement, not the issuance date of the ministerial order, according to Circular No. (7497) from 2021. They also mentioned ongoing updates regarding the direct admission of top students and graduates for 2024 and are working to ensure the financial implications of new employee grades are properly included in the 2025 estimates to avoid any allocation shortages.
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