25th June 2020 in Iraq Education and Training News, Iraq Industry & Trade News, Iraq Oil & Gas News, Iraqi Communications NewsYou are invited to help IBBC and World Bank to introduce Iraqi SME's to FREE business training courses
WHEN: 29th June, 6pm to 8pm Iraq time
Please share this free business training initiative and the course registration with any SME in your network, however small, and encourage them to sign up.
Arabic version for sharing with your contacts here
WebEx Link: Join Using WebEx
YouTube Livestream: https://www.youtube.com/watch?v=RxeuaarijuE
The Iraq Britain Business Council (IBBC) has been asked by the World Bank to support them in the promotion of business resilience and training courses for SME's in Iraq.
The driver behind this initiative is to give Iraqi SME's support to ride out and survive the business effects of COVID-19 pandemic and the effect it has particularly on the smaller businesses in the economy.
The support is in the form of four free business training courses that SME's can take via Webex or Youtube, provided they sign up.
As a partner to the World Bank, IBBC is contacting our Chambers of Commerce and Union contacts, and those businesses we can alert.
The courses cover four topics :

1. Business Planning.
2. Accessing Finance.
3. Communicating.
4. Thriving.

We recognise that your suppliers are most likely to be already well prepared, but if there are some who may be finding the current economic climate challenging, these courses will provide a good sense check to best practice.
Please follow this link for the WebEx how-to manual in English
Please follow this link for the WebEx how-to manual in Arabic
Please let us know if there are any further questions by contacting [email protected]
We very much hope that your teams will be able to share these courses with your supplier and business ecology.
(Source: IBBC)www.iraq-businessnews.com/2020/06/25/ibbc-world-bank-introduce-free-training-for-iraqi-smes/

Iraqi lawmakers have passed a crucial bill allowing the country to finance a widening fiscal deficit amid an unprecedented economic crisis spurred by falling oil prices and the pandemic
By
SAMYA KULLAB Associated Press
June 24, 2020, 2:04 PM
2 min readBAGHDAD -- Iraqi lawmakers Wednesday passed a crucial bill allowing the country to finance a widening fiscal deficit amid an unprecedented economic crisis spurred by falling oil prices and the pandemic.
Of 329 members of parliament, 168 voted in favor of a law enabling domestic and foreign borrowing by the government, a key legal step for Iraq to access funds and pay state salaries as revenues take a hit with plummeting oil prices.
Iraq depends on oil exports to fund the lion's share of it's state expenditures, including a bloated public wage bill. But month-to-month earnings have been half of what the government had projected to fund the 2020 budget as oil prices hover between $20-$30.
The bill's passage was necessary to enable the government to request loans both internally and through international monetary agencies because the 2020 budget was not passed due to political deadlock.
“(The law) prevents the government from taking loans without prior approval from the Council of Representatives,” said Kurdish lawmaker Sarkawt Shamseddine, explaining why the vote was necessary.
To pay public sector workers in the short term the government plans on borrowing from state banks, according to three Iraqi officials. But this is expected to require another parliament vote. The officials spoke on condition of anonymity in line with regulations.
The government is in talks with the International Monetary Fund, but to qualify for budgetary support Iraq will have to initiate major reforms. A recent move to cut public sector salaries and pensions was rejected by lawmakers in a major blow to the government's reform efforts.
abcnews.go.com/International/wireStory/iraq-passes-bill-unlock-funds-cash-strapped-state-71434480

​The Governor of the Central Bank of Iraq, Ali Al-Alaq, announced that the Central Bank of Iraq has succeeded in reforming the economic environment and stabilizing prices.
In his speech at the IRAQ FINANCE EXPO and followed by Al-Iqtisad News, Al-Alaq said that the Central Bank of Iraq made efforts for the purpose of reforming the economic environment based on its goals contained in its law, which aims to achieve stability in local prices and work to maintain a stable financial system based on competition In the market, sustainable development, job creation and economic prosperity.
He added that the Central Bank worked as an independent professional institution to prepare its monetary policies and strategic plans that included dozens of different initiatives that resulted in the stability of the Iraqi dinar exchange rate and the decline and stability of annual inflation within low limits is less than 1% in addition to the stability of the interest rate monetary policy of 4%, which is Indicative rate that banks can use to determine the debt or credit interest rates that they pay or charge for the credit provided by them.
He emphasized that the Central Bank, in cooperation with the National Investment Commission, prepared instructions to enter the capital of foreign investors into Iraq for investment purposes and was put into practice, which contributed to the establishment of many investment projects in Iraq.
He noted that the management of foreign reserves in accordance with the standards issued by the International Monetary Fund and work to use them efficiently to serve the requirements of the Iraqi economy and the need of different citizens, which is to cover the issued currency and expected imports within the standards used internationally.
He pointed out that the Central Bank of Iraq launched a major initiative to support the housing sector, as it amounted to   more than 2 trillion funded through the Housing Fund and the Real Estate Bank.  
He pointed out that the central bank has carried out a series of procedures in light of the financial crisis caused by the Corona virus, including reducing the legal reserve ratio from 15% to 13%, opening an account for the Ministry of Health to donate by all entities and providing an amount of 30 billion dinars in addition to 14 billion donated by banks and payment companies Electronic and exchange for the purpose of providing the requirements to cope with the epidemic of Corona. 
economy-news.net/content.php?id=20812

​On Saturday, the Governor of Baghdad, Muhammad al-Atta, submitted a request to the Prime Minister to finance and approve operating projects.
Al-Atta said, according to the Iraqi News Agency and seen by "Al-Iqtisad News", that "a request has been submitted to the Prime Minister, regarding the development of a plan to finance operating projects, and not to introduce new projects without completing the headquarters," noting that "the continued completion of projects needs to Allocating huge funds. "
He added that "there are many projects in the capital that need the allocation of funds to complete work on them, including (Al-Fadhiliya 200-bed hospital, Al-Shaab Hospital (200)) and Al-Hurriya Hospital (400) beds. Al-Numan Hospital expansion by (75) beds.
" Al-Atta indicated that "projects The development and rehabilitation of the entrances to the capital also need financial allocations within the general budget. 
economy-news.net/content.php?id=20493

​The Tourism and Travel Authority of the Ministry of Culture announced that it intends to lift travel restrictions on the tourism sector by preparing a strategic plan in coordination with the World Tourism Organization to advance this sector in the country.
"The ministry participated in the emergency session of the Council of Arab Tourism Ministers, and raised the challenges facing the tourism sector in Iraq, in light of the Corona crisis that is sweeping the world," said Mohamed Al-Obaidi, head of the Tourism Authority of the Ministry of Culture, in an interview with government media seen by the "Economy News". .
 
He added that "the emergency session was held to reduce the damage to the tourism sector, which incurred huge losses as a result of the crisis that caused the introduction of the global and Arab economy in a recession," stressing "the importance of strengthening joint Arab cooperation and coordination of efforts, to prepare a specific strategy to confront and manage this crisis, And revitalizing the tourism sector. "
 
Al-Obaidi continued that "Iraq is in the process of implementing the recommendations prepared by the World Tourism Organization in cooperation with international organizations, which is a road map for facing crises, especially the current crisis, in order to advance the reality of the economic and tourism sector.
 
The Chairman of the Commission stressed that "the session stressed in one of its aspects the importance of cooperation between Arab countries, to coordinate efforts to lift travel restrictions in several stages, in order to ensure the health and safety of citizens and workers in the tourism and travel sector."
economy-news.net/content.php?id=20837

​The Iraqi Oil Marketing Company "SOMO" announced, Thursday, that the Chinese oil companies were the most buying Iraqi oil during last May.
"Sumo" stated in an official statistic published on its official website and seen by "The Economy News", that "Chinese companies were the most numerous among other international companies buying Iraqi oil and by 8 companies out of 32 companies that bought Iraqi oil during the month of May."
She added, "The Indian companies came in second place with 6 companies, followed by Russian companies with 3 companies and then Greek, Italian, American and Turkish companies with two companies for each of them." for each one of them".
She added, "It depends on selling Iraqi oil on the main criteria for contracting with the major international oil companies, independent and government integrated vertically
economy-news.net/content.php?id=20835

​Al-Rafidain Bank announced, on Thursday, that its branches in Baghdad and the provinces have harnessed all their capabilities to provide banking services to citizens.
The media office of the bank said in a statement, which received (information), a copy of it, that "given the circumstances the country is going through as a result of the outbreak of Corona virus, the bank has taken all the capabilities and efforts to provide banking services to its customers on a daily basis."
The statement indicated that "the bank directed its branches to implement the instructions and procedures of the Ministry of Health to prevent corona virus." Ended / 25
www.almaalomah.com/2020/06/25/481673/

To / Al-Ahwar Exchange Company Ltd. / Maysan ( granting leave )
Number: 9/5 7202
Date: 6/4/2020
 
We enclose herewith the license to practice work as a limited exchange company under category (B) in the name of (Ahwar Exchange) company numbered (4) for the year 2020 granted in accordance with the provisions of Article (4) paragraph (2) of the Central Bank of Iraq Law No. (56) of 2004 and the Anti-Law Money laundering and terrorist financing No. (39) for the year 2015 and the effective controls, and the company shall be subject to the supervision and supervision of this bank.

1. Approve the appointment of Mr. (Nour Al-Din Sabah Nuri) as Plenipotentiary Director and Mr. (Ibrahim Ali Kazem) as his assistant and the appointment of Mr. (Hasanin Saddam Mwaina) as compliance observer and Mrs. (Shahd Saad Hassan) as his assistant and Mr. (Bahaa Al-Din Haider Hassan) as director of supervision and auditing provided Fully devoted to these positions and not be administrative in another company and provide us with what supports the participation of the Associate Comptroller and the Director of Control and Auditing in a training course.
2. Comply with the instructions of the applicable exchange companies.
3. ​cbi.iq/news/view/1504
   

cbi.iq/news/view/1506​ Jobs
  
 June 24, 2020


» Mechanism for opening government documentary credits with private banks ... To see click here

​On Saturday, President of the Republic, Barham Salih, discussed with the Kurdish presidential delegation the confrontation of the economic crisis in Iraq and efforts to combat the Corona virus.
And the Presidency of the Republic said, in a statement received / information / that "Barham Salih received in the Baghdad Palace, President of the Kurdistan Region Negervan Barzani and his accompanying delegation."
During the meeting, "the importance of resolving the outstanding issues between the federal government and the Kurdistan Regional Government in accordance with the constitution and legal frameworks and through cooperation and joint coordination was preserved in a manner that preserves the rights of all Iraqis and achieves social justice."
She explained, "The solutions required to get out of the economic crisis in the country were discussed, as well as consolidating solidarity and synergy among all to confront the Corona pandemic and limit its spread, and support health and security cadres to ensure the safety of citizens." 25 h has ended
www.almaalomah.com/2020/06/20/480799/

​Member of Parliamentary Finance Committee MP Ahmad Al-Saffar confirmed on Saturday that there are positive indications that Iraq obtained external loans to support its current crisis.
Al-Saffar said in an interview with "Information", that " Iraq has been going through a stifling financial crisis for months due to the collapse of oil prices and its repercussions, especially with the spread of Corona virus, stressing that the Finance Committee had an expanded meeting with the Minister of Finance about the internal and external borrowing file and ways to resolve it to support the country's crisis."
Al-Saffar added, “The Ministry of Finance started negotiating with the International Monetary Fund, donor countries and banks, and there are positive indications, and the Ministry with the Finance Committee is in constant motion in order to accelerate the borrowing file, indicating that the salaries of the month of July will be secured according to the established schedules.”
Iraq has been suffering from a suffocating crisis for months after the collapse of oil prices caused by the Corona virus and the state of comprehensive economic closure in most countries of the world due to the outbreak of the epidemic. 25 p. Ended
www.almaalomah.com/2020/06/20/480817/

​Head of the Bayraq Al-Khair Parliamentary Bloc, Muhammad Al-Khaldi, confirmed on Saturday that more than 80% of Al-Kazemi’s government came through quotas and was not among his options.
Al-Khaldi told Al-Maalouma that “Prime Minister Mustafa Al-Kazemi has not yet come out of the partisan party quota with evidence that more than 80% of his government is quotas.”
He added, "Al-Kazemi will not be able to work freely as long as he fails to choose his ministerial team and those close to him," as he put it.
He indicated that "the prime minister promised to have another face in dealing with the rest of the political parties." 15 khe is over
www.almaalomah.com/2020/06/20/480836/

Within the framework of the policy to prevent harassment and exploitation, the United Nations Development Program (UNDP), in cooperation with the Women's Empowerment Department in the General Secretariat of the Council of Ministers, held an electronic workshop entitled "Towards a Safe and Safe Work Environment", today, Wednesday, to find out the most important requirements to confront these Negative phenomenon .
Dr. Ibtisam Aziz, Director General of the Women Empowerment Department in the General Secretariat of the Council of Ministers, in her speech, pointed out the need to develop specific visions on how to diagnose the phenomenon of harassment in the work environment, and find appropriate solutions to confront and reduce it, through coordination and joint cooperation with all forms of empowering women Because they are the executive arms in all ministries and entities not associated with the Ministry and the provinces .
She emphasized that this phenomenon, according to recent statistics, which shows a turbulent increase in cases of harassment and exploitation, may stand in the way of empowering and developing the capabilities of workers, and may lead to reluctance to work at times, and given the seriousness of this phenomenon, the National Security Council ordered the formation of a committee with membership in ministries The concerned party is developing programs and mechanisms to implement the policy of preventing this negative phenomenon at work. "Dr. Ibtisam Aziz added,
" We affirm our full support for all forms of women's empowerment in Iraqi institutions to eliminate and limit this phenomenon by educating workers, and activating laws to provide protection guarantees, and many other plans and programs. "
For her part, she added a presentation in which Dr. Sundus Abbas, Gender Adviser / UNDP, made a detailed presentation on these negative phenomena in the work environment, which highlighted the possibilities of providing guarantees to ensure the dignity of workers in the public sector to enjoy an environment free from harassment and exploitation Harassment, especially since this type of harassment plays a major role in weakening their capabilities and efforts, but rather limits and develops their skills in the workplace .
She added: The elimination of any unwanted behavior emanating from an employee or employee in the same institution requires the creation of a system that ensures accountability of the negligent and protection of the victim. In addition to focusing on preventive measures in order to not allow the spread of such phenomena .

 
cabinet.iq/ArticleShow.aspx?ID=9639

 His Excellency Minister of Finance Dr. Ali Allawi, received in Baghdad, on June 17, 2020, the President of the Central Bank of Iran and his accompanying delegation.
During the meeting, they discussed bilateral relations and ways to enhance them. Financial and economic issues were discussed in a way that strengthens the financial dealings between the two countries.
www.mof.gov.iq/pages/MOFBannerHeadlineDetail.aspx?BannerNewsID=833

Work controls for agents of electronic payment services providers


Based on what was stated in Chapter Eight of the Electronic Payment Services System No. (3) for the year 2014, and based on the central and supervisory role of the Iraqi Central Bank for the financial and banking sector, below are the work regulations for agents of providers of electronic payment services.


To download the e-payment service agents' working rules, click here

​cbi.iq/news/view/1502