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Month: December 2019

Next Permanent Government will present Iraqi Budget 2020: Al-Aqabi

Next Permanent Government will present Iraqi Budget 2020: Al-Aqabi

The Iraqi Parliamentary Legal Committee has confirmed the presence of legal treatment about the delay in the Iraqi Financial Budget Law for 2020. A member of the Committee, Hussein Al-Aqabi issued a press statement and says, “The committee has legal treatment, which is the previous financial management law that we previously resorted to in the year 2014 when spending is done on the budget law for 2019 at a rate of 1 to 12”. He also pointed out that the…

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OPEC Alliance considering Stronger Cuts in Oil Production

OPEC Alliance considering Stronger Cuts in Oil Production

As the global economy shakes, the OPEC oil alliance is considering stronger cuts to production next year to prevent an expected price slump in the market. Some reports have indicated that authorities from some of the biggest Petro-nations in the world are seeking to cut an extra 400,000 barrels of oil per day from the global market. They are also considering stronger cuts of up to 800,000 barrels. It is noteworthy that the tighter oil production policy already has the…

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Foreign Investment and current security situation in Iraq

Foreign Investment and current security situation in Iraq

A large number of international companies have realized the feasibility and importance of investment in the Iraqi markets. It satisfied them to enter into bilateral partnerships to expand their work in advancing the services provided to live up to the global performance. The region’s leading video-to-demand viewing service, STARZPLAY has announced a new partnership with Asiacell Iraq, the leading provider of high-quality mobile and Internet services in Iraq with a subscriber base of over 14 million subscribers. The STARZPLAY platform…

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Finance Committee announced total Iraqi Debts and Foreign Loans

Finance Committee announced total Iraqi Debts and Foreign Loans

The Finance Committee has announced in the House of Representatives that Iraq has to pay at least 20 billion U.S dollars as the external debt owed by the country. The head of the Finance Committee, Haitham Al-Jubouri issued a press statement and said the foreign debts still on Iraq are 27 billion U.S dollars. He added that 41 billion U.S dollars for Saudi Arabia are not recognized because they were debts given to the former Iraqi regime leader during the…

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An Increase in the Global Oil Supply and agreement between OPEC and IEA

An Increase in the Global Oil Supply and agreement between OPEC and IEA

The IEA (International Energy Agency) has indicated that global oil stocks may increase swiftly, in spite of the agreement between OPEC and its allies to enhance production cuts. The Agency also said the production for the United States and other non-OPEC countries may experience a significant amount of decline.  The Paris-based agency IEA said in a monthly report that global oil stocks may increase by 700,000 barrels in the 1st quarter of 2020, despite the additional cuts and decreasing expectations…

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Integrity Commission will recover $87 Billion Iraqi Money from 55 Countries

Integrity Commission will recover $87 Billion Iraqi Money from 55 Countries

The Integrity Commission has confirmed Iraq’s attempt to collect amounts in surplus of 87 billion U.S dollars as an initial evaluation amount. It is due to 55 countries that had contracted with it prior to the Iraqi invasion of Kuwait to form a contract with similar value goods. The Head of Recovery Department at the Integrity Commission issued a press conference. He said, “Iraqi laws authorize 2 official bodies to recover Iraqi funds abroad, which is the money recovery fund…

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The Iraqi Deposit Guarantee Company launched to protect Iraqi Citizens

The Iraqi Deposit Guarantee Company launched to protect Iraqi Citizens

The establishment of the Iraqi Deposit Guarantee Company to guarantee deposits announced in Baghdad last week. The Iraqi Deposit Guarantee Company launched after years of the collapse of some private banks and stand in the way of the development of the banking sector. It has a number of dealers with 22% of adults after the project to localize the salaries of state employees. There were several banks collapsed in Iraq in the years that followed the year 2003, including Al-Warka,…

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Iraqi Stock Market recorded an increase in the number of Trading Companies in November

Iraqi Stock Market recorded an increase in the number of Trading Companies in November

The Iraqi market index for securities increased significantly during the month of November. There was an addition to the number of companies traded compared to the month of October. Point to be noted that the number of sessions reached 20 meetings. The Executive Director of the market, Taha Ahmed Abdul Salam said in a statement that it was based on the major objectives of the Iraqi market for securities of Law No. 74 of 2004 and instructions for trading securities…

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