Don961 » November 24th, 2016
Parliament plans to formulate a new draft oil law
A draft oil and gas law .. gains smuggling delay raised in Parliament
DAD - A Journal News
deputies accused some political blocs disable the display of oil and gas of the controversial law in parliament motivated "utilitarian" through the financial benefit from oil smuggling through intermediaries in the Kurdistan region.
Revealed the Commission on oil and energy parliamentary, for the difficulties facing efforts to pass a draft oil and gas law, accusing some of blocs and political parties to derail approval for "incompatible with its interests," while the speaker of parliament adviser count to modify it "has become inevitable."
A member of the Committee, Awad al-Awadi, if not pass the oil and gas law in parliamentary sessions the previous two "due to a political decision, not a technical", accusing some blocs and political parties to "not wanting to maintain law and incompatible with the political and partisan interests."
He revealed al-Awadi, for seeking views on the Commission to prepare a new draft law agreed upon by the political blocs to be passed in the parliament and the law is passed as soon as possible, pointing to the importance of the law legislation to regulate work in the oil and gas extraction and an end to the differences between the governments of the center and the provinces and the Kurdistan region on the oil's industry.
And economic sources attest to the groups belonging to certain political parties, smuggling and theft of oil in areas where pipes pass tanker of oil, adding that the people in those areas often Maigmon the same role.
The sources pointed out that inadequate government measures in the fight against these crimes helped the continuation of those operations, which generate hundreds of thousands of dollars a month. Asserting that the stolen quantities often dodged toward the Kurdistan region and then to Turkey or Iran.
It said adviser Chairman of the Board of Representatives for Energy Affairs, Ali Fayad, said that the amendment of the draft oil and gas law during the current session has become inevitable after the expansion of the size of the differences it, as well as the new consensus that formed on the basis of the current government, noting that "the project, which was launched during the two sessions preceding the Parliamentary still under discussion and criticism of some of the blocks in which a lot of problems and injustices right to see, particularly the Kurdistan Alliance. "
He noted Fayad, that some blocs seek to modify the project and asked again began since the second session of the parliament and continues without doing about my grandfather, and expected to play for the oil and gas committee studying the proposals made by some of the blocks to modify the project and re-put to the vote. "
In turn, the Alliance MP and head of the Oil and Energy Committee in the House of Representatives Iaraz Abdullah Ahmad, "The draft oil and gas law has long taken a great deal of discussion of the political blocs for being respect to imports of the center and the region and revealed through a lot of facts about the region benefits lost," pointing to the "The project has received during the discussions of the importance of negotiating committees by the Kurdistan alliances and national efforts that led to the formation of the current government."
Ahmed said, "The Kurdistan Alliance has prepared a paper containing a set of proposals on the project were discussed during the meeting of negotiating committees, where they enjoyed the admissibility and the interest by both parties," stressing that "the committee agreed to put forward strongly by the Council of the next House of Representatives sessions in preparation for reading and approval."
The Commission on oil and parliamentary power, in (the sixth of September 2011), that the draft oil and gas law submitted by the government to the parliament, involves a "constitutional violation" to confiscate the right of the provinces and territories, indicating that it is possible to amend the draft law and enriching to reach a suitable formula to be agreed upon between the blocks Alssayash.anthy
Samson » November 24th, 2016
Thursday, November 24, 2016
The mountain of debt is one major challenge the government is facing and it would be beneficial for the economy if the government is indebted to the public as opposed to the banks, says a senior advisor to the minister of roads and urban development.
“The previous administration was seemingly saddled with a lack of financial resources at the end of its term that led to the huge debt to the banking system,” Gholamreza Salami told the khabaronline.ir news website.
The Rouhani administration inherited the debt and deficit “crisis” and set out to address it, he says. “Throughout the world a variety of strategies are used to handle the debt and deficit crises, including use if forex reserves, oil export revenues… But these solutions are no longer effective when oil incomes plunge.”
Under the conditions, there is only one option left and that is for the government to be indebted to the people instead of the banks, Salami says. “The negative economic ramifications of indebtedness to the masses are far less consequential than when the government is indebted to the banks.”
In its most recent official statistics, the Central Bank of Iran said government debt to the banking sector increased significantly in the first six months of the current fiscal year, jumping to 2.041 quadrillion rials ($64 billion). The administration’s debt to the central bank experienced a notable upsurge reaching 636 trillion rials ($19.9 billion).
Salami urged the government to publish Islamic bonds to tackle the problem. Noting that debt is a natural part of all governments, he said when administrations throughout the world are saddled with debt “they tend to face the dilemma by issuing debt securities or taking long-term loans from the people.”
“Governments usually issue treasury bills or participatory bonds in order to meet their financial commitments. These have a 10-30 year maturity and are often renewable,” Salami says. “But what is crucial is that the amount of debt to the people must not exceed 1% of GDP. Higher volumes of debt, however, can be adjusted under a proper economic initiative.”
Samson » November 24th, 2016
Thursday, November 24, 2016
Private banks and insurance companies are also allowed to receive their dues through the swap deals
The government has repaid 10 trillion rials ($311 million) of its debts to the private sector through restructuring deals since April 2015, said Mehdi Banaei, director of Debt Management Division at the Ministry of Finance and Economic Affairs.
“In April 2015, the government enacted the 'Law for Removing Hurdles to the Production Sector' [allowing, among other things, clearance of government debt through restructuring]. Creditors send their applications to us. We review the requests and refer those eligible to the Cabinet for final approval,” the official told Fars News Agency on Tuesday.
“The volume of debt is a key factor in assessing the eligibility of applicants” claiming their money, he said without elaboration.
In August Economy Minister Ali Tayyebnia said total government debt to contractors inherited from the previous administration amounted to a staggering 5 quadrillion rials ($165 billion).
The law to promote domestic manufactures will not expire, he said. “We will keep reviewing all applications sent to the debt management department.”
As per this law, the government should swap its debt to private companies, individuals and cooperatives with debts incurred by these entities to government-owned companies,” he said.
The government owed 3.59 trillion rials ($111.9 million) to Pasargad Energy Development Company (affiliated to Bank Pasargad), Parsian Oil & Gas Development Company, Pars Switch Co, Nirou Trans Co, and Parre MAPNA Co, according to the official.
“The government recently approved swap deals for (creditor) companies’ debts to the Tax Administration and the Iranian Privatization Organization,” Banaei said.
According to Banaei, private banks and insurance companies are also allowed to receive their dues through the swap deals.
Government debt to the banking sector jumped to 2.041 quadrillion rials ($64 billion) by the end of the sixth month of the Iranian fiscal year (September 21).