Iraq Economic News and Points To Ponder Thursday Afternoon 7-02-26
The New York Times: The US Administration Has Resumed The Transfer Of Oil Revenues To Iraq
Economy News _ Baghdad The New York Times revealed that the White House administration has resumed sending Iraqi oil revenues to Baghdad, against the backdrop of Prime Minister Ali al-Zaidi’s campaign against those involved in financial corruption cases. The newspaper quoted the spokesman for the Iraqi government, Haider al-Aboudi, as saying: "The shipments of the dollar to Iraq have resumed, and the problem has been solved."
The financial adviser to the prime minister, Mazhar Mohammed Saleh, also confirmed the resumption of transfers.
The U.S. State Department or Treasury did not comment on the matter, according to the New York Times.
The resumption of dollar shipments coincides with the launch of an anti-corruption campaign, which included the arrest of dozens of current and former officials, including members of the House of Representatives, on corruption-related charges.
The administration of U.S. President Donald Trump halted the flow of dollars from oil sales to Iraq’s largely cash-banking economy in April.
Iraqi officials said at the time that Washington had also suspended cooperation and funding for Iraqi security services.
An official from the Kurdistan region at the time pointed out that one of the motives for suspending dollar shipments was to limit the smuggling of the US currency by Iranian-backed militias, at a time when the country was in the process of choosing a new prime minister, amid US efforts to prevent the arrival of candidates seen as close to Tehran.
Washington has also been demanding that the Iraqi government rein in a number of militias linked to Tehran that operate largely outside state control and have occasionally carried out attacks against U.S. targets inside Iraq.
It is noteworthy that new international banking rules were imposed years ago on Baghdad according to greater requirements for transparency on financial transfers in dollars held as foreign reserves of Iraq in an account with the Federal Reserve Bank in New York.
The Central Bank of Iraq has facilitated these financial transfers from its account with the Federal Reserve in New York for the benefit of Iraqi companies and individuals to pay for goods imported from outside the country.
These transfers are vital because few Iraqi companies have international bank accounts.
https://www.economy-news.net/content.php?id=70897
Iraq Wins A Lawsuit In Jordan And Obliges A Company To Pay Financial Compensation
Money and business Economy News – Baghdad The Ministry of Justice announced on Thursday that it has won a lawsuit pending before the Amman Court of Appeal in the Hashemite Kingdom of Jordan, and obtained a final ruling that requires a Jordanian company to pay financial compensation in favor of the General Company for Southern Refineries of the Ministry of Oil.
The ministry said that the ruling came against the backdrop of the defendant’s violation of the implementation of its contractual obligations arising from the contract concluded between the two parties in 2011, after the legal department in the Ministry of Justice followed the proceedings before the Jordanian judiciary until the issuance of the final judicial decision.
This achievement comes within the framework of the Iraqi government's keenness to protect public money and preserve the rights of the Iraqi state outside the country, and embodies the continuous legal efforts exerted by the Ministry of Justice, in coordination with the concerned government agencies, to follow up on foreign lawsuits and restore rights in accordance with legal and judicial frameworks, thus enhancing Iraq's position in protecting its legal interests at the regional and international levels https://www.economy-news.net/content.php?id=70907
A Parliamentary Committee Is Heading To Review All Oil Contracts And Licensing Rounds
Money and business Economy News – Baghdad The Parliamentary Oil and Gas Committee said it has a tendency to re-review all oil contracts and licensing rounds
A member of the Parliamentary Oil and Gas Committee, Jassim Al-Moussawi, said that the committee has a tendency to review all oil contracts and licensing rounds, noting that this file is one of the important and sensitive files that need comprehensive scrutiny to identify the flaws and address the problems that have emerged during the implementation stages.
Al-Moussawi explained that the committee is continuing to follow up this file by reviewing the details of the contracts and the contracting mechanisms adopted in the oil sector, pointing out that some contracts need to be re-evaluated to ensure their harmony with the national interest, maximize the revenues achieved by the state, and reduce any aspects that may lead to the waste of financial resources.
He added that the oil sector, despite its great importance to the Iraqi economy, has faced a number of challenges during the past years as a result of errors that accompanied the implementation of some projects, pointing out that some refineries established with government funding did not achieve the required goals because of the assignment of their implementation to companies that were not at the required level of efficiency, causing the failure of those projects and the opening of investigation files linked to them.
He stressed that the review process will not be limited to licensing rounds only, but will include various projects related to the production, refining and oil investment sectors, in order to diagnose weaknesses and develop practical solutions that ensure improved performance and maximum utilization of oil resources.
Moussawi pointed out that the reform of the oil sector is a key priority in view of its pivotal role in supporting the national economy and financing the general budget, stressing that addressing the gaps in contracts and projects can contribute to reducing financial waste, raising the level of administration, and increasing the economic returns achieved by the state
https://www.economy-news.net/content.php?id=70911
Samsung And SK Pump $252 Billion To Expand Artificial Intelligence Chip Industry
Money and business Economy News - Follow-up The Ministry of Industry announced on Thursday that Samsung Electronics, SK Hynx and others have been investing 392 trillion won ($252.5 billion) in the Chongcheong region, including in facilities for manufacturing and packaging high-bandwidth memory, as part of the government’s efforts to expand growth based on artificial intelligence.
It comes as a follow-up plan for the tripartite mega-projects unveiled by the government earlier this week, which aims to develop technologies across the country and turn South Korea into an industrial powerhouse in the emerging age of artificial intelligence, South Korea’s Yonhap news agency reported.
The Ministry of Commerce, Industry and Resources said Samsung Group has pledged to invest a total of 140 trillion won in the Chongcheung region to build the Samsung Electronics facility for the manufacture and packaging of high-bandwidth memory, as well as a line for the production of the light-emitting organic diode and a next-generation screen by Samsung Display.
Samsung Electricity and Mechanics will build facilities for high-performance packaging substrates for artificial intelligence servers, and Samsung SDI will build an advanced battery manufacturing plant https://www.economy-news.net/content.php?id=70915
Al-Zaidi Discusses With A Jordanian Delegation The Implementation Of The Oil Pipeline Project (Basra-Aqaba)
Money and business Economy News – Baghdad Prime Minister Ali Faleh al-Zaidi on Thursday discussed with a Jordanian ministerial delegation the implementation of the oil pipeline project (Basra-Aqaba).
The media office said in a statement received by "Economy News" that "Zaidi received, on Thursday, a ministerial delegation from the Hashemite Kingdom of Jordan, headed by the Minister of Industry, Trade and Supply, Falah Al-Qadhaf, and included ministers; energy and mineral wealth, transport, and investment, in the presence of the Minister of Industry and Minerals, the head of the Arab Department in the Ministry of Foreign Affairs, and the Jordanian ambassador to Iraq."
He added that "the meeting witnessed the discussion of a number of files and topics of common interest, foremost of which is the implementation of the oil pipeline project (Basra - Aqaba), and facilitate the procedures for granting entry visas to businessmen in both countries, in addition to enhancing cooperation in the fields of industry, energy, transport, investment and other sectors of common interest."
Al-Zaidi stressed that "the two countries have historical and distinguished relations, and the Hashemite Kingdom of Jordan represents an important strategic depth for Iraq," pointing to "the government's aspiration to raise bilateral relations to wider levels during the next phase, by increasing the volume of trade exchange, and expanding investment opportunities and economic cooperation in various sectors."
For their part, the members of the Jordanian delegation conveyed to Al-Zaidi the greetings and congratulations of King Abdullah II of Jordan and Jordanian Prime Minister Jafar Hassan on the occasion of the formation of the government, and handed him an official invitation to visit the Kingdom.
The judges expressed the Kingdom's full support for Iraq, praising Iraq's progress in the areas of combating corruption, economic reforms, and improving the investment environment, thus contributing to strengthening the partnership between the two brotherly countries https://www.economy-news.net/content.php?id=70923