Iraq Economic News and Points to Ponder Tuesday Afternoon 2-25-25
Iraq Ranks Seventh In The World In Gold Purchases
25 February 2025 | Economic Number of readings: 298 Baghdad / NINA / The World Gold Council announced today that Iraq is at the forefront of Arab countries in buying gold during the year 2024.
According to the Council's data, Iraq ranked first among Arab countries in buying gold, as the volume of its gold purchases in 2024 amounted to about 20.1 tons, and thus these reserves amounted to 152 tons, while Iraq's gold purchases in 2023 were about 12.3 tons.
The Council added that Qatar came second, followed by the Emirates in third, and then Egypt in fourth.
The Council indicated that Iraq came seventh as the largest buyer of gold in the world in 2024 after Poland, which came first, Turkey in second, India in third, Azerbaijan in fourth, China in fifth, and the Czech Republic in sixth. / End https://ninanews.com/Website/News/Details?key=1188648
Gold Settles Near High
Tuesday 25 February 2025 | Economic Number of readings: 207 Baghdad / NINA / Gold settled near an all-time high on Tuesday, supported by safe-haven demand amid concerns that US President Donald Trump's plans for tariffs could stoke inflation and ignite a major global trade war.
Spot gold was little changed at $2,950.39 an ounce, down about $6 from its all-time high of $2,956.15 hit yesterday, while US gold futures rose 0.1 percent to $2,967.40.
As for other precious metals, spot silver rose 0.3 percent to $32.45 an ounce, while platinum was little changed to settle at $966, while palladium fell 0.4 percent to $936.25. / End2 https://ninanews.com/Website/News/Details?key=1188637
Al-Sudani And Rubio Discuss Coordination Between Iraq And The New US Administration
Tuesday 25 February 2025 20:37 | Politics Number of readings: 95 Baghdad / NINA / Prime Minister Mohammed Shia al-Sudani discussed with US Secretary of State Marco Rubio, by phone, the coordination between Iraq and the new US administration.
The Prime Minister's media office stated in a statement: "Al-Sudani received, today, Tuesday, a phone call from US Secretary of State Marco Rubio, during which they discussed the overall bilateral relations between Iraq and the United States, and ways to enhance and develop them."
He added: "Al-Sudani and Rubio discussed areas of coordination between Iraq and the new US administration, and frameworks for cooperation in the context of bilateral agreements. They also reviewed the progress made in joint work in various fields, and agreed to intensify communication and deepen cooperation." / End https://ninanews.com/Website/News/Details?Key=1188781
EU: Improving Financial Culture In Iraq Is Essential For Economic Development/
Money and business Economy News – Baghdad The European Union confirmed, on Tuesday, its commitment to supporting Iraq in promoting financial culture as a necessity for development, noting that the launch of the “Our Bank” application represents a major step in developing future financial plans for Iraqi families.
During the launch of the "Our Bank" application and the smart robot for financial awareness, which was attended by "Al-Eqtisad News", the country director of the German Development Agency (GIZ), Lutz Zimmermann, said that "enhancing financial awareness contributes to improving financial services, and this is what we are working on through developing financial culture and its applications in Iraq."
He added that "launching this application is an important milestone in facilitating access to financial services and reducing hesitation in dealing with banking affairs," stressing the importance of "having effective tools and guidelines for using the application, as they play a role in reducing financial problems and achieving more efficient financial management."
For his part, the head of the European Union Cooperation Department and representative of the German Embassy, Lennart de Ridder, explained that "access to financial services is no longer a luxury, but a vital necessity," noting that "the European Union pays great attention to the financial inclusion project, especially with technological developments that require enhancing digital banking services."
He stressed that "the European Union, in cooperation with the German government and the Central Bank of Iraq, seeks to enhance financial transparency and develop government knowledge in this field; to ensure the success of financial systems and their proper preparation."
De Ridder considered that “the launch of the (Our Bank) application represents a fundamental step in supporting the Iraqi economy, as it is a pivotal tool for disseminating financial information and enhancing financial awareness, which contributes to enabling individuals to access banking services accurately and efficiently.”
He concluded by saying: “We are committed to supporting Iraq financially and enhancing financial culture, as achieving progress in this area is essential for the sustainability of economic development in the country.” 73 views Added 02/25/2025 - https://economy-news.net/content.php?id=52983
"Al-Eqtisad News" Publishes The Decisions Of The Cabinet Session
Money and business Economy News – Baghdad Al-Eqtisad News publishes the decisions of the Cabinet session, which was held today, Tuesday, headed by the Council Chairman, Mohammed Shia Al-Sudani.
The Prime Minister's media office stated in a statement seen by Al-Eqtisad News that "Prime Minister Mohammed Shia Al-Sudani chaired, today, Tuesday, the eighth regular session of the Council of Ministers, during which general developments in the country were discussed, a number of important files and the progress of the implementation of the government program were discussed, in addition to discussing the topics on the agenda and taking the necessary decisions regarding them."
He added that "the Council approved the new draft law of the Popular Mobilization Authority, and referred it to the House of Representatives for voting, noting that "within the government's efforts to protect the environment and reduce pollution, the Prime Minister directed the adoption of the recommendations of the report on addressing the problems of air pollution and the spread of bad odors prepared by the Ministry of Environment, according to the following:
1. Strengthening the Ministry of Finance's human cadres in the environmental directorates in Baghdad and the governorates, by transferring specialized environmental cadres from the Ministry of Health to the Ministry of Environment as an exception to the instructions.
2. Accelerating the procedures for the Ministry of Finance to finance the Ministry of Environment, to provide spare parts, maintain and rehabilitate air quality monitoring stations, and establish the nucleus of a national center for handling, processing and linking monitoring stations in Baghdad and the governorates and emission sources, and providing portable devices to support the work of the basic system.
3. Securing the necessary funding for the Ministry of Environment to carry out its daily tasks related to environmental inspection, control and monitoring.
4. The Ministry of Oil adopts combustion improvement incentives, to raise the quality of fuel supplied to factories and plants and reduce emissions, while accelerating the transition to using liquefied gas as a clean fuel for these facilities.
5. Accelerating the evaluation of the experience provided by the Ministry of Industry and Minerals regarding the installation of emission control systems. 6. Emphasizing the security authorities in supporting technical teams and tightening control over irregular industrial activities that pollute the air, and taking legal measures against them.
He continued, "In the field of following up on the completion of infrastructure projects, he directed the exemption of the Al-Hamza Al-Kabir sewerage project in Diwaniyah Governorate from the requirements for approval in the Ministry of Finance, and proceeding with contracting procedures, to be completed when the federal general budget schedules for the year 2025 are issued, and the plan of the Ministry of Construction, Housing, Municipalities and Public Works related to loans is approved."
He explained that "within the framework of the government's work to complete stalled projects and launch service projects, the Council approved the following:
1. Increasing the amount of the reserve and the total cost of the project (building the Al-Amiriya Municipality Directorate/Anbar Governorate, with furnishing) included in the governorate's budget.
2. Establishing the infrastructure component (rainwater drainage, sewage and electricity supply) within the components of the project (establishing a general hospital with a capacity of (200) beds in Nahrawan, turnkey/Baghdad) included in the investment budget tables of the Ministry of Health for the year 2024, and increasing the total cost of the component.
3. Increasing the reserve amount and the total cost of the project (establishing a 100-bed hospital in Safwan District) in Basra Governorate.
"Within the plans to secure the ration card items, the Council approved the recommendations for settling the dues of Al-Owais Company as follows: Forming a committee to negotiate with Al-Owais Company, headed by the Administrative Undersecretary of the Ministry of Planning and including the Director General of the General Government Contracts Department at the Ministry of Planning, the Director General of the Accounting Department at the Ministry of Finance, and the Director General of the General Company for Foodstuffs Trading at the Ministry of Trade, to process and settle the company's dues for the difference resulting from changing the exchange rate of the food basket contract, and submit a recommendation on the amount to the Council of Ministers," he added.
The Council of Ministers also followed up, according to the statement, on the development of energy sector projects, as the Council approved increasing the amount of the consulting contract to develop the Basra refinery/the FCC cofactor cracking project for the Japanese companies (UNICO) and the French companies (TECHNIP), and increasing the contract period, as an exception to the controls attached to the instructions for implementing government contracts (2 of 2014).
In the same sector, the Council authorized the Ministry of Oil/Basra Oil Company to sign a non-binding agreement of principles with AURASYIA SCOPE OIL & GAS UK LTD regarding the tank depot and artificial island project,
due to the importance of the project from the strategic oil perspective and to establish Iraq’s position in the territorial waters of the Gulf and to develop the national economy and increase the financial revenues of the federal public treasury.
The Council of Ministers also approved the following:
Authorizing the Director General of the General Company for Electricity Production/Middle Euphrates to sign an extension contract addendum according to the requirements of the added work, related to the maintenance and operation of diesel stations, for five years,
based on the commercial offer submitted by (Dasov) Company, at the same price for the tariff using the (TAKE AND PAY) method and achieving a production capacity of (750) megawatts during the first contractual year and implementing works outside the scope of the contract,
and that the extension period be subject to annual review according to the requirements and with the agreement of the two parties to the contract, as an exception to the instructions for implementing government contracts (2 of 2014) and the controls attached thereto,
with the company responsible for the efficiency of the operation of the updated or added system, and in a manner that ensures the safety of the operation of the generating units in the four diesel stations according to the recommendations of the unit manufacturer.
The Ministry of Electricity was also authorized to sign a contract for the entire project (simple cycle with combined cycle 921 megawatts) in Nasiriyah, and the project allocation is divided into several stages (multi-year allocation).
In the context of enhancing international cooperation in the field of peaceful nuclear energy, the Council of Ministers voted to approve the authorization of the Minister of Higher Education and Scientific Research/Chairman of the Iraqi Atomic Energy Commission to negotiate and sign the draft cooperation agreement between the Government of the Republic of Iraq and the Government of the People's Republic of China in the field of peaceful uses of nuclear energy, and for the Ministry of Foreign Affairs to prepare the necessary authorization document and submit it to the General Secretariat of the Council of Ministers in order to obtain the signature of the Prime Minister.
Based on the Prime Minister's directive, the Council of Ministers voted to grant the Iraqi doctor (Mohammed Taher Abu Raghif) a residential apartment in the Al-Khadhra residential complex in the capital, Baghdad, and a diplomatic passport, in appreciation of the humanitarian role he played during the war in Gaza, provided that the Ministry of Finance allocates the amount of the apartment referred to above. https://economy-news.net/content.php?id=52985
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