Iraq Economic News and Points to Ponder Tuesday Evening 1-21-25
Central Bank of Iraq's sales of foreign remittances reach more than 94%
Time: 2025/01/21 Reading: 910 times {Economic: Al Furat News} Foreign transfers in the sales of the Central Bank of Iraq, on Tuesday, reached more than 94% with the participation of 7 banks and 19 exchange companies.
The bank sold in its auction today 287 million, 882 thousand, and 784 dollars, covering it at a basic exchange rate of 1310 dinars per dollar for documentary credits and international settlements for electronic cards, at a rate of 1310 dinars per dollar for foreign transfers, and at a rate of 1305 dinars per dollar in cash.
Most of the dollar sales went to boost balances abroad in the form of transfers and credits, which amounted to 273 million, 323 thousand and 784 dollars, at a rate of 94.87%, compared to cash withdrawals amounting to 14 million and 550 thousand dollars.
The number of banks that purchased cash dollars was one bank, while the number of banks that met requests to enhance balances abroad was 6 banks, and the total number of exchange companies participating in the auction was 19 companies. LINK
Foreign Ministry: Decision To Downgrade Security Classification Will Open Door For British Companies To Enter Iraqi Market
Money and business Economy News – Baghdad The Foreign Office on Tuesday welcomed the UK's decision to downgrade Iraq's security rating.
The ministry said in a statement, seen by "Al-Eqtisad News", that "the Ministry of Foreign Affairs welcomes the decision of the United Kingdom to reclassify the security level in Iraq, and considers this step an important achievement that reflects the significant improvement in the security situation and the Iraqi government's ongoing efforts to achieve stability and enhance a safe and encouraging environment for investment and work."
It added that "reducing the security classification will open the way for British companies to enter the Iraqi market, and the decision will contribute to reducing the costs of travel and work insurance, which will enhance opportunities for economic and investment cooperation between Iraq and the United Kingdom.
" It continued, "In this context, the ministry calls on other Western countries, including the United States of America, Canada, and the European Union countries (Germany, France, Belgium, Italy, Austria, and the Netherlands), to reconsider their security classifications for Iraq, and the ministry encourages these countries to take similar steps that support Iraq's efforts to enhance economic cooperation."
The ministry confirmed that "Deputy Prime Minister and Minister of Foreign Affairs Fuad Hussein will work to send official messages to the concerned countries, urging them to review their security classifications for Iraq in line with the positive developments and the noticeable improvement in the security situation."
The ministry renewed, according to the statement, "its commitment to work with its international partners to strengthen bilateral relations and provide an appropriate environment for expanding cooperation in various fields, in a way that serves common interests and enhances stability and development in Iraq and the region." https://economy-news.net/content.php?id=52172
"Al-Eqtisad News" Publishes The Full Decisions Of The Cabinet Session
Money and business Economy News – Baghdad Al-Eqtisad News publishes the full decisions of the third Cabinet session, which was held today, Tuesday, headed by Prime Minister Mohammed Shia Al-Sudani.
The Prime Minister's Media Office said in a statement, seen by "Al-Eqtisad News", that "Al-Sudani chaired, today, Tuesday, the third regular cabinet session of the current year, during which the general conditions in the country were discussed, important files and issues and priorities for implementing the government program were discussed, in addition to discussing the topics included on the agenda and taking the necessary decisions regarding them."
The statement added, "The Council of Ministers decided to suspend official work in all state departments and institutions in the capital, Baghdad, on Sunday, January 26, 2025, on the occasion of the commemoration of the martyrdom of Imam Musa bin Jaafar al-Kadhim, peace be upon him."
He explained that "following up on the progress of implementing the government program and the digital data related to the achievements, the Council of Ministers reviewed the fourth semi-annual report of the government program in terms of achievement and implementation of the program and it was approved, as the total achievement rate of the targets during the government's lifetime reached (73%), while the interim achievement rate for all targets reached (86%), and the data on the total achievement of (403) targets of the program was confirmed."
He added, "Regarding the submission of government program implementation reports by ministries and state institutions, the Council of Ministers agreed that all ministries and relevant authorities should express their observations on the fourth semi-annual report to follow up on the implementation of the government program, each according to its specialization, until the official working day of Thursday, January 23, 2025, provided that the Secretariat of the Program Implementation Follow-up Team undertakes to make the necessary amendments in accordance with the rules, and submit the report under discussion in its final form to the Prime Minister for approval and submission to the House of Representatives, based on the provisions of the Council of Ministers' internal regulations for the year 2019."
The Council of Ministers continued the approach of evaluating the performance of officials and general managers, according to the previously approved principles, and voted to confirm (14) general managers after the evaluation, in various government departments.
The statement indicated that, "Within the energy sector projects, the Council approved the principles of cooperation between the Ministry of Electricity and Stellar Energy, and proceeded with implementing the terms of the agreement, and authorizing the Ministry of Electricity with the necessary authority to contract with the aforementioned company, as an exception to the contracting methods in implementing government contracts, in a manner that ensures speedy completion and achieving the desired goal, and that the contract enters into force when financial allocations are available."
It was decided that the Ministries of Finance and Planning would include the principles of energy cooperation within the budget allocations for the year 2025, in the amount of two billion dollars, for the first phase, so that the second phase of the loan would be completed within the budget allocations for the year 2026, and the Minister of Electricity would be authorized to issue subsequent approvals regarding the signing of the principles of cooperation between the Ministry of Electricity and Stellar Energy Company, as an exception to the instructions for implementing government contracts.
He pointed out that "within the file of developing oil sector projects, the Council followed up on the Nasiriyah field expansion project, with a capacity of (100,000 b/d - Dhi Qar Oil Company), where it was approved to amend Cabinet Resolution (30 of 2021) to include adopting the implementation method (EPC), instead of (EPCF), with an amendment to the total cost of the project, and deleting the paragraphs from the aforementioned resolution, related to the sources of funding, as the project is included in the investment budget for the year 2024. It was also decided that the Ministries of Planning and Finance would send a letter to release the financing to open the documentary credit, according to the dues due for the project within the fiscal year 2025 and subsequent years, and the commitment of the Ministry of Finance to finance the aforementioned documentary credit."
Regarding the development of the Bin Omar and Sinbad oil fields in Basra Governorate, the Council of Ministers approved the signing of the Principles Agreement (HOA) with Halliburton to develop the two fields, using the Integrated Management System (IFMS) and Engineering, Construction and Procurement (EPCM) method with national effort, and it is treated as a licensing round, according to a statement from the Prime Minister’s Media Office.
He added, "In the field of settling the financial and administrative matters of the Anbar Combined Power Plant Project, the Council of Ministers approved the cancellation of the amount of debt owed to the Ministry of Transport/General Company for Iraqi Ports by the Ministry of Electricity, amounting to (12,448,608) billion dinars, regarding fines and grounds for equipment for the Anbar Combined Power Plant Project for two shipments; because they contained specialized equipment with high weights and large standard sizes; based on the provisions of the Federal Financial Management Law (6 of 2019) amended."
He explained that the Council approved the recommendation of the Ministerial Council for the Economy regarding the purchase of specialized equipment for ground services for the Ministry of Transport, in accordance with what was stated in the Ministry’s letter on January 19, 2025.
He pointed out that "in order to follow up on the environmental issue and activate the work of the General Company for Carbon Economics, the Council of Ministers decided to include the Ministry of Finance with an amount of (10) billion dinars, to the Ministry of Environment / General Company for Carbon Economics, within the estimates of the budget tables for the year 2025, in order to cover the founding operating expenses, and to achieve the company's goals stated in the founding statement, published in the Iraqi Gazette in issue (4764) on March 11, 2024."
The statement added, "The Council of Ministers followed up on the project to establish an integrated medical city in Dhi Qar Governorate, and approved the recommendation related to referring the medical city project/turnkey delivery from the relevant committee in the Dhi Qar Governorate Reconstruction Fund to the China State Construction Engineering Corporation, Limited Liability Company, based on the provisions of the Dhi Qar Governorate Reconstruction Fund Instructions (2 of 2021)."
He explained that "for the purpose of ending the financial matters related to Covid-19 vaccines, the Council of Ministers approved the authorization of the Minister of Health, or his representative, to contract with UNICEF to provide the Ministry of Health with its needs of medicines, medical and laboratory equipment and supplies, and other needs, according to the Ministry's need from the reserve of vaccines related to (Covid-19), and other vaccines for previous years combined with UNICEF, amounting to (28,154,000) million dollars, as an exception to the contracting methods for implementing government contracts."
He added that "in order to manage and organize the affairs of expatriates, the Council approved the adoption of the Iraqi National Insurance Platform for the categories (expatriates and foreign visitors), and obligated the Ministries of (Foreign Affairs, Labor and Social Affairs, Culture, Tourism and Antiquities), the National Investment Commission, and the Kurdistan Region of Iraq Representation, not to grant any visa or entry visa, except after obtaining an insurance document from the aforementioned platform, based on the provisions of the Health Insurance Law (22 of 2020).
The Council of Ministers approved the draft law on the ratification of the Republic of Iraq of the Mecca Agreement of the Member States of the Organization of Islamic Cooperation for Cooperation in the Field of Enforcing Anti-Corruption Laws signed in the State of Qatar (November 2024), and referred it to the House of Representatives, based on the provisions of the Constitution.
The Council followed up on infrastructure projects, and the completion of stalled projects, and approved the following:
1- Increasing the reserve amount and the total cost of the project (establishing two internal department complexes for boys and girls at Tikrit University).
2- Reducing the cost of the component (rehabilitation of Al-Badri Irrigation Project), including a new component for the remaining works, and increasing the cost of the main project (Al-Badri Irrigation Project) in Al-Muthanna Governorate.
3- Reducing the cost of the component (lining the Abu Alamah River in the Al-Bu Khadir area), including a new component for the remaining works, and increasing the cost of the main project (the river lining project) in Al-Muthanna Governorate. https://economy-news.net/content.php?id=52174
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