Friday Afternoon Iraq Economic News Highlights 7-1-22

The Region Announces Constitutional Legal Moves To Confront Baghdad's Pressure On Kurdistan's Oil And Gas File

June 30, 2022   Ah - follow up   Today, Thursday, the Kurdistan Region announced that it has taken constitutional legal moves to confront the pressures exerted by Baghdad regarding the oil and gas file related to the region, stressing at the same time that the federal government sent only 400 billion dinars out of a total of 1.2 trillion dinars in the first half of this year. This came during the first meeting held by the Regional Council for Oil and Gas Affairs, after the amendment of the Oil and Gas Law, headed by the President of the Kurdistan Regional Government, Masrour Barzani, and in the presence of the Deputy Prime Minister and Deputy Chairman of the Regional Council for Oil and Gas Affairs Qubad Talabani.

According to an official statement issued by the Prime Minister's Media Office, the meeting discussed oil revenues and expenditures for the first six months of 2022.

The statement added that in the first paragraph of the meeting, the general revenues obtained from the export and sale of oil were presented, which include the total oil produced, exported and consumed locally, in addition to the average price of a barrel of oil sold during this period.

He pointed out that the meeting dealt with "how to spend revenues in financing the salaries of the six months of this year, as the Kurdistan Regional Government provided the necessary funds from oil revenues to fully finance salaries for six months of 2022." The statement stated, “While the federal government should have sent one trillion and 200 billion dinars during the first six months of 2022, it only sent a two-month amount of 400 billion dinars, while the regional government provided salaries monthly from oil revenues and internal revenues, and distributed salaries in Per month".

The statement stated that "the meeting also discussed other government expenditures, except for salary expenditures obtained from oil revenues in the first six months of 2022, and it was decided that the Deloitte report, enhanced by statistics, information and figures, would be presented to public opinion next week."

The meeting also stressed, according to the statement, “the need to enhance transparency in this direction, as the region provides the federal government with all information and numbers, and it does so even for public opinion in the region, Iraq and abroad, and it will continue to do so, especially since the recent report of the joint team of the financial audit bureaus of the region and Baghdad.” Regarding the audit of revenues, expenditures, debts and staffing, there is evidence of this fact.”

The second period of the meeting dealt with the latest developments regarding the relationship between the Kurdistan Regional Government and the federal government over the dispute over oil and gas, as well as the legal preparations made by the Kurdistan Regional Government, under the constitution, to confront the pressures of the federal government and the Federal Ministry of Oil. The meeting stressed the need to solve problems in accordance with the constitution, and reiterated the region's negotiating delegation's readiness to visit Baghdad in this regard, according to the statement.    https://khabaar.press/archives/88574

Kurdistan Region.. The First Meeting Of The Regional Council For Oil And Gas Affairs Was Held

2022-07-01   Shafaq News/ The President of Kurdistan Regional Government and Chairman of the Regional Council for Oil and Gas Affairs, Masrour Barzani, on Thursday, June 30, 2022, supervised the first meeting of the Regional Council for Oil and Gas Affairs after amending the Oil and Gas Law.

At the meeting, which was attended by the Deputy Prime Minister and Deputy Chairman of the Regional Council for Oil and Gas Affairs Qubad Talabani, they discussed oil revenues and expenditures for the first six months of 2022.

In the first paragraph of the meeting, the general revenues obtained from the export and sale of oil were presented, which include the total oil produced, exported and consumed locally, in addition to the average price of a barrel of oil sold during this period.

After that, it was discussed how the revenues were spent in financing the salaries of the six months of this year, as the Kurdistan Regional Government provided the necessary funds from oil revenues to fully finance salaries for six months of 2022, while the federal government should have sent one trillion and 200 billion dinars. During the first six months of 2022, however, it sent only two months' worth of 400 billion dinars, while the KRG provided salaries monthly from oil and internal revenues, and distributed salaries each month.

The meeting also discussed other government expenditures, except for salary expenditures obtained from oil revenues in the first six months of 2022, and it was decided that the Deloitte report, enhanced by statistics, information and figures, would be presented to public opinion next week.

The meeting also stressed the need to enhance transparency in this direction, as The region provides the federal government with all information and figures, and it does so even for public opinion in the region, Iraq and abroad, and will continue to do so, especially since the recent report of the joint team of the Financial Supervision Bureaus of the region and Baghdad regarding the audit of revenues, expenditures, debts and staffing, is evidence of this fact.

The second period of the meeting dealt with the latest developments regarding the relationship between the Kurdistan Regional Government and the federal government over the dispute over oil and gas, as well as the legal preparations made by the Kurdistan Regional Government, under the constitution, to confront the pressures of the federal government and the Federal Ministry of Oil.

The meeting stressed the need to solve problems in accordance with the constitution, and reiterated the region's negotiating delegation's readiness to visit Baghdad in this regard.    LINK

Iraq Takes Action To Complete The Requirements For Lifting The European Ban On Airlines

Today, Thursday, the Ministry of Transport announced that Iraq

has taken action to complete the requirements for lifting the European ban on airlines.

The Ministry of Transport stated, in a statement received by the Iraqi News Agency (INA), that "the Minister of Transport, Nasser Hussein Bandar Al-Shibli, met today, Thursday, 30-6-2022, and on the land of the Turkish capital, Ankara, the Secretary-General of the International Civil Aviation Organization and the Director-General of the Aviation Organization in the Middle East." .

Al-Shibli said, according to the statement, that "Iraq was one of the first countries that joined the organization and signed the Civil Aviation Agreement, and Iraq has a rich history of achievements in the field of civil aviation," noting that "the topics related to civil aviation security in Iraq and the training of cadres working in the Civil Aviation Authority were discussed." The Iraqi Civil Aviation Authority and the importance of completing the procedures related to the USOAP program, which the Iraqi Civil Aviation Authority seeks to complete its requirements, as it is considered one of the requirements for lifting the European ban imposed on Iraqi airlines.

He stressed that "Iraq is currently working on separating the service provider (airports) from the authority in application of the requirements of the International Civil Aviation Organization, where the Secretary-General of the organization praised this and stressed the need to separate the authority from the service provider."

For his part, the Secretary-General of the organization stated that " https://www.ina.iq/159792--.html   

Activating The Certificate Of Origin And Commercial Invoice Audit Program At Shalamcheh Customs

Baghdad – INA The Border Ports Authority confirmed, today, Friday, the activation of the certificate of origin and commercial invoice audit program at Shalamcheh Customs.

The authority said in a statement received by the Iraqi News Agency (INA): "It continues to activate electronic systems in all ports in coordination with the relevant departments for digital transformation towards electronic governance."

She added, "The program for checking the certificate of origin and the commercial invoice has been activated at the Shalamcheh Customs Center, which is prepared by self-efforts by the technical staff in the Information Technology Department."

And she added, "These procedures come to ensure the validity of the issuance of documents and to prevent their forgery, and the committee also supervised the progress of the electronic audit within the electronic platform and the audit of the customs and tax receipt."    https://www.ina.iq/159822--.html

Al-Kazemi’s Advisor Clarifies The Mechanism Of Work For The Calculation Of The Chinese Agreement Projects

Baghdad - INA - Nassar Al-Hajj, Advisor to the Prime Minister, Mazhar Muhammad Salih, explained, today, Thursday, the mechanism of work for the Iraqi-Chinese agreement projects account, while noting that the Central Bank manages the account under the supervision of an international auditing company.

Saleh told the Iraqi News Agency (INA), that "important financial resources were accumulated after they were deposited in the account of the Chinese agreement projects, which was established under the annex to the cooperation agreement between Iraq and China, in which the revenues of exports of 100,000 barrels per day of Iraqi crude oil exported to China are deposited," noting That "the money is allocated to the projects of the Chinese agreement."

He added, "The operations of depositing money and withdrawing from the account are continuing for the benefit of the projects concluded within the agreement," noting that "

Saleh stated that "the account is managed very carefully by the Central Bank of Iraq, and the financial operations are audited by the major international financial auditing companies."   https://www.ina.iq/159783--.html

Trade Announces The Daily Position To Receive The Marketed Wheat

Baghdad/   Today, Friday, the Ministry of Commerce announced the daily situation for receiving marketed wheat from farmers for the 2022 season.

The ministry stated in a statement, "The position of the quantities of marketed wheat  from farmers and farmers for the 2022 season to the marketing sites belonging to the General Company for Grain Trade in the governorates of the country on Thursday, 30/6/202."

She added, "It was as listed below

Nineveh 1322 tons

Sulaymaniyah 2600 tons

Erbil 2172 tons

Dohuk 422 tons

Saladin 392 tons

Kirkuk 1478 tons

Anbar 105 tons

Diyala 96 tons

Babel 139 tons

Wasit 87 tons

Baghdad 30 tons

Dhi Qar 70 tons

Maysan 8 tons.

And the ministry added, "Total marketing today, Thursday ,  June 30  (8926)) tons, and the total marketed quantities since the start of marketing on the ninth of last April, until receiving the last quantity from today (2030,266  tons).    https://almawrid.news/contents/view/details?id=51510

Small And Medium Enterprises In Iraq Need $63 Billion.. Education Is “Separate” From The Market Need

2022-07-01   Yes Iraq: Baghdad    Providing job opportunities and accommodating a large number of people of working age is one of the most important challenges facing Iraq. However, Iraq is witnessing a funding gap for small and medium projects amounting to about 63 billion dollars, meaning that there are small and medium projects and opportunities to build projects that need financing at a value of 63 billion Billion dollar .

According to the report, there are about 230,000 small and medium projects, which is the lowest percentage of similar countries, as for example, small and medium projects in Egypt reach about 3 million small and medium projects, and the volume of funding for these projects exceeds the $3 billion barrier, according to economic researcher Manar Al-Obaidi.

Al-Obaidi says that “a large part of the decline of these projects depends on the lack of registration of these projects in the first place, their lack of organization and the absence of the bodies financing these projects,” noting that “micro, small and medium projects are considered the most important influence in providing real productive job opportunities in Iraq, and they will contribute significantly. It will increase the GDP from different sectors and will reduce pressure on the public sector.”

Al-Obaidi stressed that “Iraq needs to:

1- Organize the work of projects and facilitate their registration procedures,

2- Reducing taxes and wages on these projects for their sustainability,

3- Providing funding agencies capable of providing capital that contribute to the revitalization of these projects,

4- Providing money-generating projects Of the natural resources that contribute to creating more small and medium-sized enterprises that support these projects,

5- Raising financial inclusion, which will contribute to monitoring and developing the performance of projects and identifying bankable sectors, 6- Increasing the culture of business and the market and developing college curricula to be more linked to the labor sector and the market, 7- Connecting Universities have partnership contracts with the private and public sector to provide the knowledge required to enter the labor market, 8- Planning the commercial labor market and not overburdening the markets with similar businesses, which will increase competition and thus reduce project revenues.

He added that "the small and medium enterprises sector and the ability to finance these projects is the most important sector in creating job opportunities, diversifying the Iraqi economy and reducing pressure on the government sector."  LINK