Iraq Economic News and Points To Ponder Sunday Evening 7-7-24
The Parliamentary Economy Reveals The Factors That “Thwart The Iraqi Industry”: Granting What Is Above And Below The Ground For The Benefit Of The Investor
Economy 2024-07-07 | 1,958 views Alsumaria News-Economy Deputy Chairman of the Parliamentary Economy and Industry Committee, Representative Yasser Al-Husseini, considered today, Sunday, that the government and the Ministry of Industry are acting according to the “erroneous belief” that there are no Iraqi competencies to advance the industrial sector in Iraq,
which prompted them to offer production lines and factories, as well as underground mineral resources, to invest at high prices. meanness.
Al-Husseini told Al-Sumaria News, “The belief of the government and the Ministry of Industry that Iraqi competencies are unable to advance the industrial sector is completely false, and there are Iraqi experiences and capabilities capable of advancing the sector with the best products and may compete with global industries.”
He pointed out that "successive mismanagement of the industrial sector led to these bad fateful results for this sensitive, vital and economic sector, and led to the issuance of notorious joint operating contracts, according to which many industrial production lines were sold as piles of scrap."
He stated that "the government agreement not to buy local products from these government factories and not to supply them and to implement the Iraqi Product Protection Law are what led to these fateful and disastrous results for the Iraqi industry."
He pointed out that "the Ministry did not limit itself to offering above-ground factories for investment in the hands of companies,
but rather went underground according to decisions that faced strong opposition in previous years by heading to grant underground resources of precious metals and chemicals, and granting them to Jordanian and American companies at the cheapest prices."
He stated that "one ton of sulfur amounts to $400, while the government granted it to companies for $5 per ton, with quantities in Iraq amounting to more than 500 million tons as explored storage on only 16% of Iraqi territory."
He pointed out that this and other measures and trends cast a shadow over the failure of industry in Iraq and the lack of a true vision, to the point that they became losing companies built on a narrow partisan basis and these companies went on to obtain government contracts outside of what this ministry manufactures.
Parliament Indicates A “Single Way” To Eliminate 95 Percent Of Corruption In State Institutions - Urgent
Politics | Baghdad today - Baghdad Today, Sunday (July 7, 2024), the Integrity Committee in the House of Representatives indicated the only way through which corruption can be eliminated in all state institutions.
Committee member Hadi Al-Salami said in an interview with “Baghdad Today” that
“there is one step that eliminates approximately 95% of the rampant corruption in state institutions, which is the transition towards electronic governance, and although this matter was emphasized in the ministerial curriculum, it was not implemented.” Until now".
He stated, "There is no ministry that has implemented electronic governance so far, despite the importance of this step in fighting corruption and eliminating it once and for all.
This confirms the desire for corruption to continue, and that is why all ministries have not implemented this system, which is the main step in eliminating corruption." Which has been eating away at the body of the Iraqi state for years without any real confrontation with it.
Iraq is considered one of the countries with the highest rates of administrative and financial corruption, and it is noticeably present in several administrative facilities.
Some politicians in Iraq are considered among the first to be besieged by corruption charges.
Because of that, Iraq is considered, along with several countries such as Afghanistan, Somalia, Yemen, Sudan, and Libya, among the countries with the highest rates. Corruption according to the Corruption Barometer.
Because of the massive corruption in Iraq, there is a massive lack of services, deterioration of infrastructure, and deterioration of industrial and agricultural development, among examples of rampant corruption.
A total of $228 billion was wasted on construction and infrastructure projects, on paper only, a value that exceeds three times the national budget and the country's gross domestic product,
despite the enormous funds generated from the sale of oil, as Iraq ranks second among oil-producing countries.
But it remains completely dependent on imports, even for electricity and petroleum products.
Investment Shows The Importance Of The Singapore Agreement.. What Are Its Details?
Money and business Economy News – Baghdad The National Investment Commission confirmed, today, Sunday, that the Singapore agreement will accelerate the increase in Iraq's international classification, while clarifying regarding financing projects of local, Arab and foreign investors in Iraq.
The head of the commission, Haider Makiya, said: “The investment classification of emerging countries in 2024, conducted by FDI Intelligence, ranked Iraq fourth, indicating the confidence provided by investment in Iraq, specifically the National Investment Commission, in providing a safe legislative environment for the investor to settle in Iraq and return large capital to implement infrastructure projects and achieve sustainable development.”
He added, "The Singapore Agreement will accelerate and speed up the increase in Iraq's international rating, which is a sovereign rating for the whole world, and thus Iraq's rating will be known when it is good."
He pointed out that "all investors in the world will come without any restrictions or conditions as long as the legislative environment exists and governs their work in Iraq, and thus the process of attracting money to enter it will proceed easily and smoothly."
He pointed out that "project financing may be internal or external. If Iraq joins the international agreements, the process regarding foreign investors will be governed by the agreements. However, if the investor is local or Arab and wants to take financing, he will be subject to Iraqi laws regarding financing." 47 views 07/07/2024 - https://economy-news.net/content.php?id=44973
Iraqi Oil Exports To America Decline
Economy | 07/07/2024 Baghdad - Mawazine News The US Energy Information Administration announced, today, Sunday, that Iraq's oil exports to America decreased during the past week.
The administration said in a table followed by Mawazine News, "The average US imports of crude oil during the past week from 9 major countries amounted to 5.400 million barrels per day, up by 4 thousand barrels per day from the previous week, which amounted to 5.396 million barrels per day."
It added that "Iraq's oil exports to America amounted to 195 thousand barrels per day last week, up by 4 thousand barrels per day from the previous week, which amounted to 191 thousand barrels per day."
The administration indicated that "the largest oil revenues for America during the past week came from Canada at a rate of 3.918 million barrels per day, followed by Mexico at an average of 332 thousand barrels per day, followed by Colombia at an average of 276 thousand barrels per day, and from Nigeria at an average of 222 thousand barrels per day."
According to the table, "the amount of US imports of crude oil from Ecuador was an average of 152 thousand barrels per day, from Saudi Arabia at an average of 146 thousand barrels per day, from Libya at an average of 98 thousand barrels per day, and from Brazil 74 thousand barrels per day."
Dollar Exchange Rate Against The Dinar After The Stock Exchange Closes
Economy | 04:30 - 07/07/2024 Baghdad - Mawazine News The dollar price rose against the dinar, today, Sunday, in local markets and exchange shops in the capital, Baghdad.
The dollar exchange rate recorded 149,000 dinars for $100 at the close of the two main stock exchanges in Baghdad, Al-Kifah and Al-Harithiya, while this morning it recorded 148,850 dinars for $100.
Selling prices also rose in exchange shops in local markets in Baghdad to 150,000 dinars for $100, while the purchase price reached 148,000 dinars for $100.
https://www.mawazin.net/Details.aspx?jimare=250919
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Provoking Thoughts and Points To Ponder On Adversity:
Adversity comes with instruction in its hand. - Anonymous
Mistakes are often the best teachers. - James A. Froude
Pain, indolence, sterility, endless ennui have also their lesson for you. - Ralph Waldo Emerson
Prosperity is a great teacher; adversity is a greater. Possession pampers the mind; privation trains and strengthens it. - William Hazlitt
Wisdom comes by disillusionment. - George Santayana
You have learned something. That always feels at first as if you had lost something. - George Bernard Shaw
http://famousquotesandauthors.com/topics/adversity_quotes.html