Iraq Economic News and Points to Ponder Tuesday Afternoon 4-15-25
The Prime Minister Of The Kurdistan Regional Government Discusses Developments In The Region With A US Delegation
Tuesday, April 15, 2025 | Politics Number of reads: 92 Baghdad / NINA / The Prime Minister of the Kurdistan Regional Government, Masrour Barzani, discussed today, Tuesday, with a US delegation headed by Victoria Taylor, Deputy Assistant Secretary of State, ways to enhance bilateral relations and the general situation in Iraq. The two sides also discussed, during a meeting between them, the latest developments in the region. /End https://ninanews.com/Website/News/Details?key=1197953
Ports Director: We Will Adopt Modern Navigation Equipment To Operate The Grand Faw Port
Buratha News Agency982025-04-15 Director General of Iraqi Ports, Farhan Al-Fartousi, announced on Tuesday that the Grand Faw Port will be operational in the coming period after it has been equipped with modern navigation equipment.
Al-Fartousi stated in a press conference that “the technical director of the International Academy for Maritime Aids (IALA), Julierdine Delano, is currently visiting Iraq to review the state of the maritime sector and its needs in terms of modern technology in the field of navigational aids, which includes the availability of buoys, lighthouses, and ship traffic signs.”
He added, "Iraq's cooperation with international maritime organizations, such as the IALA International Academy, will enable the port sector to modernize its infrastructure, provide the port of Faw with the latest navigation equipment, and train the crews working at the port to use this technology."
In contrast, the technical director of the Ayala Academy, Juliardine Delano, confirmed that "Iraqi ports are witnessing significant development in terms of performance and navigational equipment."
She noted that she is currently visiting Iraq to review the state of the maritime sector and its needs, ensure Iraq's commitment to implementing international requirements for maritime safety, and conduct a preliminary assessment of the Grand Faw Port's need for such navigational aid, in preparation for its commencement of operations in the coming period.
She added, "Iraq's compliance with international standards and its investment in safety measures will yield returns in the form of reduced prices for imported products, as well as insurance revenues paid by ships passing through ports." https://burathanews.com/arabic/news/458886
The Iraqi Stock Exchange Launches A Standards Guide For Companies, Including These Details
Stock Exchange Economy News – Baghdad The Iraqi Securities Commission announced today, Tuesday, the launch of a guide to environmental, social, and corporate governance standards for companies.
The Commission stated in a statement received by Al-Eqtisad News that, "After joint work and continuous communication with the International Finance Corporation (IFC), a member of the World Bank Group, which took approximately a year, the guide was prepared according to international standards, taking into account the challenges of the Iraqi business environment and the determinants of the legislative environment."
She explained that "this guide is the first comprehensive, mandatory guide to practices issued by the Iraqi Securities Commission (ISC) for Iraqi companies to implement corporate governance (CG), sustainability governance, and environmental and social issues, including aspects related to climate change."
She pointed out that "the Commission seeks, through this guide, to institutionalize best practices for environmental, social, and corporate governance standards in Iraqi business culture by making implementation mandatory for companies listed on the Iraq Stock Exchange."
She added that "banks listed on the Iraq Stock Exchange will be subject to the Environmental, Social, and Corporate Governance Standards Guide issued by the Central Bank."
She added, "The Commission believes that implementing environmental, social, and governance practices by companies listed on the Iraqi Stock Exchange will lead to increased market confidence, a better reputation, development of the capital market, increased corporate transparency and accountability, increased foreign direct investment flows, an information-driven market, and improved market liquidity."
The statement concluded by saying, "The Authority will issue instructions on implementing the guide and will hold workshops according to a plan developed for this purpose." https://economy-news.net/content.php?id=54465
Al-Eqtisad News Publishes The Decisions Of Today's Cabinet Meeting
Money and Business Economy News – Baghdad Al-Eqtisad News publishes the full decisions of the Cabinet meeting held today, Tuesday, headed by Prime Minister Mohammed Shia al-Sudani. Among these decisions was the approval of comprehensive admission for all intermediate and preparatory levels.
Al-Sudani's office said in a statement seen by Al-Eqtisad News, "Prime Minister Mohammed Shia al-Sudani chaired the 15th regular session of the Council of Ministers today, Tuesday, during which general developments in the country were discussed, the implementation of the government program was followed up, and the files and topics on the agenda were discussed and decisions were made regarding them."
The statement added that Al-Sudani "directed ministers to conduct at least two visits per month to all governorates, with the aim of achieving positive and tangible results in improving the services provided to citizens. He also directed all ministries to devote the necessary attention to maximizing revenues and to prepare appropriate mechanisms for implementation."
The statement indicated that "the Council decided to grant an official holiday to the Christian component only, on the 20th and 21st of this month of April, on the occasion of the glorious Easter holiday.
The Prime Minister congratulated our Christian people, as well as our Yazidi people on the occasion of the Yazidi New Year, which falls tomorrow, Wednesday, April 16, according to the Eastern calendar, in which this occasion is a holiday for the Yazidi component according to the law."
He pointed out that "the Council voted on the comprehensive admission of the intermediate and preparatory stages in all its branches to take the second round exams for the current academic year 2024-2025," adding that the Council approved "the draft laws on juvenile care and the first amendment to the Minors Care Law (78 of 1980), which were reviewed by the State Council, and referred them to the House of Representatives based on the provisions of the Constitution."
He noted that "in the context of supporting the private sector, the draft law on partnership between the public and private sectors was approved and referred to the Council of Representatives, based on the provisions of the Constitution, while taking into account the observations of the Legal Department of the General Secretariat of the Council of Ministers.
" The Council also approved "the mechanisms and controls for issuing sovereign guarantees to the Iraqi private sector, in implementation of the provisions of the General Budget Law for the three years, and the guarantee is issued to (one or more manufacturers) as needed to complete production lines."
In the context of imposing preventive measures on imported goods, the Council of Ministers approved the following, according to the statement:
1. Imposing an additional customs duty of (60%) of the unit of measurement of the product (transparent boxes and single-use plastic cups) imported into Iraq from all countries and origins, for a period of four years, and monitoring the local market during the period of application of the additional customs duties.
2. The General Authority of Customs shall apply the additional customs duty on the aforementioned product and notify the Department of Industrial Development and Organization periodically regarding the quantity of Iraq’s imports of the aforementioned products, the value of the additional customs duties collected on the importer of the foreign product, the value of the import, the exporting countries, and the importing entities.
3. The Ministry of Industry and Minerals shall take into account the following:
A. The amount of increase in imports compared to the previous three years to determine the extent of an unjustified increase.
b. A statement of the complaining company’s ability to meet market needs in a way that ensures no price inflation.
C. Determine the importance of the required protection for the national economy.
4. Regulatory authorities shall review the effects resulting from imposing additional customs protection on the imported product.
5. This decision shall be implemented after (120) days from the date of its issuance.
In the same context, the Council approved the “recommendation regarding the protection of the reinforcing steel product for sizes (10-32) mm, which includes adding another customs duty on the reinforcing steel product for sizes (10-32) mm in the amount of (10%), so that the duty becomes (30%), using the authority of the Minister of Finance stated in Article (2) of the Customs Tariff Law (22 of 2010) as amended.”
The Council approved the renewal of the Ministry of Oil/Basra Oil Company's Engineering, Procurement, and Construction Management (EPCM) contract for the Majnoon oil field by the Ministry of Oil, with the aim of continuing to provide services related to the contract until the new tender is launched and the new contract is concluded.
As part of the electricity provision procedures, approval was given, according to the statement, for “the Ministry of Electricity to contract to supply electrical energy to the northern region in the contracted quantities, amounting to (500) megawatts.”
The statement explained that, "Regarding the mechanism for dealing with contractors' compensation requests resulting from the implementation of government contracts, the Council of Ministers voted to confirm the Ministry of Health's commitment to Cabinet Resolution No. 24241 of 2024, regarding the Nahrawan, Husseiniya, Al-Hakim, and Al-Karma hospital projects."
The Council also approved "authorizing the Minister of Environment to negotiate and sign the draft project agreement between the Food and Agriculture Organization (FAO), as the entity accredited to the Green Climate Fund, and the Iraqi government." https://economy-news.net/content.php?id=54470
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