Iraq News Highlights and Points To Ponder Thursday AM 7-18-24
Economist Calls On The Government To Delay Joining The World Trade Organization
Money and business Economy News – Baghdad Today, Thursday, economic expert, Bassam Raad, called on the Iraqi government to delay Iraq's accession to the World Trade Organization.
Raad said in an interview with Al-Eqtisad News, "Iraq, which has observer status in the World Trade Organization, seeks to join it after the removal of political restrictions that prevented this, including its exit from Chapter VII procedures of the United Nations Charter."
He added, "This endeavor has positive effects, including expanding economic partnerships and integrating it into the global economy, but on the other hand it represents a problem, especially since the demands of the World Trade Organization are to allow the access of its members' trade to the markets and to free trade from all restrictions, as it is an organization of producing and manufacturing countries, which means opening the Iraqi local markets to imports, and thus negatively affecting any attempt to rebuild the productive, industrial and agricultural sectors and leaving the economic horizon dependent on consumer imports coming from abroad."
The economic expert explained that "since Iraq depends on oil exports and oil is not subject to customs barriers by importing countries, it should be cautious before seeking to join the World Trade Organization and work towards economic reform and begin implementing plans to diversify local production and build industrial capabilities that support the trend towards exporting abroad, which contributes to enhancing the positive effects of the accession process."
113 views 2024/07/18 - https://economy-news.net/content.php?id=45350
Minister Of Trade Stresses Importance Of Arab Support For Iraq's Accession To WTO
Local Economy News – Baghdad Minister of Trade, Athir Dawood Al-Ghariri, stressed today, Thursday, the importance of Arab support for Iraq's accession to the World Trade Organization.
A statement by the Ministry of Commerce, received by "Al-Eqtisad News", stated that "Minister of Commerce Athir Dawood Al-Ghariri met with the Saudi Ambassador and Head of the Working Group on Iraq's Accession to the World Trade Organization, Saqr Al-Muqbil, in the presence of the ambassadors of the Arab countries in the organization to discuss mobilizing Arab support for the file of Iraq's accession to the World Trade Organization."
The statement added, "During the meeting, the progress made by Iraq in meeting the requirements for accession and the challenges it faces in this path were reviewed."
During the meeting, Minister Al-Ghariri stressed the "importance of Arab support to strengthen Iraq's position and achieve its goals in joining the organization."
At the same time, the Minister pointed out "the economic and commercial benefits that will accrue to Iraq and the Arab countries through this accession."
For their part, the Arab ambassadors expressed their "readiness to support Iraq in its efforts," stressing "the importance of strengthening Arab cooperation in international organizations." 2024/07/18 - https://economy-news.net/content.php?id=45340
An Expert Calls On The Government To End The Waste Of Billions Of Dollars On Importing Gas
Economy , 07/18/2024 11:59 Number of readings: 129 Baghdad - Iraq Today: The expert in energy economics, Kofd Sherwani, called on the government to accelerate the implementation of gas isolation projects associated with oil extraction operations, while he stated that importing natural gas from countries costs Iraq billions of dollars.
Sherwani said, “Iraq possesses huge natural gas reserves amounting to 132 trillion standard cubic feet.” Pointing out, "Projects for isolating associated gas in the southern fields must be expedited, so that they can be used in operating electrical power plants."
Sherwani added in a press interview, “These projects were supposed to be accelerated more than ten years ago so that Iraq would reach the stage of sufficiency and dispense with importing natural gas and electricity from any other source.”
He pointed out, "The rate of burning gas in Iraq decreased from 40% to 35%, according to the statements of the Ministry of Oil, that stopping gas burning will occur within three years, while sufficiency of natural gas will occur within five years " Noting that, “This matter will save the state billions of dollars, amounting to 4 or 5 billion dollars spent annually on importing natural gas and electricity.”
He continued, “The reason for the interruptions of imported natural gas from Iraq is that the areas from which gas is supplied from countries are already in need of gas, and this need increases in some seasons, because this gas is used in power stations and to equip some laboratories, because they represent the regions."
In the final distribution network, there is always little flow and many stops, and this causes interruptions that directly affect the supply of electrical energy, some of whose stations depend on imported Iranian gas at an amount of 50 million cubic meters per day.”
The energy economics specialist stated, “The United States has placed restrictions within the sanctions imposed on Iran, while placing restrictions on sending the financial compensation for imported gas and electricity, and when these payments are delayed, Iran sometimes reduces or cuts the quantities processed as a form of pressure on the Iraqi government to pay what it owes.” Accumulated costs of supplied gas.
He stressed, “Iraq has already paid all of Iran’s dues for the price of gas and electricity, but despite that we hope that the Ministry of Oil’s projects in isolating gas and investing in it will be accelerated to reach the stage of sufficiency, and save These amounts, and perhaps in the event of strengthening the capabilities to produce gas, Iraq is reaching a stage.” Export for the period after five years or a little more.” LINK
Despite Objections, Basra Council Prepares To Vote On 2024 Budget
Economy |Baghdad Today – Basra Basra Governorate Council confirmed, today, Thursday (July 18, 2024), its intention to pass the budget for the current year 2024 at the end of next week, as the study of the project plan for the current year 2024 will be completed and approved in general.
The head of the Design Bloc in the provincial council, Aqil Al-Furaiji, told Baghdad Today, "The council will work to host officials from the directors of all departments to discuss the sectors included in the projects of the current year 2024, as they are the beneficiaries, to involve them in the discussions and for the purpose of reviewing them in detail."
He explained that "the committee's work continues even on holidays to complete the plan and submit it to the provincial council for approval at the end of next week," noting that they are "promising projects that will benefit the Basra citizen."
Basra Governorate MP Dhurgham Al-Maliki had confirmed in previous press statements that the governorate was counting on the 2023 budget, of which only 30% had been spent.
MP Al-Maliki said that Prime Minister Mohammed Shia Al-Sudani confirmed to him that there is 70% of Basra’s money remaining and has not been circulated. It is a trust with the government and will be spent with what was allocated to Basra in the current year’s budget.
Al-Maliki pointed out that there are accumulated amounts of Basra's dues from petrodollar amounts estimated at 20 trillion dinars, and that schedules and a mechanism for disbursement must be established, noting that many projects have been allocated to Basra in the 2023 budget and are awaiting the release of funds to complete them.
He explained that Basra is not counting on the 2024 budget, but rather on last year's budget to complete projects.
Members of the Basra Council and representatives of the province in the House of Representatives had criticised and objected to the decision to reduce the financial allocations for the province from 2 trillion and 900 million dinars to only 850 billion.
This came as a great shock to the governorate, which is the economic capital of Iraq, as the allocations are not even enough to cover the debts of companies and contractors tasked with service projects, according to official statements, stressing the need to reconsider the decision in a manner that is consistent with the size of the governorate and its needs for projects. LINK