Iraqi News Early Monday Afternoon 4-18-22
Iraqi News Early Monday Afternoon 4-18-22
TLM724 Administrator BondLady’s Corner
Al-Kazemi's Advisor: Iraq Is Living In Its Best Financial Condition
Posted On2022-04-18 By Sotaliraq The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed that Iraq is living in its best financial conditions, while ruling out the government's resort to external borrowing. Salih said that "Iraq today is living in its best financial conditions in its modern history in terms of cash flows."
He called for "the necessity of employing these cash flows in productive investments for the resource of the national economy, as well as employing national human resources in activities that should be income-generating and wealth-promoting at the same time."
He added that "investment policies for large resources require operating them with economic joints in order to achieve financial and economic sustainability."
He pointed out that "exceptional circumstances are what impose the borrowing policy, including the deficit of government revenues due to the cycle of declining oil assets."
He stressed that "the rise in oil prices and the resulting large rentier revenues will obviate the idea of external government borrowing." LINK
Iraq Raises Its Holdings Of US Bonds By More Than 600 Million Dollars
Economie| 09:25 - 18/04/2022 Baghdad - Mawazine News Today, Monday, the US Treasury Department announced that Iraq's holdings of US bonds increased by more than 600 million dollars to reach more than 24 billion dollars during the month of February.
The Treasury said in its latest table, that "Iraq's possession of US Treasury bonds for the month of February of 2022 increased by 661 million dollars, or 2.82%, to reach 24.086 billion dollars, after it was 23.086 billion dollars last January," indicating that "These bonds also rose from the same month last year 2021, when Iraq's possession of bonds amounted to 16.2 billion dollars."
She added that "Iraqi bonds, including long-term guarantees amounting to 10,260 billion dollars and short-term guarantees amounting to 13.826 billion dollars," noting that "these bonds represent 0.3% of the world's bonds."
In the Arab world, Saudi Arabia is at the forefront of the most possessing countries and has increased its holdings to reach $116,722 billion, Kuwait comes second with $50,571 billion, the UAE comes third with 46,299, then Iraq is fourth, Oman is fifth, with $5.338 billion, then Morocco is $3.720 billion.
She pointed out that "the most holder of US bonds is Japan, with an amount of 1,306,292 trillion dollars, followed by China, with 1,054,815 trillion dollars, followed by the United Kingdom, with 625,240 billion dollars, and Ireland, with 314,848 billion dollars." https://www.mawazin.net/Details.aspx?jimare=190490
The US Treasury: Iraq's Possession Of US Bonds Increased During Last February
Economie Monday, 18 April 2022 10:13 AM National News Center/Follow-up The US Treasury confirmed, today, Monday, that Iraq raised its holdings of US bonds to more than 600 million dollars, to reach more than 24 billion dollars during the month of February.
And the Treasury revealed, in its latest table, that “Iraq’s possession of US Treasury bonds for the month of February of 2022 increased by 661 million dollars, or 2.82%, to reach 24.086 billion dollars, after it was 23.086 billion dollars in the month of last January.” Indicating that "these bonds also rose from the same month last year 2021, when Iraq's possession of bonds amounted to 16.2 billion dollars."
She added that "Iraqi bonds, including long-term guarantees amounting to 10,260 billion dollars and short-term guarantees amounting to 13,826 billion dollars," noting that "these bonds represent 0.3% of the world's bonds."
In the Arab world, Saudi Arabia is at the forefront of the most possessing countries and has increased its holdings to reach $116,722 billion, Kuwait comes second with $50,571 billion, the UAE comes third with 46,299, then Iraq is fourth, Oman is fifth, with $5.338 billion, then Morocco is $3.720 billion.
https://nnciraq.com/122121/
An Agreement With An American Company To Explore Oil And Gas In The Anbar Desert
Posted On2022-04-18 By Sotaliraq Oil Minister Ihsan Abdul-Jabbar revealed the imminent signing of a contract with an American company to verify the oil and gas reserves in the Western Desert (Al-Anbar) before investing them, indicating that the actual procedures would proceed after the Eid holiday. Abdul-Jabbar said in a television interview, which was followed by (Al-Mada), that "Iraq has been under pressure to increase its oil production outside the scope of OPEC's production policy, in what appears to be one of the repercussions of the Russian war on Ukraine."
He continued, "Consumers always pressure their governments to reduce prices, while the rise in oil prices was not more severe as imagined, but it is due to the high rates of inflation globally and the increase in the prices of materials and raw materials."
Abdul-Jabbar pointed out that "OPEC is committed to providing the necessary oil supplies to compensate for any shortfall in crude oil."
He revealed, "The Ministry of Oil intends to sign a contract with the American company Halliburton to verify the volume of oil and gas reserves in the Western Desert of Iraq before entering into negotiations with international companies interested in investing in this region."
He noted, "The ministry is currently conducting studies and investigations regarding the availability of oil and gas in the Western Desert, before entering into negotiations with Saudi Aramco and the American company Chevron to invest in this sector."
Abdul-Jabbar said, "The Ministry of Oil has preliminary studies that indicate that the quantities in this area are low," and he talked about "sending Iraqi exploration teams to verify these studies." In addition, he confirmed that "the ministry has a decision to work with the American company Halliburton to drill a number of medium-sized wells.
He stated, "Work is underway to activate the contract with the company after the Eid al-Fitr holiday so that, according to the results of the expected studies, negotiations with Chevron and Saudi Aramco will be resolved."
Abdul-Jabbar stressed, "The Ministry of Oil is proceeding with its projects regarding verifying Iraq's gas capabilities in the Western Desert, so that the picture is clear to those interested in investing in this field by Chevron and Aramco," noting that "explorations by Iraqi teams are going in parallel with Activating the contract with the American company Halliburton.
He went on to say that "investment in the crude oil sector recovers investment funds as quickly as possible, but the gas sector needs a long period to recover investments."
Abdul-Jabbar added, "After 2013, there was a halt in gas projects and investments, and there was no required support or important projects until 2020, and the current government kept oil investments and added investments in the gas sector." He continued, "The state of reluctance was overcome with the Basra Gas Company, and investments were pumped into the company with more than $1.250 billion, and a special account was established for it and a loan was drawn in its favor from the International Finance Corporation worth $430 million."
Abdul-Jabbar added, "The Basra Gas Company has started implementing very giant projects, the first phase of which is the establishment of two plants with a capacity of 400 million standard cubic feet, and a second phase is being added with a capacity of 400 million standard cubic feet, and the ministry recently signed a contract with Total to add 600 million standard cubic feet. standard cubic feet. LINK
The Central Bank Announces An Increase In Cash Reserves To 70 Billion Dollars
Economie Monday, 18 April 2022 12:19 AM Baghdad / National News Center
Today, Sunday, the Central Bank of Iraq said that cash reserves exceeded $70 billion.
Deputy Governor of the Central Bank, Ihsan al-Yasiri, said in a statement to "Al-Iqtisad News", and he continued, "The National News Center" that "the reserves of the Central Bank exceeded 70 billion dollars."
https://nnciraq.com/122102/
Low Dollar Exchange Rates In The Local Market
Economie| 09:29 - 04/18/2022 Baghdad - Mawazine News Today, Monday, the dollar exchange rates fell on the Kifah Stock Exchange and the rest of the financial markets in the governorates, as follows:
Dollar selling prices, 147,500 dinars per $100 The purchase price of the dollar is 14750 dinars per 100 dollars. https://www.mawazin.net/Details.aspx?jimare=190491
Trade Announces Control Of Food Prices
Money and business Economy News – Baghdad Today, Monday, the Ministry of Commerce explained the reasons for importing three million tons of wheat, while pointing to the control of food prices.
The Director of Information of the Ministry of Trade, Maha Fadel, told the Iraqi News Agency, "The decision to import three million tons of wheat has begun, and we have so far imported 157 thousand tons relying on self-financing and on the money that comes from the Ministry of Finance," explaining that "the Ministry of Commerce is not It has funding, but the funding comes from the Ministry of Finance, on the basis of which the purchase is made, so it is in the form of payments."
And she added, "This quantity of wheat will be a strategic stockpile, in addition to filling the need, because we are waiting for the marketing season for wheat," pointing out that "there are three ships that arrived in Iraq carrying 157,000 tons of wheat from Australia, and we are continuing to contract in case of providing Financial allocations according to the plan of the Ministry of Commerce.
Fadel reassured "citizens that the distribution of the quota is continuing and there are no problems," calling on them to "report violators through phone call, email, or one of the ministry's applications."
She stressed that "the ministry will take measures by sending joint monitoring teams with the Ministry of the Interior."
And about the rise in the prices of goods and foodstuffs, she explained, "The rise in local prices was controlled through the supervisory teams and the pumping of foodstuffs, although there was a high price for some vocabulary, because of their global high."
Views 19 Date Added 04/18/2022 https://economy-news.net/content.php?id=27653
Social Protection Is Discussing With The Central Bank To Reduce The Commission For Paying The Subsidy Salaries
Money and business Economy News – Baghdad The head of the Social Protection Authority, Hoda Sajjad, discussed, with the Central Bank, reducing the commission for paying the subsidy salaries .
A statement by the Protection Authority stated that "Sajad discussed with the Deputy Governor of the Central Bank, Ihsan Shamran al-Yasiri, to reduce the costs of collecting the amounts of payment of the commission payment of social protection benefits from those covered by the subsidy ."
He explained, "The meeting took place in the presence of the Director General of Payments at the Central Bank, the Director General of the Social Protection Fund Department and the directors of the legal and accounts departments in the authority, where they discussed reducing the monthly deductions for poor groups and ways to develop electronic payment services ."
He added, "It was agreed to hold subsequent meetings with electronic payment companies in order to obtain better offers or services to the poor groups."
Views 140 Date added 04/18/2022 https://economy-news.net/content.php?id=27648
Saleh Stresses The Importance Of The Office Of Financial Supervision In Combating Corruption And Preserving Public Money
Money and business Economy News – Baghdad The President of the Republic, Barham Salih, stressed, on Monday, the importance of the role played by the Office of Financial Supervision in protecting public money, combating administrative and financial corruption, and contributing to supporting the national economy.
The Presidency of the Republic said in a statement, "The President of the Republic, Barham Salih, received, today, Monday, at Al-Salam Palace in Baghdad, the head of the Agency for Financial Supervision, Rafel Yassin Khudair."
Saleh stressed, according to the statement, "the importance of the role played by the Financial Supervision Bureau in protecting public money, combating administrative and financial corruption, and contributing to supporting the national economy in a way that enhances the state's effort to establish good governance based on upgrading management and governance systems in state institutions, and ensuring equality opportunities and protects the country's wealth.
The President of the Republic stressed that "the dangerous scourge of corruption affects the will, stability and progress of the country." Date 04/18/2022 https://economy-news.net/content.php?id=27656
The Central Bank Allocates A Trillion Dinars To Support Clean Energy
Political | 03:27 - 04/18/2022 Baghdad - Mawazine News, Monday, the Central Bank of Iraq allocated an amount of one trillion dinars to support clean energy, while the Investment Authority indicated that the government signed an agreement with international companies to establish 7.5 gigawatts through solar energy.
The Iraqi Banks Association stated in a statement, "The Association of Iraqi Private Banks organized a symposium entitled "Concepts of renewable energy in Iraq to achieve the principles of transition towards a green economy" in the presence of the Minister of Environment, Chairman of the Investment Authority and Deputy Governor of the Central Bank, noting that "the symposium was attended by the Director of the Department of Organizations in the General Secretariat of the Council of Ministers, Ashraf Al-Dahan, the representative of the Secretary-General of the Council of Ministers, Ali Al-Shahristani, the Director General of the Integrity Commission, Muhammad Muften, as well as the head of the Martyrs Fund, Abdul-Ilah Al-Naeli.
She added, "The discussion session was moderated by the former Iraqi ambassador to the UAE, Zaid Izz Al-Din, and was attended by the Minister of Environment, Jassem Al-Falahi, the head of the Investment Authority, Suha Al-Najjar, and the Deputy Governor of the Central Bank, Ihsan Al-Yasiri."
Environment Minister Jassem Al-Falahi said that "Iraq is classified as one of the countries in the world most affected by climate changes due to the presence of serious problems related to water security, which has increased levels of desertification and dust storms."
He stressed that "the ministry has been working with the Central Bank for several months on its national initiative to support electricity through solar energy and the transition towards a green economy," noting that "renewable energy is the next economy, and I call on businessmen and investors to move seriously towards a green economy."
While the Deputy Governor of the Central Bank, Ihsan Shamran Al-Yasiri, said, "The Central Bank has tended, since the beginning of last year, in cooperation with the Ministry of Environment, to invest in the fields of green economy and renewable energy in Iraq, and work has begun to form a committee for renewable energy, after which the approval of the Governor of the Central Bank on Launching an initiative worth one trillion dinars.
He added that "the Central Bank decided that the loans granted with an administrative commission only target all sectors of housing and business," noting that "the establishment of the solar energy system will contribute to improving the environment and reducing risks."
He stressed that "the device of standardization and quality control will carry out the task of examining the devices that traders will import from outside Iraq."
In turn, the head of the Investment Authority, Suha Al-Najjar, said that "the Investment Authority greatly supports clean energy projects," explaining that "
And she added, "The Central Bank provided the necessary funds to invest in energy," calling on international and local companies to "invest the Central Bank's initiative to establish solar power plants."
She stressed that "the Investment Authority is ready to support all environmentally friendly projects, and that Iraq is a promising environment in this field, but on the condition that these projects are technologically advanced and able to achieve profit and protect the environment at the same time." Ended https://www.mawazin.net/Details.aspx?jimare=190526
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