Iraqi News Early Tuesday AM 7-5-22
Iraqi News Early Tuesday AM 7-5-22
TLM724 Administrator BondLady’s Corner
Al-Kazemi: The Government Is Determined To Move Forward With Reforms
Political Yesterday, 15:44 Baghdad – INA Prime Minister Mustafa Al-Kazemi affirmed, today, Monday, that the government is determined to proceed with reforms.
The media office of the Prime Minister said in a statement received by the Iraqi News Agency (INA), that "Prime Minister Mustafa Al-Kazemi received the Special Representative of the World Bank in Iraq, Ramzi Noman, on the occasion of the end of his work," noting that "the meeting witnessed a review of the challenges facing him." countries in the region in the areas of energy production and climate change.
He added, "Al-Kazemi valued the role played by the World Bank in supporting the reform directions implemented by the government, especially when the consultations are consistent with the Iraqi conditions and understand the Iraqi economic specificity."
Al-Kazemi indicated, according to the statement, that "the government is determined to move forward with reforms in order to provide better livelihoods for the Iraqi people," stressing that
"the reform efforts adopted by the government have begun to bear tangible results through economic indicators published by international organizations, and
he renewed his confidence in the future.
The promising economy for Iraq that the younger generations will lead.
For his part, Ramzi Numan expressed his "appreciation for the Iraqi government's efforts in the field of economic reform, and its ability to implement it despite difficult challenges, and
he also praised the Iraqi efforts in achieving regional economic integration in partnership with the rest of the countries in the region, which ultimately serves the Iraqi interest." https://www.ina.iq/160043--.html
Iraq And The United States Are Discussing The Recovery Of The Smuggled Iraqi Funds
Policy 2022-07-04 | 13:25 Source: Alsumaria news 1,614 views The President of the Republic, Barham Salih, and US Senator Lindsey Graham discussed, on Monday,
cooperation in combating the scourge of corruption and
assistance in recovering Iraqi funds smuggled abroad.
The Presidency of the Republic said in a statement, "The President of the Republic, Barham Salih, received today, Monday, July 4, 2022, US Senator Lindsey Graham, and the meeting discussed the strong bilateral relations between the two countries and ways to strengthen them in the political, economic and cultural fields in accordance with understandings and common interests."
She added,
"The importance of continuing work and coordination to
combat terrorism and eradicate its roots in the whole region,
cooperation in confronting economic fluctuations,
combating the scourge of financial and administrative corruption, and
assistance in recovering Iraqi funds smuggled abroad, as well as
cooperation in confronting the phenomenon of climate change and
protecting the environment, was emphasized."
In the meeting, according to the statement,
“the latest regional and international developments of common interest were discussed.”
President Barham Salih stressed the importance of easing regional tensions, defusing crises through dialogue and ending terrorist havens, noting that
“the importance of Iraq in the region as an essential axis for security and stability.” all region.
For his part, Senator Lindsey Graham affirmed
"the commitment of the United States to support the security and stability of Iraq, and to establish close relations in various fields," noting
"the importance of Iraq in the region and its active role in establishing security and stability."
An Economist Explains The Importance Of The Belt And Road Initiative For Iraq
Economic Last update 07/04/2022 | 12:01 pm Information / Baghdad..The researcher in economic affairs, Nabil Jabbar Al-Ali, confirmed, on Monday, that the Chinese agreement is not related to the Silk Road project or the Al-Faw port project, noting that
the Chinese agreement is a contracting contract on credit, Iraq pays 20% in the form of oil payments and lends to institutions The Chinese company Iraq increased by 80%, and its companies implement projects inside Iraq without competition.
Al-Ali said in a statement to "Al-Maalouma", that "Al-Faw port is a maritime transport project at a cost of approximately $3 billion, and it is a commercial port that cannot generate revenues of more than $1 billion annually, which is equivalent to approximately 1.5 percent of Iraq's oil revenues in working in conditions for its ultimate success.
He added that "the Chinese Belt and Road Initiative, or what is known as the Silk Road, is a large Chinese international investment project to implement Chinese investments in the field of international transport to achieve Chinese goals related to quick and less expensive access to goods manufactured in China to various parts of the world."
Al-Ali pointed out that “Iraq can be classified as a country that falls within the American and British influence, and
China is trying to approach cautiously with Iraq, and
China cannot rely on an international line under pure American control, as is the case in Iraq.”
He pointed out that "the Silk Road can create multiple commercial interests in Iraq, as well as in the field of transportation, transit and shipping.
It can enhance opportunities for industry, storage, free trade, and free industrial zones, provided that the political will, a clear vision and policies are available." https://almaalomah.me/2022/07/04/606861/
Al-Kazemi Discusses With A US Senator The New Stage Of Security Cooperation
Political Yesterday, 19:40 BAGHDAD –Prime Minister Mustafa Al-Kadhimi discussed, today, Monday, with US Senator Lindsey Graham, the new phase of security cooperation in the field of advice and capacity-building for the Iraqi security forces.
The media office of the Prime Minister stated in a statement received by the Iraqi News Agency (INA), that "Al-Kazemi received Graham and his accompanying delegation, today, and the Prime Minister expressed during the meeting his welcome to the delegation and his aspiration to strengthen bilateral relations and ways to develop them in the economic, cultural, and educational fields." and in the interest of the Iraqi and American peoples.
He added, "The meeting witnessed the discussion of the new phase of security cooperation in the field of advice and capacity-building for the Iraqi security forces after the end of the combat role of the American forces, as well as discussing the regional situation in general and the situation in Syria in particular, and what Iraq can contribute to achieving regional stability." In light of his growing role in this field.
For his part, Senator Graham affirmed, according to the statement, the unlimited commitment to providing long-term assistance to Iraq, and enabling it to achieve its security, economic, and social priorities, and made it clear that the United States aspires for Iraq to be a major player in the Middle East, based on its strong democracy and economic reforms as a factor. supportive of regional and international stability. https://www.ina.iq/160060--.html
Oil: 3 International Companies Confirmed Not To Apply For New Projects In The Kurdistan Region
Monday, July 4, 2022 7:54 PM National News Center/ Baghdad The Iraqi Oil Ministry announced, on Monday, that three international companies will not enter into new projects in the Kurdistan region, in compliance with the decision of the Federal Court and the directives of the steering committee formed in the ministry.
The ministry said in a statement received by the National News Center that
"in view of the many questions directed to the Ministry of Oil from the international and local press regarding the position of international oil services companies operating in the Kurdistan region, regarding the decision of the Federal Court."
She added, "The Ministry of Oil confirms that the companies (Schlumberger, Big Hughes, Halliburton), which are among the sober international companies in the field of oil services, and according to their official addresses to the Ministry, confirmed not to apply for new projects in the Kurdistan region in compliance with the decision of the Federal Court and the directives of the steering committee formed in the Ministry of Oil. oil.”
The ministry indicated that “the above companies are now in the process of liquidating and closing the existing tenders and contracts, confirming under this pledge that they do not own a commercial entity or other companies operating in the region, whether with their trademark or for others or on their behalf, and in a manner that does not violate the decision of the distinguished Federal Court, Or it intersects with the directives of the Ministry.” https://nnciraq.com/138951/
The National Bank Of Iraq Agrees With Arab Trade On Unfunded Facilities
Monday, 4 July 2022 1:42 PM National News Center / Baghdad Today, Monday, the National Bank of Iraq and the Arab Trade Finance Program concluded an unfunded facility agreement, as part of its efforts to boost exports and imports of the industrial and service sectors in the Iraqi market.
The bank stated in a statement, received by the National News Center, that "the agreement was signed by Abdul Rahman bin Abdullah Al-Hamidi, CEO and Chairman of the Board of Directors of the Arab Trade Finance Program, and Board Member / CEO of the National Bank of Iraq, Ayman Abu Dhaim."
Under the agreement, the Arab Trade Finance Program granted the National Bank of Iraq a line of credit to be used in financing Arab trade and to guarantee qualified commercial deals.
The Arab Trade Finance Program provides funded and unfunded credit facilities through the conclusion of risk-sharing partnership agreements with international financial institutions, in order to participate in the risks of the national agencies’ payment of their obligations, and also through the direct issuance of guarantees or irrevocable payment pledges to ensure that national agencies pay their obligations. arising from entering into business operations subject to the principles and uniform international norms.
The CEO of the National Bank of Iraq, Ayman Abu Dhaim, expressed his pride in this cooperation with the Arab Trade Finance Program, which will support the plans of the National Bank of Iraq in providing the best services to its corporate clients in their various commercial and industrial sectors, by supporting the financing of exports and imports of these sectors, in a way that contributes to the development of trade in Iraq.
Abu Dhaim pointed to the bank’s achievements in the Iraqi market, where it was able to effectively contribute to the Iraqi economy and consolidate its distinguished position at the heart of the banking sector, which is the locomotive of development and the main pillar of various vital sectors, by providing banking products and services with high added value to its customers. of individuals and companies, and its investment in its infrastructure.
Over these years, it witnessed a remarkable increase in the number of its branches, which today amounted to 19 branches and 112 ATMs spread in various Iraqi governorates.
It should be noted that the Arab Trade Finance Program is a joint Arab financial institution that was established in 1989 in the city of Abu Dhabi, United Arab Emirates.
The program aims to develop Arab trade and enhance the productive and competitive capacity of the Arab exporter.
The program works to provide a package of services to the Arab trader that will contribute to enhancing his productivity and competitiveness.
At the forefront of these services is the provision of the necessary financing for Arab trade activities through its approved national agencies at a competitive cost and easy terms.
The program’s services include various tools and mechanisms that include financing through credit lines.
Financing in accordance with Islamic Sharia, risk sharing with various financial institutions, document discounting and guarantee services, in addition to a number of other unfunded credit facilities. https://nnciraq.com/138866/
The Best In Iraq
Global Finance magazine has chosen Al-Mansour Investment Bank (MBI), a subsidiary of Qatar National Bank Group, to win the Best Bank in Iraq award for this year.
This honor came as a result of the bank's overall performance and the efforts it made over the past few years during the implementation of the transformation phase. It also came in appreciation of its global brand and its wide range of banking products and services for individuals and companies, in addition to having a strong infrastructure and extensive experience in the banking field.
Al-Mansour Investment Bank is keen to continue to provide reliable and fortified services with all safety standards and to employ its banking expertise, with great and continuous support from the Central Bank of Iraq, which contributes to achieving high growth rates for the Iraqi economy and in line with the correct rules and laws followed in Iraq.
Al-Mansour Investment Bank has also entered into partnerships with a number of multi-global payment companies, including (MasterCard), (Western Union), (Swift) and others to provide its customers with safe and effective solutions for local and cross-border payments.
In addition, Al-Mansour Investment Bank was the first bank in Iraq to launch the innovative biometric and contactless payment cards.
Global Finance's awards and recognition programs have a history of accuracy and integrity. It has become a trusted standard of excellence for the global financial and trading community. https://mbi.iq/الأفضل-في-العراق/
The Minister Of Finance Announces The Submission Of A Study To Reform Government Banks
Economie Yesterday, 10:34 Baghdad - conscious - the Mullah Medal Today, Saturday, Finance Minister Ali Allawi announced the submission of a study to reform government banks.
Allawi said in a speech during the Fifth Finance and Banking Exhibition Conference in Iraq, which was attended by the correspondent of the Iraqi News Agency (INA):
"Since we took over the Ministry of Finance, there have been several studies presented to the government and the Central Bank, and
we took the challenge seriously to change and reform government banks."
He added that “the
Ministry of Finance saw the urgent need to develop the resources of the economy," noting that
"it is not possible to manage matters with the duplication and dominance of the public sector and Iraq is a free economy."
Allawi added that
"in order to make way for the private sector, the competition base must be equal, and that
reforming banks is one of the most important priorities of the banking sector," noting that
"Iraq is very far from privatization in the banking field."
He stressed that
“the most important step is the restructuring of banks, which is not an easy process, and that
re-arranging government banks requires time and an economic vision."
He stated:
"We are far from privatizing any bank, and we are not about that," noting that
"since the beginning of the Iran-Iraq war, government banks have become isolated from the outside world.
In the current era, there are several studies submitted to the government and the Central Bank of Iraq to change and reform the government banking system."
He explained that “the most important step is to restructure banks, which is not an easy process, because rearranging government banks requires time and an economic vision," stressing that
"one of the most important means of reforms is to change the incentive system and in light of the white paper,
we can within 3 years change the system of reforms and beyond. forward."
He added, "The government sector accounts for 70% of the banking business, and
this is unhealthy, and there is no such percentage in any other country," explaining that
"the savings come from the state, corporate profits, or the outflow, and
in Iraq the outflow is dependent and unreliable.
The environment must be changed to receive the outflow.” https://www.ina.iq/159887--.html
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