Iraqi News Wednesday Evening 4-20-22
Iraqi News Wednesday Evening 4-20-22
TLM724 Administrator BondLady’s Corner
The Central Bank Of Iraq Achieves The Highest Percentage Of Hard Currency Reserves Since 2014
Banks Economy News – Special The Deputy Governor of the Central Bank, Ihsan Shamran, confirmed that the foreign reserves of the bank exceeded the $70 billion barrier, in a large number that the bank has not seen for years
Shamran told "Economy News" that "the Iraqi cash reserves in the Central Bank exceeded the limits of 70 billion dollars, a number that Iraq has not witnessed for years," noting that "Iraq currently possesses an excellent amount of gold, as well as an advanced classification among the countries of the world in the percentage of possession Metal".
He added, "If the money flowing into the Central Bank exceeds what comes out through the currency sale window, the reserve ratio will accumulate in a way that reflects positively on economic life in Iraq and maintains its sustainability."
Regarding the Central Bank’s initiatives, Shamran stressed that “the security and economic challenges and the accompanying drop in global oil prices and the weakness of Iraqi finances in 2014 called on the Central Bank to launch initiatives worth more than 15 trillion Iraqi dinars, including a 5 trillion investment for the specialized sector.”
He continued, "The middle of 2021 witnessed the Central Bank, in coordination with the Ministry of Environment, the Central Agency for Standardization and Quality Control, and the Ministry of Electricity, to launch an initiative to finance the purchase of solar power generation units," noting that "the initiative was launched in early 2022 with a value of one trillion Iraqis."
He considered that "the amount of funding is the largest in Iraq and the region in this type of initiative," noting that it "targets the production of clean energy for family use, factories, housing and construction sector."
Views 115 Date Added 20/04/2022 https://economy-news.net/content.php?id=27687
A Former Official: Economic Damage Will Be Inflicted On The Country If The Exchange Rate And This Option Are Changed
Economie| 12:37 - 20/04/2022 Special - Mawazine News The former director of the Financial Supervision Bureau, Salah Nouri, confirmed today, Wednesday, that "great economic damage will be inflicted if there is any change or modification to the dollar exchange rate."
In a statement to Mawazine News, Nuri said, "Even if the Ministry of Finance decides to amend the exchange rate to about 130, but there are solutions to support the fragile and affected classes by raising the exchange rate."
He added, "The procedure is to establish sovereign funds to support those segments that have been affected by the amount of their damage from the change, which amounted to 23%. They are compensated through these funds."
He pointed out that "the Ministry of Finance has made it clear to the citizens about the increase in revenues and the recovery of the treasury." https://www.mawazin.net/Details.aspx?jimare=190718
The Prime Minister's Spokesperson Is Hosted By Parliament To Discuss The Budget
Political | 03:22 - 20/04/2022 Baghdad - Mawazine News The Parliamentary Finance Committee hosted, on Wednesday, the Minister of Culture, Hassan Nazim, regarding the budget law.
The Media Department of the House of Representatives said in a statement that Mawazine News received a copy of it, that “the Finance Committee headed by Hassan Karim Al-Kaabi and in the presence of a number of its members received today, the Minister of Culture, the spokesman for the Prime Minister, Hassan Nazim, and the advanced cadre in the ministry to discuss the ministry’s budget within the budget law.” Federal General Assembly for the year 2022.
Al-Kaabi welcomed the Minister of Culture, stressing "the importance of the ministry and its work within an organized work plan."
The culture sector was discussed and the need to support it with projects concerned with cultural reality, including supporting the school library and building museums to prove cultural identity.
The meeting, which was held at the headquarters of the Finance Committee, discussed the budget of the Ministry of Culture within the general budget law for the year 2022, and the development of a strategic plan that meets the needs of the ministry based on a real vision between the Finance Committee in the House of Representatives and the Ministry of Culture, in addition to the sustainability of the ministry’s work through legislation, including the Ministry of Culture law. and important laws. Ended 29/R77
https://www.mawazin.net/Details.aspx?jimare=190732
Al-Kazemi's Technical Advisor: The Current Situation In Parliament May Not Be Ready For Approving The Budget
political| 01:45 - 20/04/2022 Baghdad - Mawazine News, the technical advisor to the Prime Minister, Haitham Al-Jubouri, confirmed today, Wednesday, that the 1/12 exchange mechanism is not sufficient due to the large expansion in demand, while he considered that the current situation in the House of Representatives "may not be ready" to receive the budget bill. and its approval.
Al-Jubouri said in an interview with the official news agency, which was followed by (Mawazine News), that "the budget is very important because each operational budget cannot be spent more than 1/12 according to Financial Management Law No. (6), which is insufficient due to the large expansion in demand, whether At the level of salaries and promotion allowances, or at the level of operational budgets needed by ministries.
Al-Jubouri added that "investment budgets are also very important for development projects and projects to provide services to the governorates," noting that "
He continued, "The government has not sent the draft budget law to the House of Representatives so far and it is still in the Council of Ministers," noting that "when the Council of Ministers sent the emergency support law, it means that the budget is not currently ready and needs more time." Ended 29/N33
https://www.mawazin.net/Details.aspx?jimare=190726
The Speaker Of Parliament Meets The American Ambassador, And Political Developments Are At The Forefront Of The Session
political| 04:06 - 20/04/2022 Baghdad - Mawazine News The Speaker of the House of Representatives, Muhammad Al-Halbousi, received, on Wednesday, the US Ambassador to Iraq, Mr. Matthew Tueller.
A statement by Al-Halbousi's office stated that Mawazine News received a copy of it, that during the meeting, bilateral relations between the two countries were discussed. The meeting also touched on developments in the political situation in the country, as well as discussing a number of issues of common interest. Ended 29/R77 https://www.mawazin.net/Details.aspx?jimare=190739
A Slight Decrease In The Exchange Rates Of The Dollar In The Local Market
Economie| 09:21 - 20/04/2022 Baghdad - Mawazine News Today, Wednesday, the exchange rates of the dollar in the local market witnessed a slight decrease, as shown in the following table:
Baghdad Selling 148,000 dinars Purchase 147.000 dinars
North Selling 148,000 dinars Purchase 147.000 dinars
South Selling 148,000 dinars Purchase 147.000 dinars
https://www.mawazin.net/Details.aspx?jimare=190689
Iraq Faces A Digital Opportunity To Accelerate Its Economic Revival
Articles By: William Wang, CEO of Huawei Iraq
Iraq's Vision for Sustainable Development 2030 aspires to achieve a high and sustainable economic growth rate, enhance the efficiency of the vital oil sector and the private sector, and increase its contribution to development, along with many other goals, to develop infrastructure and strengthen the financial sector. All with the aim of creating a clean, safe and sustainable environment for current and future generations .
As a global company active and active in the sustainable development system, Huawei believes that there are four main axes that must be worked on that would help Iraq achieve these goals, which are advanced technologies, cybersecurity, digital talent, and environmentally friendly information and communications technology.
The issue of consolidating the potential gains of Iraq's growth agenda begins with the adoption of the latest and most advanced technologies. This starts with the businesses of the telecom service providers who must maintain their competitiveness and deal with the priorities of investing in the most worthy technologies in dealing with the requirements of accommodating the higher levels of demand for bandwidth by consumers and SMEs. This is done in parallel to meet the needs of companies at the level of data storage and the need for multi-cloud environments.
The fact that there is no old infrastructure puts Iraq in the category of beneficiary, given the opportunities this presents for the adoption of technologies that embody a "quantum leap" such as artificial intelligence in order to advance the digital future. Iraq can also take advantage of its presence at the crossroads of the world's highest-developed regions - the path of cables/internet traffic between Europe and Asia - to create an advanced regional data center.
Modern technologies such as artificial intelligence bring with them major competencies for the country's oil and gas sector across the entire value chain. Automation helps oil and gas companies determine the value of oil reservoirs, customize well drilling and construction plans to specific geological features, and assess the risks of each well. This is accomplished using algorithms and without the need for the expensive exploratory drilling that has become a hallmark of conventional oil and gas exploration and drilling. In addition, refining and processing processes can be improved to reduce costs and increase price differentials.
Huawei plays a major role in bringing about a quantum leap in the energy sector by using data and research technologies. In 2021, the company launched a new solution, “Smart Oil and Gas Fields,” specifically designed to help companies operating in the sector shift towards digital technology. This solution covers many aspects of digitization, including workplace security, production inspection, and predictive maintenance.
One of the other main priorities for accelerating the pace of the digital economy in Iraq is to enhance its balance of distinguished technical talents, as digital talent is of great importance in the framework of enhancing digital job opportunities available to Iraqi youth, whose benefits extend to the businesses and services of all sectors and industries.
Therefore, the public and private sectors need to continue investing in talent development to ensure that organizations can access the qualified employees they need to achieve their transformation goals. Within this framework, we at Huawei have a set of vital programs and initiatives in the field of talent development, refining expertise and preparing future leaders, such as the “Huawei ICT Competition in the Middle East”, “Seeds for the Future” and the “Huawei ICT Academy”, which we hope To provide support to Iraq in building a sustainable and knowledge-based economy.
Without a doubt, Iraq has enough talent and human cadres to advance its digital agenda. An Iraqi team made it to the final list of the ten nominees for the inaugural 2022 edition of the Huawei Tech4Good Global Competition . This competition is an important part of our pioneering CSR programme, Seeds for the Future, an initiative that aims to help nurture and develop young talent and equip them with the skills and mindset required to compete in future workplaces. The Iraqi team submitted a draft air pollution monitoring and tracking system based on a drone, which could replace costly and insufficient fixed monitoring stations.
As Iraq rebuilds its ICT infrastructure, it must prioritize environmentally friendly information and communication technologies in order to ensure sustainable development in line with the visions set by Vision 2030 and long-term savings. The ICT sector is one of the major consumers of energy. In the field of data center facilities, for example, Data Economics predicts that global data centers will consume a fifth of the planet's energy by 2025.
We can now use AI techniques to save energy and reduce the power efficiency ( PUE ) of local data centers. In parallel, digital technologies today play a critical role in reducing the carbon footprint of other sectors. According to data from the World Economic Forum“Information and communications technology will contribute to reducing industrial carbon emissions by 12.1 billion tons around the world by 2030.
This number is 10 times greater than the carbon emissions of the ICT sector itself. Artificial intelligence and cloud applications can make a significant impact on reducing carbon emissions. Carbon emissions in all sectors in Iraq.
Evidence indicates that for every job created in broadband infrastructure deployment, between 1.83 and 3.42 additional jobs are created or created indirectly in the economy – more than most other infrastructure investments .
Based on these priorities, Iraq can achieve its social and economic development goals by strengthening investment paths in the development of ICT based on artificial intelligence, digital talent, and green ICT, with the aim of accelerating Iraq’s progress in establishing its position as an important player in the regional digital economy . Views 549 Date Added 19/04/2022 https://economy-news.net/content.php?id=27679
World Bank: Iraq Ranks First In The Arab World With The Largest Growth In GDP
Economie| 10:19 - 20/04/2022 Baghdad - Mawazine Yanouz The World Bank administration announced, today, Wednesday, that Iraq achieved the first Arab rank with the largest growth in GDP, while praising the positive steps taken by the government with its corrective measures for fiscal policy.
A statement by the Ministry of Finance, received by Mawazine News, stated, "The World Bank report issued for the current month of April, in which it is expected that Iraq will achieve the first Arab rank with the largest growth in GDP and per capita for the year 2022."
The report stated, according to the statement, that "Iraq's gross domestic product may grow this year by 8.9 percent, exceeding the rest of the Arab countries, including Qatar, which is expected to grow by 4.9 percent, Saudi Arabia 7 percent, Kuwait 5.7 percent, UAE 4.9 percent, Algeria 3.2 percent, and Egypt 5.5 percent." Jordan 2.3 percent and Morocco 4.3 percent.
He added, "The growth of Iraq will decline in 2023, but it will also remain higher than the rest of the Arab countries, except for Egypt," noting that "the growth of Iraq's GDP will be 4.5 percent, similar to Qatar, and it will rise in Egypt to 5 percent, and Saudi Arabia will have 3.8 percent and Kuwait." 3.6 percent, Algeria 1.3 percent, Tunisia 3.5 percent, and Jordan 2.3 percent.
The World Bank report indicated that "Iraq will also be the highest among the Arab countries in terms of per capita GDP growth during 2022, at 6.3 percent, while Saudi Arabia's per capita growth will be 5.5 percent, Kuwait 4.5 percent, Bahrain 1.4 percent, Egypt 3.6 percent, and Qatar." 4.5 percent, while Morocco will decrease 0.1 percent.
In a related context, experts at the bank praised, according to the report, "the positive steps taken by the Iraqi government through the Ministry of Finance in its corrective measures for the fiscal policy and for the structure of the Iraqi economy in general, in addition to its adoption of an extensive package of measures and plans of medium and long-term impact in the face of the repercussions of the phenomenon of inflation and the rise in global prices and the repercussions of Corona pandemic.
Experts predicted that "the growth of the Middle East and North Africa region will be 5.2 percent in 2022, after recording a recovery of 3.3 percent in 2021."
The World Bank expected that "the growth rate in per capita GDP in the region will rise to 3.6 percent in 2022 after recording a recovery of 1.7 percent in 2021." https://www.mawazin.net/Details.aspx?jimare=190699
Oil Announces Its Plan To Increase Production Capacity To 8 Million Barrels Per Day
Energy Economy News _ Baghdad Today, Wednesday, the National Company announced its plan to increase production capacity in Iraq to 8 million barrels per day.
The Director General of the Iraqi Drilling Company, which is affiliated with the National Company, Basem Abdul Karim Al-Shamkhani, said that "the plan of the Ministry of Oil to produce in Iraq targets the oil and gas fields in the flooded area and offshore Faw coasts," noting that "the company continues to sign more strategic cooperation agreements with the American international drilling companies ( Halliburton, Weatherford, Schlumenberger) as well as with Chinese companies, including drilling giant Bohai, as well as Russian and Azerbaijani companies.
He added, "Cooperation with international companies will support the plan of submerged or submerged drilling rigs for offshore drilling operations, as well as training and qualifying the company's staff in line with the development of technologies and expertise in the field of diverse drilling globally," noting that "these contracts come within the framework of a long-term plan. To increase production capacities in Iraq to 8 million barrels per day by the end of 2027.
He pointed out that "Oil Minister Ihsan Abdul-Jabbar Ismail, stressed during his participation in a workshop organized by the Oil Exploration Company in cooperation with CINOC to study plans for developing offshore patches early this year, the necessity of starting work procedures according to the study presented and identifying exploration work points in the offshore part of the patch, which China's Cinoc is doing, in addition to accelerating seismic surveys for the onshore part of the Oil Exploration Company.
Al-Shamkhani continued, "The signed drilling contracts are concentrated in two parts, the first with the ministry's companies, where 43 wells have been started in the Majnoon field, northwest of Basra, to be delivered within two years, as well as drilling wells in the central fields and in the Basra and Kirkuk fields," pointing out that “Service licensing contracts got the largest share by drilling 120 oil wells in the Rumaila field within a contract with the main field operator, Al-Babi Company to drill 200 wells, delivered by the end of 2025.”
And he indicated, "The company is conducting drilling operations of 37 oil wells in the Zubair field, with a contract with the main operator, the Italian company Eni, as drilling of 17 wells have been completed during the past period, in addition to carrying out continuous reclamation of producing wells in West Qurna 1 after signing a previous contract. With the main operator, Exxon Mobil Corporation, to reclaim up to 50 producing wells during the next two years.”
And the Director General of the drilling company revealed, "the imminent signing of a contract for 22 wells in the Bazarkan field with the Chinese investment company Cinoc."
Views 67 Date Added 04/20/2022 https://economy-news.net/content.php?id=27688
Al-Watania: Promising Gas And Oil Investments In Offshore Patches That Iraq May Rely On In The Future
Economie| 09:07 - 20/04/2022 Baghdad - Mawazine News Today, Wednesday, the National Drilling Company revealed promising investments in offshore gas and oil, which it is hoped the country will rely on in the coming years, while it signed contracts with foreign companies to drill and reclaim new oil wells in Basra, Maysan and Kirkuk.
The director of the company affiliated with the Ministry of Oil, Basem Abdul Karim Al-Shamkhani, said in a statement to the official newspaper, which was reviewed by "Mawazine News", that "the oil and gas fields in the flooded area and the Faw marine coasts have become the target within the Ministry of Oil's production plan in Iraq."
He added, "The company continues to sign more strategic cooperation agreements with major American drilling companies such as Halliburton, Therford and Schlumenberger, as well as with Chinese companies, including the drilling giant Bohai Company, as well as Russian and Azerbaijani companies."
He explained that "the companies will support the plan to construct submersible or submerged drilling rigs in offshore drilling operations, as well as train and qualify the company's staff in line with the latest developments, technologies and expertise in the diversified drilling field."
It is noteworthy that Iraq had a previous project in the eighties of the last century in the offshore Al-Durra field for the production of oil and gas, located in the overlapping offshore region in the northern Arabian Gulf that has not been demarcated between the riparian countries, and the field discovered in 1967 contains a large stock of gas, estimated at about 11 trillion cubic feet, plus more than 300 million barrels of oil. Ended 29 / 92 https://www.mawazin.net/Details.aspx?jimare=190686
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