Monday Afternoon Iraq Economy News Highlights 6-20-22
Monday Afternoon Iraq Economy News Highlights 6-20-22
The European Union Ambassador In Baghdad: Importing Iraqi Oil Is A Good Option For Us
Economie 08:16 - 06-19-2022 The Ambassador of the European Union in Baghdad, Villa Variola, considered that importing Iraqi oil is a good option for the European bloc.
Variola said in a statement to the Iraqi News Agency, "The changes in the oil market are according to supply and demand, and there is a significant impact of the Russian-Ukrainian war and its economic effects, as well as facing many details and guarantees, and through this process the issue has its own ramifications," adding that "the countries The European Union is in the midst of searching for new partners and alternatives around the oil import file, but importing Iraqi oil is a good option for us."
He added, "The Iraqi economy has many potentials and opportunities, and it is a diversified economy, and this diversity at the same time may not be a blessing only."
"For us and within the Supporting Committee for Economic Improvements in Iraq, we support and urge the Iraqi government to significantly improve its steps in implementing the White Paper, and it is very important that these tasks be completed by the new government," Variola said. https://kirkuktv.net/AR/Details/6882
Iraq Actually Begins Investing In Gas Fields
Iraq 12:31 - 06-20-2022 Iraq Today, Monday, the Federal Ministry of Electricity identified two types of financial commitments towards Iran, and while the Ministry of Oil actually announced the investment of Iraqi gas fields, it confirmed that this would reduce dependence on importing Iranian gas.
And the technical advisor to the Minister of Electricity, Abdul Wahab Kazem, said that "Iraq's financial obligations towards Iran are of two types, the first is financial dues in exchange for the supplied gas, as a formula was reached with the TBI to record normal dues, and the second is other dues to contractors and companies supplying electrical power equipment."
Kazem added, "The issue of gas falls under the jurisdiction of the Ministry of Oil, and the latter is currently determined and has actually started investing in the very important gas fields in the Okaz and Mansouriya fields."
He stressed, "The investment of Iraqi gas fields will provide very large quantities of gas and reduce dependence on Iranian gas." https://kirkuktv.net/AR/Details/6897
A European Report Monitors An Economic Breakthrough For Iraq .. But "The Risks Are Great"
Posted On2022-06-19 By Sotaliraq The European "Modern Diplomatic" website monitored indicators of economic détente in Iraq and its exit from recession, but warned that the country is still, despite this, exposed to "great risks."
And the European website clarified in a report, published in English, that the macroeconomic outlook for Iraq faces a large level of risks due to the strong dependence on oil and the stagnation with regard to the budget, in addition to the delay in forming a new government, noting that reliance on oil can harm reforms. , thus exacerbating the challenges to the economic structure.
Despite this, the report stressed that Iraq is gradually emerging from the deep recession caused by the Corona epidemic, and caused the collapse of oil prices in the year 2020, noting that the economy is expected to grow by an average of 5.4% annually between 2022 and 2024.
At the same time, the European website quoted a quarterly report of the World Bank on Iraq under the title “Harnessing the unexpected revenues of oil for sustainable development,” saying that after the period of contraction of the Iraqi economy by more than 11% during the year 2020, the growth during the year 2021, Record 2.8%.
He pointed out that this was achieved with the easing of the closure restrictions related to the Corona epidemic, in addition to the strong increase in non-oil production, especially in the services sector.
The report indicated that there was an increase in the oil domestic product in the second half of 2021, with the start of the gradual cancellation of the “OPEC +” production cuts, which pushed towards increasing oil revenues and achieving a surplus in the public financial balance during the year 2021.
The report recalled the statement of the World Bank's Regional Director, Saroj Kumar Gah, in which he said that "Iraq has a unique opportunity to implement urgent and broad structural reforms by taking advantage of the financial space resulting from its unexpected oil gains."
The international official considered, "Redirecting government expenditures towards programs that contribute to improving growth, is a very important issue for economic diversification, creating job opportunities and addressing the human capital crisis in the country."
The report also referred to the “current challenges facing food security in Iraq,” which it noted, “have exacerbated in light of the current rise in the prices of major commodities globally, at a time when local food production does not meet the levels of demand in light of the accelerating population growth.”
The report continued, "Severe drought and other factors of climate change have exacerbated the situation," stressing the importance of "achieving food security through coordinated efforts aimed at improving local food production and implementing more efficient management of water resources."
The report concluded by warning that “the financial, social and economic fragility in Iraq emphasizes the need to accelerate the necessary structural and financial reforms in order to address the obstacles facing the development of the private sector and increase investments in developing efficiency using water and agricultural systems, and then moving towards more sustainable sources of energy.” .
The report also warned of “the additional delay in forming the government and in approving the budget for the year 2022, if this would cause a restriction in the use of the unexpected revenues of Iraq from its oil resources, and thus lead to the reduction of economic growth and the delay of new investments.” LINK
Completion Of Drilling 8 New Oil Wells In Southern Iraq
Shafaq News/ Maysan Oil Company in southern Iraq announced today, Monday, the completion of drilling 8 new oil wells in Halfaya field.
The company's general manager, Ali Jassem Hammoud, said, in a statement received by Shafaq News Agency, that "the drilled wells were completed by the Chinese (Dajin, Bohai, and Anton Oil) companies contracting with the main operator of the field, Petrogina, and under the supervision of the cadres of the drilling department of Halfaya Field Authority in the Maysan Oil Company." .
He pointed out that "drilling operations were carried out in record periods and with the technique of horizontal and vertical drilling," noting that "the development operations in the Halfaya field began in 2010 after the second oil licensing round and the conclusion of a contract to develop the Halfaya field, which contributed to raising the ceiling of oil production."
The statement continued, "The development work included drilling dozens of oil wells, installing and constructing large production complexes, extending flow and transportation lines, building operational offices, control and control centers for oil operations, and implementing natural gas processing projects to benefit from it in electrical power generation projects, among others. of vital projects. LINK
Planning Puts The Mechanism For Implementing The Emergency Support Law On The Governors Table
Shafaq News/ Today, Sunday, the Iraqi Ministry of Planning put forward the mechanism for implementing the "Emergency Support for Food Security and Development" law at the governors' table.
The Ministry of Planning said, in a statement received by Shafak News Agency, that Minister Khaled Battal Al-Najm chaired, today, an expanded meeting of all governors, devoted to discussing the development of appropriate mechanisms to ensure the implementation of the emergency support law for food security and development, which was voted on by the House of Representatives recently. The Supreme Coordinating Body for the Governorates, Aqil Al-Khazali.
The ministry stated, "During the meeting, a number of issues and files related to the reality of the ongoing projects within the regional development program were discussed, and work to provide better conditions to expedite the implementation and completion of these projects."
The statement quoted the minister as confirming, "The ministry has taken the appropriate measures to ensure the payment of contractors' entitlements," calling on "contractors who have financial dues to expedite the completion of the project work so that their entitlements are disbursed as soon as possible."
The minister stressed "the importance of redistributing the deposits revolved in the governorates to the ongoing projects to complete those projects instead of entering into new financial commitments."
With regard to the lagging and stalled projects, the Minister of Planning explained, "The time is now appropriate to resume work in them because of the service and development importance they represent," noting that "financial allocations have become possible to provide, and to stop work on previous decisions that suspended projects during the past years, expressing a willingness to The ministry is to provide all possible types of support to the governorates in order to ensure the implementation of projects at a higher pace.
For their part, the governors reviewed, according to the statement, "the reality of the projects implemented in their governorates, and the problems and challenges facing their implementation, proposing solutions and possible treatments, especially those related to the lack of financial allocations that led to the suspension and delay of a number of important projects." LINK
Customs Announces The Seizure Of 11 Trucks Carrying Illegal Materials At The Entrances To Baghdad
Economie| 09:57 - 20/06/2022 Baghdad - Mawazine News The Customs Authority announced today, Monday, the seizure of 11 trucks carrying illegal materials in the Central Region Customs Directorate.
The authority said in a statement received by Mawazine News, that its cadres in the Investigation and Combating Smuggling Department in the Central Region Customs Directorate seized 11 trucks at the entrances to the city of Baghdad loaded with various violating materials (electric generators, foodstuffs, household appliances, tanks and heat pipes, rolls). paints, iron roll, electric oven) for violating import controls.
The authority indicated that "the seizure process is in cooperation with the National Security Agency / Economic Security Directorate, and with the support of the customs police." Ended 29/N33
Al-Kazemi's Advisor Talks In Detail About The White Paper: Reforms In A Professional Manner
Money and business Economy News – Baghdad On Sunday, Adviser to the Prime Minister and Executive Director of the Reform Cell, Alaa Al-Saadi, set the goals of the white paper, while noting that it was written systematically away from politics, stressing that it is not linked to the next government.
Al-Saadi said in a speech during the Sixth Energy Conference, according to the official news agency, that "the white paper aims to achieve two strategic goals: the first is to initiate a radical and immediate reform program to stop the budget's bleeding and deficit and to provide sufficient financial and time spaces to start reform, and the second goal is to develop the economy and the budget." On a sustainable path to the bright future options.
He explained, "Prime Minister Mustafa Al-Kazemi launched the actual implementation of the white paper projects at the beginning of August of last year," stressing that "the Reform Department cell in the Prime Minister's Office will continue to follow up on the ministries behind in the implementation process."
He added, "The white paper was written to diagnose economic problems accurately and systematically," noting that "work on it is not done spontaneously or on an individual project, but through plans that diagnose the problem and determine the appropriate treatments for it."
He continued, "The paper was designed to present a mixture of strategies and policies to confront Iraq's economic problems," noting that it "sought to redefine the role of the economy in society, in application of the principles of the Constitution, as well as its endeavor to improve the state's management of public financial systems and create the appropriate environment to create a dynamic and dynamic economy." competitiveness, in addition to its endeavor to restructure the financial and banking system, and to address the factors that led to low productivity in all its forms through the implementation of works and through commitment to applications.
And he added, "The white paper did not forget to protect the fragile classes in society, and this tool was achieved through several axes, including achieving sustainable financial stability, economic reforms, facilitating infrastructure, providing basic services, giving priority to fragile groups, in addition to developing governance and the environment." Legal and administrative capacity to enable institutions and individuals to implement reform.
He stressed, "The white paper is a paper for economic reforms for Iraq in a purely professional manner, as it did not target political factors, that is, it was not drawn in a political way, but was written in a purely professional manner and provided the appropriate environment for the development process regardless of the form of the next government, and its political and intellectual orientations."