More Iraqi News Monday PM 1-24-22
More Iraqi News Monday PM 1-24-22
TLM724 Administrator BondLady’s Corner
Al-Kazemi Receives The American Ambassador And The Sovereignty Of Iraq At Their Table
Political | 03:27 - 01/24/2022 Baghdad - Mawazine News Prime Minister Mustafa Al-Kadhimi received, on Monday, the US ambassador to Iraq, Matthew Tueller and his accompanying delegation.
A statement by Al-Kazemi's office said that "Mawazine News" received a copy of it, that during the meeting, bilateral relations between Iraq and the United States were discussed, and prospects for expanding cooperation between the two countries in various fields.
During the meeting, the Prime Minister stressed Iraq's keenness to enhance cooperation with the United States in the diplomatic and economic fields, in addition to security cooperation within the frameworks of advice, empowerment and intelligence support, and to preserve Iraq's sovereignty.
For his part, Ambassador Tueller affirmed the United States' support for Iraq's efforts to enhance security and stability locally and regionally, as well as its support for the Iraqi government's pursuit of financial and economic reform, which would reflect positively on opportunities for sustainable development and the prosperity of the Iraqi economy. Ended 29/R77 https://www.mawazin.net/Details.aspx?jimare=182543
More Than $7 Billion... Oil Announces Revenues Last Month
Economie| 04:31 - 24/01/2022 Baghdad - Mawazine News The Ministry of Oil announced, on Monday, the total oil exports and revenues achieved for the month of December, according to the final statistics issued by the Iraqi Oil Marketing Company (SOMO).
A statement by the ministry, of which Mawazine News received a copy, stated that, according to the statistics, the amount of crude oil exports amounted to (101) million (579) thousand (927) barrels (one hundred and one million five hundred and seventy-nine thousand nine hundred and twenty-seven barrels), with revenues It amounted to (7) billion and (391) million and (749) thousand dollars (seven billion, three hundred and ninety-one million, seven hundred and forty-nine thousand dollars).
The statistics indicated that the total quantities of crude oil exported for the month of last December from oil fields in central and southern Iraq amounted to (98) million (570) thousand and (290) barrels, while the quantities exported of Kirkuk oil through the port of Ceyhan (2) One million (700) thousand and (95) barrels.
And the average price per barrel amounted to (72,768) dollars.
He added, that additional revenues were achieved from selling quantities of shipments of exported crude oil at a price premium, as the total revenue amounted to (143,025,310.50) dollars
, and continued, that the exported quantities were loaded by (29) international companies of different nationalities, from the ports of Basra, Khor Al-Amaya and mono-buoys. On the Gulf and the Turkish port of Ceyhan. Ended 29/R77 https://www.mawazin.net/Details.aspx?jimare=182553
The Price Of A Barrel Of Brent Crude Jumps To 88 Dollars
Economie| 08:44 - 24/01/2022 BAGHDAD - Mawazine News Oil prices jumped on Monday, with Brent crude futures rising 87 cents, or 1.0%, to $88.76 a barrel, ending a 0.6% decline on Friday.
US West Texas Intermediate crude futures rose 86 cents, or 1.0%, to $86.00 a barrel, after falling 0.5% on Friday.
Both benchmarks rose for the fifth consecutive week last week, about 2%, their highest level since October 2014. Prices have risen more than 10% so far this year due to fears of tight supply. Ended 29/N33
https://www.mawazin.net/Details.aspx?jimare=182510
The Agricultural Bank Begins Promoting Housing Loans
Banks Economy News _ Baghdad Today, Monday, the Ministry of Finance announced that the Agricultural Bank has started promoting housing loans.
And the ministry's media office said in a statement received by "Al-Iqtisad News", that "the bank, based on the initiative of the Central Bank, began granting banking facilities, housing loans, and personal loans."
The statement added that "this came after many inquiries were received from the bank's branches and offices regarding the loans of the Central Bank of Iraq initiative, that it is possible to promote and disburse the said initiative loans according to the stipulated controls and instructions."
He stressed, "The continuation of granting loans and advances to various groups and segments of society, including employees and non-employees, as a contribution to supporting these groups and raising the level of vital activities in support of the national economy." Views 175 Date Added 01/24/2022
https://economy-news.net/content.php?id=27138
Challenges Of Transitioning To The Private Sector
Monday 24 January 2022 120 Baghdad: Haider Falih Al-Rubaie The government has doubled its moves aimed at reviving the private sector, giving it the space that can support the economic process in general, support the country’s financial budgets and get out of the rentier Iraq suffers from as a result of its dependence entirely on oil revenues.
While the Minister of Planning, Khaled Batal Al-Najm, confirmed that The biggest challenge facing the Iraqi economy, is the real transformation towards the private sector that depends on its capabilities, between the existence of efforts to overcome all the difficulties and challenges facing the transformation process and to empower this sector, which he described as “vital”, referring to the country’s great need for bold and courageous decisions that contribute to its development.
The government position expressed by the Minister of Planning, which comes as part of the moves outlined by the reform white paper, aimed at reviving the economic reality, was welcomed by a number of economists, who praised all the steps that would give the private sector a role through which macroeconomic development and support can be supported. The country's budgets, stressing the importance of this sector in absorbing labor, meeting market needs and reducing poverty rates.
Overcome difficulties
A statement by the Ministry of Planning, received by Al-Sabah, stated that "Al-Najm stressed, during his presidency of the fourth session of the Private Sector Development Council, to work very seriously in order to overcome all difficulties and challenges facing the transformation process and enable this vital sector, by identifying and diagnosing problems, and then developing solutions." and the treatments required for it,” indicating that one of the problems is the presence of an intersection in the relationship between the two industrial sectors and commercial.
The minister explained, according to the statement, that there is a great need for an effective development banking sector, capable of preparing the fertile investment ground for the private sector, and enabling it to implement government development policies, as well as the need for bold and courageous decisions that contribute to the development of the private sector, noting that one of the paths to developing The private sector, setting a transitional plan for buying and selling goods and services provided by public companies, with an assessment of the viability of these companies or not, categorizing them into successful, faltering and failing, and activating the procedures for restructuring them and transforming them into companies operating with commercial approaches.
He also pointed out that the Ministry of Planning is in charge of following up Procedures for developing the private sector, through a map of short-term procedures, and working to amend the investment law and laws that ensure meeting the requirements for establishing small and medium enterprises.
Legislations And Laws
Governmental steps aimed at reviving the private sector, according to the economic expert, Aqil Al-Ansari, require a package of immediate treatments, including the activation of laws and legislations that were previously approved but have been suspended so far, such as the retirement law for workers in this sector, the labor law and the investment law, as well as the re-work of initiatives The government agency that is responsible for activating and motivating the production wheel of this sector, such as the “Initiative”
agricultural.”
Al-Ansari also urged, during his speech to Al-Sabah, the importance of issuing clear legislation related to preventing the import of some consumer materials to protect the national product, as well as imposing appropriate taxes on goods imported from abroad, with the aim of motivating and protecting local production, expressing regret for the absence of such laws and legislations. Which aims to encourage and increase production.
Solutions And Suggestions
Al-Ansari believes that the government should move all those laws aimed at reviving the private sector, especially retirement and security for its workers, which would attract citizens to work and invest more widely in the private sector, indicating at the same time, Iraq's lack of integrated industrial cities, calling To build 5-10 industrial cities in different parts of the capital.
The economic expert explained the importance of these cities in forming an economic and commercial circle that meets the requirements of the factories scattered in the city, as well as the presence of supporting companies and institutions in those cities, such as banks, insurance companies, transportation, marketing, and legal companies, stressing that this step would reduce costs.
logistics.
Al-Ansari also suggested taking advantage of these cities in training high school students, technical institutes and specialized universities, and linking them to the labor market in a way that suits the needs of these factories.
and workshops.
sustainable development
In turn, the researcher in economic affairs, Engineer Zaki Al-Saadi, stressed the need to work for the development of the private sector, especially since all governments have become dependent on that sector mainly, and seek to develop it, indicating that the Iraqi economy and since 2003 has been a rentier economy despite the clarity of the constitution with transformation. To the market economy, however, Iraq still depends entirely on oil revenues, at a rate of more than 94%, and the budget remains based on those revenues, which could cause embarrassment for the government in the event of a decline in its prices, as happened in previous times, especially after the emergence of the role of renewable energy , which will crowd out the oil market in the future, and thus harm the Iraqi economy"Al-Rai'i".
Al-Saadi pointed out that Iraq's budget was built on the selling prices of oil, so it should work quickly to support sustainable development projects that can be managed by the private sector in a real way, pointing out that this sector is able to manage these projects more efficiently than the government sector "flabby". According to the speaker.
Conditional Investment
Al-Saadi indicated that most government institutions "except for the Ministry of Oil" are losing institutions, which necessitates the country's economic policy makers to think seriously about shifting from rentier institutions to institutions that support sustainable development, noting that this matter requires clear government support, conditional for the success of This step is to issue legislation that would support and support the private sector, as well as a trend towards “conditional investment,” which is based on moving from the principle of providing bad service provided by some state institutions, to supervising the provision of excellent service at the same cost, which can be provided by the private sector.
Under the direct supervision of government institutions, indicating that this type of economic transition can provide good service to the citizen and excellent training for the employee. LINK
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