More Iraqi News Saturday PM 6-18-22
More Iraqi News Saturday PM 6-18-22
TLM724 Administrator BondLady’s Corner
After the federal decision on the oil and gas law.. Minister of Finance: There is no budget for the region
Economie Saturday, 18 June 2022 10:41 AM Baghdad / National News Center The Iraqi Finance Minister, Ali Abdul-Amir Allawi, said that the Federal Supreme Court's decision to invalidate the oil and gas law in the Kurdistan region prevents the central government from allocating a portion of the upcoming general budget as a share for the Kurdistan Region.
In answering a question in this regard during a press interview, Allawi stated, "The previous budgets included paragraphs allocating 12% of the expenditures to the Kurdistan region, on the condition that Erbil sends the equivalent of oil revenues exported from the region's fields, but in fact this agreement was not implemented, and it was Replacing it with temporary agreements between Baghdad and Erbil, according to which Kurdistan received semi-regular monthly transfers worth 200 billion Iraqi dinars (138 million dollars), but these transfers will not continue.”
“My job is to enforce the law, not to break the law,” Allawi said. And in the 2021 budget, there was a clear condition that the Kurdistan Regional Government must either hand over oil exports to SOMO or hand over the equivalent of the money, which did not happen, so transfers to the Kurdistan Regional Government as dues from the general budget are no longer valid.
He continued: “This time, if SOMO informs us that it did not obtain a legal basis, and that the Ministry of Oil did not find a legal structure to cover its ownership of that oil, then for us it basically means that this oil was seized and produced (illegally) and was exported by a regional government. Kurdistan (illegally) according to the interpretation of the Federal Court, which we consider at the federal level the highest legal authority.”
He added, "When we sent the money in the past, we were discussing this agreement on the basis that the oil belongs to the Kurdistan Regional Government and they have the right to extract it, whether we agreed or not with the oil contracts and the partnership contracts for extractive companies in Kurdistan, but this issue was not raised previously, but now The issue of ownership of the oil fields in the region arose, so if we transfer their entitlements to the budget - whatever their ratio - the other side of the equation will not be addressed at all, and in fact there is no other side to the equation, in the past there was an explicit recognition that this is the oil of the regional government Kurdistan, but now they do not have the right to act, and according to the decision of the Federal Court - although the Kurdistan region will not accept this talk - now this oil belongs to us.” https://nnciraq.com/135606/
The Central Bank Of Iraq Organizes A Specialized Workshop On Climate Change, Desertification And National Security
June 16, 2022 Today, Thursday, the Central Bank of Iraq, in cooperation with the Ministries of Environment, Agriculture and Water Resources, the Association of Iraqi Private Banks and the private sector, organized a specialized workshop on climate change, desertification and national security.
His Excellency the Governor of the Central Bank of Iraq, Mr. Mustafa Ghaleb Makheeb, said during a speech at the opening of the workshop, that climate change, desertification and water shortage represent a frightening trinity that has introduced humanity and its official and societal bodies with the utmost caution and caution because it threatens its national security and the future of its generations, but also its present.
His Excellency added, that the Central Bank of Iraq has intervened through financial facilitation measures and development initiatives, the total of which has exceeded (17) trillion so far, pointing out that when we studied with the Ministry of Environment the risks of climate change and thermal emissions, we decided to confront challenges related to clean energy and sustainability. We also launched an initiative to finance the purchase of Generating units of electricity from renewable energy at an amount of (1) trillion dinars.
In turn, their Excellencies the Ministers praised during the workshop the initiatives of the Central Bank of Iraq and the support it gives towards heading towards a green economy, reviewing the danger of climate changes to the future of Iraq and the countries of the world, stressing the need to combat those climate changes by investing in the environmental aspect.
At the conclusion of the workshop, a number of recommendations were established, most notably the need for cooperation of all government institutions and the private sector to confront the risks of climate change and desertification, raise awareness of taking official and societal measures, encourage the public to switch to using sources of electricity generation from renewable energy, and provide the necessary financial support to all sectoral ministries in order to Rationalization of water use.
A number of ambassadors of Arab and foreign countries and representatives of international institutions, in addition to representatives of ministries and some governorates and directors of relevant authorities, participated in the workshop. Central Bank of Iraq Media Office 16 - June – 2022 https://cbi.iq/news/view/2029
The Results Of The Foreign Currency Sale Window, Sunday 19/6/2022
Announcement No. (4668) Sale date - Sunday 6/19/2022
the details Total sales for the purposes of strengthening balances abroad (remittances, credits)
the amount 222,658,146 Total cash sale 20,050,000 total total sales 242,708,146
Note that: The selling price of the amounts transferred to bank accounts abroad is ( 1460 ) dinars per dollar. The cash sale price is ( 1460 ) dinars per dollar.
» The Central Bank of Iraq’s foreign currency sales schedule, Sunday 6/19/2022 https://cbi.iq/currency_auction
Al-Kazemi: Today, We Laid The Foundation Stone For The Project To Build 1,000 Schools, After Overcoming All Obstacles
Saturday 18 June 2022 17:24 | economic Number of readings: 49 Baghdad / NINA / - Prime Minister Mustafa Al-Kazemi confirmed that today the foundation stone was laid for a project to build (1,000) schools across Iraq, after overcoming all obstacles and procedures to put the project into practice . Supporting the infrastructure for education, and working for the comprehensive advancement of our beloved Iraq.”/ Ended in https://ninanews.com/Website/News/Details?key=983121
Finance Minister: Iraq Plans To Be The Largest Producer Of Electrical Energy
Political | 02:58 - 06/18/2022 Baghdad - Mawazine News, Minister of Finance Ali Allawi called, today, Saturday, to move from exporting oil to electric power, and while he stressed that there is a great opportunity for Iraq to become the largest producer of electric energy, he indicated that Iraq can return to the World Trade Organization during the coming decades.
Allawi said, in a speech during the Energy Forum, that "Iraq should not be satisfied with exporting oil and should focus on exporting energy and focus on the electricity sector," noting that "Iraq is now not in the previous situation where it faces problems and must reach the right strategies."
He added that "during the next 25 years, the demand for energy will change, and we have to prepare for this culture and pay attention to the economic infrastructure," stressing "the need for economic policies to be designed according to the circumstances surrounding the world, and this is not an easy task."
He pointed out, "the shift to the so-called additional value in the export of oil and the reliance that Iraq is the least expensive country in oil production, but there is competition in the sale of oil," adding: "We have to think about the transfer of capital for investment and preservation."
He stressed that "there is a great opportunity to invest in the electricity sector and to become the largest producer of electrical energy, despite the current problems in production in Iraq, and these problems must be resolved, technology applied, and the transition from exporting oil to exporting electrical power."
He continued, "We also need to develop the green cover, as there are problems in the environment sector, desertification and weakness in agricultural production, and we have to think about investing in the green policy in Iraq and it will be more effective on the reality of the country."
He continued: "We have to work through an energy network and exploit it as a new resource, and re-cultivate and develop it according to correct decisions so that we have a bright future in the global market within 10 years, and not repeat the mistakes of the past, and we must reposition in the energy market."
He concluded by saying: "During this conference, we look forward to talking about energy problems, and we have an opportunity to reposition ourselves with partners, and Iraq can return to the World Trade Organization during the coming decades." https://www.mawazin.net/Details.aspx?jimare=196822
To read more current and reliable Iraqi news please visit BondLady’s Corner: