More Iraqi News Saturday PM 8-7-21
More Iraqi News Saturday PM 8-7-21
TLM724 Administrator BondLady’s Corner
Because Of Its Importance In Financing Development Projects, The State Council Called For Speeding Up The Amendment Of Economic Laws
Saturday 07 August 2021 168 Baghdad: Mustafa Al-Hashemi Iraqi banks, both governmental and private, play a major role in the economic process, especially attracting investments and financing development projects, which the country needs at the current stage and sustainable development projects. Laws or amendments, proposed by the Central Bank and private banks, regarding some articles of the Banking Law No. 94 of 2004.
In this regard, he spoke to Al-Sabah, the banking expert, Samir Al-Nusairi, saying: “The economic process in Iraq depends on the axes represented by the investment law, the Companies Law No. 21 of 1997 and its amendments, the banking law, and the law of the Iraqi market for securities, which should be amended, as well as On developing the banking sector and liberating it from some restrictions in order to successfully attract investments and improve opportunities for financing development projects.
Al-Nusairi added that "the Central Bank began amending Article 28 and a number of other articles of the Banking Law years ago and sent it through official channels, until it reached the State Council, and it has not been approved yet, despite the passage of more than 4 years on that."
He stressed that "banks have an important role in granting loans and banking facilities and issuing letters of guarantee to investors, but they are prohibited from direct investment in projects due to the aforementioned restrictions."
Al-Nusairi believed that "the State Council should expedite the consideration of the important amendments submitted by the Central Bank, especially as they enhance the reality of the banks' work, and develop their performance in line with the need of the current stage, which the country is going through, to support legislation aimed at advancing the economic reality."
For his part, the economic affairs specialist, Muhammad Ali Al-Rubaie, called on the State Council not to “delay the review of laws, especially economic ones, because they contribute to improving the country’s economic reality and achieving part of the welfare of citizens, by attracting investments that create enough job opportunities for all the unemployed.”
In an interview with "Al-Sabah", Al-Rubaie indicated that "the country needs to bypass bureaucracy and expedite the review of legislative experts, in economic laws, and investment ones in particular, because Iraq is a land full of diverse investment opportunities, which if supported by legal legislation quickly, it will achieve A qualitative leap for the Iraqi economy.
And he indicated the need to amend laws, which are the basis of the economic process in Iraq represented by the Banking, Investment and Securities Law, in addition to the Companies Law, which has become incompatible with the updates that the world is witnessing, and with which the Iraqi economy must be in harmony. LINK
The Launch Of The Activities Of The First International Investment Conference In Basra
Saturday 07, August 2021 10:49 | Economic Number of readings: 356 Baghdad / NINA /- The activities of the first international investment conference were launched this morning in Basra, in the presence of Basra Governor Asaad Al-Eidani and President of the National Investment Commission Suha Al-Najjar, with the participation of a number of investment companies.
The head of the Investment Commission, Suha Al-Najjar, stressed, in a speech at the opening of the conference, that there are great challenges facing investment in Iraq in general and Basra in particular.
Al-Najjar said: "Political stability leads to economic stability," noting that Iraq is a promising market, so there must be a productive industry and promising investment, and moving away from dependence on oil and moving towards productive sectors. And she called on investors in Iraq to promote long-term investment. And he left the trend of quick profit that most investors took after 2003, stressing the importance of promoting long-term investment to build Iraq."
The head of the Investment Authority called on all provinces to activate industry and investment, indicating: "Iraq had a strong industry even under the economic blockade during the era of the previous regime."
The Governor of Basra, Asaad Al-Eidani, stressed the importance of investing in the province to advance its economic reality.
In his speech at the conference, he said: "We can reach $100 billion in investment in Basra over the next five years, and we aspire to the participation of investors from the province, other Iraqi provinces and neighboring countries to participate in various projects. We also aspire to create a safe and good investment environment, and remove obstacles facing investment." In the governorate.”/ https://ninanews.com/Website/News/Details?key=920047
The Decline In Iraq's Oil Exports To America
Energy Economy News _ Baghdad The US Energy Information Administration announced, on Saturday, that Iraqi oil exports to America decreased by 63 thousand barrels per day during the past week.
The administration said in a report seen by "Economy News", that "the average US imports of crude oil during the past week from nine countries amounted to 5.588 million barrels per day, an increase of 391 thousand barrels per day from the previous week, which amounted to 5.197 million barrels."
And she added, "America imported crude oil from Iraq at a rate of 82 thousand barrels per day, down by 63 thousand barrels per day from the previous week, which amounted to 145,000 barrels per day."
She pointed out that "most of America's oil revenues during the past week came from Canada, at a rate of 3.228 million barrels per day, followed by Mexico, whose imports amounted to 634,000 barrels per day, followed by Brazil, whose imports amounted to 627 thousand barrels per day, then Saudi Arabia, with an amount of 627 thousand barrels per day. At a rate of 351,000 barrels per day.
According to the administration, "the amount of US imports of crude oil from Russia amounted to an average of 267,000 barrels per day, followed by Nigeria, which imports amounted to a rate of 212,000 barrels per day, followed by Colombia, which amounted to an average of 141,000 barrels per day, followed by Ecuador, which amounted to an average of 46,000 barrels per day." . Views 86 Date added 07/08/2021 https://economy-news.net/content.php?id=25896
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