More Iraqi News Sunday PM 9-5-21
More Iraqi News Sunday PM 9-5-21
TLM724 Administrator BondLady’s Corner
Baghdad Summit And The Expected Stability
Sunday 05 September 2021 152 Yasser Al-Metwally In an analytical reading of the future of the Iraqi economy from the perspective of the Baghdad Summit and its results.
All the goals, ambitions and aspirations that were drawn in the light of the summit are legitimate and real, and all the analyzes, expectations and concerns are realistic and important, and the reason is definitely the historical moment, in which the conference was held in light of the difficult circumstances the world, the region and our regional surroundings are going through.
The question that now arises is what is the possibility of building a new economic system for Iraq in light of expectations? Whatever the results of the conference, it is a success par excellence achieved by Iraq in reformulating the orientations of economic interests, which were at war between the countries of the region and a serious attempt to create a new economic partnership between Iraq and its regional surroundings and reduce tension in the region through the gateway to the economy.
How do we invest this success in the post? The convening of this important historic summit came at the critical point of the remaining period of time for the current government, which is set at one month and five days. Observers will remain awaiting the outcome of the upcoming elections and the formation of a new government.
Here, the important question arises. Will the next government continue to implement the important economic results of the current government, represented by bilateral and regional agreements and the outcomes of the Baghdad summit?
The answer to this legitimate question will be found in the government program of the next government.
If emphasis is placed on continuing the approach planned by the current government, optimism in this important forum will, of course, be achieved through action.
But if the next government goes to the zero-sum equation and starts over as usual in previous governments and blows up all the achieved successes, God forgive, all efforts will be in vain.
Achieving security and economic stability for Iraq and its regional surroundings is based on the commitment of all parties to their commitments, and most importantly, Iraq's commitment to the principles from which it was launched to call for the Baghdad summit.
A bright future awaits Iraq if it is able to preserve the results and outcomes of the Baghdad Summit and its developmental and participatory goals, and to exchange common interests with all countries surrounding the region and to deal with the same distance, according to the common interests with all the countries of the region.
So, the new economic system that Iraq is waiting for depends first on the next government program. Will it include the achievements as well as the extent of the commitment of the countries of the region to their commitments? Optimism and hope remain our obsession for Iraq's return to the forefront of the economic scene in the region and at the global level, in line with its human and natural resources and capabilities.
So what is required is a serious quest to achieve the expected economic stability, by preserving the outcomes and results of the Baghdad Summit, which aims to achieve a just and equitable partnership and the exchange of interests between neighboring countries. LINK
Iraq Maintains Its Global Rank In The Gold Possession Classification
Market EconomyNews_Baghdad The World Gold Council announced, on Sunday, that Iraq maintained its 39th position for the second month in a row and the fifth in the Arab world as the largest gold reserve in the world, indicating that Brazil bought the largest amount of gold.
The council said in its latest schedule for the month of September 2021, which was reviewed by "Economy News", that "Iraq maintained its position of 39 globally for the second month in a row out of the 100 countries listed in the table with the largest gold reserves in the world after dropping one rank during the previous month to become its possession of Gold is 96.3 tons, after it was 96.4 tons, which represents 9.4% of the rest of its other reserves.
He added, "Iraq has maintained its fifth rank in the Arab world after Saudi Arabia, Libya, Algeria and Lebanon," noting that "Iraq has not bought gold since September of the year 2020, when it bought a small amount of 0.1 tons, while it bought 6.5 tons in September 2018."
He pointed out that "Brazil was the largest buyer of gold during the month, with a quantity of 8.5 tons, followed by Uzbekistan 8.4 tons, India 7.5 tons, while the best selling countries of gold came Qatar with 2.2 tons of gold, followed by Poland 1.9 tons."
He pointed out that "the United States of America still ranks first in the world's largest gold reserves with 8,133 thousand tons, followed by Germany with 3,359 thousand tons, while Suriname came to the bottom with 1.5 tons, preceded by Yemen with 1.6 tons."
It is noteworthy that the World Gold Council, which is headquartered in the United Kingdom, has extensive experience and deep knowledge of the factors that cause market change, and its members consist of the largest and most advanced gold mining companies in the world.
Views 153 Date Added 09/05/2021 https://economy-news.net/content.php?id=26201
Baghdad Hosts The Looted Funds Recovery Conference
Posted On 2021-09-05 By Sotaliraq Baghdad: Omar Abdul Latif Saad Al-Sammak The capital, Baghdad, will host, in mid-September, the “Stolen Funds Recovery” conference, which is being held by the Ministry of Justice in cooperation with the Council of Arab Justice Ministers of the League of Arab States.
A member of the “United Nations Convention against Corruption” coalition and head of the “Al-Nahrain Network to Support Integrity and Transparency,” Muhammad Rahim Al-Rubaie, said: “The Council of Arab Justice Ministers issued a study in 2020 entitled (Recovering the looted funds – how, procedures – available means), and there is a desire to translate the work.
At an international conference in which Arab and international experiences in fighting corruption and recovering looted funds and benefiting from them at the Arab and local levels will be simulated.
He added that "the conference, which will be held on 15 and 16 September, will be under the auspices of the Iraqi government represented by the Ministry of Justice and (Legal and Judicial Research Center) and the Council of Arab Ministers of Justice in the League of Arab States," noting that "Prime Minister Mustafa Al-Kazemi and the Secretary of the League of Arab States will be within attendance at the conference.
Al-Rubaie added that “the conference aims to implement an annual work program (the Arab Center for Legal and Judicial Research) by a decision of the Council of Arab Ministers of Justice, which will seek to achieve the sub-objectives by presenting scientific papers to the experiences and practices of countries in recovering money looted by corruption, Arab cooperation and the League’s efforts to combat corruption and recover money.
looted by corruption, and the legislative framework for the recovery of funds looted by corruption, to come up with recommendations to be submitted to the Council of Arab Ministers of Justice with the aim of activating Arab cooperation protocols to recover the looted funds.
He stressed that "Iraq now heads the Arab Network to Promote Integrity and Combat Corruption, which includes members in 22 Arab countries, including government ministers, heads of integrity or financial bodies, oversight bureau, civil organizations, and members of the network from all countries, including Transparency International's branches in Arab countries." LINK
Finance Minister: The White Paper Seeks To Fundamentally Change The Nature Of The Iraqi Economy
Sweeteners 2021-09-03 | 04:34 1,200 views Finance Minister Ali Abdul Amir Allawi confirmed that the white paper seeks to fundamentally change the nature of the Iraqi economy.
Allawi said in an article published by the Guardian newspaper, “It is estimated that poverty rates in Iraq doubled in 2020, and this is largely due to the decline in Iraq’s oil revenues, as prices fell globally due to the collapse in demand caused by the epidemic,” noting that “No We can allow the livelihoods of millions of families to continue to be dictated by the unpredictable fluctuations of the oil market."
He explained that "correcting this matter will require policies and investments that will enable oil and gas producing countries such as Iraq to direct capital and labor to productive industries in the future and contribute to empowering and stimulating the role of the private sector.
In fact, this was one of the main motives behind the white paper for economic reform, which seeks to fundamentally change the nature of the Iraqi economy, allow the private sector to play a greater role, reduce Iraq’s dependence on oil exports and commit to economic renewal focused on environmentally sound policies and technologies.
Allawi added, "Iraq can play an important role by taking advantage of the huge potential to produce and provide clean energy, as oil and gas production constitutes up to 40% of total greenhouse gas emissions and the continuous burning of natural gas in oil wells, which necessitates us Commitment to reducing gas flaring and investing it,” stressing that “increasing energy efficiency will have other benefits as well,
and this means that we will not need to spend huge amounts to increase the general level of electricity provision, and that Iraq’s inability to provide enough electricity to meet demand has cost the country nearly of $120 billion over the past seven years.
He pointed out that "increasing energy efficiency will allow the creation of job opportunities in areas such as the construction and maintenance of energy-efficient green buildings, as a recently published International Energy Agency report showed that for every million dollars invested in energy efficiency, up to 30 jobs are created, and that this matter
It is very important in a country like Iraq, which is witnessing huge population increases that will need job opportunities in the future."
He continued, "The worst potential solar sites in Iraq get up to 60% of direct energy from the sun, and this percentage is higher than the best sites in Germany, but with that, the solar power plants built by Germany so far provide two and a half times as much energy. Electricity for all oil, gas and hydroelectric stations operating in Iraq combined.
And he noted, "In order for Iraq to move towards clean energy, it needs financial resources, expertise and policies that will transform its economy in an equitable and affordable manner, and this requires international support. Otherwise, moving towards net carbon dioxide emissions to zero will be a distant dream by 2050". LINK
Iraq Loses More Than Two Million Tons Of Wheat Due To Water Scarcity
Economy Iraq agricultural associations wheat crop 2021-09-03 Shafaq News/ The head of the Union of Farmers' Societies, Haider Al-Abadi, said on Friday that the shortage of agricultural crops is a result of water scarcity.
Al-Abadi told Shafaq News Agency, "We have lost more than two million tons of wheat crop due to lack of water and non-payment of farmers' dues," noting that the country's production was supposed to reach 6 million tons.
According to the figures of the Iraqi Ministry of Trade, Iraq's production reached 4.539 million tons of local wheat in the current season, achieving self-sufficiency for the third year in a row.
The Iraqi Ministry of Agriculture expected that the local production would reach 6 million tons.
Iraq needs to reach the stage of self-sufficiency in the wheat crop to 4.2 million tons annually, in addition to one million tons imported for the purposes of improving quality by mixing it with local wheat.
Al-Abadi pointed out that "the next season will witness a clear shortage in the production of agricultural crops," explaining that "the management of the water file is incorrect in Iraq." LINK
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