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More Iraqi News Thursday Evening 5-19-22

More Iraqi News Thursday Evening 5-19-22

TLM724 Administrator BondLady’s Corner

Al-Kazemi's Advisor: The White Paper Will Face A Slowdown In Timing And Implementation

Political     Today, 19:41  Baghdad - INA - Nassar Al-Hajj, the adviser to the Prime Minister, Mazhar Muhammad Salih, determined today, Wednesday, the impact of the Federal Court's decision regarding the Emergency Food Security Support Law on the white paper.

Saleh said, in a statement to the Iraqi News Agency (INA), that "the reform white paper is closely related to the issue of financial and economic sustainability in an interactive and coherent manner," noting that "indicators of financial reform that flow into the mentioned sustainability mechanisms require the availability of a regular annual financial plan supported by indicators. Included in the legislated general budget law within its timing established by the Financial Management Law No. 6 of 2019 amended through financial policy tools in the implementation of financial and economic reforms.

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He added that the indicators and timing of the approved white paper will face a clear slowdown and imbalance in timing and implementation because the fiscal policy has started working with partial reform constants, which requires reconsidering the timing of implementing the white paper again in order to fit the conditions of the country's financial policy in general and the economic policy in a more stable and continuous manner. https://www.ina.iq/156279--.html

IMF Staff Concludes Staff Visit To Iraq

May 19, 2022  End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board.

The economy is recovering well amid high oil prices, with real GDP projected to reach its pre-pandemic level this year.  Cushioning the impact of surging food prices on the most vulnerable is the most urgent priority.

Using the current favorable oil market conditions to accelerate structural reforms and advance socio-economic priorities will be key to strengthen Iraq’s medium-term economic resilience.

Washington, DC: An International Monetary Fund (IMF) mission, led by Tokhir Mirzoev, visited to Amman, Jordan, during May 14-18, 2022, to discuss with the Iraqi authorities recent economic developments, the impact of global events on the economic outlook, and the country’s policy priorities. At the conclusion of the visit, Mr. Mirzoev issued the following statement:

“The economic recovery is well underway. In 2021, buoyed by the resumption of activity, a more accommodative fiscal stance, and stimulus measures by the central bank, real non-oil GDP rebounded by an estimated 20 percent and is poised to expand by around 5 percent this year. Oil output is projected to reach its pre-pandemic level and bring overall real GDP growth to 10 percent in 2022. The war in Ukraine is affecting Iraq mainly through its global impact on commodity prices. In 2022, soaring oil revenues will more than offset the increased food and energy import bills.

As a result, the fiscal and current account balances are projected to post double-digit surpluses in percent of GDP. Nonetheless, headline inflation is expected to climb to 6.9 percent, up from 6 percent last year, driven in part by higher food prices, which are adversely affecting the poorest segments of the population.

“Cushioning the impact of surging food prices on the most vulnerable is thus the most urgent priority. With fiscal policy paralyzed by the absence of the 2022 budget—which limits current fiscal expenditures to last year’s level—strengthening spending efficiency, maintaining tight control over public hiring, and reprioritizing expenditures within the overall budget cap will be essential to enable boosting targeted cash transfers to the most vulnerable and containing the poverty impact of the rising cost of living.

“In an environment of high oil prices and against the background of elevated global risks and uncertainty, the focus of macroeconomic policies needs to shift toward consolidating economic stability and strengthening Iraq’s long-term economic resilience. In the short run, maintaining fiscal discipline and tapering the central bank’s lending support to the real estate sector will help avoid adding to inflationary pressures.

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In addition, despite large reconstruction and other investment needs, limited near-term absorptive capacity, fiscal vulnerability to oil price volatility, and the challenges of the global energy transition call for building buffers for the future by saving a portion of oil revenues via a carefully designed sovereign wealth fund.

“The current favorable oil market conditions also provide an opportunity to accelerate structural reforms envisaged in the authorities’ “White Paper.” Strengthening the quality of public services and creating the fiscal space for much-needed investments and the social safety net require a civil service reform, reducing inefficient energy subsidies, diversifying fiscal revenues, and strengthening governance.

Fixing the electricity sector will be crucial to reduce fiscal costs and enable private sector productivity. Improving the coverage and targeting of social assistance will help better protect the most vulnerable. Enhancing governance in large state-owned banks and completing their audits and restructuring will facilitate access to finance and job creation by the private sector.

“The mission welcomes the authorities’ increased attention to the challenges of climate change and the release of Iraq’s first Nationally Determined Contribution document last year. In the coming months, the mission encourages prioritizing the preparation of national climate adaptation and mitigation plans, development of green financing, and full integration of climate-related priorities into the macroeconomic policy framework. The IMF stands ready to support Iraq in these endeavors.

“The IMF staff team would like to thank the authorities for candid and productive discussions and looks forward to continuing close cooperation with Iraq in the period ahead.”

IMF Communications Department  MEDIA RELATIONS  PRESS OFFICER: WAFA AMR

https://www.imf.org/en/News/Articles/2022/05/19/pr22159-iraq-imf-staff-concludes-staff-visit-to-iraq?cid=em-COM-123-44814

In Numbers.. Al-Kazemi’s Advisor Determines The Average Revenue For 2022

Thursday, May 19, 2022 7:01 PM  Baghdad / National News Center    Today, Thursday, Adviser to the Prime Minister, Mazhar Muhammad Salih, determined the average oil revenues for the current world 2022, while he expected the financial reserve to reach 40 billion dollars in the event that the current fiscal year ends without enacting a budget law.

Saleh said in a statement, followed by the National News Center, that "it is not possible to pass any law by the government before the executive authority completes its constitutional entity according to the results of the 10-10-2021 elections."

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He added, "The recent Federal Court decision cut off the way even for the House of Representatives itself in discussing any bill unless it is passed in accordance with the constitutional contexts, and from a government that is produced by the election results."

He pointed out that "the caretaker government will work hard to support Iraq's food security through what is available to it of financial actions determined by the current Financial Management Law No. 6 of 2019, the amended, until the legislation of the Federal General Budget Law for the year 2022 in accordance with the constitutional paths that do not conflict with the court's decision. Federal.

Saleh added that "the annual government spending in the general budget constitutes nearly half of the gross domestic product, which means that economic activity depends in its greatest weight on government spending," noting that

"the most important in total government spending is the investment part of the spending that drives the demand for market resources."

Productivity, specifically the labor market and human skills, which at the same time increases the growth of national income through mechanisms called (the economic accelerator).

He pointed out that "important investment accelerators are linked to the budget law for the year 2022,

through the new investment spending doors and new investment programs,

not by spending 1/12th of the actual current expenditures in 2021, which are mostly related to limited operational spending affecting the growth of GDP.“.

And he indicated that "the average oil revenues for the year 2022 will increase by no less than 60% of the revenues of oil exports for the year 2021,

which means that there will be a large financial reserve available to the state at the end of the year that may exceed 40 billion dollars in the event that the current fiscal year ends without enacting a budget law and restricting it." Exchange within the scope of the law.”  https://nnciraq.com/129088/

Iraq Exports Aluminum Clips To Turkey

Thursday, 19 May 2022 1:20 pm  National News Center/ Baghdad  Ur Public Company, one of the companies of the Ministry of Industry and Minerals, announced, on Thursday, that a new contract was signed to export its products from the Al -Minum to Turkey.

The company said in a statement seen by the National News Center /that it “signed a contract with Biutat Real Estate Investment and General Trade to equip the Turkish private sector with (25) tons of aluminum clips produced through the Ibrahim Al -Khalil port and with a period of implementation of (30) days, and is considered

This second contract, where a contract has already been signed with the same company to equip the Lebanese private sector in the same quantity of the Germans.

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The statement added that "the company previously exported large quantities of aluminum clips to the Syrian Arab Republic after it was obtained by the Cabinet's decision, which allowed the company to export its products out of Iraq    https://nnciraq.com/128938/

Iraqi Drilling Signs A Contract With A Chinese Company To Drill 22 Oil Wells In The Maysan Fields

Thursday 19 May 2022 10:20 | economic Number of readings: 308

Basra / NINA / - The Iraqi Drilling Company signed a contract with the Chinese company COSL to carry out the work associated with drilling 22 oil wells in the Maysan fields.

The Director General of the Iraqi Drilling Company, Basem Abdul Karim Nasser, said according to a statement: This contract, which was signed at the company’s headquarters in Al-Barjisiya, is in support of the contract that our company entered into with the Chinese company CNOOC to drill 22 oil wells in the Maysan fields in a turnkey manner and for a period of no more than two years.

He added: The Iraqi Drilling Company has allocated two machines with a horsepower capacity of 2000 HP to implement this contract. / is over     https://ninanews.com/Website/News/Details?key=977054

Iraq And Jordan Sign A Memorandum Of Understanding On The Exploitation Of Natural Resources

Political | 04:48 - 19/05/2022   Baghdad - Mawazine News, Jordan and Iraq signed a memorandum of understanding, in the presence of the Jordanian Minister of Energy and Mineral Resources Saleh Al-Kharabsheh, and the Iraqi Minister of Industry and Minerals Manhal Khabbaz, which includes preparing a proposal for joint investment and industrial projects.

A statement issued by the Jordanian Ministry of Energy said today, Thursday: "Jordan and Iraq signed a memorandum of understanding, stipulating the preparation of a joint project proposal for the development of industrial raw materials and rocks, as an opportunity for investment and the establishment of a joint geological database, and cooperation in the field of training manpower."

On the elements of the memorandum, Kharabsheh said, in a press statement, that the two countries agreed to establish a geological database and integrate it along the common border areas between the two brotherly countries, to be completed before the end of this year.

He explained that the proposal includes upgrading raw materials for phosphate rock and exploiting them in manufacturing industries, to raise the economic feasibility and upgrading raw materials for silica sand rocks and developing them into industrial raw materials of high purity that can be invested, to raise their economic feasibility.

The two sides also agreed, according to Kharabsheh, to prepare a joint training program for the exchange of manpower, stressing that, before the end of the year, a number of measures will be taken to activate joint cooperation and implement the program agreed upon by the two parties.

The Jordanian minister stressed the importance of the memorandum of understanding, in line with the ministry's interest in exploiting natural resources, and launched a number of projects in this regard.

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He added: "The ministry has published a number of investment opportunities on natural resources in a number of regions of the Kingdom, and work is underway to exploit natural resources in light of what the world is going through and its repercussions on the issue of food and food chains."

For his part, the Iraqi minister described the results of the work of the technical committees between the two countries as positive, and the cooperation between the two countries has been going on for four months to reach these results.

He stressed the importance of the two countries' cooperation in the field of natural resources, in response to the interest of the leaderships of the two countries to exploit these resources as energy alternatives, especially silica.

Minister Khabbaz pointed to the importance of working to reduce carbon emissions, and the importance of the presence of phosphates and sulfur and their introduction into the agricultural process as fertilizers, due to the importance of their results on food security and climate change.

He indicated timetables for joint cooperation, the results of which will appear within 6 months. Ended 29 /

https://www.mawazin.net/Details.aspx?jimare=193675

The Central Bank and Kurdistan Integrity sign a cooperation agreement to reduce money laundering

Political | 05:08 - 19/05/2022   Baghdad - Mawazine News, today, Thursday, the Central Bank of Iraq signed a cooperation agreement with the Integrity Commission in the Kurdistan Region to curb money laundering and terrorist financing operations.

The bank stated in a statement that Mawazine News received a copy of it, that "under the auspices of the Chairman of the Anti-Money Laundering and Terrorist Financing Council, the Governor of the Central Bank of Iraq, and based on the office's tasks in combating money laundering and terrorist financing crimes, and based on the Anti-Money Laundering and Terrorist Financing Law No. ( 39) For the year 2015, the office signed on 05/19/2022 a cooperation agreement with the Integrity Commission in the Kurdistan Region to work on facilitating the exchange of information with the office regarding suspicious financial operations, and limiting money laundering and terrorist financing operations.

He added, "The agreement aims to advance an Iraqi reality that is protected from money laundering crimes, prosecute those wanted by the Iraqi authorities, and recover smuggled corruption funds in line with the Iraqi constitution and Iraq's obligations towards international organizations related to combating money laundering and terrorist financing, which require concerted local efforts to confront these crimes and combat their emerging methods." Ended 29/h    https://www.mawazin.net/Details.aspx?jimare=193680

 

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