Saturday Afternoon Iraq Economic News Highlights 7-9-22

Saturday Afternoon Iraq Economic News Highlights 7-9-22

Parliamentary Finance: There Is No Room To Legislate The 2022 Budget Yet

2022-07-09   Yes Iraq: Baghdad   A member of the Parliamentary Finance Committee, Jamal Cougar, confirmed that the current timings according to the Financial Management Law are not consistent with being used to prepare the draft general budget law for 2022.

He explained that "the time currently available is to prepare the budget for next year," adding that "the current government has two options, either it has sufficient funds to run the affairs of the remainder of the current year, or it addresses the Parliamentary Finance Committee to prepare a special law that meets its financial needs for the remaining five months."

Cougar stated that “approving the budget requires an “authentic” government with full powers, and the current caretaker government cannot in any way send the draft budget law, adding that “the solution is either to form the government or send another law similar to the last law on emergency support for food security and development. To legislate it to be proposed by the Finance Committee because the current government does not have the powers to send bills.”

He added, "Time has become very tight, considering that we are in the middle of July, and when the political negotiations begin, we may reach the middle of August, and if the government is formed, we will reach the beginning of September, and when the Council of Ministers prepares the budget bill and votes on it and then refers it to Parliament for the purpose of starting after Readings, discussion and voting on it will reach the end of the current year or exceed it, while all financial accounts will be closed in the month of December.”

He explained that "according to the Financial Management Law, the original government is charged with preparing a draft budget law for the next year in mid-August, and it must finish preparing it and send it to the Council of Ministers in mid-September, and then the latter will make amendments and reforms for the purpose of sending the project to the ministries of finance and planning for the purpose of drafting The draft is finalized and then returned to the Council of Ministers to vote on the final draft, all before August 15, after which the House of Representatives will discuss the budget for the next year, in preparation for its approval.

He pointed out that the current timings do not allow the adoption of a budget law for the current year, and there is no possibility of passing it at all, but the remaining time must be used to prepare the budget for the next year.   LINK

Al-Kazemi: We Will Continue To Serve The Citizen For The Last Day Of The Government's Life

Saturday, 9 July 2022 9:30 AM  National News Center / Baghdad  Today, Saturday, Prime Minister Mustafa Al-Kazemi confirmed that his government is a government of services.

The media office of the Prime Minister stated, in a statement received by the National News Center, that "Prime Minister Mustafa Al-Kazemi met with officials of the service and administrative departments in Nineveh Governorate, which he arrived this morning on an inspection visit, the first day of Eid Al-Adha."

The statement added, “Al-Kazemi listened to a presentation on the progress of providing services and implementing reconstruction programs in the city, and the most important obstacles facing the service reality and ways to speed up their treatment were identified.”

Al-Kazemi said, during his meeting with the directors of service departments in Nineveh, according to the statement: I congratulate you on the blessed Eid Al-Adha, and I wish you and all the honorable people of Mosul a year full of success and success.”

He added: “I am happy today to be among my dear people of Mosul,” adding: “I feel very happy as we open several projects together, and lay the foundation stone for other projects, hoping to open them soon, God willing.”

He pointed out that "this government was distinguished by being a service government, and it tried to work with all its capabilities and resources to move forward with strategic projects for the country."

He continued: "We will continue strongly until the last day of this government's life to work to serve the country and the citizen... Serving the homeland and the citizen for us is a blessing and worship." “.

He stressed, "There is a large bureaucracy within your institutions and departments, many of which are unnecessary and subject to deletion to facilitate the affairs of citizens." and performance.”

He cautioned that "reform does not come only from the top of the pyramid, but in many cases the reform movement moves from the base to the upper classes," concluding by saying: "Once again, I congratulate you on this holiday, and I wish you and us a year full of success in serving the country and the citizen in about better". https://nnciraq.com/139753/  

Parliament's Decision Reveals The Council's Plans For The New Legislative Term,

Article at link   https://baghdadtoday.news/ar/news/194890/A

The Kurdistan Regional Government Announces The Implementation Of 201 Projects Worth More Than $11 Billion In Three Years

Shafaq News/ The Department of Information and Information in the Kurdistan Regional Government announced that during the three years of the life of the case, 201 investment projects were implemented in different regions of the region, with a capital of more than 11 billion dollars.

The department said in a statement to Shafaq News Agency, that the Kurdistan Regional Government agreed to implement 201 investment projects with a capital of 11 billion 562 million 93 thousand dollars on an area of ​​10 thousand 603 dunums in separate areas of the Kurdistan Region, which were implemented by local investors.

He added that the projects were distributed among the governorates and independent administrations, and most of these projects were implemented in the Erbil governorate.

2019 projects

In 2019, the beginning of the ninth ministerial cabinet, 16 projects received licenses, all of which were by local investors, with a capital of 485 million dollars 204 thousand 256 dollars.

2020 projects

In 2020, when the Corona epidemic spread around the world and the Kurdistan Region was not exempt from its negative effects, but in that year 76 projects received licenses, two of which were jointly implemented by local and foreign investors.

The total project capital amounted to $1.984 billion, of which $1.967 billion was invested by local investors and $17.566 million through joint ventures.

2021 projects

In 2021, the projects continued, as 70 different projects obtained licenses, of which only one project was through foreign investors, and one joint venture, and 68 other projects were implemented by local investors with a capital of $8 billion, 515 million, 645 thousand and 864 dollars.

2022 projects

In the first six months of 2022, the Kurdistan Regional Government granted 35 licenses for investment projects in various fields with a capital of $330,696,265, all of which were implemented by local authorities.

Total projects

Thus, the ninth cabinet granted the Kurdistan Regional Government 201 projects in different sectors with a capital of 11 billion and 562 million 93 thousand dollars, and they were implemented on an area of ​​10 thousand 603 acres.

The projects are divided according to governorates and independent administrations, and most of these projects were implemented in Erbil governorate.

Erbil Province

Erbil Governorate received 87 projects with a capital of 8 billion 906 million 806 thousand 129 dollars, and the projects were implemented on an area of ​​4 thousand 861 dunums.

Sulaymaniyah Province

Sulaymaniyah comes in second place with 53 projects with a capital of 559 million 982 thousand 213 dollars on an area of ​​928 thousand acres.

Dohuk Governorate

In Dohuk Governorate, 45 projects were implemented with a capital of 589 million 554 thousand and 88 dollars on an area of ​​750 thousand dunums.

Governor of Halabja

In Halabja governorate, a project with a capital of 6 million, 846 thousand dollars was implemented on an area of ​​7 dunums.

Garmian Independent Administration

In Garmian administration, 10 projects were implemented with a capital of 333 million and 475 thousand and 89 dollars on an area of ​​935 acres.

Raparin's Independent Management

Five projects have been implemented in the Rabreen administration at a cost of 125 million 429 thousand and 481 dollars on an area of ​​119 acres.

Projects By Sectors

Among the most important sectors in which projects have been implemented is the commercial sector with 49 projects with a capital of 638 million and 265 thousand and 11 dollars on an area of ​​709 dunums.

The projects of the two banks amounted to a capital of 19.415 million dollars on an area of ​​1.2 acres.

There were 12 health projects with a capital of 92 million 345 thousand and 500 on an area of ​​15 acres.

There were 58 industrial projects with a capital of one billion and 771 million and 220 thousand and 943 dollars and an area of ​​two thousand 190 acres of land.

The service project was one project with a capital of 9 million and 491 thousand on an area of ​​21 dunums, in addition to 29 tourism projects with a capital of 7 billion 122 million and 606 thousand and 299 dollars on an area of ​​​​2 thousand 856 dunums of land.

Education projects amounted to 21 projects with a capital of 229,946,290 dollars on an area of ​​542 dunums.

As for the agricultural projects, they were 8 projects with a capital of 320 million and 669 thousand and 500 dollars on an area of ​​2 thousand 879 dunums of land.

The housing sector projects amounted to 13 projects with a capital of 1.288 million and 168,000 dollars on an area of ​​1,351 dunums.

In the arts sector, one project with a capital of $9.234 million was implemented on an area of ​​10 acres.

In the sports sector, 7 projects were implemented with a capital of $60,731,457 on an area of ​​25 acres.

Local Projects

Of the 201 projects that were licensed during the three years of the Council of Ministers, 197 projects were implemented by local companies and investors, only one project was implemented by foreign investors, and three projects were implemented jointly.

Total venture capital

The total capital of the projects implemented by local companies and investors amounted to 6 billion and 618 million and 559 thousand dollars, and the capital of the three joint projects amounted to 37 million and 384 thousand dollars.  The only project implemented by a foreign company with a capital of $4.906 billion.   LINK

Iraq's Oil Exports To The West Are Rising.. 11% Of Iraq's Exports Went To America Alone

2022-07-09   Iraq's oil exports to the West are rising.. 11% of Iraq's exports went to America alone 1583726-362944507

Yes Iraq: Baghdad   Iraqi oil exports continue to rise quantitatively towards the west of the globe, following the indicators of the exchange of markets between the East and the West. At a time when Europe and America banned Russian oil, Russia acquired a large area of ​​the share of the Middle East and Iraq, especially in the Asian markets, specifically India and China.

Recently, Iraqi oil exports to America amounted to 11% of the total Iraqi oil exports, according to the US Energy Information Administration.

The administration said in a report that "the average US imports of crude oil during the past week from nine countries amounted to 5.902 million barrels per day, an increase of 740 thousand barrels per day compared to the previous week, which amounted to 5.162 million barrels per day."

She added that "Iraq's oil exports to America amounted to an average of 362,000 barrels per day last week, up from the previous week, in which oil exports to America reached an average of 76,000 barrels per day, and to be the fourth largest oil exporter to America during the past week."

She pointed out that "most of America's oil revenues during the past week came from Canada, at a rate of 3.803 million barrels per day, followed by Mexico at a rate of 702,000 barrels per day, and oil revenues from Saudi Arabia at a rate of 398 thousand barrels per day, and then Colombia at a rate of 213,000 barrels per day."

While Iraq's exports to America were 362,000 barrels per day out of the 3.3 million barrels that Iraq exports per day, this means that about 11% of Iraqi oil exports went to America, while Iraq exports to Europe more than 500 thousand barrels per day.

Iraq exports about 3.3 million barrels per month, 1.3 million barrels of which go to India, while 1 million barrels go to China, so if China and India stop buying Iraqi oil, Iraq may lose 70% of its oil exports, while Iraq recorded difficulty in the absence of purchases instant oil.

Iraq will not find a mechanism to compensate for this except to export to European and American markets, and indeed Iraq is currently beginning to market nearly one million barrels per day to these two continents, amid a need to raise export quantities further to the West.   LINK

After A Months-Long Hiatus, Iran Is Resupplying Iraq With Electricity Through The Diyala Line

Shafaq News/ An official source in Diyala province revealed today, Friday, that the Iranian line has returned to work after an interruption of about 7 months, indicating that the processing rate will rise to about 20 hours per day in the province.

The source told Shafaq News Agency, "The Diyala-Mirsad 400 MW line has returned to service again with a capacity of 300 MW now, after the Iraqi and Iranian sides agreed on debts and financial problems between the two sides, after a break of about 7 months."

The source added that "the Diyala - Mirsad line will supply the national system and will raise the supply of electricity in Diyala from 18-20 hours."

Diyala suffers from the deterioration of the electricity supply due to the fluctuation of Iranian lines and their frequent interruptions for technical reasons or for non-payment of their wages by the Iraqi side, in addition to the lack of energy supply from the stations of the national system.   LINK