Another "Tidbits From TNT" Wednesday PM 3-22-2023
TNT:
CancyKissses: Al-Alaq reveals astronomical amounts outside the scope of banking inside Iraq
Information/Baghdad.
The Governor of the Central Bank of Iraq, Ali Al-Alaq, revealed the presence of more than 70 trillion dinars outside the banking system for circulation, indicating that this is a very large amount and represents a high percentage of GDP.
Al-Alaq said in an interview followed by Al-Maalouma that "bank lending is a basis in the banking business with its revenues, profits and operation, or with regard to economic activities in various forms, and that the Central Bank was a pioneer in stimulating the lending capabilities of the banking sector, as we launched this year
2015, an initiative that is perhaps the largest in the history of Iraq, and was represented by allocating 5 trillion dinars for industrial, agricultural and housing projects, as well as one trillion dinars for small and medium enterprises.
TNT:
CancyKissses: Al-Alaq reveals astronomical amounts outside the scope of banking inside Iraq
Information/Baghdad.
The Governor of the Central Bank of Iraq, Ali Al-Alaq, revealed the presence of more than 70 trillion dinars outside the banking system for circulation, indicating that this is a very large amount and represents a high percentage of GDP.
Al-Alaq said in an interview followed by Al-Maalouma that "bank lending is a basis in the banking business with its revenues, profits and operation, or with regard to economic activities in various forms, and that the Central Bank was a pioneer in stimulating the lending capabilities of the banking sector, as we launched this year
2015, an initiative that is perhaps the largest in the history of Iraq, and was represented by allocating 5 trillion dinars for industrial, agricultural and housing projects, as well as one trillion dinars for small and medium enterprises.
Noting that "this initiative was able to contribute to solving the housing problem by providing lending to the housing sector." He stressed that "the sums that were lent through the banking system touched 13 trillion dinars, and we are working to evaluate these initiatives and benefit from the lessons and put them in the right directions," noting that "the focus of financing for the next stage will be towards small and medium enterprises, as well as with regard to projects or loans." Renewable energy in an attempt to meet climate challenges and move seriously towards clean energy.
He said, "The next stage will witness the development of a national strategy for lending, which will be jointly presented to the government and other parties, so that the question of their participation in supporting this plan will be to provide the necessary decisions and procedures for its success," pointing out that "the indicators
And the data indicate that the banking sector has reached the highest ceiling for lending because the percentage specified according to the instructions of the Central Bank is 70% of deposits, and the banking sector has almost reached this percentage, which requires that there be great efforts.
to attract deposits to the banking sector.
And he warned that "there are more than 70 trillion dinars outside the banking system for circulation, and this is a very large amount and represents a high percentage of the gross domestic product, so it is necessary to focus in the next stage on finding the necessary means to activate the deposit movement through several procedures in this regard, " pointing to The importance of reviewing banking services in quantity and quality, because banking services have come a long way despite the short life of some banks, but some of them have reached advanced stages and others still need to upgrade the level of banking services in different types and in the way of presentation.
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Tishwash: Samsung Electronics Levant launches a mobile bus between Iraqi cities to display its new Galaxy Z, Galaxy S and Galaxy A series of phones
Samsung Electronics Levant announced the launch of a mobile bus between Iraqi cities to display its new devices from the Galaxy Z foldable series, Galaxy S and Galaxy A, as this tour includes a mobile bus between the main cities of Iraq, with the aim of enhancing interaction with Samsung customers in Iraq and giving them the opportunity To get to know more closely about its distinctive new products.
According to Samsung, the tour will start from March 21st to April 8th (depending on the bus route between regions) and will include special offers and many promotional gifts for its customers.
The following devices will be on display during the show tour: Galaxy Z Flip4, Galaxy Z Fold4, S23 Ultra, S23+, S23, A04, A04e, A04s, A14, and Galaxy Watch. The tour will be carried out in major cities in Iraq, including Baghdad, Anbar, Karbala, Najaf, Basra, Erbil, Sulaymaniyah, Dohuk, and Mosul.
In this regard, Moataz Al-Aqrabawi, Head of Smartphone Division at Samsung Electronics Levant, said: “We are very excited about this unique campaign to fully showcase Samsung’s latest products from the Galaxy Z, Galaxy S and Galaxy A series in Iraq, and we look forward to interacting with our customers and showing The value of our products and what you offer them.”
This tour is a unique opportunity for Samsung customers in Iraq to see the company's new and innovative products, and interact with the leading brand in the electronics industry. Customers can benefit from special offers and promotional gifts offered during the tour.
In addition, the mobile bus will include a fun virtual reality game to attract young audiences and make their experience more fun and in line with their interests. link
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Tishwash: New Hotel and Shopping Mall open in Erbil
The Prime Minister of the Kurdistan Regional Government, Masrour Barzani, has officially opened the new Hyatt Regency Hotel, and the Gulan Mall, in Erbil.
He thanked both Sirwan Barzani and Sabri Ozel for implementing these projects, which he said will pave the way for attracting tourists from the rest of Iraq and abroad to the Kurdistan Region.
Barzani also expressed his hope that foreign companies will invest in Kurdistan, in the interest of both sides. link
Tishwash: Tap Payments and PayPal to enhance the global reach of MENA companies
From Iraq's news
ap Payments collaborates with PayPal to expand payment options for businesses in the MENA region _ _
TAP has become one of the key partners in the MENA region to provide PayPal connectivity and operations to businesses , providing a comprehensive payment solution .
Dubai, United Arab Emirates - March 22 , 2023 : Tap Payments, the leading payment technology company in the Middle East and North Africa region, today announced that it has signed a partnership with PayPal, the global leader in payments, to provide PayPal transactions and payments to businesses. This partnership offers MENA companies the convenience of having a single partner for all their payment requirements, streamlines the payment process, streamlines operations, and highlights Tap Payments' unwavering commitment to facilitating seamless payment experiences for its business partners.
“We are excited to partner with Tap Payments to bring reliable and secure PayPal payments to businesses in the Middle East and North Africa region,” said Mark Moonggela, PayPal Director for the Middle East and Africa. Through this partnership, companies can take advantage of PayPal's global services to expand their sales across borders.”
Through this partnership, entrepreneurs and companies across the MENA region can expand their global reach and benefit from PayPal's flexibility and security, enabling them to sell in over 200 countries globally and to 435 million active PayPal accounts worldwide. the world.
According to recent research1 , businesses that offer PayPal as a payment option can achieve almost 30% more sales, and customers who use PayPal spend an average of 43% more money at retailers overall . This is due in part to the Qualified Transaction Buyer Protection and Dispute Resolution that PayPal provides, which gives customers more confidence to shop.
Ahmed Al-Aradi, Executive Vice President of Business at TAP Payments, said: “With PayPal's trusted reputation in the payments space and its global appeal, this partnership opens up new opportunities for growth and increased cross-border sales for businesses within our ecosystem. We are thrilled with the possibilities this partnership brings and excited to continue pushing the boundaries of possibilities in the payments space.”
Enabling this service saves entrepreneurs time and effort, eliminating the need to open a US bank account to access their funds. Through this partnership, Tap Payments and PayPal are committed to facilitating frictionless payment processing, enabling entrepreneurs to focus on expanding their businesses and achieving their goals.
PayPal has secured a trusted and reputable position in the payment industry with over 435 million active accounts, including 35 million merchants worldwide. As a globally recognized payment method, PayPal provides merchants with convenience, security, and flexibility, making it the preferred choice for businesses around the world. PayPal's broad reach and unwavering commitment to providing innovative payment solutions has made it a trusted partner for merchants looking to expand their business operations and streamline payment processing.
Tap Payments and PayPal are committed to providing innovative payment solutions to entrepreneurs in the MENA region. link
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Mot: I Heard that When ""Pigs Fly"" we will Have the RV . Welllll ((( Close Enough )))
Iraqi News Highlights Wednesday Afternoon 3-22-23
Iraqi News Highlights Wednesday Afternoon 3-22-23
Tlm724 Administrator Bondlady’s Corner
Determine The First Day Of The Holy Month Of Ramadan
The Sunni Endowment Diwan has set tomorrow, Thursday, the first day of the holy month of Ramadan.
The Diwan said in a statement, "The Supreme Commission for Seeing the Crescent in the Sunni Endowment Diwan has set tomorrow, Thursday, the first day of the blessed month of Ramadan."
Also, 11 Arab countries announced that Thursday, March 23, 2023, will be the first day of the blessed month of Ramadan, according to official data from those countries.
Iraqi News Highlights Wednesday Afternoon 3-22-23
Tlm724 Administrator Bondlady’s Corner
Determine The First Day Of The Holy Month Of Ramadan
The Sunni Endowment Diwan has set tomorrow, Thursday, the first day of the holy month of Ramadan.
The Diwan said in a statement, "The Supreme Commission for Seeing the Crescent in the Sunni Endowment Diwan has set tomorrow, Thursday, the first day of the blessed month of Ramadan."
Also, 11 Arab countries announced that Thursday, March 23, 2023, will be the first day of the blessed month of Ramadan, according to official data from those countries.
Data was issued for Egypt, Palestine, Syria, Sudan, Yemen, Iraq (the Sunni endowment only), Saudi Arabia, Qatar, the Emirates, Kuwait and Bahrain, with the exception of the Sultanate of Oman, which said it was exploring the crescent.
And in Saudi Arabia, the Crescent Chamber of the Supreme Court announced that “Thursday is the beginning of the month of Ramadan, after it was not possible to see its crescent,” according to a statement by the royal court, which was reported by the official news agency, “SPA”.
Ramadan also falls on Thursday in both Qatar and the UAE, after it was not possible to see the crescent, according to official statements by the Qatari Endowment and the Emirati Investigation Committee.
Iraq, Yemen, Kuwait and Bahrain announced the advent of the month of Ramadan, Thursday, after its crescent was not possible, according to data from the Kuwaiti and Bahraini Sharia Vision Authority, the Iraqi Sunni Endowment Office and the Yemeni endowment.
Ramadan falls on Thursday, in Egypt, Palestine, Sudan, and Syria, after it was not possible to see its crescent, according to televised statements by the Palestinian Mufti Muhammad Hussein, the Egyptian Shawky Allam, and the Sudanese Islamic Fiqh Academy, and a statement about the endowments of the Syrian regime. https://www.radionawa.com/all-detail.aspx?jimare=33799
The Ministry Of Interior Issues Instructions For The Holy Month Of Ramadan
local| 03:25 - 03/22/2023 Baghdad - Mawazine News, Interior Minister Abdul Amir Al-Shammari announced, today, Wednesday, the instructions for the blessed month of Ramadan.
Al-Shammari said in a statement, which Mawazine News received, a copy of it, "On the occasion of the blessed month of Ramadan, may God bring it back to Muslims with goodness and blessings, I extend my sincere heartfelt congratulations to our dear people, praying to God Almighty to accept your deeds, and every year, you are a thousand good."
He added, "Based on the authority vested in us under Article (4) of the Ministry of Interior Law No. (20) of 2016 and in implementation of the provisions of Articles 2 and 3 of the aforementioned law, which stipulated the goals and tasks of the Ministry of Interior in consolidating public order, maintaining internal security and coordinating with ministries, state institutions and local governments.
In all governorates in order to enforce the relevant legislation, and to preserve the sanctity of the blessed month of Ramadan and the respected social and clan traditions in our society, and for the requirements of the public interest, we issued the following statement:- 1- It is strictly forbidden to break the fast publicly or publicly break the fast contrary to the instructions issued by the competent official authorities
, The violator will be liable
2- Closing all alcoholic beverages stores during the holy month of Ramadan, and the violator will be liable.
3- All restaurants, cafes and shops that serve food or drinks that are not duly approved by the competent authorities shall be closed during fasting times and until the time of Iftar.
4- The competent authorities in our ministry shall implement this statement in coordination with the relevant ministries, official government agencies and local governments.
5- The violator of the provisions of the law referred to in the paragraphs of this statement shall be subject to legal and judicial liability.
6- This statement shall be implemented from the date of its issuance.
https://www.mawazin.net/Details.aspx?jimare=222596
The High Exchange Rates Of The Dollar In Baghdad With The Closing Of The Stock Exchange
Economy Wednesday, March 22, 2023 4:25 PM Baghdad / The National News Center
The exchange rates of the US dollar rose against the Iraqi dinar, today, Wednesday, with the closure of the main stock exchange in Baghdad.
The correspondent of the National News Center said, “The central Kifah Stock Exchange in Baghdad closed at 156,100 Iraqi dinars for 100 dollars, while the prices this morning were 155,800.”
He added, "The buying and selling prices in exchange shops in the local markets in Baghdad rose, as the selling price reached 156,500 Iraqi dinars, while the purchase prices reached 155,000 dinars per 100 dollars." https://nnciraq.com/195118/
The Association Of Banks And The Central Bank.. Towards A National Lending Strategy
Money and business Economy News-Baghdad The Association of Iraqi Private Banks held the closing ceremony of the "Activating Lending Programs in Iraq" program, supported by the United States Agency for Development (USAID), within the project of Permanently Adaptive Communities and Supporting Economic Opportunities "Tahfiz", which lasted for 6 months.
The program revolved around launching a policy paper that includes an action map to increase access to financing, training a group of credit department employees in banks, preparing 7 trainers in the field of credit and credit analysis, in addition to submitting recommendations to the Central Bank and the government in order to make decisions that facilitate the lending process.
The governor of the Central Bank, Ali Al-Alaq, said in his speech that "the central bank is working to establish a loan guarantee company to provide high flexibility to the banking sector for lending," noting that "the central bank lent through its initiatives about 13 trillion dinars."
He added, "The banking sector is responsible for lending and should not rely on the central bank in the lending process," explaining that "the central bank is working on a national strategy to build lending rules that will be shared between the banking sector, the central bank and the government."
For his part, the head of the Association of Private Banks, Wadih al-Handal, said in a speech delivered on his behalf by the Association’s advisor, Samir Al-Nusairi, that “the program is very important to accelerate the lending process in Iraq,” adding that “the banking sector has a major role in accelerating growth in economic sectors, which is reflected positively on the gross domestic product.
The Executive Director of the Association of Banks, Ali Tariq, gave "a presentation that included the objectives of the project, the method of its implementation, and the volume of lending in the banking sector, which amounted to more than 60 trillion dinars at the end of 2022."
The conference concluded with a discussion session moderated by Samir Al-Nusairi, the advisor in the association, and included a representative of the Operations Department of the Central Bank, Hussein Atwan, the head of the credit committee in the association, Alaa Faeq, the company’s director for bank guarantees, Hussein Thamer, and the representative of the Iraqi Company for Financing Small and Medium Enterprises Ahmed Sabah. https://economy-news.net/content.php?id=33059
Central Bank Sales Exceed $ 213 Million In Today's Auction
Economy| 11:53 - 03/22/2023 Baghdad - Mawazine News The Central Bank's sales of foreign currency exceeded 213 million dollars in the currency auction for this day.
https://www.mawazin.net/Details.aspx?jimare=222579
The New Deputy Governor Of The Central Bank Begins His Duties
Economy| 08:46 - 03/22/2023 Baghdad - Mawazine News, the new Deputy Governor of the Central Bank, Faisal Al-Haimus, began today, Wednesday, his duties.
The Central Bank said, in a statement received by Mawazine News, that "the new Deputy Governor of the Central Bank, Faisal Al-Haimus, today started his duties in the position."
Al-Haimus expressed his "full support for team work and the plans set by the Central Bank Governor, with the aim of upgrading and advancing the bank's situation."
And he stressed, "Striving to assume the responsibility entrusted to him, and to be up to this task," noting that "The Central Bank is one of the most important state institutions, as it plays an important role in community service." https://www.mawazin.net/Details.aspx?jimare=222552
To read more current and reliable Iraqi news please visit BondLady’s Corner:
Wednesday Morning Iraq Economic News Highlights 3-22-23
Wednesday Morning Iraq Economic News Highlights 3-22-23
The Central Bank Announces The Results Of Selling The Dollar Through Its Window, Preserving The Increase In Supply
2023.03.22 - 13:02 Baghdad - Nas The Central Bank of Iraq announced, on Wednesday, the total amounts of transfers abroad (remittances, credits).
Total amounts of transfers abroad (remittances, credits) 154,457,246
The total amount of cash sales 58,800,000 Total total sales 213,257,246
Wednesday Morning Iraq Economic News Highlights 3-22-23
The Central Bank Announces The Results Of Selling The Dollar Through Its Window, Preserving The Increase In Supply
2023.03.22 - 13:02 Baghdad - Nas The Central Bank of Iraq announced, on Wednesday, the total amounts of transfers abroad (remittances, credits).
Total amounts of transfers abroad (remittances, credits) 154,457,246
The total amount of cash sales 58,800,000 Total total sales 213,257,246
Deputy: The Budget Bill Has Not Yet Reached The Parliamentary Committees
Iraq 13:55 - 2023-03-22 The representative of the State of Law coalition, Muhammad Al-Shammari, confirmed today, Wednesday, that the draft budget law for the next three years has not yet reached the Finance Committee.
Al-Shammari said in a press statement, "The draft financial budget law for the years 2023, 2024, and 2025 has not yet reached the Parliamentary Finance Committee."
He added, "The budget reached the Presidency of Parliament, but it did not reach the Finance Committee," noting that "the time period that it takes to approve it is not known yet."
Al-Shammari indicated, "The draft of the state's general budget law was sent by the government to the House of Representatives, and five days passed, but it has not yet reached the Parliamentary Finance Committee." https://kirkuktv.net/AR/Details/14062
The Prime Minister Stresses The Importance Of Including The Draft Budget Law For The Development Fund For Iraq
03/22/2023 2612 Earth News / Prime Minister Muhammad Shia' al-Sudani stressed today, Wednesday, the importance of including in the budget law the draft Development Fund for Iraq.
The media office of the Prime Minister stated in a statement, received by Earth News, that “Prime Minister Muhammad Shia’ al-Sudani met this morning a number of businessmen, investors, representatives of federations and officials in the Turkish private sector in Ankara, in the presence of Turkish Minister of Trade Muhammad Mush.”
Al-Sudani explained to the audience, according to the statement, “The understandings reached during the visit with the Turkish side stem from a real will to move the two countries towards strengthening relations in all fields, the most important of which is the work of Turkish companies and investors in Iraq and the facilitation of trade exchange,” referring to “the priorities of the government’s work, Foremost among them is the service sector, housing, transportation, building schools, and the joint operation of hospitals in partnership with the private sector.
He called on “Turkish businessmen to contribute to infrastructure projects and promising investment opportunities,” noting “the importance of the government adopting a budget for three years, which will positively affect the flow of financing for companies and ease of implementation, as well as government measures to encourage the investment environment in Iraq, and eliminate bureaucracy, red tape and corruption.” .
Al-Sudani stressed, “the importance of including in the budget law the project of the Development Fund for Iraq, and the funds branching from it, a project whose philosophy depends on the implementation of the private sector.” Coming.”
He pointed out that “the Al-Faw port project is witnessing parallel implementation of detailed and supporting projects, in addition to the main project,” calling on “Turkish businessmen to settle their industrial and commercial activities in the industrial city attached to the port, and to expedite the reservation of a site for them that facilitates their contribution to this promising economic path, and to be part of it.” from this dynamic growing region.
The Prime Minister promised, "to continue to take decisions that facilitate the work of investors, the most important of which is the decision to facilitate obtaining entry visas, and to remove any obstacles that prevent the smooth flow of economic and investment activity."
For their part, Turkish businessmen and investors expressed their "appreciation for the Iraqi government's actions and the steps taken to encourage investment," pledging to "contribute to strategic projects, infrastructure projects and growing services in Iraq." https://earthiq.news/archives/212499
The Finance Committee Begins Budget Discussions Next Week.. And Seeks To Reduce Its Amounts
Posted On2023-03-22 By Sotaliraq Baghdad / Firas Adnan Yesterday, Tuesday, the Parliamentary Finance Committee confirmed that discussions on the budget law will begin next week, pointing out that amendments will occur to the project after holding meetings with all ministries aimed at reducing amounts or transfers in order to raise allocations for the investment part and the Development Fund, expecting their speedy passage in Parliament. , stressing the need to proceed with the implementation of projects in the month of May.
A member of the committee, Representative Mueen Al-Kazemi, said, “The parliament presidency will refer the draft budget law to the Finance Committee, starting next week.”
Al-Kazemi added, "The committee will be in continuous session regarding the budget in order to hold meetings and discussions with ministers, agents, and stakeholders to complete the necessary amendments."
He pointed out, "The amendment will mainly affect the deficit of 64 trillion dinars in order to reduce it."
And Al-Kadhimi stated, “Parliament will rush to approve the budget after completing the first and second readings, because we want to help the government complete its program.”
And he believes that “the government will start implementing its projects contained in the curriculum that Parliament voted on, at the beginning of next May.”
Al-Kazemi continues, “The amended Federal Financial Management Law No. 6 of 2019 allowed the government to submit a draft budget that extends for three years, provided that the first is binding after its approval and the possibility of amending the budget for the next two years, according to the contexts of amendments to laws, which is what the government has currently resorted to.”
And he goes on to say, “Parliament will scrutinize all the chapters contained in the project, but in general we hope that the budget will meet the ministerial curriculum that focused on development and diversification of revenues.”
And Al-Kadhimi stated, “Parliament’s competence over the budget, according to the constitution, enables two things: reducing the total amounts or transferring between chapters, provided that there is no increase.”
And he talked about that “reducing the total budget amounts amounting to 197 trillion dinars in cooperation with specialists is possible,” pointing out that “the government relies on two things to cover the deficit: the first is the oil price difference between what is fixed in the budget and the real price in global markets.”
Al-Kazemi noted, "The second matter is the rejection of Iraqi oil production from 3 million and 500 thousand barrels to 3 million and 700 thousand during one day, while benefiting from the financial abundance that has accumulated during the past two years."
And he continues, “If the deficit is covered from the previous abundance for the current year, then how will the treatment be for the next two years, because the budget extends for three years with the possibility of a drop in the oil price.”
Al-Kazemi stressed the need for "the vision of the financial file to be clear for the coming years, so that we do not enter into uncalculated expectations."
And he finds, “The draft budget set a price per barrel of oil, which is $70, for conservative reasons, according to studies of the global market conditions, and we do not expect it to drop below that during the current year, but after that, changes may occur.”
Al-Kazemi called for "attention to the investment part of the budget, because we are facing promising projects, including the great port of Faw, the dry canal, ring roads, hospitals and schools."
He objects to “allocating one trillion dinars for the development fund,” describing the amount as “little,” calling for “raising it so that it has a role in providing infrastructure.”
Al-Kazemi concluded, “The investment part of the budget will go mainly to electricity, especially contracts with international companies such as (General Electric) and (Siemens) and combined-cycle stations, in addition to health and education, but we have not seen significant amounts for the industrial and agricultural files, which are Melfan needs a lot of support.”
For his part, another member of the committee, Representative Jamal Cougar, stated that “the survival of the budget bill in Parliament depends on the formulation of the government project.”
And Cougar continued, “If the budget is verified in the legal observations, there are no many violations in it, with the provision of justice, then it will pass easily because the deputies will defend the allocations of their regions and the ministries that follow their political blocs.”
He pointed out, "The State Administration Alliance, which forms the government, is currently in control of the House of Representatives, and therefore it is assumed that there will be a process of shortening the time."
Cougar expressed his belief that the budget will be passed in record time, and not be delayed, as happened in previous budgets, especially since the last budget witnessed by Iraq was in 2021.
And he finds, “The atmosphere between the federal government and the Kurdistan region is positive and will not impede the approval of the budget, and if any differences occur, they will be resolved in the last two days before the law is presented to a vote in order to resolve it.”
And Cougar went on to say that “the budget was not devoid of job grades, as it included all contract holders and lecturers, as well as the first and those with higher degrees.”
And the Council of Ministers had earlier submitted a draft budget law for three years to the House of Representatives at an amount of 197 trillion dinars and a deficit of 64 trillion dinars, as the operating budget allocated to salaries and the rest of the expenses amounted to 150 trillion dinars, while the operational budget was satisfied with 47 trillion dinars, while specialists described this The budget is the highest in the history of Iraq. LINK
Parliamentary Finance: Discussing The Budget In Parliament Will Not Take Long
Economy 12:42 - 2023-03-22 A member of the Parliamentary Finance Committee, Representative Jamal Koujar, suggested, on Wednesday, that the current budget be passed easily and without delay, as happened in previous budgets, attributing this to the positive atmosphere and prior understandings between the federal government and the region.
Cougar said in a press statement, "The discussion of the budget in Parliament will not take long, as most of the outstanding issues have been resolved by the Council of Ministers and political forces, especially the forces of state administration before sending it to Parliament," suggesting that "the budget will be passed in record time, and no It is delayed, as happened in previous budgets.
He added, "The budget was not devoid of job grades, as it accommodated all contract holders and lecturers as well as the first and holders of higher degrees, as well as the positive atmosphere and prior understandings between the federal government and the region."
And the Council of Ministers had earlier submitted a draft budget law for three years to the House of Representatives at an amount of 197 trillion dinars and a deficit of 64 trillion dinars, as the operating budget allocated to salaries and the rest of the expenses amounted to 150 trillion dinars, while the operational budget was satisfied with 47 trillion dinars, while specialists described this The budget is the highest in the history of Iraq. https://kirkuktv.net/AR/Details/14061
"Tidbits From TNT" Wednesday Morning 3-22-2023
TNT:
Tishwash: The new Deputy Governor of the Central Bank begins his duties
Today, Wednesday, the new Deputy Governor of the Central Bank, Faisal Al-Haimus, began his duties .
The Central Bank said, in a statement received by the Iraqi News Agency (INA), that "the new Deputy Governor of the Central Bank, Faisal Al-Haimus, has begun today his duties in the position."
Al-Haimus expressed his "full support for teamwork and the plans set by His Excellency the Governor of the Central Bank, with the aim of upgrading and advancing the status of the bank."
And he stressed, "Striving to shoulder the responsibility entrusted to him, and to be up to this task," noting that "The Central Bank is one of the most important state institutions, as it plays an important role in community service." link
TNT:
Tishwash: The new Deputy Governor of the Central Bank begins his duties
Today, Wednesday, the new Deputy Governor of the Central Bank, Faisal Al-Haimus, began his duties .
The Central Bank said, in a statement received by the Iraqi News Agency (INA), that "the new Deputy Governor of the Central Bank, Faisal Al-Haimus, has begun today his duties in the position."
Al-Haimus expressed his "full support for teamwork and the plans set by His Excellency the Governor of the Central Bank, with the aim of upgrading and advancing the status of the bank."
And he stressed, "Striving to shoulder the responsibility entrusted to him, and to be up to this task," noting that "The Central Bank is one of the most important state institutions, as it plays an important role in community service." link
CandyKisses: Al-Alaq: 70 trillion dinars outside the banking system and our next focus is on small projects
{Economic: Al-Furat News} The Governor of the Central Bank of Iraq, Ali Al-Alaq, revealed the presence of 70 trillion dinars outside the banking system.
Al-Alaq said in a press statement that "the banking system is required to diversify the lending portfolio of more than one sector to stimulate all sectors and make them contributors to the development process, as well as to protect the banking system from any future risks that expose its existence to collapse," pointing out that "the collapse of Silicon Bank was caused by the concentration of credit in a specific sector, which leads us to benefit from this experience."
"The amounts that were lent through the banking system touched 13 trillion dinars, and we are working to evaluate these initiatives, benefit from lessons and put them in the right directions," Al-Alaq said.
He explained that "the focus of financing for the next phase will be towards small and medium enterprises, as well as with regard to projects or loans for renewable energy in an attempt to meet climate challenges and move seriously towards clean energy."
He said: "The next phase will witness the development of a national strategy for lending, which will be presented jointly to the government and other parties, to be the issue of their participation in supporting this plan to provide the necessary decisions and procedures for its success."
"Indicators and data indicate that the banking sector has reached the upper ceiling for lending because the percentage set according to the instructions of the Central Bank is 70% of deposits, and almost the banking sector has reached this percentage, which requires that there be great efforts to attract deposits to the banking sector," Al-Alaq said.
He pointed out that "there are more than 70 trillion dinars outside the banking system for circulation, and this is a very large amount and represents a high percentage of GDP, so it is necessary to focus in the next stage on finding the necessary means to stimulate the movement of deposits through several measures in this regard."
The Governor of the Central Bank pointed to "the importance of reviewing banking services in quantity and quality, because banking services have come a long way despite the short life of some banks, but some of them have reached advanced stages and others still need to upgrade the level of banking services in different types and in the way of presentation.
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CandyKisses: Kurds remain biggest winners from US-led invasion of Iraq
IRBIL, Iraq (AP) — Complexes of McMansions, fast food restaurants, real estate offices and half-constructed high-rises line wide highways in Irbil, the seat of the semi-autonomous Kurdish region in northern Iraq.
Many members of the political and business elite live in a suburban gated community dubbed the American Village, where homes sell for as much as $5 million, with lush gardens consuming more than a million liters of water a day in the summer.
The visible opulence is a far cry from 20 years ago. Back then, Irbil was a backwater provincial capital without even an airport.
That rapidly changed after the 2003 U.S.-led invasion of Iraq that toppled Saddam Hussein. Analysts say that Iraqi Kurds — and particularly the Kurdish political class — were the biggest beneficiaries in a conflict that had few winners.
That’s despite the fact that for ordinary Kurds, the benefits of the new order have been tempered by corruption and power struggles between the two major Kurdish parties and between Irbil and Baghdad, the Iraqi capital.
In the wake of the invasion, much of Iraq fell into chaos, as occupying American forces fought an insurgency and as multiple political and sectarian communities vied to fill the power vacuum left in Baghdad. But the Kurds, seen as staunch allies of the Americans, strengthened their political position and courted foreign investments.
Irbil quickly grew into an oil-fueled boom town. Two years later, in 2005, the city opened a new commercial airport, constructed with Turkish funds, and followed a few years after that by an expanded international airport.
Traditionally, the “Kurdish narrative is one of victimhood and one of grievances,” said Bilal Wahab, a fellow at the Washington Institute think tank. But in Iraq since 2003, “that is not the Kurdish story. The story is one of power and empowerment.”
Mot: It is Amazing How the Internet Has Answered Sooo many Questions fer Us!
Mot: .. Dont Know Why! - But I LOL at this un!!! ~~~
Iraqi News Highlights Tuesday Evening 3-21-23
Iraqi News Highlights Tuesday Evening 3-21-23
Tlm724 Administrator Bondlady’s Corner
The Central Bank Launches A New Electronic Platform
Tuesday 21 March 2023 11:42 | Economical Number of readings: 420
Baghdad / NINA / The Central Bank of Iraq announced, today, Tuesday, the launch of the e_Donate electronic platform application, in cooperation with the Unified Iraqi Medical Society for Relief and Development, and in the presence of the Governor of the Central Bank Ali Al-Alaq and the Director of the Non-Governmental Organizations Department Ashraf Al-Dahan and the Governor of Anbar Ali Farhan, and representatives of the banking sector and the Association Iraqi private banks./End 5
Iraqi News Highlights Tuesday Evening 3-21-23
Tlm724 Administrator Bondlady’s Corner
The Central Bank Launches A New Electronic Platform
Tuesday 21 March 2023 11:42 | Economical Number of readings: 420
Baghdad / NINA / The Central Bank of Iraq announced, today, Tuesday, the launch of the e_Donate electronic platform application, in cooperation with the Unified Iraqi Medical Society for Relief and Development, and in the presence of the Governor of the Central Bank Ali Al-Alaq and the Director of the Non-Governmental Organizations Department Ashraf Al-Dahan and the Governor of Anbar Ali Farhan, and representatives of the banking sector and the Association Iraqi private banks./End 5
The Central Bank: Large Financial Allocations To Support Green Economy Projects
Economy| 12:14 - 03/21/2023 Baghdad - Mawazine News, the Governor of the Central Bank of Iraq, Ali Al-Alaq, revealed, on Tuesday, large financial allocations to support green economy projects.
Al-Alaq said in a speech during a conference to launch the first electronic financial application (E-Donate), that "the central bank meets the trend towards green Iraq, and the central bank is also focusing on it at the present time through its democratic initiatives for projects related to the green economy and climate change." Pointing out that "there are large allocations to support and finance projects related to this aspect."
Al-Alaq added, "The Central Bank meets with the Unified Iraqi Medical Society for Relief and Development in more than one direction and more than one level in coordination, cooperation and support," noting that "the Unified Iraqi Medical Society for Relief and Development has presented many initiatives and achievements that serve the people of the country."
https://www.mawazin.net/Details.aspx?jimare=222487
European Praise For The Iraqi Government's Steps In The Areas Of Developing The Economy And Combating Corruption
Political | 02:19 - 03/21/2023 Baghdad - Mawazine News The Committee on Relations with Iraq in the European Parliament praised the "positive" steps taken by the Iraqi government in the areas of developing the economy and combating corruption.
The Ministry of Foreign Affairs said, in a statement received by Mawazine News, that "the Committee on Relations with Iraq in the European Parliament hosted, at the Parliament's headquarters in Brussels, Deputy Prime Minister and Minister of Foreign Affairs Fuad Hussein and his accompanying delegation."
During the meeting, they discussed enhancing the prospects for cooperation between the two sides and ways to enhance the work of the Iraq Committee in the European Parliament in a way that serves the development of bilateral relations and the implementation of mutual obligations in the Partnership and Cooperation Agreement between Iraq and the European Union, and the European side stressed that the European Parliament is in the process of final approvals for the establishment of the Parliamentary Partnership Committee joint venture between the two sides, which was agreed to be formed during the European delegation's visit to Iraq.
The statement added, "The minister stressed the important role that parliamentary diplomacy plays in strengthening relations between Iraq and the European Union, stressing the need to strengthen this important role."
He continued, "The deputies exchanged views with the minister on developments in the political, economic and security situation in Iraq, and praised the positive steps taken by the Iraqi government in the areas of developing the economy, combating corruption, and linking this government with political stability."
The Minister of Foreign Affairs referred to "the Iraqi government's priorities represented in respecting sovereignty, building balanced relations with regional and international actors, and moving away from the policy of axes, in addition to the government's primary mission to advance the economic reality by carrying out radical economic reforms and combating corruption."
He stressed, "Iraq has become a positive regional actor, as the Baghdad 1 and 2 conferences led to a great rapprochement between many regional powers, and the recent agreement between Saudi Arabia and Iran had a major role in preparing for it and making it possible."
He stressed "the importance of the role played by the European Union in supporting Iraq in its serious steps towards strengthening the democratic system, which led to confirming the principle of peaceful transfer of power and the development of civil society and free media in Iraq after decades of dictatorship." https://www.mawazin.net/Details.aspx?jimare=222498
Economists: Most Of The Merchants Without A Banking Culture
Economical 2023/03/19 Baghdad: Shukran Al-Fatlawi Economists agreed on the importance of enhancing the culture of small merchants banking, attracting them to apply the conditions of the electronic platform, and facilitating the process of obtaining dollars in order to mitigate the effects of the parallel market.
The Central Bank recently launched three reform packages to facilitate obtaining dollars, especially after the introduction of the electronic platform for remittances, as the country relies on importing most goods and merchandise by merchants.
The economist, Dr. Mustafa Hantoush, told Al-Sabah:
The Central Bank continues the process of attracting small merchants, because most of them lack the banking culture in terms of bringing the invoice, customs and tax processes, carrying out dollar purchases and retail sales, and withdrawing bills.
He added that the third package of reforms of the Central Bank aims to increase the supply,
but some companies and individuals have violated this mechanism to obtain dollars and benefit from the parallel market for the currency.
Hantoush added that the central bank moved to a wiser mechanism, which is selling cash at a rate of 2000 dollars, so the amount became useless for fictitious companies that took advantage of that when the specified amount was 7 thousand dollars, in addition to its tendency to fill out the (Master Card) when going to any country in the world, As the card holder performs the withdrawal process, reinforcing the currency of that country, and the dollar withdrawal is at the official rate.
Despite the Central Bank's extensive treatment packages and its high hard currency sales, the dollar's exchange rate is still high in the parallel market, with a difference of up to 200 dinars from the official rate.
For his part, economist Dr. Nabil Al-Marsoumi told Al-Sabah: The dollar crisis is not in the money supply, but rather the import remittances crisis that pushed the price up and put pressure on the dinar.
He warned that the current year will be difficult for the country because of this crisis, although Iraq possesses large reserves that exceed 100 billion dollars, and
this is a paradox that requires a solution, because the central bank is shackled and cannot use the reserves to defend the exchange rate of the dinar, and thus the price of dollar exchange.
https://alsabaah.iq/73581-.html
just a reminder -
Al Bunnia Group since 1910 Investments
Al Bunnia Group maintains an investment portfolio which holds shares in publicly traded companies.
Al Bunnia Group holdings include:
• Iraqi National Bank
• Al Warka’ Bank
• Iraqi Commercial Bank
• Ahlia Insurance Company
• Baghdad Company for Soft Drinks (Pepsi Cola Company)
• Al Razi Chemicals and Cosmetics Company
• Iraqi Packing and Canning Company
• National Company for Chemical Products and Plastics
https://albunnia-group.com/en/investments/
To read more current and reliable Iraqi news please visit BondLady’s Corner:
Iraqi News Highlights Tuesday Afternoon 3-21-23
Iraqi News Highlights Tuesday Afternoon 3-21-23
Tlm724 Administrator Bondlady’s Corner
The Decline In The Exchange Rates Of The Dollar With The Closure Of The Baghdad Stock Exchange
Economy Tuesday, March 21, 2023 5:03 PM Baghdad / National News Center The exchange rates of the dollar against the Iraqi dinar closed today, Tuesday, with a slight decrease on the main stock exchange in Baghdad. The central Kifah Stock Exchange in Baghdad recorded 156,100 Iraqi dinars for 100 dollars, while the prices this morning were 156,350 dinars for 100 dollars.
Iraqi News Highlights Tuesday Afternoon 3-21-23
Tlm724 Administrator Bondlady’s Corner
The Decline In The Exchange Rates Of The Dollar With The Closure Of The Baghdad Stock Exchange
Economy Tuesday, March 21, 2023 5:03 PM Baghdad / National News Center The exchange rates of the dollar against the Iraqi dinar closed today, Tuesday, with a slight decrease on the main stock exchange in Baghdad. The central Kifah Stock Exchange in Baghdad recorded 156,100 Iraqi dinars for 100 dollars, while the prices this morning were 156,350 dinars for 100 dollars.
That the buying and selling prices in exchange shops in the local markets in Baghdad decreased, as the selling price reached 157,000 Iraqi dinars, while the purchase prices reached 155,000 dinars for every 100 dollars. https://nnciraq.com/194900/
Rasheed Bank Issues A Directive To Its Branches Dedicated To Selling The Dollar
Economy Yesterday, 16:16 Baghdad – conscious Today, Monday, Rasheed Bank issued a directive to its branches dedicated to selling dollars.
The bank said, in a statement received by the Iraqi News Agency (INA):
"The general manager, Basem Abd Ali Youssef, directed the directors of the branches dedicated to selling the dollar to continue working and open the bank's doors during the holiday tomorrow, Tuesday."
The bank called on "all travelers and delegates wishing to buy dollars to review the branches during working hours." https://www.ina.iq/181021--.html
Member Of Parliament Finance: We Have Not Seen The Budget Yet
Money and business Economy News – Baghdad A member of the Parliamentary Finance Committee, Jamal Cougar, confirmed that his committee has not received the draft financial budget law for the years 2023, 2024 and 2025, yet.
The House of Representatives announced, last Thursday, that it had received the tripartite budget bill from the government.
"So far, the Finance Committee has not officially received the budget law, and it has not begun to study or review it," Cougar said in an interview with "Euphrates News" agency, followed by "Al-Iqtisad News".
He added, "The budget reached the Presidency of Parliament, but it did not reach the committee. It is not known how long it will take for approval." https://economy-news.net/content.php?id=33040
The Council Of Ministers Decides To Grant Soft Loans To Factories
The Council of Ministers, during its tenth regular session, which was held under the chairmanship of Prime Minister Muhammad Shia'a Al-Sudani, issued several decisions.
The media office of the Prime Minister stated in a statement that "Prime Minister Muhammad Shia'a Al-Sudani chaired the tenth regular session of the Council of Ministers, which witnessed a discussion of the overall situation and developments in public affairs, and research on a number of files and basic issues, as well as following up on the implementation of previously approved decisions and procedures." and issuance of directives thereof.
He added, "The Prime Minister and the ministers directed, at the outset of the session, best wishes and greetings to the sons of our Kurdish people and all the Iraqi people on the occasion of the Newroz holidays, hoping that the occasion will always return to our people in the Kurdistan region of Iraq and the rest of our beloved country, with goodness, prosperity and stability."
And he continued, "The Prime Minister congratulated our Iraqi people and the entire Islamic nation, on the occasion of the approaching holy month of Ramadan, praying to the Creator to make it a month of forgiveness and mercy for our country, and that the Almighty accept all good deeds and worship."
He added, "The council considered the files and decisions presented on its agenda and took the appropriate decisions in their regard," pointing out that, "in the field of supporting the pharmaceutical industries, and working to localize them locally in order to raise national sufficiency rates of important medicines, the cabinet approved the recommendations of the meeting." The meeting held on March 9, 2023 regarding the localization of the pharmaceutical industry, according to the following:
1- Maintaining the current classification, with fair distribution regardless of the classification for the national factories (ABC). The referral shall be to all national factories with uniform quantities of materials produced by them, by amending Paragraph (3) of Article Seventeen of the regulations for factories, and canceling the two paragraphs ( 4 and 5 relating to the distribution mechanism are among the controls for supplying medicines from national factories mentioned in the book of the Ministry of Planning, with the commitment of national factories to adopt high quality specifications (cGMP).
In the event that these specifications are not fully available, the factory is given a period of (12) months to comply with these specifications.
2- Releasing operating advances for contracts concluded with national pharmaceutical factories, provided that they do not exceed (50%), taking into account controls No. (17) related to the mechanism for dealing with operational advances.
3- Formation of the Drug Council (headed by the Undersecretary of the Minister of Health and membership of the Director General of the Technical Department in the Ministry of Health, the Director General of the General Company for Marketing Medicines and Medical Supplies (Kimadia), the Director General of the General Company for the Manufacturing of Medicines and Medical Supplies in Samarra, the Director General of the General Authority for Customs, and the Director General The Directorate for Combating Organized Crime, in addition to a member from the owners of the private pharmaceutical industrial sector and representatives of syndicates (doctors, dentists, and pharmacists) for the purpose of integration between the public sector represented by the Ministry of Health, and
the private sector and overcoming obstacles and overcoming obstacles. During the allocation of vast lands for the establishment of pharmaceutical factories in accordance with the Industrial Cities Law (2 of 2019) in coordination with the Industrial Cities Authority in accordance with the aforementioned law.
5- Granting soft loans to existing factories that wish to develop their production lines, while easing the terms of bank guarantees so that they are guaranteed by the factory.
6- Approving the approval letters of the Ministry of Health regarding the import of raw materials and other supplies by national factories in coordination with the Ministry of Finance (the General Authority for Customs, the General Authority for Taxes), and the General Authority for Border Crossings, and notifying the Ministry of Commerce and the General Directorate of Industrial Development of that.
7- Raising the customs tariff on imported medicines for which there is a similar product produced locally to 100% of the import price according to the National Product Protection Law through the application of the amended Iraqi National Products Law No. (11 of 2010). Local companies producing medicines can coordinate between them. And between the Directorate of Industrial Development in the Ministry of Industry and Minerals on the subject, in accordance with the aforementioned law.
And he stated, "With regard to completing the development of solutions to the file of free lecturers, the Council of Ministers approved the transfer of free and administrative lecturers for free, amounting to (14825) according to the actual need provided by the General Directorate of Education of Baghdad, the third Rusafa, according to Cabinet Resolution 315 of 2019, starting with From January 1, 2023, and with regard to the remaining (20,666) free lecturers and administrators of the total number (outside the actual need of the directorate), their distribution will be among the general directorates of education in the Baghdad governorate, or to the rest of the other ministries
. Supportive of trade unions and federations, in order for them to play their full positive role, and decided the following:
The Ministry of Finance owns the properties on which the headquarters of syndicates and federations established according to special laws are established, which were devolved to the Ministry of Finance after 2003, to the aforementioned syndicates and federations without compensation, in accordance with the Emiri Lands and Buildings Ownership Law No. (3) of 1960, provided that:
1 The absence of a plot or building at the authority requesting ownership that is suitable for the intended purpose.
2. The government does not need the property or the building to be owned, according to the text of the aforementioned law for ownership of property and princely buildings.
3- The headquarters are used only for these syndicates and federations, and it is not permissible for any other purpose, or to offer them for investment or for rent.
As a complement to the measures supporting the agricultural sector, and encouraging farmers to take steps to rationalize the use of irrigation water, the Cabinet approved the recommendation of the Ministerial Council of Economy regarding the approval of postponing installments for sprinkler irrigation systems for the project of using irrigation technologies and modern mechanization.
The office confirmed, "The council discussed, in its session, the rest of the issues presented on its agenda and took the following decisions in their regard:
First: Cancellation of Paragraph (3) of Cabinet Resolution (53 of 2020), regarding the public treasury's share of the profit, starting from January 1, 2022." .
Second / Approval of proceeding with the development of the program submitted by the General Authority for Customs (the electronic customs declaration program) as a basis for networking between all customs centers (land, air, and sea) with the headquarters of the General Authority for Customs and the Border Crossings Authority, according to the attached paper, with an addition At the end of Paragraph Fourth, “After the approval of the Federal General Budget Draft Law,” Paragraph Fifth was deleted from the recommendations.
Third / Approval of the recommendation of the Energy Ministerial Council (8 of 2022) regarding the consensual settlement with the South Korean company (Kokaz), the operator of the Crutch gas field, according to the following:
1- Disbursement of the remainder of the consensual settlement amounts agreed upon between the Midland Oil Company and the South Korean Cogas Company; Required to be paid to the South Korean company (Kokaz); The amount is (49,000,000) dollars, only forty-nine million dollars, provided that it pays a type of crude oil (In-Kind) from the Oil Marketing Company SOMO, according to a settlement agreement that guarantees the rights of the Ministry of Oil, according to the decisions of the opinion committee in the ministry.
2- Developing a formula for a settlement agreement between the two parties, according to which the contract remains valid for one year after the date of its signing, and the South Korean company (Kokaz) undertakes, according to this agreement, to transfer all its contractual rights and obligations to a company or a consortium of international companies qualified in accordance with the standards of the Ministry of Oil;
To replace it in the development of the field in accordance with the terms of the service contract, in addition to its commitment to provide support and technical backing for the project without any other financial or contractual obligations, or that the contract be terminated after the expiration of that period without obtaining a replacement operator.
Fourth / Approval of the following:
merging the two departments (renewable energies) with (environment and water) into one department under the name (Department of Environment, Water and Renewable Energies) in the merged Ministry of Science and Technology, based on the provisions of the merged Ministry of Science and Technology Law No. (75) of 2012 .
Fifth / Approval of the recommendation of the Energy Ministerial Council (23007i) for the year 2023 related to the renewal of the contract with the Egyptian General Petroleum Corporation (EGPC) for the year 2023, with a nodal quantity of (4) million barrels of Basra medium crude oil, by two million barrels for the month of June and the same for the month of August. From 2023, under the same contractual terms as previously applicable.
Sixth / approval of the proposals of the Ministry of the Interior regarding the development of the work of the Traffic Directorate, according to the following:
1- Transferring and operating the raw traffic sign factory on the plot of land adjacent to the Traffic Directorate on the side of the highway of Muhammad Al-Qasim Road in Baghdad, which is allocated to the Ministry of the Interior, instead of the laboratories affiliated to the Ministry.
The industry and minerals that are currently being built on, provided that the staffing of the aforementioned work is transferred from the staffing of the Ministry of Industry and Minerals to the staffing of the Ministry of Interior / Traffic Directorate, which number (294) employees, provided that this does not entail any financial consequences.
2- The abolition of traffic engineering divisions and departments in each of the Ministry of Construction, Housing, Municipalities and Public Works, the Municipality of Baghdad, and municipalities in the governorates to undertake the aforementioned task of furnishing, and the creation of a directorate called the Directorate of Roads Engineering and Traffic Signs that includes the aforementioned divisions and departments and is linked to the General Traffic Directorate in the Ministry of Interior to undertake the task Mentioned in the furnishing, based on the authority vested in the Prime Minister in accordance with the provisions of the Law of Creating Administrative Formations, Merging them and Modifying their Relevancy, No. (12) for the year 2011 in order to unify specialization and organize tasks and duties within the work of this Directorate. https://www.radionawa.com/all-detail.aspx?jimare=33795
To read more current and reliable Iraqi news please visit BondLady’s Corner:
"Tidbits From TNT" Tuesday Morning 3-21-2023
TNT:
Tishwash: Demonstrations in central Baghdad.. Demands to amend the salary scale of employees
Demonstrations in central Baghdad.. a demand to amend the salary scale for employees
Al-Sumaria correspondent reported today, Tuesday, that a demonstration has been launched in the center of the capital, Baghdad, to demand an amendment to the salary scale.
The reporter said, "Hundreds of employees demonstrated in Al-Umma Square in the capital, Baghdad, to demand an amendment to the salary scale."
He added, "The demonstrators came from all governorates. link
TNT:
Tishwash: Demonstrations in central Baghdad.. Demands to amend the salary scale of employees
Demonstrations in central Baghdad.. a demand to amend the salary scale for employees
Al-Sumaria correspondent reported today, Tuesday, that a demonstration has been launched in the center of the capital, Baghdad, to demand an amendment to the salary scale.
The reporter said, "Hundreds of employees demonstrated in Al-Umma Square in the capital, Baghdad, to demand an amendment to the salary scale."
He added, "The demonstrators came from all governorates. link
Tishwash: to talk about water? really?
The President of the Republic heads to New York to participate in the Water Conference
President Abdul Latif Jamal Rashid left the country today, Tuesday, heading to New York at the head of a delegation to participate in the work of the Water Conference for Sustainable Development.
The United Nations is organizing the conference from March 22-24.
It is noteworthy that Iraq is facing an unprecedented drought crisis, which resulted in a decline in the levels of the Tigris and Euphrates rivers to record levels, and heavy losses among farmers and fish breeders, at a time when several cities recorded the stopping of drinking water pumping stations due to the low water level without the intake pipes from the middle of the two rivers link
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CandyKisses: Gold rises as investors look ahead to the Fed's monetary policy meeting
Gold prices rose on Tuesday, as investors looked ahead to the Federal Reserve's monetary policy meeting with growing expectations that the US central bank will slow monetary policy tightening due to turmoil in the banking sector.
Spot gold rose 0.2% to $1982,59.03 an ounce as of 17:0 GMT, and U.S. gold futures rose 2.1986 percent to $30,<>.<>.
Gold is considered a safe haven in times of financial uncertainty, and low interest rates make non-yielding bullion more attractive by reducing the opportunity cost of holding them.
In volatile trading on Monday, gold prices jumped to their highest levels since March 2022 at $ 2009.59 before retreating, as investors absorbed the impact of measures taken by several central banks to contain a banking crisis and stabilize global financial markets.
Spot silver prices rose 0.2 percent to $22.57 an ounce, platinum fell 0.2 percent to $986.68 and palladium slipped 0.1 percent to $1412,70
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CandyKisses: The text of the Prime Minister's speech on the occasion of Nowruz
Baghdad - Nas
Prime Minister Mohammed Shia al-Sudani on Tuesday congratulated the Iraqi people on the occasion of Nowruz.
The Prime Minister said, in a statement issued by his office, a copy of which was received by "Nas", (March 21, 2023), "With the most beautiful and bright expressions of hope, I extend my congratulations and sincere wishes to our Kurdish people in the Kurdistan region of Iraq, and to all the peoples of the region, who celebrate Nowruz. Every year, peace, stability and communication fill our hearts with the grace of Almighty Bari."
He added: "Nowruz is passing us this year, and our Iraq is taking important steps towards the sustainability and rooting of civil peace, the rotation of the economy and work, and the launch of the ambitious and realistic reform program, which diagnoses priorities in favor of the citizen and his needs, which is what we have embarked on since the first working day of this government."
He continued: "Just as we aspire that Nowruz Day will be an occasion for us, as Iraqis, to strengthen our unity and spiritual and material connection, and to celebrate diversity, which is our sustainable wealth. The vision makes it clear that our past and roots are interconnected, just as our future and destiny are all connected."
He pointed out that "Nowruz every year brings hope to those who celebrate it, and with it the values of work and patriotism transcend. This year is full of hope, and we are full of work for our country."
He stressed that "we look forward to an Iraq that we build together and cherish all of us, we deserve, and befit us and our history."
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Tishwash: New Iranian Rial Notes
In August 2008, the central bank issued new “cheques,” which—due to political, financial, and social reasons—it claims are not banknotes even though they circulate like legal tender and do not require endorsement.
They were introduced to replace the array of high-denomination promissory notes which private banks had been issuing to enable their customers to carry out large transactions and which are now banned as the central bank has moved to reassert control over the money supply.
Branch banks often stamp the back of these cheques with the branch name and date. Cheques are purchased from banks to use in large transactions and then are transferred between individuals in the same way as cash, but are canceled when presented at banks for deposit.
The planned October 2008 introduction of a 2,000,000-rial cheque was cancelled after Mahmoud Bahmani was appointed governor of the bank in 2008 following President Mahmoud Ahmadinejad’s dismissal of Tahmasb Mazaheri in September. However, the note was eventually introduced in 2023.
Iran new signature 100,000-rial note (B301d) confirmed pic
Mot: ~~~~~ YOU SAID IT WAS SPRING! ~~~~~
Mot: ......... and As Spring Sets in!! ~~~~~
Tuesday Morning Iraq Economic News Highlights 3-21-23
Tuesday Morning Iraq Economic News Highlights 3-21-23
He Ruled Out Voting On It Soon.. Al-Maliki Reveals The Secrets Of The Struggle Over The Budget
03/21/2023 Earth News / A member of the House of Representatives of the State of Law coalition, Abbas al-Maliki, revealed today, Tuesday, the secrets of the struggle over the budget law.
Al-Maliki told Earth News Agency, "The importance of the budget law pushes the political forces to impose conditions and privileges that they want to obtain before they agree to pass the law and put pressure on the government to dictate its conditions. Therefore, the budget witnessed in the last period tensions between the political forces."
Tuesday Morning Iraq Economic News Highlights 3-21-23
He Ruled Out Voting On It Soon.. Al-Maliki Reveals The Secrets Of The Struggle Over The Budget
03/21/2023 Earth News / A member of the House of Representatives of the State of Law coalition, Abbas al-Maliki, revealed today, Tuesday, the secrets of the struggle over the budget law.
Al-Maliki told Earth News Agency, "The importance of the budget law pushes the political forces to impose conditions and privileges that they want to obtain before they agree to pass the law and put pressure on the government to dictate its conditions. Therefore, the budget witnessed in the last period tensions between the political forces."
And he indicated that “some parties want a larger share, and the demands of the Kurds on the other hand, which also demand a larger percentage than they get, and therefore they refrain from voting on the budget unless they guarantee that they have a greater financial allocation.”
He pointed out that “the border crossings and the revenues of the Kurdistan region are also a dilemma in every budget that is raised, as the government believes that the imports of the crossings and the imports of Kurdistan oil should be handed over to the federal treasury and then distributed as a federal budget, but the region refuses that in addition to the differences within the region itself between Sulaymaniyah and Erbil over Therefore, these are all problems that need consensus, and perhaps a vote on them will not take place in the near future, and it may take more than a month. https://earthiq.news/archives/212048
The Oil And Gas Law Will Impose The Region's Authority Over Areas Belonging To Nineveh
Today 08:36 Al-Shabki: Information / Baghdad... The former deputy, representing Nineveh Governorate, Muhammad al-Shabaki, confirmed that the legislation of the oil and gas law and its implementation will give the region authority over areas belonging to Nineveh Governorate, pointing out that these areas contain oil fields that are under the authority of the region.
Al-Shabki told Al-Maalouma, "The problem does not lie in the legislation of the oil and gas law, but the problem is that some areas of Nineveh governorate are implementing a project aimed at Kurdishizing them through Kurdish schools, in addition to Nineveh that has oil fields from which oil is being extracted by the regional government."
He added, "The application of the oil and gas law and the annexation of the oil fields in Nineveh to the region means that the areas in which those fields are located will be areas belonging to Kurdistan, and in conclusion, this means the application of Article 140."
And he indicated that "there is fear in the areas of the Nineveh Plain and Sinjar regarding the oil and gas law, especially since some areas will indirectly join the region if this law is implemented, despite the fact that they are areas belonging to Nineveh Governorate." LINK
An Economist Diagnoses A Major Imbalance In The Budget
Today 09:54 Information / Baghdad.. Today, Tuesday, the economic expert, Abd al-Rahman al-Sheikhli, identified a defect in the preparation of the draft general budget law for the fiscal year 2023.
Al-Sheikhly told Al-Maalouma, that "Whoever prepared the current budget made a mistake when he set the price of a barrel of oil in it at $70, because the current cost of extracting it is much higher than the selling price, which will increase the size of the deficit and not extinguish it."
He added, "The Iraqi external and internal debt to Iraq is very large, and it was supposed to set a price between 55-60 dollars per barrel of oil in order to be a wide area to fill the deficit."
Al-Sheikhly indicated, "The price of a barrel of oil in the 2023 budget will force the current government to borrow more, especially if there are no multiple sources of funding." LINK
The Dollar Opens Trading On Tuesday, Exceeding 156 Thousand Dinars
Today 12:39 Information / Baghdad.. Today, Tuesday, the exchange rates of the US dollar recorded a new high against the Iraqi dinar in Baghdad and the central and southern governorates.
The selling prices amounted to 156,750 dinars for every 100 US dollars. While the purchase prices amounted to 155,750 dinars per 100 dollars. LINK
The Stability Of Oil Prices.. Brent Records 73.84 Dollars Per Barrel
Economy |Today, 08:54 Baghdad today - follow-up Oil prices stabilized today, Tuesday, after falling early in the previous session on investor concerns that the recent problems in the banking sector will affect the global economy and reduce demand for crude.
Brent crude futures for May delivery rose five cents to $73.84 a barrel by 0049 GMT.
West Texas Intermediate crude futures rose nine cents to $67.73 a barrel. In the previous session, both Brent and West Texas Intermediate fell by about $3 a barrel before closing higher.
The US crude contract for April expires on Tuesday, and May is the most active contract for that crude.
Tuesday's slight rise in rates came after a landmark deal in which Switzerland's largest bank, UBS, agreed to buy smaller rival Credit Suisse in a bid to save it.
After the deal was announced, major central banks, including the US Federal Reserve and the European Central Bank, indicated that they would enhance market liquidity and support other banks.
Meanwhile, officials from the Group of Seven major industrialized nations said it was unlikely that the group would revise the $60 ceiling imposed on Russian oil as planned. Officials said the European Commission told EU ambassadors over the weekend that there was no urgency among the group for an immediate review.
OPEC+, which groups the world's largest oil exporters and allies including Russia, is scheduled to meet on April 3. The group agreed in October to cut oil production targets by 2 million barrels per day until the end of 2023. LINK
A Slight Rise In The Exchange Rates Of The Dollar In The Local Markets
economy |Today, 11:50 Baghdad today – Baghdad Today, Tuesday, the exchange rates of the dollar against the dinar recorded a slight increase in exchange shops in the capital, Baghdad.
The (Baghdad Today) correspondent said, "The Al-Kifah and Al-Harithiya stock exchanges recorded an exchange rate of 156,500 dinars for every 100 dollars.
He added, "The buying and selling prices increased in exchange shops in the local markets in Baghdad, where the selling price reached 157,500 dinars per 100 dollars, while the purchase prices reached 155,500 dinars per 100 dollars." LINK
The Iraqi Government Issues A Number Of Decisions - Urgent
Baghdad today – Baghdad Today, Monday, the Iraqi government issued, during the cabinet session, which was chaired by Muhammad Shia' al-Sudani, a number of decisions.
The media office of Al-Sudani said in a statement received by (Baghdad Today) that "the latter presided over the tenth regular session of the Council of Ministers, which witnessed a discussion of the overall situation and developments in public affairs, and research in a number of files and basic issues, as well as following up on the implementation of previously approved decisions and procedures, and issuing directives."
At the outset of the session, Al-Sudani and the ministers extended their best wishes and greetings to our Kurdish people and the general Iraqi people on the occasion of the Newroz holidays, hoping that the occasion will always return to our people in the Kurdistan region of Iraq and the rest of our beloved country, with goodness, prosperity and stability.
The Prime Minister also offered, according to the statement, "his congratulations to the sons of our Iraqi people and the entire Islamic nation, on the occasion of the advent of the blessed month of Ramadan, praying to Al-Bari to make it a month of forgiveness and mercy for our country, and that the Almighty accept from all good deeds and worship."
The Council considered the files and decisions presented on its agenda and took the appropriate decisions in their regard.
In the field of supporting the pharmaceutical industries, and working to localize them locally in order to raise national sufficiency rates for important medicines, the Cabinet approved the recommendations of the meeting held on March 9, 2023 regarding the localization of the pharmaceutical industry; According to the following:
1- Maintaining the current classification, with fair distribution regardless of the classification for the national factories (ABC). The referral shall be to all national factories with uniform quantities of materials produced by them, by amending Paragraph (3) of Article Seventeen of the controls for factories, and canceling the two paragraphs ( 4 and 5 relating to the distribution mechanism are among the controls for supplying medicines from national factories mentioned in the book of the Ministry of Planning, with the commitment of national factories to adopt high quality specifications (cGMP). In the event that these specifications are not fully available, the factory is given a period of (12) months to comply with these specifications.
2- Releasing operating advances for contracts concluded with national pharmaceutical factories, provided that they do not exceed (50%), taking into account controls No. (17) related to the mechanism for dealing with operational advances.
3- Formation of the Drug Council (headed by the Undersecretary of the Minister of Health and membership of the Director General of the Technical Department in the Ministry of Health, the Director General of the General Company for Marketing Medicines and Medical Supplies (Kimadia), the Director General of the General Company for the Manufacturing of Medicines and Medical Supplies in Samarra, the Director General of the General Authority for Customs, and the Director General The Directorate for Combating Organized Crime,
in addition to a member of the owners of the private pharmaceutical industrial sector and representatives of the syndicates (doctors, dentists, and pharmacists) for the purpose of integration between the public sector represented by the Ministry of Health, and the private sector and overcoming obstacles and overcoming obstacles.
4- Establishing industrial cities for the pharmaceutical industry by allocating vast lands for the establishment of pharmaceutical factories in accordance with the Industrial Cities Law (2 of 2019) in coordination with the Industrial Cities Authority in accordance with the aforementioned law.
5- Granting soft loans to existing factories that wish to develop their production lines, while easing the terms of bank guarantees so that they are guaranteed by the factory.
6- Approving the approval letters of the Ministry of Health regarding the import of raw materials and other supplies by national factories in coordination with the Ministry of Finance (the General Authority for Customs, the General Authority for Taxes), and the General Authority for Border Crossings, and notifying the Ministry of Commerce and the General Directorate of Industrial Development of that.
Raising the customs tariff on imported medicines for which there is a similar product produced locally to 100% of the import price according to the National Product Protection Law through the application of the amended Iraqi National Products Law No. (11 of 2010).
Local companies producing medicines can coordinate between them and The Directorate of Industrial Development in the Ministry of Industry and Minerals on the subject, in accordance with the aforementioned law.
With regard to completing the development of solutions to the file of free lecturers, the Council of Ministers approved the transfer of free and administrative lecturers for free, amounting to (14825) according to the actual need provided by the General Directorate of Education of Baghdad, the third Rusafa, according to Cabinet Resolution 315 of 2019, starting from January 1. 2023,
and with regard to the free lecturers and administrators, who number (20,666) remaining from the total number (outside the actual need of the directorate), then their distribution will be among the general directorates of education in the Baghdad governorate, or to the rest of the other ministries.
The Council of Ministers continued its support for trade unions and federations, in order for them to play their full positive role, and decided the following:
The Ministry of Finance owns real estate on which headquarters are established for syndicates and federations established according to special laws, which devolved to the Ministry of Finance after 2003, to the aforementioned syndicates and federations without compensation, in accordance with the Emiri Lands and Buildings Ownership Law No. (3) of 1960, provided that:
1. The absence of a plot or building at the authority requesting ownership that is suitable for the intended purpose.
2. . The government does not need the property or the building to be owned, according to the text of the aforementioned law for ownership of property and princely buildings.
3- The headquarters are used only for these syndicates and unions, and it is not permissible for any other purpose, or to offer them for investment or for rent.
As a continuation of the measures supporting the agricultural sector, and encouraging farmers to take steps to rationalize the use of irrigation water, the Cabinet approved the recommendation of the Ministerial Council of Economy regarding the approval of postponing installments for sprinkler irrigation systems for the project of using irrigation technologies and modern mechanization.
In its session, the Council discussed the rest of the topics presented on its agenda and took the following decisions in their regard:
First: Canceling Paragraph (3) of Cabinet Resolution (53 of 2020), regarding the public treasury’s share of the profit, as of January 1, 2022.
Second / Approval of proceeding with the development of the program submitted by the General Authority for Customs (the electronic customs declaration program) as a basis for networking between all customs centers (land, air, and sea) with the headquarters of the General Authority for Customs and the Border Crossings Authority, according to the attached paper, with an addition At the end of Paragraph Fourth, “After the approval of the Federal General Budget Draft Law,” Paragraph Fifth was deleted from the recommendations.
Third / Approval of the recommendation of the Energy Ministerial Council (8 of 2022) regarding the consensual settlement with the South Korean company (Kocaz), the operator of the Akkas gas field, according to the following:
1- Disbursement of the remainder of the consensual settlement amounts agreed upon between the Midland Oil Company and the South Korean Cogas Company; Required to be paid to the South Korean company (Kokaz); The amount is (49,000,000) dollars, only forty-nine million dollars, provided that it pays a type of crude oil (In-Kind) from the Oil Marketing Company SOMO, according to a settlement agreement that guarantees the rights of the Ministry of Oil, according to the decisions of the opinion committee in the ministry.
2- Developing a formula for a settlement agreement between the two parties, according to which the contract remains valid for one year after the date of its signing, and the South Korean company (Kokaz) undertakes, according to this agreement, to transfer all its rights and contractual obligations to a company or a consortium of international companies qualified in accordance with the standards of the Ministry of Oil; To replace it in the development of the field in accordance with the terms of the service contract, in addition to its commitment to provide support and technical backing for the project without any other financial or contractual obligations, or that the contract be terminated after the expiry of that period without obtaining a replacement operator.
Fourth / Approval of the following:
Merging the two departments (renewable energies) with (environment and water) into one department under the name (department of environment, water and renewable energies) in the merged Ministry of Science and Technology, based on the provisions of the merged Ministry of Science and Technology Law No. (75) of 2012.
Fifth / Approval of the recommendation of the Energy Ministerial Council (23007i) for the year 2023 related to the renewal of the contract with the Egyptian General Petroleum Corporation (EGPC) for the year 2023, with a nodal quantity of (4) million barrels of Basra medium crude oil, by two million barrels for the month of June and the same for the month of August. From 2023, under the same contractual terms as previously applicable.
Sixth: Approving the proposals of the Ministry of Interior regarding developing the work of the Traffic Directorate, according to the following:
1- Transferring and operating the raw traffic sign factory on the plot of land adjacent to the Traffic Directorate on the side of the highway of Muhammad Al-Qasim Road in Baghdad, which is allocated to the Ministry of the Interior, instead of the laboratories affiliated to the Ministry of Industry and Minerals that are currently built on, provided that the staffing of the employees in the aforementioned work is transferred. From the staff of the Ministry of Industry and Minerals to the staff of the Ministry of Interior / Traffic Directorate, who number (294) employees, provided that this does not entail any financial consequences.
2- The abolition of traffic engineering divisions and departments in each of the Ministry of Construction, Housing, Municipalities and Public Works, the Municipality of Baghdad, and municipalities in the governorates to undertake the aforementioned task of furnishing, and the creation of a directorate called the Directorate of Roads Engineering and Traffic Signs that includes the aforementioned divisions and departments and is linked to the General Traffic Directorate in the Ministry of Interior to undertake the task Mentioned in the furnishing, based on the authority vested in the Prime Minister in accordance with the provisions of the Law of Creating Administrative Formations, Merging them and Modifying their Relevancy, No. (12) for the year 2011 in order to unify specialization and organize tasks and duties within the work of this Directorate. LINK
Iraqi News Highlights Monday Evening 3-20-23
Iraqi News Highlights Monday Evening 3-20-23
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Iraq Is Discussing With Jordan Raising Energy Supplies, Establishing A Free Zone And Facilitating Investment
Money and business Economy News – Baghdad First Deputy Speaker of Parliament Mohsen Al-Mandalawi discussed with the Speaker of the Jordanian Senate, Samir Al-Rifai, on Monday, a number of files related to increasing energy imports, establishing a free zone and facilitating investment.
Iraqi News Highlights Monday Evening 3-20-23
Tlm724 Administrator Bondlady’s Corner
Iraq Is Discussing With Jordan Raising Energy Supplies, Establishing A Free Zone And Facilitating Investment
Money and business Economy News – Baghdad First Deputy Speaker of Parliament Mohsen Al-Mandalawi discussed with the Speaker of the Jordanian Senate, Samir Al-Rifai, on Monday, a number of files related to increasing energy imports, establishing a free zone and facilitating investment.
A statement by Al-Mandalawi's office said, "The Iraqi parliamentary delegation, headed by First Deputy Speaker of Parliament Mohsen Al-Mandalawi, paid a visit to the Jordanian Senate, Samir Al-Rifai, and a number of Jordanian deputies."
Mandalawi stressed, "The parliament and the government's determination to consolidate the relationship between the two countries, and open broader horizons to promote projects and investment," pointing to "the need to sign bilateral agreements between the Arab peoples to overcome the challenges and crises the world is going through, and support the continuation of the work of the Economic Council between the two countries."
According to the statement, "the Iraqi delegation discussed with the Jordanian Senate the possibility of increasing the supply of electric power within the tripartite agreement between Iraq, Jordan and Egypt, in addition to the border file, facilitating investment procedures, establishing a free trade zone between the two countries, and activating the work of the Iraqi-Jordanian Friendship Committee."
Mandalawi also affirmed, "The Iraqi parliament's support for all directions aimed at enhancing economic integration with Jordan, in the interest of the two countries and peoples."
https://economy-news.net/content.php?id=33021
Oil Prices Record The Lowest Level Since The End Of 2021
Economy| 11:56 - 03/20/2023 Follow-up - Mawazine News Oil prices fell, in trading today, Monday, to below the level of $ 71 a barrel, for the first time since December 20, 2021. And by 10:25 Baghdad time, US crude futures fell by 2.80%, to $ 64.87 a barrel. While Brent crude futures fell by 2.85% to $71.20 a barrel, before that, crude futures contracts fell below $71 a barrel.
The decline in black gold prices comes in light of fears of an economic recession in the world, which will affect the demand for crude, and the markets fear a recession due to the risks threatening the global banking sector. Ended 29/N33 https://www.mawazin.net/Details.aspx?jimare=222391
Al-Sudani: Economic Reform Must Be Accompanied By Firm Measures To Combat Corruption
Political | 12:47 - 03/20/2023 Baghdad - Mawazine News, Prime Minister Muhammad Shia' al-Sudani said, on Monday, that economic reform is a method for progress, growth and fulfillment of citizens' requirements, stressing the need for economic reform to be accompanied by firm measures in combating corruption.
Al-Sudani's office said in a statement that "Prime Minister Muhammad Shia'a Al-Sudani participated, today, Monday, in a dialogue symposium within the activities of the Baghdad International Dialogue Conference, which is being held by the Iraqi Institute for Dialogue."
Al-Sudani spoke about "the government's vision in the fields of economy and foreign relations, the provision of services and the government's priorities, as well as the new projects included in the tripartite budget bill."
And he indicated, "The most important general lines that Iraq follows in the file of international relations, and the balance in them, as well as affirming the principles of non-interference in internal affairs, and the preservation of Iraq's sovereignty."
He referred to "the option of pursuing economic reform as a method for progress, growth, and meeting the requirements and needs of citizens, and the firm measures that must accompany it in the field of combating corruption, in implementation of the government program, and to meet the aspirations of citizens throughout Iraq." Ended 39/N33 https://www.mawazin.net/Details.aspx?jimare=222400
Al-Sudani: We Look Forward To Transforming Iraq Into A Center For Global Trade Between Asia And Europe
Political | 03:08 - 03/20/2023 Baghdad - Mawazine News , Prime Minister Muhammad Shia Al-Sudani revealed, on Monday, the most important files that he will discuss during his upcoming visit to Turkey.
Al-Sudani said in his article, "The visit to Turkey acquires special importance at this particular time, with the positive developments taking place in the Middle East region in terms of strengthening cooperation between countries, mobilizing efforts to achieve economic integration and push it forward, and resolving differences based on the methodology of prudent dialogue." Interest prevails and elevates cooperation between neighbors in order to achieve the interests of peoples.
He added, "We will focus in our discussions with the Turkish side on strengthening Iraqi-Turkish relations in all fields, especially the economic field, especially as we look forward to implementing ambitious economic projects in the energy and transport sectors and transforming Iraq into a center for global trade between Asia and Europe through the great port of Faw project and what It is linked to economic zones, residential communities and tourist attractions.
He continued, "We look forward from this giant project, which will extend over an area of more than 20 square miles, to open the way for an economic boom for Iraq," noting that "it will contribute to strengthening economic and trade relations between Iraq and its neighbors, led by Turkey on the one hand, and the countries of Europe and Asia on the one hand." another side".
He stated that "the project of the great port of Faw will include the corridor of the dry canal, which will be formed by a highway and a railway line, and will pass through Diwaniyah, Najaf, Karbala, Baghdad and Mosul and extend to the Turkish border, allowing access to the port of Mersin and Europe via Istanbul," explaining that "we will discuss the details of these projects with officials."
The Turks, within the framework of our efforts to strengthen the economic and trade partnership with Turkey, with which Iraq's trade balance has reached about $20 billion, represented in Turkish imports of chemical products, seeds, grains, legumes, furniture, medicines and medical supplies, and Iraqi exports to Turkey concentrated in oil.
On the security level, Al-Sudani said, "Border control will occupy an aspect of the talks, as well as joint cooperation between Iraq and Turkey, especially in the intelligence aspect and information exchange."
On water quotas, the Prime Minister affirmed that "the water problem will occupy a space of discussion in Ankara," appreciating "the Turkish side's efforts to increase water quotas that came from behind the dams to Iraq."
He continued, "We will discuss with them how to cooperate and coordinate to ensure that Iraq obtains its water needs, which is a lifeline for development and agricultural expansion," pointing out, "We will affirm our full solidarity with our Turkish neighbors in their painful affliction after the great earthquake, and we will continue to provide all the assistance they need in this regard." Tough time."
He pointed out that " He went on to say that "the economic cooperation projects that we seek with Ankara will greatly contribute to creating job opportunities in many Iraqi governorates and will accelerate the pace of Iraq's transformation into a commercial center linking the European and Asian continents, and will put Iraq firmly on the map of world trade," explaining,
"We are putting In parallel, there are plans to cooperate with Turkey to enhance our joint economic capabilities and according to timetables for priority projects, with our keenness to diversify energy sources and invest in renewable energy projects to serve development ambitions.
And he stated, "The near future will witness greater economic engagement with Turkey and with all our neighbors and our region, because this engagement and joint cooperation is the only way to overcome the consequences of global crises and the challenges they impose on us at this sensitive time," noting, "We emphasized this, both during the second Baghdad summit." held in the sisterly Hashemite Kingdom of Jordan, or through recent visits to the United Arab Emirates and Cairo.
He stressed, "Iraq's approach in the current and future period is clear and unmistakable, and it depends on strengthening cooperation with brothers and neighbors at the political, commercial and economic levels, with the aim of strengthening cooperation and pushing our efforts inside Iraq to achieve our declared priorities, which we will not deviate from in an honest attempt to change the reality of the Iraqi citizen and provide Iraq's interests and interest should prevail over every interest in an atmosphere of cooperation and constructive dialogue with neighboring countries and brothers in our Arab environment. Ended 29/N33 https://www.mawazin.net/Details.aspx?jimare=222412
Iraq Is Close To Activating An Agreement With "Total" Worth 27 Billion Dollars
Economy| 06:12 - 03/19/2023 Baghdad - Mawazine News Iraqi Oil Minister, Hayan Abdul-Ghani, said on Sunday that the talks Iraq is holding with the giant French energy company Total Energies to resolve the sticking points in a delayed activation deal worth $27 billion have reached "advanced stages."
"They are close to activating the contract," Abdul-Ghani said at an energy conference.
The agreement, which Baghdad hopes will contribute to reviving foreign investment in the country, was signed in 2021 on the basis that it would allow Total to build four oil, gas and renewable energy projects with initial investments of $10 billion in southern Iraq over 25 years.
However, disagreements between Iraqi politicians over the terms of the agreement hindered its implementation.
Sources told Reuters that Iraq's request for a 40 percent stake in the project is a major point of contention, as Total Energy wants a majority stake.
In response to a question about whether the issue of Iraq's share in the project has been resolved, Abdul-Ghani said that the time is not appropriate to discuss the matter, adding that the announcement of the shares will take place when an agreement is reached.
Abdul-Ghani also said that Iraq is committed to maintaining an oil production rate of 220,000 barrels per day, in line with the quota set by the latest agreement of the OPEC+ alliance to cut production.
The minister added that Iraq is ready to increase its production if the OPEC + alliance decides to do so.
He said, "We forced some oil companies operating in the south to reduce production in line with the agreed OPEC + rates." Ended 29/M99 https://www.mawazin.net/Details.aspx?jimare=222328
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Iraqi News Highlights Monday Afternoon 3-20-23
Iraqi News Highlights Monday Afternoon 3-20-23
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In The Presence Of Government And Diplomats... The Launch Of The Conference "Activating Lending Programs In Iraq"
Monday 20 March 2023 12:32 | Economical Number of readings: 353 Baghdad / NINA / - Today, Monday, the work of the conference "Activating Lending Programs in Iraq" kicked off in the capital, in the presence of the Governor of the Central Bank of Iraq, Ali Al-Alaq, the US Ambassador to Iraq, Elena Romansky, ministers and representatives of diplomatic missions. This program aims to stimulate lending in Iraq to support industrial, agricultural and other projects.
Iraqi News Highlights Monday Afternoon 3-20-23
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In The Presence Of Government And Diplomats... The Launch Of The Conference "Activating Lending Programs In Iraq"
Monday 20 March 2023 12:32 | Economical Number of readings: 353 Baghdad / NINA / - Today, Monday, the work of the conference "Activating Lending Programs in Iraq" kicked off in the capital, in the presence of the Governor of the Central Bank of Iraq, Ali Al-Alaq, the US Ambassador to Iraq, Elena Romansky, ministers and representatives of diplomatic missions. This program aims to stimulate lending in Iraq to support industrial, agricultural and other projects. https://ninanews.com/Website/News/Details?key=1041635
Association Of Iraqi Private Banks: We Are Committed To Implementing The Central Bank's Plan To Finance Small, Medium And Residential Projects
Monday 20 March 2023 16:37 | Economical Number of readings: 133 Baghdad / NINA / - The Association of Iraqi Private Banks confirmed its continuation in implementing the Central Bank's plan to stimulate the economy, achieve economic stability, and implement its financing initiatives, for which 18 trillion dinars are allocated, which contributed to increasing the central financing granted to small, medium and residential projects.
Samir Al-Nusairi, Advisor to the Association of Banks, said, during the conference on activating lending programs in Iraq, held today, Monday, in the capital, Baghdad, that "Iraqi private banks that provide various banking services in all governorates have proven their ability, sobriety, and national stances during the last period in which Iraq suffered."
From the economic crises and challenges and the Corona pandemic and its continuation with daily work and the revitalization of the economic cycle, during the economic and security shocks in 2014 due to the drop in global oil prices and the fight against the terrorist ISIS, and in 2020 due to the drop in oil prices and the Corona pandemic.
He called on those gathered to come up with specific and practical recommendations to increase the volume of borrowing in general, increase the share of productive and service projects to the volume of lending, develop lending units in private banks, increase the number of banks participating in a financing platform, and expand the geographical area oflending to include all governorates.
He added, "The Association of Iraqi Private Banks and all member banks, which number 70 banks, are working under the supervision and instructions of the Central Bank of Iraq to develop and develop the banking sector in a way that contributes to supporting the national economy and sustainable development through the development and financing of small and medium projects,
and the rehabilitation of youth and creation An appropriate and stimulating environment for entrepreneurship despite the economic conditions and challenges and difficulties that our country is experiencing, and focusing on strict adherence to international standards in compliance systems and rules, combating money laundering, terrorist financing and banking risk management.
He continued: "The development steps, in cooperation with the Central Bank and the Association of Iraqi Private Banks, have contributed to improving the efficiency of performance in most private banks, as well as training and qualifying banking human resources for the purpose of preparation and preparation for launching the project of activating lending in Iraq, which includes 6 stages and 10 goals concentrated in establishing a number Of the workshops, in cooperation with the Central Bank and the US Agency for International Development, the General Secretariat of the Council of Ministers responsible for the financing platform and the Central Bureau of Statistics in the Ministry of Planning, aimed at building capacities, training credit officers and preparing trainees to achieve the goal of the program. / End 5 https://ninanews.com/Website/News/Details?key=1041697
Central Bank: We Will Present A Project To Establish A Loan Guarantee Company.. And These Are The Ceilings Of Our Funds In The Banking Sector
Monday 20 March 2023 16:11 | Economical Number of readings: 149 Baghdad / NINA / - The Central Bank of Iraq revealed a project to establish a loan guarantee company that will provide high flexibility to the banking sector in providing loans to beneficiaries.
The Governor of the Bank, Ali Al-Alaq, said, during the opening of the conference on activating lending programs in Iraq, held today, Monday, in the capital, Baghdad, that "the Central Bank was a pioneer in stimulating the lending capabilities of the banking sector, as we launched in 2015 an initiative that is perhaps the largest in the history of Iraq by allocating 5 Trillions of dinars for industrial, agricultural and housing projects, as well as a trillion dinars for small and medium projects, and this initiative was able to stimulate the Iraqi economy significantly, whether at the level of some projects or in solving the housing problem by providing loans to the housing sector.
He added: "The sums that have been lent so far amounted to about 13 trillion dinars, and we are now in the process of evaluating these initiatives and benefiting from the lessons and putting them in the right directions and focusing them on specific goals, so there will be a great focus in the next stage on financing small and medium projects, as well as what is related to projects." Renewable energy lending in an attempt to contribute to the central bank in climate challenges and clean energy.
Al-Alaq stressed that “stimulating the banking sector towards enabling it with lending policies should not depend on the central bank, because this role of the central bank is an exceptional role dictated by some circumstances, but the first and basic role is for the banking sector to be able by itself to assume and provide lending capabilities.” , by bringing in deposits and through his own financial ability.”
He continued to say, "We will soon work on developing a national strategy for lending, as I presented the paper last November when I was outside the central bank, but realizing the importance of bank lending I presented a paper at a conference at Al-Mustansiriya University on building rules for lending policies or the national strategy for lending and these important issues Very much,
"noting that" the issue of lending is not only related to the financial capabilities of banks, but rather is related to the work environment, regulatory and legal conditions, and many factors that fall outside the banking system, so it will be a joint strategy presented to the government and other parties to be a matter of their participation in supporting this plan to provide decisions and actions necessary for its success.
He explained, "The ability of banks to lend depends on their ability to bring in deposits, and this is the role of the banking sector in balancing between deposits and lending," noting that "the banking sector has reached the highest ceiling for lending, because the percentage specified according to the Central Bank's instructions is 70% of deposits." And the banking sector has almost reached this percentage, which requires that there be great efforts to attract deposits to the banking sector.
He continued, "We have more than 70 trillion dinars outside the banking system for circulation, and this is a very large amount and represents a high percentage of the gross domestic product, so we must focus in the next stage on finding the necessary means to activate the deposit movement through several measures in this regard, after That we have completed the development of a comprehensive and broad strategic plan for electronic payment to expand the link between these funds that lie outside the banking system and their uses that can be large and wide in the event that these funds are attracted to the banking sector, calling on the banking sector to be a key partner with the Central Bank in what it will do By providing electronic payment methods at a broad national level,
he also urged the banking sector to proceed with a review of banking services in quantity and quality because banking services have come a long way despite the short life of some banks, but some of them have reached advanced stages and others still need to upgrade the level of services. banking".
He added, "The banking sector needs more geographical spread," praising some banks that have extended to wide networks inside Iraq, "calling on other banks to strengthen this spread in the regions of the country, noting the need to diversify the credit portfolio or loans for the purpose of reducing risks in what Related to lending and balance in sectoral growth./ End 5
https://ninanews.com/Website/News/Details?key=1041693
Relationship: The Existence Of More Than 70 Trillion Dinars Outside The Banking System For Circulation
Economy Monday, March 20, 2023 2:13 PM Baghdad / National News Center Today, Monday, the Central Bank of Iraq announced the size of the lending amounts within its initiatives for projects, while revealing the existence of more than 70 trillion dinars outside the banking system for circulation.
The Governor of the Central Bank of Iraq, Ali Al-Alaq, said in a speech at a conference on activating lending programs in Iraq: “We extend our thanks to the Association of Banks and the American Agency for Development for keeping pace with the banking sector and attempts to advance it and push it with directions that achieve the desired goals of the Iraqi economy.”
He added, "Bank lending represents the main pillar in the work of the banking sector, whether with regard to its revenues, profits, and operation, or with regard to economic activities in all its forms."
He pointed out that “the Central Bank was a pioneer in stimulating the lending capabilities of the banking sector, as we launched in 2015 an initiative, perhaps the largest in the history of Iraq, and it was represented by the allocation of 5 trillion dinars for industrial, agricultural and housing projects, as well as a trillion dinars for small and medium projects,” noting that “this initiative It was able to greatly stimulate the Iraqi economy, whether at the level of some projects or in solving the housing problem by providing lending to the housing sector.”
And he indicated that “the amounts that have been lent so far have amounted to about 13 trillion dinars, which is a very large amount,” adding, “We are now in the process of evaluating these initiatives, benefiting from lessons, putting them in the right directions, and focusing them on specific goals.”
He continued: “There will be a great focus in the next stage on financing small and medium enterprises, as well as with regard to projects or loans related to renewable energy in an attempt to contribute to the Central Bank in facing climate challenges and the field of clean energy.”
He stressed, “Stimulating the banking sector towards enabling it with lending policies should not depend on the central bank, because this role of the central bank is an exceptional role dictated by some circumstances, but the first and foremost is that the banking sector is able by itself to assume and provide lending capabilities by bringing in deposits and through his own financial capacity.
Al-Alaq continued: “We will soon work on developing a national strategy for lending, and I presented the paper last month when I was outside the central bank, but realizing the importance of bank lending, I presented a paper at a conference at Al-Mustansiriya University on building rules for lending policies or the national strategy for lending.”
He pointed out that “these are very important and national issues because the subject of lending is not only related to the financial capabilities of banks, but rather is related to the work environment and its regulatory and legal conditions and many factors that lie outside the banking system, so it will be a joint strategy presented to the government and other parties to be a matter of their participation in Support this plan to provide the necessary decisions and procedures for its success.
And he explained, “I shed light on some signs that we must focus on in the next stage, which is that the ability of banks to lend depends on their ability to bring in deposits, and this is the role of the banking sector balancing between deposits and lending,”
noting that “indicators and data indicate that the banking sector It has reached the highest ceiling for lending because the percentage specified according to the instructions of the Central Bank is 70% of deposits, and the banking sector has almost reached this percentage, which requires that there be great efforts to attract deposits to the banking sector.
And he continued: “A lot talks about limited bank lending, so that we do not blame the banking sector only because these are the capabilities available to it, which requires that there be a comprehensive and broad plan to attract deposits so that the banking sector can mobilize them towards granting loans.”
And he continued his speech: “We have more than 70 trillion dinars outside the banking system for circulation, and this is a very large amount and represents a high percentage of the gross domestic product, so we must focus in the next stage on finding the necessary means to activate the deposit movement through several procedures in this regard,
after that We have completed the development of a comprehensive and broad plan for electronic payment strategy to expand the connection between these funds that lie outside the banking system and their uses, which can be large and wide in the event that these funds are attracted to the banking sector.
The Governor of the Central Bank called on the banking sector to “be a key partner with the Central Bank in what it will do in terms of providing electronic payment methods on a broad national level,” adding: “And also among the matters that fall on the banking system in this regard and direction,
It is a review of banking services in quantity and quality, because banking services have come a long way despite the short life of some banks, but some of them have reached advanced stages and others still need to upgrade the level of banking services in different types and in the way of presentation.
He noted that “one of the remarkable things is that the survey conducted by the Arab Fund to study the public’s reluctance to deal in the banking sector, and contrary to expectations, the first reason was that the services are complex and not readily available to citizens in the banking sector, and this is an existing fact that needs to mobilize the banking system to lend to the citizen.”
And provide the necessary services and the best methods and techniques, and unfortunately he noticed that the citizen in some bank branches as if he is reviewing a complex administrative department or a court in the way of depositing or withdrawing the amounts.
And he pointed out that “the Central Bank issued a wide circular to the banking sector in this field, and it will be the focus of our attention and field monitoring of banking services and the extent to which they keep pace with the standards and achieve the goals that we referred to.”
And he continued his speech: “One of the issues that we call for to reduce the risks of borrowing due to the high rates is the default in repaying debts, and we will present the project to establish a company to guarantee loans, and this is very important and provides a great deal and high flexibility for the banking sector to provide loans.”
He stressed that "the banking sector needs more geographical spread," adding: "We commend some banks that have extended to wide networks inside Iraq, and we call on other banks to strengthen this spread in the regions of the country."
And he warned that “in order to reduce risks with regard to lending and in order for there to be a balance in sectoral growth, the credit portfolio or loans must be diversified, and this constitutes safety for the banking system and a balance in sectoral growth, and we note that there is a discrepancy in this field and this requires taking into account Consideration, and the best evidence of that collapse suffered by the Silicon Ghali Bank, due to a very clear reason, which is the credit concentration in a specific sector, and this was the main reason for the collapse of the bank.”
And he stressed that “the sectors in Iraq need stimulation, growth and construction, so focusing on a specific sector should not be the goal and the final result of bank loans, as happened now. It's still at its lowest level."
He concluded by saying: “We need to build a national strategy for bank lending, led by the Central Bank and presenting it to the private banking sector to express observations and opinions, then we start working on it in order to achieve the aforementioned goals.” https://nnciraq.com/194576/
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Monday Morning Iraq Economic News Highlights 3-20-23
Monday Morning Iraq Economic News Highlights 3-20-23
The Decline In Dollar Prices In Baghdad And Erbil
2023-03-20 02:14 Shafaq News/ The exchange rates of the US dollar against the Iraqi dinar decreased today, Monday, in the main stock exchange in the capital, Baghdad, and in the Kurdistan Region.
Shafaq News agency reporter said that the Al-Kifah and Al-Harithiya Central Stock Exchange in Baghdad recorded 155,900 Iraqi dinars for 100 US dollars this morning. While the prices on Sunday morning were 156,300 dinars, compared to 100 dollars.
Monday Morning Iraq Economic News Highlights 3-20-23
The Decline In Dollar Prices In Baghdad And Erbil
2023-03-20 02:14 Shafaq News/ The exchange rates of the US dollar against the Iraqi dinar decreased today, Monday, in the main stock exchange in the capital, Baghdad, and in the Kurdistan Region.
Shafaq News agency reporter said that the Al-Kifah and Al-Harithiya Central Stock Exchange in Baghdad recorded 155,900 Iraqi dinars for 100 US dollars this morning. While the prices on Sunday morning were 156,300 dinars, compared to 100 dollars.
Our correspondent indicated that the buying and selling prices decreased in the exchange shops in the local markets in Baghdad, as the selling price reached 157,000 Iraqi dinars per 100 US dollars, while the purchase prices amounted to 155,000 Iraqi dinars per 100 US dollars.
In Erbil, the capital of the Kurdistan Region, the stock market also recorded a decrease, as the selling price of the dollar reached 156,150 dinars per 100 US dollars, and the buying price reached 155,150 dinars per 100 US dollars. LINK
Al-Sudani: Iraq Continues To Benefit From Gas Wealth To Improve Revenues
Energy Economy News / Baghdad Prime Minister Muhammad Shia al-Sudani confirmed today, Sunday, that Iraq is continuing to benefit from the gas wealth, in both the explored and accompanying forms.
Al-Sudani's office said in a statement that "Prime Minister Muhammad Shia'a Al-Sudani received today the Secretary-General of the Organization of Petroleum Exporting Countries (OPEC) Haitham Al-Ghais," noting that "the meeting dealt with the most important challenges facing oil markets today, ways to work on their stability, and the importance of coordination." between oil-exporting countries, in order to ensure that prices do not fluctuate, affecting both exporting and consuming countries.
The Prime Minister reaffirmed Iraq's pivotal role as a founding member of the organization, whose founding was embraced by Baghdad, and has always contributed, as a positive element, to securing stability in the region.
He added, "Iraq continues to benefit from both explored and associated gas wealth, in a way that secures the best returns for the Iraqi people, and contributes to reducing carbon emissions and environmental impacts and their economic and health effects." https://economy-news.net/content.php?id=33016
A Slight Decrease In The Exchange Rates Of The Dollar In Baghdad Markets
Economy |Today, 11:21 A slight decrease in the exchange rates of the dollar in Baghdad markets 1679299108_2
Today, Monday, the exchange rates of the dollar against the dinar recorded a slight decrease in exchange shops in the capital, Baghdad.
The (Baghdad Today) correspondent said, "The Al-Kifah and Al-Harithiya stock exchanges recorded an exchange rate of 156,000 dinars for every 100 dollars.
He added, "The buying and selling prices decreased in the exchange shops in the local markets in Baghdad, where the selling price reached 157,000 dinars per 100 dollars, while the purchase prices reached 155,000 dinars per 100 dollars." LINK
Oil Prices, The Deficit And The Kurds... The Budget Is Still Hovering In The Corridors Of Parliament
Information / Baghdad... The decline in global oil prices and the deficit, which exceeded 60 trillion dinars in the budget, represent the most important obstacles that stand in the way of approving the budget, at a time when the people are waiting for a vote on it by the House of Representatives, as it is still oscillating in its corridors amid fears of price fluctuation and its decline to lower levels,
as the parties are still The parliament confirms that there is a need to study the budget and settle the share of the Kurds and ensure that they do not object to the percentage specified for them in the budget, despite the fact that the Prime Minister settled matters during his visit to Erbil and the matter was confirmed by members of the State Administration Coalition.
The representative of the Kurdistan Democratic Party, Sharif Suleiman, told Al-Maalouma that "most of the outstanding problems between Baghdad and Erbil occurred due to the failure to approve the oil and gas law, which would solve many problems related to the oil file,
as the region aspires to more understandings with the government, especially since Kurdistan has signed a document of direct dealings between the governments of the center and the region to end all obstacles facing the political process between the two sides,
in addition to that there is optimism about the relations between Baghdad and Erbil, especially in the budget file, which will be applied properly in the event that all parties adhere to its provisions and the constitution to overcome any obstacles that stand. between the center and the region.
On a related note, former MP Jassim Muhammad Jaafar ruled out, during his interview with Al-Malooma, that "the Kurds will boycott the parliament sessions in protest against the failure to increase the region's share in the budget," pointing out that the Kurds will not repeat the ball, as the budget will pass with their acceptance or boycott of parliament. ".
On the other hand, economic expert Abd al-Rahman al-Mashhadani told Al-Maalouma that “the budget deficit occurred as a result of the exaggeration of some important figures that were set, as the continued decline in global oil prices will put the government in front of the problem of lack of financing, which will be the investment aspect.”
From the budget, it is the victim for the sake of the operational side, similar to previous years,” pointing out that “fixing the price of a barrel of oil at 60 dollars will be better in all respects in relation to the budget,
and therefore one of the reasons for the delay in approving the general budget is the fluctuation of global oil prices and a review of the numbers The task of the general budget before voting on it inside the dome of Parliament.
And in a legal context, as expert Ali Al-Tamimi explained to Al-Maalouma, “any additions to the increase in the general budget law from Parliament must be accompanied by the approval of the government and the Council of Ministers in accordance with Article 62 of the Constitution, and unlike it, the law is subject to appeal before the Federal Court, and Parliament has the right to transfer And the reduction between the chapters of the budget law,”
stressing that “the percentage of deficit in the budget stipulated in Article 6 of the Financial Management Law for the year 2019 has confirmed that the deficit does not exceed 3 percent for the planning budget, at a time when the budget law is considered an amended law,
and as a result, the deficit percentage If it is low or high, then this is considered an amendment to what was stipulated in the financial management law, and as a result, the budget law is applied, and the deficit percentage is not considered a violation of the aforementioned law. LINK
Al-Sudanese Detonates A Bomb: Big Names Are On Their Way To Trial
Baghdad-Iraq today: Prime Minister Muhammad Shia' al-Sudani said, "We expect big names to be tried soon because of their involvement in corruption."
Al-Sudani said in a press statement, "The agreement that we signed with Iran today stipulates maintaining the common borders and handing over the wanted persons."
He expressed his hope that "the agreement we signed with Iran will be a factor in stabilizing the situation on the common borders."
He pointed out, "The relationship between Iran, America and some Gulf countries should not be reflected inside Iraq."
Al-Sudani affirmed Iraq's rejection of "any aggression against any neighboring country from Iraqi territory."
He stressed, "We do not need foreign combat forces in Iraq, and friends in Washington understand this matter," as he put it.
He noted that "the demands of the Arab Sunnis are not impossible. It is an entitlement that was supposed to be accomplished years ago."
Regarding weapons outside the framework of the state, Al-Sudani said: “We will soon reach the stage of disarming all forces, and there will be no weapons outside the control of the state.”
He pointed out that "the Sadrist movement is not in a state of retirement, but with drew because it was unable to form a government according to its vision," stressing that "holding early parliamentary elections requires a decision by Parliament to dissolve itself." LINK
Iraq Is Close To Activating An Agreement With "Total" Worth 27 Billion Dollars
Economy| 06:12 - 03/19/2023 Baghdad - Mawazine News raqi Oil Minister, Hayan Abdul-Ghani, said on Sunday that the talks Iraq is holding with the giant French energy company Total Energies to resolve the sticking points in a delayed activation deal worth $27 billion have reached "advanced stages."
"They are close to activating the contract," Abdul-Ghani said at an energy conference.
The agreement, which Baghdad hopes will contribute to reviving foreign investment in the country, was signed in 2021 on the basis that it would allow Total to build four oil, gas and renewable energy projects with initial investments of $10 billion in southern Iraq over 25 years.
However, disagreements between Iraqi politicians over the terms of the agreement hindered its implementation.
Sources told Reuters that Iraq's request for a 40 percent stake in the project is a major point of contention, as Total Energy wants a majority stake.
In response to a question about whether the issue of Iraq's share in the project has been resolved, Abdul-Ghani said that the time is not appropriate to discuss the matter, adding that the announcement of the shares will take place when an agreement is reached.
Abdul-Ghani also said that Iraq is committed to maintaining an oil production rate of 220,000 barrels per day, in line with the quota set by the latest agreement of the OPEC+ alliance to cut production.
The minister added that Iraq is ready to increase its production if the OPEC + alliance decides to do so.
He said, "We forced some oil companies operating in the south to reduce production in line with the agreed OPEC + rates." https://www.mawazin.net/Details.aspx?jimare=222328
The Secretary General Of OPEC Praises Iraq's Efforts In The Global Oil Markets
Energy Economy News / Baghdad Oil Minister Hayan Abdul-Ghani and Secretary-General of the Organization of Petroleum Exporting Countries (OPEC) Haitham Al-Ghais stressed today, Sunday, the importance of the producing countries' commitment to the production cut agreement.
And the spokesman for the Ministry of Oil, Assem Jihad, said in a statement, “The Minister of Oil received the Secretary-General of the Organization of Petroleum Exporting Countries (OPEC), indicating that, during the meeting, the great role that OPEC and OPEC Plus play in the stability of global markets, and the importance of The commitment of the producing countries to the agreement to reduce production and to achieve a balance between supply and demand.
He added, "The minister expressed to the Secretary-General of OPEC Iraq's support for the goals and efforts of the organization, and work to strengthen its role in the stability of global oil markets."
In turn, Al-Ghais expressed his happiness "to visit Iraq and meet with the brothers in the Ministry of Oil and officials in the government," praising "Iraq's role in the organization and in the global oil market as the second producer among the countries of the organization, as well as the historical role of Iraq in establishing the organization in Baghdad in 1960." https://economy-news.net/content.php?id=33015
Parliament Postpones Its Session To Next Saturday
Policy 2023-03-20 | 00:32 Alsumaria News – Politics The House of Representatives decided, today, Monday, to adjourn its session to next Saturday.
And the media department of the Council stated, in a statement received by Alsumaria News, that "the House of Representatives decided to resume its session next Saturday."
And the House of Representatives voted, in the early hours of Monday, on a special paragraph and Articles 15 and 16 of the Provincial Council Elections Law. LINK
Al-Sudani: Iraq Is Continuing To Benefit From Both The Explored And The Accompanying Gas Resources
political| 07:03 - 03/19/2023 Baghdad - Mawazine News Prime Minister Muhammad Shia Al-Sudani affirmed today, Sunday, that Iraq is continuing to benefit from the gas wealth of both types, the explorer and the accompanying one.
The media office of the Prime Minister said in a statement, a copy of which Mawazine News received, that "Prime Minister Muhammad Shia' al-Sudani received today the Secretary General of the Organization of Petroleum Exporting Countries (OPEC) Haitham Al-Ghais," noting that "the meeting dealt with the most important challenges." The challenges facing the oil markets today, ways to work to stabilize them, and the importance of coordination between the oil-exporting countries, in order to ensure that prices do not fluctuate, in a way that affects the exporting and consuming countries.
The Prime Minister reaffirmed Iraq's pivotal role as a founding member of the organization, whose founding was embraced by Baghdad, and it has always contributed, as a positive element, to securing stability in the region.
He added, "Iraq continues to benefit from both explored and associated gas wealth, in a way that secures the best returns for the Iraqi people, and contributes to reducing carbon emissions and environmental impacts and their economic and health effects." https://www.mawazin.net/Details.aspx?jimare=222334
Al-Halbousi And The Secretary Of "OPEC" Discuss The Future Vision Of The Oil Market
Policy 2023-03-19 | 12:45 361 views Today, Sunday, Parliament Speaker Muhammad Al-Halbousi discussed with OPEC Secretary-General Haitham Al-Ghais the future vision of the oil market.
A statement from Al-Halbousi's office, reported to Al-Sumaria News, stated that the latter "received the Secretary-General of the Organization of Petroleum Exporting Countries (OPEC) Haitham Al-Ghais."
During the meeting, they discussed the situation and stability of the global oil market, its future vision, and an emphasis on the role that OPEC plays in stabilizing global markets to support the stability of the oil market in a sustainable manner, as well as discussing the most important challenges facing oil markets, and ways to work to stabilize them. ". LINK