Iraqi Economic News & Points to Ponder Sunday Afternoon 9-10-23

Tlm724 Administrator Bondlady’s Corner

Sudanese Advisor: A Government Movement To Recover Iraqi Money Stolen From Abroad

Economy |  09/10/2023  Baghdad - Mawazine News  The financial advisor to the Prime Minister, Mazhar Muhammad Salih, revealed today, Sunday, an official government movement to recover Iraqi funds stolen from abroad, while stressing that Iraq’s joining the international “Agmont” group will facilitate the exchange of information on criminal proceeds, money laundering, and terrorist financing.

Saleh told the official agency, followed by Mawazine News, that “Article 14 of the Money Recovery Law No. 7 of 2019 obligated the government, when it concludes investment or economic agreements with any country in which there is money for Iraq, to ​​include in the provisions of the Money Recovery Law, including the money that was smuggled.” After 2003 due to corruption operations and various economic and financial crimes.”

He added, "The article has come into effect, as the agreements stipulated in the aforementioned article are being followed with great care, whether through the policies and procedures of the Money Recovery Fund itself or its effective and important executive arm, which is the Money Recovery Department in the National Integrity Commission,"

noting that "Iraq is an active member of the organization International Financial Action for the Middle East and North Africa region is a multilateral international organization that helps member states coordinate operations to combat money laundering, crime funds and terrorism in its various forms through the Anti-Money Laundering Office at the Central Bank, which is an important arm and the basis for national and international cooperation on the issue of money recovery.” .

He pointed out that "there is an ongoing official movement and efforts being carefully made to follow up and recover Iraq's stolen funds, specifically through the mechanism of the Iraqi judicial system and the foreign relations of Iraqi diplomacy, which provides means of defending our country's looted funds before the courts in the jurisdictional areas of various foreign countries."

Saleh continued, "In addition to the effective role of Article 14 in the Recovery Fund Law, there is serious and ongoing cooperation between Iraq and the United Nations Development Program in providing legal and procedural means to recover funds through the United Nations Convention against Corruption."

He noted that "Iraq joined this year to become a member of the (Agmont Group), a group that includes 167 countries so far and works to facilitate the exchange of information on criminal proceeds, money laundering and terrorist financing at the international level by providing the Anti-Money Laundering Office with a secure communications network with countries."

 The world, in a way that contributes to monitoring the movement of funds internationally and strengthening financial investigation procedures to lead to the recovery of funds and assets.” https://www.mawazin.net/Details.aspx?jimare=234740

Kurdistan Achieves More Than 2 Trillion Dinars From The Sale Of 41.2 Million Barrels, And Baghdad Owes 924 Billion To Erbil.

Money  and business  Economy News – Baghdad  Economic expert Nabil Al-Marsoumi revealed on Sunday that the revenues achieved in the Kurdistan region during the first half of 2023 amounted to 3.15 trillion dinars, while he indicated that Baghdad owes Erbil an amount of 924 billion dinars.

Al-Marsoumi wrote in a blog post on his personal account on the Facebook platform, followed by Al-Eqtisad News, that “the oil revenues of the Kurdistan region during the first quarter of 2023 amounted to $2.2 billion according to the Deloitte report, while oil revenues during the second quarter of 2023 were $226 million.”

He added, "The total oil revenues during the first half of 2023 amounted to 2.426 billion dollars, which is equivalent to 3.128 trillion dinars, while the non-oil revenues during the first half of 2023 were 1.848 trillion dinars, while the total public revenues during the first half of 2023 were 4.976 trillion dinars." The region’s total production during the first half of 2023 is 41.2 million barrels.”

Al-Marsoumi added, "Under the 2023 budget law, Baghdad pays the region $10 for the costs of producing, transporting, and marketing each barrel of crude oil produced, meaning it pays $412 million, equivalent to 535.6 billion dinars, from sovereign expenditures and not from the region's net share."

He continued, “Under the Financial Management Law, the region receives 50% of non-oil revenues, equivalent to 924 billion dinars during the first half of 2023, and when all of that is subtracted from the region’s total revenues, the net public revenues achieved by the region in the first half of 2023 will equal 2.315 trillion dinars,” pointing out. Until “the response to the numbers is in the numbers and not as so-and-so said!!.” According to his expression.

132 views  Added 09/10/2023 - https://economy-news.net/content.php?id=36228

Iraq's Oil Reserves Increased To Nearly 6 Billion Barrels

Iraqi Oil Minister Hayyan Abdul Ghani confirmed on Sunday that Iraq’s oil reserves had risen to 6 billion barrels.

This came in a speech he delivered during the launch of the activities of the first Iraqi conference and exhibition for oil projects and licensing rounds in the field of oil and gas, which lasts for 3 days in the capital, Baghdad.

Abdul Ghani said in his speech that, in order to dedicate the pioneering role of the Ministry of Oil in providing the necessary and basic resources to finance the Iraqi state budget, and supporting these resources with strategic projects that double the financial return and provide various opportunities in all sectors,

This vital ministry has gone to sponsor and support exhibitions and conferences that serve In the interest of the Iraqi economy, providing large financial resources to support the Iraqi state budget directly and indirectly and providing areas for developing the local industry in the field of oil and petrochemicals, refineries and other necessary projects.

Abdul-Ghani also pointed out that “wherever there is oil and gas, the local economy will develop, and the Ministry hopes that specialized international companies will participate in these promising rounds and contribute to gas investment projects in order to achieve self-sufficiency for this vital material and export its surplus abroad.”   https://www.radionawa.com/all-detail.aspx?jimare=35631

The Chairman Of The Investment Authority Talks About A “Pioneer Project” In Generating Electric Power

Energy    Economy News – Baghdad   On Sunday, Chairman of the Investment Authority, Haider Muhammad Makkiya, chaired a meeting on the waste recycling and electric energy production project.

Makiya said during the meeting, according to a statement by the authority, that “the waste recycling project and the production of electrical energy through incineration will be a pioneering project in energy generation according to standards and terms of comparison between investors and companies.”

He added, "The meeting aimed to form a specialized ministerial committee of parties concerned with environment and energy, the Baghdad Municipality, and the National Authority, considering that the project will be a great investment opportunity."

He continued, "One of the committee's tasks will be to determine the criteria for applying for the project and the conditions for comparison between investment companies to provide the best methods for implementation."

Views 68   Added 09/10/2023 - https://economy-news.net/content.php?id=36235

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Points to Ponder From Socrates on Rumors

Heard Any Rumors? Told Any Rumors?

Keep this philosophy in mind the next time you hear or are about to repeat, a rumor.

In ancient Greece (469 - 399 BC), Socrates was widely lauded for his wisdom. One day the great philosopher came upon an acquaintance, who ran up to him excitedly and said, "Socrates, do you know what I just heard about one of your students...?"

"Wait a moment," Socrates replied. "Before you tell me, I'd like you to pass a little test. It's called the Test of Three."

"Test of Three?"

"That's correct," Socrates continued.

"Before you talk to me about my student let's take a moment to test what you're going to say. The first test is Truth. Have you made absolutely sure that what you are about to tell me is true?"

"No," the man replied, "actually I just heard about it."

"All right," said Socrates. "So you don't really know if it's true or not. Now let's try the second test, the test of Goodness. Is what you are about to tell me about my student something good?"

"No, on the contrary..."

"So," Socrates continued, "you want to tell me something bad about him even though you're not certain it's true?"

The man shrugged, a little embarrassed.

Socrates continued, "You may still pass though because there is a third test - the filter of Usefulness. Is what you want to tell me about my student going to be useful to me?"

"No, not really..."

"Well," concluded Socrates, "if what you want to tell me is neither True nor Good nor even Useful, why tell it to me at all?"

The man was defeated and ashamed and said no more.

This is the reason Socrates was a great philosopher and held in such high esteem.