Iraqi News Tuesday Afternoon 5-17-22
Iraqi News Tuesday Afternoon 5-17-22
TLM724 Administrator BondLady’s Corner
After Canceling The Food Security Law, The Finance Ministry Offers “Quick” Solutions To The Crisis
Tuesday, 17 May 2022 11:49 AM National news center / special A member of the Finance Committee, Thamer Al-Hamdani, confirmed, today, Tuesday, that the committee is moving towards preparing a law for securing and stabilizing food security in Iraq.
Al-Hamdani said in an exclusive statement to the "National News Center", "The Finance Committee, after canceling the Food Security Law, is moving towards preparing a law to be an alternative to the security law presented by the caretaker government."
He explained, “The law is concerned with buying foodstuffs, securing prices, paying amounts of wheat, and meeting the needs of the Ministry of Trade and the Ministries of Financial Resources and Electricity, especially since Iraq has entered the summer season with crises, including desertification, drought and others,” revealing that “the committee will present the law to the parliament’s presidency today or tomorrow on the Much appreciated.”
He continued by saying, "We are working to find quick constitutional solutions, especially with the budget delay," noting that "the ministry will continue to work according to the 1/12 system, provided that it includes giving grants or advances to important ministries such as agriculture, electricity, trade and water resources."
Al-Hamdani called "the political blocs to end the political blockage for the sake of the higher interest, which is the interest of the people." https://nnciraq.com/128348/
The International Finance Corporation Praises The Efforts Of The Kurdistan Government To Implement Reforms
Posted On2022-05-17 By Sotaliraq On Monday, the Prime Minister of the Kurdistan Regional Government, Masrour Barzani, discussed with a delegation from the International Finance Corporation, opportunities to implement joint projects with the private sector in the region.
A statement issued by the Kurdistan Regional Government stated that, "During the meeting, the delegation presented a summary of the work and activities of the institution, as a member of the World Bank Group," noting that "the delegation praised the efforts made by the President of the Kurdistan Regional Government, in carrying out reform in various sectors." .
In another aspect of the meeting, the two sides discussed “enhancing prospects for coordination and cooperation with the Kurdistan Regional Government, in addition to opportunities to implement joint projects with the private sector in the Kurdistan Region.” LINK
Finance Reports Al-Kazemi With A Rise In Total Foreign Currency Reserves
Posted On2022-05-17 By Sotaliraq Yesterday, Monday, the government confirmed controlling food prices locally, and spoke of international reports indicating a significant increase in total foreign currency reserves. The media office of the Prime Minister, Mustafa Al-Kazemi, said in a statement received by Al-Mada.
Yesterday, Monday, the Prime Minister chaired an economic meeting devoted to discussing the current financial and economic conditions in light of positive reports and indicators developed by the International Monetary Fund and the World Bank, noting that “the meeting was attended by the Minister of Finance and advisors specialized in financial and economic aspects.”
Al-Kazemi said, at the beginning of the meeting, that “the strategy that was developed to address the financial and economic conditions has succeeded in overcoming the challenges that the government received at the beginning of its formation, and that the growth of indicators mentioned by international reports is a reflection of this strategy,” stressing that “the momentum that succeeded must be continued.” To improve the country’s economic status, and to continue striving to achieve more.”
And the statement continued, “Al-Kazemi listened to a detailed presentation by the Minister of Finance on the Iraqi economic reality, and good international indicators in light of the escalating growth of the Iraqi economy despite the great challenges it faces, as international reports indicated that the total foreign currency reserves increased significantly, as well as achieving Good revenue.”
He continued, "During the meeting, Iraq's control over food prices locally, despite the double rise in their prices globally, was indicated, as well as the achievement of GDP growth that exceeds what was achieved in the countries of the Middle East and North Africa."
The report indicated, according to the statement, that "controlling inflation rates in the internal economy has been achieved, and the current account balance has risen, as well as a significant increase in the overall financial balance." The financial advisor in the Council of Ministers, Mazhar Muhammad Salih, said that "the delay in approving the budget law for the current year does not mean that there is a waste of revenues or the abundance of Iraqi oil revenues sold to global markets."
Saleh added, "The sums obtained from the rise in oil prices are in a hedge account and are managed according to the best international practices, and they are in hard currency and are safe, and there is no fear for these funds." He pointed out, "The abundance of oil awaits the budget law, as part of it will go to spending, and the other to the sovereign fund at the end of the year if oil prices continue to rise."
And Saleh indicated, "Everyone is looking forward to issuing the budget law, as it represents a single document for public finance in order to know the vision until the end of this year." He noted, "The budget will be expansionary, not contractionary, and will target the social spending side significantly, such as the ration card and support for the poor, peasants and farmers."
Saleh went on to say, “there is an aspiration to enter into strong development programs and strategic, income-generating and work-earning projects, and to make a qualitative leap in development projects.” It is noteworthy that the Council of Ministers was seeking to present the draft budget law, but after switching to carrying out daily tasks due to the early elections, it was unable to do so. LINK
Oil Minister: We Seek To Raise The Value Of Energy Investments To $17 Billion
Economie Tue, 17 May 2022 Baghdad / National News Center Today, Tuesday, Oil Minister Amer Abdul-Jabbar announced that Iraq seeks to raise the value of oil and gas investments to $17 billion in the coming years.
Abdul-Jabbar said, in press statements followed by the National News Center, that "the value of what is paid as dues to licensing companies investing in the country is 13 billion dollars annually, and Iraq seeks to increase the value of investments in the country to 17 billion dollars in the coming years."
Abdul-Jabbar added that "all licensing companies have been directed to expedite oil and gas investment plans," noting that "there are new contracts with major investors such as Total, and there is also a discussion with Chevron about investments in southern Iraq."
The Minister of Oil indicated that “Iraq has a goal and is working to cover the investment vacuum that occurred in the years 2014, 2017, and 2020 during the economic recession of the country,” noting that “Iraq had two real years to return to its position and invest its energy.”
And Minister Abdul-Jabbar indicated that "oil prices, which currently range between 100 to 110 dollars per barrel, are normal compared to the high prices of other energy sources," noting that "OPEC aims to achieve a balance between the producer and the consumer." https://nnciraq.com/128323/
Economist: The State Should Move Towards Water Development Projects During The Next Ten Years
Tuesday 17 May 2022 11:37 | economic Number of readings: 198
Baghdad / NINA / - The economic expert, Dargham Muhammad Ali, stressed that drought waves and the lack of water revenue have become a reality, and Iraq must deal with these facts during the next ten years.
Ali said in a statement to Nina that the water crisis is the most dangerous in the world and will change the world's economic map and draw future wars, so Iraq is required to draw up a water strategy during the next ten years, noting that, the strategy must include expanding storage projects and obligating agricultural projects with rationed irrigation techniques and covered agriculture. And the adoption of tube irrigation strategies to reduce evaporation rates and deteriorate water quality, as is currently used in Egypt.
He pointed out that adopting this strategy has become an inevitable necessity as it will determine Iraq's development and agricultural future./End 8 https://ninanews.com/Website/News/Details?key=976626
Member Of The Oil And Gas Committee: There Is A Tendency To Review The Work Of Oil Companies And Replace The Managers Of Losing Companies
Tuesday 17 May 2022 12:48 | economic Number of readings: 155 Basra / NINA / - The representative of Basra Governorate, Ali Shaddad, announced the direction of the Parliamentary Oil and Gas Committee to review the work of oil companies and replace the managers of losing companies.
Shaddad stressed, "the importance of reviewing the work of the oil departments and companies, following up on the defects in the work of the losing companies, and upgrading their administrative and technical level.
He said that the Parliamentary Oil, Gas and Natural Resources Committee will work on setting special criteria for selecting directors of oil departments and companies that depend on the principles of efficiency, integrity, and ability to exercise powers and advance ." Technical and administrative aspects, especially the companies that are classified as losers.
He pointed out that "losing companies primarily lack leadership in managing their business, which means the inability of the opponents in them to carry out their work and upgrade their technical and human capabilities. Consequently, the need to make administrative changes has become an urgent necessity to extricate these companies and transform them from losing companies to profitable ones." / is over https://ninanews.com/Website/News/Details?key=976647
Al-Zamili To / Nina /: The House Of Representatives Will Hold A New Session Tomorrow, In Which It Will Discuss Two Important Laws
Tuesday 17 May 2022 14:39 | political Number of readings: 147 Baghdad / NINA / - The First Deputy Speaker of the House of Representatives, Hakim Al-Zamili, announced that the House of Representatives will hold a regular session tomorrow, Wednesday, to discuss a draft law criminalizing normalization with the Zionist entity
. To discuss two important laws that must be submitted to the Presidency for a vote in the House of Representatives, which are the criminalization of normalization with the Zionist entity, which must be submitted for a second reading in the nearest session.” He added, "The other important law is the emergency support for food security to be submitted for the first reading after it was submitted by the Finance Committee regarding a proposed legislation for the citizen and the social welfare segment, the disbursement of farmers' rights, and allocating an amount to the Ministry of Electricity to pay debts and import gas."
He added, "There are urgent needs related to food security, and paragraphs related to the electricity sectors, agricultural development, social welfare and farmers' dues must be legislated. " Al-
Zamili stressed, "The House of Representatives has full constitutional and legal legitimacy, so this proposal will be read first as a draft law submitted by Parliament for a vote on it." And send it to the government.”/ End 5 https://ninanews.com/Website/News/Details?Key=976688
The Central Bank Postpones The Payment Of Loan Installments For Its Initiative From The Agricultural And Industrial Sectors
Money and business Economy News – Baghdad The Central Bank of Iraq decided, on Tuesday, to collect the installments of its initiative loans from the agricultural and industrial sectors.
A statement by the bank stated, "The Board of Directors of the Central Bank of Iraq decided to postpone the payment of installments and interests due to those who wish to do so from the customers of the agricultural and industrial banks within the funds of its initiatives until 12/31/2024, with no objection to receiving it from those who wish to continue paying from customers." https://economy-news.net/content.php?id=28033
Oil Prices Drop, Brent Crude Records $114 A Barrel
Economie| 08:46 - 17/05/2022 Mawazine News - Oil prices fell on Tuesday, as Hungary resisted an effort in the European direction to ban Russian oil imports, in a move that could lead to a decline in global supplies, as well as investors taking profits after a recent rally.
Brent crude futures were down 22 cents, or 0.2%, at $114.02 a barrel by 03:27 GMT. Texas Intermediate crude futures were down 35 cents, or 0.3%, at $113.85 a barrel. Both benchmarks rose more than 2% on Monday, following a 4% jump on Friday.
On Monday, European Union foreign ministers failed in their efforts to pressure Budapest to change its position on the proposal to impose an oil embargo on Russia in the wake of its invasion of Ukraine.
Passage of this proposal requires the approval of all EU member states.
But analysts said sentiment about prices remained generally high amid optimism about a recovery in demand in China, which is looking to ease restrictions to combat Covid-19.
And data from the US Department of Energy revealed yesterday, Monday, that stocks in the strategic oil reserve fell by 538 million barrels, the lowest level since 1987. Ended 29/N33
https://www.mawazin.net/Details.aspx?jimare=193379
Dollar Exchange Rates In The Iraqi Local Markets
Economie| 09:41 - 17/05/2022 Baghdad - Mawazine News, today, Tuesday, dollar prices witnessed stability, after they rose yesterday in local markets across the country. The selling price was 148,500 dinars per $100, while the purchase price was 147,500 dinars per $100 https://www.mawazin.net/Details.aspx?jimare=193391
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