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More Iraqi News Wednesday PM 2-17-21

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Highlight The Items Of The Second Part Of The White Paper

Reports  Economy News – Baghdad  The government warned of the “dangers” of not adhering to the reform plans contained in the “white paper”, noting that the paper works to create the appropriate conditions for the country’s economy to recover and grow.

The paper is divided into two parts, the first in “Governance of the reform program, including the structures and processes responsible for overseeing, follow-up and evaluation of the implementation of the plan, and linking the program with the executive body of the state to ensure the availability of the necessary powers.”

As for the second section, it “included transferring the components of the white paper to the reform program, which includes a group of projects, the number of which reached 64, each of which includes a set of objectives that lead the process of their implementation in an integrated manner to the completion of each project, and the projects are integrated with each other to complete the reform program as a whole.” .

The white paper enjoys the full support of the international community, which is embodied in the establishment of a special committee for support called “The Economic Contact Group for Iraq IECG “, whose mission is to provide support for the economic reform process in Iraq within the framework of the White Paper.

This group includes the seven industrialized countries, the G7, the World Bank and the International Monetary Fund, in addition to the European Union.

This group was established following the prime minister’s visit to Britain, and one of the primary tasks of this group is to coordinate the appointment of international specialists and advisors to assist the Iraqi government in the basic areas of reform, and whenever there is a need for technical and administrative assistance.

According to the paper, international support provides important opportunities to benefit from advanced international expertise in various areas of implementing the reform plan, as well as providing the appropriate conditions to facilitate support for international institutions to deal with the various complications that may accompany the implementation process.

The paper recommends “the existence of representation of the Economic Contact Group for Iraq and the World Bank in the Supreme Committee for Reform by representatives who do not have the right to vote, and in a manner that is closely coordinated by the continuation of international support for the plan.”

The paper also recommended the formation of a high-level committee of economists and statesmen, to provide advice to the implementation team on the strategy that affects the trends of the Iraqi economy.

The paper stated that the committee may meet quarterly, or when needed, to evaluate the pathways for implementing the reform plan, and to suggest remedies and amendments that may be required by the plan. The number of members of the committee does not exceed 10 persons from different countries and experiences of different success

Over 4 years, the paper aims to complete 64 projects and reduce the budget deficit to 3% from 20%, in addition to liquidating the losing government companies and reducing financial support for public companies by 30%.

It also aims to reduce the salary bill from 25% to 12.5%, review the employee’s salary scale, as well as end the dependence on imported gas and invest associated gas instead of burning it, and implement gas licensing mobile contracts.

The paper seeks to reform the collection of electricity wages by re-activating the privatization of taxation companies, and their inclusion in uncovered areas, in addition to other goals.

Number of observations 154 Date of addendum 02/17/2021

https://economy-news.net/content.php?id=24112

Today .. A Significant Increase In The Central Bank’s Hard Currency Sales

Economie| 01:01 – 02/17/2021  BAGHDAD – Mawazine News  The Central Bank of Iraq’s hard currency sales, on Wednesday, increased significantly, to exceed $ 54 million.

The Central Bank auction for the sale and purchase of foreign currencies, according to the daily bulletin issued by the bank, witnessed a rise in sales by 8.19%, to reach 54 million 668 thousand and 275 dollars, which the bank covered at a base exchange rate of 1460 dinars per dollar.

The purchases amounting to 54 million, 468 thousand and 275 dollars went to strengthen the assets abroad, in the form of transfers and appropriations, while the rest of 200 thousand dollars went in cash.

Twelve banks responded to requests to enhance assets abroad, while two banks met the requests in cash, and two companies participated to mediate in the bank’s auction.

It is noteworthy that the central bank’s sales of hard currency, for Tuesday, had reached 50 million and 345 thousand dollars. Ended 29 /  https://www.mawazin.net/Details.aspx?jimare=142131

Ministry Of Communications: The National Internet Project Will Bring Large Financial Revenues To The Country

Wednesday 17, February 2021 10:07 | Economical Views: 284  Baghdad / NINA / The Ministry of Communications confirmed, on Wednesday, that the national project for the Internet will bring large financial revenues to the country.

Communications Minister Arkan Shihab said in a statement, “The national project for the Internet is one of the largest projects that will extend for a hundred years to the next, and it is the project for the ftth service of optical fibers to homes.”

He added, “This project will have great benefits, as it will provide billions in profits for the state, in addition to providing thousands of job opportunities for cadres and contractors, pointing out that the main goal of the project is to reach service at a very high speed that exceeds speed even in neighboring countries.

” In the telecommunications company and continuing to work with the ministry’s partners to complete the project that will supply the state treasury with money in light of the difficult economic situation, pointing out that “the prime minister is a major supporter of the telecommunications sector, whether in 4G or ftth service.”

He pointed out that “the service was launched last Monday at 12 noon in the Zayouna area on an experimental basis, and the first zone was launched as an opening and as an experiment, stressing that work continues, and the fiber-optic internet service will reach homes.”

He explained, “The period of implementation of the project will be three years, noting that the current year will witness at least one million lines, or one million homes, and thus the Internet will be provided by about 5 million to 6 million Iraqi citizens if we impose the presence of 5 to 6 individuals in one house.” / End 8 https://ninanews.com/Website/News/Details?key=888346

Brent oil, to $ 64

Time: 02/17/2021 14:33:17 Read: 2,119 times  {Baghdad: Al Furat News} Crude oil prices continued to rise today, Wednesday.

The global Brent crude index reached $ 64.24 a barrel at 2:33 pm Baghdad time {GMT + 3}.

While the price of a barrel of oil from Basra Light crude exceeded $ 64.

As for Basra’s heavy price, it was at $ 61.4 for the first time in more than 13 months.   LINK

Canada Confirms Its Companies’ Desire To Invest In Iraq

Editing date: 2/17/2021 15:28 • 63 read times  [Baghdad-Where]  The Canadian Embassy in Baghdad confirmed, on Wednesday, the desire of Canadian companies to invest in Iraq.

The Iraqi Ministry of Industry and Minerals stated, in a statement, that “the scientific advisor to the Ministry of Industry and Minerals, Ammar Abdullah Hamad, and the ministry’s advisor for development affairs, Kaiser Ahmed Akla Al-Hashemi, held a meeting with the commercial commissioner of the Canadian embassy in Baghdad to discuss prospects for industrial cooperation and investment opportunities between the two countries. The two friends, in the presence of the Director General of the Department of Industrial Development and Organization in the ministry.

The statement added, “The meeting dealt with a number of issues of concern to the industrial side and support investment opportunities between Iraq and Canada in various industries, including petrochemical and pharmaceutical industries, through cooperation with Canadian companies to transfer Canadian technology and expertise.”

The scientific advisor reviewed, according to the statement, “the investment opportunities available at the Ministry of Industry and Minerals and the strategies and plans put in place to develop the Iraqi industrial sector and support the private sector,” stressing the ministry’s direction towards openness to all countries and the search for real and serious partnerships to operate factories and stalled factories and establish and settle new industries and diversify production Industrialist. ”

For his part, the Commercial Commissioner conveyed to the Canadian embassy “the desire of Canadian companies to invest in Iraq, exchange knowledge and transfer technology,” expressing his “hope to provide all means of support and assistance to facilitate the tasks and work of companies wishing to work in Iraq and to contribute to building its industrial base.”

The two parties agreed to “continue to hold meetings, meetings and exchange visits in order to reach a joint working formula that serves the interest of the two countries.”