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An Agreement Between Baghdad And Erbil Regarding The Outstanding Issues

Political   | 02:47 – 06/17/2021      Baghdad – Mawazine News   The Parliamentary Energy Committee announced that the Baghdad and Erbil governments had reached final agreements on the outstanding issues.

Committee member Amjad Al-Aqabi said, according to the official agency, that “the visits made by the delegation of the Kurdistan region, headed by Qubad Talabani, to Baghdad led to reaching final understandings and developing radical solutions to the outstanding issues for years.”

He added, “The understandings are not only limited to the budget items, but also included the energy files, the Oversight Bureau and the obligations arising from the Kurdistan region,” noting that “these understandings will turn the page on the differences that we witness with each year in the budget law file.”

And he added, “The head of the region’s delegation, Qubad Talabani, pledged, during his talks in Baghdad, the commitment of the Kurdistan region, to the obligations arising from it,” noting that ”

Economist Warns: The G7 Agreement Threatens Iraq’s Economy

Time: 06/17/2021 13:50:06 Reading: 2,691 times  {Economic: Al Furat News} An economist warned against the agreement of the major industrial countries at the last seven countries summit on the future of the oil industry in Iraq and its imports, which constitute more than 90% of the rentier state budget.

Saleh Al-Hashemi told {Euphrates News}, “Currently, we are in a predicament, and not only in the past years, as a result of environmental conditions and changes that affected the reality of man and human resources, which are considered an economic basis in general, locally and internationally.”

He added, “At the last G7 summit, there was agreement on clean energy, so among the agreements is that in 2030, no company or car factory will produce fossil fuels. Therefore, the International Fund and the World Bank urged all countries to move towards clean energy.”

And he indicated that “Iraq suffers from problems, the first is that the dilapidated financial and political administrative system, which is engulfed by corruption, has caused the inability so far to start this project. For this moment ink on paper, there is also a proposal for the Iraqi Investment Authority to establish 350 megawatts of electric power plants in Anbar province that operate on wind energy.”

Al-Hashemi continued, “Iraq put these plans on the grounds that in the year 2025 it will produce more than 1,000 megawatts of clean energy, but until this moment because of the routine corruption and the Iraqi financial, administrative and political system and because of the economic chaos that exists in Iraq, these projects have not started.”

He stressed, “Iraq is still dependent on fossil fuels, which has greatly affected the environment, although Iraq has the ingredients in terms of the vast areas that clean energy needs, as there are large desert areas in Iraq, and it can be used to produce more than 10,000 megawatts within five years, but corruption What is in Iraq has led to the disruption of these projects.”

He pointed out that “Iraq suffers from a shortage of electrical energy, and it was possible to develop a plan to fill the shortage of electrical energy through clean energy. The Ministry of Electricity has drawn up a plan, but it has not been implemented or initiated, and the funds have not been allocated to it so far.”

On May 22, the Group of Seven major countries announced their agreement to halt international financing for coal projects by the end of this year, and they all reaffirmed their commitment to reducing greenhouse gas emissions and reducing the rise in temperature by 1.5 degrees Celsius, with a pledge to phase out the use of fossil fuels in various sectors by 2030, in an effort to combat the effects of climate change.

The Group of Seven major industrial countries includes the United States, Britain, Canada, France, Germany, Italy and Japan, in addition to the European Union.

“We stress the need to halt all international investment in coal, and commit to taking concrete steps towards the absolute end of new direct government subsidies for coal power generation by the end of 2021,” the Group of Seven major economies said after a virtual meeting.

The group stated that the ways to end the new direct government support include official development assistance, export financing, investments, and others, noting that eliminating subsidies for coal aims to expand later to include all types of fossil fuels, in an effort to meet the globally agreed climate change goals.

Halting fossil fuel financing is a major step towards limiting global warming to 1.5 degrees Celsius above pre-industrial levels, a level that scientists say will enable the world to avoid the most devastating effects of climate change.   LINK

An Invitation To Establish A Loan Management Fund In Iraq

Thursday 17 June 2021   92  Baghdad: Haider Al-Rubaie  The specialist in crisis management, Ali Jabbar Al-Fariji, urged the government to move towards achieving a package of measures aimed at confronting the cases of high prices resulting from the high exchange rate of the dollar, putting at the forefront of these measures the granting of compensation to the private sector, and to those affected by individuals and families, while calling for the establishment of Fund to monitor and manage loans in Iraq.

In a statement to Al-Sabah, Al-Fraiji called for the necessity of “initiating compensatory and incentive strategies for the private sector (especially small businesses) as well as for the affected individuals and families, by giving them cash or in-kind assistance,” stressing at the same time, the importance of starting to distribute serviced plots.

Infrastructure to counter the “unjustified” rise in the real estate market, and work actively to reduce economic shocks, including (controlling the rates of real estate market prices), as well as pumping foodstuffs to support the purchase movement, and controlling consumer prices.

The economist called for reducing {government expenses} in the next budget for the year 2021 in proportion to the size of the financial crisis, preventing external borrowing of all kinds in 2021, and establishing a fund to monitor and manage loans in Iraq. Al-Fraiji had previously warned

Al-Sabah reported that inflation rates continued to grow, resulting from the apparent increase in the dollar exchange rate, stressing that the main purpose of the decision to increase the exchange rate was no longer necessary with the cash abundance achieved as a result of the rise in the price of a barrel of oil.

Over the past few days, the currency markets witnessed a clear rise in the dollar exchange rate, as it exceeded the barrier of the dollar

The 150 thousand dinars per $100, which will lead, according to those concerned with economic affairs, to further rises in the prices of various materials. and goods.  LINK

The Minister Of Oil Stresses The Importance Of International Companies And The National Effort To Develop The Oil Industry

Energy   Economy News _ Baghdad   On Thursday, the Minister of Oil stressed the role of sober international companies in developing the oil and energy industry in Iraq.

The Minister of Oil, Ihsan Abdul-Jabbar, said in a speech during his attendance and sponsorship of the signing ceremony of the book of service contracts for the two rounds of oil licenses, “History and Analysis” by the author Abdul-Mahdi Al-Amidi, the former Director General of the Department of Oil Contracts and Licensing, and followed by “Economy News”, that “international oil companies In Iraq,

in addition to the national effort, they have contributed to the development of oil facilities and infrastructure for the oil sector and the increase in production, as well as the introduction of technology used in oil operations, in addition to the development of workers in the oil sector.

He praised “the effort made by the author Abdul-Mahdi Al-Amidi in collecting and categorizing information related to these contracts,” stressing “the importance of the book in clarifying a lot of information for those interested, concerned and public opinion.”

For his part, the author Abdul-Mahdi Al-Amidi gave a summary of the most important information contained in the book on the contracts of the first and second oil licensing rounds, and the most important achievements for the period from (2010-2019), in terms of production, development and financial revenues achieved.

Al-Amidi added that “the book contains all the information related to these contracts, and answers many questions related to that.”

The spokesman for the Ministry of Oil, Assem Jihad, stressed “the ministry’s keenness to support all initiatives aimed at introducing and educating the activities and events related to the development of the oil industry and the optimal investment of this wealth.”

He added that “the sponsorship of the Minister of Oil for the book signing ceremony, and the support of the ministry and the media office for this event, comes in this context,” noting that “this event coincides with the establishment of the Baghdad International Book Fair.”

The signing ceremony, which was held in the main hall of the Baghdad International Fair, was attended by a number of officials, experts and those interested in the oil and economic affairs, the press, the media and the public.   Views 199 Date added 06/17/2021

Economist: Oil Prices Did Not Leave The Government Any Excuse To Continue Raising The Value Of The Dollar

Economy   Thursday 17 June 2021 | The economic expert, Ihsan Al-Kinani, confirmed, on Thursday, that the government no longer has a justification or pretext to continue raising the dollar exchange rate in the local markets, as the price of a barrel of oil reached 74 dollars, requiring it to end its siege on the people .

Al-Kinani said that “Parliament must say its word to oblige the Ministry of Finance or the Prime Minister to take a decision to reduce the exchange rate of the dollar in the local market .”

He added that “the exchange rate of $100 exceeded the 150 thousand dinars, at a time when the price of a barrel of oil reached $74, which is more than the price set in the budget by about $30 .”

Al-Kinani explained, “The government does not have any justification to continue with the current approach that imposed a siege on the people, as the price of a barrel of oil in the budget should be adjusted and made at the barrier of 60 dollars per barrel, with the reduction of the dollar exchange rate to 125 thousand, as this reduction will preserve profits. The government will not lack anything.”

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