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Iraqi News Thursday AM  1-27-22

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A Government Move To Form A Sovereign Fund In Iraq That Was Supposed To Work 18 Years Ago

Posted On2022-01-27 By Sotaliraq  Today, Wednesday, Mazhar Muhammad Salih, advisor to the Prime Minister, considered that sovereign funds are “not difficult,” and he also said that they were supposed to work 18 years ago, that is, after the fall of the regime of former President Saddam Hussein.

Saleh said in an interview with Shafaq News Agency, “The sovereign funds that countries take are not difficult to establish, and they are part of the financial surpluses that come to protect the national economy in times of crisis or when prices drop, and they are called stability funds,” describing “such an approach as positive, logical and correct.” And the budget was supposed to have taken it 18 years ago.”

He added, “There is a tendency at the present time by the Iraqi government to establish a stability or sovereign fund to protect the public budget and the Iraqi economy.”

Saleh also pointed out that “sovereign funds have many and varied names,” noting that “the generation fund is established whenever there are large surpluses of funds, and when the desires of the current generation are not at the expense of the desires and aspirations of the next generation, then certain sums are provided to them from The money will therefore have current and future protection for future generations.”

A sovereign wealth fund or sovereign funds is a state-owned fund consisting of assets such as land, shares, bonds or other investment devices, and these funds can be described as entities that manage state surpluses for investment and promise billions of dollars invested by states in stocks and bonds.   LINK


Al-Halbousi And Plaschaert Stress The Importance Of Completing The Constitutional Entitlements


Parliament Speaker Muhammad al-Halbousi and the representative of the United Nations Secretary-General in Iraq, Jeanine Hennis-Plasschaert, stressed the importance of completing the constitutional dues and forming a new government.


And the media office of the Speaker of the House of Representatives said in a statement that “Al-Halbousi received Plasschaert, and the meeting discussed the developments in the political and security situation in the country, and emphasized the importance of completing the constitutional obligations and forming a new government that meets the requirements of the Iraqi people.”


He added, “Blaschart expressed her condemnation of the missile attack that targeted Karma district and injured a number of civilians, stressing that these actions aim to destabilize and attempt to create chaos.” LINK

The House Of Representatives Sets The Date For The Session To Elect The President Of The Republic

Political | 04:17 – 27/01/2022   Baghdad – Mawazine News   The House of Representatives has set, on Tuesday, a session to elect the President of the Republic on the seventh of next month.


The House of Representatives said in a statement received by Mawazine News, a copy of it, that “the Presidency of the House of Representatives held, today, Thursday, January 27, 2022, a meeting to discuss the provisions and procedures related to the nomination of the position of the President of the Republic, and it was decided during the meeting:


1) Announcing the names of the candidates for the position of President of the Republic. Of those who meet the legal conditions for next Monday, January 31, after completing the legal procedures based on the Law No. 8 of 2012 on the Provisions of Candidacy for the Post of President of the Republic.


2) Setting Monday, February 7, as the date for the Parliament session to elect the President of the Republic.  LINK 


Iraq Strengthens The Transition Measures Towards The “Green Economy”


Thursday 27 January 2022   135  Baghdad: Haider Falih Al-Rubaie  Iraq has strengthened its efforts to shift towards a “green economy”, which depends mainly on the use of clean energy, and the reduction of emissions that greatly affect the environment, as well as the role of that economy in strengthening the work of the electrical system, paying attention to gas investment projects associated with oil operations, and reducing Gas emissions and the conversion of burned energy to “clean and useful” in the coming years.


This trend, according to a number of economic specialists, represents an important step towards legalizing the use of electricity by citizens, as well as the role of clean energy in providing electricity to modern residential complexes in the future, and reducing production costs in factories.


Earlier, the Central Bank launched the initiative “Using renewable energy sources to reduce carbon emissions and improve the environment.” And while it issued, at the beginning of this month, controls that allow citizens and various institutions to purchase electricity systems generated from renewable energy, it stressed that the initiative will obligate owners of Residential investment projects relying on renewable sources to secure part of the electric power.


Government Moves


In support of the Central Bank’s initiative, the Ministry of Oil launched the work of the Iraq Forum for Renewable Energy, stressing that the step comes in line with the Iraqi government’s vision of promoting a green economy and a gradual transformation, from a unilateral economy to a diversified one.


The Undersecretary for Extraction Affairs, Karim Hattab, said during the launch of the Iraq Renewable Energy Forum, that “the ministry has paid great attention to the transition from traditional energy to clean and renewable energy, as well as interest in gas investment projects associated with oil operations, reducing gas emissions and converting burned energy to clean and useful over the years.” coming.”


He added, “Achieving sustainable development requires achieving a better life for citizens, by preserving the environment and dealing with nature in a healthy and beneficial manner.”


For his part, the Technical Undersecretary of the Ministry of Environment, Vice President of the General Assembly of the United Nations Environment Jassim Abdulaziz Al-Falahi, confirmed that “the Iraqi government’s vision is to promote the green economy,” stressing that “Iraq has international support, in addition to its commitment to the international community to implement the concepts of renewable energy, which came During his participation in forums, conferences and treaties,” noting that “one of the priorities for implementing the Iraqi contribution, with regard to renewable energy, is to achieve sustainable development and fight poverty and hunger.”


Strategic Plans


The government’s steps aimed at switching to a “green economy” were met with a broad economic welcome, expressed by the consultant in energy economics, Dr. Falah Al-Amiri, who confirmed his presentation in 2019 of the need to develop a strategy until 2030, according to which a plan is drawn up to reduce the role of fossil fuels in generating electricity, and rely on clean energy.


During his speech to Al-Sabah, Al-Amiri pointed to the need to “attention to increasing electricity generation through renewable energy projects, especially solar, whether through large projects or by residential homes, and the need to provide support for them,” noting that this is consistent with “the transformation in energy and reducing carbon emissions,” he said, calling for the importance of “gradual restructuring of the electricity sector, and the trend towards the slogan of sun and gas to generate electricity.”


Al-Amiri pointed out that “the implementation of this slogan strictly according to a specific time period and the financing and support of the projects supporting it, will lead to stopping the waste of crude oil, and exporting it instead of burning it for the purpose of generating electric power, a third of which is lost for various reasons from generating stations, some of which are old and the other part is used.” Burning oil that is not environmentally friendly.


Sustainable Development


Al-Amiri stressed the need to “think seriously to change the priorities of plans, with governmental, parliamentary and popular support, and led by thinkers and specialists in the public and private sectors, to use financial resources and reconsider how to solve the electricity problem to turn it into a luminous path that illuminates the path of sustainable development, whose focus is economic and energy diversity.” To create a green economy in line with global trends.


Production Costs


In turn, the economic and banking expert, Suha Zaki Al-Kafaei, believes that “the tendency to use clean energy by citizens, factories and companies, has great economic returns, in addition to its role in reducing production costs, especially after the use of that energy by factories and laboratories in Iraq.”


During her speech to “Al-Sabah”, Al-Kafaei praised the government’s supportive and supportive role for this important step, by allocating a large financial initiative represented by the “Central Bank Solar Energy Systems Initiative”, which was allocated to individuals and small projects with reduced benefits, stressing that this step will lead to reducing production costs and thus It will reflect positively on the local consumer, as well as the initiative’s role in increasing the rates of development, as it will operate many factories that were incurring high costs, in exchange for providing electrical energy, and the consequent sums of money in exchange for saving fuel.


And Maintenance.


Al Kafai indicated that the Central Bank has given large areas to banks in granting initiative loans, which will contribute to the growth of different sectors, as the facilities provided by the Central Bank are great with the aim of granting interest to citizens, indicating that the benefits of alternative energy are many and great, including reducing the costs of producing large electrical energy that it bears. The state, and thus saving huge sums for the use of this type of energy, as well as the role of this step in absorbing the unemployed hand, after operating many small industrial and agricultural projects, and providing dozens of consumables to the market local.


Al-Kafaei called for the use of these systems in modern residential complexes, indicating that modern modern construction should contain these low-cost organizations.   LINK


The Central Bank And The Association Of Private Banks Launch A Campaign To Provide Relief To The Displaced




The Central Bank of Iraq and the Association of Iraqi Private Banks launched a campaign to provide relief to the displaced families in the camps in the Kurdistan region, through the “Tamkeen” Community Initiatives Fund, to alleviate their suffering during the current winter season .


Over the course of two days, food consisting of 30 tons of basic materials needed by the family, in addition to blankets and a heater for each family, numbering 3,000, were distributed in the camps of Erbil, Dohuk and Sulaymaniyah, to face the severe cold, and in the presence of representatives of the Central Bank, the Association of Private Banks, representatives of private banks and the Ministry of Migration and Displaced Persons in the Governments of Baghdad and the Kurdistan Region.


His Excellency the Governor of the Central Bank, Mr. Mustafa Ghaleb Mikhaif, said that “in order to alleviate the suffering of our displaced people who faced difficult conditions during the severe cold wave, the Central Bank and the Association of Private Banks distributed urgent relief to improve their humanitarian conditions.”


He added that the Community Initiatives Fund, under the supervision of the Central Bank, provides full support to all segments of society without exception, but focuses on the most vulnerable groups that need urgent support, explaining that the Community Initiatives Fund will continue to provide support to empower people in these camps to return to their normal lives. and carry out their commercial activities .


On the other hand, the head of the Iraqi Private Banks Association, Wadih Al-Handal, said, “The Association of Private Banks is proud of its strategic partnership with the Central Bank, as the Board of Directors of the Tamkeen Fund held an urgent meeting under the leadership of His Excellency the Governor of the Central Bank in order to launch a relief campaign to alleviate the suffering of the displaced because of the cold. Cruelty “.


He explained that the banking sector is still the real supporter of society, through continuous community initiatives since 2015 until now .     Announcement of the Community Initiatives Fund “Tamkeen ”  Views 42 Date Added 01/27/2022

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