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The President Of The National Oil Company Stresses The Importance Of In-Depth Studies And Consultations In Developing The Oil Industry

Baghdad / NINA / – The head of the National Oil Company, Ihsan Abdul-Jabbar Ismail, confirmed the keenness of the Ministry of Oil and the company to develop oil reservoirs and fields by taking advantage of studies, scientific research and sober consultants to come up with good results that would develop the national economy. Oil fields and the French company (Franlab).

Ismail said, according to the ministry’s statement, that many of the decisions and studies related to the oil industry require in-depth consultations carried out by companies specialized in this field. Today, a signing was made with the French company Franlab, which will provide advice that can be used in developing the oil sector, indicating that this agreement will help.

The Ministry of Oil and the oil companies take the right decisions in the development of oil reservoirs, which are in the interest and development of the national economy and the development of the oil and gas industry in the country.

Ismail valued the efforts of the Department of Reservoirs and Development of Oil Fields and the supporting authorities and departments in reaching this formulation of this contract at an appropriate cost, but of great importance to the future of the Iraqi oil sector.

For his part, the French ambassador in Baghdad, Eric Chevalier, expressed his pleasure to attend this celebration, which represents a new stage in the development of bilateral relations with Iraq in the field of oil, gas and energy, preceded by the agreement between the Iraqi Oil Ministry and the French Total.


The Director General of the Department of Reservoirs and Oil Fields Development, Muhammad Al-Aboudi, said that the contract is of great importance in the development of reservoirs and the development of oil fields and facilities, thanking the head of the National Oil Company for reaching this important agreement in the field of decision-making for the development of the oil industry.


The representative of the French Franlab company, Thierry Limo, said, “We are proud to be in Iraq today to provide full technical support to Iraq in developing the oil and gas sector. Time to reduce development costs, and we hope that this will be the beginning of a fruitful future cooperation./End of 8


An economic expert for / Nina /: The Decision To Remove Iraq From The Money Laundering List Is An Opportunity For Iraqi Banks To Open Up To The World


Baghdad / NINA / – The expert in economic affairs, Safwan Qusay, confirmed that the European Commission’s decision to remove Iraq from high-risk countries is an opportunity to enhance the openness of Iraqi private and public banks towards the international banking environment.


Qusay said in a statement to the National Iraqi News Agency / NINA / in light of the growing positive outlook towards the Iraqi economy from abroad after fulfilling the debt obligations arising from the Kuwait war, the European Commission’s decision came to remove Iraq from the countries with high risks to enhance Iraq’s ability to attract foreign direct investment and an opportunity to enhance The openness of Iraqi private and public banks towards the international banking environment.


He added, “This decision will enable Iraq to track the movement of funds abroad by allowing Iraq to deal with major international banks, and this will support the process of reducing the cost of obtaining funds from the international environment, and this will be reflected in increasing the ability of local banks to finance to increase support for the regular private sector to be a partner in real development.


He added, “The growth of the Iraqi banking sector will enhance the workspace of the Iraqi economy globally, especially since Iraq aspires to be the capital of the new Middle East due to its financial and human capabilities, in addition to its strategic location and acceptance by all countries of the world. All financial and material measures to arrive at an economic model commensurate with the needs of the global environment.”


The economic expert stressed the need to enhance external confidence in the local financial system by supporting confidence in the banking system locally through guaranteed banking products at costs commensurate with the need for local growth./


An economic expert The Decision To Remove Iraq From The List Of High-Risk Economies Is The Beginning Of Fruitful Cooperation Between The European Union And Iraq


Wednesday 19 January 2022 10:58 | economic Number of readings: 136


Baghdad / NINA / – An expert in economic affairs, Raad Twij, confirmed that the European Union’s decision to remove Iraq from the list of high-risk economies is the beginning of fruitful cooperation between the European Union and Iraq.


Twig said in a statement to the National Iraqi News Agency ( NINA ): The decision of the European Union to remove Iraq from the list of high-risk economies, i.e. one of the economies free from money laundering financed by terrorism, is a victory for the Iraqi people, the integrity of its economic and banking system and its international reputation, but the economic presence of the European Union remains. In Iraq, it is weak except for the work of the German company Siemens and Total in the field of energy.”


He pointed out: “This decision could be the beginning of a fruitful cooperation between the European Union and Iraq.”/ End 8


Saleh Receives The Papers Of 12 Ambassadors And Confirms Iraq’s Openness To The International Community


Political | 03:26 – 01/20/2022   Baghdad – Mawazine News, Thursday, the President of the Republic, Barham Salih, received the credentials of 12 ambassadors to Iraq.


And the Presidency of the Republic stated in a statement that Mawazine News received a copy of it, that “Saleh received, at the Peace Palace, the credentials of the ambassadors of the Republic of South Korea, Choi Seung-soo, the People’s Democratic Republic of Algeria, Belkacem Mahmoudi, the Federal Democratic Republic of Nepal, Durga Prasad, and the Republic of Slovenia, Primoz Selko.”


The Republic of Kazakhstan, Aidarbek Tomatov, the Republic of Astuna Lambet Ibo, the Republic of Ireland Vincent O’Neill, the Slovak Republic Mark Varga, the Republic of Burkina Faso, Alassan Monet, the Federal Republic of Nigeria, Farouk Mallami Yabo, the Kingdom of Norway Aspen-Event Lindbeck, and the Republic of Cyprus Michalis Ioannou.


The President of the Republic, while receiving the ambassadors separately, stressed “Iraq’s openness to the international community, strengthening its political, economic and trade relations, and supporting regional and international coordination to confront common global challenges, foremost of which is combating terrorism, extremist ideology, health and environmental conditions, and confronting climate change.”


He expressed his wishes to the ambassadors for “success and success in performing their duties, in a way that contributes to the consolidation of friendship and cooperation relations between Iraq and their countries.”


For their part, the ambassadors extended their thanks and appreciation to the President of the Republic, and affirmed their countries’ aspiration to strengthen relations with Iraq in various fields and support its security and stability.


Deputy: The Framework Refuses To Renew Al-Kazemi Due To The Economic And Security Repercussions Of His Government


Political | 02:39 – 20/01/2022  Baghdad – Mawazine News, Representative of the State of Law Coalition, Aref Al-Hamami, confirmed, on Thursday, the refusal of the coordination framework to renew the caretaker prime minister, Mustafa Al-Kazemi, for a second term due to the security and economic repercussions and the measures he took in the caretaker government.


Al-Hamami stated in a radio interview followed by / Mawazine News /, “The State of Law coalition and the coordination framework in general agreed to reject the renewal of Al-Kazemi as a result of the repercussions that occurred during his tenure, especially the economic situation and the security situation in the governorates, especially in Dhi Qar, in addition to his signing of major projects with question marks.”


Although his government is preparing to conduct business only, in addition to the disaster of extending the oil pipeline to Jordan, and with regard to the Chinese agreement and the port of Faw and many other dangerous matters,” he said.


Al-Hamami pointed out that “political dialogues are still continuing and we hope that they will lead to good”, adding that “these agreements need to be documented and announced in a clear voice, due to the presence of previous experience with the Sadrist bloc,” while adding that “the framework and at the present time are promising for the understandings. The signs are positive, but they will enter the stage of reassurance when they are documented.”


He pointed out that “there are names proposed to insinuate the position of prime minister, but no real agreement has been reached on a specific person,” noting that “the context is that the Sadrist bloc presents the names and the other party has the right to refuse or approve.” Ended 29/A 4


Central Initiative And Hard Loan Guarantees


Thursday 20 January 2022   100  Baghdad: Haider Falih Al-Rubaie


Specialists in economic affairs called for the necessity of coordination between the Central Bank and the ministries of planning, industry and agriculture, regarding the initiative to support small and medium enterprises, for which the Central Bank allocated two trillion dinars, stressing the importance of focusing on small projects based on a prior study of the reality of the market, especially those drawn up by the Ministry of Planning. While they praised the initiative’s role in supporting the various productive sectors, they criticized the difficulty of obtaining loans as a result of the required guarantees and mechanisms.


Earlier this week, the Central Bank increased its initiative for small and medium enterprises, for which a trillion dinars were allocated last year, to be reinforced by another trillion dinars this year, in a move that was met with a “conditional” economic welcome that identified the need to involve specialized government sectors in that initiative, and not focus on The residential side.


Lack Of {Planning}


The economist, Manar Al-Obaidi, and despite his emphasis on the importance of the central bank’s step, he criticized that the initiative is fundamentally supportive of the housing sector, indicating that despite the importance of these projects in solving the housing problem, they are unable to provide sustainable job opportunities or increase the domestic product for different sectors.


Al-Obaidi also expressed his surprise at the “disappearance of the entire role of the Ministry of Planning in contributing to this initiative, despite the fact that it is the party responsible for drawing up the country’s economic policy, which should play a key role with the Central Bank of Iraq in focusing on sectors in which Iraq suffers from a great shortage, not Especially in the industrial, agricultural and service aspects.


Geographical Distribution


Al-Obaidi pointed out that {the reliance of the Central Bank of Iraq on private banks to provide loans, without having goals set for banks to achieve, made them less pressure in financing various projects, and the mechanism for selecting projects became selective from banks, in addition to the high administrative costs to obtain on loans was an influential factor that the central bank had to take into account.”


The economic expert pointed out to the absence of a equitable geographical distribution of project financing, as most of the funds were concentrated in certain governorates, topped by Baghdad, while many projects located in low-income governorates such as Samawah or Diwaniyah, which are considered among the poorest cities, were not funded. Existence of real projects capable of providing job opportunities.


The expert, Al-Obaidi, stressed the need for initiatives to support small and medium-sized enterprises in coordination between the Ministries of Industry and Agriculture and the Central Bank, stressing that this coordination is enough to draw up an economic policy for vital projects that can contribute to creating real and sustainable job opportunities and are less exposed to risks, and therefore the The departure of the ministries of Planning, Industry and Agriculture from the Central Bank initiative led to the initiative being far from achieving its vital goals of providing real job opportunities as a result of most loans going to the residential sector.


In order to achieve the highest success rates for the initiative, Al-Obaidi urged the importance of focusing on small projects based on a prior study of the reality of the market and the economic policy drawn up by the Ministry of Planning in cooperation with the productive ministries (industry, agriculture, communications, and the Tourism Authority) to push the initiative towards specific projects that can actually achieve Increase in GDP from different sectors.


Promote Growth


In turn, the economic researcher, Bassam Raad, said during his speech to Al-Sabah that “one of the duties of the Central Bank is to maintain monetary stability in the country and contribute to promoting economic growth, reducing unemployment and controlling inflation,” noting that “the banking environment in Iraq is dangerous as The banking sector considers small and medium-sized enterprises to pose great risks for reasons related to weak guarantees, lack of information, and the absence of real feasibility studies.


Raad explained, “The Central Bank’s initiative is greatly appreciated, and it is Mubarak’s effort, but it should be taken into account that these initiatives do not affect the level of inflation, as happened with the housing initiative previously, and also, before launching such initiatives, it should create the tools and policies that make this work environment Projects are a sound environment surrounded by legislation and laws that enhance the production and investment environment and work on the continuity and success of these projects,” noting that “most of the problems facing these projects after the problem of providing funding is how to monitor the management and direction of those funds, monitor the performance of projects and measure their economic returns.”


For his part, the economic expert, Duraid Al-Shaker Al-Anazi, asked about the “economic returns of this initiative, and whether the Central Bank has conducted a feasibility study for it,” stressing by saying: “What is the harm if a percentage is specified for the industrial and agricultural sectors, and what is the harm if the ministries of agriculture and industry are clearly identified? year of their needs,” stressing that the priority in this initiative should be “for graduates of faculties of agriculture with the aim of establishing joint and separate projects among them.”   LINK


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