Iraqi News Highlights Tuesday Afternoon 11-22-22
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The Ministerial Council Of Economy Directs The Completion Of The Draft Budget Law For Discussion In The Next Session
Economie| 03:55 – 11/22/2022 Baghdad – Mawazine News , Deputy Prime Minister and Minister of Foreign Affairs Fuad Hussein directed, on Tuesday, the minister to complete the draft of the state’s general budget law in order to discuss it in the next session of the parliament.
The Ministry of Foreign Affairs stated in a statement, which Mawazine News received a copy of, that “Hussein chaired the second meeting of the Ministerial Council for the Economy, in the presence of the Ministers of Planning, Finance, Industry, Trade, Agriculture, the Governor of the Central Bank of Iraq, the Acting Chairman of the National Investment Commission, and the Prime Minister’s Advisor for Affairs. economic and legal.
She added, “The council hosted the Minister of Electricity, to discuss the reality of service in this important sector, as well as to overcome difficulties in order to upgrade it. The council also discussed many economic issues on its agenda.
At the end of the meeting, the Minister of Foreign Affairs directed, “to complete the draft law of the state’s general budget in order to discuss it in the next session of the Council.” Ended 29 / h.
https://www.mawazin.net/Details.aspx?jimare=212066
World Bank: The Government Has A New Opportunity For Necessary Economic Reforms
Posted On2022-11-22 By Sotaliraq Translated by / Hamed Ahmed A new report of the Iraq Economic Observatory of the World Bank stated that the Iraqi economy is currently witnessing a recovery due to the increase in production accompanied by the rise in oil prices, indicating at the same time that while Iraq is considered among the countries in the world most dependent on oil in its economy, it is without radical structural reforms and diversification of the sources of the economy This leaves him vulnerable to the consequences of fluctuating crude prices in the global market.
The report stated that after the economic growth rate in Iraq expanded during the year 2021 by 2.8%, the annual GDP growth of the country increased during the first half of 2022 to 10.5%. Higher oil revenues resulting from the increase in export quantities and prices have strengthened the country’s financial position. in a big way.
Despite several reform initiatives in the country, Iraq is still one of the most dependent countries on oil in the world. High dependence on oil coupled with mismanagement leaves Iraq vulnerable to fluctuating oil prices, and although oil is the source of most of the government’s resources, the oil sector occupies only 1% of the labor force in Iraq.
The public sector is the largest official place of employment, accounting for 37.9 percent of the country’s workforce. As for the private sector, it is still a poor, informal sector that is stunted from growth. The report confirms that the legacy of conflicts, political instability, and poor management of state institutions has increased the decline in investment in this sector and hampered its growth.
The report indicates that the new government’s assumption of its duties in October 2022 represents a new opportunity to implement reforms in order to diversify the sources of the economy, taking advantage of the good financial situation that it now enjoys to achieve a sustainable growth path that is able to withstand the shocks of fluctuating oil prices and the growing challenges of climate change crises in the country. .
Preserving part of the oil revenues to face any decline in economic activity is crucial to achieving sustainable growth, and laxity in the economic reform process during this period would deepen the structural economic challenges.
The report states that the absence of approving the 2022 budget has hindered taking advantage of the rise in oil prices to implement new investment projects. In addition, with a weak business environment, inefficiency in public sector investment, mismanagement, corruption, and lack of adequate infrastructure, all these factors constitute major obstacles to attracting foreign investment, despite some progress in recent years.
The white reform paper prepared by the previous government had included measures to improve the public investment network and redefine the public investment management system based on the best international experiences in this field, but so far these plans have not been fully implemented.
With regard to the consequences of climate change, the report indicated that Iraq is exposed to direct and indirect effects of this issue, as the increase in water scarcity and the decrease in agricultural crops are problems that affect the rate of economic growth and increase the risks of food security, and that this has an additional impact on the socio-economic challenges for the people of the country.
The report calls for the adoption of effective measures to cope with climate change, focusing on better ways of using the water allocated to agriculture for the purpose of its sustainability, which contributes to the continuity of economic income for farmers and the provision of job opportunities while maintaining food security at the same time. To achieve this, there are three main points; It is improving infrastructure, enhancing innovation and developing administrative work.
These challenges are getting more severe as the country remains completely dependent in its economy on oil only, which leaves that country vulnerable to new economic risks amid the world’s trend towards non-carbon alternative energy, whereby oil loses its role at this stage as a source of imports with the decline in demand for it. LINK
aleb Makhaif, confirmed today, Tuesday, that the bank faced the financial challenges that Iraq went through with measures that moved the wheel of the economy, while referring to the expansion of relations with international banks in the interest of the country.
A statement issued by the Central Bank, received by the National News Center, said, “Today, the governor received the Ambassador of the United States of America to Iraq, Alina Romanowski, in the presence of the President of the Iraqi Trade Bank. During the meeting, they discussed aspects of bilateral cooperation, developing work in the Iraqi banking sector, and applying international standards to combat money laundering Money and terrorist financing.
He added, “The bank pays great attention to developing the banking sector in the country and keeping pace with the developments it is witnessing globally,” pointing to “strengthening foreign relations with the banks of the countries of the world to serve the interest of Iraq.”
The statement stated that “the Central Bank of Iraq faced the financial challenges that the country witnessed by launching a package of measures that contributed to moving the wheel of the Iraqi economy,” noting that “our development initiatives that targeted vital and effective sectors in Iraqi society revived the economy and provided many job opportunities for different segments.” .
In turn, the US ambassador praised the procedures of the Central Bank of Iraq and its cooperation with international bodies and concerned organizations, and the modern methods and methods used in its work in terms of electronic technologies, as well as keeping pace with the global development in the banking sector. https://nnciraq.com/166860/
The head of Al-Fateh Alliance calls on the giant Japanese companies to contribute to building Iraq
Tuesday 22, November 2022 16:54 | Economical Number of readings: 140 Baghdad / NINA / – The head of the Al-Fateh Alliance, Hadi Al-Amiri called, on Tuesday, the giant Japanese companies to contribute to building Iraq.
And his media office stated in a statement: “Al-Amiri met in his office with the Japanese ambassador in Baghdad, Matsumoto Hotoshi, to discuss strengthening relations between Baghdad and Tokyo and increasing cooperation at all levels to serve the two countries, especially in the field of investment.”
And Al-Amiri expressed his “hope for the contribution of the giant Japanese companies that built their country after World War II in building Iraq, rehabilitating its facilities, and benefiting from their experience and expertise in reconstruction and development.”
He pointed out, “Iraq has a suitable environment for investment, criticizing the unprofessionalism of some media outlets that exaggerate drawing a bad and unrealistic picture of the security situation in Iraq.”
In turn, Hotoshi explained that he “received many requests from Japanese companies to invest in Iraq, indicating the existence of many challenges, most notably the need for an encouraging environment for these companies to enter to work inside Iraq.” https://ninanews.com/Website/News/Details?key=1015723
The Country Needs An Economic Renaissance Through Investing In Major Projects And With An International Partnership
Amer Al-Jawahiry to / NINA /: Tuesday 22, November 2022 11:13 | EconomicalNumber of readings: 310
Baghdad / NINA / – The consultant on economic development and investment, Amer Al-Jawahiry, stressed the country’s need for a major economic renaissance.
He told the National Iraqi News Agency ( NINA ) that the country’s economy cannot be advanced without major investment projects that generate money in order to gradually reduce dependence on oil as a sole resource for the annual budget.
Al-Jawahiri added that the first signs of this renaissance are the establishment of major joint investment projects with the countries of the region and other countries, in addition to activating the agreements concluded, especially with China.
He explained: Among the major projects is the Nibras Petrochemical Project, in partnership with the global Shell company, which must be activated by setting a specific time period for its completion./ https://ninanews.com/Website/News/Details?Key=1015640
Parliamentary Integrity Announces The Imminent Announcement Of The Report On The “Theft Of The Century”
Money and business Economy News – Baghdad The Parliamentary Integrity Committee announced, on Tuesday, that the report on the “theft of the century” will soon be announced.
Committee member Raad Al-Dahlaki said, “The Integrity Committee formed a sub-committee to follow up on the so-called theft of the century, to uncover the money that was stolen,” noting that “the committee continues to host officials and directors of relevant institutions that are related to the case.”
He added, “The hostings that the committee conducts on a daily basis, and the report on the case will be read before the House of Representatives in the coming days and referred to the government,” noting that “the report contains many circumstances and clarification for public opinion and the fate of the money and how it was stolen.”
And he continued, “There is great cooperation between the government, the House of Representatives, and the Integrity Committee, with continued communication with the Prime Minister,” noting that “the Prime Minister directed the executive authorities to cooperate with the Integrity Committee to deliver everything they need regarding the issue,” according to the official news agency.
Views 97 Added 11/22/2022 – 12:19 PM Updated 11/22/2022 – 4:51 PM
https://economy-news.net/content.php?id=30944
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