Iraqi News Highlights Tuesday Afternoon 12-13-22
Tlm724 Administrator Bondlady’s Corner
Iraq Is Looking Forward To A Development Leap After Turning The Page On Kuwait’s Compensation
Reports Economy News-Baghdad The Central Bank of Iraq announced, on Monday, December 12, that it had received the remaining amount in the Kuwait Compensation Fund, at a value of seven million and 946 thousand and 316 US dollars, and it was returned after paying the full compensation.
A bank statement quoted an authorized source as saying, “The amount was returned after auditing the accounts according to Security Council Resolution No. (2621) for the year (2022) concerned with ending the compensation file resulting from the invasion of the former Iraqi regime into the State of Kuwait.”
The statement indicated that “Iraq revealed in 2021 that it had terminated all necessary banking arrangements with the US Federal Reserve Bank to stop the automatic deduction of Kuwait’s compensation from Iraqi crude oil export revenues, after paying the full remaining amount of compensation.”
In February 2022, Mesopotamia paid the last payment of compensation related to its invasion of Kuwait during the rule of former regime President Saddam Hussein in 1990.
Iraqi governments have paid total compensation of $52 billion to individuals, companies and governments who have been able to prove that they suffered damages as a result of the invasion, according to the United Nations Compensation Commission, which oversaw the process.
In Addition To The State Budget
Iraqi specialists indicated that the compensation file was costing the country between six to seven million dollars a day, and that with the end of this harsh chapter, the value of these funds from Iraq’s current exports, which amount to more than two billion dollars annually, will be added to the country’s budget and fill a sufficient expenditure section. To build an electricity grid system that will revive Iraq for many years.
Professor of International Economics, Nawar Al-Saadi, says, “This reckless war was borne by the people of Iraq, and the closure of the Kuwaiti compensation file is a new page in the country’s economic history, but we hope as Iraqis that these funds that were deducted from the Iraqi budget will go to development, especially investment projects that It occupies the labor and productive forces, but so far there is no serious vision in this,
although the government’s directions in the past year are to establish a sovereign fund in which the three percent that used to go to Kuwait will be deposited, to be invested at home and abroad and be a kind of buffer against the international crises that It took place in Iraq as one of the rentier states, but unfortunately that did not happen.
He added, “We were expecting a resolution from the UN Security Council at the beginning of this year to remove Iraq from the problems of Chapter VII of the United Nations Charter and to get rid of more than 40 resolutions imposed on it because of the Kuwait war, which completely shackled its economy for decades until the present time, but I am surprised.” From the Council’s behavior, it has not yet taken the issue seriously, although getting rid of Article VII opens up great opportunities for Iraq to integrate into the global economy.
He continued, “The isolation experienced by the Iraqi economy is very large, and the world’s planes still do not reach Baghdad Airport except from some neighboring countries, which is part of the blockade that still considers Iraq a war zone with all that constitutes insurance and shipping costs and delays the transfer of technology and dealing with progress.” the economist”.
New Relationships
The Iraqi researcher, Saleh Lafta, says, “Handing over the remaining amount of compensation to Kuwait closes a dark page in the history of Iraq caused by Saddam Hussein’s regime, by immersing the country in wars and lost adventures that bear the consequences of the people, just as the State of Kuwait bore the unjust invasion of its lands.”
And he continued, “Kuwait was supposed to forgive those debts, because Iraq as a state and as a people had no hand in those adventures, and after the fall of the previous regime that caused the destruction, Kuwait could express its forgetfulness of the past and initiate in good faith not to claim those compensations, but Iraq continued to pay the money.”
Which he had a great need for to be employed in reconstruction,” adding, “In any case, he paid the full compensation, and the two countries must move forward in new relations based on good neighborliness and common ties between them and forgetting the painful past, for like what Kuwait was damaged due to the invasion, Iraq suffered double harm because of those policies.” “.
Financing investment projects
For his part, the economic researcher, Bassam Raad, explained that with the completion of the audit of the accounts and the Central Bank of Iraq receiving the remaining amount in the Gulf War II Compensation Fund, all belongings will be liquidated for the account of the United Nations Compensation Committee, and the financial side of this fund will be closed permanently.
He continued, “A bleak economic page has been turned, and it began after the issuance of Security Council Resolution No. 986 in 1995, when it deducted 30 percent of the value of every barrel of Iraqi oil exported under the oil-for-food program, but this percentage was reduced to five percent after 2003.” Then to three percent in 2020, until the compensation file was finally closed after Security Council Resolution No. 2621 of 2022 was issued.
And Raad demanded that this percentage of the deductions, after returning to the Iraqi economy cycle, go towards financing income-generating investment projects in order to maximize the value added to them. Views 172 Added 12/13/2022 – 12:34 PM Updated 12/13/2022 – 5:51 PM
The President Of The Republic Stresses The Need To Reduce Red Tape And Develop The Banking System In Iraq
Political | 02:36 – 12/13/2022 The President of the Republic stresses the need to reduce red tape and develop the banking system in Iraq LINK
Money and business Economy News-Baghdad The World Bank proposed a set of solutions to improve the climate situation in Iraq.
The World Bank stated in a statement it received that “the World Bank Group launched yesterday the Climate and Development Report for Iraq in cooperation with the Iraqi government at a high-level round table meeting held with the Prime Ministry in Baghdad and attended by official officials and international partners, in addition to the media.”
He added, “The report provides the climate and development of Iraq with an analytical basis for addressing the country’s most urgent development needs and addressing climate challenges simultaneously. It also examines the cost of the country’s transition to a less carbon-dependent economy, and discusses opportunities and reforms aimed at adopting a greener and more sensitive growth model.” for the environment,”
pointing out that “the report provides a matrix of priority and sequential recommendations at the policy level, in addition to an agenda for climate action aimed at accelerating the pace of green, resilient and inclusive development in Iraq.”
The report emphasized “giving priority to investments in green and inclusive growth paths in ways that reflect their degree of urgency, synergies and trade-offs, financing the green transition in Iraq by mobilizing both public and private capital, and deploying public financing tools in a strategic manner to benefit from private financing.”
Farid Belhaj, World Bank Vice President for the Middle East and North Africa, said, according to the statement: “Iraq faces a challenge represented in moving away from total dependence on oil and shifting towards a more diversified economy led by the private sector and has the ability to create job opportunities and build human capital, along with Along with building resilience in the face of climate change,”
he said, pointing out that “climate action in Iraq must be accompanied by an improvement in labor force conditions, investments in human capital, and societal dialogue to enhance efforts to create more and better job opportunities.” and to provide more sustainable livelihoods across the country.”
Views 216 Added 12/13/2022 – 12:50 PM Updated 12/13/2022 – 5:48 PM
Dollar Exchange Rates Are Rising Again
Economie| 10:12 – 12/13/2022 Baghdad – Mawazine News Today, Tuesday, the exchange rates of the dollar witnessed a slight increase in the local stock exchange. Selling price: 150,300 dinars per 100 dollars Buying price: 150,100 dinars per 100 dollars LINK
The Continued Rise In Oil Prices In Global Markets
Economie| 08:52 – 12/13/2022 Baghdad – Mawazine News Oil prices rose by more than 1%, on Tuesday, with the continued closure of a major pipeline supplying the United States, the largest consumer of crude in the world, and amid expectations of easing restrictions of 19 in China, the second largest user in the world. Brent crude futures were up 83 cents, or 1.06%, at $78.82 a barrel by 04:24 GMT. US West Texas Intermediate crude futures also rose 72 cents, or 1.01%, to $73.89. Ended 29/N33
Central Bank: Public Finances Are Blessed With Sufficient Abundance And Have The Opportunity To Compensate All The Disadvantaged
Economie| 01:06 – 12/13/2022 Baghdad – Mawazine News The Central Bank of Iraq announced, on Tuesday, that the volume of currency reserves has reached its highest level in Iraq’s history, while noting that public finances have an opportunity to compensate all the disadvantaged and those with low salaries among retirees.
The Central Bank’s advisor, Ihsan Shamran Al-Yasiri, said, “The central bank’s reserves have reached their highest levels in the history of the Iraqi state and have exceeded 90 billion dollars,” noting that “what we are counting on is not the central bank’s reserves, but rather the performance of public finances, which are now enjoying a very sufficient abundance of funds.” money,” according to the official news agency.
He added, “The central bank is the management of monetary policy and intervention to fix problems related to the exchange rate and others,” noting that “the bank’s reserves are still abundant and our procedures are rational.”
And he stressed the need for “public finances to be disciplined and direct public spending to real priorities instead of dispersing them,” pointing out that “public finances have an opportunity to compensate all those deprived during the previous years of those with fragile classes, social benefits and low-paid retirees, as these classes We need aid for them.”
Al-Yasiri stressed that “controlling the performance of collection departments from customs and taxes, oil revenues will be a secondary source for financing the general budget.” Ended 29/N33
The Council Of Ministers Votes To Send 400 Billion Dinars To The Kurdistan Region
Political | 04:49 – 12/13/2022 Baghdad – Mawazine News The Council of Ministers voted, on Tuesday, to send 400 billion dinars to the Kurdistan region.
“The cabinet voted today to send 400 billion dues for the months of November and December for the salaries of the region’s employees,” Sarwa Abdel Wahed, head of the New Generation parliamentary bloc, said in a tweet, followed by Mawazine News.
And she added, “We hope that it will reach the hands of employees and those who are entitled to it in the region, and that people’s livelihoods will not be subject to political liquidations and deals.” Ended 29 / H https://www.mawazin.net/Details.aspx?jimare=214051
Al-Sudani: The Government Is Determined To Implement Its Program That Includes Economic Reform
Political | 02:04 – 12/13/2022 Baghdad – Mawazine News, Prime Minister Muhammad Shia Al-Sudani affirmed, on Tuesday, the government’s determination to implement its program and strengthen the environment that attracts investments.
The media office of Al-Sudani said, in a statement received by Mawazine News, that “Prime Minister Muhammad Shia’ Al-Sudani received today the delegation of the International Finance Corporation / IFC, headed by the Regional Director for the Middle East in the institution, Aftab Ahmed,” noting that “during the meeting, they discussed aspects of Various financial and economic cooperation between Iraq and the International Finance Corporation.
During the meeting, Al-Sudani affirmed, “Iraq’s openness to everything that would advance the development wheel, and strengthen regional partnership with countries and organizations, for the benefit of the Iraqi people and friendly peoples,” noting that “the government is determined to implement its program that includes economic reform, and encourage the private sector from In order for it to play its full positive role, in addition to strengthening the attractive environment for investments in Iraq.
For its part, the Foundation’s delegation expressed “the Foundation’s desire to partner with Iraq, and to complete cooperation in development programs, in a way that enhances the infrastructure and long-term development of the Iraqi economy.” https://www.mawazin.net/Details.aspx?jimare=214032
The Minister Of Oil And The Delegation Of The Negotiating Region Are Discussing Finding Realistic Solutions To Outstanding Issues
Political | 02:19 – 12/13/2022 Baghdad – Mawazine News, Oil Minister Hayan Abdul-Ghani and the region’s negotiating delegation discussed today, Tuesday, finding realistic solutions to outstanding issues.
And a statement by the ministry, received by Mawazine News, stated that “Deputy Prime Minister for Energy Affairs and Minister of Oil Hayan Abdul-Ghani received the region’s negotiating delegation headed by Finance Minister Awat Sheikh Janab, and the membership of each of: Minister of Natural Resources, Agency Kamal Muhammad, and the head of the office of the region’s cabinet, Omid. Sabah, the head of the representative of the regional government in Baghdad and the spokesperson for the regional government, in addition to a number of advisors at the Ministry of Natural Resources.
The statement added, “During the meeting, they discussed ways to activate the joint committees, linked to the main negotiating committee that was formed by the Council of Ministers, to find realistic solutions to the outstanding issues between the center and the region, especially with regard to the oil wealth management file.”
He added, “The meeting was attended by the Undersecretary for Extraction Affairs, Karim Hattab, the Director General of the Iraqi Oil Marketing Company “SOMO”, the Director General of the Legal Department, the Director General of the Internal Control Department, the Director General of the Economic Department, the Director General of the Contracts and Licensing Department, and a number of officials in the relevant departments. and the media office. Ended 29/N33
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