Iraq Economic News Highlights Wednesday Evening

  In Iraqi News 

“OPEC”: We Are Not The Reason For The Exacerbation Of Inflation Rates Around The World

Political | 02:25 – 17/08/2022   Baghdad – Mawazine News, the new Secretary-General of “OPEC”, Haitham Al-Ghais, said today, Wednesday, that the group of producers is not responsible for the rise in inflation, pointing instead to the chronic shortage of oil and gas investments.

In an interview with CNBC, Al-Ghais said, “OPEC is not behind this increase in prices. There are other factors outside of OPEC that are already behind the rise we have seen in gas (and) in oil.”

“Again, I think in a nutshell, to me, it’s underinvestment, chronic underinvestment. This is the harsh reality that people have to wake up to and policy makers have to heed.”

And he added: “Once that is achieved, I think we can start thinking of a solution here. The solution is very clear, and OPEC has a solution; investment, investment and investment.”

Earlier this year, the Kuwaiti was appointed for a three-year term as the Secretary-General of the Organization of “OPEC”, succeeding the veteran Nigerian Mohamed Barkindo, who died last month at the age of 63, just days before he was due to step down from the organization.

The International Energy Agency said in June that global investment in energy is on track to increase by 8% this year to $2.4 trillion, with most of the projected increase coming mainly from clean energy.

She described the results as “encouraging” but cautioned that investment levels were still far from sufficient to address the multiple dimensions of the energy crisis.

A Lawmaker Reveals The “Best Way” To Pass The Budget: He Will Not Challenge It

Sumerian special   2022-08-17 | 06:40   3,009 views   Alsumaria News – Special   Legal expert Ali Al-Tamimi explained, today, Tuesday, the legal and constitutional frameworks for approving the federal budget law, while stating that the legal conclusion of approving the budget will save the country from a suffocating economic crisis.

Al-Tamimi said in an interview with Alsumaria News, “The best way to pass the financial budget is the parliament’s ability to legislate the law, by voting by an absolute majority, that is, half of the total number plus one to hold an emergency session of the House of Representatives,” noting that “the budget file relates to the livelihood of Iraqis, This prompts Parliament to hold an emergency session

He added, “After holding the session, Parliament grants the current government authorization and approval to send it the budget law,” noting that “the authorization is considered the source of the people, and that the people are the source of the authorities, and Parliament represents the people,” noting that “this legal conclusion if it is done and the government sends it.” The budget is to be passed inside the parliament, and it cannot be challenged.”

And the legal expert indicated that “voting on the federal budget law and proceeding with it will enable the Iraqi society to be saved from the stifling economic crisis it is going through.”

Related Articles

Earlier, Prime Minister Mustafa Al-Kazemi called on the political blocs to cooperate with the government to find a solution to the budget issue, warning “of the danger of its absence.”   LINK

Iraq Is Under A Severe Water Blockade And The Danger Is Increasing

2022-08-17 | 05:34   Source:   Sumerian   765 view   A danger threatens the absence of agriculture and the drying up of the marshes, and government agencies confirm: We are working according to a well-thought-out plan

The risk of water scarcity increases in Iraq With the absence of cooperation from neighboring countries, she says  Ministry of Water Resources The work is being carried out according to a plan aimed at not wasting water reserves.

Under a severe water blockade, the country is living after it is gradually losing one of the most important tools for combating climate change, the water that citizens say is threatening the continuity of agriculture, the most affected by the issue.

Officials say  Ministry of Water Resources The currently approved plan includes preserving water reserves and avoiding its waste, despite the impact on agriculture and the marshlands, as the absence of cooperation from neighboring countries increases the seriousness of the situation.

The water crisis may prolong inIraqWhat requires effort and real work by government agencies to develop short and long-term plans to preserve the water wealth, which has become imminent danger.


Nearly 6 Billion Dinars.. Integrity Reveals Fake Purchases In Salah Al-Din

2022-08-17 | 07:27 612 views  Today, Wednesday, the Federal Integrity Commission revealed purchases of “fake” materials in the Salah al-Din Governorate Health Department, indicating that the total amounts spent by the department amounted to nearly (6,000,000,000) billion dinars.

In a statement received by Alsumaria News, the Commission’s Investigation Department confirmed that “the staff of the Salah al-Din Investigation Office, which was transferred to the Governorate Health Department, managed, through two separate operations, carried out based on two judicial notes, to seize members of the procurement committees in the department during the years 2018 and 2019”, noting The two operations resulted in the seizure of (59) fake exchange transactions and purchase receipts.

And she added, “During the first operation, the team seized the original priorities of the Procurement Committee in the Salah al-Din Health Department during the first half of 2019,

in addition to seizing (3) accused members of the committee and (51) transactions,” pointing out that “the members of the committee linked Receipts for fictitious offices and companies resulted in the disbursement of (4,890,565,000) billion dinars.

She explained that “during the second operation, (3) members of the Procurement Committee were seized for the second half of 2018, and the priorities of the Procurement Committee were seized, and (8) procurement transactions promoted by the Committee that resulted in the disbursement of an amount of (756,400,000) million dinars, based on forged receipts allegedly issued by the Offices and companies “do not exist”.

The department reported that “the two fundamentalist arrest reports were organized and presented, along with the arrested suspects, to the judge of the Salah al-Din Investigation Court, which is specialized in hearing cases of integrity, who decided to arrest them in accordance with the provisions of Articles (340 and 331) of the Penal Code.”   LINK

Iraq Was The First To Import Turkish Grains In July

Shafaq News/ The Turkish Pulses, Oilseeds and Products Exporters Association announced on Wednesday that Iraq came first to import Turkish grains during the month of July of this year 2022.

The head of the association, Kazem Taiji, said in a report, seen by Shafak News Agency, that “Turkish grain exports increased by 31.4 percent in the period from January to July compared to last year 2021, to reach 6.26 billion dollars,” noting that “exports grew by 22.4%.” on an annual basis to reach $181.5 million.

He added, “Iraq came first as the largest importer of Turkish grains during the month of July, and then the United States of America came second and Algeria third.”

He pointed out that “Turkey’s total exports grew by 19 percent in the first seven months of the year compared to the same period in 2021 to reach 144.4 billion dollars,” noting that “the exports of the agricultural sector increased by 20 percent on an annual basis to reach 18.79 billion dollars.” dollars in the period from January to July, accounting for 13 percent of the country’s total exports.   LINK

Baghdad Sets Conditions For Buying Iraqi Oil In The Crude Market

Baghdad – IQ     The Iraqi Oil Marketing Company announced raising the export ceiling in compliance with a decision by the Organization of “OPEC”.

The company’s general manager, Alaa Khader Al-Yasiri, said in a statement to the official newspaper, followed by IQ News, that “the Organization of Petroleum Exporting Countries (OPEC) recently committed Iraq to increase its oil exports to 3 million and 800 thousand barrels per day,” explaining that “this increase cannot affect the Strategic oil reserves.

He added, “The increase in Iraq’s exports is directly proportional to the increase in production levels planned within the (OPEC) agreement and the countries allied with it,” noting that “the amount of oil exported for the month of July achieved initial revenues of 10 billion and 541 million and 594 thousand and 258 dollars.”

Al-Yasiri pointed out that “the company’s policy is limited to its dealings with companies that own refineries, to achieve the fair value of Iraqi crude oil sales, as it markets crude oil and gas for the purpose of reaching its goals by contracting to sell crude oil available for export with standard contracts that apply to all customers in accordance with approved and known standards in The global oil market, in light of the quantities available for export and a unified price formula for all buyers within the single market, known as the official declared price.–.html

Federal Integrity Calls For A Review Of Customs Exemptions Granted To Various Sectoral Authorities

Wednesday, 17 August 2022 12:21 PM   Baghdad / National News Center   Today, Wednesday, the Federal Integrity Commission called for amending the amended Customs Law No. (23 of 1984), in line with recent economic developments, and for the concerned authorities to reconsider bilateral agreements that grant customs facilities and exemptions from fees; To maximize financial revenue.

The Authority’s Prevention Department recommended, in a report it prepared, on the visits made by its team to conduct field visits to the Ministry of Finance – the General Customs Authority to “review the file of customs exemptions granted to various sectoral agencies by developing a mechanism and an economic and financial vision according to the exact need for exemptions, and to identify the goods covered by the exemptions.”

The actual project and the time periods specified for it, indicating that the size of the exemptions mainly affect the planned revenue volume.

The report, a copy of which was sent to the Office of the Prime Minister, the General Secretariat and the Minister of Finance, urged “to put an end to stopping and reducing the differences in fees owed by importers, traders, and clearance companies by defining the amounts owed by each company and importer, and assigning the responsibility of collecting them to the director of the region or the center, to the customs office.”

general tax authority; With a view to adjusting the taxes that must be collected in light of fee differences in order to achieve a general revenue for the state treasury, as well as stopping the activity of those who owe financial fee differences until those dues are paid.”

Integrity added, “The report suggested that the General Authority of Customs send units from the Customs Tariff Audit Department to the border crossings; For the purpose of limiting financial differences to importers before paying customs duties, as well as supporting and strengthening investigation and control activity in all ports, and intensifying campaigns in local markets to control prohibited materials, in coordination with the Supreme Judicial Council, in addition to setting strict controls;

To reduce the phenomenon of exporting basic foodstuffs outside Iraq; To limit the rise in prices, work to increase strategic storage, and stop exporting them “for the time being,” noting that after looking at the statistics of exported foodstuffs, it was noticed that quantities of (rice and edible oil) were exported during the first four months of this year.

The report dealt with “the problems and obstacles represented by the lack of prior coordination with the customs departments at the border posts in controlling the cases of violating consignments at the border post, and sending them to the General Authority of Customs;

According to the provisions of Article (241) of the Customs Law No. (23 of 1984), and the failure of the General Authority of Iraqi Ports to notify it of the presence of overcrowded containers in the warehouses of the Ministry of Transport for long periods, noting that the legal period allowed for the containers to remain is (30) days only. “.

The report stated that “the revenues of the General Customs Authority for the years (2019-2021) amounted to approximately (3,080,000,000,000,000) trillion dinars, despite the Kurdistan Region’s failure to comply with Resolution No. (13 of 2019) regarding the unification of customs and tariff procedures approved between the center and the region, indicating that the speed of resolution of Completing the cases will contribute to supporting the state treasury from the money obtained from it.”

The report noted, “the weak activity of the investigation and control department of the Central Region Customs Directorate, and the weak follow-up by the managers of the border center for the priorities sent by them to the customs tariff audit department, indicating that the priorities were sent before completing the paragraphs of the customs declaration and those that some financial companies owe them, The production tax department of the directorate.

He continued, “With regard to the procedures of the General Authority of Customs in facilitating the transactions of citizens, the service of searching for vehicle restrictions entering Iraq has been developed through the website;

To get acquainted with the stages of completing the transaction without the need to review the department, in addition to preparing a special program for the electronic declaration that is tasked with linking the sections of each border center from the customs affairs department until the completion of the transaction.

Provisions of the customs law and the fight against smuggling of oil and its derivatives; In order to prevent cases of extinction of these materials and not to decrease their values, as well as to help reduce the momentum in the Al-Ghamri campus and the detention yards.”


Tags: , , , , , , , /