Government advisor stresses importance of gold trade governance to support current account of balance of payments
A government advisor stressed the importance of governing the gold trade to support the current account of the balance of payments.
The financial and economic advisor to the Prime Minister, Mazhar Muhammad Salih, told Al Furat News Agency that “adopting advanced industrial protection policies will have a positive impact on the quality of the national gold product and the stability of its prices.”
He pointed out that “this step will enhance the protection of one of the most important pillars of the national and household economy, with a direct and positive impact on the current account of the balance of payments.”
Saleh explained that “regulating the import and re-export of unprocessed gold will contribute to achieving added value for the national economy,” stressing “the importance of close supervision by the competent authorities to ensure that the movement of gold is limited within the framework of an economically organized trade with high returns and sound governance.”
The Industrial Coordination Council had approved in its meeting the day before yesterday, Sunday, the localization of the precious metals industry, including gold and jewelry, in addition to cosmetic products, with instructions to provide all necessary facilities for those wishing to establish their own factories. It was decided to monitor the quantities of gold exported abroad, through controls that determine the quantities remanufactured, and to submit documents to the Central Bank that secure the value of the exported quantity, and to return the quantity after completing its manufacture to the country, under the supervision of the Central Bank.
Iraq is keen to complete the Grand Faw Port and complete the development path
Prime Minister Mohammed Shia Al-Sudani stressed, today, Tuesday, Iraq’s keenness to complete the Grand Faw Port and complete the development path, as the Prime Minister’s media office in Bia stated that “the Prime Minister received the Secretary-General of the International Maritime Organization / IMO Arsenio Dominguez.”
He explained that “the Prime Minister stressed during the meeting Iraq’s keenness to strengthen relations with the organization, enhance its orientations in the field of port infrastructure, proceed with the completion of the Grand Faw Port, and complete the path of development.”
He added, “The meeting also included a review of aspects of joint cooperation with the international organization, and the support it provided in the field of training and organization, and the deposit of relevant agreements and protocols concluded by Iraq with the organization.”
He also stated that “the Prime Minister expressed the government’s aspiration to conduct the audit of member states, which will be conducted in November of this year, in a way that facilitates raising the Iraqi flag on its ships operating in international trade.”
In return, the Secretary-General of the International Maritime Organization expressed his appreciation for Iraq’s steps in the field of diversifying the economy, investing in the geographical location and expanding the maritime infrastructure, explaining “the organization’s readiness to provide technical support and provide fellowships from the organization and its affiliated scientific institutions, and to invite Iraqi maritime experts to attend the technical meetings held at the organization’s headquarters.”
