Iraqi Economic News Highlights Monday Afternoon

Monday Afternoon Iraqi Economic News Highlights 10-10-22


Investment Authority: The Korean Honwha Company Has Not Spent Any Amounts On The City Of Bismayah


Economie| 09:49 – 09/10/2022   Baghdad – Mawazine News    The National Investment Commission denied the inaccurate statements about the Korean Honwha Company’s spending on the city of Besmaya.


The authority said in a statement received by Mawazine News: “We were surprised by the statements issued by the South Korean company Hanwha regarding the Basmaya housing project, at a time when talks are continuing between the two sides to reach solutions to complete the project in full, and we regret the inaccurate details contained therein. We find it useful to provide this brief explanation about the mechanisms of the project, which we still hope to be fully accomplished.


My agencies:


1- The Basmaya project has been fully funded and to date by the Iraqi state and there are no funds spent by the Korean company as stated in the statement issued by the company.


2- The contract concluded between the Iraqi government and the Korean Hanwha Company stipulates that the Iraqi government will bear only 25% of the project’s cost of ten billion US dollars to complete 100,000 housing units within ten years from the date of signing the contract in September 2012.


3- The Iraqi government paid two billion dollars as a first down payment after signing the contract.


4 – The contract includes that the Korean Hanwha Company will finance the remaining 75% of the project according to a mechanism that includes the company building housing units and handing them over to the Iraqi government represented by the National Investment Commission so that the Commission will sell them to citizens through government banks and then pay the amounts to Hanwha Company.


5- Hanwha Company’s breach of the agreed upon delivery dates for the housing units, which entails providing the necessary financing for the project, which is within the 75% of the company, which led to the failure of the project’s financing in the part that falls under their responsibility and not because of the delay in the payment of payments by the Iraqi government.


6 – The schedule for the delivery of housing units attached to the contract stipulates that the Korean company will deliver 10,500 housing units to the Iraqi government, after two years of signing the contract in May 2012, to be financed from the advance payment that the Iraqi government has committed to, and then delivers 22,500 housing units by Each of the years following this date up to seven years for the duration of the contract, while until September of the year 2014, only 1440 housing units were delivered, and the total number of delivered and inhabited housing units to date is only 20,400 housing units, and there are 9,000 other housing units that have not been completed and are unfit for habitation to date. .


7- The existence of a cumulative amount acknowledged by the Korean company, amounting to approximately one billion and four hundred million dollars of the total amount paid, starting at the signing of the contract, in addition to the amounts paid to the Korean company according to the terms of work, bringing the total amount paid to the company at approximately four billion five hundred million dollars of the contract amount The total amount of ten billion dollars, knowing that the total number of housing units to be delivered under the contract is (100,000) one hundred thousand housing units.


8 – The National Investment Commission obtained the approval of the Council of Ministers to contract with an international auditing company. After the audit process was completed, the company confirmed the existence of accumulated amounts with Hanwha, which is consistent with the outputs of the National Commission and proves its financial position above.


For all of the above, and with our keenness to move forward with the project, the negotiating team concerned with the authority renews its pledge to all those who are registered on the project and who wish to do so, to make every effort to resume work on the project and preserve the entitlements of the citizen and the state alike. Ended 29 / p. 87



Iraq Is Turning To The Use Of Atomic Energy For Peaceful Purposes


Economie| 11:12 – 10/10/2022   Baghdad – Mawazine News   The Radiation Protection Center at the Ministry of Environment revealed, on Monday, the country’s tendency to use atomic energy for peaceful purposes after the approval of the Security Council, stressing that Iraq possesses sufficient expertise that qualifies it to restore its atomic activity.


The director of the center, Sabah Al-Husseini, said that “there are moves to invest atomic energy after the approval of the United Nations Security Council to use it for peaceful purposes,” noting that “the Presidency of the Council of Ministers directed the formation of a committee headed by the National Authority for the Control of Radioactive Sites and all concerned parties to work on completing the project.”


And he indicated, “The center has prepared a complete study that dealt with how to benefit from atomic energy for peaceful purposes, especially that Iraq has sufficient experience that will enable it to restore its nuclear activity and its position among the countries of the world,” noting at the same time that “this file is one of the complex files that need To infrastructure and many requirements, as well as coordination with the International Atomic Energy Agency.


In an interview with the official “Al-Sabah” newspaper, which was followed by Mawazine News, Al-Husseini confirmed that “the center is working with care and attention to provide all the necessary needs for the reuse of atomic energy for peaceful purposes.”


He continued, “The country is currently chairing the Arab Atomic Monitoring Authority, which includes 12 countries, and is concerned with confronting radiological risks and disasters and training on the use of the latest radiological regulatory bodies, as well as preparing emergency plans to confront radiological disasters,” adding that “the center is working to include all other Arab countries in the body.” Thus, the formation of a union similar to the European Atomic Energy Union, which will enable all the countries of the Commission to hold meetings and prepare courses to train workers in this field. Ended 29/N33


The Governor Of Najaf Announces The Completion Of The Procedures For Disbursing The Differences In Salaries Of Contractors


Economie| 03:10 – 09/10/2022   Baghdad – Mawazine News   Today, Sunday, Najaf Governor, Majid Al-Waeli, announced the completion of the procedures for disbursing the differences in salaries of contractors.


Al-Waeli said in a statement that Mawazine News received a copy of it, that “the financial financing procedures for the contractual salary differences for each of the departments of the Sewage Directorate and the Department of the Authority for People with Disabilities and Special Needs in the governorate have been completed.”


He added, “All contracting differences transactions for all other departments have been submitted to the Budget Department in the Ministry of Finance for the purpose of allocating the amounts for each department, and the funding will be done once the budget department’s work is completed.”



The Cabinet Secretariat Reveals A Tendency To Include Vital Projects In The Agreement With China


Political | 07:57 – 09/10/2022   Baghdad – Mawazine News The  General Secretariat of the Council of Ministers revealed, on Sunday, government directions to include vital and strategic projects within the agreement between Iraq and China.


The secretariat’s spokesman Haider Majid told the official news agency, “There are governmental directions to include the vital and strategic projects that the country needs within the agreement between Iraq and China,” noting that “these projects to be included are within the sectors of roads, bridges and infrastructure (sewage stations and water desalination plants). Energy, both oil and electricity.


He added, “There is a project to establish 15 hospitals with a capacity of 200 beds in each governorate, in addition to projects that will also be included, including railways and ports,” noting that “the Ministry of Planning is working on preparing these giant projects in coordination with sectoral authorities, according to priority and the urgent need to complete all procedures.” Legal, administrative, technical and financial assignments to refer these projects to reputable Chinese companies.


Majid added, “These projects will sustain the infrastructure and bring about a comprehensive qualitative change in all regions of Iraq.”


A Parliamentary Committee Calls On The Government To Form A Crisis Cell To Address Water Scarcity And Its Repercussions On Agriculture


Political | 04:38 – 09/10/2022   Baghdad – Mawazine News   On Sunday, the Parliamentary Committee on Agriculture, Water and Marshes called on the government to form a crisis cell to address water scarcity and its repercussions on agriculture in the country.


A statement by the committee, which Mawazine News received a copy of, stated, “The Committee on Agriculture, Water and Marshes held a meeting headed by MP Thaer Mukhyib al-Jubouri, head of the age, and in the presence of committee members today to discuss the topics on the agenda.”


The statement continued, “During the meeting, which was held at the headquarters of the committee, the water scarcity and drought crisis and its repercussions on the agricultural, environmental, economic and social sectors were discussed, especially for the marsh dwellers and their animal wealth, as well as the release of the amounts allocated to the sectoral ministries in accordance with the emergency support law and the doors to disbursement, in addition to discussing the status of The current summer agricultural plan and the upcoming (proposed) winter agricultural plan.


He added, “The committee discussed setting dates for field visits to the sectoral ministries concerned with the work of the committee and its affiliated formations, as well as its visit to the Agricultural Bank.”


The committee studied the Third Amendment Law to the Law on Irrigation Projects Implementation No. (138) for the year 1971. The committee also studied the approach of the Presidency of the House of Representatives to include the important laws of the committee on the agenda of the upcoming parliament sessions, which are (Agricultural Land Leasing Law, the first amendment to the law regulating the lease of agricultural land and ownership of the right to dispose of According to the statement, the committee called on the government to assume its legal responsibilities to form a crisis cell to address water scarcity and drought and its repercussions on the agricultural sector and its impact on society, especially the residents of the marshes



It also called on the government to activate the negotiating process with countries source to demand an increase in water imports.


The statement stressed, “the government should compensate the people of the marshes who lost their livestock as a result of water scarcity and drought that ravaged the marsh areas through preparing an integrated inventory in cooperation between the Ministry of Agriculture and local governments in the governorates.”


The statement indicated that “the committee agreed to hold a meeting with the honorable Speaker of Parliament to obtain his approval to form a parliamentary delegation to visit Turkey and Iran to discuss the water file with them.”


The statement demanded, “The Ministry of Water Resources to commit to the strategic study and to maintain the rate of water inundation for the marshes not less than 35%, and that the calculations of the agricultural plan started from the dams to the issuance of the main rivers and not vice versa, as well as the agreement on activating the oversight role of the committee through conducting field visits to ministries And its affiliated formations, where it was agreed to visit the Mosul Dam and Badush Dam in Nineveh Governorate, and the General Company for Petrochemical Industries in Basra Governorate. Ended 29/R77


The Imminent Release Of Provincial Funds In The Food Security Law


Posted On10-10-2022 By Sotaliraq   Yesterday, Sunday, the Ministry of Planning talked about the imminent release of funds for the governorates within the Emergency Support Law for Food Security and Development.


This comes at a time when political parties fear that this law will turn into a political custom and be a substitute for the budget every year.


Planning Minister Khaled Battal said in statements followed by (Al-Mada), that “the Finance Committee hosted us in the presence of the First Deputy Speaker of Parliament, Mohsen Al-Mandalawi, to discuss the mechanism for implementing the Food Security Law in the part related to the investment plan of the law,” noting that “there is a problematic launch of funding by the Ministry of Finance.” Finance.” ‘



He added, “We explained to the Finance Committee that the Ministry of Planning has fully accomplished what it was required to do, and we included the projects, and we spoke with the Ministry of Finance in the presence of the Chairman of the Financial Supervision Bureau, and there is a common understanding and clarification of some legal paragraphs in which there was a misunderstanding by some departments of the Ministry of Finance,” noting that “there will be Soon, the money for the governorates will be released.”


He continued, “There is 50%, according to the law, of the funds released by this government and 50% released by the next government,” explaining that “the original in today’s meeting is to accelerate the procedures for releasing 50% of the funds, and they will be launched soon.”


Battal confirmed that “the Ministry of Planning has completed the launch of the allocations to the governorates,” noting that “according to the deliberation that took place today, the problem is in the understanding of the Accounting Department in Finance for some legal paragraphs, and it was clarified by us and by the head of the Oversight Bureau and matters are on the way to solution.”


For his part, a member of the Finance Committee in the former parliament, Mahmoud Al-Shabki, stated that “the law on emergency support for food security was passed in very complex political circumstances.”


Al-Shabki, a member of the Al-Fateh Alliance, added that “the law involved political issues that helped pass it, despite the presence of a great deal of objection to its texts.”


He pointed out, “There is a fear that this law will turn into a political custom that will be repeatedly passed with every year that witnesses a delay in approving the budget.”


Al-Shabki explained, “The fears will begin at the beginning of next year, that there will be a will to repeat the experiment, and thus we will throw the budget off the wall and replace it with other alternative laws contrary to the public interest.”


Last June, the House of Representatives voted for the resignation of the Sadrist bloc’s deputies and the law on emergency support for food security and development, which provided for financing the Ministry of Finance’s account with 25 trillion dinars, 18 trillion dinars of which was disposed of by the current government and the rest transferred to the next government.   LINK