Iraqi Economic News Highlights Tuesday Evening

Tuesday Evening Iraq Economic News Highlights 10-18-22


Deputy: One Of The Priorities Of The New Government Is Approving The Budget


Iraq   10:06 – 10-18-20-20   The deputy of the State of Law coalition, Muhammad Al-Shammari, confirmed that one of the priorities of the next government is to work on approving the budget immediately after the formation of the new government.


Al-Shammari said in a press statement, “One of the priorities of the next government is approving the general budget on which many citizens’ affairs depend,” stressing that “after the official vote to form the next government, the general budget will be approved.”


He added, “After assigning the Minister of Finance in the next government, he will work to present the general budget directly in order to facilitate state affairs and not be subjected to the position of stopping the payment of salaries.”


He continued, “The next government has prepared an integrated program on the work of the new government, which includes improving the living situation of citizens and activating suspended projects.”    LINK

Finance: Investigation And Document Checking Are Still Ongoing By The Judiciary


Economie| 09:26 – 10/17/2022   Today, Monday, the Ministry of Finance issued a statement regarding the acquisition of sums of trusts from the Tax Authority.


In a statement received by Mawazine News, the ministry’s media said, “The Ministry of Finance would like to clarify to the public opinion the background of its legal procedures, and the data on which it was based, in order to protect public money, and diagnose the axes of imbalance:


On September 6, 2022, the former Minister of Finance issued an agency ( The Minister of Oil, Mr. Ihsan Abdul-Jabbar), ordered the formation of an administrative investigation committee, to ascertain data and information on the existence of waste of public money in the trust account of the General Authority for Taxes.


The administrative investigation with the approval of the acting minister, and made precautionary administrative changes, including the dismissal of the head of the General Tax Authority and the staff who applied with him.


He added, “This committee formed by the ministry was not the first, but rather the second, as the former minister, Ali Abdel Amir Allawi, had previously ordered the formation of a similar committee to clarify the facts, and the minister issued orders not to disburse any amounts without his consent since November 2021.”


He continued, “The Iraqi Integrity and Judiciary Commission has conducted an investigation into the same issue, since August 2022, as various decisions were issued related to stopping the disbursement of these trusts, and seizing the priorities, records and all documents related to the disbursement of those trusts and the transactions in question for the purpose of checking them. Arrest warrants were issued. against the accused employees, a number of company owners, and the beneficiaries of the disbursement of those funds, and the court heard the statements of witnesses, and the investigation and scrutiny of documents is still continuing by the judiciary.


He pointed out that “on October 10, 2022, the General Tax Authority submitted a detailed final report, with the necessary data and information to the judicial authorities for the purpose of taking legal measures, and in a manner that protects public money,” noting that “the Federal Integrity Commission approached with a copy of the information and documents issued by the authority.”


The General Tax Authority, based on the directive of the Prime Minister, for the purpose of presenting evidence and clues to the regulatory and judicial bodies to take the necessary legal measures. The Parliamentary Finance Committee and the Parliamentary Integrity Committee were approached with detailed copies of these statements, at their request.


And he continued, “The above procedures, and the investigation that was opened to his death, were able to give the Ministry of Finance precedence in two matters: protecting the remaining amount from the General Tax Authority Fund, first, and preventing the draining of any public money in other places,


secondly,” explaining that “despite the fact that All this, in addition to the government’s adoption of the task of detecting and following up on those involved, the Ministry of Finance has noticed a new attack of a political nature aimed at spreading misinformation, through extortion statements to divert responsibility from the actual perpetrators, who will be revealed by the judiciary, with the aim of creating a state of confusion and programmed disorder, which provides Protection and space for the movement of manipulators.


And he added, “The documented information contained in the Ministry of Finance’s letter, which is attached to the report of the General Tax Authority, is based on official financial statements, and is documented by the relevant departments of the Tax Authority and Rafidain Bank.


The indicators indicate a defect in the trust account for taxes and customs that goes back years, with the accumulation of The amounts are in the bank account, and the ministry took the initiative to detect the defect and review it according to the controls.”


The statement continued, “The nature of the work structure in the ministry includes the establishment, companies and bodies affiliated with it, to manage their financial affairs in accordance with the laws of their establishment, and in accordance with the powers and principles in force,” noting that “the Ministry of Finance continues to coordinate and follow up with the relevant judicial authorities to protect public and private rights, and will follow the procedures All, to prevent any breaches, and to follow up on any manipulation.


However, the political blockage and its repercussions on the public scene, the obsolete backwardness in the Ministry’s work systems and mechanisms, the presence of resistance to preventing modernity and development, and the climates that were created and provided for the spread of corruption in some joints were all major obstacles to any progress in the context of the hoped-for achievements. Despite this, efforts and follow-ups are still continuing to achieve these goals to protect public money and improve performance.



The statement concluded, “The Ministry of Finance calls on all parties not to influence the progress of the current investigations, and to give the regulatory and judicial bodies the appropriate atmosphere to follow up on this case and clarify all its details to public opinion.” Ended 29 / p. 87


The Judiciary Brings In The Director General Of The General Tax Authority, His Assistant, And Officials


Money  and business   Economy News-Baghdad   Today, Tuesday, the Supreme Judicial Council announced the recruitment of the Director-General of the General Authority for Taxes and his assistant, and officials, against the background of causing intentional damage to the funds of the Ministry of Finance, by disbursing the amounts of tax trusts.


The council stated that “the second Karkh investigation court, which is specialized in integrity issues, decided to bring in the director general of the General Tax Authority and his assistant, the supervisor of the financial and control department, the agent of the financial department and the director of the financial department.”


He added, “The decision to recruit comes in accordance with the provisions of Article 340 of the Penal Code for the charge of causing intentional damage to the funds of the Ministry of Finance by disbursing the amounts of tax deposits.”


He pointed out that “the court also issued arrest warrants against the owners of companies and placed a precautionary seizure on their accounts, for which tax trusts were issued, in addition to the formation of a joint audit committee from the Ministry of Finance, the General Authority for Taxes, Rafidain Bank and the Integrity Commission to audit the amounts disbursed.”


23 . views   Added 10/18/2022 – 11:25 AM   Update 10/18/2022 – 12:39 PM


Al-Sudani: The Next Government Will Be A Government Of Services That Includes Economic Reforms


Money  and business       Prime Minister-designate Muhammad Shia Al-Sudani received, on Monday, German Ambassador to Iraq Martin Jaeger.


During the meeting, according to the statement, “a number of issues and topics related to bilateral relations between the two countries and ways of consolidating them were discussed,” and the meeting touched on “the prospects for joint cooperation, and the importance of its development in various fields.”


Al-Sudani stressed, “The next government’s orientation is towards building balanced relations with its regional and international surroundings, as well as its aspiration to develop cooperation relations with Germany and the whole of the European Union, in a way that enhances common aspirations and aspirations.”


He added, “All his efforts are currently focused on forming the government as quickly as possible, and on the basis of accurate selection,” stressing that “the next government will be a government of services, including economic reforms, and an investment of oil revenues away from corruption.”


He expressed “the future government’s aspiration to fruitful cooperation with German companies in the fields of energy and other technical disciplines.”


For his part, the German ambassador stressed, “the desire of his country’s government to strengthen bilateral relations, in a way that contributes to boosting cooperation and joint coordination at various levels.”


He continued, “Iraq urgently needs a government with full powers that realizes the magnitude of the challenges it is facing in the current stage,” explaining that “the German government has great interest in making this government succeed and overcome various challenges.”


The German ambassador presented a paper containing specific proposals for cooperation between Iraq and Germany in various fields.   Views 288   Added 10/17/2022 – 4:12 PM   Update 10/18/2022 – 12:25 PM


Iraq Is Taking An “Important Step” To Develop The Offshore Exploratory Patch In The Gulf


Energy  Economy News – Baghdad  The Ministry of Oil confirmed, on Monday, its keenness to develop onshore and offshore exploration blocks to increase the country’s oil and gas reserves.


The Undersecretary for Extraction Affairs, Karim Hattab, said, while attending on behalf of Oil Minister Ihsan Abdul-Jabbar Ismail, the signing ceremony for the preparation of a study on the offshore exploration patch between the Oil Exploration Company, CNOOC Middle East and Iraq, China:


“We celebrate together the signing of a joint study contract for the land part of the offshore patch in The Gulf, between the Oil Exploration Company, one of the leading national companies in this field, and Cinoc Iraq and the Middle East. This contract is an important step for the development of the offshore exploration patch in the Gulf, and it is the first experience of a joint exploration study in regional waters.


He added, “The ministry is keen to develop and invest in joint border fields, land or sea and in regional waters, despite the various challenges,” stressing that “the ministry has worked to attract international companies for cooperation, work and joint investment to develop the national oil industry.”


And he continued, “The ministry affirms its full confidence in the national effort and in the company Cinoc Iraq and the Middle East to complete this study and reach positive results, which contribute to strengthening the oil reserves of oil wealth.”


For his part, Director General of the Oil Exploration Company Ali Jassim said, “The Oil Exploration Company, which represents one of the arms of the national effort, was able to achieve important steps in the field of exploration through the spread of seismic teams in many areas of Iraq and conducting surveys for vast areas of our dear country, Including the Western Desert in Anbar Governorate, Tal Afar in Nineveh Governorate, Muthanna, Maysan, Basra and others.


He pointed to “the ministry’s continuous support for the work of seismic teams, which work with the latest devices, equipment, mechanisms and advanced technology in this field, believing in maximizing the guaranteed reserves of oil and gas.”


In turn, the General Manager of Cinoc Middle East and Iraq, “Vincent Shih”, said that “the contract to conduct a joint study of the Arabian Gulf area, which was signed, represents a start to build cooperative relations of a new type between Iraq and Cinoc, and the Iraqi side is keen on this project for close cooperation to achieve Positive and fruitful results and the deepening of exploratory operations,


” noting that “this cooperative relationship will contribute to the development of the oil industry in Iraq, and create a new situation for cooperation in the field of oil and gas between China and Iraq in a way that achieves the common interests of both parties.”


Shih added, “Futureful results have been achieved thanks to the joint efforts made by both parties, and we are proud today to announce the signing of the bilateral seismic survey services contract for the land part of the patch with the Oil Exploration Company, and that CNOC announces its readiness to deal with all difficult situations in cooperation with the Ministry of Oil and Gas. Oil, Maysan Oil Company and all partners.     Hits 161   Added 10/17/2022 – 5:46 PM  Update 10/18/2022 – 12:40 PM


The Ministry Of Trade Confirms The Need For Iraq To Import 5 Million Tons Of Wheat During 2023


Iraq   22:05 – 10-17-2022  The General Company for Grain Trade, affiliated to the Ministry of Commerce, confirmed today, Monday, that Iraq needs to import 5 million tons of wheat during 2023, while reassuring that the available stocks of wheat have not been exhausted so far.


The company’s assistant general manager, Haider Nuri Jabr, said that “the stockpile of wheat has not been exhausted so far, and there is a continuation in the process of processing for citizens,” noting that “during the past 3 years, the wheat crop received more than 5 million tons, which achieved self-sufficiency in country”.


He added, “During the current year, we have received only two million and 200 thousand tons, and this quantity is not enough to cover the next year until the marketing season,” noting that “next year, due to water scarcity, during which we may receive less than 1.5 million or less of wheat.”


He added that ” He added, “The General Company for Grain Trade needs large sums of money to import at least two million tons of wheat to cover the four months of next year until the marketing season,” noting that “Iraq needs to import 5 million tons of wheat during 2023.”


He pointed out that “the funds must be released quickly to import wheat, because the tender needs 75 days to be completed.”

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