Iraqi News Highlights Thursday Afternoon 5-11-23
Tlm724 Administrator Bondlady’s Corner
The Sudanese Financial Advisor Explains The Fate Of The Financial Oil Revenues.. This Is America’s Position
May 10 Information / special. Today, Wednesday, the financial adviser to the Prime Minister, Mazhar Muhammad Salih, revealed the fate of Iraq’s financial revenues that are in the Federal Reserve Bank, while explaining America’s position on these revenues. In an interview with Al-Maalouma agency, Salih said, “The oil receipts account, in which Iraqi oil revenues are deposited and opened at the Federal Reserve Bank in New York, came based on a previous UN Security Council Resolution No. 1483 in May 2003.”
He added, “This account is legally protected by the Federal Reserve Bank against any indebtedness, arbitration, etc. risks,” stressing that
“there is no pressure to dispose of national funds and transfer them to accounts in other countries or different foreign currencies.” Al-Sudani’s financial advisor continued:
“The disposal of funds is whenever the need is determined by the national interest and in a way that serves the interests of the Iraqi economy and in a manner that does not contradict the strategic framework agreement between Iraq and America signed in 2008.”
The 2022 oil revenues in Iraq exceeded $115 billion, according to preliminary figures issued by the Ministry of Oil, which is the highest since the significant decline in oil prices during the Covid-19 period.
Iraq, the second largest oil producer in the Organization of Petroleum Exporting Countries (OPEC), has huge reserves of black gold, which represents 90% of its revenues.
The government relies heavily on the price of a barrel of oil and oil revenues in its budget, amid economic difficulties and the need for many infrastructure projects after years of war. Ended / 25R
https://almaalomah.me/news/economy/مستشار-السوداني-المالي-يبين-مصير-عائدات-النفط-المالية-هذا-مو
Anti-Money Laundering And Terrorist Financing Scenarios
May 11, 2023 For the purpose of strengthening the supervisory system of the money laundering and terrorist financing reporting unit, scenarios for anti-money laundering and terrorist financing systems have been prepared,
which are compatible with the financial work environment in Iraq, and
the agents of (Western Union) and (Money Gram) can adopt them as a minimum for their electronic systems, taking into account the following.
To view AML/CFT information and scenarios related to transfers through agents of international transfer companies (Western Union and MoneyGram)..click here
https://cbi.iq/static/uploads/up/file-168379218193043.pdf
Iraq Is On A Date With Industrial Investment Projects
Today Information / Baghdad.. The Directorate of Industrial Development announced, on Wednesday, that it will soon start issuing licenses for establishing projects electronically, while clarifying the situation regarding investment projects and job opportunities.
The Director General of the Directorate affiliated with the Ministry of Industry and Minerals, Aziz Nazim, said to the official agency and his follower (information), that
“60 establishment licenses have been granted since the beginning of this year in accordance with Industrial Investment Law No. 20 of 1998,
as well as 1,500 licenses were granted to medium, small and large factories.” Nazim added,
“There is a government interest in supporting investment projects for materials other than oil, and
the mineral investment law is the main part in organizing the process,” noting that “the
available opportunities are excellent for industrialists, and
there are government assurances expressed by Prime Minister Muhammad Shia’a al-Sudani to protect their capital and property.” He noted that
“there are industrial projects for Arab and foreign investors awaiting agreement on the country’s industrial map to see the light and create job opportunities for Iraqis.” He pointed out that “the
government has set up a program for electronic payment of amounts, and the
procedures for issuing licenses under establishment electronically will soon be completed, and
this procedure will avoid industrialists traveling from the governorates of Iraq to Baghdad to the headquarters of the Directorate, and thus
each in his place can apply and obtain services through a special site in exchange for electronic payment of amounts.”
And the fees will be available to all, and it contains guiding points for the industrial reality in Iraq. ended
https://almaalomah.me/news/economy/العراق-على-موعد-مع-مشاريع-استثمارية-صناعية
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