The Central Bank of Iraq, Human Resources Directorate/Women’s Affairs Division, organized an awareness workshop on illicit gains in cooperation with the Integrity Commission.

The workshop addressed the laws, legislation and penalties related to illicit gains and the importance of applying e-governance in state departments and institutions to reduce them.

The workshop reviewed the role and efforts of the Central Bank of Iraq in responding to the requirements of the Integrity Commission, especially in implementing the National Strategy for Integrity and Combating Corruption (2021-2024).

It is noteworthy that the Central Bank of Iraq has organized many seminars and workshops for its employees in the field of combating corruption during the past months.

 Central Bank of Iraq
Media Office
August 15, 2024

https://cbi.iq/news/view/2641

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Clare:  Parliamentary Finance Committee to US Delegation: The Triennial Budget Represents an Important Message to Foreign Companies

The head of the parliamentary finance committee, Atwan Al-Atwani, confirmed to the delegation of the US embassy in Baghdad, on Wednesday, that the three-year budget represents an important message to foreign companies.

The media office of the head of the parliamentary finance committee said in a statement, seen by “Al-Eqtisad News”, that “the head of the parliamentary finance committee, Atwan Al-Atwani, received a delegation from the US embassy in Baghdad, headed by the Minister Plenipotentiary for Economic and Commercial Affairs, Julie Jules.”

The statement added that “Al-Atwani reviewed – during the meeting – the financial and monetary situation in the country, and the role of the finance committee in monitoring the implementation of the general budget law, especially the paragraphs related to maximizing non-oil revenues or those supporting the private sector and investment.”

It pointed out that “Al-Atwani addressed the most important challenges facing financial policy in Iraq, most notably the restrictions and procedures of the US Treasury, which have had a significant impact on the work of the banking sector and caused the continued crisis of fluctuations in the dollar price.”

The head of the finance committee – according to the statement – touched on “the importance of the private sector entering as a major partner with the government in implementing and financing projects and providing services,” stressing “his committee’s determination to approve the law on partnership between the public and private sectors, in addition to amending the tax law in a manner that keeps pace with the development taking place in the work of the tax system, whether in providing services or collection.”

The statement added that “the meeting discussed ways to enhance joint bilateral cooperation between Iraq and the United States within the framework of the Strategic Framework Agreement, and to activate its economic contents related to developing capabilities and helping to reform the financial and banking system.”

For its part, the US embassy delegation praised “the experience of the three-year budget for its tangible positive repercussions in terms of improving the living conditions of Iraqis and enabling the government to perform its duties,” stressing “its readiness to cooperate and work together with the Finance Committee to solve the existing problems between the US Treasury and Iraqi banks.”

Al-Atwani stressed – according to the statement – that “the three-year budget represents an important message to foreign countries and companies that Iraq’s financial situation is good and there is no obstruction or halt in contracts and implementation,” explaining that “Iraq is rich in its wealth and energies and all it needs is wise management of money.”

He continued, “We suffer from the problem of unfair US Treasury sanctions against 14 Iraqi banks without prior warning,” indicating that “obligating Iraq to cover its foreign transactions through the platform and punishing a large number of its local banks are among the most important reasons for the continuation of the dollar crisis and the creation of the parallel market.”

Al-Atwani expressed his “hope that this meeting will be a starting point for a new phase of cooperation, understanding and assistance in addressing the problem of US Treasury restrictions and procedures on the financial and banking sector.”  LINK

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Clare:  Italian company begins work on updating Mosul’s basic design

8/15/2024

The cadres of the Italian company in charge of the project to develop and modernize the basic design of the city of Mosul began, today, Wednesday, the geographical survey work in the city.

Nineveh Deputy Governor for Reconstruction Affairs, Abdul Wahab Sultan, told Shafaq News Agency, “The cadres of the Italian company (SGI), which is responsible for the project to update the basic design of the city of Mosul, have started their work in the field geographical survey in the city, in the first steps aimed at implementing the project to develop the basic design of Mosul.”

Sultan stressed that “the Nineveh Governorate administration is proceeding with all its energy and determination to develop Mosul and change its reality for the better, which can only be achieved through implementing the city’s basic design expansion project.”

Last March, the governor of Nineveh announced the signing of a contract to update and expand the basic design of the city of Mosul, after the last expansion of the city since the year 2000.

The expansion of Mosul includes a distance of 7 km in all directions from Mosul, and the new design is supposed to secure 160 thousand dunums of land that will be allocated to establish large projects and infrastructure that will serve the city and all components in Nineveh.

Over the past years, the project has been met with objections from some components in the Nineveh Plain, while political forces from the Shabak component that have an armed faction announced their refusal to allow the implementation of the expansion project towards eastern Mosul, under the pretext of fear of demographic change.   LINK

Clare:  Al-Sudani concludes his visit to Karbala.. This is what it included

8/15/2024 Baghdad

Prime Minister Mohammed Shia Al-Sudani concluded his visit to the holy Karbala Governorate today, Thursday, which included the opening of several projects.

The Prime Minister’s media office stated in a statement received by “Al-Eqtisad News” that “Al-Suwani returned to the capital, Baghdad, after concluding his visit to the holy Karbala Governorate, which included:

■ Follow up on work in the facilities and installations of Karbala International Airport.

■ Launching the implementation works for three power station projects:

● Combined cycle of Karbala gas station with a capacity of (132 megawatts).

●Karbala Solar Power Plant Investment Project with a capacity of (300 megawatts),

● Karbala Banks Secondary Transformation Station 400 kV, with a capacity of (1500 MVA), as part of a package of projects to resolve bottlenecks in the transmission of electrical energy.

■ Announcing the largest project to produce (10) thousand megawatts of electric power.

■ Inauguration of Karbala Industrial City, and launching of executive works for four industrial projects/first phase, in the city, which are:

● Industrial gases plant with a capacity of (1000 tons/day).

 ● White oil factory with a capacity of (1000 cubic meters/day).

 ●Vacuum distillation plant with a capacity of (2500 tons/day), and organic solvent plant with a capacity of (1000 cubic meters/day).  LINK

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Clare:  Al-Sudani announces readiness to launch the “largest” electricity production project in Iraq

8/15/2024

Prime Minister Mohammed Shia al-Sudani announced on Thursday that his government is ready to launch the “largest” electricity production in Iraq at a rate of 10,000 megawatts.

Al-Sudani said in a speech during the ceremony to launch the executive works of the projects of three power stations in Karbala Governorate, that this project is a strategic project in electrical energy, which will be implemented according to a new economic model and a new vision that will be announced to the private sector, after it has been studied by a team of consultants specializing in electricity.

He stressed that the stability of energy sources is an encouraging factor for investment and development, and pushes for the development of sources of income by activating all other economic sectors, in addition to the ongoing work to improve the transportation and distribution sector, to deliver electricity service in a sustainable manner to the citizen, without it being a burden on the state and its financial budget.

Al-Sudani also pointed out that the combined cycle projects and solar energy projects are part of the government’s plans to reform the electricity system, indicating that the launch of the solar energy project in Karbala and Babylon will continue with the rest of the governorates, which is happening for the first time in Iraq.

He stressed the importance of supporting the private sector, which represents a support for the government in facing crises, emphasizing the special nature of Karbala Governorate, which is visited by millions of visitors throughout the year from inside and outside Iraq.

The three projects launched by Al-Sudani in Karbala are: the combined cycle of the Karbala gas station with a capacity of (132 megawatts), the Karbala investment solar energy station with a capacity of (300 megawatts), and the Karbala secondary transformer station, 400 KV, with a capacity of (1500 megawatts).

It is worth noting that the three station projects will achieve an increase in the production of electrical energy, as the combined cycle of the Karbala gas station contributes to adding (132) megawatts to the currently operating station, with a total design capacity of (250) megawatts, while the Karbala solar energy investment station project is one of several important contracts concluded by the government in the field of renewable energy projects with a number of specialized international companies, including signing a contract to implement a solar energy station with a private sector company with a capacity of (300) megawatts.

As for the Karbala Banks Secondary Station 400 KV, with a capacity of (1500) megawatts, it is being implemented within the second phase of the electrical energy transmission projects, under the contract with the German company Siemens, and is the first transformer station of its kind in Karbala, and will contribute to relieving bottlenecks in the network, thus raising the level of stability and meeting the needs of the various sectors in the Middle Euphrates region.    LINK