Prime Minister Mohammed Shia al-Sudani stressed, on Thursday, that the government attaches great importance to developing the oil industries and Iraqi production capabilities.

A statement from his office received by Al-Mirbad stated that “Prime Minister Mohammed Shia al-Sudani received a delegation from the Russian oil company Lukoil, where they reviewed the progress of cooperation with the company and the executive work it is undertaking in Iraq.”

The statement added that “the Prime Minister listened to a briefing on the company’s work in the West Qurna 2 and Orido oil fields, and the progress of implementation.”

The Prime Minister stressed – according to the statement – that “the government attaches great importance to the issue of developing the oil industries and Iraqi production capabilities, and a priority in implementing development projects; in order to maximize revenues, especially in the field of transitioning to the production of various petroleum and petrochemical derivatives, based on a broad and strong infrastructure for the oil sector, especially in the field of extraction.”

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Tishwash:  Government advisor identifies 4 directions to revitalize the private sector in Iraq

The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed Iraq’s ability to activate the private sector through development funds.

Saleh told Al Furat News Agency: “The funds allocated to development funds can be greatly utilized to stimulate the private sector in Iraq, especially in light of major projects such as the Grand Faw Port and the Development Road.”

He said, “These projects represent strategic opportunities to stimulate economic growth and attract investments, and they also contribute to improving infrastructure and making Iraq an important center for maritime and land trade in the region.”

Saleh pointed out that development funds can direct part of their investments to:

1 – Infrastructure supporting the private sector: through financing road, railway, port and airport projects, which contribute to improving the business environment and facilitating transportation and shipping operations.

2- Financing small and medium enterprises: Encouraging the growth of these projects through financial facilities such as soft loans or providing guarantees, which contributes to creating job opportunities and improving the local economy.

3- Investing in technology and innovation: Supporting the development of the private sector’s technical capabilities by financing research and development and encouraging companies to adopt new technologies that improve productivity and efficiency.

4- Developing the logistics sector: Providing financial support for logistics projects that contribute to supporting the port of Faw and linking Iraq to regional and international markets.

5- Stimulating the industrial sector: Allocating funds to develop national industries, especially those related to energy, manufacturing industries, and petrochemicals, to expand the local production base and enhance its competitiveness in global markets, noting the importance of the five industrial cities and economic zones proposed to be established on the path of development and their role in this regard.

The Prime Minister’s Advisor stressed that “thanks to these initiatives, Iraq will be able to revitalize the private sector and make it a major partner in economic development and achieve maximum benefit from its strategic geographical location.”

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Al-Sudani chairs a meeting to follow up on efforts to develop the work of the government banking sector

 Prime Minister Mohammed Shia Al-Sudani chaired a meeting to follow up on efforts to develop the work of the government banking sector, in the presence of representatives of Ernst & Young Auditing and Financial Consulting.

Prime Minister Mohammed Shia Al-Sudani chaired a meeting on Thursday on efforts to develop the work of the government banking sector, in the presence of representatives of Ernst & Young for Auditing and Financial Consulting.

A statement issued by Al-Sudani’s media office stated that during the meeting, a package of recommendations was presented by the company to proceed with the reform of Rafidain Bank, which included the new legal status of Rafidain Bank, its capital, its work strategy, and the new consultant who will work with the bank to meet the global requirements for modern banking.

The statement explained that these recommendations will be submitted to the Ministerial Council for the Economy, which will then submit them to the Council of Ministers for approval.

The statement quoted Al-Sudani as saying that the issue of restructuring Rafidain Bank is the first step in the government’s banking reforms, which have been given special attention to follow up on all reports related to it, submitted by the relevant authorities, especially the committee concerned with the restructuring process.

The Prime Minister stressed the importance of the banking sector reform project, which began with Rafidain Bank, pointing out the work to provide a bank with specifications and standards through which problems can be overcome and confidence can be given to citizens, in addition to enhancing cooperation with local and foreign investors.

Mot……. Why – I Say!! — Why!!!  

Mot:  …… Friday it is