Nine countries are preparing to enter the world of investment in Iraq

Information / Baghdad… Representative Baqir Al-Saadi confirmed on Thursday that there is a desire among nine countries to enter into vital investments in Iraq.

Al-Saadi said in an interview with Al-Maalouma, “Security stability has stimulated investment activity and attracted capital in most of the country’s governorates, which increases the chances of economic recovery and the creation of vital sectors that contribute to crystallizing objective solutions to many crises, including housing.”

He added, “The Sudanese government has actually called on 9 countries, including Arab ones, to invest in 3 vital sectors, most notably housing, while providing a safe environment and a climate that contributes to attracting capital,” stressing that “the investment rate during 2023 is the highest after 2003.”

He pointed out that “Iraq is focusing on strategic investments, especially with the launch of large development projects, most notably the Iraqi Development Road, and achieving great completion rates in the large Al-Faw port, which will create a greater investment climate in the coming years.”

Iraq is distinguished by the diversity of investment opportunities available, especially housing, agriculture, industry and other industries.

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A political vision about the Kurds’ position on approving the oil and gas law

Information/Private… Political analyst, Sabah Al-Ukaili, said today, that the Kurdistan region continues to pose obstacles to the approval of the oil and gas law, while he stressed that the adoption of the law will prevent all disputes in the oil provinces, especially the Kurdistan region.

Al-Ugaili said, in an interview with the Maalouma Agency, that “the oil and gas law is a roadmap for distributing Iraq’s wealth equally throughout the governorates,” pointing out that “there are major differences that stand in the way of approving the oil and gas law between the central government and the Kurdistan region.”

He continued, “The region does not seek to facilitate the passage of the oil and gas law in order to continue to deal with it as a separate state from Iraq in many files,” noting that “Kurdistan does not want to pass the law because it will end all ongoing smuggling operations outside Iraq.”

Al-Ugaili stressed: “The Kurdish parties have not yet adhered to the decisions of the central government in order to impose the law on the issue of extracting and exporting oil and gas,” noting that “approving the law will prevent all disputes in the oil provinces, especially the Kurdistan region.”

A member of the House of Representatives, Jassim Al-Alawi, revealed in an interview with the “Information” Agency, the fact that the oil and gas law has reached the House of Representatives in preparation for its approval in the upcoming sessions, while he confirmed that the law is still in the corridors of the government and the Council of Ministers until now.

Former Member of Parliament, Jassem Muhammad Jaafar, had confirmed in an interview with the Al-Ma’louma Agency, that “the first objection was against the paragraph of the National Marketing Company (SOMO)’s control over the operations of extracting, exporting, and selling oil and gas,” noting that “all the articles to which the parties object Kurdish is not legal and constitutional, but in order to continue seizing the country’s resources.

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Has the oil and gas law reached the House of Representatives?

Information/private… Today, a member of the House of Representatives, Jassim Al-Alawi, revealed the fact that the oil and gas law has reached the House of Representatives in preparation for its approval in the upcoming sessions, while he confirmed that the law is still in the corridors of the government and the Council of Ministers until now.

Al-Moussawi said, in an interview with the Maalouma Agency, that “the law has not yet been sent by the government in order to complete the addition of some new paragraphs and articles,” noting that “we expect the law to be pushed forward by the Council of Ministers during the coming period.”

He continued, “Sending the law and approving it in the House of Representatives represents a cry to implement justice, legal and constitutional provisions, and distribute the country’s wealth equally,” noting that “the law is still in the corridors of the government and the Council of Ministers until now.”

Former Member of Parliament, Jassem Muhammad Jaafar, had confirmed in an interview with the Al-Ma’louma Agency, that “the first objection was against the paragraph of the National Marketing Company (SOMO)’s control over the operations of extracting, exporting, and selling oil and gas,” noting that “all the articles to which the parties object “Kurdism is not legal and constitutional, but in order to continue seizing the country’s resources.”

The Kurdish parties continue to obstruct the government in approving the oil and gas law, which a vote on within the corridors of Parliament has become a must, in order to end the violations and thefts carried out by the Kurdistan Regional Government in the oil smuggling file in isolation from the central government and the seizure of revenue funds in general.

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Washington: There is no reduction in dollar shipments sent to Iraq

US Deputy Secretary of State Victoria Nuland confirmed on Wednesday that the United States welcomes the holding of Iraqi local elections, while denying any reduction in dollar shipments sent to Iraq.

Nuland said in an interview with a number of media outlets, that she “met today with Prime Minister Muhammad Shiaa Al-Sudani, and during the meeting she expressed her thanks to the Iraqi government after the arrest of those involved in the bombing of the American embassy.”

She added, “Holding elections in Kirkuk is very important after a long interruption,” noting that “the security partnership between her country and Iraq continues in light of the provision of training and advisory services at the request of the government.”

She pointed out that “her country is doing focused work with the Central Bank of Iraq to raise the level of Iraqi banks, and there is no reduction in dollar shipments sent to Iraq.”

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An economic vision on linking the dinar to the US dollar: a weak point for Iraq

Information/private… Today, Wednesday, the economic expert, Diaa Al-Mohsen, considered the link of the Iraqi economy to the dollar currency a “weak point” for the country, while indicating the “optimal” way to overcome this problem.

Al-Mohsen said, in an interview with the Maalouma Agency, that “pegging the local currency to the US dollar represents a state of weakness for the country’s economy, because the green currency changes depending on changes in the US economy, such as raising the interest rate by the Federal Bank, which will cause the value of the dollar to rise, and so on.”

He added, “Relying all purchases on the dollar could have a negative or positive impact,” pointing out that “this issue can be overcome when there is a basket of currencies, that is, when the value of a particular currency is low, the government can move towards another currency.”

The economic expert explained, “This happens when Iraq has a sufficient balance of these currencies, which gives it smooth conversion to the euro, the Russian ruble, and the Chinese yuan.”

Earlier, the head of the Diyala Chamber of Commerce, Muhammad Al-Tamimi, confirmed that Washington used the dollar 4 times during 2023 to pressure Baghdad to achieve a political agenda, which led to provoking crises and raising prices at rates of up to 10%, especially for basic materials, due to the impact of the dollar’s ​​liquidity and its control by about 90%. of transactions directly.

The United States of America continues to impose its influence on Iraq in many vital files, including depositing the money from the sale of Iraqi oil in the US Federal Bank, amid clear blackmail by passing many files, most notably the dollar bill, which puts great pressure on the government.

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Parliamentary Economy stresses the importance of legislating the Industrial Investment Law

Information / Baghdad… Today, Wednesday, the Parliamentary Investment Committee stressed the importance of legislating the industrial investment law, while noting that there is a trend to support industrial projects.

The Vice Chairman of the Committee, Hussein Al-Sabari, said in an interview with the Al-Ma’louma Agency, “Supporting industry in Iraq requires an attractive environment for investment through solid legislation.”

He added, “The Industrial Investment Law contains many legislations that would provide all facilities,” pointing out that “his committee has developed a new plan to advance the industrial situation in the country.”

Al-Sabari pointed out that “the industrial investment law is one of the important laws that must be legislated within Parliament during the next legislative term.”

The Parliamentary Industry, Economy and Trade Committee stressed, in a previous interview with the Maalouma Agency, the importance of legislating the Industrial Investment Law during the upcoming sessions.

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Source: Governmental and private banks imported $255 million within two weeks

A government source announced today, Wednesday, that government and private banks in Iraq imported an amount of $255 million during a period extending over two weeks.

The source stated, in an interview with the official agency, followed by NRT Arabia, that the latest statistics issued by the Central Bank of Iraq showed that the amount of dollars imported into the country during the aforementioned period amounted to about 255 million dollars.

The source indicated that there are other requests to import the dollar under review and implementation, expecting other amounts to arrive in the coming days.

He stressed that the process of importing all types of currencies, including the US dollar, is carried out in accordance with the directives of the Central Bank of Iraq, which allows Iraqi banks to meet their customers’ need for foreign currencies.

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Parliamentary Committee: Amending the budget law is conditional on government approval

Information/Baghdad… The Parliamentary Legal Committee reported that the budget law will be approved after extensive study by the relevant committees, and the amendment process is subject to its receipt from the government as a financial law.

The committee member, Muhammad Jassim Al-Khafaji, said in an interview followed by the “Information” agency, that “the budget law has not, in practice, been amended until this moment,” indicating that “its approval does not take place except after extensive study, whether it comes from the government or from my committees.” Parliament, legal or financial.

He added, “From a formal standpoint, the budget law can be amended, but from a practical and actual standpoint it is very difficult, as it is a very large law and contains schedules and expenses that were recorded according to previous studies. As a result, if the amendment is made, its financial paragraphs will be expanded according to the type of paragraphs added.”

Al-Khafaji explained, “If there is a legal problem in the budget, the government can begin to amend it, as it is a financial law and it is responsible for the amendment, and then it is presented to the House of Representatives.”

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Parliamentary Finance: Washington is unable to take economic sanctions against Iraq

Information / Baghdad… Former member of the Parliamentary Finance Committee, Muhammad Ibrahim, confirmed on Wednesday that any American move or imposition of American economic sanctions on Iraq will affect the entire region, especially with regard to the dollar, pointing out that America is aware of the repercussions and will not be able to move against Iraq on the economic side.

Ibrahim told Al-Maalouma, “Some American agents inside Iraq are trying to raise fears and spread rumors among society to intimidate it from further attempts by American forces from Iraq.”

He added, “The rumors are intended to keep American forces in Iraq and ensure that they do not leave the country, by spreading ideas about the possibility of imposing economic sanctions and stopping the export of the dollar to Iraq, all to serve American projects.”

He stated, “The American side is unable to take economic measures against Iraq because it is aware of the extent of the repercussions that the region is exposed to, especially in Syria, Lebanon, Palestine, Iran, and Turkey.”

Ibrahim pointed out that “any American action against Iraq will greatly affect the economic situation of the region with regard to the dollar.”

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Al-Alaq: Cleansing state institutions of corruption is fundamentally linked to the use of information technology

The Governor of the Central Bank, Ali Al-Alaq, stressed today, Wednesday, the importance of engaging in the digital technical revolution. This came during an international scientific conference held under the patronage of the Minister of Finance.

Al-Alaq stressed that purging state institutions of corruption depends mainly on the use of information technology.

He pointed out that providing data and information at the state level maximizes state revenues, and urged eradicating technical literacy and providing training and education in the field of technology, stressing the necessity of providing the infrastructure for digital transformation, including fast and effective communications.

Al-Alaq stressed that employing information technology in state institutions is necessary, and that developing infrastructure and allocating resources to stimulate innovation in this context are important, indicating the importance of coordination between state institutions to achieve integration in collecting and utilizing data and information.

He pointed out that the Central Bank effectively uses information technology and this aspect must be stimulated and developed to better organize the work of the Central Bank.

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