Al-Sudani receives a package of recommendations to proceed with reforming the state-owned Rafidain Bank

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.

Shafaq.com

Parliamentary Economic Committee expects to vote on economic reform law soon

The Parliamentary Committee on Economy, Industry and Trade expected the vote on the economic reform law to be held in the coming few days, as the committee’s deputy chairman, Yasser Al-Husseini, stated that “the law reached the House of Representatives in general and the Economy Committee in particular months ago, and it includes all laws that include the economic aspect,” according to the official Al-Sabah newspaper.

He added, “The committee held many workshops at all levels, whether for businessmen or industrial and economic experts,” stressing that “the committee is proceeding with reading this law and working to vote on it during the next stage in cooperation with other specialized committees.”

Al-Hussaini explained that “there are comments, whether from the representatives or from the experts, and they will be included in a paper prepared alongside the law,” noting that “the committee is determined to vote on it with the available capabilities because it sees it as important in this law, which can bring about major reform in the economic reality of the country.”

He also stressed the “importance of the Industrial Investment Law for the public and private sectors, to accurately diagnose this partnership,” indicating that “the contracts concluded in accordance with this law will be beneficial and profitable for both parties, unlike some contracts whose negatives outweigh their positives in the industrial sector, and which oblige the state to long-term, impossible conditions.”

He added that “the committee is proceeding with voting on the industrial investment law, which is no less important than other laws, despite some objections that have prevented voting on it so far,” stressing that “the final stage of voting has been reached after consensus was reached between the political blocs objecting to its wording.”

Burathanews.com

Ranked 29th out of 100 countries, Iraq raises its gold holdings to more than 152 tons

The World Gold Council announced on Tuesday that Iraq has increased its gold holdings to more than 152 tons.

According to the latest table published by the Council in September 2024, which Shafak News Agency reviewed, “Iraq ranked 29th out of 100 countries listed in the table with the largest gold reserves,” indicating that “Iraq ranked third in the Arab world after Saudi Arabia and Lebanon.”

He added, “Iraq increased its gold holdings to 152.6 tons, after its gold holdings were 148.3 tons, which represents 11% of its remaining reserves.”

The Council also pointed out that “the United States of America is the largest country in the world with the largest gold holdings, at 8,133.5 thousand tons, followed by Germany with 3,351.5 thousand tons, then Italy with 2,814 thousand tons, while Bosnia and Herzegovina came in last with 1.5 tons.”

The World Gold Council is headquartered in the United Kingdom, has extensive experience and deep knowledge of the factors that cause market change, and its members consist of the largest and most advanced gold mining companies in the world.

Shafaq.com

The Federal Court interprets the phrase “Iraq is fully sovereign” in the Constitution

The Federal Court interprets the phrase Iraq is fully sovereign in the ConstitutionToday, Tuesday (October 8, 2024), the Federal Supreme Court issued a decision that included the interpretation of the phrase (fully sovereign) contained in Article (1) of the Constitution of the Republic of Iraq for the year 2005.

She said in a statement that “the Constitution of the Republic of Iraq guarantees the unity of Iraq, and since that unity requires that Iraq have full sovereignty over all its lands, airspace and territorial waters, this also requires that all federal authorities, decentralized regional and governorate authorities and local administrations be obligated to abide by the provisions of the Constitution to preserve the unity of Iraq and not to do anything that would undermine its sovereignty.”

The Federal Court stressed that “any authority that violates this has violated the constitution and endangered Iraq’s sovereignty, in accordance with Articles (1, 8, 50, 109, and 116) of the Constitution of the Republic of Iraq for the year 2005.”

She explained that “this interpretation came in accordance with the decision issued by the court No. (89/Federal/2024).”

Burathanews.com

Government Advisor: Expansion of electronic payment has boosted the digital economy

The Prime Minister’s Advisor, Dr. Amer Al-Adhadh, stated that the expansion in the use of electronic payment tools contributed to strengthening the digital economy.

Al-Adhadh, who also holds the position of Executive Director of the Supreme Reform Committee, said during his interview with Al-Sabah: Iraq witnessed a remarkable development in the field of electronic payment during the years 2023 and 2024, according to the campaign launched by the Prime Minister with the aim of activating electronic payment operations, which enhanced the widespread use of these tools on a wide scale.

He explained that the Central Bank of Iraq had a pivotal role in implementing government decisions related to this field, through advance planning and developing the necessary technical infrastructure, indicating that the amounts processed through the “National Switchboard” witnessed significant growth, reflecting the improvement in infrastructure and the expansion in the use of electronic payment channels.

Al-Adhadh pointed out that, according to statistics, financial settlements for movements passing through the national switchboard amounted to about 2 trillion dinars in August of this year, compared to only 800 billion dinars in August 2023, in addition to the fact that government payments also witnessed significant growth, reaching 904 billion dinars in August 2024, compared to nearly 700 million dinars in the same month of the year.

2023.

He added that payment operations at fuel stations witnessed tremendous growth, rising to 43 billion dinars in August 2024, compared to 200 million dinars in the same month of the previous year, noting that the Ministry of Interior witnessed the implementation of more than 5 million payment operations since the launch of the campaign on June 1 of last year, which reflects the great positive impact on improving electronic transactions in government sectors.

Al-Adhadh noted the adoption of the service level agreement by ministries and government institutions towards companies that provide electronic payment services, in order to be of high quality for beneficiaries, in addition to updating the settlement system, which was actually launched in June of this year, which allowed the system to operate around the clock.

He stressed that Iraq has witnessed a significant increase in the number of bank cards issued, with increases of millions, noting that there has been a noticeable growth in the number of point-of-sale devices used in various government and private sectors by doubling their numbers and using them in all governorates, making them easier and safer.

Alsabaah.iq

Transport reveals the date of receiving the five-berth project in Faw Port

The Ministry of Transport announced the receipt of the five berths project in the Grand Faw Port by organizing a major celebration attended by major companies specialized in the maritime sector.

The Director of the Ministry’s Media Office, Maitham Al-Safi, said in a press statement that: “The Korean company (Daewoo), which is implementing the Faw Grand Port project, has completed work on the five berths project, including the project to establish a container terminal in the port, and that the remaining work includes cleaning and removing work waste only, and the project will be officially handed over at the end of this October.”

He pointed out that “the government has developed solutions to all obstacles and technical problems in order to implement the project with the best specifications, as the Faw Port project will play a pivotal role in transporting goods between Asia and Europe, especially since it is linked to the Development Road project, which represents the Greater Iraq Project.”

Al-Safi added that “the ministry will organize an official celebration with high government representation and the presence of major international companies specialized in the maritime sector and ports that have expressed their desire to contribute to this giant project, as the first phase of the project will be completed during the coming year (2025).”

He pointed out that “the next step in the project implementation phases is to submerge the submerged tunnel, which is considered one of the giant projects, as the tunnel passes under the Khor Al-Zubair navigation channel with a length of (2.4) km and connects the city of Umm Qasr and the city of Al-Faw, and is the link between the port of Al-Faw and the development road channel that will connect the East with the West, and will be of great importance in serving the global transport movement.”

He explained that “the ministry seeks to contract with major international shipping lines to create new opportunities to enhance trade, investment and economic growth due to the port’s strategic location that connects trade lines between the East and the West.”

Alforatnews.iq

Baghdad Governor reveals population increase and confirms: Explosive budgets will not cover service needs

Baghdad Governor Abdul Muttalib Al-Alawi revealed on Monday that the population of the capital has increased to 11 million and 500 thousand people, stressing that the “explosive” budgets do not cover the required need for infrastructure and other projects.

Al-Alawi told Shafaq News Agency, “The governorate is responsible for the areas on the outskirts of Baghdad, not just its center. These areas suffer from a significant shortage in the needs of citizens, and the resources available from the general budget do not cover the actual need to provide services and infrastructure to citizens.”

He added, “Government companies must participate with the private sector in implementing service projects, and this matter requires effort and re-legislation of laws to activate the private sector and stimulate economic development.”

He pointed out that “Baghdad Governorate includes ten million people according to the official census, but on the websites the population of the capital Baghdad is about 11 million and 500 thousand people, and as a result of the previous circumstances of wars and terrorism, a large gap occurred in Baghdad between the population increase and the infrastructure.”

Al-Ali stressed that “the available resources and explosive budgets, no matter how much they are, do not cover the required need, because needs are variable, different and evolving, and whenever we address a problem or service deficiency, another deficiency appears.”

Shafaq.com

Iraq exports more than 54 million barrels of oil and its derivatives to America

The US Energy Information Administration announced on Monday that Iraq exported more than 54 million barrels of crude oil and its derivatives to the United States during seven months of the current year.

A schedule of the administration, which Shafaq News Agency reviewed, showed that Iraq’s exports of oil and its derivatives during seven months amounted to 54 million and 917 thousand barrels.

He pointed out that Iraq exported eight million and 868 thousand barrels of crude oil and its derivatives during the month of July, an increase from the month of June, when exports amounted to eight million and 600 thousand barrels.

The US Energy Information Administration stated that OPEC’s exports of crude oil and its derivatives to America during seven months of the current year amounted to 270 million and 853 thousand barrels, with Saudi Arabia leading the highest rate with 79 million and 402 thousand barrels during the same period of time.

Iraqi oil exports to the United States have increased significantly over recent years, with export figures reaching record levels in some months, partly due to Iraq’s ability to increase its oil production, as well as rising global demand for oil.

Oil trade relations between Iraq and the United States play an important role in strengthening economic relations between the two countries, and contribute to enhancing the stability of the global oil market and providing energy to the American and global economies.

Shafaq.com

BP in talks to invest in 3 oil projects in Iraq

Informed economic sources revealed on Monday that the British energy giant British Petroleum (BP) is holding talks to invest in three new projects in Iraq.

The sources said that the company abandoned a goal to reduce its oil and gas production by 2030, at a time when the company’s CEO, Murray Auchincloss, reduced its energy transition strategy with the aim of restoring investor confidence with a return to the Middle East, according to the website “Al Arabiya.net.”

The sources added that the company is currently holding talks to pump investments into three new projects in Iraq, including a project in the Majnoon field.

BP has a 50% stake in a joint venture to operate the giant Rumaila oil field in southern Iraq.

Last August, BP signed an agreement with the Iraqi government to develop and explore the Kirkuk oil field in the north of the country, build power plants and increase solar energy capacity.

The sources said the new agreements are expected to be based on a profit-sharing model, in stark contrast to previous contracts.

The sources added that BP is also considering investing in redeveloping fields in Kuwait.

In the Gulf of Mexico, the company said it would move forward with development of the massive Cascade field, and the company also intends to greenlight development of the Tiber field.

The sources confirmed that the company will also consider acquiring assets in the Permian shale oil basin with the aim of expanding the size of its onshore operations in the United States.

Shafaq.com

Iraqi economist expects oil price to rise to $200 if war extends to Gulf

Shafaq News / Economic expert Nabil Al-Marsoumi expected on Friday that the price of a barrel of oil would rise to nearly $200 if the war in the region expanded to include the Gulf states, and Iran closed the Strait of Hormuz and cut off the flow of about 20 million barrels of oil to global markets daily.

The expert spoke in an analysis published today about the two expected possibilities regarding what he called the coming oil war. He said that the first of them is that Israel will target the Iranian oil export outlets, especially Kharg Island, through which 90% of Iranian oil exports pass. This means eliminating 1.5 million barrels of Iranian oil from the market, which will raise prices by about $5 per barrel to $82.

He added: But it will lead to cutting off the most important sources of Iranian funding, and in this case we will face several scenarios. The first is that OPEC Plus will intervene and cancel voluntary and mandatory production restrictions, which will provide sufficient oil supplies to compensate for the loss of Iranian oil, indicating that this will lead to a decrease in prices and their return to the $70 mark.

He addressed the second possibility, saying: The war may extend to include oil pumping and export stations in the Gulf, which may negatively affect Gulf oil exports, especially Saudi oil exports, which will push oil prices above $100 per barrel.

Al-Marsoumi also pointed out that Iran had previously confirmed that preventing it from exporting its oil to the world also means preventing the exit of oil from the Strait of Hormuz. If Iran closes the Strait of Hormuz, this means cutting off about 20 million barrels per day of global oil supplies, which will push prices to $200 levels, in addition to negatively impacting Gulf gas shipments that pass through the strait.

The Iraqi economic expert continued by saying that the Israeli strike will be limited to hitting oil facilities, especially Iranian refineries, which means taking out 300 to 400 thousand barrels per day of Iranian exports, noting that in this case it will have no significant impact on global oil prices, especially after Libyan oil returns to its previous levels.

Shafaq.com