The Minister of Finance presents a detailed report on the developments of the economic reality in Iraq

yota691 · May 24, 2022

The Council of Ministers holds its regular session headed by Al-Kazemi

political| 02:14 - 05/24/2022

Baghdad - Mawazine News
, the Council of Ministers held, on Tuesday, its regular session, headed by Prime Minister Mustafa Al-Kazemi.

The Media Office of the Prime Minister said, in a brief statement received by Mawazine News, that "the Council of Ministers held its regular session, headed by Prime Minister Mustafa Al-Kazemi." Ended 29/N33

yota691 · May 25, 2022

The government of Iraq allocates 25 billion dinars to address water shortages during the next summer

The government of Iraq allocates 25 billion dinars to address water shortages during the next summer

May 24, 2022 07:16 PM

Mubasher: The Council of Ministers of Iraq approved the recommendation of the Supreme National Committee for Water regarding financing the Ministry of Finance an amount of 25 billion dinars to the Ministry of Water Resources for the purpose of continuing to address the financial scarcity during the next summer season.

This came during its nineteenth regular session, chaired by Prime Minister Mustafa Al-Kazemi, today, Tuesday, according to a statement by the Prime Minister's Media Office.

During the session, the general situation in the country was discussed, various economic and service files were discussed, and the Council was briefed on the procedures for implementing government decisions and recommendations related to confronting the global economic crisis and mitigating its effects.

In the context of the session, the Minister of Finance presented a detailed report on the economic situation in Iraq and the positive indicators of the reports of the World Bank and the International Monetary Fund regarding the government’s steps regarding the economy, which included several paragraphs, the most important of which were related to the GDP indicator, the sectoral contribution to the growth of non-oil GDP, and inflation rates. In Iraq last year and the first quarter of this year.

The report also touched on the global food price index, the prices of selected foodstuffs in the world and in Iraq, indicators of the digital economy, and referred to the temporary financial stock (government balances), the financial balance and total foreign currency reserves, the money supply and deposits in foreign currencies in the banking sector and currency auction sales, As well as economic inflation, total debt and crude oil price forecasts.

In its session, the council hosted the person in charge of managing the Ministry of Electricity, who in turn gave a presentation on the current electricity reality and the ministry's preparations for providing electric power to citizens and overcoming the obstacles and problems it faces.

After the Council of Ministers discussed a number of issues related to the electricity file, it issued the following:

- Approval of the recommendation of the Central Committee for the review and approval of the referral in the Ministry of Electricity regarding the electrical connection between the Republic of Iraq and the Electricity Interconnection Authority of the Cooperation Council for the Arab States of the Gulf, as far as the issue is related to the financial authority, after signing the above recommendation from the supervisor of the Ministry of Electricity.

The session witnessed a review of the epidemiological report, and the procedures of the Ministry of Health; To confront the Corona pandemic, the efforts made by the ministry to provide the necessary medical supplies, and its efforts to secure vaccines and urge citizens to take them.

After discussing the topics on the agenda, the Cabinet issued the following:

First, the Ministry of Finance finances an amount of 25 billion dinars, to purchase cleaning mechanisms and fill the deficit in services, and an amount of “2 billion dinars” for cleaning work and developing the environmental reality to the Najaf Governorate in line with its importance, the size of the large works in the province and the number of visitors growing annually, in implementation of the two paragraphs ( 1, and 2) mentioned in the Federal Office of Financial Supervision book No. (1/1/15/2443) dated February 3, 2021, attached to linking the Cabinet Resolution (15 of 2022).

Second / Approval of the recommendation of the Supreme National Committee for Water, according to the following:

Financing the Ministry of Finance 25 billion dinars to the Ministry of Water Resources in two installments during the months (June and July); For the purpose of continuing to address the financial scarcity during the upcoming summer season, and to secure the necessary requirements for the work of the aforementioned departments of the Ministry in Diyala Governorate distributed as follows:

1-7 billion dinars for the operation and maintenance of the Tigris River basin, allocated to the installation and maintenance of pumping stations, the rehabilitation of regulators, the purchase of fuel and spare materials, and the treatment of the problem of Sayed Dakhil sub-district.

2- 2 billion dinars / the General Authority for the Operation and Maintenance of the Euphrates River Basin, allocated for purification works and lining of irrigation schedules, to mitigate the effects of water scarcity and to deliver water to streams.

3- 3.5 billion dinars / Department of implementation of river dredging works, allocated to the works of removing water and removing sediments from the front of dams and dams in Diyala Governorate.

In implementation of paragraphs (1 and 2) mentioned in the letter of the Federal Financial Supervision Bureau No. (1/1/15/2443) dated February 3, 2021, attached to the Cabinet Resolution (15 of 2022).

yota691 · May 25, 2022

headed by Al-Kazemi.

All decisions taken by the Iraqi Council of Ministers in today's session

2022.05.24 - 18:46

Baghdad - people

The Council of Ministers, during its nineteenth regular session, headed by Council Chairman Mustafa Al-Kazemi, discussed economic and service files, and the Council was briefed on the procedures for implementing government decisions and recommendations related to confronting the global economic crisis.

And the Media Office of the Council of Ministers stated in a statement, of which “Nass” received a copy, (May 24, 2022), that “Prime Minister Mustafa Al-Kazemi chaired the nineteenth regular session of the Council of Ministers, and during the session, the general conditions in the country were discussed, and economic and service files were discussed. The Council was briefed on the procedures for implementing government decisions and recommendations related to confronting the global economic crisis and mitigating its effects.

Al-Kazemi stressed that "the challenges and responsibilities are great for the government, and it must not be surrendered to them, but rather confronted and turned into opportunities for success."

Al-Kazemi directed "the ministers and all state officials to continue to listen to and follow up on citizens' complaints, and find quick solutions to them."

And the Prime Minister indicated that "the spirit of integration and cooperation between the ministries must be at the highest level, and he stressed the need not to make mistakes to ensure that the difficult phase the country is currently experiencing."

In the context of the session, the statement stated that “the Minister of Finance presented a detailed report on the economic situation in Iraq and the positive indicators of the reports of the World Bank and the International Monetary Fund regarding the government’s steps regarding the economy, which included several paragraphs, the most important of which was related to the GDP indicator, and the sectoral contribution to GDP growth.” Non-oil, and inflation rates in Iraq for the past year and the first quarter of this year.

According to the statement, the report touched on “the global food price index, the prices of selected foodstuffs in the world and in Iraq, indicators of the digital economy, and referred to the temporary financial stock (government balances), the financial balance, total foreign currency reserves, the money supply and deposits in foreign currencies in the banking sector and auction sales. currency, as well as economic inflation, total debt and crude oil price forecasts.

The statement pointed out that "the council hosted, in its session, the person in charge of managing the Ministry of Electricity, who in turn gave a presentation on the current electricity reality and the ministry's preparations for providing electric power to citizens and overcoming the obstacles and problems facing it."

The Prime Minister renewed his "previous directives to the Ministry of Electricity, its engineering staff and all its employees to raise the pace of work, and mobilize efforts to meet the challenges of the summer season," stressing that "the Council of Ministers provided all forms of support to the Ministry to secure all its needs, in order to ensure the provision of electric current to citizens and to overcome any crisis." potential".

The statement stated that "after the Council of Ministers discussed a number of issues related to the electricity file, it issued the following:

- Approval of the recommendation of the Central Committee for the review and approval of the referral in the Ministry of Electricity, regarding the electrical connection between the Republic of Iraq and the Electricity Interconnection Authority of the Cooperation Council for the Arab States of the Gulf, as far as the issue is related to the financial authority, after signing the above recommendation from the supervisor of the Ministry of Electricity.

The session witnessed a review of the epidemiological report, and the procedures of the Ministry of Health; To confront the Corona pandemic, the efforts made by the ministry to provide the necessary medical supplies, and its efforts to secure vaccines and urge citizens to take them.

After discussing the topics on the agenda, the Cabinet issued the following:

First, the Ministry of Finance financed an amount of (3,000,000) dinars, only three billion dinars for the purchase of cleaning mechanisms and filling the deficit in services, and an amount of (2000,000,000) dinars, only two billion dinars for cleaning work and developing the environmental reality to the Najaf Governorate in line with its importance, and the size of the large works in The governorate and the annual growing number of visitors, in implementation of paragraphs (1 and 2) mentioned in the Federal Office of Financial Supervision letter No. (1/1/15/2443) dated February 3, 2021, attached to the Cabinet Resolution (15 of 2022).

Second / Approval of the recommendation of the Supreme National Committee for Water, according to the following:

Financing the Ministry of Finance an amount of (25 billion) dinars, only twenty-five billion dinars to the Ministry of Water Resources in two installments during the months (June and July); For the purpose of continuing to address the financial scarcity during the upcoming summer season, and to secure the necessary requirements for the work of the aforementioned departments of the Ministry in Diyala Governorate distributed as follows:

1- (7 billion) dinars, only seven billion dinars / the General Authority for the Operation and Maintenance of the Tigris River Basin, allocated to the work of installing and maintaining pumping stations, rehabilitating regulators, purchasing fuel and spare materials, and addressing the problem of Sayed Dakhil sub-district.

2- (2000,000,000) dinars, only two billion dinars / the General Authority for the Operation and Maintenance of the Euphrates River Basin, allocated for purification works and lining irrigation schedules, to mitigate the effects of water scarcity and water delivery to streams.

3- (350,000,000) dinars, only three billion and five hundred million dinars/ the Department of Implementation of River Drilling Works, allocated to the works of removing water and removing sediments from the front of dams and dams in Diyala Governorate.
In implementation of paragraphs (1 and 2) mentioned in the letter of the Federal Financial Supervision Bureau No. (1/1/15/2443) dated February 3, 2021, attached to the Cabinet Resolution (15 of 2022).

yota691 · May 25, 2022

Al-Kazemi stresses the need not to make mistakes to ensure that the country will pass through a difficult stage that the country is currently experiencing

2022.05.24 - 18:59

Baghdad - people

Prime Minister Mustafa Al-Kazemi stressed, on Tuesday, that the challenges and responsibilities are great for the government, and it must not surrender to them, but rather confront them and turn them into opportunities for success.

And the Media Office of the Council of Ministers stated, in a statement, that "Nass" received a copy of it (May 24, 2022), that "Al-Kazemi, during the cabinet session, today, directed the ministers and all state officials to continue listening to and following up on citizens' complaints, and finding quick solutions to them."

And Al-Kazemi indicated that "the spirit of integration and cooperation between the ministries must be at the highest level."

The Prime Minister stressed "the need not to make mistakes to ensure that the difficult phase the country is currently experiencing."

yota691 · May 25, 2022

Look at the global food price index

The Minister of Finance presents a detailed report on the developments of the economic reality in Iraq

2022.05.24 - 19:03

Baghdad - people

Finance Minister Ali Abdel Amir Allawi presented, during the cabinet session, Tuesday, a detailed report on the economic situation in Iraq and the positive indicators of the World Bank and International Monetary Fund reports regarding the government's steps regarding the economy.

And the Media Office of the Council of Ministers stated in a statement, of which “Nass” received a copy, (May 24, 2022), that “in the context of today’s cabinet session, the Minister of Finance presented a detailed report on the economic situation in Iraq and the positive indicators of the reports of the World Bank and the International Monetary Fund regarding the government’s steps.” With regard to the economy, which included several paragraphs, the most important of which was related to the GDP indicator, the sectoral contribution to the growth of non-oil GDP, and inflation rates in Iraq for the past year and the first quarter of this year.

The statement indicated that "the report touched on the global food price index, the prices of selected foodstuffs in the world and in Iraq, indicators of the digital economy, as well as the temporary financial stock (government balances), the financial balance and total foreign currency reserves, the money supply and deposits in foreign currencies in the banking sector. currency auction sales, as well as economic inflation, total debt and crude oil price forecasts.

yota691 · May 25, 2022

As much as it relates to financial viability

The Iraqi government approves the recommendations of the electrical connection with the countries of the Gulf Cooperation Council

2022.05.24 - 19:08

Baghdad - people

On Tuesday, Prime Minister Mustafa Al-Kazemi renewed his call to the Ministry of Electricity to raise the pace of work and face the challenges of the summer.

The Media Office of the Council of Ministers stated in a statement, of which “Nass” received a copy, (May 24, 2022), that “the Council of Ministers hosted in its session on Tuesday in charge of managing the Ministry of Electricity, who in turn gave a presentation on the current electricity reality, and the Ministry’s preparations for providing electric power to citizens. overcoming the obstacles and problems it faces.

Al-Kazemi renewed his "previous directives to the Ministry of Electricity, its engineering staff and all its employees to raise the pace of work, and mobilize efforts to meet the challenges of the summer season."

He also stressed that "the Council of Ministers provided all forms of support to the ministry to secure all its needs, in order to ensure the provision of electricity to citizens and to overcome any potential crisis."

According to the statement, “The Council of Ministers discussed a number of issues related to the electricity file, and approved the recommendation of the Central Committee for Review and Approval of the referral in the Ministry of Electricity, regarding the electrical interconnection between the Republic of Iraq and the Electricity Interconnection Authority of the Cooperation Council for the Arab States of the Gulf, as far as the issue relates to financial validity, after signing The above recommendation is from the supervisor of the Ministry of Electricity.

yota691 · May 25, 2022

experts speak

Report: The Iraqi economy received doses of recovery... Invitations to invest the financial abundance

2022.05.25 - 10:35

Baghdad people

A press report pointed to the recovery of the Iraqi economy, and stressed the need to invest the financial abundance derived from oil sales.

According to the report published by the Federation of Arab News Agencies (Fana), and followed by "Nass" (25 May 2022), "the government succeeded during two years of its work on the strategy of the white paper in achieving the highest economic growth rate in the Arab countries, according to the reports of the International Monetary Fund. ".

The report pointed to "the importance of having a return to all government performance of economic activities, restructuring oil policy and achieving balance between financial, monetary and investment policies."

Below is the text of the report.

The compass of the Iraqi economy is heading towards development with deliberate steps, after oil sales achieved a financial surplus, which was confirmed by Finance Minister Ali Abdul-Amir Allawi.

Allawi indicated that "Iraq will have a surplus of the difference in selling oil, up to 20 billion dollars," stressing that "in light of the current financial abundance, it is unlikely to resort to borrowing."

The steps taken by the Iraqi government, through the white paper that it announced after its formation, have clearly reflected on economic development, which was disclosed by Prime Minister Mustafa Al-Kazemi, who said: “The government succeeded during two years of its work in achieving the highest rate of economic growth at the level of the Arab countries.” According to reports from the International Monetary Fund, which expected that the economic growth rate in Iraq would reach 9.5 percent during 2022 and 2023.

According to the report, economists confirm that Iraq needs to invest the financial surplus in the completion of large development projects, but with a delay in approving the general budget for the current year 2022, the investment of these funds remains idle.

The financial advisor to the Iraqi Prime Minister, Mazhar Muhammad Salih, said: "The important investment accelerators are linked to the budget law for the year 2022, through the new investment spending sections and new investment programs, and not by spending 1/12 of the actual current expenditures in the past year 2021."

And he indicated that "the average oil revenues for the current year will increase by no less than 60 percent of the revenues of oil exports for the year 2021, which means that there will be a large financial reserve available to the state at the end of the year that may exceed 40 billion dollars."

Salih pointed out that "Iraq has put at the forefront of its priorities seeking to enter the prospects of rapid development and development to transcend the stage of the rentier economy or the unilateral economy, where crude oil still constitutes the largest weight in the components of the gross domestic product."

He explained that "the five-year and ten-year economic and social development plans are what determine the sectoral and total growth rates in order to bring about a fundamental change in the contribution of the vital sectors producing other than the crude oil sector to the gross domestic product, which is what is called diversification of the production structure of the overall economy."

Saleh pointed out that "the importance of changing production patterns and its components in employing labor and investing in national capital for the benefit of the real vital sectors, starting from maximizing the role of the agricultural sector in the gross domestic product and ending with the manufacturing industry and digital services, without forgetting that there is a major limitation on that diversification represented in the consistent project." investment in physical and institutional infrastructure.

He stressed that "the growth in the various sectors increases by a double rate whenever the rates of investment in the infrastructure of the economy increase, foremost among which are six sectors: electricity, water, transport, communications, education and health. Thus, nations progress on the basis that development management is joint between state programs and private sector programs in an integrated manner."

Saleh suggested the establishment of a fund or account concerned with budget stability and fed annually with a percentage of the surplus oil revenues, to hedge against the risks of price fluctuations.

For her part, the economic expert Salam Sumaisem said, "The increase in oil prices is supposed to be directed to areas where the Iraqi economy suffers from a lack of funding, the most important of which is bridging the deficit gap in the public budget, and that it is directed to development purposes and improving the situation of the citizen, especially the health file, especially with The outbreak of the pandemic and the presence of hospital suffocation phenomena, as well as providing expenses to meet the needs of the ration card and improve its quality.

She added that "there is an important issue represented in the economic vision and benefiting from these funds and caution against their loss and loss of oversight and transparency, as there are no reports regarding the final accounts provided by the Financial Supervision Bureau, as well as waiting for Parliament to approve the current year's 2022 budget."

In turn, the economic expert, Tariq Al-Ansari, said: “The rise in oil prices can be called (the oil market uprising) due to three cases or problems that occurred in the oil market, which are the increased demand for fuel in Europe due to the decrease in European stocks by 11 percent, and the establishment of the United States By withdrawing the strategic oil stockpile and declining exports to Kazakhstan, which is a member of the Organization of the Petroleum Exporting Countries.

Al-Ansari added that "this increase represents successful and good indicators of reviving the Iraqi economy if it is properly and properly utilized within the economic engineering of Iraq's oil policy, leading to the absorption of unemployment and the reduction of loans, which has become a burden on the Iraqi economy, the public budget and the Iraqi citizen in particular."

He stressed, "This increase should follow the example of what some countries did by placing them within the generational support strategy, as economists in oil policy tended to directly strengthen the fund for their countries," stressing "the need to take the right and proper measures in oil policy and achieve an increase in the economic system." In Iraq, as it is a fragile system, it does not adopt standards for how to use these increases so that they will be reflected on the Iraqi economy and citizens.”

Al-Ansari pointed out that "the importance of resuming all government performance of economic activities, restructuring the oil policy, achieving a balance between financial, monetary and investment policies, and working to activate the sovereign fund, as we call it, the Generation Fund, and building it in a way that guarantees a solid and sober economy because opportunities in the economy do not always come in Normal circumstances, but always difficult circumstances.

For his part, the economic expert, Nabil Jaafar, said, "There is a new wave of rising crude oil prices, and it is possible to invest this to break the financial constraint that prevents real economic development, and to invest large sums that can be allocated to activate the investment side and establish some strategic projects that generate goods and services. affecting the achievement of a qualitative leap for the Iraqi economy.

Jaafar pointed out, "The importance of working to establish a sovereign fund and a financial and economic buffer, because the rise in oil prices will not continue, and we will face in the coming years factors of a decline in prices, so this fund is important to maintain to ensure the future for future generations."

yota691 · May 25, 2022

Finance Minister: The Central Reserve will reach $90 billion by the end of this year

2022.05.25 - 10:36

Baghdad - people

Finance Minister Ali Allawi confirmed, on Wednesday, the increase in cash reserves with the Central Bank to 90 billion dollars by the end of this year, while setting the ratios of commercial debts to Iraq.

Allawi said, to the official agency, and followed by "Nass" (May 25, 2022), that "the devaluation of the Iraqi dinar led to the preservation of foreign currency reserves with the Central Bank of Iraq after the low and critical levels that reached in late 2020," noting, that "the recovery In oil prices and prudent financial management, help reserves become $70 billion by April."

He added, "It is expected that the continued recovery of oil prices will increase these reserves to more than 90 billion dollars by the end of 2022, which is a record level for Iraq," noting that "the depreciation of the Iraqi dinar against the US dollar in December 2020 contributed to the decline of Demand for the US dollar, while the current demand for the dollar is higher than the declines seen in 2020, it is much lower than the period before 2020.”

He pointed out that "the continuation of the Ministry of Finance's sales in US dollars reflects the increase in oil revenues, and the increase in the government's provision of goods and services to citizens," stressing that "the increase in the Ministry of Finance's sales of US dollars in return for the decrease in demand for the dollar will lead to an increase in foreign currency reserves with the Central Bank."

And on the commercial debt of Iraq, the Minister of Finance said, “The only real commercial debt of Iraq is two of three Eurobonds with an interest rate of 5.8% and 6.72%, while the third at an interest rate of 2.149%, which is guaranteed by the US government and all other debts are on very concessional terms.” .

He pointed out that "the external debt does not include the debts of the previous regime, which amounted to 57.8 trillion dinars, or the equivalent of 39.9 billion dollars, which have been frozen since 2003 without interest or repayment as part of the Ministry of Finance's work to reduce debts."

And Allawi stated, "The ministry has reconfigured all local debts as follows: The balance of all local debts has medium or long-term terms, after the government agreed with the Central Bank and public banks in 2020 to convert all current treasury transfers (bonds) into loans for 10 years and for 20 years, With repayment of installments starting from March 2021 and an interest rate reduced to 2%, while the total external and internal debts amount to more than 99 trillion dinars.

And he continued, "The Council of Ministers, in its session held on Tuesday, April 5, 2022, agreed to adopt the strategy for repaying the internal public debt for the years (2022-2024), which was prepared by the Public Debt Department / Ministry of Finance within the draft federal budget bill. for the Republic of Iraq for the fiscal year 2022.

He noted that "inflation in Iraq is lower than that of emerging economies and the group of oil-exporting countries."

yota691 · May 25, 2022

The Minister of Communications reveals new details about the electrical connection with the Gulf countries

Time: 05/24/2022 17:30:04
Reading: 1,508 times

Arkan Al-Shaibani in a press conference:

The Prime Minister constantly directed the provision of services

The Prime Minister confirmed that the government seeks to provide services to the last day of its life

Approval of the Central Committee’s recommendation regarding electrical interconnection with the countries of the Gulf Cooperation Council

Electricity interconnection with the Gulf Cooperation Council countries will provide stability to the energy system

The dues for the electrical connection with the Gulf countries are not paid until after receiving the electricity

Funding the Ministry of Resources with 25 billion dinars to address water scarcity during the summer

The Minister of Finance confirmed that there is a noticeable improvement in most sectors

yota691 · May 25, 2022

The Council of Ministers issues a number of decisions, including those related to the electricity file

Time: 05/24/2022 18:46:16
Reading: 1,898 times

{Politics: Al Furat News} Prime Minister Mustafa Al-Kazemi chaired today, Tuesday, the nineteenth regular session of the Council of Ministers.

The government statement, which {Euphrates News} received a copy of, stated: "The session discussed the general situation in the country, discussed various economic and service files, and briefed the Council on the procedures for implementing government decisions and recommendations for confronting the global economic crisis, and mitigating its effects."

Al-Kazemi stressed, "The challenges and responsibilities are great for the government, and we must not surrender to them, but rather confront them and turn them into opportunities for success," instructing ministers and all state officials to "continue to listen to and follow up on citizens' complaints, and find quick solutions to them."

And he indicated, "The spirit of integration and cooperation between ministries must be at the highest level, and he stressed the need not to make mistakes to ensure that the difficult stage the country is currently experiencing."

In the context of the session, the Minister of Finance presented, according to the statement, a detailed report on the economic situation in Iraq and the positive indicators of the reports of the World Bank and the International Monetary Fund regarding the government’s steps regarding the economy, which included several paragraphs, the most important of which was related to the GDP indicator, and the sectoral contribution to the growth of non-performing GDP. Oil prices, inflation rates in Iraq for the past year and the first quarter of this year.

The report also touched on the global food price index, the prices of selected foodstuffs in the world and in Iraq, indicators of the digital economy, and referred to the temporary financial stock (government balances), the financial balance and total foreign currency reserves, the money supply and deposits in foreign currencies in the banking sector and currency auction sales, As well as economic inflation, total debt and crude oil price forecasts.

The statement continued, and the Council hosted, in its session, the person in charge of managing the Ministry of Electricity, who in turn gave a presentation on the current electricity reality and the Ministry's preparations for providing electric power to citizens and overcoming the obstacles and problems it faces.

Al-Kazemi renewed his previous directives to the Ministry of Electricity, its engineering staff and all its employees "to raise the pace of work and mobilize efforts to meet the challenges of the summer season," stressing that "the Council of Ministers provided all forms of support to the ministry to secure all its needs, in order to ensure the provision of electricity to citizens and overcome any potential crisis." ".

After the Council of Ministers discussed a number of issues related to the electricity file, it issued the following:

- Approval of the recommendation of the Central Committee for the review and approval of the referral in the Ministry of Electricity, regarding the electrical connection between the Republic of Iraq and the Electricity Interconnection Authority of the Cooperation Council for the Arab States of the Gulf, as far as the issue is related to the financial authority, after signing the above recommendation from the supervisor of the Ministry of Electricity.

The session also witnessed a review of the epidemiological report, and the procedures of the Ministry of Health; To confront the Corona pandemic, the efforts made by the ministry to provide the necessary medical supplies, and its efforts to secure vaccines and urge citizens to take them.

After discussing the topics on the agenda, the Cabinet issued the following:

First, the Ministry of Finance financed an amount of (3,000,000) dinars, only three billion dinars for the purchase of cleaning mechanisms and filling the deficit in services, and an amount of (2000,000,000) dinars, only two billion dinars for cleaning work and developing the environmental reality to the Najaf Governorate in line with its importance, and the size of the large works in The governorate and the annual growing number of visitors, in implementation of paragraphs (1 and 2) mentioned in the Federal Office of Financial Supervision letter No. (1/1/15/2443) dated February 3, 2021, attached to the Cabinet Resolution (15 of 2022).

Second / Approval of the recommendation of the Supreme National Committee for Water, according to the following:

Financing the Ministry of Finance an amount of (25 billion) dinars, only twenty-five billion dinars to the Ministry of Water Resources in two installments during the months (June and July); For the purpose of continuing to address the financial scarcity during the upcoming summer season, and to secure the necessary requirements for the work of the aforementioned departments of the Ministry in Diyala Governorate distributed as follows:

1- (7 billion) dinars, only seven billion dinars / the General Authority for the Operation and Maintenance of the Tigris River Basin, allocated to the work of installing and maintaining pumping stations, rehabilitating regulators, purchasing fuel and spare materials, and addressing the problem of Sayed Dakhil sub-district.

2- (2000,000,000) dinars, only two billion dinars / the General Authority for the Operation and Maintenance of the Euphrates River Basin, allocated to purification works and lining irrigation schedules, to mitigate the effects of water scarcity and to deliver water to streams.

Media Office of the Prime Minister 🇮🇶, [5/24/2022 6:45 PM]
3- (350000000) dinars, only three billion and five hundred million dinars/ the Department of Implementation of River Drilling Works, allocated to the work of removing the scarcity and raising sediments from the provider of dams and dams in Diyala Governorate.
In implementation of paragraphs (1 and 2) mentioned in the letter of the Federal Financial Supervision Bureau No. (1/1/15/2443) dated February 3, 2021, attached to the Cabinet Resolution (15 of 2022).

yota691 · May 25, 2022

Iraq is approaching a record cash reserve and reveals the size of its debts

Time: 05/25/2022 10:18:25
Reading: 2,717 times

{Economic: Al Furat News} The Minister of Finance, Ali Allawi, revealed that Iraq is close to achieving a record foreign currency reserve {dollar} in the Central Bank of Iraq.

Allawi said in a press statement, "The recovery in oil prices and wise financial management helped the reserves to become 70 billion dollars by last April."
And he indicated that "the devaluation of the Iraqi dinar led to the preservation of foreign currency reserves with the Central Bank of Iraq after the low and critical levels that reached in late 2020".
Allawi expected, "The continuous recovery of oil prices will lead to an increase in these reserves to more than 90 billion dollars by the end of 2022, which is a record level for Iraq."
He pointed out that "the total external and internal debts of Iraq amount to more than 99 trillion dinars."
And he indicated, "The external debt does not include the debts of the former regime, which amounted to 57.8 trillion dinars, or the equivalent of 39.9 billion dollars, which have been frozen since 2003 without interest or repayment as part of the Ministry of Finance's work to reduce debt."
He noted that "inflation in Iraq is lower than that of emerging economies and the group of oil-exporting countries."

yota691 · May 25, 2022

The Council of Ministers issues “electrical” decisions and “water” recommendations and conducts an inventory of the financial stock

2022-05-24 11:48

Shafaq News/ On Tuesday, the Iraqi Council of Ministers issued new decisions regarding the file of electric power, as well as an inventory of the state's financial reserves.

A government statement received by Shafaq News stated, "Prime Minister Mustafa Al-Kazemi chaired, today, Tuesday, the nineteenth regular session of the Council of Ministers, and during the session, the general conditions in the country were discussed, and various economic and service files were discussed, and the Council was briefed on the procedures for implementing government decisions and recommendations." dealing with the global economic crisis and mitigating its effects.

Al-Kazemi stressed that "the challenges and responsibilities are great for the government, and it must not be surrendered to them, but rather confronted and turned into opportunities for success," instructing ministers and all state officials to "continue to listen to and follow up on citizens' complaints, and find quick solutions to them."

And he indicated that "the spirit of integration and cooperation between ministries must be at the highest level, and he stressed the need not to make mistakes to ensure that the difficult stage the country is currently experiencing."

In the context of the session, the Minister of Finance presented a detailed report on the economic situation in Iraq and the positive indicators of the reports of the World Bank and the International Monetary Fund regarding the government’s steps regarding the economy, which included several paragraphs, the most important of which were related to the GDP indicator, the sectoral contribution to the growth of non-oil GDP, and inflation rates. In Iraq last year and the first quarter of this year.

The report also touched on “the global food price index, the prices of selected foodstuffs in the world and in Iraq, indicators of the digital economy, and referred to the temporary financial stock (government balances), the financial balance, total foreign currency reserves, the money supply and deposits in foreign currencies in the banking sector and currency auction sales. As well as economic inflation, total debt and crude oil price forecasts.

In its session, the council hosted the person in charge of managing the Ministry of Electricity, who in turn gave a presentation on the current electricity reality and the ministry's preparations for providing electric power to citizens and overcoming the obstacles and problems it faces.

The Prime Minister renewed his previous directives to the Ministry of Electricity and its engineering staff and all its employees to raise the pace of work and mobilize efforts to meet the challenges of the summer season. He stressed that the Council of Ministers provided all forms of support to the Ministry to secure its full needs. In order to ensure the provision of electricity to citizens and to overcome any potential crisis.