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Iraq Economic News and Points to Ponder Sunday Afternoon 10-29-23

Tlm724 Administrator Bondlady’s Corner

The Prime Minister’s Advisor Explains The Importance Of Legislating The Economic Reform Law

Money  and business  Economy News _ Baghdad  Today, Sunday, the financial advisor to the Prime Minister, Mazhar Muhammad Saleh, outlined the paths of partnership between the state and the private sector, while explaining the importance of legislating the economic reform law.

Saleh said, in an interview with the Iraqi News Agency, followed by “Al-Iqtisad News,” that “the government’s current and future economic vision has been touched upon by the government program through many axes focused on describing the future of the economic system in the country,”

indicating that “the description took its way in building a real partnership between the state and And the private sector, with the aim of creating a gradual separation from the dominance of oil rents in keeping the country captive to economic unilateralism and relying on oil wealth revenues alone as the sole basis for financing productive activities in the economy.”

He explained, “Partnership opportunities with the private sector have taken different paths today, including financing partnerships, which include issuing carbon bonds or reconstruction bonds toward market resources,” noting that “the private sector will contribute to financing economic development, in addition to the role of the Iraq Development Fund, which There will be an increase in direct financing from the government to meet the need of civil society activity to finance its investments at various levels, according to a strategy targeting small and medium-sized activities and others.”

He pointed out that “among the paths is the government’s role as an actual guarantor in supplying Western technology to private activity, especially in the industrial sector, agricultural industries, and other digital activities,” stressing that it is “a guarantor partnership for the supply of advanced technology to the country with financial government guarantees within the vision of partnership between the state and the private sector.”

To achieve a unified development goal in which human, financial and organizational resources are mobilized between the state and the private sector and with advanced external technological support.”

He continued, “The legislation of the economic reform law, the implementation of which will represent a new pattern of partnership in investing in strategic economic activities, especially between the arms of the productive private sector and the government, to extend investment activities to wide areas such as unexploited natural resources and forms of jointly operated infrastructure.”

Views 40 10/29/2023 –

Stability Of Inflation Indicators In Iraq During The Past Month

Political | 04:27 – 10/29/2023  Mawazine News – Baghdad  The Ministry of Planning announced today, Sunday, the stability of inflation indicators during the month of last September.

The spokesman for the Ministry of Planning, Abdul Zahra Al-Hindawi, said in a statement received by Mawazine News: “The Ministry recorded stability in inflation indicators during the month of last September, as the monthly inflation rate did not witness any increase or decrease, compared to the month of August, which recorded an increase of (0.5).

He added , “The annual inflation rate during last September witnessed an increase of (3.6%), compared to the same month in 2022.

Saleh Reveals The Mechanism For Establishing Sovereign Funds

Time: 10/29/2023 Read: 1,118 times   {Economic: Al-Furat News} The financial advisor to the Prime Minister, Mazhar Muhammad Saleh, revealed the mechanism for establishing sovereign funds.

Saleh told Al-Furat News Agency, “The rise in oil prices above the price set for oil in the budget goes toward filling the hypothetical deficit.”

He stated that “the establishment of sovereign funds is approved if there is a surplus in the general budget for the three years when it exceeds the deficit and exceeds the balance. Then one can think about investing those surpluses in a sovereign wealth fund.”

He pointed out that “in any case, the characteristics of that fund are subject to investment data and economic development priorities in our country and according to the government curriculum.” LINK

European Union Ambassador: We Seek Cooperation With Iraq To Support The Economy… And Confront Climate Change That Has Cost Us More Than 150 Billion Dollars Annually

Sunday 29 Oct 2023| Economical Number of readings: 393  Baghdad / NINA / The European Union affirmed its endeavor to cooperate with the Iraqi people and government to support the private economy, civil societies and research centers in order to enable policy reforms and turn them into reality.

European Union Ambassador Thomas Seiler said, during the opening of the activities of the “Iraq and Climate Change” Forum, which was held by the European Union mission on Sunday in the capital, Baghdad, on the occasion of World Climate Action Day, that “the European Union shows special interest in climate change and its effects on the world, and we find it more responsible for it.” The biggest challenges facing this generation are the economic challenges and pledges to reach zero emissions of carbon dioxide, which requires unremitting efforts to address climate change.”

He added, “In the context of biodiversity laws, and this is part of the world’s challenges, scientists have been appointed concerned with this regard. The impact of climate change is increasing rapidly and worsening in controlling human change and increasing the risks of instability.”

He explained, “Iraq is classified as one of the most vulnerable countries to change around the world, which makes it face great challenges in high temperatures, lack of rainfall, as well as dust storms, in addition to the conflicts that the country has witnessed, displacement, and lack of water sources.”

He continued to say, “Many said that water would be the future of humanity and an alternative to oil. Likewise, extreme weather conditions cost us more than 150 billion dollars annually because it is equivalent to 2.5% of the gross domestic product of many countries around the world.”

The European Union Ambassador stressed, “Iraq faces high risks due to extreme and harsh weather conditions, and this will face it in the process of transitioning to carbon emissions. More importantly, there are high opportunities in this regard because the transition process to an economy with low carbon emissions creates the opportunity for an economic acceleration of more than 60 percent.” One billion dollars and will create more job opportunities in 2040 compared to normal years.”

He added, “Reducing emissions does not mean lower productivity, and since 1990 the European Union has reduced emissions and at the same time increased national income output. Therefore, we must work together and provide efforts for appropriate policy reforms and correct investments, and reforms must be at the regulatory and national strategic levels, to enhance New consumer behavior in enhancing capabilities and raising awareness.”/

Government Advisor: New Directive From Sudanese For International Meetings On Water.. Iraq Is Witnessing A Major Energy Transformation

Sunday 29 October 2023 | Economical Number of readings: 187   Baghdad / NINA / A government advisor revealed a new directive from Prime Minister Muhammad Shiaa Al-Sudani regarding international meetings on the water file, confirming that a draft renewable energies law would be sent to the House of Representatives for legislation.

Ali Al-Lami, advisor to the Prime Minister on climate affairs, said during the “Iraq and Climate Change” forum held by the European Union mission in Iraq, today, Sunday, on the occasion of World Climate Action Day, “We focus on what the national government accomplished during its period of assuming responsibility a year ago, including the file Climate changes:

As soon as the Prime Minister assumed his duties, we were tasked with preparing a climate conference for Iraq’s response and putting it into practice, after there was a great effort from the Ministries of Environment and Planning and the supporting ministries in preparing the strategies and documents required to respond to the requirements of the Convention, climate change and the international Paris Agreement.

He added, “The climate conference in Basra resulted in many axes that found their way to implementation and the formation of a high-level team headed by the Prime Minister’s Office to follow up on the decisions of the climate conference in Basra, the first of which is the translation of the executive plans and environmental strategies, including the national environmental strategy, the biology strategy, the pollution reduction strategy, and a document.” National contributions to reduce emissions.”

He continued, “Great work is currently being done by the Ministries of Planning and Environment to transform the plans in the strategies into executable projects and allocate resources for their implementation. The Basra Conference also produced many recommendations, including placing the water item as a permanent paragraph in all meetings and demanding our fair share, but we often attribute scarcity.”

Water leads to climate change, but the main reason is withholding water from its sources. That is why the Prime Minister directed that this paragraph be placed in all international conferences on the subject. There is a great effort in adapting to climate change, including granting loans for modern irrigation techniques, and also a shift in creating agricultural varieties that are resistant to climate change.

Heat and drought, and an initiative was launched by the Prime Minister to plant a million palm trees, which is being implemented through a committee in the Ministry of Agriculture, in which several ministries participate to implement the initiative. There is also an agriculture project on the coast of the Arabian Gulf, and these factors help in adapting to climate changes.”

Regarding the level of treating heavy water and adapting to water scarcity, the government advisor explained that “the general budget has allocated good sums of money to establish and maintain water treatment.

The Ministry of Environment has also completed many documents, and now in their final stages, some of them have been completed and others have been developed, including the national contribution document for reducing emissions, and the document The National Communication, the National Adaptation Plan, the National Appropriate Mitigation Measures, the Technology Needs Document, and the National Program Document, and these are all documents to meet commitments to the international community within the Climate Change Agreement and the Paris Agreement, and they all include projects prepared for coordination between different ministries, civil society organizations, and the private sector.”

He added, “There is very significant progress on the issue of energy, foremost of which is the allocation of one trillion dinars from the Central Bank to the issue of transitioning to environmentally friendly energies and solar energy. The budget law also included a guarantee for the payment of solar investment stations, and sums were allocated during this year. Six contracts were also signed to invest in associated gas, as well as Now the Ministry of Oil has plans to invest in the renewable energies that were contracted at a capacity of 12 kilowatts, and part of it will be allocated to the production of green nitrogen.”

The government advisor confirmed, “There is a very large transformation in energy that the country is witnessing, including among our legislative matters the renewable energies project, which was sent to the House of Representatives recently.”

Regarding the Ministries of Electricity and Oil, he explained, “Many electric power generation facilities and installed units are being converted to invest in gas to produce electric energy, and there are also many units in joint work between the Ministries of Oil and Electricity to establish solar energy generation plants and invest the energy generated in the oil fields in the electrification of the production process.” “Oil.”

Regarding the clean energy file, the government advisor confirmed, “Iraq took precedence over many neighboring countries and launched carbon bond projects between the Ministry of Oil and the Ministry of Environment. The Council of Ministers also issued a decision for the Ministers of Oil and Environment to contract to invest in carbon bonds, including one of the fields that was tendered and is being analyzed.” “.

He added, “Iraq has joined the methane coalition and there is a lot of work in the Ministry of Oil to account for methane gas, with Iraq preserving these emissions by up to 30%, and by the year 2030, what is achieved during this year will lead to reducing the carbon generated from associated gas collection projects from the year.”

2022 – 2028 will achieve a reduction of up to 34 million tons per year, and the amount of carbon reduction achieved from solar energy projects within the oil patches for the years from 2022 – 2030 will be up to 2.8 million tons per year, and the total number of projects in the Ministries of Oil and Electricity will achieve 2.7 %, which is higher than the commitment given in the national contributions document,

which means that Iraq will achieve more than what is required,” adding that “the emissions reduction initiative led by the Ministry of Environment has achieved many achievements, including the existence of a plan to electrify 200 government buildings with solar energy.”/End 5

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Provoking Points to Ponder on WORDS:

Words are both better and worse than thoughts  – they express them – and add to them — they give them power for good or evil – they start them on an endless flight – for instruction and comfort and blessing — or for injury and sorrow and ruin — Tryon Edwards

When you have spoken the word – it reigns over you — When it is unspoken you reign over it — Arabian Proverb

You may tame the wild beast – the conflagration of the forest will cease when all the timber and the dry wood are consumed — but you cannot arrest the progress of that cruel word which you uttered carelessly yesterday or this morning — FW Robertson