More Iraqi News Thursday PM 3-17-22
TLM724 Administrator BondLady’s Corner
Minister Of Oil: Iraq Is Keen To Develop The Oil Industry And The Optimal Investment For Gas
Energy Economy News _ Baghdad Oil Minister Ihsan Abdul-Jabbar Ismail said today, Thursday, that his ministry is keen on developing the oil industry and optimal investment for gas through joint cooperation with reputable international companies
This came during his meeting with the Italian ambassador in Baghdad, “Maurizio Carpacanti,” according to a statement issued by the ministry today. The statement said that during the meeting, they discussed strengthening bilateral relations between the two countries in the oil, gas and energy sector.
For his part, the Italian ambassador expressed his country’s desire to consolidate the prospects of joint cooperation with Iraq in various fields, including the oil, gas and energy sector.
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Oil Prices Are On The Rise Again In Global Markets
Economie| 10:17 – 17/03/2022 Follow-up – Mawazine News, Thursday, oil prices resumed their rise after the declines they witnessed during this week’s trading, amid concerns raised by both the US Energy Information and the International Energy Agency yesterday regarding the expected supplies and prices for the coming months.
And after Brent crude fell yesterday to below $100 a barrel, crude futures for May delivery returned to climb 1.83% to $99.81 a barrel.
West Texas Intermediate crude futures for April delivery rose 1.64% to $96.6 per barrel.
The US Energy Information Administration expected that crude oil prices will be above $100 per barrel in the coming months, with the average price of US West Texas Intermediate crude oil at $113 per barrel in March, and $112 for the second quarter of 2022. LINK
State Bank: Electronic Cards Cannot Be Used In Russia
Economie| 05:06 – 17/03/2022 Baghdad – Mawazine News On Thursday, the Trade Bank of Iraq announced that electronic cards could not be used in Russia.
A statement by the bank, which Mawazine News received a copy of, stated that due to the current situation between the Russian Federation and the Republic of Ukraine and for reasons that belong exclusively to the companies (Visa and MasterCard), it is not possible to use electronic cards in Russia, and we also apologize for accepting cards issued from the same country. LINK
Project Finance Fund
Thursday 17 March 2022 648 Abdul-Zahra Muhammad Al-Hindawi
The experience of investment projects implemented by the government recorded a lot of problems, obstacles and obstacles that surrounded the implementation of these projects over the past fifteen years, which led to the suspension of many of them and the delay of others, and the delay in their completion within their timetables fixed in the annual plans, so the various development sectors continued It recorded a decline in various fields,
and this was negatively reflected on the level of services, as well as the state of great extinction that projects faced, and perhaps the biggest problem that led to the obstruction of development projects, which number in the thousands, is the lack of the required financial allocations, in light of the successive crises faced by prices Oil, which is the main source of financing.
And if we want to diagnose the problem precisely, we find that it lies in the mechanisms of implementation and financing. It is customary to include projects that are intended to be implemented by ministries and governorates, within the investment program prepared by the Ministry of Planning, according to many requirements, and in most cases, the implementation periods Projects for more than a year and according to the nature and size of each project, the implementation period may reach four or five years, provided that the financial allocations are distributed between the years of the project,
but what happens is the inability to finance the project due to the scarcity of revenues, so its completion is delayed, and when the financial liquidity is available , it will not be sufficient to compensate for the state of extinction and complete the project, and another reason behind the delay in completion is the presence of a large number of projects, and this naturally leads to the dispersal of investment budgets, and they are already suffering from meager, in front of operational budgets.
So, is there a solution that can address this problem, and increase the pace of project completion? Yes, of course, the first of these treatments is related to reducing and legalizing projects, according to the available financial capabilities, and not including any new projects, until the completion of those that are in progress,
and most importantly, that the financial allocations for the project in full, from the moment of its inclusion, to ensure its completion. And not to leave that to the budgetary circumstances, and this procedure would contribute to the legalization of projects and ensure their proper implementation.
It may be appropriate to adopt a sovereign fund mechanism for reconstruction and project implementation, and with the inclusion of any project, its full allocations are provided in return, and deposited in the fund, accompanied by facilitating the procedures for work mechanisms, and tightening the process of serious follow-up from the highest levels, to ensure the implementation of projects properly. LINK
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