Tuesday Afternoon Iraq Economic News Highlights 12-13-22
How many billion dollars does Iraq need for the most urgent development? The World Bank answers
TUE, 12-13-2022, TAYSEER AL-ASADI Iraq will need $233 billion in investments to respond to its most urgent development needs by the year 2040, as it embarks on a greener and more inclusive growth path, equivalent to 6% of its annual GDP, according to a new report issued by the World Bank today, Tuesday, on the subject. Iraq.
Iraq faces an urgent climate challenge, and to meet it, it must move towards a “greener and more environmentally friendly” development model, especially by diversifying its economy and reducing its dependence on carbon, according to the World Bank report.
Iraq is among the five countries most vulnerable to the consequences of climate change, according to the United Nations. Decades of conflict have also affected the country’s infrastructure and economy, which is highly dependent on oil, which accounts for 90% of revenues.
On Monday, the World Bank presented the report to the Iraqi authorities during a meeting in Baghdad, and it provides “an analytical basis for addressing the country’s most urgent development needs, while simultaneously facing climate challenges,” according to a statement issued by the organization today, Tuesday.
In addition, the report “examines the cost of the country’s transition to a low-carbon economy, and discusses opportunities and reforms to pursue a greener growth model.”
“Iraq faces three basic challenges: the water challenge, the desertification challenge, and the air pollution challenge,” said Farid Belhadj, World Bank deputy director for the Middle East and North Africa, in an interview with France Press on the sidelines of the meeting held in Baghdad and attended by officials from the Iraqi government.
“We are trying to propose to the authorities reforms and policies,” Belhadj added, adding that Iraq “has enough resources to be able to manage these challenges,” but “the issue is about how to ensure that these financial resources are put in place to serve new policies to manage climate challenges.”
The report presents a set of recommendations and reforms that Iraq can undertake in the medium term (within five to ten years) and others in the long term, which will not take effect until after 2030.
Among the “emergency” measures that Iraq must take, is to put an end to the electricity shortage, especially by ending the “flaring of gas” associated with oil production and its use in electricity production, as well as by “modernizing the irrigation system” and “rehabilitating dams,” according to the report. .
As for the medium and long term, “the dependence of the industrial, agricultural and waste sectors on carbon must be reduced,” as well as “improving water distribution and wastewater reuse,” as well as “increasing reliance on smart agriculture” in the face of climate change.
According to Belhaj, “Iraq faces the challenge of moving away from total dependence on oil and shifting towards a more diversified economy led by the private sector and with the ability to create jobs and build human capital, along with building resilience to climate change.”
World Bank: Iraq Will Need 233 Billion Dollars To Meet Climate Challenges
2022-12-13 04:07 Shafaq News/ The World Bank said today, Tuesday, that Iraq is facing an urgent climate challenge, and to face it, it must move towards a “greener and more environmentally friendly” development model, especially by diversifying its economy and reducing its dependence on carbon.
This came in a new report published by the Bank today on Iraq.
According to the report, by the year 2040, “Iraq will need $233 billion in investments to respond to its most urgent development needs as it embarks on a greener and more inclusive growth field,” which is equivalent to 6% of its annual GDP.
Iraq is among the five countries most vulnerable to the consequences of climate change, according to the United Nations. Decades of conflict have also affected the country’s infrastructure and economy, which is highly dependent on oil, which accounts for 90% of revenues.
On Monday, the World Bank presented the report to the Iraqi authorities during a meeting in Baghdad, and it provides “an analytical basis for addressing the country’s most urgent development needs, while simultaneously facing climate challenges,” according to a statement issued by the organization on Tuesday.
In addition, the report “examines the cost of the country’s transition to a low-carbon economy, and discusses opportunities and reforms to pursue a greener growth model.”
“Iraq faces three basic challenges: the water challenge, the desertification challenge, and the air pollution challenge,” said Farid Belhadj, World Bank deputy director for the Middle East and North Africa, in an interview with France Press on the sidelines of the meeting held in Baghdad and attended by officials from the Iraqi government.
“We are trying to propose to the authorities reforms and policies,” Belhadj added, adding that Iraq “has enough resources to be able to manage these challenges,” but “the issue is about how to ensure that these financial resources are put in place to serve new policies to manage climate challenges.”
The report presents a set of recommendations and reforms that Iraq can undertake in the medium term (within five to ten years) and others in the long term, which will not take effect until after 2030. LINK
The Ministry Of Oil Is Discussing With The Kurdistan Delegation Activating Joint Committees To Solve Outstanding Problems
News source / Baghdad today – Deputy Prime Minister for Energy Affairs and Minister of Oil Hayan Abdul-Ghani received the region’s negotiating delegation headed by Finance Minister Awat Sheikh Janab, with the membership of: Minister of Natural Resources Kamal Muhammad Agency, Chief of Staff of the Council of Ministers of the Region Omid Sabah, Head of Representative of the Regional Government in Baghdad and Spokesman for the Regional Government In addition to a number of advisors at the Ministry of Natural Resources.
The meeting was attended by the Undersecretary for Extraction Affairs, Karim Hattab, the Director General of the Iraqi Oil Marketing Company “SOMO”, the Director General of the Legal Department, the Director General of the Internal Control Department, the Director General of the Economic Department, the Director General of the Contracts and Licensing Department, and a number of officials in the concerned departments and the office. Media.
During the meeting, they discussed ways to activate the joint committees, linked to the main negotiating committee that was formed by the Council of Ministers, to find realistic solutions to the outstanding issues between the center and the region, especially with regard to the oil wealth management file
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The Sudanese Financial Advisor: The 2023 Budget Will Take Into Account Investment Projects And Confronting Poverty And Unemployment
2022-12-12 07:31 Shafaq News / The financial advisor to the Prime Minister, Mazhar Muhammad Salih revealed, on Monday, that the 2023 budget will take into account “combating poverty and unemployment” and investment projects, pointing to the necessity of precaution in setting the oil price.
In an interview with Shafaq News agency, Salih said, “The delay in the 2023 budget is due to the fact that the current government was approved at the end of last October, and therefore the budget must add the goals of the government program and it needs some time to reconsider some paragraphs”, expecting that the budget will be submitted over the next few years.”
Saleh added, “The budget will take into account two main issues, which are the aspect of social spending and the fight against poverty and unemployment, in addition to investment projects that lead to diversifying the economy and diversifying state revenues, as this matter needs special attention.”
And Saleh stressed that “the budget must take precautions in setting the price of oil by not setting a high price, because this may lead to a drop in prices, and therefore the financial management must set reasonable prices and protect yourself from any fluctuations in oil prices.”
The Parliamentary Finance Committee expected, on December 10, 2022, that the Iraqi Council of Ministers would vote on the draft general financial budget bill for the year 2023 at the end of this month.
Since the day before yesterday, Thursday, the Iraqi parliament has entered a legislative recess for a period of 30 days, and it will resume its sessions on the ninth of next January.
At the beginning of last November, the Prime Minister, Muhammad Shia’a Al-Sudani, identified the priorities that should be focused on, which are the federal budget law for the next year. Effective solution to the problem of electricity shortage, which greatly affected the life of the citizen and the economic sectors in the country.
Prime Minister Mohamed Shia Al-Sudani had previously directed the need to prepare the federal budget law for the year 2023 as quickly as possible.
The previous government headed by Mustafa Al-Kadhimi faltered in sending the draft budget law for the year 2022 before the Iraqi Parliament dissolved itself in its previous session in preparation for the early elections that took place on the tenth of October 2021.
It is noteworthy that the financial budget for the current year 2022 was not approved by the Council of Ministers and the House of Representatives due to the turmoil that Iraq witnessed after the early elections in October 2021, which escalated to dangerous levels that ended with the events of the Green Zone, with armed confrontations between supporters of the Sadrist movement and the security forces, which claimed lives. Dozens and hundreds injured.
After the end of the crisis, with the agreement of the political blocs to elect the President of the Republic and to grant confidence to the government of Prime Minister Muhammad Shia’a al-Sudani, the latter pledged that he would present the draft federal budget law for the year 2023 as soon as possible.
And a number of specialists considered that the delay in approving the budget for the current year would negatively affect investment projects and delay ongoing projects, in addition to stopping the economic activities of the market in the country in general. LINK
Details Of The Extraordinary Session Of The Council Of Ministers
Reconstruction and building Economy News – Baghdad Prime Minister Muhammad Shia al-Sudani affirmed, on Monday, that the government program represents the future vision of the government, while al-Sudani gave ministers, agents, governors and advisors a six-month period to evaluate their work.
Al-Sudani’s office said in a statement, “Prime Minister Mohamed Shiaa Al-Sudani presided over an extraordinary session of the Council of Ministers, which witnessed the approval and vote on the government program.”
Al-Sudani stressed, according to the statement, that “the government program represents the future vision of the government, and translates the plans and programs of the ministries that it intends to implement in the next stage.”
He added, “The government’s work will be evaluated in light of its approved government program, and the evaluation will include ministers, agents, governors, advisors and general managers, according to specific times.”
The Prime Minister gave the general managers three months, starting tomorrow, Tuesday, after which their performance will be evaluated, according to what has been implemented on the basis of the government program, while ministers, agents, governors, and advisors will be given a period of six months, after which their work will be evaluated in light of the implementation of the government program and their commitment. its main axes and priorities.
And the statement continued, “The extraordinary session witnessed extensive discussions regarding the mechanisms for implementing the government program, and confirmation of commitment to it by ministers and advanced cadres in all ministries and agencies,” noting that “the cabinet decided to form a committee from within the council to seriously follow up on the implementation of the government program, as well as Formation of sub-committees in each ministry to implement its plans within the framework of the government program.
And he continued, “In light of defining the mechanism for implementing the government program and achieving its goals, the Council of Ministers approved that the Ministry of Planning, independent bodies, entities not associated with a ministry, and governorates that are not organized in a region, commit to implementing projects and the program, in accordance with the government’s priorities contained in the ministerial platform in force, and according to specialization.”
The Ministry of Planning, the Ministry of Finance and the rest of the ministries are committed to providing allocation and financing to implement the requirements of the government program and the operational and investment budgets.
He pointed out that “the council approved the start of implementing the government program for the ministries as follows:
- Executive procedures that do not require a financial reduction are applied immediately after the program is approved.
- The executive procedures that need to be included and financially allocated are calculated from the date of issuance of the Federal General Budget Law for the year 2023.
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