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Bloomberg: Iraq turns to Saudi Arabia and the International Monetary Fund to treat its ailing economy DinarDailyUpdates?bg=330099&fg=FFFFFF&anim=1

Bloomberg: Iraq turns to Saudi Arabia and the International Monetary Fund to treat its ailing economy

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Bloomberg: Iraq turns to Saudi Arabia and the International Monetary Fund to treat its ailing economy Empty Bloomberg: Iraq turns to Saudi Arabia and the International Monetary Fund to treat its ailing economy

Post by claud39 on Wed Jul 01, 2020 3:09 pm

[size=39]Bloomberg: Iraq turns to Saudi Arabia and the International Monetary Fund to treat its ailing economy[/size]




July 01, 2020





Bloomberg: Iraq turns to Saudi Arabia and the International Monetary Fund to treat its ailing economy 000_17L3MJ












Highlighted a report told Bloomberg the US, highlighted the efforts of Iraq 's efforts to address the acute crisis plaguing the country 's economy, as a result of falling oil prices and exacerbate infections Corona emerging.


The report, published on Wednesday, indicated that Al-Aqq is in talks with the International Monetary Fund to obtain a loan, while seeking to attract Saudi investments to its natural gas fields.


The report quoted Iraqi Finance Minister Ali Allawi as saying that the International Monetary Fund and Iraq are conducting "intensive" negotiations on a loan that could reach a maximum of $ 5 billion. But he did not specify, in an interview in Baghdad on Tuesday evening, additional details about the nature of the loan:


"There is no official proposal from the Iraqi government and there is no official response from the International Monetary Fund, but we are moving in this direction."


Allawi said that the Iraqi government also suggested that the Saudis put money in a crutch gas field in the west of the country or Mansourieh in the east. Allawi said that they can also invest in extracting gas from Ratawi's oil stocks in the south.


Allawi added that "Saudi Arabia is very ready to support our energy projects. At the end of the day, they will choose one field. They are also interested in solar energy."


It is noteworthy that Allawi had made a tour to Saudi Arabia and Kuwait in late May, and observers ruled out that Iraq would receive financial support from Kuwait, or perhaps alleviate the burden of its debts owed to Kuwait, which amounted to about $ 2 billion in compensation for the 1990-1991 Gulf War.


The IMF and Saudi Arabia talks come at a time when Iraq is trying to support its financial resources. Allawi said that the economy will likely shrink from 7 percent to 9 percent in 2020. This is more than the expectations of the International Monetary Fund by 4.7 percent.
 
Riyadh is pressing Iraq to cut oil production sharply to meet its share in OPEC, placing more pressure on Prime Minister Mustafa al-Kazemi, who came to power in May.


Baghdad had initially refused to limit production, like other OPEC members, but retreated after intense pressure from Saudi Arabia and Russia.


Allawi said that Iraq’s monthly oil revenues are about 2.7 billion dollars. This is less than the $ 7 billion Iraq earned in 2019. The budget deficit will reach 22 percent of GDP this year, which is higher than anywhere else in the Middle East and North Africa, according to the International Monetary Fund. 


Allawi ruled out that the Iraqi government would resort to issuing new Eurobonds to finance the gap, arguing that it was too expensive.


And yields of Iraqi bonds, worth a billion dollars, fell about 60 basis points on Wednesday, after news of a possible International Monetary Fund loan. And the interest rate of these bonds is estimated at 10 percent, which is the highest of any issuer of Eurobonds in the Middle East, with the exception of the defaulting Lebanon. 


Iraqi Finance Minister Ali Allawi said, "We are not ready to pay 10 percent" interest on new bonds in Iraq.



https://www.alhurra.com/iraq/2020/07/01/%D8%B3%D8%AE%D8%B1%D9%8A%D8%A9-%D9%88%D8%A7%D8%B3%D8%AA%D8%B9%D8%B1%D8%A7%D8%B6-%D8%B9%D8%B6%D9%84%D8%A7%D8%AA-%D9%85%D9%8A%D9%84%D9%8A%D8%B4%D9%8A%D8%A7%D8%AA-%D8%A5%D9%8A%D8%B1%D8%A7%D9%86-%D8%AA%D8%B3%D8%AA%D9%81%D8%B2-%D8%A7%D9%84%D9%83%D8%A7%D8%B8%D9%85%D9%8A-%D9%84%D8%A5%D8%AD%D8%A8%D8%A7%D8%B7-%D8%A7%D8%B3%D8%AA%D8%B9%D8%A7%D8%AF%D8%A9-%D9%87%D9%8A%D8%A8%D8%A9-%D8%A7%D9%84%D8%B9%D8%B1%D8%A7%D9%82
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Bloomberg: Iraq turns to Saudi Arabia and the International Monetary Fund to treat its ailing economy Empty Iraq requests a loan from the International Monetary Fund and seeks Saudi investments in gas fields

Post by claud39 on Thu Jul 02, 2020 11:38 am

Iraq requests a loan from the International Monetary Fund and seeks Saudi investments in gas fields


02/07/2020



Bloomberg: Iraq turns to Saudi Arabia and the International Monetary Fund to treat its ailing economy 21740









Economy News _ Baghdad



Iraq is in talks with the International Monetary Fund to obtain a loan, and is seeking Saudi investments in natural gas fields, at a time when Baghdad is trying to boost its economy in the face of the Corona virus and low energy prices.

According to the US "Bloomberg" agency, according to Deputy Prime Minister and Minister of Finance Ali Allawi, in an interview in Baghdad, the International Monetary Fund and Iraq are conducting "intensive" negotiations on a loan that may reach a maximum of $ 5 billion, and did not specify whether Iraq wants a quick credit facility. , Which will come with some strings attached, or a conditional line, or both.

Allawi said, "There is no official proposal from the Iraqi government and there is no official response from the International Monetary Fund, but we are moving in this direction."

The IMF and Saudi Arabia talks come at a time when Iraq is trying to support its financial resources, while Allawi spoke that the economy is likely to contract by 7% to 9% in 2020. This is more than the expectations of the International Monetary Fund by 4.7%.

On the other hand, Allawi indicated that "Saudi Arabia has expressed interest in Iraqi gas projects, as the Iraqi government has proposed that the Saudis put money in the Akkas gas field in the west or Mansuriyya in the east." Allawi said that they can also invest in reserving gas from Ratawi's oil reserves. Southern.

He said, "Saudi Arabia is very ready to support our energy projects." "At the end of the day, they will choose one field, and they are also interested in solar energy."

According to the International Monetary Fund, the budget deficit will reach 22% of GDP this year, which is higher than anywhere in the Middle East and North Africa, and Allawi said that the government will not issue new Eurobonds to finance the gap because it will be very expensive.





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Bloomberg: Iraq turns to Saudi Arabia and the International Monetary Fund to treat its ailing economy Empty GOVERNMENT OFFICIAL: AL-KAZEMI WILL HEAD TO SAUDI ARABIA AFTER CONSULTATIONS WITH ZARIF

Post by claud39 on Sat Jul 18, 2020 10:41 am

GOVERNMENT OFFICIAL: AL-KAZEMI WILL HEAD TO SAUDI ARABIA AFTER CONSULTATIONS WITH ZARIF




Saturday, July 18, 2020





Bloomberg: Iraq turns to Saudi Arabia and the International Monetary Fund to treat its ailing economy 3A6BA6BA-A7A2-44A8-8B35-B410A2CC41B7-1005x640










Baghdad / National News Center -
A government official said today, Saturday, that the Iraqi Prime Minister Mustafa Al-Kazemi’s visit to Saudi Arabia and Iran is “an attempt to achieve a balance in relations”, while he indicated that Al-Kazemi will receive the Iranian Foreign Minister, Jawad Zarif, before heading to Riyadh to meet Crown Prince Mohammed bin Salman.


"Al-Kazemi will visit Saudi Arabia and Iran, respectively, next week, in an attempt to strike a balance in relations with the regional rivals during his first foreign trip since taking office," a government official told AFP.

Baghdad has often found itself caught in a tug of war between Riyadh and Tehran, and even Washington, which Al-Kazemi is also scheduled to visit later this month.

The government official indicated that "the Iraqi Prime Minister will receive on Sunday in Baghdad, Iranian Foreign Minister Mohammad Javad Zarif, before heading the next day to Saudi Arabia at the head of a delegation that includes the ministers of oil, electricity, planning and finance."

Al-Kazemi is supposed to meet the Saudi crown prince, Mohammed bin Salman, with whom he has a "close relationship."

It is scheduled that Iranian Foreign Minister Mohammad Javad Zarif will arrive on Sunday to the capital Baghdad to meet a number of Iraqi officials, after which he will visit the city of Arbil, the capital of the Kurdistan Region, to meet the President of the region, Nechirvan Barzani, and Prime Minister Masrour Barzani.

Iraq had proposed to Saudi Arabia early this month a package of development opportunities that focus on energy, so it is expected that the talks between the two parties will focus on financing these proposals and other infrastructure projects, as well as reopening the Arar border crossing between the two countries.

The delegation is scheduled to travel directly to Tehran on Tuesday evening, where Al-Kazemi will meet the Supreme Leader of the Iranian Republic, Ayatollah Ali Khamenei.

Al-Kazemi took over as prime minister in May after holding the position of head of the intelligence service for nearly four years, which helped him to form diverse relationships.

In addition to his friendship with the Saudi crown prince, Al-Kazemi also has good relations with Iranian intelligence services and government departments in the country, which could make him, according to observers, a mediator between the two regional rivals.

According to Agence France-Presse, Al-Kazemi is also loved in Washington, which he will visit soon to pursue the strategic dialogue between Iraq and the United States. It will be the first time that an Iraqi prime minister has visited the White House in three years.

American officials did not extend an invitation to former Prime Minister Adel Abdul-Mahdi, whom they considered very close to Iran.







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Bloomberg: Iraq turns to Saudi Arabia and the International Monetary Fund to treat its ailing economy Empty An Iraqi delegation arrives in Riyadh to discuss ways to enhance strategic communication between the two countries

Post by claud39 on Sun Jul 19, 2020 11:32 am

An Iraqi delegation arrives in Riyadh to discuss ways to enhance strategic communication between the two countries
Sunday, July 19, 2020 -







Bloomberg: Iraq turns to Saudi Arabia and the International Monetary Fund to treat its ailing economy Logo_ar




Riyadh, July 19 / WAM / An Iraqi delegation headed by Deputy Prime Minister, Finance Minister and Minister of Finance Ali Abdel-Amir Allawi arrived in Riyadh on an official visit to the Kingdom of Saudi Arabia to discuss ways to enhance the prospects for strategic communication between the two countries.


The visit of the Iraqi delegation comes in the context of holding the meetings of the Saudi-Iraqi Coordination Council aimed at enhancing communication between the two countries at the strategic level, cooperation in various fields, developing partnership between the private sector in the two countries and opening new horizons of cooperation in the economic, development, security, investment, tourism, cultural and information fields, and deepening Joint cooperation between the two sides in important international and regional affairs, and protecting common interests.


The Iraqi delegation - who arrived in Riyadh one day before an upcoming visit of Iraqi Prime Minister Mustafa Al-Kazemi to Saudi Arabia tomorrow - includes the ministers of planning, health, electricity, agriculture, youth and sports.

Wam / Rayd / Abdel Nasser Menem








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Bloomberg: Iraq turns to Saudi Arabia and the International Monetary Fund to treat its ailing economy Empty The third session of the Iraqi-Saudi Coordination Council concluded with the signing of a memorandum to submit Saudi loans to Baghdad

Post by claud39 on Mon Jul 20, 2020 9:33 am

The third session of the Iraqi-Saudi Coordination Council concluded with the signing of a memorandum to submit Saudi loans to Baghdad


20/07/2020





Bloomberg: Iraq turns to Saudi Arabia and the International Monetary Fund to treat its ailing economy 22048







Economy News - Baghdad:



The Saudi News Agency revealed that the Iraqi Ministry of Finance signed with the Saudi Fund for Development a memorandum to provide loans for a number of development projects in Iraq.

The agency said, in a news published today, the Iraqi-Saudi Coordination Council concluded the work of its third session today in Saudi Arabia, Monday, which came as an extension of efforts to strengthen relations between the two brotherly countries at the strategic level and cooperation in various fields and develop partnership between the private sector in the two countries and open new horizons of cooperation in Economic and development fields, deepening joint cooperation in important international and regional affairs, and protecting common interests .

The Iraqi side was represented during the works of the third session of the Council, a ministerial delegation headed by the Deputy Prime Minister of Iraq and Minister of Finance Ali Abdel Amir Allawi, and the membership of His Excellency the Prime Minister of Iraq, Minister of Planning, Minister of Oil, Minister of Health, Minister of Electricity, Minister of Agriculture, Minister of Youth and Sports, and Secretary-General of the Council Ministers, Undersecretary of the Ministry of Foreign Affairs, and the Ambassador of the Republic of Iraq to the Kingdom .

The Minister of Commerce, Dr. Majid Al-Qasabi, also headed the Saudi side during the course of the session, which was attended by the Minister of Energy, the Assistant Chief of General Intelligence, the Minister of Environment, Water and Agriculture, the Minister of Investment, the Chairman of the Board of Directors of the Saudi Fund for Development, the Minister of Education, the Minister of Industry and Mineral Resources, and the Minister of Transport, Deputy Minister of Interior, Deputy Minister of Finance, Deputy Minister of Economy and Planning, Governor of the General Authority of Customs, Governor of the General Authority for Foreign Trade, Secretary General of the Saudi side in the Saudi-Iraqi Coordination Council, Undersecretary of the Ministry of Foreign Affairs for Political and Economic Affairs, Undersecretary of the Ministry of Health for Public Health, and Ambassador Khadim The Two Holy Mosques to the Republic of Iraq, in addition to the President of the Saudi Business Council and a selection of Saudi businessmen .

The work of the council included holding a number of meetings, members of the Saudi-Iraqi Coordination Council, during which the meetings reviewed the most important developments of the council and the committees emanating from it, and the two sides agreed on a joint work plan that includes investment projects between the two countries, and a framework memorandum was signed between the Saudi Fund for Development and the Iraqi Ministry of Finance To provide loans to a number of development projects in Iraq, and a memorandum of cooperation in the health field between the two sides was signed to confront the Corona virus crisis and provide medical assistance to the Iraqi side in implementation of the directives of the Custodian of the Two Holy Mosques, may God protect him .

The council’s work also included holding many bilateral meetings between the two sides with the participation of the private sector in the Kingdom to discuss opportunities for cooperation in all fields and the development of strategic partnership between the two countries, where a number of priority investment projects were discussed between the two brotherly countries, and the two sides agreed on the executive plans of the agreements and memoranda of understanding Signed between them in the interest of the two countries, as they agreed to resume the committees emanating from the council and to resume the work of the specialized technical teams to discuss economic projects within the framework of the council .

The two sides also discussed the extent of the readiness of the border crossing "Jadidat Arar" as a prelude to its opening after verifying the provision of all the necessary requirements for that, with the two sides stressing the serious desire to advance bilateral relations and enhance cooperation in all fields to serve the aspirations of the governments and peoples of the two brotherly countries .







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Bloomberg: Iraq turns to Saudi Arabia and the International Monetary Fund to treat its ailing economy Empty A Saudi-Iraqi agreement on a joint work plan that opens up investment horizons and economic projects

Post by claud39 on Tue Jul 21, 2020 10:18 am

A Saudi-Iraqi agreement on a joint work plan that opens up investment horizons and economic projects


-21/07/2020


Bloomberg: Iraq turns to Saudi Arabia and the International Monetary Fund to treat its ailing economy %D8%A7%D8%AA%D9%81%D8%A7%D9%82%D9%8A%D8%A9-%D8%B3%D8%B9%D9%88%D8%AF%D9%8A%D8%A9-%D8%B9%D8%B1%D8%A7%D9%82%D9%8A%D8%A9-%D8%B9%D9%84%D9%89-%D8%AE%D8%B7%D8%A9-%D8%B9%D9%85%D9%84-%D9%85%D8%B4%D8%AA%D8%B1%D9%83%D8%A9-%D8%AA%D9%81%D8%AA%D8%AD-%D8%A2%D9%81%D8%A7%D9%82%D8%A7-%D8%A7%D8%B3%D8%AA%D8%AB%D9%85%D8%A7%D8%B1%D9%8A%D8%A9-%D9%88%D9%85%D8%B4%D8%A7%D8%B1%D9%8A%D8%B9-%D8%A7%D9%82%D8%AA%D8%B5%D8%A7%D8%AF%D9%8A%D8%A9




The Saudi-Iraqi Coordination Council reviewed during the work of its third session, which concluded yesterday, the most recent developments of the Council and the committees emanating from it, and the two sides agreed on a joint work plan that includes investment projects between the two countries.

The two sides agreed on the executive plans of the agreements and memoranda of understanding signed between them in the interest of the two countries. They also agreed to resume the committees emanating from the council and to resume the work of the specialized technical teams to discuss economic projects within the framework of the council.

The council’s work included holding a number of meetings between members during which a framework memorandum was signed between the Saudi Fund for Development and the Iraqi Finance Ministry to provide loans to a number of development projects in Iraq. A memorandum of cooperation in the health field between the two sides was signed to confront the Corona virus crisis and provide medical assistance to the Iraqi side in implementation For the directions of the Custodian of the Two Holy Mosques.

It also included holding many bilateral meetings between the two sides with the participation of the private sector in the Kingdom to discuss opportunities for cooperation in all fields and the development of strategic partnership between the two countries, where a number of priority investment projects were discussed between the two countries.

The two sides discussed the extent of the readiness of the border crossing "Jadidat Arar" as a prelude to its opening after verifying the provision of all the necessary requirements for that, with both sides stressing the serious desire to advance bilateral relations and enhance means of cooperation in all fields to serve the aspirations of the governments and peoples of the two brotherly countries.

The work of the session came as an extension of efforts to strengthen relations between the two countries at the strategic level, cooperation in various fields, developing partnership between the private sector in the two countries, opening new horizons of cooperation in economic and development fields, deepening joint cooperation in important international and regional affairs, and protecting common interests.

The Iraqi side was represented during the works of the third session of the Council, a ministerial delegation headed by Ali Abdel Amir Allawi, Deputy Prime Minister of Iraq and Minister of Finance, and membership of both the Iraqi Deputy Prime Minister, Minister of Planning, Minister of Oil, Minister of Health, Minister of Electricity, Minister of Agriculture, Minister of Youth and Sports, Secretary-General of the Council of Ministers, and Deputy The Ministry of Foreign Affairs and the Ambassador of Iraq to the Kingdom.

Dr. Majid Al-Qasabi, Minister of Commerce, also headed the Saudi side during the work of the session, which was attended by the Minister of Energy, Assistant Chief of General Intelligence, Minister of Environment, Water and Agriculture, Minister of Investment, Chairman of the Board of Directors of the Saudi Fund for Development, Minister of Education, Minister of Industry and Mineral Resources, and Minister of Transport, Deputy Minister of Interior, Deputy Minister of Finance, Deputy Minister of Economy and Planning, and Governor of the General Customs Authority.

This is in addition to the Governor of the General Authority for Foreign Trade, the Secretary-General of the Saudi side in the Saudi-Iraqi Coordination Council, the Undersecretary of the Ministry of Foreign Affairs for Political and Economic Affairs, the Undersecretary of the Ministry of Health for Public Health, the Ambassador of the Custodian of the Two Holy Mosques to Iraq, in addition to the President of the Saudi Business Council and a group of Saudi businessmen .






https://uabonline.org/%d8%a7%d8%aa%d9%81%d8%a7%d9%82%d9%8a%d8%a9-%d8%b3%d8%b9%d9%88%d8%af%d9%8a%d8%a9-%d8%b9%d8%b1%d8%a7%d9%82%d9%8a%d8%a9-%d8%b9%d9%84%d9%89-%d8%ae%d8%b7%d8%a9-%d8%b9%d9%85%d9%84-%d9%85%d8%b4%d8%aa%d8%b1/
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Bloomberg: Iraq turns to Saudi Arabia and the International Monetary Fund to treat its ailing economy Empty Saudi-American agreement to develop cadres against financial crimes

Post by claud39 on Tue Jul 21, 2020 10:20 am

Saudi-American agreement to develop cadres against financial crimes



21/07/2020





Bloomberg: Iraq turns to Saudi Arabia and the International Monetary Fund to treat its ailing economy %D8%A7%D8%AA%D9%81%D8%A7%D9%82%D9%8A%D8%A9-%D8%B3%D8%B9%D9%88%D8%AF%D9%8A%D8%A9-%D8%A3%D9%85%D9%8A%D8%B1%D9%83%D9%8A%D8%A9-%D9%84%D8%AA%D8%B7%D9%88%D9%8A%D8%B1-%D9%83%D9%88%D8%A7%D8%AF%D8%B1-%D9%85%D9%83%D8%A7%D9%81%D8%AD%D8%A9-%D8%A7%D9%84%D8%AC%D8%B1%D8%A7%D8%A6%D9%85-%D8%A7%D9%84%D9%85%D8%A7%D9%84%D9%8A%D8%A9






The Saudi Financial Academy has signed an agreement with the Association of Certified Specialists in Combating Money Laundering in the United States of America for training in combating financial crimes and a certificate of commitment and the official of anti-money laundering accredited in Saudi Arabia, and hosting tests at the Financial Academy test centers in Riyadh, Jeddah, Dammam and Abha.


The Director-General of the Financial Academy Mana Al Khumsan, the designated president and the general manager of the Society of Certified Anti-Money Laundering Specialists Angela Salter signed an agreement focusing on the use of the association's resources and its professional trainers to present the approved anti-money laundering program in both Arabic and English, and allow those wishing to take their exams in testing centers The financial academy in the Kingdom.


This initiative will later be expanded to include the approved Global Sanctions Officer program, where the first training program will be presented at the headquarters of the Financial Academy in Riyadh on October 5 in Arabic.


The Director-General of the Financial Academy explained that this agreement comes as part of the role of the Academy in developing workers in the financial sector in the Kingdom of Saudi Arabia in partnership with the most prestigious international institutes in the field of anti-money laundering, considering that the qualifications of the Association of Certified Specialists in combating money laundering are among the most required qualifications required by the authorities Regulatory in Saudi Arabia.


Al-Khumsan stated that the academy will present the approved anti-money laundering program in Arabic and English, and will host the test at its test centers located throughout the Kingdom of Saudi Arabia.


For her part, the designated president and general manager of the Association of Certified Professionals in Combating Money Laundering indicated that the mutual benefits of this partnership are very clear by working together, as the association and the financial academy depend on the common organizational relationship and practitioner-focused curricula that deal with all defense lines to combat financing Illegal within institutions.


She said: One of our goals is to reduce costs related to training for financial institutions, free resources and provide access to programs that help meet the challenges of ever-changing financial crime, and these programs will contribute to providing travel costs for staff to train internationally.


The Financial Academy, which is one of the initiatives of the Financial Sector Development Program for the Kingdom's Vision 2030, seeks to provide the human cadres in the financial sector from beginners or with advanced experiences with the knowledge, experience, qualifications and skills necessary to achieve their goals in their practical lives, and this comes by adopting training, development and qualification activities for the components of the sector by developing Methodological methods for determining the training needs of these cadres in the various professional tracks according to the best internationally recommended standards.






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Bloomberg: Iraq turns to Saudi Arabia and the International Monetary Fund to treat its ailing economy Empty Prof. Abdul-Karim Jaber Hangar Al-Issa *: The Constants and Future of Economic Relations between the United States of America and the Kingdom of Saudi Arabia?

Post by claud39 on Tue Jul 21, 2020 2:45 pm

Prof. Abdul-Karim Jaber Hangar Al-Issa *: The Constants and Future of Economic Relations between the United States of America and the Kingdom of Saudi Arabia?


7/21/2020



Bloomberg: Iraq turns to Saudi Arabia and the International Monetary Fund to treat its ailing economy Dr.-Abdul-Kareem-image-new-1






Like the launch of the 2030 vision of the Kingdom of Saudi Arabia, which began with a vision that builds on the strengths emanating from the gift of God Almighty in a blessed spot on the globe that includes the Two Holy Mosques, they excel over natural resources. 




Saudi Arabia is from the Arab and Islamic heritage in addition to the natural resources of crude oil and other minerals of gold, phosphates and uranium, as well as the geographical location that oversees the most important outlets for international oil trade for the Middle East countries producing the main crude oil (Saudi Arabia, Iraq, Kuwait and the United Arab Emirates) .




The vision of 2030 culminated in a long struggle after the Kingdom's endeavor to build its national economy, and start to exploit its natural resources, especially crude oil, since the era of the late King Abdulaziz Al Saud and the beginnings were in 1933 when Concession to the Californian Arabian Standard Oil Company (CASOC) was established and after A short period of time large reserves were discovered in eastern Saudi Arabia in 1938. This subsequently prompted the American President (Franklin D. Roosevelt) in 1943 to define the broad lines linking the United States of America with the Kingdom of Saudi Arabia, and considered them the main ally in the Middle East, and in In 1944 the name of the mentioned company was changed to the Arabian American Oil Company (ARAMCO).




With the influence of many economic and political factors, Saudi Arabia was able in 1980 to obtain a 100% stake in Aramco’s assets, which today amounts to more than two trillion dollars, after the company offered part of its shares for public circulation on November 17, 2019.




To continue reading, click on the following link to download the search as a PDF









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Bloomberg: Iraq turns to Saudi Arabia and the International Monetary Fund to treat its ailing economy Empty Iraq is heading to Saudi Arabia to support its budget

Post by claud39 on Fri Jul 24, 2020 9:11 am

Iraq is heading to Saudi Arabia to support its budget






05/22/2020


Bloomberg: Iraq turns to Saudi Arabia and the International Monetary Fund to treat its ailing economy Downloadkhhgggg



Baghdad / JD / .. The Minister of Finance revealed the reasons for his visit to the Kingdom of Saudi Arabia, which are based on 3 axes of developing relations with the Kingdom of Saudi Arabia and supporting the Iraqi economy.


Minister Ali Abdel Amir Al-Alawi said, in a television interview, details of which were reported by Iraq News Agency, that the aim of the visit to Saudi Arabia is to provide immediate cash support to the budget, and to stimulate private Saudi companies and institutions, especially in the fields of energy and agriculture, and urge them to enter Iraqi markets through investments, activation Business side. "


Allawi added that "Iraq has a plan to move towards achieving an economic and financial balance with neighboring countries, and that the Iraqi market be open to all away from harming a certain party," noting that the government seeks to urge Saudi companies to contribute to the reconstruction of the country.


The Minister stressed that Iraq needs immediate financial support in order for the government to fulfill its obligations towards employees, stressing that there are many obstacles that prevented investments in Iraq, including the laws and regulations in force, the loss of the incubator structure for foreign investment, the lack of banks at a global level, as well as the accounting and legal system that is not encouraging As well as an unpopular land acquisition system as well.


The Minister indicated that the administrative apparatus in Iraq is now inconsistent with the requirements of the foreign investor, and it also contains major violations of corruption and interference in the way of taking decisions from parties not related to the investment work, interfering for the private and partisan benefit which is one of the main obstacles that exclude the foreign investor.


The Minister of Finance pointed out that when the investor sees this environment, he will reserve, and whatever the Iraqi market is, it will require encouragement from the private sector, which also suffers from these constraints.


The office of Prime Minister Mustafa Al-Kazemi said in a statement that Minister of Finance Ali Allawi went to the Kingdom of Saudi Arabia as an envoy of the Prime Minister to discuss bilateral relations and economic conditions in the region and encourage investment.


 / Finished / 22 /






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Bloomberg: Iraq turns to Saudi Arabia and the International Monetary Fund to treat its ailing economy Empty Not like its predecessors ... big energy projects and building industrial cities in Iraq ... Baghdad's ambassador in Riyadh reveals the details

Post by claud39 on Fri Jul 24, 2020 5:07 pm

Not like its predecessors ... big energy projects and building industrial cities in Iraq ... Baghdad's ambassador in Riyadh reveals the details




24-07-2020




Bloomberg: Iraq turns to Saudi Arabia and the International Monetary Fund to treat its ailing economy Image



Baghdad / news


The Iraqi ambassador in Riyadh, Qahtan Al-Janabi, revealed important details about the recent Iraqi-Saudi meeting in Riyadh.


The Ambassador of Iraq to Saudi Arabia, Qahtan Al-Janabi, stated in a press interview that the meetings of the Coordination Council that concluded its work in Riyadh were serious and their results are fruitful, expecting that the economic, cultural, commercial and investment relations will witness broad progress.


"Two memoranda of understanding were signed between the two countries, one between the Iraqi Ministry of Health and the Saudi Food and Drug Authority, and the other between the Iraqi government and the Saudi Fund for Development regarding the financing of some projects in Iraq, and these meetings differ from their predecessors by the great desire of both parties to start implementing these projects and entering the market, investment and implementation In reality".


Al-Janabi pointed to "a meeting that included Prince Abdulaziz bin Salman, the Minister of Energy, in the presence of Aramco, Aqua Power and Zahed companies, with the Iraqi finance, planning, oil and electricity ministers, in which important projects were discussed in Iraq and agreement on a timetable to start them."


He continued, "These projects are like the associated gas investment in which Aramco has great experience in it, and the field of solar energy and alternative energy through Aqua Power and Zahed, and we expect in the near future visits to these companies and studies to implement them, and there is understanding between the two sides."


He also expressed his "optimism about the results of the coordination council meetings that brought together Saudi businessmen who have business in Iraq or who are interested in entering the Iraqi market."


 He added that "convincing proposals have been put forward to the Iraqi side, including building industrial cities inside Iraq and building an economic free zone in the Arar port that merchants from both countries can enter freely, exchange goods, buy and sell, and establish warehouses, and these projects will be funded by businessmen."


Qahtan Al-Janabi indicated that "Saudi businessmen have proposed the establishment of a special office for Saudi investors in Baghdad linked to a government agency to facilitate the work of investors, indicating that these ideas are welcome from the Iraqi side in full."





https://www.ikhnews.com/index.php?page=article&id=222270
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Bloomberg: Iraq turns to Saudi Arabia and the International Monetary Fund to treat its ailing economy Empty Iraq's Ambassador to Riyadh: We expect to open the Arar outlet with Saudi Arabia very soon

Post by claud39 on Fri Jul 24, 2020 5:10 pm

Iraq's Ambassador to Riyadh: We expect to open the Arar outlet with Saudi Arabia very soon




24-07-2020





Bloomberg: Iraq turns to Saudi Arabia and the International Monetary Fund to treat its ailing economy Image







Baghdad / news


The Iraqi ambassador to Saudi Arabia, Qahtan al-Janabi, expected the opening of the Arar border crossing with Saudi Arabia in the near future.


Al-Janabi said in a press interview: "The Iraqi government is ready to open the port and we hope that it will be as soon as possible," noting that "the company executing there has completed its work and there are some equipment that needs to be installed and transferred by some employees from both sides, only for final touches and we expect to open the port very soon."




https://www.ikhnews.com/index.php?page=article&id=222273
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Bloomberg: Iraq turns to Saudi Arabia and the International Monetary Fund to treat its ailing economy Empty Muhammad bin Salman al-Halbousi: Iraq’s stability is an integral part of regional stability

Post by claud39 on Fri Jul 24, 2020 5:17 pm

Muhammad bin Salman al-Halbousi: Iraq’s stability is an integral part of regional stability




24-07-2020





Bloomberg: Iraq turns to Saudi Arabia and the International Monetary Fund to treat its ailing economy Image









Baghdad / Al-

Ikhbaria : Speaker of Parliament Mohamed Al-Halbousi reassured, on Friday, the health of the Custodian of the Two Holy Mosques King Salman bin Abdulaziz, who recently performed a surgery, expressing his wishes for a speedy recovery and good health and well-being, this came during a phone call between him and the Saudi crown prince Prince Muhammad bin Salman.

A statement issued received by "Al-Ikhbaria" said that "the contact touched on strengthening bilateral relations and expanding cooperation horizons between Iraq and Saudi Arabia, where he asserted his sovereignty that Iraq aspires to more cooperation between the two brotherly countries."

For his part, Saudi Crown Prince Mohammed bin Salman affirmed the support of the Kingdom of Saudi Arabia to Iraq and its people in all fields, stressing that the stability of Iraq is an integral part of the stability of the region.







https://www.ikhnews.com/index.php?page=article&id=222320
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Bloomberg: Iraq turns to Saudi Arabia and the International Monetary Fund to treat its ailing economy Empty Iraq proposes to Saudi Arabia to cancel the entry visa fee

Post by claud39 on Sat Jul 25, 2020 9:52 am

Iraq proposes to Saudi Arabia to cancel the entry visa fee





07/24/2020




Bloomberg: Iraq turns to Saudi Arabia and the International Monetary Fund to treat its ailing economy Downloadkhhgggg




Baghdad / JD / .. The Senior Undersecretary of the Ministry of Foreign Affairs, Abdul Karim Mustafa, proposed today, Friday, to the Kingdom of Saudi Arabia, to facilitate the movement of travelers, and to abolish entry fees to encourage mutual tourism between the two countries.




A statement by the Ministry of Foreign Affairs, which received "dinars", a copy of it, stated that "the oldest Undersecretary of the Ministry of Foreign Affairs, Ambassador Abdul Karim Hashem Mustafa, met with the Undersecretary of the Saudi Ministry of Foreign Affairs for Political and Economic Affairs, Ambassador Adel Mardad in Riyadh on the sidelines of the third session of the Iraqi-Saudi Coordination Council."


He added that "the two sides discussed the developments witnessed by the relations between the two brotherly countries, especially in the recent times that witnessed the signing of a number of protocols between the two countries in various fields." The Kingdom, with its specificity and moral status in the Islamic and Arab worlds, and in the Arab Gulf region. "


He pointed out that "Mustafa put forward a number of proposals to develop relations between the two countries, including facilitating the movement of travelers, abolishing entry fees to encourage mutual tourism between the two countries, and benefiting from the successful Saudi experiences in several areas that Iraq needs to develop its capabilities."


For his part, "the Undersecretary of the Saudi Ministry of Foreign Affairs, Ambassador Adel Merdad, expressed his great happiness, appreciation and gratitude for the positive vision reviewed by the older Undersecretary Abdel Karim Hashem."


He pointed out that "the Kingdom regards Iraq as its natural extension, and that the Custodian of the Two Holy Mosques King Salman bin Abdulaziz and Prince Muhammad bin Salman have a firm vision that focuses on the importance of developing relations with Iraq and forms a basis for the Saudi government to focus on the common denominators to be a firm foundation upon which the process of openness is built upon. Iraq, and developing relations with it in all fields. "


He noted that "the Kingdom has a firm conviction that Iraq is a country rich in its natural resources, in its history of wealth, and in the great capabilities of its people. Therefore, the development of relations between the two brotherly countries will have great benefits for the two peoples in various fields, and will be a source of political, economic and security stability in the region, and achieve prosperity and prosperity for both Both countries, "expressing that the proposals put forward by the oldest representative will be seriously considered by the Saudi side to take positive decisions regarding them."


 The statement continued, "The two sides agreed to prepare a meeting soon for the Political Consultation Committee, which emanates from the Memorandum of Understanding on political consultations signed between the foreign ministries of the two countries, with the aim of activating the proposals that contribute to a qualitative shift in relations between the two brotherly countries." 


/ Finished / 22 /








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Bloomberg: Iraq turns to Saudi Arabia and the International Monetary Fund to treat its ailing economy Empty Senior Undersecretary of State meets with Saudi Foreign Ministry Undersecretary for Political and Economic Affairs

Post by claud39 on Sat Jul 25, 2020 12:16 pm

[size=34][ltr]Senior Undersecretary of State meets with Saudi Foreign Ministry Undersecretary for Political and Economic Affairs[/ltr][/size]

24/07/2020


Bloomberg: Iraq turns to Saudi Arabia and the International Monetary Fund to treat its ailing economy B281C50E-B6D7-4B6A-AE82-9A96772BC33D-1024x682



[ltr]The Senior Undersecretary of the Ministry of Foreign Affairs, Ambassador Dr. Abdul Karim Hashim Mustafa, met with the Undersecretary of the Saudi Ministry of Foreign Affairs for Political and Economic Affairs, Ambassador Adel Mardad, in Riyadh on the sidelines of the third session of the Iraqi-Saudi Coordination Council.

Mr. Al-Wakil reviewed the developments in relations between the two brotherly countries, particularly in recent times, which have seen the signing of a number of protocols between the two countries in various fields, as Iraq is its natural, geographical, tribal and family extension linked to its environment and arab surroundings, and this association with the Kingdom is deepened by its own personality and moral status in the Islamic and Arab worlds, and in the Arab Gulf region.

Mr. Al-Wakil put forward a number of proposals to develop relations between the two countries. These include facilitating the movement of passengers, eliminating entry permits for investors and businessmen between the two countries, and benefiting from successful Saudi experiences in several areas that Iraq needs to develop its capabilities.

For his part, The Undersecretary of the Saudi Ministry of Foreign Affairs, Ambassador Adel Mardad, expressed his great happiness, appreciation and gratitude for the positive vision reviewed by Senior Agent Dr. Abdul Karim Hashim, noting that the kingdom is a natural extension of Iraq, and that king Salman bin Abdulaziz and His Royal Highness Prince Mohammed bin Salman have a firm vision that focuses on the importance of developing relations with Iraq, and is a focus for Saudi government to focus on the common altogether to be a solid foundation for The kingdom has a firm conviction that Iraq is a country rich in natural
resources, rich history, and great people's capabilities, so the development of relations between the two brotherly countries will have great benefits for the two peoples in It will be a source of political, economic and security stability in the region, and bring prosperity and prosperity to both countries, expressing that the proposals put forward by Mr. Senior Undersecretary of Proposals will be seriously considered by the Saudi side to make positive decisions about them.[/ltr]

[ltr]The two sides agreed to set up a close meeting of the political consultation committee arising from the memorandum of understanding on political consultations signed between the foreign ministries of the two countries in order to activate the proposals that contribute to a qualitative shift in relations between the two brotherly countries.[/ltr]

[ltr]https://www.mofa.gov.iq/2020/07/?p=16280[/ltr]
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Bloomberg: Iraq turns to Saudi Arabia and the International Monetary Fund to treat its ailing economy Empty Re: Bloomberg: Iraq turns to Saudi Arabia and the International Monetary Fund to treat its ailing economy

Post by Jayzze on Sun Jul 26, 2020 12:15 am

besides sa many countries offered help as well as as fiancial aid but most are holding  back why? could it be the coruption since the money does not go where it belongs but the rv is comming real soon
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Bloomberg: Iraq turns to Saudi Arabia and the International Monetary Fund to treat its ailing economy Empty Iraq calls on Saudi Arabia to establish factories for the manufacture of agricultural sprinklers

Post by claud39 on Tue Jul 28, 2020 11:32 am

Iraq calls on Saudi Arabia to establish factories for the manufacture of agricultural sprinklers




28/07/2020



Bloomberg: Iraq turns to Saudi Arabia and the International Monetary Fund to treat its ailing economy 22168




Economy News _ Baghdad



On Tuesday, the Ministry of Agriculture revealed the results of Minister Muhammad al-Khafaji's visits to three neighboring countries.

"The visits of Minister Al-Khafaji to neighboring countries confirm their support to develop the agricultural sector, protect the local product, and agree to exchange experiences," said Hamid al-Nayef, a spokesman for the Ministry of Agriculture.

He added that "Al-Khafaji called on the Saudi side to establish factories for the manufacture of sprinklers of all kinds in order to support peasants and farmers, as well as to enter the field of manufacturing industries, and these new visions come to complement the old protocols signed between the two countries," noting that the government has an orientation to open to the outside.

He pointed out that during the visits, the Minister of Agriculture called on neighboring countries to prevent the entry of crops prohibited from importing and to prevent smuggling, pointing out that the Minister of Agriculture agreed during the visits to cooperate in the field of modern technologies.
And the transfer of advanced technology in the field of agriculture.





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Bloomberg: Iraq turns to Saudi Arabia and the International Monetary Fund to treat its ailing economy Empty Source: Anbar is preparing to open the Arar border crossing with Saudi Arabia within days

Post by claud39 on Thu Aug 06, 2020 11:48 am

Source: Anbar is preparing to open the Arar border crossing with Saudi Arabia within days


06/08/2020







Bloomberg: Iraq turns to Saudi Arabia and the International Monetary Fund to treat its ailing economy %D8%B9%D8%B1%D8%B9%D8%B1-696x435



Information / Anbar ...

A high-ranking source in the local Anbar government said, Thursday, that the Arar border crossing with Saudi Arabia will be opened for the first time since ISIS's criminal takeover of parts of the province.

The source said to the "information" that "the next few days of this month will witness the opening of the Arar border crossing with Saudi Arabia, west of Anbar, after all work stages in the two ports have been completed." “.

He added, "The opening of the port will contribute to revitalizing the economic movement between Iraq and Saudi Arabia and restarting the commercial fleet between the two countries," noting that "the local Anbar government and in coordination with the security forces informed the Saudi side of securing the entire international highway." 

Ended / 12a

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Bloomberg: Iraq turns to Saudi Arabia and the International Monetary Fund to treat its ailing economy Empty Re: Bloomberg: Iraq turns to Saudi Arabia and the International Monetary Fund to treat its ailing economy

Post by Jayzze on Fri Aug 07, 2020 7:02 pm

itsquite apparant that iraq cannot stand on their own 2 feet and asks everyone to bail them out, no wonder they are in great shape
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Bloomberg: Iraq turns to Saudi Arabia and the International Monetary Fund to treat its ailing economy Empty Re: Bloomberg: Iraq turns to Saudi Arabia and the International Monetary Fund to treat its ailing economy

Post by claud39 on Sat Aug 08, 2020 10:14 am

@Jayzze wrote:itsquite apparant that iraq cannot stand on their own 2 feet and asks everyone to bail them out, no wonder they are in great shape




I don't see it like you jayzze !! I see a prime minister who does what the other prime ministers have not done since 2003, either close the borders to control entry and exit from the country, or what the un asks, so I see that the first Minister seeks to open the market with the others of the GCC, and Iraq has been seeking to join this group for several years to find their statue of oil exporter, and support by Kuwait for example, here is an example in 2012



[size=35]Kuwait calls for the need for Iraq to join the Gulf Cooperation Council[/size]


2012-04-27 



Source:
Alsumaria News

3,507 views


On Friday, a Kuwaiti media delegation that included ministers and deputies called for the need for Iraq to join the Gulf Cooperation Council, and to activate work on the Silk Road to serve common interests and economic development in the region, while Iraqi Prime Minister Nuri al-Maliki stressed the importance of developing relations between Iraq and Kuwait in all fields, especially economic. , He renewed the invitation of Kuwaiti companies to invest in Iraq.


Alsumaria News / Baghdad
A Kuwaiti media delegation, which included ministers and MPs, called on Friday for the need for Iraq to join the Gulf Cooperation Council, and to activate work on the Silk Road to serve common interests and economic development in the region, while Iraqi Prime Minister Nuri al-Maliki stressed the importance of developing relations between Iraq and Kuwait in All fields, especially economic ones, renewed the invitation to Kuwaiti companies to invest in Iraq

A statement issued by the office of Prime Minister Nuri al-Maliki, a copy of which was received by Al-Sumaria News, said that al-Maliki “received in his official office a Kuwaiti media delegation that included a number of Kuwaiti ministers and MPs,” indicating that “the delegation called for the need for Iraq to join the Gulf Cooperation Council and activate work in The Silk Road to serve the common interests and economic development in the region.






The statement added that "the members of the delegation expressed their desire and aspiration to establish distinguished relations between the two brotherly countries, especially in the economic field, and to achieve a real partnership in work between Iraqi and Kuwaiti companies to invest in Iraq."

For his part, Iraqi Prime Minister Nuri al-Maliki stressed during the statement the need to "develop relations between Iraq and Kuwait in all fields, especially economic ones," and reiterated his call for Kuwaiti companies to "work in Iraq and contribute to the building and reconstruction process."

Al-Maliki expressed his happiness at the presence of "Arab companies in Iraq because this gives more than one meaning as it expresses the distinguished relations between Iraq and its brothers." Youth and feminism. "

The Gulf Cooperation Council is an Arab regional organization made up of six member states overlooking the Arabian Gulf: the UAE, Bahrain, Saudi Arabia, the Sultanate of Oman, Qatar and Kuwait, and it was established in 1981, and Iraq, Yemen, Jordan and Morocco are also candidate countries for obtaining full membership of the Council, as Iraq and Yemen each have membership. Some of the council's committees, such as sports, health, and culture.

Kuwait’s invitation to Iraq’s joining the Gulf Cooperation Council comes about eight days after the visit of the son of the Emir of Kuwait and Minister of Amiri Diwan Affairs Nasser Sabah Al-Ahmad, who was to Sulaymaniyah on April 19, 2012, during which he revealed the existence of a Kuwaiti tendency to partner with Iraq within a regional system for the northern Gulf states While noting that his country aims, through this system, to diversify its economy so that it does not depend entirely on oil.

This Kuwaiti trend in a future partnership with Iraq that includes forming a system for the northern Gulf states is the first of its kind since the fall of Saddam Hussein's regime on April 9, 2003, and represents an indication of progress in relations between the two countries.

The Emir of Kuwait, Sheikh Sabah Al-Ahmad Al-Sabah, participated in the work of the Arab summit conference in Baghdad on (March 29, 2012), in a visit described as historic, being the first for the Emir of Kuwait since the Iraqi occupation of the Gulf emirate in August 1990.

As a result of the improvement in relations, Kuwait resumed its flights to Iraq, The first Kuwaiti plane landed at Najaf airport on (April 17, 2012), 22 years after the last flight to Iraq, while Jazeera Airways confirmed that it would make two flights per week to the airport that can be increased, in addition to other flights to the rest of the airports in the country.

The Iraqi-Kuwaiti relations have recently witnessed progress in terms of resolving some outstanding problems, as the two parties agreed during Prime Minister Nuri al-Maliki's recent visit to Kuwait on March 14, 2012 to end the compensation issue related to the Kuwait Airways Company and the maintenance of border signs. Common foundations and frameworks for resolving all files, within short timetables, while Foreign Minister Hoshyar Zebari, who accompanied al-Maliki on his visit, considered that what was agreed upon is a major progress with regard to Iraq's exit from Chapter VII.

It is noteworthy that, since 1990, Iraq has been subject to Article Seven of the United Nations Charter, which was imposed upon it after the regime of former President Saddam Hussein invaded the State of Kuwait in August of the same year. This clause allows for the use of force against Iraq as it constitutes a threat to international security, in addition to freezing large sums of money. His financial assets are in international banks to pay compensation for those affected by the invasion.







https://www.alsumaria.tv/news/55919/kuwait-stresses-necessity-for-iraq-to-join-gcc/en



Another thing also what is happening now, and what we will know next week is the meeting between the top leaders of the Kurdish, and according to what they mention everything should be settled between them during this meeting as the article 140, and also ask the un to settle their difference, and we see that the Prime Minister moves more on this than the former Prime Minister of the time, and the Prime Minister has a meeting with President Trump on August 20 and 21, 2020, and the meeting will not be delayed under any circumstances, another good sign of his progress on the files for the Iraqi Prime Minister




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Bloomberg: Iraq turns to Saudi Arabia and the International Monetary Fund to treat its ailing economy Empty Iraq in talks with Saudi Arabia and Honeywell over Basra mega-deal

Post by claud39 on Sat Aug 08, 2020 2:10 pm

[size=36]Iraq in talks with Saudi Arabia and Honeywell over Basra mega-deal[/size]


Published Friday, July 31st, 2020




Pivoting away from negotiations with ExxonMobil, Iraq is now putting the Ratawi oil field at the center of a prospective upstream, gas, and power deal with Saudi Arabia.
Bloomberg: Iraq turns to Saudi Arabia and the International Monetary Fund to treat its ailing economy -2-1-e1596157066714-600x300
Iraqi Oil Minister Ihsan Ismaael (lower right), at a Dec. 5, 2017, ceremony as head of the Basra Oil Company signing a number of MOUs with his Saudi Arabian counterparts. (Source: Iraqi Oil Ministry media office)



Iraq is negotiating with Saudi Arabia and U.S. firm Honeywell over a multi-faceted deal that would involve the development of the Ratawi oil field, the construction of a gas processing hub, and new electricity generation, according to two officials familiar with the details.
If it goes forward, the project would give Saudi Arabia its first major investment in Iraq's energy sector, at an oil field just 100 kilometers from the Iranian border, and it would help Iraq reduce its dependence on Iran for gas and electricity – a key condition the Trump administration has articulated for extending a sanctions waiver that expires in September.

https://www.iraqoilreport.com/news/iraq-in-talks-with-saudi-arabia-and-honeywell-over-basra-mega-deal-42960/
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Bloomberg: Iraq turns to Saudi Arabia and the International Monetary Fund to treat its ailing economy Empty Re: Bloomberg: Iraq turns to Saudi Arabia and the International Monetary Fund to treat its ailing economy

Post by claud39 on Sat Aug 08, 2020 2:15 pm

It's Saturday, August 1, 2020. Welcome to This Week in Iraq




Bloomberg: Iraq turns to Saudi Arabia and the International Monetary Fund to treat its ailing economy Twi-logo




Top Energy Stories


Iraq is negotiating with Saudi Arabia and U.S. firm Honeywell over a new Basra mega-deal that would involve the development of the Ratawi oil field, the construction of a gas processing hub, and new electricity generation. If it goes forward, the project would give Saudi Arabia its first major investment in Iraq's energy sector, at an oil field just 100 kilometers from the Iranian border, and it would help Iraq reduce its dependence on Iran for gas and electricity – a key condition the Trump administration has articulated for extending a sanctions waiver that expires in September. Read the full story here.

The new deal for Ratawi would put a final nail in the coffin of the Southern Iraq Integrated Project (SIIP), which Iraq had been negotiating for several years with ExxonMobil and the China National Petroleum Corp. The proposed scope of SIIP was even bigger than the Ratawi deal, involving not only upstream field development and associated gas processing, but also the construction of new oil export infrastructure and a network of pipelines to feed southern oil fields with water that is needed to support underground reservoir pressure and boost crude production. The Iraqi government gave the project notional approval in May 2019, but negotiations were hampered by disagreements over the finer points of the financial terms. The Oil Ministry had already been facing political headwinds, which grew even stronger when the U.S. killed Qassim Soleimani and Abu Mahdi al-Mohandis in January, aggravating a rift in the Iraq-U.S. relationship that presented major risks for the the country's economy and investment climate. The SIIP project has not been the subject of serious negotiations since.

The U.S. government is also paving the way for a new oil deal in Syria. As Amberin Zaman reports in Al-Monitor, a company named Delta Crescent Energy has recently signed a deal with the Kurdish-led autonomous government in northern Syria to develop oil fields under their control. The Trump administration appears to support the deal: Delta Crescent has received a waiver from the U.S. Treasury Department's Office of Foreign Asset Control (OFAC), which is necessary due to sanctions against Syria.

Who is behind Delta Crescent? Multiple people with first-hand knowledge of the deal have confirmed to Iraq Oil Report that Delta Crescent's leadership team includes three men: John Dorrier, Jim Reese, and James Cain. Dorrier is the founder and former chief executive of Gulfsands Petroleum, which was unsuccessful in gaining a foothold in Iraq but had a contract in northeast Syria until it had to stop operations to comply with EU sanctions against the Assad regime. Cain is a lawyer with U.S. law firm Kilpatrick Townshend, which he rejoined following a four year stint as U.S. ambassador to Denmark. He appears to be instrumental in securing political support in Washington. Reese is the founder of the security firm TigerSwan, which has held contracts in Iraq and also gained notoriety for its work in the U.S., where it participated in crackdowns on protests against the Dakota Access Pipeline. Reese has been a vocal advocate of a strong American military presence in Syria. "We own the whole eastern part of Syria," he told Fox News in 2018. "That's ours. We can't give that up."

But where will the oil go? It’s unlikely the Trump administration would approve a deal to sell crude to the Assad regime. Turkey is also an unlikely buyer, as President Recep Tayyip Erdogan considers the autonomous administration in Syria to be coextensive with the Kurdistan Workers' Party (PKK), a designated terrorist organization. That leaves one possible outlet: Iraq's semi-autonomous Kurdistan Regional Government. Iraq Oil Report has detailed an oil and fuel trade across the Iraq-Syria border worth tens of millions of dollars per month, dating back to at least 2014.

Prime Minsiter Mustafa al-Kadhimi's anti-corruption campaign is extending to Basra's Um Qasr Port, a key logistics chokepoint for the oil industry. In an apparent effort to crack down on paramilitary groups that are profiteering from their control over Iraqi border points, Kadhimi has visited both Um Qasr and a land crossing with Iran in Diyala province in recent weeks, and also ordered the elite Counter-Terrorism Service to deploy to the al-Qaim border crossing with Syria in Anbar. The campaign is likely to meet resistance from the web of powerful and violent actors that stand to lose a major revenue stream. Read the full story in Iraq Oil Report.

Iraq's dilapidated power grid is one big reason behind the government's failure to provide 24-hour electricity, which has imposed acute suffering on Iraqis recently as temperatures have risen above 50 degrees Celsius. Ali Al-Saffar of the International Energy Agency (IEA) explains how, despite the allocation of around $20 billion to capital investments in the electricity sector since 2012, just a fraction of the additional gigawatts generated reach homes and businesses. The rest are eaten up in inefficient, poorly-maintained power stations and transmission networks. He also provides possible solutions: on the supply side, authorities could direct government-owned generators to supply electricity to the grid, and make sure that all available capacity is in operation. Already this month, officials in Basra have struck deals with international oil companies to use spare generation capacity at fields they manage to feed the national grid. And on the demand side, consumers could be encouraged into using less power through tariffs and meters, and through subsidies on the most efficient cooling units. Whatever measures are taken, they need to happen soon, as Iraq’s growing population means power demand will only continue to rise.

National News




Kadhimi has set a target date for Iraq's next national elections. If all goes according to plan, Iraqis will go to the polls on June 6, 2021, a full year before the legal deadline. Kadhimi took office vowing to press for early elections, but it's not just up to him. The election date needs to be approved by Parliament, whose members would effectively be voting for an early end to their terms and the perks of office they enjoy.
The announcement may have been an indirect attempt to quell public outrage that has risen in response to both failing government services and a recent crackdown on protesters in Baghdad's Tahrir Square. Two protestors were killed by security forces last Sunday – the first demonstrators to be killed under Kadhimi’s watch. The prime minister has promised a thorough investigation into the deaths, but previous inquiries into similar killings have not resulted in accountability.
The broader protest movement has been animated largely by opposition to an Iraqi political class that profits from a system of corruption. Writing for the New York Times Magazine, Robert F. Worth investigates the inner-workings of Iraq's kleptocracy, including a detailed explanation of a major cash cow for several political parties: the Central Bank of Iraq's dollar auctions.

Interview of the Week

Hisham Daoud, an advisor to the prime minister, discussed the government’s economic and political strategy in a wide-ranging July 24 interview with the U.S.-funded al-Hurra television channel. Daoud defended the Kadhemi government’s policies, while also acknowledging the depth of the challenges it faces. Daoud described Kadhemi’s goal as bridging divides:
The political forces that have ruled Iraq since 2003 made an art of dividing society. The mission now is to unite what was fragmented and divided, but through a clear dynamic. A dynamic that upholds the legitimacy of the state, the legitimacy of the state in the use of weapons, in obedience to the law, support for putting people in the right places. But we know the balances of power here and there. The choices are, are we heading towards conflict or towards uniting people as much as possible in a common current and a common dynamic. The more we can reduce the margin of conflict, the more we can save the Iraqi people from bloodshed, material losses, and suffering.

Daoud discussed Kadhimi's recent trip to Iran and his outreach to Saudi Arabia, framing both as part of a strategy of building up Iraq’s economy and promoting its sovereignty and independence:
Developing economic relations with Iran will be a positive thing. I believe that once there are advanced economic relations between the two countries, the economic language will become dominant, and the political and military language will decline. But this depends on Iraq's capabilities... however much we develop Iraq's economy, that will give us a bigger margin in dealing with our needs with regards to other states in the region and in the world.

Daoud’s remarks indicate that the Kadhimi administration seeks to diversify Iraq’s economy away from oil and build economic bridges to other countries while avoiding political entanglements. However, the present coronavirus-induced economic crisis, and the Kadhimi government’s own commitment to holding elections next year, may mean it lacks the necessary tools to bring about such a transformation – and can at best hope to make a modest start in changing the country’s economic direction.

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Bloomberg: Iraq turns to Saudi Arabia and the International Monetary Fund to treat its ailing economy Empty Iraq and Saudi Arabia are seeking to stimulate the movement of individuals and to open a new port

Post by claud39 on Mon Aug 10, 2020 10:08 am

Iraq and Saudi Arabia are seeking to stimulate the movement of individuals and to open a new port




08/10/2020



Bloomberg: Iraq turns to Saudi Arabia and the International Monetary Fund to treat its ailing economy 22406







Economy News - Baghdad



The Iraqi ambassador to Saudi Arabia, Qahtan al-Janabi, revealed, on Monday, that there are bilateral consultations between Riyadh and Baghdad to facilitate the movement of people between the two countries, and the imminent opening of a new land crossing.

The Saudi newspaper "Okaz" quoted Al-Janabi as saying that "Iraq and Saudi Arabia are discussing the abolition of entry visas for diplomatic passport holders, and the abolition of visa fees for regular passport holders, to facilitate the movement of citizens between the two countries."

He referred to the expected economic return on this matter. Stating that the opening of the "Jadidat Arar" land crossing will cause an economic leap for the city of Arar and the nearby cities on the Saudi side, as well as in Anbar Governorate and Al-Nukhayb city.

Al-Janabi described the bilateral relations between Riyadh and Baghdad as "a product of religious, clan, and cultural common denominators between the two brotherly countries, and that there is a complete agreement of visions between the leaderships of the two countries."

He stressed that "King Salman bin Abdulaziz and his crown prince, Mohammed bin Salman, are keen to support the policy of openness towards Iraq."

He pointed out that "there is close cooperation between the Iraqi security services and their Saudi counterparts to prevent infiltration and smuggling activity and criminal gangs, and this has achieved great stability and security of the vast land borders," stressing that "cooperation between the security services in both countries is continuous, steady and constructive cooperation."

Last July, the two countries signed several joint agreements within the Coordinating Council between them. Areas include investment, energy, education and health.

It is scheduled that the Iraqi Prime Minister, Mustafa Al-Kazemi, will make a visit to Saudi Arabia, which was previously postponed due to the hospitalization of the Saudi monarch.







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Bloomberg: Iraq turns to Saudi Arabia and the International Monetary Fund to treat its ailing economy Empty Saudi Arabia and Iraq are considering abolishing the entry visa fees

Post by claud39 on Tue Aug 11, 2020 12:53 pm

Saudi Arabia and Iraq are considering abolishing the entry visa fees


11 August 2020 1:51 PM





Bloomberg: Iraq turns to Saudi Arabia and the International Monetary Fund to treat its ailing economy 1024








Riyadh - Mubasher: The Iraqi ambassador to the Kingdom of Saudi Arabia, Qahtan Al-Janabi, confirmed the existence of bilateral consultations between the Kingdom and Iraq to cancel entry visas for diplomatic passport holders, and abolish visa fees for regular passport holders.

In statements to Okaz newspaper, today, Tuesday, Al-Janabi added that the abolition of those fees is to facilitate the movement of citizens between the two countries, referring to the expected economic return on this matter.

Al-Janabi said that the opening of a new Arar port would make an economic leap for the city of Arar and the nearby cities, as well as in Anbar Governorate and Al-Nukhayb city, pointing out that the two parties are in the process of completing some logistical and technical requirements, expecting the opening of the port soon.

Last July, the Iraqi ambassador to the Kingdom confirmed that the Iraqi-Saudi Coordinating Council agreed, during its meeting in Riyadh, to  invest in large Iraqi projects . The two sides agreed to start building soon, King Salman's gift of building a sports stadium in Baghdad.

And the Iraqi Finance Minister, Abdul Amir Allawi, said earlier that cooperation between Iraq and Saudi Arabia continues in all fields, including opening the doors of investment and activating the signed bilateral agreements that deal with the sectors of oil, energy, industry, agriculture and trade exchange.  

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Bloomberg: Iraq turns to Saudi Arabia and the International Monetary Fund to treat its ailing economy Empty The Ministry of Finance approves the opening of a government bank inside the Arar border crossing

Post by claud39 on Wed Aug 12, 2020 12:49 pm

The Ministry of Finance approves the opening of a government bank inside the Arar border crossing


08/12/2020







Bloomberg: Iraq turns to Saudi Arabia and the International Monetary Fund to treat its ailing economy 22452







Economy News _ Baghdad



A high-ranking source in the Anbar local government announced, on Tuesday, the approval of the Finance Ministry to open a government bank inside the Arar border crossing with Saudi Arabia, west of Anbar.

"The Ministry of Finance agreed to open a government bank inside the building of the Arar border crossing with Saudi Arabia, west of Anbar, as part of the measures taken to reopen the port during the next few days," the source said in a press interview.

The source, who preferred not to be named, added, "The local government in Anbar, in cooperation with the security forces, provided all requirements for security protection measures for the building, indicating that" the opening of the bank coincided with the arrival of a committee from the Border Ports Authority to ensure that the port was prepared and all procedures were completed. Remaining "





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