KFTA – Some “Wednesday News” Posted by Clare at KTFA 11-22-2023

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Clare:  Iraq agrees in principle to establish a joint economic zone with Saudi Arabia

11/22/2023

The Ministry of Industry and Minerals announced, on Wednesday, its initial approval to establish a joint economic zone with Saudi Arabia on the common border between the two countries. LINK

Clare:  The dollar in Iraq.. Baghdad is planning “permanent solutions” with Washington, and Parliament describes the dialogues as “successful”

11/21/2023   Baghdad 

The Finance Committee in the House of Representatives said today, Tuesday (November 21, 2023), that the dialogues taking place between the Central Bank of Iraq and the US Department of the Treasury are very important to find solutions to the dollar crisis in Iraq.

Committee member Moeen Al-Kazemi told Baghdad Today, “The monetary and financial authority in Iraq is making great efforts through negotiation and dialogue with the US Treasury Department in order to find quick and lasting solutions to the dollar crisis, and these dialogues are very important

Al-Kadhimi stated, “Over the past few days, Iraq has reached important solutions with the American side, and the dialogues have been successful. Therefore, new meetings must be held to present more solutions that strengthen the Iraqi dinar, prevent any scarcity of the dollar in Iraq, and support the Iraqi banking sector.”

Yesterday, Monday (November 20, 2023), an informed source reported an expected meeting between the Central Bank of Iraq and the US Treasury Department next week.

Government sources recently spoke about an agreement concluded between the Central Bank of Iraq and the American side, which resulted in an increase in the number of banks that can directly enhance their balance in dollars to 10 banks, 5 of which are through Citibank, and the other five are through Bank GB Morgan), according to the Iraqi News Agency.

He also revealed that the number of Iraqi banks whose balances in Chinese yuan will be strengthened through the Singapore Development Bank has increased to 13 banks, while the number of banks whose accounts in Indian rupees with the Singapore Development Bank have been strengthened is 2, and Other banks will be added during the next two weeks.

Other meetings were held that brought together an Emirati bank, the Central Bank of Iraq, and the American side, to implement the mechanism for enhancing balances in the Emirati dirham for Iraqi banks, where all the technical details were resolved, and it is expected that The mechanism for enhancing balances in the Emirati dirham will begin during the next few days. LINK

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Clare:  Oil: Adopting electronic payment systems at all stations early next year

11/22/2023

The Ministry of Oil announced, on Wednesday, the adoption of electronic payment and the suspension of cash dealing at fuel filling stations, starting from January 1, 2024.

The Ministry stated in a statement that “based on the directives of the Council of Ministers in its session numbered 23620 of 2023, held on 10/31/2023, related to activating… Electronic payment service, adopting modern automation systems, and ending cash dealing.

Accordingly, and in line with government directives, the Ministry of Oil, the Petroleum Products Distribution Company, decided to adopt electronic payment systems in all stations and suspend cash dealing, as of January 1, 2024.”

The statement added, “Citizens must cooperate with the Petroleum Products Distribution Company by adopting modern mechanisms and means in the distribution sector to serve the public interest, by acquiring approved electronic payment cards so that everyone can refuel according to the new mechanisms, and benefit from the services provided in the distribution sector.”   LINK

Clare:  With the participation of 120 companies…the launch of the Iraq International Building, Construction and Infrastructure Exhibition

11/22/2023   Baghdad

The activities of the Iraq International Building, Construction and Infrastructure Exhibition, in its second session, were launched in the capital, Baghdad, on Wednesday, with the participation of more than 120 companies from 13 countries, while the Governor of Babylon, Wissam Aslan, confirmed that the government allocated the largest portion of the investment budget to infrastructure projects .

Aslan said in his speech during the Iraq International Building, Construction and Infrastructure Exhibition, “The country is in real need of a major campaign on the issue of reconsidering the previously existing infrastructure or establishing new infrastructure in areas where there is no infrastructure, especially the issue of construction and construction, represented by roads and drainage networks.” Sanitary and rainwater networks,” pointing out that “the facilities and institutions supporting these sectors must have bridges, tunnels, laboratories, and factories that will provide supplies and construction for the construction .”

He added, “The government decided, through its three-year plan, that the largest portion of the funds allocated to the investment budget would be for the infrastructure issue,” noting that “Prime Minister Muhammad Shiaa Al-Sudani stressed in all his meetings, whether with the governors or with the ministers, that funds must be allocated.” The state provides infrastructure projects that take care of the real requirements and needs of the citizen with a long life and high quality .”

He expressed his hope that “the outcomes of this exhibition will be positive and serve the interest of improving the quality and quantity of infrastructure,” stressing “the necessity of rapprochement between governors and capable companies of high capacity and quality due to the presence of a large package of real projects in all sectors, whether the road sector or the sanitation sector.”

And the rainwater sector, desalination plants, treatment plants, bridges and tunnels, in addition to the presence of real investment opportunities in most of our governorates concerned with factories, laboratories and facilities interested in this sector for the pipe industry, the manufacture of prefabricated panels, the concrete industry and various real industries, all of which are supportive and comprehensive of this important structural sector. ”

Meanwhile, Osama Majeed, relations and media official at Sorouh Exhibition Organizing Company, confirmed in a statement reported by the official news agency, and seen by Al-Iqtisad News, that “the activities of the Building and Construction Exhibition were launched with the participation of more than 120 companies from 13 countries,” indicating that “these companies that presented Today to the capital, Baghdad, you realize the importance of the Iraqi economic market, as it is a large and very promising market,” explaining that “today, all governorates are witnessing the process of building, rehabilitating, and moving infrastructure in general, and it is an opportunity for these companies to present all their products and the latest technology they have achieved.” It puts it in the hands of the Iraqi investor and in the hands of decision-makers .”

He stressed that “today a protocol agreement was signed between three companies, namely Al-Sorouh Company for Organizing International Exhibitions, companies from the Emirates and an Egyptian company, which will result in specialized exhibitions in the coming days,” explaining that “the arrival of companies is a gain for Iraq.   LINK