International Monetary Fund: Iraq’s medium-term growth prospects are positive

 

International Monetary Fund: Iraq's medium-term growth prospects are positive
International Monetary Fund

BAGHDAD – The International Monetary Fund (IMF) expects Iraq’s economic activity to remain silent this year as oil production shrank by 1.5 percent due to OPEC’s agreement to cut oil production and a modest recovery for the non-oil sector.

The medium-term growth prospects of the Iraqi economy are positive, and growth will return to the expected moderate increase in oil production and recovery in non-oil growth, supported by the expected improvement in security and the implementation of structural reform, the IMF said in a statement on Wednesday.

“The risks are still very high, but they are mainly due to volatile security, political tensions and weak policy implementation.”

Iraq faces a double shock caused by the conflict with a push and drop in oil prices, the statement said.

Real GDP rose by 11% by the end of 2016, due to a 25% increase in oil production, which was not significantly affected by the conflict with the DUP.

The drop in oil prices has led to a decline in Iraq’s international reserves from $ 54 billion at the end of 2015 to $ 45 billion at the end of 2016.

Financial pressures continue, with the government deficit rising from 12% of GDP in 2015 to 14% in 2016, despite continued fiscal consolidation due to weak oil prices and rising humanitarian and security spending.

The IMF statement noted that the authorities have maintained an appropriate link to the exchange rate, and simplified documentation requirements implemented by the Central Bank of Iraq reduced the parallel market to 6% in June 2017.

Sinjuk confirmed Iraq’s support through a three-year reserve arrangement of 3.831 million SDRs ($ 5.380 billion), equivalent to 230 percent of the quota.

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US Building Additional Military Base in Iraq

 

US Building Additional Military Base in Iraq

ERBIL — The US is establishing a military base near Mosul, north of Iraq to boost its military presence in the region.

According to Iraqi Lt. Col. Mahdi al-Khafaji who spoke to Anadolu Agency, the base is located in Zummar district of Nineveh province.

“The establishment of the base came upon talks held between the US and Iraqi forces on Friday in Mosul’s Zammar district,” he stated.

Technical teams of the US army have reportedly completed over 50% of the work at the base which is said to be used later as a command centre for the Tel Affar operation.

“US special forces and advisers have been deployed to the base,” the official said.

http://www.basnews.com/index.php/en/news/iraq/369656

US builds military base in Iraq to supervise Tal Afar operations

 

August 09 2017 07:45 PM
US builds military base in Iraq to supervise Tal Afar operations
US builds military base in Iraq to supervise Tal Afar operations

A US military base has been established near Iraq’s northwestern Tal Afar city, Anadolu Agency cited an Iraqi military source as saying on Wednesday.

“The establishment of the base came upon talks held between US and Iraqi forces Friday in Mosul’s Zammar district,” Lt. Col. Mahdi al-Khafaji said.

According to al-Khafaji, the technical teams have completed more than 50% of their work at the base.

The military base is supposed to be used for planned operations to recapture Tal Afar from ISIS terrorists.

“US special forces and advisers have been deployed at the base,” he confirmed.

Iraqi forces have been preparing to launch an offensive to capture Tal Afar from ISIS after defeating the terrorist group in Mosul last month.

Tal Afar has remained an ISIS stronghold since the terrorist group overran vast territories in northern and western Iraq in mid-2014.

http://www.thebaghdadpost.com/en/story/15460/US-builds-military-base-in-Iraq-to-supervise-Tal-Afar-operations

 

 

Oil rises above $ 52 ahead of US inventory report

 

Oil
 energy

Economy News Baghdad:

Oil prices surged more than $ 52 a barrel on Wednesday ahead of the release of a weekly report on US oil inventories, which is expected to show a drop in inventories for the sixth week, but doubts about compliance with an OPEC-led cut agreement have limited gains.

US Petroleum Institute said late on Tuesday that crude inventories in the United States fell more-than-expected last week as imports declined and crude oil consumption in refineries rose, while gasoline inventories unexpectedly increased.

Crude stocks fell 7.8 million barrels last week to 478.4 million barrels, while analysts forecast a 2.7 million barrel decline.

The US Energy Information Administration is due to release its weekly oil inventories report at 1430 GMT on Wednesday.

Brent crude <LCOc1> rose 34 cents to $ 52.48 a barrel by 1159 GMT, after falling for two days. The WTI rose 30 cents to $ 49.47 a barrel.

 

http://economy-news.net/content.php?id=8667

Iraq plans to launch multi-billion dollar projects to develop the telecommunications sector

 

Minister of Communications Hassan Kazem Al – Rashed
 money and business

Economy News Baghdad:

Minister of Communications Hassan Kazem Al-Rashed said on Wednesday that the Ministry of Communications is considering plans to implement mega projects to improve the telecommunications sector in billions of dollars in a few years, using the help of international companies solid.

Al-Rashed said in a press statement received by Al-Iktissad News, “The Ministry of Communications has an integrated program for the development of the telecommunications sector, which was adopted using the expertise of the ministry and the use of international consulting companies, including the development of the telecommunications sector and infrastructure, control of communications sites and control, Currently being negotiated “.

“The ministry has formed the Iraqi space agency in preparation for the launch of the new satellite, which will be used for various services, including television broadcasting and research and development of communication programs and the Internet.”

He pointed out that “the corridors of the Ministry is witnessing a tireless movement in order to start the implementation of these projects through the help of international companies solid, in addition to the efforts of the Ministry of excellence, which will put these projects to invest in front of the global companies.

“The implementation of these programs will make Iraq in the ranks of developed countries as well as the achievement of large financial revenues in a few years.”

Iraq plans to launch multi-billion dollar projects to develop the telecommunications sector

A spokesman for Abadi’s office reveals the government’s actions to encourage the private sector

 

 

Policy     access_time 2017/08/09 19:40 : 60

Baghdad today – Baghdad

A spokesman for Prime Minister Saad al-Hadithi said on Wednesday the government measures taken by the government of Abadi to encourage investment and achieve partnership with the private sector, pointing out to seek to activate the economic sectors and solve the housing crisis through partnership with the sector.

(Baghdad Today) published the full statement of the Hadith, as reported by the Information Office:

Government action to encourage investment and partnership with the private sector:

Since its establishment, the government has adopted an ambitious program to achieve partnership with the private sector and to open new doors for investment and encourage investors, whether individuals or companies, to enter the Iraqi investment market and provided in order to achieve this goal many incentives and facilitated the investment requirements to an unprecedented extent starting from the registration procedures and issuing and granting vacations Investment in the adoption of a single window, and has been removed many of the rings that have been hampering government efforts to open promising prospects for investment in various sectors, and to complement this endeavor and to confirm the serious willingness of the government to move forward in this direction and events There was a lot of interest in the Iraqi investment market. This topic was the subject of extensive research, extensive dialogues and numerous meetings conducted by Dr. Haidar Al-Abbadi, Prime Minister in all the meetings he held and the international forums and forums in which he participated with the officials of different countries and with the representatives of international companies specialized and possesses huge investment potentials As well as with

The Government, in order to move the labor market in Iraq and activate the economic cycle, has continuously and urgently sought to do everything that would stimulate investment and stimulate the private sector and encourage investors to enter strongly in the various economic sectors, development and service, aware of the importance of investment in providing the requirements for job creation In addition to activating many sectors of labor, trade and transport, rebuilding the industrial sector, developing the agricultural sector, finding effective solutions to the problem of housing and establishing the projects necessary for economic development. For humanity and the provision of basic services to the citizen and the rehabilitation of infrastructure in the field of energy, transport, education, health and other vital areas associated with the development of the Iraqi economy and provide better services for citizens in addition to the provision within this government’s drive new sources of income to the state budget for the Council of Ministers has approved the sale and rental properties and land system

The National Investment Authority shall coordinate with the Investment Authority in the Region or in the governorates that are not organized in the Region to determine the suitable properties for the implementation of the investment projects and coordinate with the owner of the property with regard to the allocation of real estate for the establishment of investment projects provided that the property allocated to the project to the investor within 30 days from the date of allocation Free of concerns The system provides for the formation of a federal committee composed of the Chairman of the National Investment Commission as president and membership of: the head of the investment authority in the province or the province of irregular territory, the Director General of the General Authority taxes, and Director General of Real Estate Registration Department, and a representative of the owner of the property.

This committee assesses the value of state and public sector properties for major strategic projects and projects of a federal nature.

At the same time, sub-committees in the region and the governorates headed by the head of the investment authority in the province or the province are not organized in a region and membership: representatives of the National Investment Commission, the General Authority taxes, and the real estate registration department, the owner of the property in the province.

These committees assess the value of real estate belonging to the state and the public sector for investment projects in the governorates.

The Federal Commission and the subcommittees have been guided by the estimates of the General Authority of Taxes and the Real Estate Registration Department and the use of the relevant legal legislation to estimate the value of the property, experts and specialists for the purpose of estimating the sale and rent allowances. The owner of the real estate is obliged to pay the estimated sales or rental fees of the aforementioned committees. In case of non-compliance, the National Investment Authority shall present the minutes of appreciation to the Council of Ministers for the issuance of the appropriate resolution.

The owner of the property designated for the investment projects shall also be bound by the legal conduct contract within 30 days from the date of the estimation of the sale, rent or mashatah fees.

The land allocated for housing projects within the basic design with a sale allowance of 10% of the value of real land. In order to stimulate investment in the housing sector and to reduce the wages of housing units in the investment complexes to the maximum extent possible in support of the registrants on these units, the new system included the ownership of the investor and developer of the land designated for housing purposes (outside the basic design) without allowance, provided that the value of the land is not included in the value of the housing unit Sold to the citizen, in order to push towards the establishment of major housing projects contribute to address the problem of housing and provide housing units at prices commensurate with the income level of the vast majority of citizens.

With regard to land allocated to industrial projects, the system stipulated that it would have a sale allowance of 15% of the real value of the land within the basic design and 5% for the land outside the basic design.

On the rent, the system provides for the land required for the implementation of multi-purpose residential projects such as residential complex, recreation or service within the residential cities on a rent or a flat. Of the value of the rental allowance estimated at 10/. of the real value of the land provided that the investor returns land used for public benefit, such as parks, streets and others to the concerned government authorities within 60 days from the date of completion of the project free of charge.

Land allocated for agricultural projects is leased as follows:

1. Reclaimed arable land with a water share with a rental fee of 20./.

2. Non-reclaimed arable land with a water interest of 10%

3. Un-reclaimed arable land with no water quota of 2%

4. Un-reclaimed land that is not suitable for agriculture and does not have a share of 1%

   With regard to industrial projects that are set up in the areas designated for the purposes of industrial investment projects, they are leased with a rent or a flat fee of 2%. The same percentage applies to electrical, oil and other projects located outside the municipal boundaries. As for the tourism projects, such as tourist cities, recreation cities, leisure complexes, etc., a 10% rent or a tenancy fee applies to them. In regard to commercial projects such as commercial centers, hotels, etc., they are subject to rent Or 10% for the first fifteen years from the date of commencement of the commercial operation. The percentage after the end of the said period shall be a rental allowance of 3% of the value of the land.

The cost of sale, lease or landline payments shall be transferred to the owner of the land provided that 50% of them are allocated within the budget of the concerned parties to provide the external infrastructure services or public utilities within the project. In order to encourage investors there will be a grace period in payment. From the date of commencement of commercial operation or production of the project, provided that the investor undertakes to complete the project within the period specified in the contract.

In order to expand the investor base of these investment incentives, the provisions of this system will apply to residential investment projects with valid investment licenses prior to the issuance of the second amendment to Investment Law No. 50 of 2015,

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Britain gives Iraq $ 117 million to finance energy projects

Economy access_time 2017/08/09 17:46 chat_bubble_outline Number of readings: 125

Baghdad today

LONDON (Reuters) – The British government announced Wednesday that it will provide $ 117 million to help build two gas-powered plants in Iraq.

“The UK export credit arm will provide $ 117 million (90.03 million pounds) in funding to General Electric and Enka Oak to help build two gas-powered plants in Iraq,” the government said in a statement quoted by the New York Times.

“The United Kingdom will support the early stages of building two 750 MW solar power plants,” the statement said.

“Although Iraq is a major producer of oil, it faces a chronic shortage of electricity as it struggles to maintain a fragile power grid to provide citizens with years of war, sanctions and neglect,” the New York Times said.

“Britain agreed last March to allocate 10 billion pounds to fund infrastructure projects in Iraq over ten years, a program that will benefit only British companies.

Source: nytimes