Expert: $ 25 billion of Iraq’s financial benefits after oil rises above $ 70

Information / Special …

Oil expert Hamza al-Jawahri said on Thursday that the rise in oil prices above the $ 70 a barrel will provide Iraq with a financial surplus of more than 25 billion dollars added to its federal budget.

Al-Jawahiri said the “high oil will provide a surplus on the federal budget estimated at more than 25 billion dollars after rising to 73 dollars a barrel.”

He added that “the federal government will work to save the money that will be obtained from the rise of oil to the end of the year will not be disposed of at the present time,” adding that “savings will get the government’s fear of falling oil prices in the coming months and exposed to a financial crisis.”

Russia joined the Organization of the Petroleum Exporting Countries (OPEC) last year to cut oil output by 1.8 million barrels per day (bpd) in an agreement aimed at restoring equilibrium to the market and helping raise crude prices to near a 4-year high.

Brent crude rose for the sixth session in a row, the first on Tuesday, to hit its highest level since November 2014, exceeding $ 75 a barrel.

New US Secretary of State begins his Middle East tour


Release Date: 2018/4/26 23:20 • 35 times read
(AFP) – The new foreign minister, Mike Pompeo, plans to visit Saudi Arabia, Jordan and Israel this weekend, the State Department said Thursday.
Pompeo will visit these countries over the weekend after a stopover in Brussels for a meeting of the North Atlantic Treaty Organization (NATO).
“No foreign minister in recent history has made a trip at this speed,” State Department spokesman Heather Nauwert told reporters.
The US Senate approved earlier Thursday the appointment of CIA Director Mike Pompeo as Secretary of State for President Donald Trump’s administration.

International Development Bank for Investment & Finance announces membership of Visa Card International

Thursday, April 26

– The International Development Bank for Investment and Financeannounced on Thursday that it has been granted a membership license from Visa Card International for the first time from inside Iraq .

“The International Development Bank for Investment and Finance has held a major celebration by granting a membership license from Visa Card International to issue cards for the first time from inside Iraq,” the bank’s management said in a press release.

“The license was signed between the International Development Bank, represented by the Chairman of the Board of Directors Ziad Khalaf Abdul and the Director General of Visa Card for the North African and Mashreq countries represented by Tareq Ezzeddine Al Husseini.”

The administration said in its statement that “the celebration was attended by high-level figures from the Central Bank of Iraq , representatives of the Union of Arab Banks, the Association of Iraqi Private Banks, the Iraqi Stock Exchange, and a large number of managers of Iraqi and Arab banks, including representatives of international audit companies Ernest and Una and KPMG “He said.

The administration said that “this step comes in light of the continuation of the bank led the revolution of the transition to electronic payment, and support for the initiative of the Central Bank of Iraq in the project to settle salaries for employees of the government sector, and implementation of the decision of the Secretariat of the Council of Ministers,” noting that “the International Development Bank is a race in The electronic payment process for its huge and comprehensive infrastructure enabling it to diversify the provision of electronic banking services. ”

“The International Development Bank has made great achievements in the field of financial technology to reach the requirements of the Central Bank of Iraq,” said Ziad Khalaf Abdul, during his speech at the celebration, adding that “this signature would not have been made without a study by Visa Card to choose the most bank Suitability and conformity with the standards of international banks “.

Two British and UAE companies get 6 investment licenses worth $ 519 million in Iraq

«Economy News»
 Emaar Construction

Economy News Baghdad:

The National Investment Authority (NIA) has granted investment licenses for six projects in Iraq worth 519 million dollars to British and UAE companies.

The “Forum of Investment and Reconstruction Opportunities in Iraq” witnessed the signing of investment permits with Arab and foreign investors in the presence of a number of Iraqi officials.

Three investment licenses worth 205 million dollars were awarded to Daeco World Holding Company to develop and rehabilitate the central markets, namely Mustansiriya and central markets, as well as an investment license to develop the central and central markets.

The company also awarded Daiku International investment license for the construction of the Muftiyah project in the province of Basra, a residential, recreational and commercial project at a total cost of 234 million dollars.

Al-Ghaith Industries Co., Ltd. (UAE) granted the investment licenses from the Muthanna Investment Authority to establish the caustic soda plant at a cost of $ 65 million and the production of high-purity edible salt at a cost of $ 15 million.

President of the Association of Private Banks: The strategy of the Central Bank has overcome difficulties in front of banks


Economy News Baghdad:

The President of the Association of Iraqi private banks, Wadih al-Hanalal, that the strategy of the Central Bank of Iraq 2016-2020 has a great depth and helped to overcome difficulties in the work of banks.

“The central bank’s strategy for the years 2016-2020 has a very deep depth, which reflected positively on the work of banks and put difficulties in front of him,” said Al-Hantal in his speech during the session of “Investment Partnership” within the forum of investment and reconstruction opportunities in Iraq. “The Central Bank applies the recommendations that come out of the conferences in addition to visions of the World Bank.”

He pointed out that “the Central Bank introduced the follow-up department and had a significant impact in the implementation of its decisions, which reflected positively on the banking sector.”

He pointed out that “the visit of the Bahraini banks to Iraq has not occurred since 1980 and has opened important doors and we hope that the Bahraini banks to be correspondent banks.”

He pointed out that “the Central Bank is the strategic partner and the big tent of the banks and because of its directions, Iraqi banks have international accounting standards in addition to the implementation of the requirements of the global financial system.”

He noted that “the Association of Iraqi private banks trained 1800 people to the best international standards, in addition to training the youth through the course of empowerment and employment in the banking sector.”

“For the first time, banks have participated in community initiatives, and the initiative of Baghdad to rehabilitate 20 fields has been funded by the private banking sector as well as the initiative support fund.”

Organizing an exhibition for Iraqi banks at Al-Mansour University College


Economy News Baghdad:

The Central Bank and the Association of Iraqi private banks, Thursday, an exhibition of Iraqi banks on the land of Mansur College University within the activities of financial inclusion.

The Dean of Mansur College, Dr. Abdul Rasool Abdul Jassim, said in an interview with “Economy News” on the sidelines of the activities of financial inclusion, that “Mansur College in cooperation with the Association of Iraqi private banks organized today to identify the importance of the concept of financial comprehension and the mechanism of the banks through the use of technologies Modern and approved by international banks and the use of electronic payment tools and the opening of bank accounts .

He added that “many of our students today are suffering from lack of knowledge of the mechanisms used in opening accounts and the use of credit cards,” explaining that the banks participating in the events are (the Rasheed Bank and the Union and Babil, Ashur, Kurdistan and commercial and the Iraqi Islamic south and Alahli) in addition to the two companies Amwal and the gate of Iraq .

He pointed out that “the students of the College were able today to see the latest banking methods in place by the government and private banks in the event held in cooperation with the Central Bank and the Association of Private Banks .”