Babylon succeeds in production of oil wells, according to specifications of the American Petroleum Institute

One of the products of the Babylon Cement Factory money and business

Economy News Baghdad

Babil Cement Factory in the Southern Cement Cooperative Company of the Iraqi General Company for Cement announced on Monday the achievement of high production capacity in the production of cement oil wells (B) and (G) with specifications corresponding to the American Petroleum Institute (API).

“The factory has equipped the Southern and Central Oil companies and Maysan with large quantities of cement oil wells and was able to enter into direct contracts with the Chinese companies that have licenses in the provinces of Dhi Qar, Maysan and Basra to equip them,” said Assistant General Manager Mohamed Hassan Naji in a statement read by the economy news. (10) thousand tons. ”

He added that “the production plan for Babil cement plant reached (5000) tons per month and will witness an increase in production to (8000) tons per month to secure the need of the Ministry of Oil,” stressing that “Babil Cement plant will be a successful and profitable laboratories after achieving the plan set under the guidance and follow-up of The management of the General Company for Iraqi Cement and the support of the Ministry of Industry and Minerals that the plant has become specialized in producing the finest types of cement oil wells B (B) and (G) certificate API (API).

Naji said, “Achieving the plan to produce (5000) tons per month of Noura material used in the manufacture of Thurston and limestone, but it suffers from weak marketing because of the entry of imported imported non-good and non-controlled material, which led to the difficulty of selling and marketing the quantities produced,” pointing to “The formation of a committee of the Ministry of Industry and the Southern Cement Cooperative to monitor the border and prevent the import of material Noura with the existence of protection by the imposition of customs duties and seek a government decision to prevent import, especially as the plant can meet the full local need to be locally produced The failed response has been stated. ”

Bank of Baghdad: The Central Bank of Iraq has succeeded in strengthening the pillars of monetary stability

Bank of Baghdad logo. “Internet”


Economy News Baghdad:

The Chairman of the Board of Directors of the Bank of Baghdad, Essam Ismail Sharif, that the Central Bank of Iraq has succeeded in strengthening the pillars of monetary stability in spite of the circumstances experienced by Iraq.

“In 2018, the Central Bank of Iraq, through its strategy of managing monetary policy and strengthening the pillars of monetary stability despite the circumstances in which the country was going through, succeeded in overcoming these conditions,” Sharif said in his annual report issued by the Bank of Baghdad. While maintaining the exchange rate of the dinar to the dollar within the parallel market prices. ”

He stressed that “the Central Bank continued to provide short and medium-term credit lines to finance the economic sectors, including small and medium-sized enterprises within the preferential interest rate, and in the liquidity side work to pay part of restricted cash with its branches in Sulaymaniyah and Arbil to Iraqi banks.”

He continued his leadership role in the development of electronic payment methods and the process of settling salaries in Iraq, and on the technical side issued the Central Bank of Iraq instructions for the application of capital adequacy according to the Basel III standard,  which began to be applied experimentally on the data of the third quarter and fourth and will be adopted from the year 2019 “.

He pointed out that “the Iraqi economy is expected to achieve growth of 6.5% during the year 2019, in light of improved macroeconomic factors and the deficit of the general budget of the state and the need for the country to reconstruction projects of infrastructure.”

He pointed out that “Bank of Baghdad has been able to grow its financial position and size of customer deposits and to achieve a part of the qualitative and quantitative achievements at the administrative and organizational level and maintain liquidity and improve the quality of assets, which will maintain its position within the Iraqi banking sector,” explaining that “the capital adequacy ratio reached 127% Which exceed the indicators of global requirements and the Central Bank of Iraq.

He pointed out that “to meet the requirements of customers at the bank has re-completed the spread of its distribution channels and develop, whether opening branches at their new sites and start rehabilitation of the branches of Mosul and Tikrit and Anbar to be within the branches operating in 2019 in addition to the expansion of electronic distribution channels in terms of exchange, A cashier and is planned to reach 62 cashiers. ”

Finance announces broad measures to support private sector and encourage investment

Release date: 2019/4/29 11:43

The Ministry of Finance’s Inspector General, Maher al-Bayati, announced on Monday the adoption of a number of urgent measures to combat red tape through facilitating the procedures of the Ministry of Finance departments concerned with the investment file.

A statement by the Office of the Inspector-General, received the agency {Euphrates News} a copy of it, “The new instructions, came in order to support and empower the private sector and in line with the direction of the state in this context.”

“There is a great seriousness to provide a positive environment to support and encourage investment, through the development of sophisticated mechanisms to work to eliminate bureaucracy and reduce the routine in the process of completion of transactions.”

The Inspector General of the Ministry of Finance, “The new procedures, will be based on rapid communications, and the designation of coordinators to follow up on these field contacts and get the answers within fast time, in coordination with the National Investment Authority, as well as directing all banks under the Ministry of Finance, Which will facilitate the completion of the transactions of borrowers and investors from the private sector. ”

Announcement of important decisions between Baghdad and Erbil

Date of release: 2019/4/29 12:10

(Baghdad: Al Furat News) The Economic Affairs Committee chaired by the Deputy Prime Minister and Minister of Finance, Fuad Hussein, attended the presence of the Ministers of Commerce, Planning, Industry and Agriculture, the Governor of the Central Bank of Iraq, the Chairman of the National Investment Commission, the Undersecretary of the Ministry of Finance and Planning, The border ports and the customs and a number of advisers and general managers and experts competent in the federal government, its eleventh session in Arbil on Sunday.

The committee held a joint meeting with the Kurdistan Regional Government, headed by the President of the Kurdistan Regional Government, Najirvan Barzani, and the presence of his deputy Qubad Talabani and National Security Advisor and Minister of Interior, Planning and Health, the Head of the Cabinet and the Chairman of the Investment Authority and a number of agents, consultants, general managers and experts in the Kurdistan Regional Government

. That the Committee on Economic Affairs took its decision at the 10th meeting to hold the next meeting in Erbil to discuss the obstacles and the implementation of the decision of the Council of Ministers in the Federal Government No. 13 of 2019.

The Committee discussed the paragraphs on its agenda and listened to the technical and legal opinions from both sides to reach final agreements on the implementation of the above paragraphs of the resolution and a national and brotherly brotherhood transparent and a serious desire of both parties to reach common formulas that benefit the people of Iraq.

The Commission has taken a number of important decisions following the following:

– The provincial government shall take the necessary legal measures to take the recommendations of the minutes signed between the Border Crossings Authority and the representatives of the Kurdistan Regional Government in order to unify the procedures in all outlets of the Republic of Iraq, ) Months.

– The ministries of planning in the federal government and the region to standardize the procedures for the classification of contractors during the period (60) days and submitted to the Economic Affairs Committee for ratification.

– Approval of the mechanism of joint action to activate the Industrial Investment Law for the private and mixed sectors No. (20) for the year 1998 and ratified by the ministers of industry in the federal government and the Kurdistan region.

– Formation of a joint committee between the representatives of the two governments and in the presence of the representatives of the companies examining the agreement on the mechanism of inspection of imported goods within a period not exceeding (60) days in order to preserve the health of citizens and the environment. The committee submits its recommendations to the Economic Affairs Committee for approval.

– Holding a joint meeting between the tax authorities in the federal government and the Kurdistan region within two weeks to agree on common formulas for tax work throughout Iraq.

– Commends the Economic Affairs Committee on the decisions of the Council of Ministers of the region on the implementation of decisions to protect the product and the continued cooperation to consolidate those decisions to benefit the Iraqi traders, manufacturers and farmers, with the addition of a member of the Kurdistan Region Committee Diwan 14 for the year 2018 and the prevention of import.

– Holding a joint meeting between the two ministries of commerce in the federal government and the region, one week after the date of the current session of the final agreement on the issuance of import and export licenses and submit recommendations to the Committee on Economic Affairs.

– Unify the quarantine and veterinary fees and activate the work of the two committees formed in the Ministry of Agriculture in the Federal Government and the Ministry of Agriculture and Water Resources in the Region and continue to hold their meetings of the best continuous coordination service for the public interest, with the formation of a direct and mutual operations room between the two ministries to deal with emergency cases and the spread of epidemic diseases, Agricultural and veterinary services.

– Approved the holding of periodic meetings every 3 months between the Committee of Economic Affairs and the Kurdistan Regional Government to follow up the implementation of their decisions and coordination in the common economic issues.