Thurs. AM TNT News Articles 2-24-22



Oil exceeds $ 105, gold jumps more than 3 percent

Shafaq News/ On Thursday, oil prices continued to rise, reaching more than 105 dollars per barrel, and gold prices rose by more than 3 percent after a Russian attack on Ukraine raised fears of a war in Europe that could disrupt global energy supplies.

Brent crude prices rose to $ 105.01 a barrel, the highest level since August 14, 2014, by 0.9:23 GMT, an increase of $ 8.40, or 8.47 percent.

West Texas Intermediate crude prices rose $7.48, or 6 percent, to $99.58 a barrel, the highest since August 11, 2014.

Oil prices have risen by more than $20 a barrel since the beginning of 2022 on fears that the United States and Europe will impose sanctions on the Russian energy sector and supply disruptions.

On the other hand, gold prices jumped more than 3 percent to the highest level in more than a year, as investors turned to safe havens after the start of the invasion of Ukraine by Russian forces, following orders from President Vladimir Putin to carry out what he described as a special military operation.

And gold rose in spot transactions 1.7 percent to $ 1971.97 an ounce, after reaching its highest level since January 2021 at $ 1948.77 an ounce.

And US gold futures rose 1.8 percent to $ 1970.90 an ounce.

Finance Minister: The white paper and its projects represent the main pillar of economic reform in Iraq

The Minister of Finance, Ali Abdul Amir Allawi, Deputy Chairman of the Supreme Committee for Economic Reform in Iraq considered today, Thursday, the plan for implementing the white paper “representing the main pillar of economic reform” in the country.

Allawi chaired a meeting that included the undersecretaries of the various ministries in charge of the White Paper projects, in addition to the reform cell team charged with following up on the implementation of those projects, according to a statement issued by the Ministry of Finance today.

The statement quoted Allawi as saying: The White Paper plan and its projects represent the main pillar of economic reform in Iraq, as despite it being primarily targeting government performance, its effects extend to the entire economy.

He also stressed that the white paper is a vision presented by the current government and started to implement it, and it represents a road map for implementing reform for future governments because of these projects of a purely professional economic nature, and there must be a clear will and vision to implement them.

During the meeting, the Minister of Finance indicated the need to show sufficient professional flexibility to implement these projects in coordination between the various ministries involved in the implementation.

The meeting witnessed access to the electronic program for measuring, evaluating and progressing performance for the levels of implementation of various projects after six months from the start of implementation, as the international support provided to Iraq for the implementation of these projects and the need for coordination between the various ministries, the reform cell and the international parties providing that support were discussed.

During the discussions, the Minister of Finance was briefed on the progress of performance and implementation of projects, and some obstacles and problems that may hinder or delay the progress of implementation were noted, whether they were financial, organizational or legal, and directed to address them and take measures to solve these problems and obstacles in the best and fastest way in order to reach the desired goals and achieve sound economic reform.

It is noteworthy that Prime Minister Mustafa Al-Kazemi announced on August 2, the launch of the economic reform plan within the white paper that he had previously announced as a program for his government’s work.

Al-Kazemi said at the time, in a statement received by Shafaq News Agency, “We strongly aspire to restore the country’s economy to its strength after the situation had reached very low levels as a result of rampant corruption. This plan would rebuild the Iraqi economy in a proper manner, achieving sustainable development for the country.”  link

Al-Kazemi’s advisor expects regional cooperation with Iraq after exiting the seventh chapter 

Adviser to the Prime Minister Mazhar Muhammad Salih said, on Wednesday, February 23, 2022, on the positive effects of Iraq’s exit from Chapter VII, that Iraq’s return to the international community, free from the restrictions imposed by Chapter VII of the Charter of the United Nations since 1990, is a victory.

 It is important for the Iraqi people and for Iraqi diplomacy, indicating that this will enable the Iraqi state to deal with the world without harsh .restrictions and limitations that spanned for more than 30 years

Last Monday, the UN Security Council issued Resolution No. (2621), which confirmed Iraq’s fulfillment of all its international obligations under Chapter VII, and resulted in its exit from Chapter VII with immediate effect, and the .closure of the Compensation Committee and Fund at the end of this year

Saleh told Al-Masala that Iraq, the government and the people, is today the foundation of freedom and peace in the region and the world, pointing out that the new openness of the world to Iraq and the lifting of all restrictions represents a technological and scientific progress that our country will witness while it is free of obstacles and high . .costs imposed on it in the movement of its economy with the world 

He added that this will open the international business environment to Iraq in a country that has become free from the cost of political and other risks, pointing out that Iraq is looking forward to developing bilateral economic relations .and opening them up to the State of Kuwait and all countries in the region

He concluded his speech by saying that regional economic cooperation will take a wide range in promoting positive economic interactions, especially expanding investment opportunities and joint cooperation for the happiness of the .

Iraqi people and all the peoples of the region And the United Nations Compensation Authority announced that Iraq had completed the payment of 52.4 billion dollars to compensate individuals, companies and governments for the damages of the invasion and occupation of .Kuwait in 1990

Thus, the United Nations Committee has completed its mandate after 30 years of its formation, as it was established in May 1991 under Resolution No. 692 of the UN Security Council to manage the financial compensation owed by Iraq, . .which deducts 5% of the value of sales of oil and petroleum products from Iraq The largest claim approved by the United Nations Compensation Committee was compensation of 14.7 billion dollars for the damages caused to the Kuwait Petroleum Corporation after the Iraqi forces withdrawing from Kuwait set fire to .the oil wells

The UN Security Council had placed Iraq under Chapter VII sanctions following its previous regime’s occupation of Kuwait on August 2, 1990.

On the sixth of that month, the Council issued its famous Resolution No. 661 in 1990 imposing economic sanctions on Iraq, which was the beginning of a series of punitive decisions that ended By resorting to the provisions of Chapter Seven, which included articles from Article 39 to Article 51 that are binding for .implementation Iraq’s exit from Chapter VII will enable it to recover its frozen funds in foreign banks, which amount to about 50 billion dollars, as well as those in the Development Fund for Iraq, which will also be able to manage its funds without international guardianship and will also allow it to re-establish its position on the international scene, as an active and .influential member in it

Likewise, Iraq will be able to equip itself with all its needs in the field of health or technological equipment in all industrial and military fields, and it will be able to purchase defensive weapons (light, medium and heavy) that it was forbidden to buy, in addition to expanding investment opportunities for major companies in Iraq, strengthening its .sovereignty, and consolidating its Arab, regional and international role   link

Source: Dinar Recaps


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