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US “to Grant Iraq Waiver over Iran Sanctions”

The United States has told Iraq that it will be allowed to keep importing crucial gas, energy supplies and food items from Iran after Washington reimposes sanctions on Tehran’s oil sector, three Iraqi officials said.

The waiver is conditional on Iraq not paying Iran for the imports in US dollars, said the officials, who included a member of Iraq’s ministerial committee that oversees energy activities, Reuters reported.

The US sanctions take effect on Nov. 4.

The ministerial committee official said Iraq’s finance ministry had set up an account with a state-run bank where Baghdad would deposit in Iraqi dinars the amounts owed to Iran for the imports.

Central bank officials said in August that Iraq’s economy is so closely linked to Iran that Baghdad would ask Washington for permission to ignore some US sanctions.

Iraq imports crucial supplies from its neighbor including gas for power stations.

(Source: Tasnim, under Creative Commons licence)

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Turkish FM meets New Iraqi Leadership, Discusses Oil

By Amberin Zaman for Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News.

Turkish Foreign Minister Mevlut Cavusoglu (pictured) is due to travel to Iraq on Oct. 11 for a two-day official visit to the capital Baghdad and the Iraqi Kurdistan Region’s seat of government, Erbil.

Turkey’s Foreign Ministry said in a statement that Cavusoglu would be received by Iraq’s newly elected ethnic Kurdish President Barham Salih and that he would also meet with Iraqi political leaders and Turkmen representatives.

The trip, Cavusoglu’s first since August 2017, when he traveled to both capitals to lobby against the Iraqi Kurds’ ill fated independence referendum, is seen as an effort to re-assert Turkey’s heft in Iraq amid the receding fortunes of its local Sunni Arab allies.

Click here to read the full story.

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Iraq launches Social Fund to Fight Poverty

By Adnan Abu Zeed for Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News.

The Iraqi Ministry of Planning announced the launch of the Social Fund for Development on Sept. 23, with initial capital of $300 million, in cooperation with the World Bank.

The project aims to improve the living conditions of Iraq’s poor. High poverty rates in Iraq have led to repeated protests for 15 years calling for improving the standard of living and for more employment opportunities. These protests have resulted in dozens of deaths and injuries.

A May 2018 World Bank report noted that Iraq’s population of 38.5 million sits at the poverty line with a poverty rate of 22.5%. The spokesman for the Iraqi Ministry of Labor and Social Affairs, Ammar Menem, told Al-Monitor that this high rate is due to “exceptional security conditions ensuing from the war and its costs, as well as to the slump in oil prices. This resulted in the cessation of funding of projects for the rehabilitation of unemployed persons, a lack of investment projects and faltering economic growth.”

Click here to read the full story.

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Iraq launches Social Fund to Fight Poverty

By Adnan Abu Zeed for Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News.

The Iraqi Ministry of Planning announced the launch of the Social Fund for Development on Sept. 23, with initial capital of $300 million, in cooperation with the World Bank.

The project aims to improve the living conditions of Iraq’s poor. High poverty rates in Iraq have led to repeated protests for 15 years calling for improving the standard of living and for more employment opportunities. These protests have resulted in dozens of deaths and injuries.

A May 2018 World Bank report noted that Iraq’s population of 38.5 million sits at the poverty line with a poverty rate of 22.5%. The spokesman for the Iraqi Ministry of Labor and Social Affairs, Ammar Menem, told Al-Monitor that this high rate is due to “exceptional security conditions ensuing from the war and its costs, as well as to the slump in oil prices. This resulted in the cessation of funding of projects for the rehabilitation of unemployed persons, a lack of investment projects and faltering economic growth.”

Click here to read the full story.

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S Korea supports UNHCR Humanitarian Activities

Republic of Korea supports UNHCR’s humanitarian activities in Iraq

The Government of the Republic of Korea continues its support to UNHCR’s humanitarian activities in Iraq with a new donation of US$ 1.2 million.

Despite promising signs of recovery in parts of the country, millions of Iraqis still need comprehensive humanitarian and protection assistance. Some 1.9 million people are displaced; hundreds of thousands are in camps. Many will not be able to return home any time soon.

Rebuilding Iraq is no small task. As the country gets back on its feet, it is vital that the people who need emergency assistance continue to receive it for as long as they need it.

Communities affected by the recent conflict are beset by hardships. Thousands of vulnerable people arrive in UNHCR-managed camps every month because they cannot find work or pay rent in their home areas, because progress in clearing explosive hazards is slow, or because services like water and electricity are not functioning.

In July alone, 1,700 families – over 10,000 people – arrived in camps across Iraq. The majority of the new arrivals were displaced at least once before. With each displacement, people become more vulnerable.

H.E. the Korean Ambassador to Iraq, Mr. Song Woong-Yeob (pictured), said,

“The Republic of Korea is deeply committed to supporting humanitarian activities in Iraq and will continue to stand by Iraqi people who are in need of humanitarian assistance. I firmly believe that Korea’s continuing support for the activities through the Iraqi Government and international organizations like UNHCR will further help the endangered Iraqi people to recover and rebuild their communities by imbuing them with hope for a new future.”

Mr. Bruno Geddo, UNHCR’s Representative in Iraq.

““There is no quick fix for Iraq. For people to see tangible improvements in their lives we must continue to respond to the situation, and stand beside the Iraqi people until they can return home safely. Sustainable return is a cornerstone of long-term peace and stability, and thanks to donors like the Republic of Korea, UNHCR is able to backstop Iraq’s journey to recovery. We will support the country’s most vulnerable people for as long as they need us.”

(Source: UN)

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Cabinet to Improve Services in Basra; Approves Kirkuk Refinery License

The Cabinet held its weekly regular meeting in Baghdad on Tuesday under the chairmanship of Prime Minister Haider Al-Abadi.

At the meeting, it was decided to:

  • direct the Ministry of Water Resources to deliver water for Basra province to a rate of 75 m3 / s and remove unauthorised structures on the rivers;
  • direct the Ministry of Water Resources to follow-up on the chlorine ratio in the water of Basra and other provinces;
  • launch the Basra sewage waste management project, which has been suspended since 2015;
  • grant an investment license for the construction of the Kirkuk oil refinery;
  • vote on the implementation of a response to the demands of the demonstrators in Karbala, Basra, Dhi Qar, and Najaf;
  • allocate a residential plot for young athletes who win the gold, silver or bronze medals at international sporting championships.

(Source: Iraqi Govt)

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Agreement Expected with Kuwait on Joint Oil Fields, Gas Exports

By John Lee.

Kuwait reportedly expects to reach agreement with Iraq on joint oil fields and the import of Iraqi gas by the end of this year.

KUNA quotes Kuwait’s Oil Minister and Minister of Electricity and Water Engineer, Bakheet Al-Rashidi, as saying:

“We are in the process of selecting a global consultant to study the joint fields project.”

(Source: KUNA)

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Basra Protests spark Govt Scramble to Create Jobs

By Adnan Abu Zeed for Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News.

The Iraqi Cabinet announced Aug. 12 that it has approved a regulation by the Ministry of Labor requiring that 50% of foreign oil company employees working in the country be Iraqis.

The move followed mass demonstrations in Basra calling for better public services, including clean water and working and reliable electricity, and job opportunities for the unemployed in the city. Iraq’s largest oil reserves lie beneath Basra province.

Basra Governor Assaad al-Eidani had on July 31 announced that an agreement had been concluded with the foreign oil companies to secure job opportunities for Basra residents. Days earlier, the Associated Press reported Deputy Governor Dhirgham al-Ajwadi saying that the unemployment rate in Basra, population 4 million, had risen sharply to at least 30%.

On July 13, demonstrators had stormed the headquarters of the Russian oil company LUKOIL at Basra’s West Qurna 2 field, one of the largest, leading workers to pack their belongings. A number of them were evacuated by helicopter.

Click here to read the full story.

(Picture Credit: Ahmed Mahmoud)

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Talks continuing on Iraq-Kuwait Electricity Link

By John Lee.

Talks are reportedly continuing to complete the electricity linkage between Iraq and Kuwait.

KUNA quotes Kuwait’s Oil Minister and Minister of Electricity and Water Engineer, Bakheet Al-Rashidi (pictured), as saying:

“We expect that these negotiations will ultimately lead to linking Iraq’s electricity grid with the Gulf network and then link with Turkey and Europe on the long-term.

“We are always ready to help our brothers in Iraq, according to the instructions of the political leadership.”

(Source: KUNA)