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[size=36]New details of Iraq’s agreement with China and the 2020 budget include its provisions[/size]
Political | 08:52 - 16/01/2020
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Baghdad - Mawazine News.
The appearance of Mohammed Saleh, the financial advisor to the Prime Minister, Adel Abdul-Mahdi, confirmed that the cabinet approved the budget for 2020 before the independence and is currently ready in the Ministry of Finance, while the formation of an Iraqi administrative council with the implementation of the agreement and the implementation of an Iraqi management body with China.
Saleh said, "The Administrative Council will be chaired by the Deputy Prime Minister for Economic Affairs and a number of representatives of the ministries, and will manage, follow-up and implement the agreement," noting that "the agreement depends primarily on developing infrastructure in Iraq and implementing projects that affect the lives of citizens, such as building schools and hospitals."
He added, "The agreement concluded with the Chinese side is a framework of cooperation concluded by the Iraqi Ministry of Finance with the Chinese San Shu Corporation, or the so-called Chinese Export and Credit Guarantee Corporation," noting that "the agreement is based on an exchange of oil revenues for the implementation of infrastructure projects that affect the life of the Iraqi citizen." .
And Saleh attributed the reason behind the conclusion of this agreement that "oil revenues and other revenues only cover the operational budget, while the investment budget is beginning to depend on international aid and grants, and this is a threat to the Iraqi economy."
He continued, "The Iraqi economic leadership has begun to think about how it can deduct part of the oil revenues for the purposes of development properly," pointing out that "the agreement with China included the export of 100 thousand barrels of Iraqi oil exports to China, its financial returns deposited in the credit up to 10 m A dollar, in an Iraqi sovereign account or fund with a well-known Chinese bank and branches in various countries of the world, is divided into phases in each stage about 8.1 billion dollars.
He stressed that "the 100,000 thousand barrels, whose financial returns are estimated at 5.2 billion dollars, according to the current price of oil," pointing out that "the Iraqi government is studying increasing the quantity exported to China gradually if the first step was successful through implementing projects on the ground, it may reach To 300 thousand barrels, or 500 thousand barrels per day, in the future. "
And Saleh indicated that "there is international supervision of the accounting system left to the Cabinet and an evaluation of costs for projects," explaining that "every project is submitted to him by 3 Chinese companies, and the Council of Ministers evaluates the costs and selects the company to implement the project."
He pointed out that "the Ministry of Planning in cooperation with the Council of Ministers sets priorities for projects and determine the time periods for its implementation , " he said, adding that " the Council of Ministers in the process of determining the priorities of projects, and will decide projects series soon by the Ministry of Planning and to give priority to projects."
He pointed out that "the number of Iraqi workers is dependent on the quality of the projects implemented", confirming that "
Concerning the budget, the Prime Minister's adviser stated that “it was approved by the Council of Ministers before the government’s resignation, but the Council demanded that it be re-engineered again and then be transferred to the Ministry of Finance” and then transferred to Parliament.
He stressed that "the budget is currently ready for finance", calling on "Parliament to request it to review it in order to pave the way for its legislation."
Saleh pointed out that "the budget will include listing the most prominent projects that will be implemented by China for the purpose of passing it in Parliament." Ended 29 / A 43
The appearance of Mohammed Saleh, the financial advisor to the Prime Minister, Adel Abdul-Mahdi, confirmed that the cabinet approved the budget for 2020 before the independence and is currently ready in the Ministry of Finance, while the formation of an Iraqi administrative council with the implementation of the agreement and the implementation of an Iraqi management body with China.
Saleh said, "The Administrative Council will be chaired by the Deputy Prime Minister for Economic Affairs and a number of representatives of the ministries, and will manage, follow-up and implement the agreement," noting that "the agreement depends primarily on developing infrastructure in Iraq and implementing projects that affect the lives of citizens, such as building schools and hospitals."
He added, "The agreement concluded with the Chinese side is a framework of cooperation concluded by the Iraqi Ministry of Finance with the Chinese San Shu Corporation, or the so-called Chinese Export and Credit Guarantee Corporation," noting that "the agreement is based on an exchange of oil revenues for the implementation of infrastructure projects that affect the life of the Iraqi citizen." .
And Saleh attributed the reason behind the conclusion of this agreement that "oil revenues and other revenues only cover the operational budget, while the investment budget is beginning to depend on international aid and grants, and this is a threat to the Iraqi economy."
He continued, "The Iraqi economic leadership has begun to think about how it can deduct part of the oil revenues for the purposes of development properly," pointing out that "the agreement with China included the export of 100 thousand barrels of Iraqi oil exports to China, its financial returns deposited in the credit up to 10 m A dollar, in an Iraqi sovereign account or fund with a well-known Chinese bank and branches in various countries of the world, is divided into phases in each stage about 8.1 billion dollars.
He stressed that "the 100,000 thousand barrels, whose financial returns are estimated at 5.2 billion dollars, according to the current price of oil," pointing out that "the Iraqi government is studying increasing the quantity exported to China gradually if the first step was successful through implementing projects on the ground, it may reach To 300 thousand barrels, or 500 thousand barrels per day, in the future. "
And Saleh indicated that "there is international supervision of the accounting system left to the Cabinet and an evaluation of costs for projects," explaining that "every project is submitted to him by 3 Chinese companies, and the Council of Ministers evaluates the costs and selects the company to implement the project."
He pointed out that "the Ministry of Planning in cooperation with the Council of Ministers sets priorities for projects and determine the time periods for its implementation , " he said, adding that " the Council of Ministers in the process of determining the priorities of projects, and will decide projects series soon by the Ministry of Planning and to give priority to projects."
He pointed out that "the number of Iraqi workers is dependent on the quality of the projects implemented", confirming that "
Concerning the budget, the Prime Minister's adviser stated that “it was approved by the Council of Ministers before the government’s resignation, but the Council demanded that it be re-engineered again and then be transferred to the Ministry of Finance” and then transferred to Parliament.
He stressed that "the budget is currently ready for finance", calling on "Parliament to request it to review it in order to pave the way for its legislation."
Saleh pointed out that "the budget will include listing the most prominent projects that will be implemented by China for the purpose of passing it in Parliament." Ended 29 / A 43
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