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Baghdad/ Iraq TradeLink: With continued decline in oil prices and inability to develop its industry
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and agriculture for the last decade, oil has the greatest effect on Iraqi economy in 2016, but the most important was the Iraqi decision to abide by OPEC resolution to decrease oil production.2016 witnessed many other issues, including the endorsement of 2017 national budget and the official salaries' deductions and granting semi-paid long leave to employees, in addition to trade scandal of the Indian "rotten" rice, despite the insistence of Iraqi trade ministry that this deal was right.
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Financial affairs
On 7 December, 2016, the Iraqi Parliament endorsed the 2017 national budget with the amount of 79 trillion Iraqi dinars and a deficit of 21 trillion dinars. The oil prices were calculated to be 42 dollars per barrel.
The Kurdish 17% share of the national budget shall not be paid unless the region will hand over the revenues 250.000 b/d to Baghdad and transporting 300.000 b/d from Kirkuk oil through the Kurdish oil pipeline.
The budget had continued wrangling on the governmental long leave with nominal salary only, in addition to the deductions from official employees to reach 3.8% of the salary.
The Iraqi government imposed taxes on some commodities and services.
On international loans, the International Monetary Fund agreed to grant a loan of 5.34 billion dollar to reform the Iraqi economy, where the first installment of 800 million dollars was received in 25 July, 2016, while the second installment of 617.8 million dollars was given on 6 December, 2016.
On internal financial corruption, the Iraqi Auditing Divan disclosed that 16.000 cases of dual-salary were detected in government organs.
On 30 March, the IMF announced that Iraqi foreign currency dropped to reach 54 billion dollars at the end of 2015.
On 10 May, the Central Bank of Iraq issued national bonds with the amount of 1.3 billion dollars.
On 13 December, Iraqi courts fined private banks with the amount of 245 billion dinars for money laundering and other issues.
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Oil Sector
On 25 February, the cornerstone of Missan Oil Refinery was put, with the capacity of 150.000 b/d.
The Iraqi oil ministry announced the increase its dry gas production and the first shipments of gas products.
Iraqi oil wells were heavily affected by Da'ish (ISIS) war, when the oil wells in Qayyara area, south of Mosul, were burnt after the Iraqi achievement to liberate Qayyara air base.
On 27 August, the Iraqi oil ministry announced investment bids for four refineries, that included Kirkuk (150.000 b/d), Kut (100.000 b/d), Samawa (70.000 b/d) and Basra (100-150.000 b/d).
On 25 October, Anbar province announced operating Hadeetha refinery, with continued efforts to rehabilitate other devastated departments due to Da'ish war.
On 26 October, Iraqi oil minister Jabbar al-Li'abi announced offering 12 medium and small oilfieds for investments in mid and southern parts of Iraq.
On 30 November, Iraq agreed to minimize its oil production by 200.000 b/d according to OPEC's decision on its members.
Iraqi oil exports reached to unprecedented level when it was able to export 4.051 b/d, according to official statement .
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Trade issues
Eight Iraq commercial attaches were closed due to lack of financial allocations, which covered Kenya, Syria, Malaysia, Bulgaria, Tunisia, Sri Lank, Australia and Istanbul.
On 30 July, China confirmed that its trade exchange with Iraq reached more than 20 billion dollars.
On 1 October, the rotten rice scandal surfaced, while the Iraqi trade ministry confirmed that part of the shipment was rotten.
More than 12 countries and 400 companies took part in Baghdad International Fair for this year.
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Planning
Iraqi Planning Ministry announced deleting 296 projects with the cost of 10.65 trillion dinars and postponing 2169 projects due to the financial crisis.
On 20 December, the ministry signed a grant with the amount of 86 Euros with the European Union to re-establish stability in the newly liberated areas that will cover 15 projects.
Agricultural fields
The Iraqi authorities banned importing poultry from the Kurdish region due to Birds Flu.
Agriculture Ministry banned importing tomato and egg plants, as well as minimizing imports for other groceries, due to the abundant production in the country.
Electricity
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On 16 December, the Iraqi electricity ministry warned on the shut down of the national electricity network if no review was made for its investment budget.
On 25 December, the project for electricity privatization was started to end a stage of corruption and achieve a state of equal energy distribution among residential areas.
The ministry announced that Iraq need 20.000 M/W to provide full power to all provinces, pointing that Baghdad only needs 5000 M/W.
The average of electricity destruction in seven province reached to 90% with losses of 3.5 billion dollars, as reported by Minister Qassim al-Fahdawi.
On 6 November, the third Turkish power vessel left Iraq after completing their contracts. They supplied Iraq with 410 M/W.
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Transport
On 3 November, the Transport Ministry announced that the embargo on Iraqi Airways was lifted and it was granted a 6-month-grace period to finalize its safety air procedures.
The revenues of Basra province was reduced to zero point, following the imposition of customs tariff, as reported on 27 December, 2016.
Iraqi Maritime Administration announced, on 9 October, 2016, opening a new pier with Philippines ICTSI company on the other side of Um Qasr port, which is one of the three piers planned by the company.
A contract was signed with the German Lufthansa Company to restructure Iraqi civil aviation and Iraqi Airways.
The longest ship (300 meter) anchored in Iraqi port, carrying 1474 containers, as announced by by Iraqi Maritime Administration, on 23 December, 2016.
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IndustryOn 17 March, the Iraqi Industry Ministry announced 25 factories for investment and partnership with the private sector.
It was officially announced that the ministry will develop its capabilities in military industry.
Investments
32 investment projects were launched in Baghdad in different fields, in cooperation with Baghdad Investment Commission and Baghdad Mayoralty.
A chemical project investment license was granted in Basra province with the cost of 12 million dollars, in addition to other projects to build a commercial mall and recreation sites with the amount of 64 million dollars.
Basra province proposed establishing a full city that comprises of 500.000 housing units.
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