The Cabinet held its regular weekly meeting in Baghdad on Tuesday under the chairmanship of Prime Minister Mr. Adil Abd Al-Mahdi. It:
voted to adopt the recommendation of the Ministerial Council on Energy on the Charter of Cooperation of Oil-Producing Countries which aims to promote stability in the global oil market;
approved the allocation of funds to the Ministry of Construction, Housing, Municipalities and Public Works for the completion of Phase II of the Kirkuk Unified Water Project, one of the largest water projects in Iraq.
approved the allocation of funds to the Ministry of Justice to support its prison construction programme and the rehabilitation and refurbishment of existing facilities.
agreed that state-owned Mesopotamia, a Ministry of Agriculture company, can borrow from the Trade Bank of Iraq, and other banks the amount of 300 billion dinars to pay farmers for its purchases of the 2019 barley produce.
The Trade Bank of Iraq (TBI) has announced a loan of 1 trillion Iraqi dinars ($843 million) to the state-run Grain Board of Iraq, which is affiliated to the Iraqi Ministry of Commerce.
According to a press release, the loan is an effort to help Iraqi farmers for clear their dues and payments in accordance with the announcement made by the Iraqi Prime Minister recently under the government’s strategy aimed to support the Iraqi economy.
This initiative, which supports the agricultural sector, is aimed at enhancing production capacity and contributing to the sustainable development of the sector, which is a fundamental pillar of the Iraqi economy.
By Dana Taib Menmy for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News.
Thousands of dunams of wheat and barley crops were torched this month in Kirkuk, Ninevah, Salahuddin and Diyala provinces, adding agony to the harsh lives of Iraqi farmers and raising the question of who is really behind the fires?
Local wheat production in Iraq could reach almost 3 million tonnes in the 2018-2019 season, up from 2.17 million tonnes in the previous year, according to Reuters.
While the total area of wheat planted using irrigation has fallen from one million hectares in the 2017-2018 season to 550,000 hectares this season, better rainfall will account for the increased production.
This is expected will cover 60 percent of the needs of Iraq’s food rationing programme, which needs between 4.5 million to 5 million tonnes of wheat annually.
A former Minister for Trade and two former State Directors of the Ministry have been sentenced in absentia to seven years in prison for corruption.
A statement from Iraq’s Commission of Integrity said the three committed offenses in two contracts between the State Company for Trading Grain and a company supplying basmati rice, with “damage to public money in the two contracts” of $14.3 million.