Category: mn

Posted on

$10m USAID contribution for COVID-19 in Iraq

Timely $10 million USAID contribution protects more communities against COVID-19 outbreak

The United States Agency for International Development (USAID) has committed over US$10 million recently to fight the COVID-19 pandemic in Iraq, allowing the United Nations Development Programme (UNDP) to scale-up its response to the pandemic into three additional governorates.

The funds – pledged under UNDP’s Funding Facility for Stabilization for activities implemented in partnership with the Government of Iraq – will be used to rehabilitate healthcare facilities and provide medical equipment and furniture to hospitals in the originally-identified priority locations of Basra, Duhok, Karbala, Kirkuk, Najaf, and Ninewa, as well as three additional areas: Babil, Dhi Qar and Maysan.

Funding will also be used to rehabilitate the East Mosul Medical Fluid Factory – one of the largest in Iraq, and a critical source of medical supplies to government hospitals, primary healthcare centres and pharmacies. The factory was severely damaged in the ISIL conflict.

“The steep rise in COVID-19 cases detected over the past few weeks is gravely concerning and shows that the virus has not yet reached its peak in Iraq,” says Resident Representative of UNDP Iraq, Zena Ali Ahmad.

“USAID’s generous contribution comes at exactly the right time, allowing us to target even more communities by expanding our geographical scope to an additional three underserved governorates. As our biggest donor, we’re extremely grateful for USAID’s continued dedication to putting vulnerable communities first, and leaving no-one behind,” she adds.

“The United States is proud to support this work to combat COVID-19 and assist the people of Iraq; this work will directly support citizens throughout the country to get the high-quality treatment they need to fight coronavirus,” said Dana Mansuri, USAID Mission Director.

USAID joins Belgium, Denmark, Japan, the Netherlands and Sweden as key partners supporting UNDP Iraq’s response to the COVID-19 pandemic.

(Source: UN)

Posted on

Iran, Iraq Discuss Oil Cooperation

Iranian Oil Minister Bijan Namdar Zangeneh and his Iraqi counterpart Ihsan Abdul Jabbar discussed ways to promote cooperation between the two neighbors in the oil industry.

In a telephone conversation, Zangeneh and Abdul Jabbar called for the expansion of oil cooperation between the two Muslim neighbors.

The Iranian minister congratulated Abdul Jabbar on taking office as the new oil minister of Iraq after formation of a new government under Prime Minister Mustafa Al-Kadhimi’s leadership, according to the Iranian government’s official website.

Abdul Jabbar said Iraq’s daily export of crude in June has reached 2.8 million barrels.

The Iraqi oil minister also emphasized that it would be in Iraq’s interests to abide by a production cut agreement between OPEC and its allies, known as OPEC+, saying the Iraqi Kurdistan Region has been directed to comply with the OPEC+ deal and cut its share of oil output.

The OPEC members, Russia and other oil producing nations agreed in April to cut output by around 10% of global supply to support oil prices amid the coronavirus pandemic.

(Source: Tasnim, under Creative Commons licence)

Posted on

GKP to Cut Workforce by 40%

By John Lee.

Gulf Keystone Petroleum (GKP) has provided an operational and corporate update in advance of Friday’s Annual General Meeting:

Jón Ferrier, Gulf Keystone’s Chief Executive Officer, said:

“In response to the unprecedented COVID-19 pandemic and macroeconomic conditions, we took decisive actions to preserve liquidity and safeguard the long-term health of the business. We are now well placed to weather the current environment and are able to move quickly back to growth at the right time. 

“Our cost reduction initiatives have been thorough, and I am grateful to our staff and contractors for their commitment and support.  Whilst uncertainty around the timing of the end of the crisis persists, the partial oil price recovery gives us some grounds for optimism about the future and our return to delivering the significant untapped value in Shaikan.“

Operational

  • Maintaining strong focus on safety with zero LTIs recorded in 2020.
  • In order to protect all personnel, the Company continues to actively manage its working practices in light of the COVID-19 pandemic observing all of the appropriate protection measures.
  • Despite the challenges presented by COVID-19, production operations continue at c.36,000 bopd (gross). Average gross production for the year to date is 37,232 bopd.
  • DQE’s Rig 40 has been stacked on site at zero cost, which will aid the timely resumption of drilling activities, when appropriate.
  • During this period of reduced activity, the Company continues to optimise its plans for a quick and effective restart of the 55,000 bopd expansion project.

Financial

  • As a result of a continued rationalisation of the organisation, expenditures, and contract renegotiations, the Company remains on track to achieve its previously announced target of Opex and G&A savings in excess of 20% in 2020 compared to 2019. On a run-rate basis, we are targeting to achieve savings of c.30%.
    • The Company is introducing 2020 guidance for Opex of $2.7 to $3.1 per barrel (vs $3.9 per barrel in 2019).
    • The workforce is in the process of being reduced by c.40%, including over 60% of expatriates, due to the reduction in the work programme.
  • Capex for 2020 remains in the range $40 – $48 million (net), a 50% reduction compared to 2019, of which $30 million (net) had been spent by the end of April 2020.
  • Cash balance of $144 million as at 17 June 2020.
  • Payments by the Kurdistan Regional Government to GKP are in line with the peer group, with invoices from March 2020 onwards being settled the following month. There is an ongoing dialogue relating to the payment of invoices for November 2019 to February 2020, aggregating $73 million (net).

Corporate

  • Garrett Soden is to be welcomed back to the Board of GKP as a Non-Independent Non-Executive Director representing funds managed by Lansdowne Partners Austria.
  • Mr Soden will be formally appointed following completion of the appointment process and will bring valuable financial and industry experience.  Mr Soden was a Non-Executive Director between 2016 and 2019 and he has undertaken to conform to UK corporate governance standards in respect of external appointments.

Outlook

  • With the Company’s ongoing prudent approach to managing its financial position and the decisive measures taken to reduce its cost structure to preserve liquidity, GKP remains financially resilient to manage through the current macro environment.
  • Despite a partial recovery in oil price, the Company closely monitors market dynamics and will continue to take the appropriate actions to preserve value in Shaikan.
  • GKP looks forward to resuming investment and shareholder distributions when conditions allow.

(Source: GKP)

Posted on

Australia contributes $600k to Refugees in Iraq

The Government of Australia has provided AUD 866,000 (USD 591,000) to support the work of UNFPA in Iraq. The funding will provide assistance to 38,000 women and girls, in Duhok and Nineveh Governorates over the next year.

The new contribution will primarily support Syrian refugees who arrived in Iraq in 2019 as a result of the military operations in north-eastern Syria. Women and girls, survivors of gender-based violence; and men, as allies of the prevention and response to gender-based issues, will benefit from prevention and response services, such as psychosocial support and case management.

The funding will also allow UNFPA to procure and pre-position 8,000 dignity kits for women and girls of reproductive age, in particular, refugee and internally displaced populations.

“Australia is pleased to continue to work with UNFPA to ensure the reproductive health needs of women and girls affected by conflict are being met, and work towards a world where women and girls can live free from violence”, said Dr Joanne Loundes (pictured), the Ambassador of Australia to Iraq.

Acknowledging the contribution, Dr Oluremi Sogunro, UNFPA Representative to Iraq, said: “Australia has been a consistent and reliable partner for UNFPA’s work in Iraq. Australia has given UNFPA women and girls in Iraq, through UNFPA, to a total of AUD 16.8 million since October 2014. We couldn’t be more grateful for this trust in our work. With this new commitment, Iraq is a step closer to ensuring no woman or girl is left behind in Iraq”.

(Source: UN)

Posted on

Sida funds UNFPA COVID-19 response with $1.73m

The Swedish International Development Agency (SIDA) contributed SEK 16 million (approximately US$ 1.73 million) to UNFPA response to the COVID-19 pandemic in Iraq.

UNFPA launched in May its COVID-19 response plan for Iraq seeking US$ 1.7 million to meet the needs of women and girls across Iraq.The funds will allow UNFPA to scale up COVID-19 interventions to ensure that women and girls, especially pregnant women and survivors of gender-based violence, including those in quarantine, have timely and safe access to health and protection services.

UNFPA will also provide the Ministry of Health reproductive health supplies, including modern contraceptives and maternal health medicines as well as Personal Protective Equipment (PPE).

“I am very pleased to announce the agreement signed today between the Swedish International Development Agency and UNFPA in support of its COVID-19 response plan for Iraq. This contribution of SEK 16 million aims to protect women and girls to safe access to health and protection at a much needed time,” said Mr Lars Ronnås (pictured), Ambassador of Sweden to Iraq, during the online signature of the grant today.

“Sweden will support five strategic interventions identified by the UNFPA including to protect pregnant women and survivors of gender-based violence. To ensure equal protection and rights for women is an important part of Sweden’s development cooperation,” he elaborated.

“UNFPA Iraq will continue to engage the community in awareness campaigns and ensure that women and girls have access to life-saving, multi-sectoral services. These activities will help to curb the spread of COVID-19,” commented Dr Oluremi Sogunro, UNFPA Representative to Iraq.

“We are grateful for Sweden’s commitment to women and girls in Iraq through their trust and partnership with UNFPA in Iraq. We have reached thousands of women thanks to this partnership,” he added.

Sida has been a reliable partner to UNFPA during the humanitarian crises in Iraq since 2016 providing more than SEK 140 million to UNFPA humanitarian programmes in Iraq.

(Source: UN)

Posted on

World Bank’s Neman: ‘Critical Time’ as Iraq

From Al Jazeera. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News.

After months of anti-government protests and political uncertainty, Iraq is now grappling with its worst fiscal crisis in decades.

The country’s economy and state budget are heavily reliant on oil income, and have been hit hard by the sharp decline in global oil prices.

The World Bank has projected Iraq’s GDP to contract by 9.7 percent, with the fiscal deficit expected to reach almost 30 percent of GDP. Iraq’s newly appointed government, led by Mustafa al-Kadhimi, is now faced with a challenging task of implementing long-overdue structural reforms, such as reducing public sector employment while also keeping popular unrest at bay.

But what are the root causes of the current economic crisis and what needs to be done to tackle it? And how can the new government overcome entrenched political interests that oppose reform while also winning over a public that has lost all trust in the political establishment?

Ramzi Neman, the World Bank’s special representative to Iraq, talks to Al Jazeera:

Posted on

Covid-19: KRG makes Masks Mandatory in Public

Prime Minister Masrour Barzani chairs meeting on combating new wave of Covid_19

KRG Prime Minister Masrour Barzani on Wednesday chaired a meeting with the government’s high-level committee on the coronavirus outbreak via video conference.

In the meeting attended by Deputy Prime Minister Qubad Talabani, the Minister of Health presented a detailed report on the increasing number of infections and fatalities in the Kurdistan Region due to a recent surge in Covid_19 cases. The Minister of Interior then presented a report on government measures to enforce compliance with the government’s health advice.

Following an exchange of views on how to curb the spread of the disease, the government’s committee on coronavirus made the following decisions:

  1. First: The government’s public health guidance will continue, including quarantine and delivering services to the infected, contacts and tourists. The campaign to spread awareness on the disease and health advice will intensify too.
  2. Second: The committee also decided to make wearing a mask mandatory in public places and institutions. There will be a supply of masks at government institutions for people visiting these places. Violators will be held accountable to the law.
  3. Third: The government will allocate an additional 5 billion Iraqi dinars to fight the pandemic. Health institutions in all provinces and counties can benefit from these funds.
  4. Fourth: The government will facilitate the production of masks and other equipment to ensure high quality and affordable pricing.
  5. Fifth: The Ministry of Health is permitted to expand laboratory services and set necessary mechanisms to diagnose and identify virus patients Ministry teams will continue contact tracing and tracking suspect cases.
  6. Sixth: The Ministries of Health and Interior along with the Department of Foreign Relations were assigned to contact and visit relevant departments in the Iraqi government and the World Health Organization (WHO) in Iraq and the Kurdistan Region as well as consulates and international organisations to seek assistance for the fight against the virus.
  7. Seventh: The travel ban between provinces in the Kurdistan Region and between the Kurdistan Region and Iraqi cities will continue, and measures to protect from the virus will toughen amid a recent surge in infections. The Ministries of Peshmerga Affairs and Interior were also assigned to schedule reporting to duty hours in a way to minimise travel and contact, especially for those who commute from other cities to work. The same will apply to employees of other departments, who have to commute to work.

(Source: KRG)

Posted on

Zoom Invitation: Iraq 2020, a Country at the Crossroads

You are invited
to hear a discussion of the IBBC Advisory Council’s paper on
‘Iraq 2020, a country at the crossroads’

When: Monday 15th June at 2pm UK
Where: Zoom Platform

The paper published for the new Iraqi Government recommends a number of decisive changes to be implemented without delay, in order for Iraq to be able to navigate the rapidly deepening economic crisis she is facing.

This open public forum takes place in partnership with IRIS (Institute of Regional and International Studies) at AUIS (American University of Iraq, Sulaimani) and Chatham House.

Speakers include:

  • Professor Frank Gunter, Lehigh University
  • Dr Renad Mansour, Chatham House
  • Mr Ahmed Tabaqchali, IRIS at AUIS
  • Professor Mohammed Al-Uzri, University of Leicester
  • Mr Abdul Aziz Shwan Ahmed, Iraqi Government
  • Mr Hani Akkawi, CCC

Click below to read the full paper:

Iraq 2020: a country at the crossroads – English

Iraq 2020: a country at the crossroads – Arabic

CLICK HERE TO REGISTER

Posted on

BOC Boss to Head Iraqi Oil Ministry

By John Lee.

Iraq’s parliament has approved the appointment of the former head of the Basra Oil Company (BOC) as Minister for Oil.

Variously named as Ihsan Ismaeel, Ihsan Abdul Jabbar Ismail, and Ihsan Ismaael, he was one of seven cabinet ministers approved on Saturday, completing Prime Minister Mustafa al-Kadhimi’s 22-member government.

The other posts filled were foreign affairs, trade, culture, agriculture, justice and migration.

According to Al Jazeera, Fuad Hussein, who served as finance minister in the previous government, is the only member of the old government to join the new team, returning as Minister of Foreign Affairs. The veteran Kurdish politician is reported to be close to Kurdish leader Masoud Barzani.

(Sources: AFP, Iraq Oil Report, Reuters, Al Jazeera)