PM’s advisor: A global auditing company is following movement of funds within Iraqi-Chinese agreement

Baghdad-INA  
The financial advisor to the Prime Minister, Madher Muhammad Salih, confirmed today, Sunday, that the rise in oil prices will reflect positively on the investment side, especially within the framework of Iraqi-Chinese cooperation, while confirming the presence of an international company to follow up the movement of funds within the agreement.
Saleh said, in a statement to the Iraqi News Agency (INA), that "the rise in oil prices will have a positive impact on investment, especially the Iraqi-Chinese cooperation framework agreement, which is   benefits monthly with national resources with a value of three million barrels out of the total monthly quantities exported to China, which amount to 25 million barrels of crude oil, according to the prevailing international oil prices.
He explained, "China is the first purchaser of Iraqi oil, as it acquires at least 40 percent of Iraq's total oil exports in global markets," noting that "the monetary value of the investment account has risen, on average, to more than $45 per barrel specified in the 2021 general budget, and it has become the added balance moves upwards in value with the positive developments in the prices of exported crude oil after it crossed the $80 barrier per barrel.
He pointed out, "During the past four months, the Iraqi investment account with China has been activated, and its funds will be allocated to infrastructure projects and income-generating activities by implementing Chinese companies with international standards," noting that "the credit line available from the Chinese side to Iraq amounted to 1.8 billion dollars, which is It is a cash flow that can be borrowed to spend on other important projects, but the budget law for the year 2021 specified the benefit to an amount not exceeding one trillion dinars and a line of credit provided by Chinese banks for the current year and under the guarantee of the Chinese Agency for Credit and Export Guarantee (Sinosure), the guarantor and sponser, equivalent to 700 Million dollars".
He added, "The amount will be allocated to the development of important projects in the energy sector in Iraq," stressing that "a major international auditing company is following up the movement of funds, accounts and all financial transactions concerned with the agreement of the cooperation framework between the two countries, which were appointed and their supervisory and auditing tasks were determined by the Iraqi government."